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Biotechnology · Healthcare · Fiscal year ends Dec 31
Iovance Biotherapeutics reported revenue of $264M in the fiscal year ended Dec 2025, up 60.6% from the year before. Operating income was −$403M, an operating margin of −153.1%, and net income was −$391M. Operating cash flow of −$302M less capital expenditure of $34M left free cash flow of −$336M.
Ranks among the 30 biotechnology companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | – | 1.2 | 164 | 264 |
| Cost of revenue | – | – | 1.0 | 93.2 | 173 |
| Gross profit | – | – | 0.2 | 70.8 | 90.3 |
| Research & development | 259 | 295 | 333 | 276 | 300 |
| Operating income | −343 | −399 | −461 | −395 | −403 |
| Pre-tax income | −342 | −396 | −448 | −375 | −393 |
| Income tax | 0.0 | 0.0 | −3.5 | −2.8 | −2.1 |
| Net income | −342 | −396 | −444 | −372 | −391 |
| Diluted EPS | −2.23 | −2.49 | −1.89 | −1.28 | −1.09 |
| Diluted shares | 0.2 | 0.2 | 0.2 | 0.3 | 0.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 78.2 | 232 | 115 | 116 | 163 |
| Receivables | – | – | 0.2 | 69.3 | 82.4 |
| Inventory | – | – | 10.4 | 51.5 | 51.7 |
| Current assets | 508 | 479 | 308 | 457 | 443 |
| Net PP&E | 101 | 105 | 114 | 109 | 131 |
| Total assets | 777 | 664 | 780 | 910 | 913 |
| Payables | 27.4 | 26.6 | 33.1 | 27.5 | 22.2 |
| Current liabilities | 89.2 | 91.5 | 110 | 122 | 138 |
| Long-term debt | 1.0 | 1.0 | 1.0 | 1.0 | – |
| Total liabilities | 156 | 164 | 196 | 200 | 215 |
| Shareholders' equity | 622 | 500 | 585 | 710 | 699 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −228 | −293 | −362 | −353 | −302 |
| Capital expenditure | 37.6 | 20.4 | 22.3 | 11.1 | 33.8 |
| Free cash flow | −266 | −313 | −384 | −364 | −336 |
| Depreciation & amortisation | 3.1 | 9.3 | 11.6 | 11.3 | 12.9 |
| Stock-based compensation | 69.8 | 84.0 | 62.6 | 110 | 61.6 |
| Acquisitions | – | – | 213 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | – | 13699.0% | 60.6% |
| Gross margin | – | – | 13.1% | 43.2% | 34.3% |
| Operating margin | – | – | −38735.0% | −240.9% | −153.1% |
| Net margin | – | – | −37345.4% | −226.8% | −148.4% |
| Return on equityBlank when equity is negative | −55.1% | −79.2% | −76.0% | −52.4% | −56.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −49.8% | −69.7% | −68.7% | −50.2% | −52.1% |
| Free cash flow margin | – | – | −32305.3% | −221.9% | −127.6% |
| Cash conversion (CFO ÷ net income) | 0.67x | 0.74x | 0.81x | 0.95x | 0.77x |
| Receivable days | – | – | 46 | 154 | 114 |
| Inventory days | – | – | 3665 | 202 | 109 |
| Payable days | – | – | 11704 | 108 | 47 |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.00x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −77.2 | −231 | −114 | −115 | – |
| Current ratio | 5.69x | 5.24x | 2.79x | 3.74x | 3.20x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.