Tearsheet

Iovance Biotherapeutics (IOVA)

Market Price (12/25/2025): $2.89 | Market Cap: $1.1 Bil
Sector: Health Care | Industry: Biotechnology

Iovance Biotherapeutics (IOVA)

Market Price (12/25/2025): $2.89
Market Cap: $1.1 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24%	Weak multi-year price returns 2Y Excs Rtn is -108%, 3Y Excs Rtn is -134%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -411 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -164%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 176%	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.67	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 32%
2	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -129%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -140%
3			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 75%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42%
5			High stock price volatility Vol 12M is 106%
6			Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 33%
7			Key risks IOVA key risks include [1] significant operational challenges with the commercialization of its lead drug Amtagvi, Show more.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -24%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 176%
2	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -108%, 3Y Excs Rtn is -134%
4	Meaningful short interest Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.67
5	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -411 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -164%
6	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 32%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -129%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -140%
8	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 75%
9	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -42%
10	High stock price volatility Vol 12M is 106%
11	Significant short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 33%
12	Key risks IOVA key risks include [1] significant operational challenges with the commercialization of its lead drug Amtagvi, Show more.

Valuation, Metrics & Events

	12/25/25	2024	2023	2022	2021
Share Price CYE	$2.89	$7.40	$8.13	$6.39	$19.09
Market Cap CYE ($ Bil)	1.1	2.3	2.1	1.1	3.0
Total Debt ($ Bil)	0.1	0.1	0.1	0.1	0.1
Total Cash ($ Bil)	0.3	0.3	0.3	0.5	0.5
Enterprise Value ($ Bil)	0.8	2.4	2.2	1.2	3.1
Valuation Ratios
P/S TTM	4.2	13.1	1,607.8	-	-
P/EBIT TTM	-2.6	-5.4	-4.2	-2.6	-8.5
P/E TTM	-2.6	-5.8	-4.3	-2.6	-8.6
P/FCF TTM	-3.0	-5.9	-5.0	-3.2	-11.0
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9	4.5	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3	-2.8
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5	-3.2

	12/25/25	2024	2023
Share Price CYE	$2.89	$7.40	$8.13
Market Cap CYE ($ Bil)	1.1	2.3	2.1
Total Debt ($ Bil)	0.1	0.1	0.1
Total Cash ($ Bil)	0.3	0.3	0.3
Enterprise Value ($ Bil)	0.8	2.4	2.2
Valuation Ratios
P/S TTM	4.2	13.1	1,607.8
P/EBIT TTM	-2.6	-5.4	-4.2
P/E TTM	-2.6	-5.8	-4.3
P/FCF TTM	-3.0	-5.9	-5.0
Sector Ratios
P/S TTM (Sector)	4.3	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	IOVA	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.3
Rev Chg Q	15.2%	7.3%
Rev Chg LTM	175.6%	6.1%
Rev Chg 3Y Avg	6,463.3%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.4
CFO LTM ($ Bil)	-0.3
Net Inc LTM ($ Bil)	-0.4
Op Mgn LTM	-164.3%	18.8%
CFO/Rev LTM	-129.0%	20.4%
Net Inc Mgn	-158.8%	13.1%
VALUATION	MODERATE
P/S	4.2	3.2
P/CFO	-3.3	15.7
P/FCF	-3.0	20.6
P/E	-2.6	23.5
STABILITY	VERY GOOD
Debt/Equity	0.05	0.21
Cash/Assets	0.33	0.07

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Metric	Value	Date	Source
Number of Employees	~1,000	11062025	Link
Number of Authorized Treatment Centers	>80	9302025	Link
Annual Manufacturing Capacity (Staffed)	more than 1,300 patients	5082025	Link
Total Patients Treated (Commercial & Clinical)	>1,000	11062025	Link
Manufacturing Turnaround Time	32 days	11062025	Link

Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

IOVA Stock

Return (1M):

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Why The Stock Moved

Qualitative Assessment

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Iovance Biotherapeutics (IOVA) experienced significant stock movement around the period from August 31, 2025, to December 25, 2025, with a notable plummet of 28.79% occurring on August 8, 2025, following a series of critical company announcements. While this sharp decline occurred just prior to the requested timeframe, the underlying factors heavily influenced the stock's performance during the subsequent months. The key points explaining this movement include:

**1. Poor Second Quarter 2025 Financial Results:** Iovance Biotherapeutics reported a quarterly loss of $0.33 per share for the second quarter of 2025, missing analyst consensus estimates of $0.29 by 14.58%. Additionally, revenue for the quarter came in at $59.952 million, falling short of the expected $69.792 million by 14.10%.

**2. Strategic Restructuring and Workforce Reduction:** The company announced a strategic restructuring plan aimed at optimizing business performance. This plan included a workforce reduction of approximately 19% in the third quarter of 2025, with an expectation to generate over $100 million in annual cost savings starting in the fourth quarter of 2025.

**3. Withdrawal of European Marketing Authorization Application:** Iovance withdrew its Marketing Authorization Application for Amtagvi, its lead product for advanced melanoma, from the European Medicines Agency (EMA). This decision was attributed to a lack of alignment on clinical data, posing a significant setback for the company's European market expansion strategy.

**4. Downward Revision of Full-Year Revenue Guidance:** Following initial overestimation, Iovance revised its full-year 2025 revenue guidance downward to $250-300 million. This adjustment reflected a more realistic, albeit lower than anticipated, market uptake of Amtagvi.

**5. Concerns Over Potentially Dilutive Capital Raising:** In late August 2025, Iovance disclosed plans to raise up to $350 million through an at-the-market, secondary issue of its common stock. This announcement raised investor concerns about potential share dilution, contributing to negative sentiment. Show more Iovance Biotherapeutics (IOVA) experienced significant stock movement around the period from August 31, 2025, to December 25, 2025, with a notable plummet of 28.79% occurring on August 8, 2025, following a series of critical company announcements. While this sharp decline occurred just prior to the requested timeframe, the underlying factors heavily influenced the stock's performance during the subsequent months. The key points explaining this movement include:

**1. Poor Second Quarter 2025 Financial Results:** Iovance Biotherapeutics reported a quarterly loss of $0.33 per share for the second quarter of 2025, missing analyst consensus estimates of $0.29 by 14.58%. Additionally, revenue for the quarter came in at $59.952 million, falling short of the expected $69.792 million by 14.10%.

**2. Strategic Restructuring and Workforce Reduction:** The company announced a strategic restructuring plan aimed at optimizing business performance. This plan included a workforce reduction of approximately 19% in the third quarter of 2025, with an expectation to generate over $100 million in annual cost savings starting in the fourth quarter of 2025.

**3. Withdrawal of European Marketing Authorization Application:** Iovance withdrew its Marketing Authorization Application for Amtagvi, its lead product for advanced melanoma, from the European Medicines Agency (EMA). This decision was attributed to a lack of alignment on clinical data, posing a significant setback for the company's European market expansion strategy.

**4. Downward Revision of Full-Year Revenue Guidance:** Following initial overestimation, Iovance revised its full-year 2025 revenue guidance downward to $250-300 million. This adjustment reflected a more realistic, albeit lower than anticipated, market uptake of Amtagvi.

**5. Concerns Over Potentially Dilutive Capital Raising:** In late August 2025, Iovance disclosed plans to raise up to $350 million through an at-the-market, secondary issue of its common stock. This announcement raised investor concerns about potential share dilution, contributing to negative sentiment. Show less

Stock Movement Drivers

Fundamental Drivers

The 35.4% change in IOVA stock from 9/24/2025 to 12/24/2025 was primarily driven by a 42.1% change in the company's P/S Multiple.

	9242025	12242025	Change
Stock Price ($)	2.12	2.87	35.38%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	241.52	250.43	3.69%
P/S Multiple	2.94	4.17	42.09%
Shares Outstanding (Mil)	334.51	364.04	-8.83%
Cumulative Contribution			34.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025

	Return	Correlation
IOVA	35.4%
Market (SPY)	4.4%	18.5%
Sector (XLV)	14.2%	22.9%

Fundamental Drivers

The 61.2% change in IOVA stock from 6/25/2025 to 12/24/2025 was primarily driven by a 54.4% change in the company's P/S Multiple.

	6252025	12242025	Change
Stock Price ($)	1.78	2.87	61.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	212.68	250.43	17.75%
P/S Multiple	2.70	4.17	54.39%
Shares Outstanding (Mil)	322.87	364.04	-12.75%
Cumulative Contribution			58.61%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025

	Return	Correlation
IOVA	61.2%
Market (SPY)	14.0%	16.3%
Sector (XLV)	16.9%	35.4%

Fundamental Drivers

The -61.7% change in IOVA stock from 12/24/2024 to 12/24/2025 was primarily driven by a -83.3% change in the company's P/S Multiple.

	12242024	12242025	Change
Stock Price ($)	7.49	2.87	-61.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	90.86	250.43	175.63%
P/S Multiple	25.00	4.17	-83.31%
Shares Outstanding (Mil)	303.27	364.04	-20.04%
Cumulative Contribution			-63.22%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025

	Return	Correlation
IOVA	-61.7%
Market (SPY)	15.8%	27.6%
Sector (XLV)	13.3%	38.5%

Fundamental Drivers

The -53.1% change in IOVA stock from 12/25/2022 to 12/24/2025 was primarily driven by a -130.7% change in the company's Shares Outstanding (Mil).

	12252022	12242025	Change
Stock Price ($)	6.12	2.87	-53.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	250.43	∞%
P/S Multiple	∞	4.17	-100.00%
Shares Outstanding (Mil)	157.82	364.04	-130.67%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025

	Return	Correlation
IOVA	-65.6%
Market (SPY)	48.9%	27.9%
Sector (XLV)	18.8%	33.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
IOVA Return	68%	-59%	-67%	27%	-9%	-62%	-90%
Peers Return	5%	12%	28%	7%	2%	15%	86%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
IOVA Win Rate	58%	33%	25%	42%	33%	33%
Peers Win Rate	50%	50%	58%	45%	53%	65%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
IOVA Max Drawdown	-29%	-65%	-71%	-48%	-12%	-78%
Peers Max Drawdown	-16%	-11%	-8%	-12%	-15%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GILD, BMY, MRK, REGN, VRTX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	IOVA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-93.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	1493.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-49.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	98.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	67 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-61.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	159.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	171 days	120 days

Compare to VRTX, ACSB, ALPS, APRI, CRMO

In The Past

Iovance Biotherapeutics's stock fell -93.7% during the 2022 Inflation Shock from a high on 2/8/2021. A -93.7% loss requires a 1493.6% gain to breakeven.

