Iovance Biotherapeutics Inc (IOVA)
NASDAQ:IOVA
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Iovance Biotherapeutics
(NASDAQ:IOVA)
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Rating:58Neutral
Price Target:
$4.00
▲(9.89% Upside)
Action:ReiteratedDate:03/28/26
IOVA scores as a mid-range opportunity: the earnings call signals strong commercialization momentum (rapid revenue growth, improving gross margin, and runway into Q3 2027), but the overall score is held back by weak financial performance driven by large ongoing losses and heavy cash burn. Technicals are mixed and valuation support is limited due to negative earnings and no dividend.
Positive Factors
Commercial revenue growth
Scaling to ~$264M in 2025 with strong sequential Q4 sales and rapid Amtagvi adoption indicates the company has moved from development to commercial execution. Durable per-patient revenue from an expanding authorized treatment center footprint supports long-term revenue base and operating leverage if adoption and reimbursement persist.
Negative Factors
Negative operating and free cash flow
Persistent large negative operating and free cash flows mean the business burns substantial capital to fund commercialization and trials. Over several quarters this necessitates external financing or rapid margin improvement; ongoing cash burn constrains reinvestment and increases dilution or leverage risk if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial revenue growth
Scaling to ~$264M in 2025 with strong sequential Q4 sales and rapid Amtagvi adoption indicates the company has moved from development to commercial execution. Durable per-patient revenue from an expanding authorized treatment center footprint supports long-term revenue base and operating leverage if adoption and reimbursement persist.
Read all positive factors
Iovance Biotherapeutics (IOVA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.43B
Dividend YieldN/A
Average Volume (3M)16.60M
Price to Earnings (P/E)―
Beta (1Y)1.42
Revenue Growth175.62%
EPS Growth19.63%
CountryUS
Employees838
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.18
Shares Outstanding411,961,600
10 Day Avg. Volume14,440,314
30 Day Avg. Volume16,599,969
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.40
Price to Sales (P/S)3.70
P/FCF Ratio-2.90
Enterprise Value/Market Cap0.77
Enterprise Value/Revenue4.15
Enterprise Value/Gross Profit4.26
Enterprise Value/Ebitda-3.03
Forecast
1Y Price Target
$8.00Price Target Upside119.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$380.78M
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 ...
How the Company Makes Money
Iovance makes money primarily through product sales of its commercialized autologous TIL cell therapy to healthcare providers/treatment centers, with revenue recognized when control of the therapy is transferred under its supply and purchase arran...
Iovance Biotherapeutics Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call conveyed substantial commercial and operational momentum: strong revenue growth (Q4 $87M; FY $264M), sharp YoY growth in Amtagvi (112%), best-ever Q4 gross margin (50%), manufacturing internalization, extended cash runway to Q3 2027, regulatory progress (fast-track for lifileucel in NSCLC) and very encouraging early sarcoma signals (50% ORR in 6 evaluable patients). Offsetting these positives are outstanding execution risks — limited 2026 guidance at the time of the call, a cash runway that will require continued improvement or financing before Q3 2027, small sample size for the sarcoma data, ongoing enrollment and regulatory timing risk for registrational programs, and some dependence on distributor ordering dynamics. Overall, the highlights materially outweigh the lowlights, but continued execution on enrollment, approvals, margin improvements and cash management will be critical.Positive Updates
Strong revenue growth and improved margins
Q4 product revenue of $87M, ~30% growth quarter-over-quarter; full-year 2025 product revenue of ~$264M, up 61% year-over-year; Amtagvi revenue grew 112% YoY. Fourth-quarter gross margin from cost of sales improved to 50% (from 43% in Q3). Gross-to-net adjustments remained minimal at <2% for 2025.
Negative Updates
No 2026 revenue guidance provided yet
Management delayed issuing 2026 guidance at the call and said guidance would be provided 'very soon.' The lack of near-term guidance leaves short-term investor visibility limited.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong revenue growth and improved margins
Q4 product revenue of $87M, ~30% growth quarter-over-quarter; full-year 2025 product revenue of ~$264M, up 61% year-over-year; Amtagvi revenue grew 112% YoY. Fourth-quarter gross margin from cost of sales improved to 50% (from 43% in Q3). Gross-to-net adjustments remained minimal at <2% for 2025.
