Iovance Biotherapeutics Inc (IOVA)
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Amtagvi is real medicine: doctors take a piece of your tumor, harvest the immune cells that already found the cancer, grow them into the billions and infuse them back — and in the real world, more than every second patient in earlier treatment lines responds. That is exactly what makes Iovance (Nasdaq: IOVA) the cleanest test of an uncomfortable question: does a therapy that works automatically make a company that works? We read the annual report (10-K) for 2025 and the quarterly report (10-Q) as of March 31, 2026: revenue grew 61 percent to $263.5 million — but the company reaffirmed $450 to $475 million for that same year and cut it to $250 to $300 million ten weeks later, the gross margin fell to 34 percent against its own 70 percent promise, and 101.9 million new shares paid for the year. Not investment advice — just an honest look at what a cure costs to manufacture.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
NeutralGeprüft am 16.07.2026 gegen die Geschäftsberichte (10-K) 2025 (eingereicht 24.02.2026) und 2024 (27.02.2025) sowie die vier jüngsten Quartalsberichte (10-Q): In den ausgewerteten SEC-Filings von Iovance Biotherapeutics findet sich kein wesentlicher KI-Bezug. Der 10-K 2024 enthält überhaupt keine Erwähnung von „artificial intelligence“ oder „AI“. Im 10-K 2025 und im 10-Q zum 31.03.2026 steht KI ausschließlich als generischer, konditionaler Regulierungs-Risikofaktor in Item 1A („We, directly or through our third-party service providers, may adopt, use or incorporate artificial intelligence, or AI, technology and capabilities into the information technology systems or software that we use in our business and operations“ — deutsch: „Wir könnten, direkt oder über unsere Drittdienstleister, künstliche Intelligenz (KI) in die IT-Systeme oder Software übernehmen, nutzen oder einbauen, die wir in unserem Geschäft und Betrieb verwenden“), gefolgt von einer Darstellung des EU AI Act und der SEC-Aufsicht gegen „AI-washing“. Das ist eine Möglichkeitsform („may adopt“) ohne belegten operativen Einsatz — nach Regel 3 des Kriterienkatalogs eine Boilerplate-Floskel und damit weder „nutzt“ noch „bedroht“. Iovance verkauft Zelltherapien (Amtagvi/lifileucel, Proleukin); Umsatzquelle ist ausschließlich der Produktverkauf (Produktumsatz 2025: 263,5 Mio. $), keinerlei KI-Produkt oder -Dienst. Der Herstellprozess (TIL-Expansion in Bioreaktoren über 22 Tage) wird in Item 1 ohne KI-, Machine-Learning- oder Algorithmus-Bezug beschrieben. Ergebnis: dokumentierter Negativ-Befund → neutral.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-07 · 10-Q 2025-11-06 · 10-Q 2025-08-07 · 10-Q 2025-05-08 · 10-K 2026-02-24 · 10-K 2025-02-27
Rated on July 16, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.26 | – | 74 | 15,189.20 | -106.60 | -73 | -78 |
| 2025: Q1 | -0.36 | – | 49 | 6,798.50 | -235.50 | -104 | -110 |
| 2025: Q2 | -0.33 | – | 60 | 92.70 | -186.20 | -67 | -75 |
| 2025: Q3 | -0.25 | – | 68 | 15.20 | -135.30 | -79 | -90 |
| 2025: Q4 | -0.18 | – | 87 | 17.70 | -82.90 | -53 | -62 |
| 2026: Q1 | -0.19 | – | 71 | 44.80 | -110.70 | -72 | -79 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
Amtagvi is the first TIL cell therapy approved for a solid tumor (February 2024) and has no directly approved competitor in its class: real-world objective response rates of 52 percent in patients with two or fewer prior lines, a median duration of response of about three years in five-year follow-up, and a treatment network of more than 90 ATCs (as of May 7, 2026). Revenue grew from $1.2 million (2023) to $263.5 million (2025).
On February 27, 2025 the company reaffirmed 2025 revenue guidance of $450 to $475 million; on May 8, 2025 it cut the range to $250 to $300 million, citing slower ATC ramp-up. The year ended at $263.5 million — roughly 43 percent below the February figure, decided a quarter into the year being forecast. Guidance for 2026 ($350 to $370 million) comes from the same process.
