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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Velocity Financial, Inc. (VEL). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $51.6M, roughly 1.7× Velocity Financial, Inc.). On growth, Velocity Financial, Inc. posted the faster year-over-year revenue change (32.8% vs 17.7%). Velocity Financial, Inc. produced more free cash flow last quarter ($17.9M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 32.3%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Velocity Financial, Inc. is a U.S.-headquartered real estate finance company that offers specialized mortgage loan solutions primarily for residential investment properties. It partners with independent mortgage brokers nationwide, providing real estate investors with short-term bridge loans and long-term rental property financing options tailored to their operational needs.
IOVA vs VEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $51.6M |
| Net Profit | — | $34.8M |
| Gross Margin | 67.4% | — |
| Operating Margin | -84.7% | 97.0% |
| Net Margin | — | 67.3% |
| Revenue YoY | 17.7% | 32.8% |
| Net Profit YoY | — | 67.0% |
| EPS (diluted) | — | $0.90 |
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 | $51.6M | ||
| Q3 25 | $67.5M | $49.1M | ||
| Q2 25 | $60.0M | $47.6M | ||
| Q1 25 | $49.3M | $37.5M | ||
| Q4 24 | $73.7M | $38.9M | ||
| Q3 24 | $58.6M | $35.1M | ||
| Q2 24 | $31.1M | $32.4M | ||
| Q1 24 | $715.0K | $29.5M |
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-91.3M | $25.4M | ||
| Q2 25 | $-111.7M | $26.0M | ||
| Q1 25 | $-116.2M | $18.9M | ||
| Q4 24 | — | $20.8M | ||
| Q3 24 | $-83.5M | $15.8M | ||
| Q2 24 | $-97.1M | $14.8M | ||
| Q1 24 | $-113.0M | $17.3M |
| Q4 25 | 67.4% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 5.5% | — | ||
| Q1 25 | -0.8% | — | ||
| Q4 24 | 68.7% | — | ||
| Q3 24 | 46.2% | — | ||
| Q2 24 | -0.8% | — | ||
| Q1 24 | — | — |
| Q4 25 | -84.7% | 97.0% | ||
| Q3 25 | -140.7% | 72.1% | ||
| Q2 25 | -189.8% | 71.3% | ||
| Q1 25 | -245.8% | 71.7% | ||
| Q4 24 | -117.5% | 82.5% | ||
| Q3 24 | -152.1% | 60.6% | ||
| Q2 24 | -327.6% | 61.3% | ||
| Q1 24 | -16464.6% | 78.8% |
| Q4 25 | — | 67.3% | ||
| Q3 25 | -135.3% | 51.7% | ||
| Q2 25 | -186.2% | 54.6% | ||
| Q1 25 | -235.5% | 50.4% | ||
| Q4 24 | — | 53.5% | ||
| Q3 24 | -142.7% | 45.1% | ||
| Q2 24 | -312.2% | 45.6% | ||
| Q1 24 | -15800.8% | 58.5% |
| Q4 25 | — | $0.90 | ||
| Q3 25 | — | $0.65 | ||
| Q2 25 | $-0.33 | $0.69 | ||
| Q1 25 | $-0.36 | $0.51 | ||
| Q4 24 | $-0.24 | $0.56 | ||
| Q3 24 | $-0.28 | $0.44 | ||
| Q2 24 | $-0.34 | $0.42 | ||
| Q1 24 | $-0.42 | $0.49 |
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 | $92.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $672.5M |
| Total Assets | $913.2M | $7.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $92.1M | ||
| Q3 25 | $300.8M | $99.0M | ||
| Q2 25 | $301.2M | $79.6M | ||
| Q1 25 | $359.7M | $51.7M | ||
| Q4 24 | $323.8M | $49.9M | ||
| Q3 24 | $397.5M | $44.1M | ||
| Q2 24 | $412.5M | $47.4M | ||
| Q1 24 | $356.2M | $34.8M |
| Q4 25 | $698.6M | $672.5M | ||
| Q3 25 | $702.3M | $634.3M | ||
| Q2 25 | $698.5M | $597.9M | ||
| Q1 25 | $767.9M | $563.2M | ||
| Q4 24 | $710.4M | $516.9M | ||
| Q3 24 | $773.5M | $484.6M | ||
| Q2 24 | $768.5M | $471.3M | ||
| Q1 24 | $680.0M | $452.9M |
| Q4 25 | $913.2M | $7.4B | ||
| Q3 25 | $904.9M | $7.0B | ||
| Q2 25 | $907.4M | $6.5B | ||
| Q1 25 | $966.7M | $6.0B | ||
| Q4 24 | $910.4M | $5.5B | ||
| Q3 24 | $991.1M | $5.2B | ||
| Q2 24 | $964.3M | $4.9B | ||
| Q1 24 | $869.8M | $4.6B |
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 | $18.2M |
| Free Cash FlowOCF − Capex | $-61.9M | $17.9M |
| FCF MarginFCF / Revenue | -71.3% | 34.6% |
| Capex IntensityCapex / Revenue | 10.7% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 0.52× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $40.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $18.2M | ||
| Q3 25 | $-78.7M | $11.5M | ||
| Q2 25 | $-67.4M | $7.7M | ||
| Q1 25 | $-103.7M | $3.5M | ||
| Q4 24 | $-73.3M | $37.8M | ||
| Q3 24 | $-59.0M | $-17.6M | ||
| Q2 24 | $-98.4M | $11.5M | ||
| Q1 24 | $-122.3M | $10.6M |
| Q4 25 | $-61.9M | $17.9M | ||
| Q3 25 | $-89.5M | $11.4M | ||
| Q2 25 | $-74.9M | $7.6M | ||
| Q1 25 | $-109.9M | $3.5M | ||
| Q4 24 | $-77.5M | $37.5M | ||
| Q3 24 | $-61.3M | $-17.6M | ||
| Q2 24 | $-98.9M | $11.4M | ||
| Q1 24 | $-126.5M | $10.5M |
| Q4 25 | -71.3% | 34.6% | ||
| Q3 25 | -132.7% | 23.2% | ||
| Q2 25 | -124.9% | 15.9% | ||
| Q1 25 | -222.8% | 9.2% | ||
| Q4 24 | -105.1% | 96.4% | ||
| Q3 24 | -104.6% | -50.3% | ||
| Q2 24 | -317.9% | 35.1% | ||
| Q1 24 | -17685.3% | 35.8% |
| Q4 25 | 10.7% | 0.5% | ||
| Q3 25 | 16.1% | 0.1% | ||
| Q2 25 | 12.4% | 0.2% | ||
| Q1 25 | 12.6% | 0.2% | ||
| Q4 24 | 5.7% | 0.7% | ||
| Q3 24 | 3.9% | 0.2% | ||
| Q2 24 | 1.4% | 0.3% | ||
| Q1 24 | 583.4% | 0.1% |
| Q4 25 | — | 0.52× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 1.81× | ||
| Q3 24 | — | -1.11× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.61× |
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% |
VEL
| Related Party | $19.3M | 37% |
| Nonrelated Party | $16.9M | 33% |
| Other | $15.4M | 30% |
