Iovance Biotherapeutics Inc

IOVA

Healthcare|Biotechnology|USA

$4.23

-0.13 (-2.98%)

Tangible Book

$1.03

Financials

Financial Snapshot

Market Cap

$1.89B

Enterprise Value

$265.7M

Revenue (TTM)

$285.6M

Net Income (TTM)

$-353.9M

Cash & Equivalents

—

Net Cash/Share

$0.25

Free Cash Flow (TTM)

$-305.0M

Operating CF (TTM)

$-270.8M

Debt/Equity

0.07

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$67.7M

Monthly Burn

$22.6M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$166.5M	$145.4M	$468.5M	$307.1M	$629.4M	$504.4M	$471.8M	$279.9M	$323.8M	$297.0M	$313.4M
Operating Cash Flow	$-32.7M	$-78.7M	$-101.2M	$-158.9M	$-205.1M	$-227.9M	$-292.8M	$-361.8M	$-353.0M	$-302.4M	$-270.8M
Free Cash Flow	$-34.2M	$-79.7M	$-102.4M	$-165.8M	$-251.9M	$-265.5M	$-313.2M	$-384.1M	$-364.0M	$-336.2M	$-305.0M
Capital Expenditure	$-1.5M	$-1.0M	$-1.2M	$-6.9M	$-46.8M	$-37.6M	$-20.4M	$-22.3M	$-11.1M	$-33.8M	$-34.2M
Financing Cash Flow	$96.9M	$58.7M	$424.3M	$6.1M	$576.4M	$239.3M	$190.2M	$463.0M	$390.7M	$300.8M	$251.8M

R&D Spending

R&D (TTM)

$288.2M

R&D Intensity

100.9%

R&D Growth YoY

-4.0%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.2M	$164.1M	$263.5M	$285.6M
R&D Expense	$26.9M	$71.6M	$99.8M	$166.0M	$201.7M	$259.0M	$294.8M	$333.2M	$276.2M	$300.3M	$288.2M
R&D % of Revenue	—	—	—	—	—	—	—	28023.0%	168.4%	114.0%	100.9%
SG&A	$26.7M	$21.3M	$28.4M	$40.8M	$60.2M	$83.7M	$104.1M	$106.1M	$152.3M	$152.3M	$147.6M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.2M	$164.1M	$263.5M	$285.6M
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.0M	$93.2M	$173.2M	$180.8M
Gross Profit	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$156.0K	$70.8M	$90.3M	$104.9M
R&D	$26.9M	$71.6M	$99.8M	$166.0M	$201.7M	$259.0M	$294.8M	$333.2M	$276.2M	$300.3M	$288.2M
SG&A	$26.7M	$21.3M	$28.4M	$40.8M	$60.2M	$83.7M	$104.1M	$106.1M	$152.3M	$152.3M	$147.6M
Operating Income	$-53.6M	$-92.9M	$-128.3M	$-206.9M	$-261.9M	$-342.7M	$-398.9M	$-460.6M	$-395.3M	$-398.2M	$-358.0M
Interest Expense	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Pretax Income	$-52.9M	$-92.1M	$-123.6M	$-197.6M	$-259.6M	$-342.3M	$-395.9M	$-447.5M	$-375.0M	$-393.0M	$-354.8M
Net Income	$-52.9M	$-92.1M	$-123.6M	$-197.6M	$-259.6M	$-342.3M	$-395.9M	$-444.0M	$-372.2M	$-391.0M	$-353.9M
EPS (Diluted)	-1.85	-1.41	-1.27	-1.59	-1.88	-2.23	-2.49	-1.89	-1.28	-1.09	-0.95
EBITDA	$-52.7M	$-91.9M	$-127.3M	$-198.7M	$-253.2M	$-328.7M	$-377.7M	$-427.4M	$-347.2M	$-350.9M	$-311.2M
Shares Out. (M)	55.27	65.24	97.28	124.34	138.30	153.41	159.26	235.13	289.88	357.35	418.51

