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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $86.8M, roughly 2.0× IOVANCE BIOTHERAPEUTICS, INC.). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs 17.7%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 15.2%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
IOVA vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $173.1M |
| Net Profit | — | — |
| Gross Margin | 67.4% | 76.0% |
| Operating Margin | -84.7% | -1.7% |
| Net Margin | — | — |
| Revenue YoY | 17.7% | 26.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | — | — |
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.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $86.8M | $173.4M | ||
| Q3 25 | $67.5M | $161.6M | ||
| Q2 25 | $60.0M | $152.2M | ||
| Q1 25 | $49.3M | $136.4M | ||
| Q4 24 | $73.7M | $158.5M | ||
| Q3 24 | $58.6M | $148.1M | ||
| Q2 24 | $31.1M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $-91.3M | $-29.9M | ||
| Q2 25 | $-111.7M | $-35.8M | ||
| Q1 25 | $-116.2M | $-35.8M | ||
| Q4 24 | — | $-13.0M | ||
| Q3 24 | $-83.5M | $-18.3M | ||
| Q2 24 | $-97.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 67.4% | 78.9% | ||
| Q3 25 | 43.0% | 78.2% | ||
| Q2 25 | 5.5% | 79.5% | ||
| Q1 25 | -0.8% | 78.7% | ||
| Q4 24 | 68.7% | 83.6% | ||
| Q3 24 | 46.2% | 83.8% | ||
| Q2 24 | -0.8% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -84.7% | -17.5% | ||
| Q3 25 | -140.7% | -22.2% | ||
| Q2 25 | -189.8% | -24.0% | ||
| Q1 25 | -245.8% | -32.1% | ||
| Q4 24 | -117.5% | -11.1% | ||
| Q3 24 | -152.1% | -16.0% | ||
| Q2 24 | -327.6% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.0% | ||
| Q3 25 | -135.3% | -18.5% | ||
| Q2 25 | -186.2% | -23.5% | ||
| Q1 25 | -235.5% | -26.2% | ||
| Q4 24 | — | -8.2% | ||
| Q3 24 | -142.7% | -12.4% | ||
| Q2 24 | -312.2% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | $-0.23 | ||
| Q3 25 | — | $-0.26 | ||
| Q2 25 | $-0.33 | $-0.32 | ||
| Q1 25 | $-0.36 | $-0.32 | ||
| Q4 24 | $-0.24 | $-0.12 | ||
| Q3 24 | $-0.28 | $-0.16 | ||
| Q2 24 | $-0.34 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $453.5M |
| Total Assets | $913.2M | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $297.0M | $883.7M | ||
| Q3 25 | $300.8M | $671.3M | ||
| Q2 25 | $301.2M | $770.9M | ||
| Q1 25 | $359.7M | $567.6M | ||
| Q4 24 | $323.8M | $529.0M | ||
| Q3 24 | $397.5M | $844.8M | ||
| Q2 24 | $412.5M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $698.6M | $598.7M | ||
| Q3 25 | $702.3M | $604.8M | ||
| Q2 25 | $698.5M | $341.5M | ||
| Q1 25 | $767.9M | $367.7M | ||
| Q4 24 | $710.4M | $455.7M | ||
| Q3 24 | $773.5M | $428.6M | ||
| Q2 24 | $768.5M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $913.2M | $1.8B | ||
| Q3 25 | $904.9M | $1.7B | ||
| Q2 25 | $907.4M | $1.6B | ||
| Q1 25 | $966.7M | $1.6B | ||
| Q4 24 | $910.4M | $1.7B | ||
| Q3 24 | $991.1M | $1.5B | ||
| Q2 24 | $964.3M | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $-61.9M | $49.0M |
| FCF MarginFCF / Revenue | -71.3% | 28.3% |
| Capex IntensityCapex / Revenue | 10.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-52.6M | $24.7M | ||
| Q3 25 | $-78.7M | $33.4M | ||
| Q2 25 | $-67.4M | $21.3M | ||
| Q1 25 | $-103.7M | $68.0M | ||
| Q4 24 | $-73.3M | $24.3M | ||
| Q3 24 | $-59.0M | $22.5M | ||
| Q2 24 | $-98.4M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-61.9M | $20.7M | ||
| Q3 25 | $-89.5M | $30.4M | ||
| Q2 25 | $-74.9M | $18.0M | ||
| Q1 25 | $-109.9M | $65.7M | ||
| Q4 24 | $-77.5M | $19.9M | ||
| Q3 24 | $-61.3M | $21.3M | ||
| Q2 24 | $-98.9M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -71.3% | 12.0% | ||
| Q3 25 | -132.7% | 18.8% | ||
| Q2 25 | -124.9% | 11.8% | ||
| Q1 25 | -222.8% | 48.1% | ||
| Q4 24 | -105.1% | 12.6% | ||
| Q3 24 | -104.6% | 14.4% | ||
| Q2 24 | -317.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 2.3% | ||
| Q3 25 | 16.1% | 1.8% | ||
| Q2 25 | 12.4% | 2.2% | ||
| Q1 25 | 12.6% | 1.7% | ||
| Q4 24 | 5.7% | 2.7% | ||
| Q3 24 | 3.9% | 0.8% | ||
| Q2 24 | 1.4% | 0.6% |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