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About Iovance Biotherapeutics (IOVA)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Iovance Biotherapeutics, Inc., a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient's immune system to eradicate cancer cells. It has six ongoing phase 2 clinical studies, including C-144-01, of its lead product candidate, lifileucel, for the treatment of metastatic melanoma; C-145-04, of its product candidate lifileucel for recurrent, metastatic, or persistent cervical cancer; and C-145-03, of its product candidate LN-145, for recurrent and/or metastatic head and neck squamous cell carcinoma. Iovance Biotherapeutics, Inc. has collaborations and licensing agreements with H. Lee Moffitt Cancer Center; M.D. Anderson Cancer Center; Ohio State University; Centre hospitalier de l'Université de Montreal; Cellectis S.A.; and Novartis Pharma AG. The company was formerly known as Lion Biotechnologies, Inc. and changed its name to Iovance Biotherapeutics, Inc. in June 2017. Iovance Biotherapeutics, Inc. was incorporated in 2007 and is headquartered in San Carlos, California.

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Kite Pharma (Gilead) for solid tumors.
Bluebird Bio, but focused on personalized cell therapies for solid tumors.
The Moderna or BioNTech of personalized solid tumor cell therapy.

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AMTAGVI (lifileucel): An individualized, single-dose cell therapy approved for adult patients with advanced melanoma who have progressed after prior treatments.
Tumor-Infiltrating Lymphocyte (TIL) Therapy Pipeline: Iovance develops a pipeline of Tumor-Infiltrating Lymphocyte (TIL) cell therapies aimed at treating various solid tumor cancers by harnessing the patient's own immune system.

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Iovance Biotherapeutics (IOVA) is a biotechnology company focused on developing and commercializing novel cancer immunotherapies. As such, it sells its pharmaceutical products primarily to other companies and healthcare organizations rather than directly to individuals. Its major customers are typically: * **Healthcare Systems and Cancer Centers:** These are the hospitals, clinics, and specialized cancer treatment centers that purchase and administer Iovance's therapies (like AMTAGVI™) to patients. Due to the decentralized nature of healthcare, it is not typical for a biotechnology company to publicly list specific individual hospitals or health systems as major customers unless one accounts for an unusually large percentage of revenue. These organizations can be private, non-profit, or part of larger publicly traded healthcare chains (e.g., HCA Healthcare, UHS). * **Specialty Pharmaceutical Distributors:** These companies act as intermediaries, purchasing drugs from manufacturers and distributing them to healthcare providers. For complex and specialized cell therapies like those developed by Iovance, specialty distributors are crucial for logistics, cold chain management, and ensuring timely delivery to treatment centers. The major publicly traded specialty pharmaceutical distributors that Iovance and similar biotech companies typically partner with for product distribution include:

McKesson Corporation (MCK)
AmerisourceBergen Corporation (ABC)
Cardinal Health, Inc. (CAH)

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AmerisourceBergen (ABC)
Kuehne+Nagel International AG (KNIN.SW)

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Frederick G. Vogt, Interim CEO, President & General Counsel

Dr. Vogt joined Iovance in September 2016 as General Counsel and has served as Interim CEO and President since May 2021. With over 20 years of experience in the pharmaceutical and biopharmaceutical industries, he previously practiced law at Morgan, Lewis & Bockius, specializing in intellectual property and business law in life sciences. Prior to that, he held scientific, management, and legal roles at GlaxoSmithKline for 13 years, contributing to oncology and cardiovascular drug development.

Corleen Roche, Chief Financial Officer

Ms. Roche joined Iovance in August 2025, bringing over 30 years of experience in the biotech and life sciences industry, including executive financial leadership in publicly traded companies. She most recently served as CFO of CG Oncology and has held CFO positions at Immunome, U.S. CFO at Biogen, North America CFO at CSL Behring, and various finance roles at Sandoz, Wyeth, and Pfizer. Ms. Roche has developed and executed financial strategies for the commercial launches of several significant products, including ZARXIO, GLATOPA, and PREVNAR 13.

Igor Bilinsky, Chief Operating Officer

Dr. Bilinsky joined Iovance in March 2021 and has over 20 years of leadership experience, including roles as Chief Executive Officer, Chief Operating Officer, and Chief Business Officer in the life sciences industry. Before Iovance, he was Chief Business Officer of Oncternal Therapeutics, a publicly traded oncology company he helped build. He also served as Chief Operating Officer of AmpliPhi Biosciences and as General Manager and Senior Vice President at IGNYTA, which later became part of Roche.

