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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and TELOS CORP (TLS). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $46.8M, roughly 1.9× TELOS CORP). On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs 17.7%). TELOS CORP produced more free cash flow last quarter ($8.0M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 25.7%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
IOVA vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $46.8M |
| Net Profit | — | $-16.3M |
| Gross Margin | 67.4% | 35.0% |
| Operating Margin | -84.7% | -39.6% |
| Net Margin | — | -34.9% |
| Revenue YoY | 17.7% | 77.4% |
| Net Profit YoY | — | -74.8% |
| EPS (diluted) | — | $-0.22 |
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 | $46.8M | ||
| Q3 25 | $67.5M | $51.4M | ||
| Q2 25 | $60.0M | $36.0M | ||
| Q1 25 | $49.3M | $30.6M | ||
| Q4 24 | $73.7M | $26.4M | ||
| Q3 24 | $58.6M | $23.8M | ||
| Q2 24 | $31.1M | $28.5M | ||
| Q1 24 | $715.0K | $29.6M |
| Q4 25 | — | $-16.3M | ||
| Q3 25 | $-91.3M | $-2.1M | ||
| Q2 25 | $-111.7M | $-9.5M | ||
| Q1 25 | $-116.2M | $-8.6M | ||
| Q4 24 | — | $-9.3M | ||
| Q3 24 | $-83.5M | $-28.1M | ||
| Q2 24 | $-97.1M | $-7.8M | ||
| Q1 24 | $-113.0M | $-7.4M |
| Q4 25 | 67.4% | 35.0% | ||
| Q3 25 | 43.0% | 39.9% | ||
| Q2 25 | 5.5% | 33.2% | ||
| Q1 25 | -0.8% | 39.8% | ||
| Q4 24 | 68.7% | 40.3% | ||
| Q3 24 | 46.2% | 13.2% | ||
| Q2 24 | -0.8% | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | -84.7% | -39.6% | ||
| Q3 25 | -140.7% | -4.8% | ||
| Q2 25 | -189.8% | -27.5% | ||
| Q1 25 | -245.8% | -29.5% | ||
| Q4 24 | -117.5% | -37.6% | ||
| Q3 24 | -152.1% | -121.4% | ||
| Q2 24 | -327.6% | -30.3% | ||
| Q1 24 | -16464.6% | -28.5% |
| Q4 25 | — | -34.9% | ||
| Q3 25 | -135.3% | -4.1% | ||
| Q2 25 | -186.2% | -26.5% | ||
| Q1 25 | -235.5% | -28.1% | ||
| Q4 24 | — | -35.4% | ||
| Q3 24 | -142.7% | -118.0% | ||
| Q2 24 | -312.2% | -27.2% | ||
| Q1 24 | -15800.8% | -24.9% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.03 | ||
| Q2 25 | $-0.33 | $-0.13 | ||
| Q1 25 | $-0.36 | $-0.12 | ||
| Q4 24 | $-0.24 | $-0.13 | ||
| Q3 24 | $-0.28 | $-0.39 | ||
| Q2 24 | $-0.34 | $-0.11 | ||
| Q1 24 | $-0.42 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $96.0M |
| Total Assets | $913.2M | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $53.2M | ||
| Q3 25 | $300.8M | $59.0M | ||
| Q2 25 | $301.2M | $57.0M | ||
| Q1 25 | $359.7M | $57.8M | ||
| Q4 24 | $323.8M | $54.6M | ||
| Q3 24 | $397.5M | $69.8M | ||
| Q2 24 | $412.5M | $80.1M | ||
| Q1 24 | $356.2M | $93.9M |
| Q4 25 | $698.6M | $96.0M | ||
| Q3 25 | $702.3M | $119.7M | ||
| Q2 25 | $698.5M | $118.4M | ||
| Q1 25 | $767.9M | $126.1M | ||
| Q4 24 | $710.4M | $127.1M | ||
| Q3 24 | $773.5M | $129.5M | ||
| Q2 24 | $768.5M | $149.1M | ||
| Q1 24 | $680.0M | $154.4M |
| Q4 25 | $913.2M | $139.9M | ||
| Q3 25 | $904.9M | $164.3M | ||
| Q2 25 | $907.4M | $165.0M | ||
| Q1 25 | $966.7M | $158.1M | ||
| Q4 24 | $910.4M | $158.2M | ||
| Q3 24 | $991.1M | $166.3M | ||
| Q2 24 | $964.3M | $182.4M | ||
| Q1 24 | $869.8M | $195.4M |
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 | $8.0M |
| Free Cash FlowOCF − Capex | $-61.9M | $8.0M |
| FCF MarginFCF / Revenue | -71.3% | 17.0% |
| Capex IntensityCapex / Revenue | 10.7% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $8.0M | ||
| Q3 25 | $-78.7M | $9.1M | ||
| Q2 25 | $-67.4M | $7.0M | ||
| Q1 25 | $-103.7M | $6.1M | ||
| Q4 24 | $-73.3M | $-10.5M | ||
| Q3 24 | $-59.0M | $-7.1M | ||
| Q2 24 | $-98.4M | $-8.0M | ||
| Q1 24 | $-122.3M | $-350.0K |
| Q4 25 | $-61.9M | $8.0M | ||
| Q3 25 | $-89.5M | $8.7M | ||
| Q2 25 | $-74.9M | $6.8M | ||
| Q1 25 | $-109.9M | $6.0M | ||
| Q4 24 | $-77.5M | $-12.4M | ||
| Q3 24 | $-61.3M | $-7.1M | ||
| Q2 24 | $-98.9M | $-8.2M | ||
| Q1 24 | $-126.5M | $-447.0K |
| Q4 25 | -71.3% | 17.0% | ||
| Q3 25 | -132.7% | 16.9% | ||
| Q2 25 | -124.9% | 19.0% | ||
| Q1 25 | -222.8% | 19.5% | ||
| Q4 24 | -105.1% | -47.0% | ||
| Q3 24 | -104.6% | -30.0% | ||
| Q2 24 | -317.9% | -28.9% | ||
| Q1 24 | -17685.3% | -1.5% |
| Q4 25 | 10.7% | 0.1% | ||
| Q3 25 | 16.1% | 0.9% | ||
| Q2 25 | 12.4% | 0.4% | ||
| Q1 25 | 12.6% | 0.4% | ||
| Q4 24 | 5.7% | 7.1% | ||
| Q3 24 | 3.9% | 0.2% | ||
| Q2 24 | 1.4% | 0.8% | ||
| Q1 24 | 583.4% | 0.3% |
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% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
