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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $86.0M, roughly 1.0× Smart Sand, Inc.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 1.8%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
IOVA vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $86.0M |
| Net Profit | — | $1.2M |
| Gross Margin | 67.4% | 13.0% |
| Operating Margin | -84.7% | -3.1% |
| Net Margin | — | 1.4% |
| Revenue YoY | 17.7% | -5.8% |
| Net Profit YoY | — | -68.5% |
| EPS (diluted) | — | $0.03 |
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 | $86.0M | ||
| Q3 25 | $67.5M | $92.8M | ||
| Q2 25 | $60.0M | $85.8M | ||
| Q1 25 | $49.3M | $65.6M | ||
| Q4 24 | $73.7M | $91.4M | ||
| Q3 24 | $58.6M | $63.2M | ||
| Q2 24 | $31.1M | $73.8M | ||
| Q1 24 | $715.0K | $83.1M |
| Q4 25 | — | $1.2M | ||
| Q3 25 | $-91.3M | $3.0M | ||
| Q2 25 | $-111.7M | $21.4M | ||
| Q1 25 | $-116.2M | $-24.2M | ||
| Q4 24 | — | $3.7M | ||
| Q3 24 | $-83.5M | $-98.0K | ||
| Q2 24 | $-97.1M | $-430.0K | ||
| Q1 24 | $-113.0M | $-216.0K |
| Q4 25 | 67.4% | 13.0% | ||
| Q3 25 | 43.0% | 16.1% | ||
| Q2 25 | 5.5% | 10.4% | ||
| Q1 25 | -0.8% | 4.2% | ||
| Q4 24 | 68.7% | 14.7% | ||
| Q3 24 | 46.2% | 10.3% | ||
| Q2 24 | -0.8% | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | -84.7% | -3.1% | ||
| Q3 25 | -140.7% | 5.8% | ||
| Q2 25 | -189.8% | -0.1% | ||
| Q1 25 | -245.8% | -10.8% | ||
| Q4 24 | -117.5% | 3.9% | ||
| Q3 24 | -152.1% | -7.8% | ||
| Q2 24 | -327.6% | 4.8% | ||
| Q1 24 | -16464.6% | 0.9% |
| Q4 25 | — | 1.4% | ||
| Q3 25 | -135.3% | 3.2% | ||
| Q2 25 | -186.2% | 24.9% | ||
| Q1 25 | -235.5% | -37.0% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | -142.7% | -0.2% | ||
| Q2 24 | -312.2% | -0.6% | ||
| Q1 24 | -15800.8% | -0.3% |
| Q4 25 | — | $0.03 | ||
| Q3 25 | — | $0.08 | ||
| Q2 25 | $-0.33 | $0.54 | ||
| Q1 25 | $-0.36 | $-0.62 | ||
| Q4 24 | $-0.24 | $0.10 | ||
| Q3 24 | $-0.28 | $0.00 | ||
| Q2 24 | $-0.34 | $-0.01 | ||
| Q1 24 | $-0.42 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $698.6M | $239.7M |
| Total Assets | $913.2M | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $22.6M | ||
| Q3 25 | $300.8M | $5.1M | ||
| Q2 25 | $301.2M | $4.3M | ||
| Q1 25 | $359.7M | $5.1M | ||
| Q4 24 | $323.8M | $1.6M | ||
| Q3 24 | $397.5M | $7.2M | ||
| Q2 24 | $412.5M | $6.3M | ||
| Q1 24 | $356.2M | $4.6M |
| Q4 25 | — | $15.0M | ||
| Q3 25 | — | $14.3M | ||
| Q2 25 | — | $23.5M | ||
| Q1 25 | — | $13.7M | ||
| Q4 24 | — | $14.7M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | $698.6M | $239.7M | ||
| Q3 25 | $702.3M | $239.9M | ||
| Q2 25 | $698.5M | $240.5M | ||
| Q1 25 | $767.9M | $219.9M | ||
| Q4 24 | $710.4M | $243.8M | ||
| Q3 24 | $773.5M | $243.6M | ||
| Q2 24 | $768.5M | $242.9M | ||
| Q1 24 | $680.0M | $242.5M |
| Q4 25 | $913.2M | $340.0M | ||
| Q3 25 | $904.9M | $343.1M | ||
| Q2 25 | $907.4M | $345.8M | ||
| Q1 25 | $966.7M | $326.9M | ||
| Q4 24 | $910.4M | $341.5M | ||
| Q3 24 | $991.1M | $335.8M | ||
| Q2 24 | $964.3M | $341.8M | ||
| Q1 24 | $869.8M | $349.3M |
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.06× | ||
| Q2 25 | — | 0.10× | ||
| Q1 25 | — | 0.06× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-61.9M | $20.4M |
| FCF MarginFCF / Revenue | -71.3% | 23.7% |
| Capex IntensityCapex / Revenue | 10.7% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $22.4M | ||
| Q3 25 | $-78.7M | $18.2M | ||
| Q2 25 | $-67.4M | $-5.1M | ||
| Q1 25 | $-103.7M | $8.7M | ||
| Q4 24 | $-73.3M | $1.0M | ||
| Q3 24 | $-59.0M | $5.8M | ||
| Q2 24 | $-98.4M | $14.9M | ||
| Q1 24 | $-122.3M | $-3.9M |
| Q4 25 | $-61.9M | $20.4M | ||
| Q3 25 | $-89.5M | $14.8M | ||
| Q2 25 | $-74.9M | $-7.8M | ||
| Q1 25 | $-109.9M | $5.2M | ||
| Q4 24 | $-77.5M | $-840.0K | ||
| Q3 24 | $-61.3M | $3.7M | ||
| Q2 24 | $-98.9M | $13.5M | ||
| Q1 24 | $-126.5M | $-5.5M |
| Q4 25 | -71.3% | 23.7% | ||
| Q3 25 | -132.7% | 15.9% | ||
| Q2 25 | -124.9% | -9.1% | ||
| Q1 25 | -222.8% | 7.9% | ||
| Q4 24 | -105.1% | -0.9% | ||
| Q3 24 | -104.6% | 5.8% | ||
| Q2 24 | -317.9% | 18.3% | ||
| Q1 24 | -17685.3% | -6.6% |
| Q4 25 | 10.7% | 2.3% | ||
| Q3 25 | 16.1% | 3.6% | ||
| Q2 25 | 12.4% | 3.1% | ||
| Q1 25 | 12.6% | 5.4% | ||
| Q4 24 | 5.7% | 2.1% | ||
| Q3 24 | 3.9% | 3.4% | ||
| Q2 24 | 1.4% | 1.8% | ||
| Q1 24 | 583.4% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