Friedrich Graf Finckenstein, Chief Medical Officer

Dr. Graf Finckenstein joined Iovance in July 2019. He is a physician-scientist with decades of experience in clinical medicine, laboratory cancer research, and drug development in the biopharmaceutical industry. Prior to Iovance, he was the Global Head of Oncology Translational Medicine at Roche Pharma Research and Early Development (pRED) in Basel, Switzerland, where he led all clinical development aspects in the Oncology Discovery and Translational area.

Howard B. Johnson, Chief Business Officer

Mr. Johnson joined Iovance in August 2015 and was promoted to Chief Business Officer in March 2019. He is an entrepreneurial executive with over 30 years of experience in operations, finance, business development, investor relations, and venture capital, primarily in bioscience companies. He founded and ran a medical device company and was a founding investor and initial board member of Acorda Therapeutics. His past executive roles include President and Chief Financial Officer at Vion Pharmaceuticals, an oncology drug development company.

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Iovance Biotherapeutics (IOVA) faces several significant risks to its business, primarily stemming from challenges in commercializing its lead product, its financial health, and the inherent uncertainties of clinical development.

Key Risks to Iovance Biotherapeutics (IOVA)

1. Operational Challenges and Commercialization of Amtagvi Iovance Biotherapeutics has encountered substantial operational challenges in the commercialization of its flagship cell therapy, Amtagvi (lifileucel), for metastatic melanoma. These issues include production bottlenecks at its manufacturing facility, delays in patient enrollment at Authorized Treatment Centers (ATCs), and high patient drop-off rates. These problems directly contributed to a significant reduction in the company's 2025 revenue guidance, leading to a sharp decline in its stock price. The ability to efficiently scale manufacturing, streamline its treatment centers, and effectively manage patient access and retention is crucial for Amtagvi's market penetration and overall commercial success. 2. Financial Instability and Dilution Risk Iovance Biotherapeutics is currently operating at a significant net loss and is burning through cash at a high rate. The company has reported negative margins and a high annual burn rate, leading to concerns about its financial stability. To fund its ongoing operations, clinical trials, and commercial expansion, Iovance may need to raise additional capital, likely through further equity offerings. Such actions would result in shareholder dilution, which can put downward pressure on the stock price. An Altman Z-Score indicating a distress zone also suggests a potential risk of bankruptcy within the next two years. 3. Clinical Trial and Regulatory Risks As a biopharmaceutical company, Iovance faces inherent risks associated with the development and regulatory approval of its pipeline candidates. Clinical trials are expensive, time-consuming, and outcomes are uncertain, with the possibility of unexpected adverse events or failure to meet primary endpoints. For example, the FDA placed a clinical hold on Iovance's IOV-LUN-202 trial for lung cancer due to a fatal serious adverse event, which could delay the advancement of the therapy. While Amtagvi received accelerated approval, the company must still conduct confirmatory trials to secure full approval, which also carries risks of failure or delay. The complex nature of cell therapies and strict regulatory scrutiny can prolong development timelines and impact market access.

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Iovance Biotherapeutics' primary product is Amtagvi (lifileucel), a tumor-infiltrating lymphocyte (TIL) therapy. The company is also developing lifileucel for other indications, notably Non-Small Cell Lung Cancer (NSCLC) and cervical cancer.

Here are the addressable market sizes for their main products and services:

Amtagvi (lifileucel) for Advanced Melanoma:
- The initial estimated addressable patient population is 30,000 patients annually, potentially expanding to over 70,000 patients annually with an expanded label indication for all frontline advanced melanoma patients. This patient population includes both the U.S. and potentially Canada.
- The U.S. market for melanoma therapeutics was valued at approximately USD 7.24 billion in 2024 and is projected to reach USD 11.98 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.75%.
- Another estimate for the U.S. melanoma therapeutics market size suggests it was USD 1.92 billion in 2024 and is projected to reach around USD 5.21 billion by 2034, with a CAGR of 10.49%.
- The global melanoma drugs market was valued at USD 9.17 billion in 2024, expected to grow to USD 10.15 billion in 2025 at a CAGR of 10.7%, and further to USD 15.27 billion in 2029 at a CAGR of 10.8%.
- Iovance projects U.S. peak sales potential of over $1 billion for Amtagvi in melanoma.
Lifileucel for Non-Small Cell Lung Cancer (NSCLC):
- The addressable patient population in the U.S. alone for lifileucel in NSCLC is approximately 50,000 patients.
- The U.S. market opportunity for Iovance in NSCLC is estimated to be about seven times larger than its current melanoma opportunity.
- The global non-small cell lung cancer therapeutics market size was valued at USD 21.85 billion in 2024 and is anticipated to reach approximately USD 72.42 billion by 2034, with a CAGR of 12.73% from 2025 to 2034.
- North America held the largest market share in the NSCLC therapeutics industry in 2024.
Lifileucel for Cervical Cancer:
- Lifileucel is also indicated for metastatic cervical cancer.
- The global cervical cancer treatment market size was valued at approximately USD 8.65 billion in 2024, growing to USD 9.12 billion in 2025, and is projected to reach around USD 14.68 billion by 2034, expanding at a CAGR of 5.44% between 2025 and 2034.
- The U.S. cervical cancer treatment market is projected to reach USD 4.8 billion by 2032.

