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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Lifeway Foods, Inc. (LWAY). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $55.4M, roughly 1.6× Lifeway Foods, Inc.). On growth, Lifeway Foods, Inc. posted the faster year-over-year revenue change (18.0% vs 17.7%). Lifeway Foods, Inc. produced more free cash flow last quarter ($-17.4M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 11.4%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Lifeway Foods is an Illinois-based health food company founded in 1986. They are a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome.
IOVA vs LWAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $55.4M |
| Net Profit | — | $2.5M |
| Gross Margin | 67.4% | 27.8% |
| Operating Margin | -84.7% | 6.8% |
| Net Margin | — | 4.6% |
| Revenue YoY | 17.7% | 18.0% |
| Net Profit YoY | — | 1688.1% |
| EPS (diluted) | — | $0.15 |
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 | $86.8M | $55.4M | ||
| Q3 25 | $67.5M | $57.1M | ||
| Q2 25 | $60.0M | $53.9M | ||
| Q1 25 | $49.3M | $46.1M | ||
| Q4 24 | $73.7M | $46.9M | ||
| Q3 24 | $58.6M | $46.1M | ||
| Q2 24 | $31.1M | $49.2M | ||
| Q1 24 | $715.0K | $44.6M |
| Q4 25 | — | $2.5M | ||
| Q3 25 | $-91.3M | $3.5M | ||
| Q2 25 | $-111.7M | $4.2M | ||
| Q1 25 | $-116.2M | $3.5M | ||
| Q4 24 | — | $-160.0K | ||
| Q3 24 | $-83.5M | $3.0M | ||
| Q2 24 | $-97.1M | $3.8M | ||
| Q1 24 | $-113.0M | $2.4M |
| Q4 25 | 67.4% | 27.8% | ||
| Q3 25 | 43.0% | 28.7% | ||
| Q2 25 | 5.5% | 28.6% | ||
| Q1 25 | -0.8% | 23.9% | ||
| Q4 24 | 68.7% | 25.3% | ||
| Q3 24 | 46.2% | 25.7% | ||
| Q2 24 | -0.8% | 27.0% | ||
| Q1 24 | — | 25.8% |
| Q4 25 | -84.7% | 6.8% | ||
| Q3 25 | -140.7% | 8.8% | ||
| Q2 25 | -189.8% | 10.8% | ||
| Q1 25 | -245.8% | 3.4% | ||
| Q4 24 | -117.5% | 1.5% | ||
| Q3 24 | -152.1% | 9.1% | ||
| Q2 24 | -327.6% | 11.0% | ||
| Q1 24 | -16464.6% | 8.0% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | -135.3% | 6.2% | ||
| Q2 25 | -186.2% | 7.9% | ||
| Q1 25 | -235.5% | 7.7% | ||
| Q4 24 | — | -0.3% | ||
| Q3 24 | -142.7% | 6.5% | ||
| Q2 24 | -312.2% | 7.7% | ||
| Q1 24 | -15800.8% | 5.4% |
| Q4 25 | — | $0.15 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | $-0.33 | $0.28 | ||
| Q1 25 | $-0.36 | $0.23 | ||
| Q4 24 | $-0.24 | $0.00 | ||
| Q3 24 | $-0.28 | $0.19 | ||
| Q2 24 | $-0.34 | $0.25 | ||
| Q1 24 | $-0.42 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $297.0M | $5.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $85.8M |
| Total Assets | $913.2M | $105.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $5.6M | ||
| Q3 25 | $300.8M | $23.0M | ||
| Q2 25 | $301.2M | $21.2M | ||
| Q1 25 | $359.7M | $19.4M | ||
| Q4 24 | $323.8M | $16.7M | ||
| Q3 24 | $397.5M | $20.6M | ||
| Q2 24 | $412.5M | $14.6M | ||
| Q1 24 | $356.2M | $12.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $2.5M |
| Q4 25 | $698.6M | $85.8M | ||
| Q3 25 | $702.3M | $82.8M | ||
| Q2 25 | $698.5M | $78.7M | ||
| Q1 25 | $767.9M | $74.2M | ||
| Q4 24 | $710.4M | $71.9M | ||
| Q3 24 | $773.5M | $71.5M | ||
| Q2 24 | $768.5M | $68.0M | ||
| Q1 24 | $680.0M | $63.5M |
| Q4 25 | $913.2M | $105.6M | ||
| Q3 25 | $904.9M | $109.5M | ||
| Q2 25 | $907.4M | $98.3M | ||
| Q1 25 | $966.7M | $93.7M | ||
| Q4 24 | $910.4M | $90.5M | ||
| Q3 24 | $991.1M | $91.3M | ||
| Q2 24 | $964.3M | $84.9M | ||
| Q1 24 | $869.8M | $82.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.04× |
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 | $-52.6M | $267.0K |
| Free Cash FlowOCF − Capex | $-61.9M | $-17.4M |
| FCF MarginFCF / Revenue | -71.3% | -31.5% |
| Capex IntensityCapex / Revenue | 10.7% | 31.9% |
| Cash ConversionOCF / Net Profit | — | 0.11× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $-16.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $267.0K | ||
| Q3 25 | $-78.7M | $6.9M | ||
| Q2 25 | $-67.4M | $3.9M | ||
| Q1 25 | $-103.7M | $-150.0K | ||
| Q4 24 | $-73.3M | $-2.6M | ||
| Q3 24 | $-59.0M | $7.5M | ||
| Q2 24 | $-98.4M | $6.5M | ||
| Q1 24 | $-122.3M | $1.5M |
| Q4 25 | $-61.9M | $-17.4M | ||
| Q3 25 | $-89.5M | $1.8M | ||
| Q2 25 | $-74.9M | $1.6M | ||
| Q1 25 | $-109.9M | $-2.4M | ||
| Q4 24 | $-77.5M | $-3.8M | ||
| Q3 24 | $-61.3M | $5.9M | ||
| Q2 24 | $-98.9M | $5.1M | ||
| Q1 24 | $-126.5M | $-923.0K |
| Q4 25 | -71.3% | -31.5% | ||
| Q3 25 | -132.7% | 3.1% | ||
| Q2 25 | -124.9% | 3.0% | ||
| Q1 25 | -222.8% | -5.1% | ||
| Q4 24 | -105.1% | -8.2% | ||
| Q3 24 | -104.6% | 12.8% | ||
| Q2 24 | -317.9% | 10.4% | ||
| Q1 24 | -17685.3% | -2.1% |
| Q4 25 | 10.7% | 31.9% | ||
| Q3 25 | 16.1% | 9.0% | ||
| Q2 25 | 12.4% | 4.3% | ||
| Q1 25 | 12.6% | 4.8% | ||
| Q4 24 | 5.7% | 2.7% | ||
| Q3 24 | 3.9% | 3.3% | ||
| Q2 24 | 1.4% | 2.9% | ||
| Q1 24 | 583.4% | 5.5% |
| Q4 25 | — | 0.11× | ||
| Q3 25 | — | 1.96× | ||
| Q2 25 | — | 0.92× | ||
| Q1 25 | — | -0.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | — | 0.64× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
LWAY
| Drinkable Kefirotherthan Pro Bugs | $47.8M | 86% |
| Cheese | $4.7M | 8% |
| Cream And Other | $1.7M | 3% |
| Other | $1.2M | 2% |
