Iovance Biotherapeutics, Inc. (IOVA) Stock

Iovance Biotherapeutics, Inc. (IOVA) is a Healthcare stock trading at $8.95 (as of 2026-08-20), with a market capitalization of $4.05B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Iovance Biotherapeutics, Inc. is a clinical-stage biotechnology company developing cancer immunotherapy products, including lifileucel and LN-145, for conditions such as metastatic melanoma, recurrent or persistent cervical cancer, and recurrent or metastatic head and neck squamous cell carcinoma. It operates multiple phase 2 studies and works through collaborations and licensing with academic medical centers and other partners.

Understand Iovance Biotherapeutics, Inc.: how it makes money

Iovance Biotherapeutics develops and commercializes cancer immunotherapy products that use a patient’s immune system, and it makes money from product sales, including Amtagvi and other launched products, while continuing clinical development in multiple phase 2 studies.

The business must scale commercial product volumes enough to overcome very large operating expenses, because gross margin is positive but operating margin is deeply negative.

Revenue by segment (latest quarter)
Amtagvi	$0.1B
Ampagni	$0.1B

Business quality (Weak): What investors can track is emerging commercialization (product revenue and patient treatment counts), but profitability is still far off, with a large operating loss and multiple ongoing phase 2 programs adding execution and clinical uncertainty.

Bull case

Commercial uptake is visible in patient volumes: Commercial Patients Treated with Amtagvi is 102, and Amtagvi infusions in the first quarter are 80.
Clinical activity signals for lifileucel-based programs: Objective Response Rate is 26.0%, with Objective Responses of 10 and Complete Responses of 7; Disease Control Rate is 100%.
Operational execution supports delivery: Manufacturing Staff Capacity Patients per Year is 1200, and Manufacturing Turnaround Time Antagni Ready to Ship is 33.

Bear case

Profitability is currently not working: Operating margin is -113.5% despite a gross margin of 40.5%, indicating operating expenses dominate.
Revenue base is still small: Total revenue is 0.1B, and product revenue appears concentrated in launched therapies (with Amtagvi at 0.06B and Ampagni at 0.05B among the provided candidates).
Access and commercialization can be constrained: Private payer coverage of Amtagvi patients is 75.0%, which may limit addressable demand compared with 100% coverage.

Valuation — source: SEC EDGAR (first-party)
Price	$8.95
Market Cap	$4.05B
Price / Book	5.51
Price / Sales	12.48
FCF Yield	-7.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$263.50M
Net Margin	-148.4%
Revenue Growth (YoY)	65.7%
EPS Growth (YoY)	-66.7%
FCF Growth (YoY)	-11.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.28 (safe)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($109.09M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Frederick G. Vogt
Employees	838
Country	US
IPO Date	2010-10-15

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.