Iovance Biotherapeutics Inc. Common Stock (IOVA)

FairStock Score: 44/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Viewed through a Graham-and-Buffett lens, Iovance is a commercial-stage biotech with a promising but unproven economic engine. It sells Amtagvi and Proleukin, and filed figures show real top-line traction: in fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $99.3M and net loss was $47.3M; in fiscal Q2 2025, the quarter ended 2025-06-30, revenue was $60.0M and net loss was $111.7M. For FY2025, the year ended 2025-12-31, revenue was $263.5M and net loss was $391.0M; FY2024, the year ended 2024-12-31, revenue was $164.1M; and FY2023, the year ended 2023-12-31, revenue was $1.2M. Growth is impressive, and losses are narrowing sequentially from fiscal Q1 2026’s $79.0M and fiscal Q3 2025’s $91.3M. But the business has not earned a profit in each of the last four years, so the computed Lynch category is none. FairStock calculations show negative trailing free cash flow of $296.4M, a -4.5% FCF yield, ROE of -40.36%, and ROCE of -20.31%. The balance sheet has low leverage—D/E of 0.06—and an Altman Z-Score of 17.91, but that does not create a margin of safety if cash burn continues. At the 2026-10-13 close of $14.50, market cap is $6.6B, the FairStock P/B is 8.90, and the FairStock score is 44/100. The stock has ranged from $1.76 to $15.30 over 52 weeks, so expectations are elevated. I would need evidence of a durable moat, pricing power, and a clear path to self-funding profits before calling this a Graham bargain. Today it looks more like a speculative growth story than a value investment.

In plain English: Iovance makes personalized cell therapies for melanoma and other solid tumors. Revenue is growing and losses are getting smaller, but the company still loses money and burns cash. At $14.50, the price looks rich compared with the company’s assets and cash generation, since it has no profits yet.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer