IOVAIovance Biotherapeutics, Inc.
Is the business good?
The checks split: nothing decisive, though 3 of 9 health tests passed.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IOVA?
Iovance Biotherapeutics, Inc. earns −54% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 63 points below what the capital costs: growth destroys value
- Operating margin
- −93%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- R&D as % of revenue
- 82%
R&D as % of revenue
- Gross margin
- 48%
Gross margin
| Year | Operating margin |
|---|---|
| FY2023 | −38735% |
| FY2024 | −241% |
| FY2025 | −153% |
Details›
- Gross margin12 months to Q2 2026
- 48%
- Operating margin12 months to Q2 2026
- −93%
- Net margin12 months to Q2 2026
- −89%
- Free cash flow margin
- −91%
- R&D as % of revenue
- 82%
- Revenue, trailing twelve months
- $325M
- Free cash flow, trailing twelve months
- −$296M
- Net income, trailing twelve months
- −$290M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −54%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.