# Iovance Biotherapeutics, Inc. (IOVA)

> Source: Nexqual · https://nexqual.com/IOVA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Iovance Biotherapeutics, Inc. (IOVA), nexqual.com/IOVA" · informational, not investment advice.

**Price:** USD 14.14 (-3.28% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 14.62 · day 13.64–14.7 · 52w 1.76–15.37 · market cap $6.41B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $325M, net income -$290M (-89.1% margin), free cash flow -$296M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (10 analysts), mean target USD 14.4 (range 7–20).
- Total return with dividends: 1Y +545.7% vs S&P 500 +14.9%; 5Y -44.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.09, revenue estimate $115M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | — | $1.2M | $164M | $264M | $325M |
| Gross profit | — | — | $156K | $70.8M | $90.3M | — |
| Operating income | -$343M | -$399M | -$461M | -$395M | -$403M | -$301M |
| Net income | -$342M | -$396M | -$444M | -$372M | -$391M | -$290M |
| EPS (diluted) | -$2.23 | -$2.49 | -$1.89 | -$1.28 | -$1.09 | — |
| Free cash flow | -$266M | -$313M | -$384M | -$364M | -$336M | -$296M |
| Gross margin | — | — | 13.1% | 43.2% | 34.3% | — |
| Operating margin | — | — | -38735.0% | -240.9% | -153.1% | -92.7% |
| Net margin | — | — | -37345.4% | -226.8% | -148.4% | -89.1% |
| Revenue growth | — | — | — | +13699.0% | +60.6% | — |
| Cash + short-term investments | $504M | $472M | $280M | $324M | $297M | — |
| Total debt | $1.0M | $1.0M | $1.0M | $1.0M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 19.7x · P/B 8.7x · FCF yield -4.63% · Earnings yield -4.52%

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 10 analysts; mean target USD 14.4 (low 7, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Barclays | Target raised | Overweight | $15 → $18 |
| 2026-10-08 | Baird | Target raised | Neutral | $6 → $11 |
| 2026-09-30 | Wells Fargo | Target raised | Overweight | $14 → $18 |
| 2026-09-29 | HC Wainwright & Co. | Target raised | Buy | $9 → $20 |
| 2026-09-17 | Barclays | Target raised | Overweight | $13 → $15 |
| 2026-08-25 | TD Cowen | Target raised | Buy | $7 → $10 |
| 2026-08-20 | UBS | Target raised | Neutral | $4 → $7 |
| 2026-08-18 | Mizuho | Target raised | Outperform | $10 → $11 |
| 2026-08-07 | Barclays | Target raised | Overweight | $11 → $13 |
| 2026-08-07 | Citizens | Target raised | Market Outperform | $5 → $8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +545.7% | -44.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +549.8% | -11.2% |
| Volatility (annualized) | 98.6% | 94.5% |
| Max drawdown | -39.0% (Mar 2026→Apr 2026) | -93.5% (Oct 2021→May 2025) |

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · BLTE (Belite Bio, Inc) USD 150.27 -1.90% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · TGTX (TG Therapeutics, Inc.) USD 53.16 -0.08% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/IOVA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IOVA's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1425205/000110465926018899/iova-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Boehringer Ingelheim Biopharmaceuticals | "In May 2023, as part of the Acquisition from Clinigen, we inherited a manufacturing and supply agreement with Boehringer Ingelheim Biopharmaceuticals GmbH, to carry out the processing, manufacturing, and supply of Proleu…" |
| Partner | Cellectis S.A. (CLLS) | "In December 2019, we entered into a research collaboration and exclusive worldwide license agreement for gene-editing technology from Cellectis, a clinical-stage biopharmaceutical company, to develop genetically edited T…" |
| Partner | Jefferies | "Subject to various spending levels approved by our Board of Directors, our management will have broad discretion in the use of the net proceeds from our capital raises, including proceeds from sales pursuant to our "at-t…" |
| Partner | Novartis Pharma | "In addition, in order to supplement our own efforts to improve TIL manufacturing and develop TIL cell therapies in new indications in clinical trials, we currently work and collaborate with government and academic resear…" |
| Competitor | Merck (MRK) | "In particular, we expect to compete with other new therapies for our lead indications developed by companies such as BioNtech, Bristol-Myers Squibb, Daiichi Sankyo, Eisai, Genmab, Immunocore, IO Biotech, Merck, Moderna, …" |
| Competitor | Moderna (MRNA) | "In particular, we expect to compete with other new therapies for our lead indications developed by companies such as BioNtech, Bristol-Myers Squibb, Daiichi Sankyo, Eisai, Genmab, Immunocore, IO Biotech, Merck, Moderna, …" |
| Competitor | Pfizer (PFE) | "In particular, we expect to compete with other new therapies for our lead indications developed by companies such as BioNtech, Bristol-Myers Squibb, Daiichi Sankyo, Eisai, Genmab, Immunocore, IO Biotech, Merck, Moderna, …" |
| Competitor | UPS (UPS) | "plan to commence a registrational trial in previously treated advanced undifferentiated pleomorphic sarcoma, or UPS, and dedifferentiated liposarcoma, or DDLPS, in the second quarter of 2026." |

Other companies that name IOVA in their own reports (relationship from IOVA's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Cellectis S.A. (CLLS) | 20-F 2026-03-20 | "We also have a research collaboration and exclusive worldwide license agreement with Iovance Biotherapeutics, Inc. ("Iovance"), under which Iovance is licensed under our TALEN technology to develop tu…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Amtagvi | $90.7M | 91.3% | +67.8% |
| Proleukin | $8.6M | 8.7% | +46.2% |
| Total revenue | $99.3M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $99.0M | 99.7% | +68.9% |
| Non Us | $346,000 | 0.3% | -74.3% |
| Total revenue | $99.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 0% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Based on strong second-quarter sales and current demand trends, Iovance is reviewing its FY26 total revenue guidance of $350 million to $370 million."
- "Authorized treatment center (ATC) network: The network has grown to more than 95 U.S., Canadian, and Australian ATCs, with at least 110 ATCs expected to be active by the end of 2026."

Analysts expect $115.0M for the current quarter, -68.1% vs the guidance midpoint $360.0M. Source: https://www.sec.gov/Archives/edgar/data/1425205/000110465926091619/tm2622322d1_ex99-1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.12 | -31.6% | $115.0M | 8 |
| Next quarter (ends 2026-12-31) | $-0.08 | $-0.12 | -32.5% | $127.0M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.45 | $-0.56 | -20.1% | $412.7M | 8 |
| Next fiscal year (ends 2027-12-31) | $-0.20 | $-0.32 | -38.7% | $593.6M | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±20.5%; earnings reaction alone ±14.0%; last 8 reports averaged ±26.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 105.0% | ±12.4% |
| 2026-11-06 | 14 | 134.2% | ±20.5% |
| 2026-11-13 | 21 | 122.9% | ±23.9% |
| 2026-11-20 | 28 | 111.9% | ±24.9% |
| 2026-11-27 | 35 | 125.0% | ±30.9% |
| 2026-12-04 | 42 | 121.9% | ±33.0% |
| 2026-12-18 | 56 | 102.3% | ±33.2% |
| 2027-01-15 | 84 | 102.9% | ±40.5% |