Gross margin fell from 43.2 percent (2024) to 34.3 percent (2025) as cost of sales grew 86 percent against 61 percent revenue growth — against the company's own repeated target to "surpass 70%". Bespoke doses that miss specification or cannot be infused are destroyed and expensed as cost of sales anyway ($18.1 million of additional period costs in 2025, after $26.3 million in 2024). The first quarter of 2026 shows the first real turn: cost of sales flat at $42.5 million on 45 percent more revenue, margin 40.5 percent.
Clean for a loss-maker: $319.4 million of cash and no meaningful debt (March 31, 2026), no interest burden, no covenants, no going-concern warning, funded "well into 2028". The price is dilution: 101,899,334 new shares for $306.3 million net in 2025 against $302.4 million of operating cash burn; the share count rose 35 percent to 411,938,061 (December 31, 2025) and stood at 446,502,396 on April 15, 2026 — of 500,000,000 authorized.
A $391.0 million net loss in 2025 — larger than 2024's — on a $2.8 billion accumulated deficit; the year's gross profit of about $90.3 million did not cover a third of the $300.3 million research budget. At roughly $1.8 billion of market value the stock trades at about 6.3 times trailing revenue and 5 times the 2026 guidance midpoint, with no P/E possible; our scanner finds it 13 times, every hit a momentum list, with an Altman-Z of minus 3.27 and a fundamental rating of C (+1 of 100) (data as of July 8, 2026).
Iovance is the cleanest test of a question investors rarely separate: the therapy works, but does the company? Amtagvi is a genuine first — an approved TIL cell therapy for a solid tumor, with documented multi-year responses — and revenue grew from $1.2 million to $263.5 million in two years. But every dose is a bespoke manufacturing run for one named patient, and that is where the economics break: a 34.3 percent gross margin in 2025 against the company's own 70 percent promise, a 2025 forecast reaffirmed at $450 to $475 million in February and cut to $250 to $300 million in May, a $391.0 million net loss on a $2.8 billion accumulated deficit, and 101.9 million new shares that funded the year. The first quarter of 2026 delivered the first genuine margin evidence — flat cost of sales on 45 percent more revenue. Not investment advice.
- IOVA reached our research list via the Reddit hype scanner (ApeWisdom, 3 mentions in 24 hours, as of July 16, 2026) — the silence is itself notable: a stock up about 130 percent in twelve months with almost no forum traffic. The 13 hits in our in-house stock scanner carry the July 8, 2026 data cut-off and rotate daily.
- All 13 scanner hits are momentum or trend filters; Iovance appears in no fundamental or valuation list, because a company without earnings supplies no P/E, PEG, EV/EBITDA or margin figures to rank. The Altman-Z of minus 3.27 and the fundamental rating of C (+1 of 100) are computed from trailing twelve-month figures and reflect the young margin turn only with a lag.
- Gross margins in this analysis are calculated from product revenue and cost of sales exactly as reported; cost of sales excludes depreciation and amortization, which the company reports on a separate line ($35.9 million in 2025). Including it, the margins would be lower still.
- Price and valuation figures are dated to July 8, 2026 (about $4.20, market value roughly $1.8 billion); analyses are evergreen, daily prices are not a buy argument.
About the Company
Iovance Biotherapeutics, Inc., ein biopharmazeutisches Unternehmen in der Vermarktungsphase, entwickelt und vermarktet Zelltherapien auf Basis autologer tumorinfiltrierender Lymphozyten zur Behandlung von metastasiertem Melanom und anderen soliden Tumoren in den USA und international.
| Employees | 975 |
|---|---|
| Headquarters | San Carlos, CA |
| Website | iovance.com |
| IPO Date | 15. Oct 2010 |
| Next Earnings | 6. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Frederick G. Vogt Esq., J.D., Ph.D. | Interim CEO, President, General Counsel, Corporate Secretary & Director | 1974 |
| Corleen M. Roche | Chief Financial Officer | 1966 |
| Igor P. Bilinsky Ph.D. | Chief Operating Officer | 1973 |
| Raj K. Puri M.D., Ph.D. | Chief Regulatory Officer | 1956 |
| Daniel G. Kirby | Chief Commercial Officer | 1972 |
| Sara Pellegrino | Senior Vice President of Investor Relations & Corporate Communications | – |
| Tracy Winton | Executive Vice President of Human Resources | – |
| Howard B. Johnson M.B.A. | Chief Business Officer | 1960 |
| Kevin Smyth | Executive Vice President of Quality | – |
| Brian Gastman M.D. | Executive Vice President of Translational Medicine & Research | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 20, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.