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Iovance Biotherapeutics (NASDAQ: IOVA) is poised for significant revenue growth over the next 2-3 years, driven by several key factors pertaining to its lead product, AMTAGVI (lifileucel), and its broader pipeline.

The primary drivers of future revenue growth include:

Increasing Adoption and Utilization of AMTAGVI in Advanced Melanoma: Iovance is experiencing strong and growing demand for AMTAGVI since its U.S. launch in early 2024. The company's strategy involves broadening adoption and utilization, boosting patient referrals, and expanding its network of Authorized Treatment Centers (ATCs) to include larger community practices. This ongoing commercial momentum is expected to accelerate, with management projecting U.S. peak sales for AMTAGVI in advanced melanoma to exceed $1 billion.
International Expansion of AMTAGVI: Beyond the U.S. market, Iovance is actively pursuing regulatory approvals for AMTAGVI in additional geographies. Regulatory applications for AMTAGVI in melanoma are currently under review in Australia, Switzerland, and the United Kingdom, with potential approvals anticipated within the next two years. Canada has already approved AMTAGVI, marking the first international market expansion. Significant international revenue is expected to begin flowing in from 2027 onward.
Pipeline Expansion into New Indications: A major long-term driver is the potential approval and launch of AMTAGVI (lifileucel) in new indications. The company has reported promising interim clinical data for lifileucel in previously treated non-squamous non-small cell lung cancer (NSCLC), an indication with a market opportunity estimated to be approximately seven times larger than advanced melanoma. Iovance plans to complete enrollment in its LUN-202 registrational trial for NSCLC in 2026, with a potential launch in the second half of 2027, which could represent U.S. peak sales of $10 billion.
Continued Growth of Proleukin Sales: Proleukin, which is used in the AMTAGVI treatment regimen and also sold globally, is expected to continue contributing to revenue growth. Iovance is also evaluating its pricing strategy for Proleukin outside the United States to further enhance future revenue.
Improved Manufacturing Efficiency and Gross Margins: While not a direct revenue generator, significant improvements in manufacturing capacity utilization and operational efficiency are expected to lead to higher gross margins. The centralization of manufacturing at Iovance's internal facility by early 2026 is anticipated to further enhance margins and ensure reliable supply, ultimately positively impacting the company's profitability and financial outlook.

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Share Issuance

In June 2020, Iovance Biotherapeutics adopted the 2020 Employee Stock Purchase Plan (ESPP) and reserved 500,000 shares of common stock for issuance.
The number of shares reserved for issuance under the 2020 ESPP was increased multiple times: to 1,400,000 shares on June 6, 2023, to 1,900,000 shares on June 11, 2024, and to 2,900,000 shares on June 10, 2025.
Stockholders approved an amendment in April 2025 to increase the number of shares authorized under the 2018 Equity Incentive Plan by 12,500,000 shares.

Outbound Investments

Iovance acquired Proleukin in 2023, which allowed the company to begin generating revenue from its sales.

Capital Expenditures

Iovance has consistently invested in property, plant, and equipment, with quarterly capital expenditures typically ranging from $3-6 million.
Capital expenditures were approximately $7.5 million for the quarter ending June 2025.
The primary focus of capital expenditures includes ongoing development efforts and expanding manufacturing capacity to support over 5,000 patients annually. The company plans to centralize manufacturing at the Iovance Cell Therapy Center (iCTC) in early 2026 to reduce external manufacturing expenses.

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What You Pay
P/E	-2.6	22.2	13.5	32.5	13.8	11.9	79.4	74.9	28.1	11.4	58.7
P/EBIT	-2.5	10.7	10.5	33.3	11.6	9.0	57.8	73.1	27.4	7.6	68.2
What You Get
Rev Chg Q	15.2%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	175.6%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	�	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	-17,973.0%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Iovance Biotherapeutics Earnings Notes
2	Would You Still Hold Iovance Biotherapeutics Stock If It Fell 30%?	Return
3	Iovance Biotherapeutics (IOVA) Operating Cash Flow Comparison	Financials
4	Iovance Biotherapeutics (IOVA) Debt Comparison	Financials
5	Iovance Biotherapeutics (IOVA) EBITDA Comparison	Financials
6	Iovance Biotherapeutics (IOVA) Net Income Comparison	Financials
7	Iovance Biotherapeutics (IOVA) Operating Income Comparison	Financials
8	Iovance Biotherapeutics (IOVA) Tax Expense Comparison	Financials
9	Iovance Biotherapeutics (IOVA) Revenue Comparison	Financials
10	Why Iovance Biotherapeutics Stock Moved: IOVA Stock Has Lost 87% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)

	Title
0	ARTICLES

Trade Ideas

Select ideas related to IOVA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.1%	21.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-6.7%	-6.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	16.7%	16.7%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	2.3%	2.3%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.8%	11.8%	-5.1%

Recent Active Movers

Top Gainers

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OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Iovance Biotherapeutics

Peers to compare with:

