Iovance Biotherapeutics (IOVA) AI Stock Analysis

• Market Cap: $1.09B
• Dividend Yield: N/A
• Average Volume (3M): 11.60M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.90
• Revenue Growth: 175.62%
• EPS Growth: 19.63%
• Country: US
• Employees: 838
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.25
• Shares Outstanding: 396,967,960
• 10 Day Avg. Volume: 13,461,537
• 30 Day Avg. Volume: 11,603,465
• PEG Ratio: 0.18
• Price to Book (P/B): 3.02
• Price to Sales (P/S): 13.07
• P/FCF Ratio: -5.89
• Enterprise Value/Market Cap: 0.68
• Enterprise Value/Revenue: 2.96
• Enterprise Value/Gross Profit: 7.63
• Enterprise Value/Ebitda: -2.01
• 1Y Price Target: $9.50
• Price Target Upside: 261.22% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.59
• Revenue Forecast (FY): $418.96M

• Rating: 52 Neutral
• Price Target: $3.00 ▲(14.07% Upside)

The score is held back primarily by weak financial performance (large losses and negative cash flows). This is partially offset by constructive technical trends and a relatively upbeat earnings outlook featuring revenue growth, reiterated guidance, and margin-improvement initiatives; valuation provides limited support due to negative earnings and no dividend.

Positive Factors

TIL leadership and clinical efficacy

Iovance's position as a leader in tumor-infiltrating lymphocyte (TIL) therapy and reported ~50% real-world response rates give it a durable clinical differentiation. This platform advantage supports long-term adoption across solid tumors and underpins sustained commercial opportunity if regulatory and manufacturing scale succeed.

Manufacturing centralization to improve margins

Moving production in-house and centralizing manufacturing is structural: it reduces per-dose costs, tightens quality control, and creates operating leverage as volumes scale. If executed on schedule, the change should sustainably raise gross margins and reduce dependency on contract CMO capacity over multiple years.

Strong cash position and low leverage

About $307M in cash and a conservative debt profile (D/E ~0.08, high equity ratio) provide a multiquarter runway, allowing the company to fund commercialization, trials, and the manufacturing transition without immediate refinancing. This balance sheet conservatism supports strategic optionality through 2026.

Negative Factors

Deep negative profitability

The company is operating with very large losses; a net margin near -161% signals that revenue growth has not translated into profitability. Persistently negative margins erode equity returns and require sustained margin improvement or structural cost reductions to reach self-sustaining commercial economics over the medium term.

Negative operating and free cash flow

Operating and free cash flow remain negative, indicating ongoing burn despite modest FCF improvement. This structural cash-consumption pattern increases reliance on existing cash, potential capital markets access, or partnerships to fund the commercialization and late-stage trials beyond the stated runway, pressuring strategic flexibility.

Commercial scaling and regulatory timing risk

Iovance's commercial upside depends on international approvals and broad adoption at academic and community ATCs. Regulatory lag and the multi-step ramp of community centers are structural timing risks that delay access to larger patient pools and postpone peak sales, extending the timeline to durable revenue scale.

Iovance Biotherapeutics Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

Iovance Biotherapeutics generates revenue primarily through the commercialization of its cell therapy products, including lifileucel, once approved by regulatory authorities. The company also engages in partnerships and collaborations with larger pharmaceutical companies for research and development support, which can include upfront payments, milestone payments, and royalties on future sales. Additionally, Iovance may receive funding through grants or other financial support aimed at advancing its clinical programs. The successful transition of its products from clinical trials to market approval is crucial for its revenue generation.

Iovance Biotherapeutics Financial Statement Overview

Summary

Financials remain pressured by very weak profitability and cash flow (net margin -161% and negative operating/free cash flow). Offsetting factors include low leverage (debt-to-equity 0.08) and a strong equity ratio (77.6%), but overall execution still needs to translate revenue growth into sustainable margins.

Income Statement

Iovance Biotherapeutics shows a modest revenue growth rate of 3.69% in the TTM, but the company is struggling with profitability. The net profit margin is significantly negative at -161.44%, indicating substantial losses relative to revenue. The EBIT and EBITDA margins are also deeply negative, reflecting high operational costs and challenges in achieving profitability.

