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Iovance Biotherapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.2M in Q3 2026 · −$216M over twelve months

Operating cash flow−$4.5M
Capital spending−$4.7M
Free cash flow−$9.2M
Cash conversion cycle139 days

Analysis

In Q3 2026, Iovance Biotherapeutics generated −$4.5M of operating cash flow and spent $4.7M on capital projects, leaving free cash flow of −$9.2M. That is $80.3M more than in Q3 2025 (−$89.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$190M; the largest uses were operating cash flow ($190M), other investing ($170M), capital spending ($26.1M); besides operations, cash came from shares issued ($293M), other financing ($1.7M); the cash balance fell by $100M.

Operating cash flow was −$4.5M against net income of −$22.3M. The largest differences: stock-based pay +$11.8M, receivables −$4.9M, accrued liabilities +$4.6M.

Its cash conversion cycle was 139 days (receivables 79 + inventory 106 − payables 46).

Free cash flow

Iovance Biotherapeutics: free cash flow by quarterIovance Biotherapeutics: free cash flow by quarter−$77.5MQ4 2024−$110MQ1 2025−$74.9MQ2 2025−$89.5MQ3 2025−$61.9MQ4 2025−$78.7MQ1 2026−$66.3MQ2 2026−$9.2MQ3 2026
Operating cash flow less capital spending.
Iovance Biotherapeutics: operating cash flow against capital spendingIovance Biotherapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$73.3M$4.2MQ4 2024−$104M$6.2MQ1 2025−$67.4M$7.5MQ2 2025−$78.7M$10.8MQ3 2025−$52.6M$9.3MQ4 2025−$72.1M$6.6MQ1 2026−$60.8M$5.4MQ2 2026−$4.5M$4.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$4.5M, Capital spending $4.7M.

Capital allocation, year by year

Iovance Biotherapeutics: where the cash came from (up) and went (down), by fiscal yearIovance Biotherapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$228MFY2021: Net borrowing $1.0MFY2021: Shares issued $237MFY2021: Capital spending −$37.6M$238MFY2021FY2022: Operating cash flow −$293MFY2022: Shares issued $191MFY2022: Capital spending −$20.4M$191MFY2022FY2023: Operating cash flow −$362MFY2023: Shares issued $463MFY2023: Capital spending −$22.3MFY2023: Acquisitions −$213M$463MFY2023FY2024: Operating cash flow −$353MFY2024: Shares issued $401MFY2024: Capital spending −$11.1M$401MFY2024FY2025: Operating cash flow −$302MFY2025: Shares issued $306MFY2025: Capital spending −$33.8M$306MFY2025
Over these 5 years operating cash flow totalled −$1.5B; the largest uses were operating cash flow ($1.5B) and acquisitions ($213M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$376M
Debtnone
Net cash$376M
Cash runway21 months

Iovance Biotherapeutics is burning cash: its operations consume cash, a free cash flow of −$216M a year at the current rate against $376M of cash and investments: a runway of about 21 months before any new financing.

Where the cash came from and went

Iovance Biotherapeutics: sources (+) and uses (−) of cash, Q3 2026Iovance Biotherapeutics: sources (+) and uses (−) of cash, Q3 2026Other investing−$130MShares issued$88.7MCash drawn (+) / kept (−)$52.8MCapital spending−$4.7MOperating cash flow−$4.5MTaxes on employees’ shares−$2.4MExchange rates$11K
Iovance Biotherapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Iovance Biotherapeutics: sources (+) and uses (−) of cash, 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 profit to cash

Iovance Biotherapeutics: net income to operating cash flow, Q3 2026Iovance Biotherapeutics: net income to operating cash flow, Q3 2026Net income−$22.3MDepreciation & amortization$3.8MStock-based pay$11.8MDeferred taxes$614KGains on disposals$2KReceivables−$4.9MInventory$596KPayables−$2.6MAccrued liabilities$4.6MPrepaid and other assets−$282KOperating cash flow−$4.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267910646139
Q2 20268411966137
Q1 202610311763157
Q4 20257911057132
Q3 20258612176132
Q2 20259910756150
Q1 202512812359192
Q4 20247811072116

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$4.5M−$4.7M$88.7M$52.8M−$9.2M
Q2 2026−$60.8M−$5.4M$49.6M$85.7M−$66.3M
Q1 2026−$72.1M−$6.6M$98.5M−$33.4M−$78.7M
Q4 2025−$52.6M−$9.3M$55.8M−$5.0M−$61.9M
Q3 2025−$78.7M−$10.8M$88.5M−$25.7M−$89.5M
Q2 2025−$67.4M−$7.5M$13.1M$39.6M−$74.9M
Q1 2025−$104M−$6.2M$149M−$56.0M−$110M
Q4 2024−$73.3M−$4.2M$1.8M$48.5M−$77.5M

Iovance Biotherapeutics: income statement and cash flow

Iovance Biotherapeutics, Q3 2026: revenue $121M (+80% year over year), operating margin -19.7%. The chart follows the revenue to costs, profit and cash.

Iovance Biotherapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.