IOVANCE BIOTHERAPEUTICS, INC.
IOVA · Biological Products, (No Diagnostic Substances) · 446.5M shares · +17%/yr ↑ dilution · EDGAR filings ↗
Reference price $1.84 · est. market cap ~$822M — last insider purchase, 2025-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Commercial TIL-therapy company with approved Amtagvi/Proleukin but a tight sub-year cash runway and heavy burn.
Strengths
- Two approved products and positive lifileucel melanoma data (34% ORR post-checkpoint) supporting accelerated approval
- Cash position 76th pct and revenue scaling with ATC network expansion
Risks
- Cash runway only 3.5 quarters (24th pct) and FCF -$336M (9th pct) — liquidity is the binding constraint and dilution likely
- Net margin -148%, accumulated deficit $2.8B; complex individualized manufacturing limits near-term economics
- EU MAA withdrawn; commercial ramp still unproven at scale
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +17%/yr over 4y (dilution, book value/share -41%)
- Cash burnNegative free cash flow (-336.2M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -148.4%)
- Revenue declineRevenue -17.7% YoY
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
34.3%
Operating margin
-153.1%
Net margin
-148.4%
Return on equity
-56.0%
Return on assets
-42.8%
Revenue growth (QoQ)
-17.7%
Current ratio
3.2×
Free cash flow
-$336M
EBITDA
-$390M
Tangible book value
$419M
Cash & investments
$297M
Cash runway
4q
Stock comp / revenue
23.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | Vogt Frederick G | Option exercise | 16K | — |
| 2026-06-05 | Vogt Frederick G | Tax withheld | 6.6K | $4.23 |
| 2026-06-05 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 7.8K | — |
| 2026-06-05 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 4.0K | $4.23 |
| 2026-06-05 | Puri Raj K. | Option exercise | 9.8K | — |
| 2026-06-05 | Puri Raj K. | Tax withheld | 3.8K | $4.23 |
| 2026-06-05 | BILINSKY IGOR | Option exercise | 7.8K | — |
| 2026-06-05 | BILINSKY IGOR | Tax withheld | 4.0K | $4.23 |
| 2026-06-01 | Vogt Frederick G | Option exercise | 42K | — |
| 2026-06-01 | Vogt Frederick G | Tax withheld | 18K | $3.96 |
| 2026-06-01 | Puri Raj K. | Option exercise | 5.5K | — |
| 2026-06-01 | Puri Raj K. | Tax withheld | 2.5K | $3.96 |
| 2026-06-01 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 8.8K | — |
| 2026-06-01 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 4.5K | $3.96 |
| 2026-06-01 | BILINSKY IGOR | Option exercise | 8.8K | — |
| 2026-06-01 | BILINSKY IGOR | Tax withheld | 4.5K | $3.96 |
| 2026-05-11 | Kirby Daniel Gordon | Option exercise | 10K | — |
| 2026-05-11 | Kirby Daniel Gordon | Tax withheld | 2.4K | $3.70 |
| 2026-03-05 | Vogt Frederick G | Option exercise | 62K | — |
| 2026-03-05 | Vogt Frederick G | Tax withheld | 27K | $4.58 |
| 2026-03-05 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 31K | — |
| 2026-03-05 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 17K | $4.58 |
| 2026-03-05 | Puri Raj K. | Option exercise | 39K | — |
| 2026-03-05 | Puri Raj K. | Tax withheld | 18K | $4.58 |
| 2026-03-05 | BILINSKY IGOR | Option exercise | 31K | — |
| 2026-03-05 | BILINSKY IGOR | Tax withheld | 17K | $4.58 |
| 2026-03-02 | Vogt Frederick G | Option exercise | 52K | — |
| 2026-03-02 | Vogt Frederick G | Tax withheld | 23K | $3.79 |
| 2026-03-02 | BILINSKY IGOR | Option exercise | 12K | — |
| 2026-03-02 | BILINSKY IGOR | Tax withheld | 6.9K | $3.79 |
| 2026-03-02 | Puri Raj K. | Option exercise | 5.5K | — |
| 2026-03-02 | Puri Raj K. | Tax withheld | 2.8K | $3.79 |
| 2026-03-02 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 13K | — |
| 2026-03-02 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 7.1K | $3.79 |
| 2026-02-24 | Kirby Daniel Gordon | Option exercise | 120K | — |
| 2026-02-24 | Kirby Daniel Gordon | Tax withheld | 34K | $3.78 |
