Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Iovance Biotherapeutics, Inc. (IOVA)

A forensic read on Iovance Biotherapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Safe

Financial health

3.8

Distress distance

Clean

Earnings quality

Forensic signals

-8.8

P / E (ttm)

-56.0%

ROE

$3.0B

Market cap

0.00%

Dividend yield

60.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Iovance Biotherapeutics, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 3.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-52.1%

FY2025

Return on invested capital. Return on invested capital is -52.1% in the latest fiscal year and rising from -92% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

+30.9%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +124% over the last 3 years to FY2025 (+30.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~30.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~55%.

105d DSO

FY2024→FY2025

Receivables vs revenue. Days sales outstanding moved from 77 to 105 days FY2024→FY2025 (receivables +19% vs revenue +61%). Receivables are creeping up relative to sales.

23% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 23% of revenue in FY2025. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 31.4% a year and is falling.

Key fundamentals

Latest Revenue$263.5M

Revenue Growth YoY+60.6%

Net Margin-148.4%

Free Cash Flow-$336.2M

Return on Equity-56.0%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.