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Side-by-side financial comparison of ImmunityBio, Inc. (IBRX) 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 $38.3M, roughly 2.3× ImmunityBio, Inc.). On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 17.7%). IOVANCE BIOTHERAPEUTICS, INC. produced more free cash flow last quarter ($-61.9M vs $-71.3M).
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
IBRX vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.3M | $86.8M |
| Net Profit | $-61.9M | — |
| Gross Margin | 99.0% | 67.4% |
| Operating Margin | -169.0% | -84.7% |
| Net Margin | -161.8% | — |
| Revenue YoY | 407.0% | 17.7% |
| Net Profit YoY | -4.7% | — |
| EPS (diluted) | $-0.06 | — |
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 | $38.3M | $86.8M | ||
| Q3 25 | $32.1M | $67.5M | ||
| Q2 25 | $26.4M | $60.0M | ||
| Q1 25 | $16.5M | $49.3M | ||
| Q4 24 | $7.6M | $73.7M | ||
| Q3 24 | $6.1M | $58.6M | ||
| Q2 24 | — | $31.1M | ||
| Q1 24 | — | $715.0K |
| Q4 25 | $-61.9M | — | ||
| Q3 25 | $-67.3M | $-91.3M | ||
| Q2 25 | $-92.6M | $-111.7M | ||
| Q1 25 | $-129.6M | $-116.2M | ||
| Q4 24 | $-59.2M | — | ||
| Q3 24 | $-85.7M | $-83.5M | ||
| Q2 24 | — | $-97.1M | ||
| Q1 24 | — | $-113.0M |
| Q4 25 | 99.0% | 67.4% | ||
| Q3 25 | 99.4% | 43.0% | ||
| Q2 25 | 99.5% | 5.5% | ||
| Q1 25 | 99.6% | -0.8% | ||
| Q4 24 | — | 68.7% | ||
| Q3 24 | — | 46.2% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | — | — |
| Q4 25 | -169.0% | -84.7% | ||
| Q3 25 | -173.5% | -140.7% | ||
| Q2 25 | -269.8% | -189.8% | ||
| Q1 25 | -390.1% | -245.8% | ||
| Q4 24 | -919.0% | -117.5% | ||
| Q3 24 | -1314.3% | -152.1% | ||
| Q2 24 | — | -327.6% | ||
| Q1 24 | — | -16464.6% |
| Q4 25 | -161.8% | — | ||
| Q3 25 | -209.8% | -135.3% | ||
| Q2 25 | -350.3% | -186.2% | ||
| Q1 25 | -784.9% | -235.5% | ||
| Q4 24 | -783.4% | — | ||
| Q3 24 | -1404.0% | -142.7% | ||
| Q2 24 | — | -312.2% | ||
| Q1 24 | — | -15800.8% |
| Q4 25 | $-0.06 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.10 | $-0.33 | ||
| Q1 25 | $-0.15 | $-0.36 | ||
| Q4 24 | $-0.08 | $-0.24 | ||
| Q3 24 | $-0.14 | $-0.28 | ||
| Q2 24 | — | $-0.34 | ||
| Q1 24 | — | $-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 | $242.8M | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-500.5M | $698.6M |
| Total Assets | $501.9M | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.8M | $297.0M | ||
| Q3 25 | $257.8M | $300.8M | ||
| Q2 25 | $153.7M | $301.2M | ||
| Q1 25 | $61.6M | $359.7M | ||
| Q4 24 | $149.8M | $323.8M | ||
| Q3 24 | $130.4M | $397.5M | ||
| Q2 24 | — | $412.5M | ||
| Q1 24 | — | $356.2M |
| Q4 25 | $-500.5M | $698.6M | ||
| Q3 25 | $-524.3M | $702.3M | ||
| Q2 25 | $-570.7M | $698.5M | ||
| Q1 25 | $-591.4M | $767.9M | ||
| Q4 24 | $-489.1M | $710.4M | ||
| Q3 24 | $-745.1M | $773.5M | ||
| Q2 24 | — | $768.5M | ||
| Q1 24 | — | $680.0M |
| Q4 25 | $501.9M | $913.2M | ||
| Q3 25 | $519.0M | $904.9M | ||
| Q2 25 | $402.1M | $907.4M | ||
| Q1 25 | $303.8M | $966.7M | ||
| Q4 24 | $382.9M | $910.4M | ||
| Q3 24 | $364.6M | $991.1M | ||
| Q2 24 | — | $964.3M | ||
| Q1 24 | — | $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 | $-70.4M | $-52.6M |
| Free Cash FlowOCF − Capex | $-71.3M | $-61.9M |
| FCF MarginFCF / Revenue | -186.2% | -71.3% |
| Capex IntensityCapex / Revenue | 2.4% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-308.8M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-70.4M | $-52.6M | ||
| Q3 25 | $-68.9M | $-78.7M | ||
| Q2 25 | $-79.7M | $-67.4M | ||
| Q1 25 | $-85.9M | $-103.7M | ||
| Q4 24 | $-85.1M | $-73.3M | ||
| Q3 24 | $-98.8M | $-59.0M | ||
| Q2 24 | — | $-98.4M | ||
| Q1 24 | — | $-122.3M |
| Q4 25 | $-71.3M | $-61.9M | ||
| Q3 25 | $-69.6M | $-89.5M | ||
| Q2 25 | $-80.8M | $-74.9M | ||
| Q1 25 | $-87.0M | $-109.9M | ||
| Q4 24 | $-87.3M | $-77.5M | ||
| Q3 24 | $-101.6M | $-61.3M | ||
| Q2 24 | — | $-98.9M | ||
| Q1 24 | — | $-126.5M |
| Q4 25 | -186.2% | -71.3% | ||
| Q3 25 | -217.2% | -132.7% | ||
| Q2 25 | -305.9% | -124.9% | ||
| Q1 25 | -526.9% | -222.8% | ||
| Q4 24 | -1155.4% | -105.1% | ||
| Q3 24 | -1663.2% | -104.6% | ||
| Q2 24 | — | -317.9% | ||
| Q1 24 | — | -17685.3% |
| Q4 25 | 2.4% | 10.7% | ||
| Q3 25 | 2.3% | 16.1% | ||
| Q2 25 | 4.1% | 12.4% | ||
| Q1 25 | 6.8% | 12.6% | ||
| Q4 24 | 28.0% | 5.7% | ||
| Q3 24 | 45.7% | 3.9% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 583.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBRX
Segment breakdown not available.
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