| 2026-02-10 | Kirby Daniel Gordon | Option exercise | 40K | — |
| 2026-02-10 | Kirby Daniel Gordon | Tax withheld | 16K | $2.60 |
| 2025-12-02 | BILINSKY IGOR | Tax withheld | 1.8K | $2.14 |
| 2025-12-02 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 3.9K | — |
| 2025-12-02 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 2.0K | $2.14 |
| 2025-12-02 | BILINSKY IGOR | Option exercise | 3.5K | — |
| 2025-12-02 | Vogt Frederick G | Option exercise | 10K | — |
| 2025-12-02 | Vogt Frederick G | Tax withheld | 4.4K | $2.14 |
| 2025-12-01 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 8.8K | — |
| 2025-12-01 | Vogt Frederick G | Option exercise | 42K | — |
| 2025-12-01 | Vogt Frederick G | Tax withheld | 18K | $2.23 |
| 2025-12-01 | BILINSKY IGOR | Tax withheld | 4.5K | $2.23 |
| 2025-12-01 | BILINSKY IGOR | Option exercise | 8.8K | — |
| 2025-12-01 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 4.5K | $2.23 |
| 2025-12-01 | Puri Raj K. | Option exercise | 5.5K | — |
| 2025-12-01 | Puri Raj K. | Tax withheld | 2.5K | $2.23 |
| 2025-09-02 | Vogt Frederick G | Option exercise | 52K | — |
| 2025-09-02 | Vogt Frederick G | Tax withheld | 22K | $2.19 |
| 2025-09-02 | Puri Raj K. | Option exercise | 5.5K | — |
| 2025-09-02 | Puri Raj K. | Tax withheld | 2.5K | $2.19 |
| 2025-09-02 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 13K | — |
| 2025-09-02 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 6.4K | $2.19 |
| 2025-09-02 | BILINSKY IGOR | Option exercise | 12K | — |
| 2025-09-02 | BILINSKY IGOR | Tax withheld | 6.2K | $2.19 |
| 2025-06-05 | Kirby Daniel Gordon | Buy | 30K | $1.84 |
| 2025-06-02 | Puri Raj K. | Option exercise | 5.5K | — |
| 2025-06-02 | Puri Raj K. | Tax withheld | 2.5K | $1.76 |
| 2025-06-02 | Vogt Frederick G | Option exercise | 52K | — |
| 2025-06-02 | Vogt Frederick G | Tax withheld | 22K | $1.76 |
| 2025-06-02 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 13K | — |
| 2025-06-02 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 6.4K | $1.76 |
| 2025-06-02 | BILINSKY IGOR | Option exercise | 12K | — |
| 2025-06-02 | BILINSKY IGOR | Tax withheld | 6.2K | $1.76 |
| 2025-06-02 | Bellemin Jean-Marc | Option exercise | 8.8K | — |
| 2025-06-02 | Bellemin Jean-Marc | Tax withheld | 4.5K | $1.76 |
| 2025-05-23 | Puri Raj K. | Buy | 5.6K | $1.74 |
| 2025-05-14 | Vogt Frederick G | Buy | 25K | $1.69 |
| 2025-03-14 | Puri Raj K. | Option exercise | 8.3K | — |
| 2025-03-14 | Puri Raj K. | Tax withheld | 2.5K | $3.59 |
| 2025-03-03 | Vogt Frederick G | Tax withheld | 95K | $4.04 |
| 2025-03-03 | Bellemin Jean-Marc | Option exercise | 59K | — |
| 2025-03-03 | Bellemin Jean-Marc | Tax withheld | 32K | $4.04 |
| 2025-03-03 | BILINSKY IGOR | Option exercise | 62K | — |
| 2025-03-03 | BILINSKY IGOR | Tax withheld | 33K | $4.04 |
| 2025-03-03 | Vogt Frederick G | Option exercise | 224K | — |
| 2025-03-03 | Puri Raj K. | Option exercise | 60K | — |
| 2025-03-03 | Puri Raj K. | Tax withheld | 20K | $4.04 |
| 2025-03-03 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 62K | — |
| 2025-03-03 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 33K | $4.04 |
| 2025-01-14 | Vogt Frederick G | Option exercise | 21K | — |
| 2025-01-14 | GRAF FINCKENSTEIN FRIEDRICH | Tax withheld | 1.6K | $5.89 |
| 2025-01-14 | Vogt Frederick G | Tax withheld | 10.0K | $5.89 |
| 2025-01-14 | GRAF FINCKENSTEIN FRIEDRICH | Option exercise | 2.8K | — |
| 2025-01-14 | BILINSKY IGOR | Tax withheld | 1.6K | $5.89 |
| 2025-01-14 | BILINSKY IGOR | Option exercise | 2.8K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07288203 ↗ | A Study of Lifileucel (Tumor-infiltrating Lymphocytes) in Adults With Advanced Melanoma Melanoma (Skin Cancer), Unresectable Melanoma | PHASE2 | Active Not Recruiting | 2032-12-01 |
