Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-7.3
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-50.2%
ROE
$1.9B
Market cap
IOVANCE BIOTHERAPEUTICS, INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -7.3, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-52%Return on invested capital.Return on invested capital is -52% and rising from -92% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+41.5%/yrShare-count dilution.Diluted share count changed +124% over the last 3 years to FY2025 (+41.5%/yr). The count is GROWING — existing holders are being diluted. That's ~41.5% 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 ~124%.
23% of revStock-based comp load.Stock-based compensation ran 23% of revenue in FY2025 — about $172.31 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-148.4%
Free Cash Flow$-336.2M
Latest Revenue$263.5M
Return on Equity-56.0%
Revenue Growth YoY+60.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on IOVANCE BIOTHERAPEUTICS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about IOVA's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown