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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
Safehold Inc. is the larger business by last-quarter revenue ($97.9M vs $86.8M, roughly 1.1× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 6.5%). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 2.5%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
IOVA vs SAFE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $97.9M |
| Net Profit | — | $27.9M |
| Gross Margin | 67.4% | 98.6% |
| Operating Margin | -84.7% | 27.4% |
| Net Margin | — | 28.5% |
| Revenue YoY | 17.7% | 6.5% |
| Net Profit YoY | — | 7.1% |
| EPS (diluted) | — | $0.38 |
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 | $97.9M | ||
| Q3 25 | $67.5M | $96.2M | ||
| Q2 25 | $60.0M | $93.8M | ||
| Q1 25 | $49.3M | $97.7M | ||
| Q4 24 | $73.7M | $91.9M | ||
| Q3 24 | $58.6M | $90.7M | ||
| Q2 24 | $31.1M | $89.9M | ||
| Q1 24 | $715.0K | $93.2M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-91.3M | $29.3M | ||
| Q2 25 | $-111.7M | $27.9M | ||
| Q1 25 | $-116.2M | $29.4M | ||
| Q4 24 | — | $26.0M | ||
| Q3 24 | $-83.5M | $19.3M | ||
| Q2 24 | $-97.1M | $29.7M | ||
| Q1 24 | $-113.0M | $30.7M |
| Q4 25 | 67.4% | 98.6% | ||
| Q3 25 | 43.0% | 98.5% | ||
| Q2 25 | 5.5% | 99.1% | ||
| Q1 25 | -0.8% | 98.8% | ||
| Q4 24 | 68.7% | 98.8% | ||
| Q3 24 | 46.2% | 98.8% | ||
| Q2 24 | -0.8% | 98.8% | ||
| Q1 24 | — | 98.8% |
| Q4 25 | -84.7% | 27.4% | ||
| Q3 25 | -140.7% | 25.9% | ||
| Q2 25 | -189.8% | 25.5% | ||
| Q1 25 | -245.8% | 25.9% | ||
| Q4 24 | -117.5% | 24.6% | ||
| Q3 24 | -152.1% | 17.5% | ||
| Q2 24 | -327.6% | 26.7% | ||
| Q1 24 | -16464.6% | 26.4% |
| Q4 25 | — | 28.5% | ||
| Q3 25 | -135.3% | 30.5% | ||
| Q2 25 | -186.2% | 29.8% | ||
| Q1 25 | -235.5% | 30.1% | ||
| Q4 24 | — | 28.3% | ||
| Q3 24 | -142.7% | 21.3% | ||
| Q2 24 | -312.2% | 33.0% | ||
| Q1 24 | -15800.8% | 33.0% |
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.41 | ||
| Q2 25 | $-0.33 | $0.39 | ||
| Q1 25 | $-0.36 | $0.41 | ||
| Q4 24 | $-0.24 | $0.36 | ||
| Q3 24 | $-0.28 | $0.27 | ||
| Q2 24 | $-0.34 | $0.42 | ||
| Q1 24 | $-0.42 | $0.43 |
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 | $21.7M |
| Total DebtLower is stronger | — | $4.6B |
| Stockholders' EquityBook value | $698.6M | $2.4B |
| Total Assets | $913.2M | $7.2B |
| Debt / EquityLower = less leverage | — | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $21.7M | ||
| Q3 25 | $300.8M | $12.1M | ||
| Q2 25 | $301.2M | $13.9M | ||
| Q1 25 | $359.7M | $17.3M | ||
| Q4 24 | $323.8M | $8.3M | ||
| Q3 24 | $397.5M | $15.6M | ||
| Q2 24 | $412.5M | $13.4M | ||
| Q1 24 | $356.2M | $11.3M |
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | $698.6M | $2.4B | ||
| Q3 25 | $702.3M | $2.4B | ||
| Q2 25 | $698.5M | $2.4B | ||
| Q1 25 | $767.9M | $2.4B | ||
| Q4 24 | $710.4M | $2.3B | ||
| Q3 24 | $773.5M | $2.3B | ||
| Q2 24 | $768.5M | $2.3B | ||
| Q1 24 | $680.0M | $2.3B |
| Q4 25 | $913.2M | $7.2B | ||
| Q3 25 | $904.9M | $7.1B | ||
| Q2 25 | $907.4M | $7.1B | ||
| Q1 25 | $966.7M | $6.9B | ||
| Q4 24 | $910.4M | $6.9B | ||
| Q3 24 | $991.1M | $6.8B | ||
| Q2 24 | $964.3M | $6.8B | ||
| Q1 24 | $869.8M | $6.7B |
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 1.84× | ||
| Q3 24 | — | 1.88× | ||
| Q2 24 | — | 1.81× | ||
| Q1 24 | — | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $-61.9M | — |
| FCF MarginFCF / Revenue | -71.3% | — |
| Capex IntensityCapex / Revenue | 10.7% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $47.8M | ||
| Q3 25 | $-78.7M | $-1.4M | ||
| Q2 25 | $-67.4M | $28.0M | ||
| Q1 25 | $-103.7M | $8.9M | ||
| Q4 24 | $-73.3M | $37.9M | ||
| Q3 24 | $-59.0M | $8.3M | ||
| Q2 24 | $-98.4M | $24.8M | ||
| Q1 24 | $-122.3M | $-3.1M |
| Q4 25 | $-61.9M | — | ||
| Q3 25 | $-89.5M | — | ||
| Q2 25 | $-74.9M | — | ||
| Q1 25 | $-109.9M | — | ||
| Q4 24 | $-77.5M | — | ||
| Q3 24 | $-61.3M | — | ||
| Q2 24 | $-98.9M | — | ||
| Q1 24 | $-126.5M | — |
| Q4 25 | -71.3% | — | ||
| Q3 25 | -132.7% | — | ||
| Q2 25 | -124.9% | — | ||
| Q1 25 | -222.8% | — | ||
| Q4 24 | -105.1% | — | ||
| Q3 24 | -104.6% | — | ||
| Q2 24 | -317.9% | — | ||
| Q1 24 | -17685.3% | — |
| Q4 25 | 10.7% | — | ||
| Q3 25 | 16.1% | — | ||
| Q2 25 | 12.4% | — | ||
| Q1 25 | 12.6% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 583.4% | — |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