Balance Sheet

The company's debt-to-equity ratio is relatively low at 0.08, suggesting conservative leverage. However, the return on equity is negative at -52.87%, indicating that the company is not generating profits from its equity base. The equity ratio stands at 77.57%, showing a strong equity position relative to total assets, which is a positive aspect.

Cash Flow

Iovance Biotherapeutics has a negative operating cash flow and free cash flow, although there is a slight improvement in free cash flow growth at 8.74% in the TTM. The operating cash flow to net income ratio is negative, indicating cash flow challenges. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is slightly better than net income, but still negative.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	250.43M	164.07M	1.19M	0.00	0.00	0.00
Gross Profit	97.07M	40.08M	-9.57M	0.00	0.00	0.00
EBITDA	-368.31M	-351.67M	-427.43M	-377.74M	-328.72M	-260.80M
Net Income	-397.63M	-372.18M	-444.04M	-395.89M	-342.25M	-259.58M
Balance Sheet
Total Assets	904.95M	910.43M	780.35M	663.98M	777.33M	768.46M
Cash, Cash Equivalents and Short-Term Investments	300.80M	323.78M	279.87M	471.85M	504.41M	629.44M
Total Debt	52.49M	58.26M	75.86M	85.45M	71.53M	51.66M
Total Liabilities	202.66M	200.02M	195.74M	164.34M	155.67M	111.96M
Stockholders Equity	702.29M	710.40M	584.61M	499.64M	621.66M	656.50M
Cash Flow
Free Cash Flow	-351.82M	-364.05M	-384.11M	-313.18M	-265.51M	-251.93M
Operating Cash Flow	-323.14M	-352.98M	-361.82M	-292.76M	-227.94M	-205.13M
Investing Cash Flow	70.40M	-96.41M	-155.24M	256.45M	132.00K	-317.85M
Financing Cash Flow	246.91M	390.66M	462.96M	190.15M	239.27M	576.42M

Iovance Biotherapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.63
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IOVA, the sentiment is Positive. The current price of 2.63 is above the 20-day moving average (MA) of 2.57, above the 50-day MA of 2.48, and above the 200-day MA of 2.37, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 51.83 is Neutral, neither overbought nor oversold. The STOCH value of 70.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IOVA.

Iovance Biotherapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NUVB	59 Neutral	$1.82B	-8.34	-52.49%	―	1137.19%	70.51%
KALV	57 Neutral	$765.27M	-3.91	―	―	―	-13.14%
IMTX	56 Neutral	$1.30B	-8.58	-29.01%	―	-27.61%	-69.49%
AMLX	56 Neutral	$1.59B	-8.25	-56.52%	―	-100.34%	52.85%
VIR	55 Neutral	$1.05B	-2.15	-49.06%	―	-78.55%	7.74%
IOVA	52 Neutral	$1.09B	―	-53.89%	―	175.62%	19.63%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Iovance Biotherapeutics Corporate Events

Iovance Highlights Amtagvi Momentum and Confirms 2025 Guidance

On January 9, 2026, Iovance Biotherapeutics updated its corporate presentation, indicating that it expected to meet its previously disclosed full-year 2025 revenue guidance of $250 million to $300 million in the first full calendar year of Amtagvi sales. The presentation highlighted that total revenue since the first quarter of 2024 had reached about $340 million as of September 30, 2025, with approximately $307 million in cash on hand, more than 85 treatment centers in the U.S. and Canada and multiple global markets engaged, and improving gross margins following organizational streamlining. Iovance emphasized its leadership in TIL-based cell therapy, the commercial momentum of Amtagvi in advanced melanoma with real-world response rates around 50%, and the potential for substantial future growth driven by ongoing registration-directed trials in metastatic non-small cell lung cancer and other solid tumors, positioning the company as a key player in next-generation oncology cell therapies.

The most recent analyst rating on (IOVA) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Iovance Biotherapeutics stock, see the IOVA Stock Forecast page.