Read all positive updates
Company Guidance
Management said they will provide formal 2026 revenue guidance shortly but framed expectations with a number of concrete metrics: full‑year 2025 revenue of about $264 million (up ~61% YoY) with Q4 product revenue of $87 million (~30% sequential growth), Q4 gross margin from cost of sales of 50% (vs. 43% in Q3) and gross‑to‑net adjustments <2%; Amtagvi revenue grew 112% YoY and is expected to drive “remarkable” 2026 growth with U.S. peak potential for Amtagvi plus Proleukin above $1 billion, an addressable previously‑treated melanoma population of >30,000 annually and a much larger nonsquamous NSCLC opportunity (~7x larger, ~50,000 U.S. patients, $10B U.S. peak sales cited); lifileucel showed ORR 26%, DCR 72% with median DOR not yet reached (>25 months) and a goal of supplemental BLA/possible accelerated approval and launch in H2 2027 for NSCLC, while early sarcoma data showed a 50% confirmed response rate in 6 evaluable patients and a planned single‑arm registrational trial (typical approval sizes ~30–60, ~40 patients); cash was ~ $303 million at year‑end with runway into Q3 2027, and operational/manufacturing improvements are expected to further improve margins and extend the cash runway.Iovance Biotherapeutics Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
62
Positive
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 263.50M | 164.07M | 1.19M | 0.00 | 0.00 |
| Gross Profit | 256.22M | 40.08M | -9.57M | 0.00 | 0.00 |
| EBITDA | -357.11M | -351.67M | -427.43M | -377.74M | -328.72M |
| Net Income | -390.98M | -372.18M | -444.04M | -395.89M | -342.25M |
Balance Sheet | |||||
| Total Assets | 913.17M | 910.43M | 780.35M | 663.98M | 777.33M |
| Cash, Cash Equivalents and Short-Term Investments | 296.98M | 323.78M | 279.87M | 471.85M | 504.41M |
| Total Debt | 48.44M | 58.26M | 75.86M | 85.45M | 71.53M |
| Total Liabilities | 214.59M | 200.02M | 195.74M | 164.34M | 155.67M |
| Stockholders Equity | 698.58M | 710.40M | 584.61M | 499.64M | 621.66M |
Cash Flow | |||||
| Free Cash Flow | -336.24M | -364.05M | -384.11M | -313.18M | -265.51M |
| Operating Cash Flow | -302.41M | -352.98M | -361.82M | -292.76M | -227.94M |
| Investing Cash Flow | 47.50M | -96.41M | -155.24M | 256.45M | 132.00K |
| Financing Cash Flow | 300.77M | 390.66M | 462.96M | 190.15M | 239.27M |
Iovance Biotherapeutics Technical Analysis
Positive
3.64
Price Trends
3.51
Positive
3.00
Positive
2.65
Positive
Market Momentum
-0.03
Positive
50.30
Neutral
37.11
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 3.64 is above the 20-day moving average (MA) of 3.60, above the 50-day MA of 3.51, and above the 200-day MA of 2.65, indicating a bullish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 50.30 is Neutral, neither overbought nor oversold. The STOCH value of 37.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IOVA.
Iovance Biotherapeutics Risk Analysis
Iovance Biotherapeutics disclosed 83 risk factors in its most recent earnings report. Iovance Biotherapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Iovance Biotherapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $1.49B | -1.91 | -49.31% | ― | -78.55% | 7.74% | |
58 Neutral | $1.43B | -2.50 | -54.54% | ― | 175.62% | 19.63% | |
54 Neutral | $1.00B | -37.98 | -444.41% | ― | ― | -13.14% | |
52 Neutral | $1.82B | -7.89 | -57.52% | ― | -100.34% | 52.85% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.46B | -5.79 | -39.69% | ― | -27.61% | -69.49% | |
50 Neutral | $1.63B | -14.96 | -57.48% | ― | 1137.19% | 70.51% |
* Healthcare Sector Average
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Iovance Biotherapeutics Corporate Events
Executive/Board Changes
Iovance Biotherapeutics Announces Upcoming Board Member Retirement
Neutral
Mar 20, 2026
On March 17, 2026, Iovance Biotherapeutics announced that board member Wendy Yarno will retire from its Board of Directors and will not stand for re-election at the company’s annual meeting of stockholders expected in June 2026. Yarno will c...
Business Operations and StrategyFinancial Disclosures
Iovance Highlights Amtagvi Revenue Growth and Profitability Path
Positive
Feb 24, 2026
On February 24, 2026, Iovance Biotherapeutics reported that 2025 was its first full calendar year of Amtagvi launch, delivering about 30% sequential fourth-quarter revenue growth to roughly $87 million and full-year product revenue of about $264 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.