IOVANCE BIOTHERAPEUTICS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IOVANCE BIOTHERAPEUTICS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
0
1.19
164
264
Cost of revenue
1.03
93.2
173
Gross profit
0.16
70.8
90.3
Research and development
26.9
71.6
99.8
166
202
259
295
333
276
300
General and administrative
26.7
21.3
28.4
40.8
60.2
83.7
104
106
152
152
Operating expenses
53.6
92.9
128
207
262
343
399
Operating income
-53.6
-92.9
-128
-207
-262
-343
-399
-461
-395
-403
Interest income
0.75
0.81
4.68
9.32
2.36
0.45
2.99
13
20.3
10.3
Pre-tax income
-342
-396
-448
-375
-393
Income tax
0
0
0
0
0
0
0
-3.48
-2.83
-2.07
Net income
-52.9
-92.1
-124
-198
-260
-342
-396
-444
-372
-391
EBITDA
-52.7
-91.9
-127
-206
-261
-340
-390
-449
-384
-390
EPS, basic
-1.85
-1.41
-1.27
-1.59
-1.88
-2.23
-2.49
-1.89
-1.28
-1.09
EPS, diluted
-1.85
-1.41
-1.27
-1.59
-1.88
-2.23
-2.49
-1.89
-1.28
-1.09
Shares, basic (weighted)
0.06
0.07
0.1
0.12
0.14
0.15
0.16
0.24
0.29
0.36
Shares, diluted (weighted)
0.06
0.07
0.1
0.12
0.14
0.15
0.16
0.24
0.29
0.36
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
107
145
82.2
14
67.3
78.2
232
115
116
163
Short-term investments
386
293
562
426
240
165
208
134
Receivables
0.15
69.3
82.4
Inventory
10.4
51.5
51.7
Other current assets
3.04
3.92
6.85
9.41
6.66
3.55
7.27
17.5
12.4
11.6
Total current assets
170
149
475
316
636
508
479
308
457
443
Property, plant and equipment
2.37
2.45
2.68
8.54
59.2
101
105
114
109
131
Lease right-of-use assets
0
10.7
54.8
69
73
62.5
55.2
45.9
Intangible assets
229
282
279
Long-term investments
91.6
Other non-current assets
0
3.63
2.76
3.48
12.9
1.78
0.19
0.27
0.37
8.17
Total assets
172
155
481
345
768
777
664
780
910
913
Accounts payable
0.86
1.23
2.74
15.6
13.5
27.4
26.6
33.1
27.5
22.2
Accrued liabilities
4.11
8.36
11.7
16.3
35.1
56.8
52.3
69.4
81.9
111
Total current liabilities
4.97
9.6
14.4
39.1
54.9
89.2
91.5
110
122
138
Long-term debt
1
1
1
1
Lease liabilities
0
4.25
45.4
65.5
71.9
67.1
44.4
44.4
Other non-current liabilities
0.23
2.35
11.7
Total liabilities
4.97
9.89
14.6
45.7
112
156
164
196
200
215
Paid-in capital
324
395
839
869
1,487
1,795
2,069
2,594
3,096
3,458
Retained earnings
-157
-249
-373
-571
-830
-1,172
-1,568
-2,012
-2,385
-2,776
Other comprehensive income
0.03
0
-0.04
0.22
0.02
-0.6
-0.9
2.53
-1.05
16.4
Shareholders' equity
167
145
466
299
656
622
500
585
710
699
Total equity
167
145
466
299
656
622
500
585
710
699
Total liabilities and equity
172
155
481
345
768
777
664
780
910
913
Shares outstanding
62.2
73.2
123
126
148
157
188
256
305
412
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-52.9
-92.1
-124
-198
-260
-342
-396
-444
-372
-391
Depreciation and amortization
0.98
0.95
0.96
1.17
1.14
3.11
9.31
11.6
11.3
12.9
Stock-based compensation
18.9
12
20
24.3
40.9
69.8
84
62.6
110
61.6
Deferred income tax
-3.48
-2.83
-2.07
Change in receivables
-0.15
-69.2
-13.1
Change in inventory
-10.1
-44.4
-14.2
Change in payables
-0.25
0.37
1.51
12.7
-2.96
6.98
5.88
4.83
-7.84
-6.66
Cash from operations
-32.7
-78.7
-101
-159
-205
-228
-293
-362
-353
-302
Capital expenditures
-1.52
-1.03
-1.2
-6.92
-46.8
-37.6
-20.4
-22.3
-11.1
-33.8
Acquisitions
-213
Purchases of investments
-426
-418
-948
-725
-246
-206
-461
-319
Cash from investing
8.89
58.7
-386
90
-318
0.13
256
-155
-96.4
47.5
Debt issued
1
Stock issued
95.7
53.7
399
6.44
567
203
190
463
397
306
Cash from financing
96.9
58.7
424
6.13
576
239
190
463
391
301
Exchange rate effect
-2.74
-0.54
1.14
Net change in cash
73.1
38.7
-63.2
-62.7
53.4
11.5
154
-56.8
-59.3
47
Free cash flow
-34.2
-79.7
-102
-166
-252
-266
-313
-384
-364
-336
Interest paid
0
0
0
Income taxes paid
0
0
0
0
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $11.00 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
48.4%
Gross profit / revenue.
Operating margin
-92.7%
Operating income / revenue.
EBITDA margin
-85.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-90.4%
Pre-tax income / revenue.
Net margin
-89.1%
Net income / revenue.
FCF margin
-91.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-81.3%
Cash from operations / revenue.
Return on equity (ROE)
-39.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-31.6%
Net income / average total assets.
Return on invested capital (ROIC)
-38.1%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
82.4%
Research and development expense / revenue.
Stock-based pay / revenue
14.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
9.9%
Capital expenditures / revenue.
D&A / revenue
7.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
60.6%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
27.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-1.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
11.8%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
1.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
0.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
11.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
3.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
23.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
30.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
20.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.35x
Current assets / current liabilities.
Quick ratio
3.74x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.79x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$643.10
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$721.85
Revenue / diluted weighted shares.
FCF per share
-$658.38
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$586.83
Cash from operations / diluted weighted shares.
Book value per share
$1.62
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
15.3x
Market cap / revenue.
P/B
6.77x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
10.6x
Market cap / tangible book value, when positive.
EV/Sales
14.4x
Enterprise value / revenue.
FCF yield
-5.9%
Free cash flow / market cap.
Earnings yield
-5.8%
Net income / market cap (the inverse of P/E).
What was IOVANCE BIOTHERAPEUTICS, INC.'s revenue in fiscal 2025?
IOVANCE BIOTHERAPEUTICS, INC. reported revenue of $263.5M for fiscal 2025, 60.6% higher than the year before.
Was IOVANCE BIOTHERAPEUTICS, INC. profitable in fiscal 2025?
No. It reported a net loss of $391.0M.
How much free cash flow did IOVANCE BIOTHERAPEUTICS, INC. generate in fiscal 2025?
Cash from operations of $302.4M minus capital expenditures of $33.8M left free cash flow of -$336.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.