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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $85.1M, roughly 1.0× 4D Molecular Therapeutics, Inc.). On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 17.7%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-61.9M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 1001.6%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
FDMT vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $86.8M |
| Net Profit | $19.4M | — |
| Gross Margin | — | 67.4% |
| Operating Margin | 17.3% | -84.7% |
| Net Margin | 22.8% | — |
| Revenue YoY | 8508900.0% | 17.7% |
| Net Profit YoY | 139.1% | — |
| EPS (diluted) | $0.43 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $85.1M | $86.8M | ||
| Q3 25 | $90.0K | $67.5M | ||
| Q2 25 | $15.0K | $60.0M | ||
| Q1 25 | $14.0K | $49.3M | ||
| Q4 24 | $1.0K | $73.7M | ||
| Q3 24 | $3.0K | $58.6M | ||
| Q2 24 | $5.0K | $31.1M | ||
| Q1 24 | $28.0K | $715.0K |
| Q4 25 | $19.4M | — | ||
| Q3 25 | $-56.9M | $-91.3M | ||
| Q2 25 | $-54.7M | $-111.7M | ||
| Q1 25 | $-48.0M | $-116.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-43.8M | $-83.5M | ||
| Q2 24 | $-35.0M | $-97.1M | ||
| Q1 24 | $-32.4M | $-113.0M |
| Q4 25 | — | 67.4% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | — | 68.7% | ||
| Q3 24 | — | 46.2% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | — | — |
| Q4 25 | 17.3% | -84.7% | ||
| Q3 25 | -67983.3% | -140.7% | ||
| Q2 25 | -396373.3% | -189.8% | ||
| Q1 25 | -383007.1% | -245.8% | ||
| Q4 24 | — | -117.5% | ||
| Q3 24 | -1704400.0% | -152.1% | ||
| Q2 24 | -849120.0% | -327.6% | ||
| Q1 24 | -136200.0% | -16464.6% |
| Q4 25 | 22.8% | — | ||
| Q3 25 | -63195.6% | -135.3% | ||
| Q2 25 | -364386.7% | -186.2% | ||
| Q1 25 | -342657.1% | -235.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | -1461433.3% | -142.7% | ||
| Q2 24 | -699060.0% | -312.2% | ||
| Q1 24 | -115717.9% | -15800.8% |
| Q4 25 | $0.43 | — | ||
| Q3 25 | $-1.01 | — | ||
| Q2 25 | $-0.98 | $-0.33 | ||
| Q1 25 | $-0.86 | $-0.36 | ||
| Q4 24 | — | $-0.24 | ||
| Q3 24 | $-0.79 | $-0.28 | ||
| Q2 24 | $-0.63 | $-0.34 | ||
| Q1 24 | $-0.66 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $402.7M | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $698.6M |
| Total Assets | $566.7M | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $297.0M | ||
| Q3 25 | $305.1M | $300.8M | ||
| Q2 25 | $293.2M | $301.2M | ||
| Q1 25 | $321.4M | $359.7M | ||
| Q4 24 | $424.9M | $323.8M | ||
| Q3 24 | $501.9M | $397.5M | ||
| Q2 24 | $541.9M | $412.5M | ||
| Q1 24 | $525.9M | $356.2M |
| Q4 25 | $505.7M | $698.6M | ||
| Q3 25 | $369.0M | $702.3M | ||
| Q2 25 | $420.9M | $698.5M | ||
| Q1 25 | $469.7M | $767.9M | ||
| Q4 24 | $510.6M | $710.4M | ||
| Q3 24 | $552.9M | $773.5M | ||
| Q2 24 | $588.3M | $768.5M | ||
| Q1 24 | $600.6M | $680.0M |
| Q4 25 | $566.7M | $913.2M | ||
| Q3 25 | $424.0M | $904.9M | ||
| Q2 25 | $473.6M | $907.4M | ||
| Q1 25 | $515.7M | $966.7M | ||
| Q4 24 | $560.4M | $910.4M | ||
| Q3 24 | $604.0M | $991.1M | ||
| Q2 24 | $620.1M | $964.3M | ||
| Q1 24 | $629.9M | $869.8M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.6M | $-52.6M |
| Free Cash FlowOCF − Capex | $28.5M | $-61.9M |
| FCF MarginFCF / Revenue | 33.5% | -71.3% |
| Capex IntensityCapex / Revenue | 0.1% | 10.7% |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $-52.6M | ||
| Q3 25 | $-46.5M | $-78.7M | ||
| Q2 25 | $-43.4M | $-67.4M | ||
| Q1 25 | $-47.8M | $-103.7M | ||
| Q4 24 | $-134.6M | $-73.3M | ||
| Q3 24 | $-29.4M | $-59.0M | ||
| Q2 24 | $-30.2M | $-98.4M | ||
| Q1 24 | $-29.1M | $-122.3M |
| Q4 25 | $28.5M | $-61.9M | ||
| Q3 25 | $-46.6M | $-89.5M | ||
| Q2 25 | $-43.4M | $-74.9M | ||
| Q1 25 | $-48.4M | $-109.9M | ||
| Q4 24 | $-138.4M | $-77.5M | ||
| Q3 24 | $-31.2M | $-61.3M | ||
| Q2 24 | $-30.6M | $-98.9M | ||
| Q1 24 | $-29.8M | $-126.5M |
| Q4 25 | 33.5% | -71.3% | ||
| Q3 25 | -51765.6% | -132.7% | ||
| Q2 25 | -289620.0% | -124.9% | ||
| Q1 25 | -345635.7% | -222.8% | ||
| Q4 24 | -13837100.0% | -105.1% | ||
| Q3 24 | -1038966.7% | -104.6% | ||
| Q2 24 | -611840.0% | -317.9% | ||
| Q1 24 | -106421.4% | -17685.3% |
| Q4 25 | 0.1% | 10.7% | ||
| Q3 25 | 101.1% | 16.1% | ||
| Q2 25 | 440.0% | 12.4% | ||
| Q1 25 | 4507.1% | 12.6% | ||
| Q4 24 | 378600.0% | 5.7% | ||
| Q3 24 | 59266.7% | 3.9% | ||
| Q2 24 | 6980.0% | 1.4% | ||
| Q1 24 | 2535.7% | 583.4% |
| Q4 25 | 1.47× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FDMT
Segment breakdown not available.
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
