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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Vericel Corp (VCEL). Click either name above to swap in a different company.
Vericel Corp is the larger business by last-quarter revenue ($92.9M vs $86.8M, roughly 1.1× IOVANCE BIOTHERAPEUTICS, INC.). On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 17.7%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 34.6%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
IOVA vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $92.9M |
| Net Profit | — | $23.2M |
| Gross Margin | 67.4% | 78.7% |
| Operating Margin | -84.7% | 24.1% |
| Net Margin | — | 25.0% |
| Revenue YoY | 17.7% | 23.3% |
| Net Profit YoY | — | 17.3% |
| EPS (diluted) | — | $0.46 |
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 | $92.9M | ||
| Q3 25 | $67.5M | $67.5M | ||
| Q2 25 | $60.0M | $63.2M | ||
| Q1 25 | $49.3M | $52.6M | ||
| Q4 24 | $73.7M | $75.4M | ||
| Q3 24 | $58.6M | $57.9M | ||
| Q2 24 | $31.1M | $52.7M | ||
| Q1 24 | $715.0K | $51.3M |
| Q4 25 | — | $23.2M | ||
| Q3 25 | $-91.3M | $5.1M | ||
| Q2 25 | $-111.7M | $-553.0K | ||
| Q1 25 | $-116.2M | $-11.2M | ||
| Q4 24 | — | $19.8M | ||
| Q3 24 | $-83.5M | $-901.0K | ||
| Q2 24 | $-97.1M | $-4.7M | ||
| Q1 24 | $-113.0M | $-3.9M |
| Q4 25 | 67.4% | 78.7% | ||
| Q3 25 | 43.0% | 73.5% | ||
| Q2 25 | 5.5% | 73.7% | ||
| Q1 25 | -0.8% | 69.0% | ||
| Q4 24 | 68.7% | 77.6% | ||
| Q3 24 | 46.2% | 71.9% | ||
| Q2 24 | -0.8% | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -84.7% | 24.1% | ||
| Q3 25 | -140.7% | 5.1% | ||
| Q2 25 | -189.8% | -3.2% | ||
| Q1 25 | -245.8% | -24.3% | ||
| Q4 24 | -117.5% | 24.5% | ||
| Q3 24 | -152.1% | -4.3% | ||
| Q2 24 | -327.6% | -11.5% | ||
| Q1 24 | -16464.6% | -10.7% |
| Q4 25 | — | 25.0% | ||
| Q3 25 | -135.3% | 7.5% | ||
| Q2 25 | -186.2% | -0.9% | ||
| Q1 25 | -235.5% | -21.4% | ||
| Q4 24 | — | 26.3% | ||
| Q3 24 | -142.7% | -1.6% | ||
| Q2 24 | -312.2% | -8.9% | ||
| Q1 24 | -15800.8% | -7.5% |
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.10 | ||
| Q2 25 | $-0.33 | $-0.01 | ||
| Q1 25 | $-0.36 | $-0.23 | ||
| Q4 24 | $-0.24 | $0.40 | ||
| Q3 24 | $-0.28 | $-0.02 | ||
| Q2 24 | $-0.34 | $-0.10 | ||
| Q1 24 | $-0.42 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $354.6M |
| Total Assets | $913.2M | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $137.5M | ||
| Q3 25 | $300.8M | $135.4M | ||
| Q2 25 | $301.2M | $116.9M | ||
| Q1 25 | $359.7M | $112.9M | ||
| Q4 24 | $323.8M | $116.2M | ||
| Q3 24 | $397.5M | $101.7M | ||
| Q2 24 | $412.5M | $102.5M | ||
| Q1 24 | $356.2M | $110.6M |
| Q4 25 | $698.6M | $354.6M | ||
| Q3 25 | $702.3M | $321.9M | ||
| Q2 25 | $698.5M | $306.8M | ||
| Q1 25 | $767.9M | $295.5M | ||
| Q4 24 | $710.4M | $292.0M | ||
| Q3 24 | $773.5M | $257.5M | ||
| Q2 24 | $768.5M | $243.0M | ||
| Q1 24 | $680.0M | $233.9M |
| Q4 25 | $913.2M | $488.0M | ||
| Q3 25 | $904.9M | $453.3M | ||
| Q2 25 | $907.4M | $435.6M | ||
| Q1 25 | $966.7M | $424.6M | ||
| Q4 24 | $910.4M | $432.7M | ||
| Q3 24 | $991.1M | $390.4M | ||
| Q2 24 | $964.3M | $376.8M | ||
| Q1 24 | $869.8M | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-61.9M | $12.8M |
| FCF MarginFCF / Revenue | -71.3% | 13.8% |
| Capex IntensityCapex / Revenue | 10.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $15.0M | ||
| Q3 25 | $-78.7M | $22.1M | ||
| Q2 25 | $-67.4M | $8.2M | ||
| Q1 25 | $-103.7M | $6.6M | ||
| Q4 24 | $-73.3M | $22.2M | ||
| Q3 24 | $-59.0M | $10.2M | ||
| Q2 24 | $-98.4M | $18.5M | ||
| Q1 24 | $-122.3M | $7.2M |
| Q4 25 | $-61.9M | $12.8M | ||
| Q3 25 | $-89.5M | $19.5M | ||
| Q2 25 | $-74.9M | $81.0K | ||
| Q1 25 | $-109.9M | $-7.6M | ||
| Q4 24 | $-77.5M | $8.5M | ||
| Q3 24 | $-61.3M | $-9.2M | ||
| Q2 24 | $-98.9M | $1.8M | ||
| Q1 24 | $-126.5M | $-6.8M |
| Q4 25 | -71.3% | 13.8% | ||
| Q3 25 | -132.7% | 28.8% | ||
| Q2 25 | -124.9% | 0.1% | ||
| Q1 25 | -222.8% | -14.5% | ||
| Q4 24 | -105.1% | 11.2% | ||
| Q3 24 | -104.6% | -15.9% | ||
| Q2 24 | -317.9% | 3.4% | ||
| Q1 24 | -17685.3% | -13.3% |
| Q4 25 | 10.7% | 2.4% | ||
| Q3 25 | 16.1% | 3.9% | ||
| Q2 25 | 12.4% | 12.9% | ||
| Q1 25 | 12.6% | 27.0% | ||
| Q4 24 | 5.7% | 18.3% | ||
| Q3 24 | 3.9% | 33.5% | ||
| Q2 24 | 1.4% | 31.8% | ||
| Q1 24 | 583.4% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
