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Iovance Biotherapeutics (IOVA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Iovance Biotherapeutics (IOVA) Q3 2026 earnings results →

Q3 2026 Revenue up 80% year over year to $121M · 18¢ of every $1 of revenue lost · operating margin -19.7%

Iovance Biotherapeutics made $121M in Q3 2026 (+80% Y/Y). Operating margin -19.7%, net loss $22.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$121M
Year over year+80%
Operating margin-19.7%
Net earnings−$22.3M
Operating cash flow−$4.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $121.5M in Q3 2026, up 80% year over year and up 22% from the previous quarter.

Operating costs exceeded revenue by $24.0M, an operating margin of -19.7%. Total costs fell 10% while revenue rose 80%. The fastest-growing cost line was Cost of revenue (+25%). The quarter ended with a net loss of $22.3M, narrower than the previous quarter's $47.3M loss.

Operating cash flow was −$4.5M. Non-cash charges added back $3.8M of depreciation and amortization and $11.8M of share-based compensation. Working capital and other items added $2.2M. Capital expenditures of $4.7M exceeded it, leaving free cash flow of −$9.2M.

Quarterly history

Iovance Biotherapeutics revenue by quarterIovance Biotherapeutics revenue by quarter$49.3MQ1 2025$60.0MQ2 2025$67.5MQ3 2025$86.8MQ4 2025$71.4MQ1 2026$99.3MQ2 2026$121MQ3 2026
Iovance Biotherapeutics net earnings by quarterIovance Biotherapeutics net earnings by quarter−$116MQ1 2025−$112MQ2 2025−$91.3MQ3 2025−$71.9MQ4 2025−$79.0MQ1 2026−$47.3MQ2 2026−$22.3MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$121M+80%-19.7%−$22.3M−$4.5M
Q2 202610-QAug 6, 2026$99.3M+66%-52.3%−$47.3M−$60.8M
Q1 202610-QMay 7, 2026$71.4M+45%-113.5%−$79.0M−$72.1M
Q4 202510-KFeb 24, 2026$86.8M+18%-84.7%−$71.9M−$52.6M
Q3 202510-QNov 6, 2025$67.5M+15%-140.7%−$91.3M−$78.7M
Q2 202510-QAug 7, 2025$60.0M+93%-189.8%−$112M−$67.4M
Q1 202510-QMay 8, 2025$49.3M69×-245.8%−$116M−$104M

Charts

Iovance Biotherapeutics: revenue growth, year over year and quarter over quarterIovance Biotherapeutics: revenue growth, year over year and quarter over quarterY/YQ/Q+400%Q1 2025+93%+22%Q2 2025+15%+13%Q3 2025+18%+29%Q4 2025+45%-18%Q1 2026+66%+39%Q2 2026+80%+22%Q3 2026
Latest (Q3 2026): Y/Y +80%, Q/Q +22%.
Iovance Biotherapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Iovance Biotherapeutics: where the cash came from (+) and went (−), TTM to Q3 2026Shares issued$293MOperating cash flow−$190MOther investing−$170MCash drawn (+) / kept (−)$100MCapital spending−$26.1MTaxes on employees’ shares−$8.2MOther financing$1.7MExchange rates$251K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Iovance Biotherapeutics: profit against cash, quarter by quarterIovance Biotherapeutics: profit against cash, quarter by quarterNet incomeOperating cash flow−$78.6M−$73.3MQ4 2024−$116M−$104MQ1 2025−$112M−$67.4MQ2 2025−$91.3M−$78.7MQ3 2025−$71.9M−$52.6MQ4 2025−$79.0M−$72.1MQ1 2026−$47.3M−$60.8MQ2 2026−$22.3M−$4.5MQ3 2026
Latest (Q3 2026): Net income −$22.3M, Operating cash flow −$4.5M.
Iovance Biotherapeutics: diluted shares by fiscal yearIovance Biotherapeutics: diluted shares by fiscal year0MFY20200MFY20210MFY20220MFY20230MFY20240MFY2025
+158.4% since FY2020: more shares outstanding (issuance, stock pay).
Iovance Biotherapeutics in its industry: growth against margin (76 companies, SIC 2836)Iovance Biotherapeutics in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSTWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSXFORELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSIOVA (+80%, -20%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Iovance Biotherapeutics

We are a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. Our mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte, or TIL, cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system’s ability to recognize and destroy diverse cancer cells that are unique to each patient. These individualized therapies are manufactured using centralized, scalable, and proprietary manufacturing processes which rejuvenate and multiply each patient’s polyclonal T cells into the billions.

In its own words, from its 10-K, filed Feb 24, 2026.

Iovance Biotherapeutics against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +80% against the peers' median +29%. Operating margin: -19.7% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
IOVA Iovance BiotherapeuticsQ3 2026$121M+80%-19.7%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: Iovance Biotherapeutics 10-Q on SEC EDGAR · CIK 1425205 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

Iovance Biotherapeutics Revenue: guidance against what was reportedIovance Biotherapeutics Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 2026$99.3MFY2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Iovance Biotherapeutics: what its forward-looking statements are about (10-Q filed 2026-11-05)Iovance Biotherapeutics: what its forward-looking statements are about (10-Q filed 2026-11-05)Costs8Other4Demand4Products2Capital spending1Margins1Financing1
21 statements; tone +0.05 (−1 all cautious, +1 all confident); 2 hedged.
Iovance Biotherapeutics: outlook statements against the filing beforeIovance Biotherapeutics: outlook statements against the filing beforeConfident3Cautious2

13F: who owns IOVA and who is buying

Largest holders of IOVA (13F)Largest holders of IOVA (13F)BlackRock$154MMHR Fund Management LLC$121MState Street$102MTwo Sigma Investments, LP$79.1MVanguard Capital Management LLC$75.7MVanguard Group$74.3MVanguard Portfolio Management LLC$59.9MGeode Capital Management, LLC$43.0MMillennium Management LLC$35.5MDimensional Fund Advisors LP$26.9M
Funds' net buying of IOVA by quarter (13F)Funds' net buying of IOVA by quarter (13F)−$29.4M2024-09−$5.6M2024-12−$4.8M2025-03−$28.0M2025-06−$21.8M2025-09$117M2025-12$15.5M2026-03$75.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on IOVA

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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