Financials

	IOVA	GILD	BMY	MRK	REGN	VRTX	Median
Name	Iovance .	Gilead S.	Bristol-.	Merck	Regenero.	Vertex P.
Mkt Price	2.87	125.67	54.71	106.45	783.71	462.99	116.06
Mkt Cap	1.0	156.2	111.4	265.6	81.2	118.3	114.9
Rev LTM	250	29,086	48,034	64,235	14,248	11,723	21,667
Op Inc LTM	-411	11,151	11,420	22,391	3,807	-92	7,479
FCF LTM	-352	9,162	15,302	13,049	3,881	3,337	6,522
FCF 3Y Avg	-368	8,815	13,598	13,685	3,853	2,064	6,334
CFO LTM	-323	9,667	16,621	17,065	5,071	3,718	7,369
CFO 3Y Avg	-347	9,364	14,846	17,506	4,848	2,419	7,106

Growth & Margins

	IOVA	GILD	BMY	MRK	REGN	VRTX	Median
Name	Iovance .	Gilead S.	Bristol-.	Merck	Regenero.	Vertex P.
Rev Chg LTM	175.6%	2.8%	1.3%	1.7%	2.9%	10.3%	2.8%
Rev Chg 3Y Avg	-	2.3%	1.0%	2.9%	1.4%	10.5%	2.3%
Rev Chg Q	15.2%	3.0%	2.8%	3.7%	0.9%	11.0%	3.3%
QoQ Delta Rev Chg LTM	3.7%	0.8%	0.7%	1.0%	0.2%	2.7%	0.9%
Op Mgn LTM	-164.3%	38.3%	23.8%	34.9%	26.7%	-0.8%	25.2%
Op Mgn 3Y Avg	-21,256.3%	39.2%	19.0%	23.7%	30.0%	26.2%	24.9%
QoQ Delta Op Mgn LTM	5.8%	0.9%	2.9%	3.7%	-0.9%	1.0%	1.9%
CFO/Rev LTM	-129.0%	33.2%	34.6%	26.6%	35.6%	31.7%	32.5%
CFO/Rev 3Y Avg	-16,938.4%	33.1%	31.7%	28.2%	35.4%	23.1%	29.9%
FCF/Rev LTM	-140.5%	31.5%	31.9%	20.3%	27.2%	28.5%	27.9%
FCF/Rev 3Y Avg	-17,973.0%	31.2%	29.0%	22.0%	28.2%	19.8%	25.1%

Valuation

	IOVA	GILD	BMY	MRK	REGN	VRTX	Median
Name	Iovance .	Gilead S.	Bristol-.	Merck	Regenero.	Vertex P.
Mkt Cap	1.0	156.2	111.4	265.6	81.2	118.3	114.9
P/S	4.2	5.4	2.3	4.1	5.7	10.1	4.8
P/EBIT	-2.5	14.3	11.2	11.5	15.7	26.5	12.9
P/E	-2.6	19.3	18.4	14.0	17.7	32.2	18.1
P/CFO	-3.2	16.2	6.7	15.6	16.0	31.8	15.8
Total Yield	-38.1%	7.7%	9.9%	10.2%	6.0%	3.1%	6.9%
Dividend Yield	0.0%	2.5%	4.5%	3.1%	0.3%	0.0%	1.4%
FCF Yield 3Y Avg	-30.5%	8.0%	13.2%	5.5%	4.9%	2.3%	5.2%
D/E	0.1	0.2	0.5	0.2	0.0	0.0	0.1
Net D/E	-0.2	0.1	0.3	0.1	-0.1	-0.0	0.0

Returns

	IOVA	GILD	BMY	MRK	REGN	VRTX	Median
Name	Iovance .	Gilead S.	Bristol-.	Merck	Regenero.	Vertex P.
1M Rtn	14.8%	1.0%	14.6%	6.9%	2.9%	9.2%	8.1%
3M Rtn	35.4%	11.3%	25.6%	34.8%	36.0%	22.9%	30.2%
6M Rtn	61.2%	20.2%	20.4%	36.1%	51.0%	3.9%	28.2%
12M Rtn	-61.7%	37.5%	-0.6%	11.1%	10.3%	13.4%	10.7%
3Y Rtn	-53.1%	64.8%	-14.3%	4.3%	8.4%	59.8%	6.4%
1M Excs Rtn	11.4%	-2.4%	11.2%	3.5%	-0.5%	5.8%	4.7%
3M Excs Rtn	37.1%	9.0%	22.8%	33.4%	36.3%	16.3%	28.1%
6M Excs Rtn	52.1%	5.5%	7.6%	24.7%	38.0%	-8.5%	16.1%
12M Excs Rtn	-78.0%	22.7%	-16.7%	-4.2%	-4.6%	-0.3%	-4.4%
3Y Excs Rtn	-134.2%	-20.0%	-96.2%	-75.0%	-72.3%	-22.8%	-73.6%

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/27/2025	2/28/2024	2/28/2023	2/24/2022	2/25/2021	2/25/2020
Key Financials
Total Revenue	250	164	1	0	0	0	0
EBITDA	-364	-352	-427	-378	-329	-253	-199
Operating Income	-411	-395	-461	-399	-343	-262	-207
Net Income	-398	-372	-444	-396	-342	-260	-198
EPS	-1.20	-1.28	-1.89	-2.49	-2.23	-1.88	-1.59
Growth Rates
Total Revenue Growth	175.6%	13699.0%	∞%	-	-	-	-
EBITDA Growth	6.5%	17.7%	-13.2%	-14.9%	-29.8%	-27.4%	-56.1%
Operating Income Growth	4.3%	14.2%	-15.5%	-16.4%	-30.8%	-26.6%	-61.3%
Net Income Growth	3.0%	16.2%	-12.2%	-15.7%	-31.8%	-31.4%	-59.9%
Margins
EBITDA Margin	-145.3%	-214.3%	-35948.9%	-	-	-	-
Operating Income Margin	-164.3%	-240.9%	-38735.0%	-	-	-	-
Net Income Margin	-158.8%	-226.8%	-37345.4%	-	-	-	-
Cash & Debt
Total Cash	301	324	280	472	504	629	307
Total Debt	52	58	76	85	72	52	12
Net Debt / (Cash)	-248	-266	-204	-386	-433	-578	-296
Cash Flows
Net Cash from Operations	-323	-353	-362	-293	-228	-205	-159
Free Cash from Operations	-352	-364	-384	-313	-266	-252	-166
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	2/27/2025	11/7/2024	8/8/2024	5/9/2024	2/28/2024	11/7/2023	8/8/2023	5/10/2023	2/28/2023
Key Financials Quarterly
Total Revenue	67	60	49	74	59	31	1	0	0	0	0	0
Ebitda	-78	-102	-110	-74	-79	-91	-108	-112	-108	-102	-105	-101
Operating Income	-90	-114	-121	-87	-89	-102	-118	-121	-118	-110	-111	-107
Net Income	-91	-112	-116	-79	-84	-97	-113	-116	-114	-107	-107	-105
EPS	-0.25	-0.33	-0.36	-0.26	-0.28	-0.34	-0.42	-0.45	-0.46	-0.47	-0.50	-0.64
Key Financials TTM
Total Revenue TTM	250	242	213	164	91	33	2	1	1	0	0	0
Ebitda TTM	-364	-365	-354	-352	-389	-419	-430	-427	-417	-404	-396	-378
Operating Income TTM	-411	-411	-399	-395	-430	-459	-467	-461	-446	-428	-418	-399
Net Income TTM	-398	-390	-375	-372	-410	-440	-450	-444	-433	-419	-412	-396
Growth Rates Quarterly
Total Revenue Growth	15.2%	92.7%	6798.5%	15189.2%	12384.9%	12969.7%	-	-	-	-	-	-
EBITDA Growth	1.1%	-11.8%	-2.2%	33.8%	27.2%	10.9%	-2.5%	-10.1%	-14.0%	-8.2%	-21.2%	-6.7%
Operating Income Growth	-0.8%	-11.6%	-3.0%	28.6%	24.7%	7.4%	-6.2%	-13.3%	-17.9%	-10.4%	-20.9%	-7.6%
Net Income Growth	-9.2%	-15.0%	-2.8%	32.5%	26.6%	8.8%	-5.2%	-10.5%	-14.2%	-7.2%	-17.2%	-6.0%
Margins Quarterly
EBITDA Margin	-115.8%	-169.9%	-223.3%	-100.2%	-134.8%	-292.7%	-15079.0%	-23141.5%	-23131.3%	-42960.1%	-	-
Operating Income Margin	-133.1%	-189.8%	-245.8%	-117.5%	-152.1%	-327.6%	-16464.6%	-25156.8%	-25236.9%	-46254.6%	-	-
Net Income Margin	-135.3%	-186.2%	-235.5%	-106.6%	-142.7%	-312.2%	-15800.8%	-24145.0%	-24255.9%	-44759.7%	-	-
Cash & Debt
Total Cash	301	301	360	324	397	413	356	280	361	251	626	472
Total Debt	52	53	54	58	79	82	84	76	79	81	83	85
Net Debt / (Cash)	-248	-248	-306	-266	-319	-331	-272	-204	-282	-170	-543	-386
Cash Flows Quarterly
FCF from Operations	-79	-67	-104	-73	-59	-98	-122	-84	-84	-94	-100	-78
Cash Flows TTM
FCF from Operations TTM	-323	-303	-334	-353	-364	-389	-384	-362	-356	-335	-319	-293
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-11.1%	-14.9%	-16.1%	-12.2%	-12.7%	-15.1%	-18.4%	-20.0%	-20.5%	-20.0%	-24.6%	-25.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-13.0%	-13.4%	-13.3%	-13.9%	-15.3%	-17.0%	-18.3%	-19.1%	-19.4%	-19.5%	-23.2%	-23.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Proleukin®	1
Amtagvi®	0
Total	1

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment		664	777	768	345
Total		664	777	768	345

Price Behavior

Price Behavior

Market Price	$2.87
Market Cap ($ Bil)	1.0
First Trading Date	10/15/2010
Distance from 52W High	-63.2%
	50 Days	200 Days
DMA Price	$2.30	$2.47
DMA Trend	down	up
Distance from DMA	24.9%	16.1%
	3M	1YR
Volatility	92.0%	106.4%
Downside Capture	46.53	254.84
Upside Capture	179.16	123.45
Correlation (SPY)	18.3%	27.5%

