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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and System1, Inc. (SST). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $51.9M, roughly 1.7× System1, Inc.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -31.3%). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -21.8%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
IOVA vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | 67.4% | 41.0% |
| Operating Margin | -84.7% | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | 17.7% | -31.3% |
| Net Profit YoY | — | 4.8% |
| EPS (diluted) | — | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $67.5M | $61.6M | ||
| Q2 25 | $60.0M | $78.1M | ||
| Q1 25 | $49.3M | $74.5M | ||
| Q4 24 | $73.7M | $75.6M | ||
| Q3 24 | $58.6M | $88.8M | ||
| Q2 24 | $31.1M | $94.6M | ||
| Q1 24 | $715.0K | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $-91.3M | $-18.5M | ||
| Q2 25 | $-111.7M | $-17.5M | ||
| Q1 25 | $-116.2M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-83.5M | $-23.6M | ||
| Q2 24 | $-97.1M | $-26.4M | ||
| Q1 24 | $-113.0M | $-10.5M |
| Q4 25 | 67.4% | 41.0% | ||
| Q3 25 | 43.0% | 36.9% | ||
| Q2 25 | 5.5% | 35.7% | ||
| Q1 25 | -0.8% | 38.2% | ||
| Q4 24 | 68.7% | 42.1% | ||
| Q3 24 | 46.2% | 28.0% | ||
| Q2 24 | -0.8% | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | -84.7% | -33.6% | ||
| Q3 25 | -140.7% | -25.3% | ||
| Q2 25 | -189.8% | -20.4% | ||
| Q1 25 | -245.8% | -17.6% | ||
| Q4 24 | -117.5% | -15.7% | ||
| Q3 24 | -152.1% | -24.6% | ||
| Q2 24 | -327.6% | -30.8% | ||
| Q1 24 | -16464.6% | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | -135.3% | -30.1% | ||
| Q2 25 | -186.2% | -22.4% | ||
| Q1 25 | -235.5% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -142.7% | -26.6% | ||
| Q2 24 | -312.2% | -27.9% | ||
| Q1 24 | -15800.8% | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | — | $-2.30 | ||
| Q2 25 | $-0.33 | $-2.23 | ||
| Q1 25 | $-0.36 | $-0.21 | ||
| Q4 24 | $-0.24 | $-3.41 | ||
| Q3 24 | $-0.28 | $-3.37 | ||
| Q2 24 | $-0.34 | $-3.80 | ||
| 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 | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $698.6M | $30.5M |
| Total Assets | $913.2M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $86.9M | ||
| Q3 25 | $300.8M | $54.6M | ||
| Q2 25 | $301.2M | $63.6M | ||
| Q1 25 | $359.7M | $43.9M | ||
| Q4 24 | $323.8M | $63.6M | ||
| Q3 24 | $397.5M | $69.1M | ||
| Q2 24 | $412.5M | $75.7M | ||
| Q1 24 | $356.2M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $698.6M | $30.5M | ||
| Q3 25 | $702.3M | $42.7M | ||
| Q2 25 | $698.5M | $58.2M | ||
| Q1 25 | $767.9M | $67.2M | ||
| Q4 24 | $710.4M | $80.3M | ||
| Q3 24 | $773.5M | $90.3M | ||
| Q2 24 | $768.5M | $109.4M | ||
| Q1 24 | $680.0M | $131.7M |
| Q4 25 | $913.2M | $405.0M | ||
| Q3 25 | $904.9M | $385.2M | ||
| Q2 25 | $907.4M | $429.2M | ||
| Q1 25 | $966.7M | $419.2M | ||
| Q4 24 | $910.4M | $459.1M | ||
| Q3 24 | $991.1M | $479.3M | ||
| Q2 24 | $964.3M | $511.3M | ||
| Q1 24 | $869.8M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | $-61.9M | — |
| FCF MarginFCF / Revenue | -71.3% | — |
| Capex IntensityCapex / Revenue | 10.7% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $-10.6M | ||
| Q3 25 | $-78.7M | $-2.1M | ||
| Q2 25 | $-67.4M | $24.5M | ||
| Q1 25 | $-103.7M | $-15.9M | ||
| Q4 24 | $-73.3M | $772.0K | ||
| Q3 24 | $-59.0M | $-5.0K | ||
| Q2 24 | $-98.4M | $10.0M | ||
| Q1 24 | $-122.3M | $-16.0M |
| Q4 25 | $-61.9M | — | ||
| Q3 25 | $-89.5M | — | ||
| Q2 25 | $-74.9M | — | ||
| Q1 25 | $-109.9M | $-16.0M | ||
| Q4 24 | $-77.5M | — | ||
| Q3 24 | $-61.3M | $-36.0K | ||
| Q2 24 | $-98.9M | — | ||
| Q1 24 | $-126.5M | — |
| Q4 25 | -71.3% | — | ||
| Q3 25 | -132.7% | — | ||
| Q2 25 | -124.9% | — | ||
| Q1 25 | -222.8% | -21.5% | ||
| Q4 24 | -105.1% | — | ||
| Q3 24 | -104.6% | -0.0% | ||
| Q2 24 | -317.9% | — | ||
| Q1 24 | -17685.3% | — |
| Q4 25 | 10.7% | 0.0% | ||
| Q3 25 | 16.1% | 0.0% | ||
| Q2 25 | 12.4% | 0.0% | ||
| Q1 25 | 12.6% | 0.1% | ||
| Q4 24 | 5.7% | 0.0% | ||
| Q3 24 | 3.9% | 0.0% | ||
| Q2 24 | 1.4% | 0.0% | ||
| Q1 24 | 583.4% | 0.0% |
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% |
SST
Segment breakdown not available.