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$106.7M	$145.4M	$82.2M	$14.0M	$67.3M	$78.2M	$231.7M	$114.9M	$115.7M	$163.1M	$196.5M
Marketable Securities	$59.8M	$0.00	$386.4M	$293.1M	$562.1M	$426.2M	$240.1M	$165.0M	$208.1M	$133.9M	$116.9M
Total Current Assets	$169.5M	$149.3M	$475.4M	$316.5M	$636.1M	$508.0M	$479.1M	$307.8M	$457.0M	$442.7M	$466.5M
Total Assets	$171.9M	$155.4M	$480.8M	$344.7M	$768.5M	$777.3M	$664.0M	$780.4M	$910.4M	$913.2M	$925.7M
Total Current Liabilities	$5.0M	$9.6M	$14.4M	$39.1M	$54.9M	$89.2M	$91.5M	$110.3M	$122.3M	$138.4M	$129.4M
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$1.0M	$1.0M	$1.0M	$1.0M	$0.00	$0.00
Total Liabilities	$5.0M	$9.9M	$14.6M	$45.7M	$112.0M	$155.7M	$164.3M	$195.7M	$200.0M	$214.6M	$203.9M
Stockholders' Equity	$166.9M	$145.5M	$466.2M	$299.0M	$656.5M	$621.7M	$499.6M	$584.6M	$710.4M	$698.6M	$721.8M
Retained Earnings	$-157.1M	$-249.2M	$-372.8M	$-570.6M	$-830.2M	$-1.17B	$-1.57B	$-2.01B	$-2.38B	$-2.78B	$-2.85B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-32.7M	$-78.7M	$-101.2M	$-158.9M	$-205.1M	$-227.9M	$-292.8M	$-361.8M	$-353.0M	$-302.4M	$-270.8M
Capital Expenditure	$-1.5M	$-1.0M	$-1.2M	$-6.9M	$-46.8M	$-37.6M	$-20.4M	$-22.3M	$-11.1M	$-33.8M	$-34.2M
Free Cash Flow	$-34.2M	$-79.7M	$-102.4M	$-165.8M	$-251.9M	$-265.5M	$-313.2M	$-384.1M	$-364.0M	$-336.2M	$-305.0M
Investing Cash Flow	$8.9M	$58.7M	$-386.3M	$90.0M	$-317.9M	$132.0K	$256.5M	$-155.2M	$-96.4M	$47.5M	$43.0M
Financing Cash Flow	$96.9M	$58.7M	$424.3M	$6.1M	$576.4M	$239.3M	$190.2M	$463.0M	$390.7M	$300.8M	$251.8M
Issuance of Stock	$0.00	$0.00	$398.8M	$0.00	$567.0M	$203.2M	$189.5M	$463.3M	$397.3M	$306.3M	$255.9M
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$1.0M	$0.00	$0.00	$0.00	$0.00	$0.00
Payments of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$18.9M	$12.0M	$20.0M	$24.3M	$40.9M	$69.8M	$84.0M	$62.6M	$109.6M	$61.6M	$49.9M
Net Change in Cash	$73.1M	$38.7M	$-63.2M	$-62.7M	$53.4M	$11.5M	$153.8M	$-56.8M	$-59.3M	$47.0M	$24.5M

Dilution Tracker

Shares outstanding grew 172.8% over 5 years — significant dilution

Shares Outstanding

419M

5-Year Share Growth

+172.8%

Stock Issuance (TTM)

$255.9M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	55.27	65.24	97.28	124.34	138.30	153.41	159.26	235.13	289.88	357.35	418.51
YoY Change %	—	18.0%	49.1%	27.8%	11.2%	10.9%	3.8%	47.6%	23.3%	23.3%	17.1%
Stock Issuance	$0.00	$0.00	$398.8M	$0.00	$567.0M	$203.2M	$189.5M	$463.3M	$397.3M	$306.3M	$255.9M
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$18.9M	$12.0M	$20.0M	$24.3M	$40.9M	$69.8M	$84.0M	$62.6M	$109.6M	$61.6M	$49.9M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	13.1%	43.2%	34.3%	36.7%
Operating Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-38735.0%	-240.9%	-151.1%	-125.4%
Net Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-37345.4%	-226.8%	-148.4%	-123.9%
EBITDA Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-35948.9%	-211.6%	-133.2%	-109.0%
FCF Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-32305.3%	-221.9%	-127.6%	-106.8%
ROE %	-39.0%	-58.9%	-40.4%	-51.6%	-54.3%	-53.6%	-70.6%	-81.9%	-57.5%	-55.5%	-49.3%
ROA %	-38.1%	-56.3%	-38.9%	-47.9%	-46.6%	-44.3%	-54.9%	-61.5%	-44.0%	-42.9%	-38.3%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / At Loss / At Loss

Industry Med.27.51

P/S5.66

Historical2.28 / 13.99 / 7760.00

Industry Med.9.49

P/B2.57

Historical0.72 / 2.39 / 7.36

Industry Med.2.93

EV/EBITDA-5.21

Historical-9.59 / -3.78 / -0.66

Industry Med.13.02

EV/Revenue5.68

Historical1.08 / 12.60 / 6604.17

Industry Med.8.59

P/FCF—

Historical— / — / —

Industry Med.27.13

Intrinsic Value Models

Tangible Book

$1.03

Net Current Assets

$0.600

Net-Net Working Capital

$0.46

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	-	-	-	-	-	-	-	1626.00	13.07	3.70	5.66
PB Ratio	2.59	4.02	2.34	11.70	10.38	4.82	2.40	3.56	3.18	1.61	2.57
EV/EBITDA	-5.05	-4.79	-4.90	-16.12	-24.63	-7.80	-2.15	-4.39	-5.74	-2.50	-5.21
EV/Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1579.80	12.15	3.33	5.68

Analyst Estimates & Quality

Altman Z-Score

0.72

Distress

Piotroski F-Score

Moderate

Beneish M-Score

-2.71

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$361.9M	$504.1M	$756.9M
Net Income	$-237.4M	$-133.0M	$24.7M
EPS	-0.56	-0.32	0.00
Book Value per Share	1.50	1.38	1.45
Operating Cash Flow per Share	-0.25	-0.07	0.14
Operating CF	$-104.63M	$-29.30M	$58.59M

Dividends

Revenue Segments

By Business

Segment	2025
Amtagvi	$220.0M
Proleukin	$43.5M

By Geography

Segment	2025
United States	$259.0M
Rest of world	$4.5M