IOVA Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.91	1.49	1.42	1.95	1.56	1.59
Up Beta	4.51	4.93	4.99	3.24	1.46	1.34
Down Beta	4.22	1.20	0.99	-0.10	1.01	1.35
Up Capture	182%	126%	90%	303%	129%	374%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	19	28	57	106	336
Down Capture	-148%	51%	61%	194%	157%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	33	64	132	399

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of IOVA With Other Asset Classes (Last 1Y)
	IOVA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-60.2%	16.4%	19.2%	71.9%	8.9%	6.0%	-10.4%
Annualized Volatility	105.8%	17.3%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	-0.35	0.72	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		38.6%	27.7%	10.8%	5.2%	33.7%	15.8%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of IOVA With Other Asset Classes (Last 5Y)
	IOVA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-42.6%	8.6%	14.9%	18.7%	11.7%	4.8%	32.6%
Annualized Volatility	88.8%	14.5%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	-0.19	0.41	0.70	0.97	0.51	0.17	0.59
Correlation With Other Assets		28.4%	29.0%	7.9%	3.2%	27.2%	21.5%

Based On 10-Year Data

		Comparison of IOVA With Other Asset Classes (Last 10Y)
	IOVA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-9.8%	9.8%	14.7%	14.9%	6.9%	5.2%	69.2%
Annualized Volatility	80.9%	16.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.25	0.48	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		31.6%	31.9%	6.0%	9.3%	24.9%	13.0%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	120,342,810
Short Interest: % Change Since 11302025	1.2%
Average Daily Volume	9,501,925
Days-to-Cover Short Interest	12.67
Basic Shares Quantity	364,037,000
Short % of Basic Shares	33.1%

Returns Analyses

	Title
0	Would You Still Hold Iovance Biotherapeutics Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	27.6%	40.3%	27.6%
8/7/2025	-20.1%	-7.2%	-9.8%
5/8/2025	-44.8%	-44.5%	-30.3%
2/27/2025	-19.5%	-28.7%	-32.3%
11/7/2024	-13.8%	-30.0%	-27.2%
8/8/2024	24.9%	34.4%	24.2%
5/9/2024	-18.5%	-22.5%	-40.1%
2/20/2024	31.5%	81.4%	51.9%
...
SUMMARY STATS
# Positive	12	9	8
# Negative	12	15	16
Median Positive	4.5%	9.9%	19.6%
Median Negative	-4.8%	-8.9%	-20.1%
Max Positive	31.5%	81.4%	55.8%
Max Negative	-44.8%	-44.5%	-49.2%

	Forward Returns
11/6/2025	27.6%	40.3%	27.6%
8/7/2025	-20.1%	-7.2%	-9.8%
5/8/2025	-44.8%	-44.5%	-30.3%
2/27/2025	-19.5%	-28.7%	-32.3%
11/7/2024	-13.8%	-30.0%	-27.2%
8/8/2024	24.9%	34.4%	24.2%
5/9/2024	-18.5%	-22.5%	-40.1%
2/20/2024	31.5%	81.4%	51.9%
11/7/2023	-3.5%	9.0%	55.8%
8/8/2023	6.4%	5.2%	-18.8%
5/9/2023	3.8%	1.8%	8.7%
2/28/2023	0.1%	-1.2%	-9.1%
11/3/2022	4.3%	1.6%	-5.9%
8/4/2022	-2.9%	-5.6%	-12.4%
5/5/2022	-2.5%	-15.4%	-49.2%
2/24/2022	4.7%	-5.7%	14.5%
11/4/2021	2.0%	-4.1%	-30.9%
8/5/2021	-1.6%	-7.5%	4.9%
5/6/2021	-0.3%	-12.6%	-29.5%
2/25/2021	2.2%	-13.0%	-21.5%
11/5/2020	0.0%	-8.9%	15.0%
8/6/2020	-6.2%	-8.0%	-1.6%
5/5/2020	-0.1%	9.9%	-5.5%
2/25/2020	7.0%	13.8%	-3.5%
SUMMARY STATS
# Positive	12	9	8
# Negative	12	15	16
Median Positive	4.5%	9.9%	19.6%
Median Negative	-4.8%	-8.9%	-20.1%
Max Positive	31.5%	81.4%	55.8%
Max Negative	-44.8%	-44.5%	-49.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2242022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Kirby Daniel Gordon	Chief Commercial Officer	6062025	Buy	1.84	30,000	55,200	55,200	Form
1	Puri Raj K.	Chief Regulatory Officer	5272025	Buy	1.74	5,600	9,743	359,902	Form
2	Vogt Frederick G	Interim CEO & General Counsel	5162025	Buy	1.69	25,000	42,250	633,152	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Iovance Biotherapeutics (IOVA)

Market Price (12/25/2025): $2.89 | Market Cap: $1.1 BilSector: Health Care | Industry: Biotechnology

Iovance Biotherapeutics (IOVA)

Market Price (12/25/2025): $2.89Market Cap: $1.1 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Market Price (12/25/2025): $2.89 | Market Cap: $1.1 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (12/25/2025): $2.89
Market Cap: $1.1 Bil
Sector: Health Care
Industry: Biotechnology