| NCT06940739 ↗ | A Study to Investigate the Safety and Efficacy of IOV-3001 in Adults With Advanced Melanoma Who Will Receive Lifileucel Unresectable Melanoma, Metastatic Melanoma | PHASE1/PHASE2 | Recruiting | 2032-06-01 |
| NCT04614103 ↗ | Autologous LN-145 in Patients With Metastatic Non-Small-Cell Lung Cancer Metastatic Non Small Cell Lung Cancer | PHASE2 | Recruiting | 2030-12-01 |
| NCT06481592 ↗ | A Study of Lifileucel (Tumor-infiltrating Lymphocytes) in Adults With Advanced Endometrial Cancer. Endometrial Cancer | PHASE2 | Recruiting | 2028-05-01 |
| NCT05727904 ↗ | Study to Investigate Lifileucel Regimen Plus Pembrolizumab Compared With Pembrolizumab Alone in Participants With Untreated Advanced Melanoma. Metastatic Melanoma, Unresectable Melanoma | PHASE3 | Recruiting | 2028-03-01 |
| NCT05361174 ↗ | A Study to Investigate the Efficacy and Safety of an Infusion of IOV-4001 in Adult Participants With Unresectable or Metastatic Melanoma or Stage III or IV Non-small-cell Lung Cancer Unresectable Melanoma, Metastatic Melanoma | PHASE1/PHASE2 | Recruiting | 2027-09-01 |
| NCT06566092 ↗ | Study of Autologous Tumor-Infiltrating Lymphocytes in Pediatric, Adolescent, and Young Adult Participants Soft Tissue Sarcoma, Primary Central Nervous System Carcinoma | PHASE1 | Active Not Recruiting | 2026-07-01 |
| NCT03645928 ↗ | Study of Autologous Tumor Infiltrating Lymphocytes in Patients With Solid Tumors Metastatic Melanoma, Squamous Cell Carcinoma of the Head and Neck | PHASE2 | Terminated | 2026-02-20 |
| NCT03108495 ↗ | Study of LN-145, Autologous Tumor Infiltrating Lymphocytes in the Treatment of Patients With Cervical Carcinoma Cervical Carcinoma | PHASE2 | Terminated | 2025-08-22 |
| NCT04155710 ↗ | Study of Autologous Peripheral Blood Lymphocytes in the Treatment of Patients With CLL or SLL Chronic Lymphocytic Leukemia, Small Lymphocytic Lymphoma | PHASE1 | Completed | 2024-11-11 |
| NCT02360579 ↗ | Study of Lifileucel (LN-144), Autologous Tumor Infiltrating Lymphocytes, in the Treatment of Patients With Metastatic Melanoma Metastatic Melanoma | PHASE2 | Completed | 2024-10-24 |
| NCT03083873 ↗ | Study of LN-145/LN-145-S1 Autologous Tumor Infiltrating Lymphocytes in the Treatment of Squamous Cell Carcinoma of the Head & Neck Squamous Cell Carcinoma of the Head and Neck | PHASE2 | Completed | 2022-08-08 |
| NCT03419559 ↗ | Study of Autologous Tumor Infiltrating Lymphocytes (LN-145) In Combo With Durvalumab in Non-Small Cell Lung Cancer Non Small Cell Lung Cancer | PHASE2 | Withdrawn | 2021-12-01 |
| NCT05398640 ↗ | Expanded Access Program of AMTAGVI That is Out of Specification for Commercial Release Unresectable Melanoma, Metastatic Melanoma | — | Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Shareholder voteOtherExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-03-20 | Exec/director change | filing ↗ |
| 2026-02-24 | ResultsOtherExhibits | filing ↗ |
| 2026-01-09 | OtherExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-08-29 | OtherExhibits | filing ↗ |
| 2025-08-22 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-04 | 0001104659-26-072408 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-056782 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-056778 ↗ |
| 8-K | 2026-03-20 | 2026-03-17 | 0001104659-26-032774 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0001104659-26-018899 ↗ |
| 8-K | 2026-02-24 | 2026-02-24 | 0001104659-26-018837 ↗ |
| 8-K | 2026-01-09 | 2026-01-09 | 0001104659-26-002323 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107470 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001104659-25-107426 ↗ |
| 8-K | 2025-08-29 | 2025-08-29 | 0001104659-25-085650 ↗ |
| 8-K | 2025-08-22 | 2025-08-22 | 0001104659-25-081953 ↗ |
| 8-K | 2025-08-19 | 2025-08-18 | 0001104659-25-080304 ↗ |