Free cash flow remains deeply negative with quarterly burn rates frequently exceeding $70M, reflecting the high capital intensity of maintaining proprietary manufacturing facilities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -270.79M | -302.41M | -352.98M | -361.82M | -292.76M | -227.94M | -205.13M | -158.89M | -101.25M | -78.71M | -32.67M | -18.38M | -8.63M | -3.66M | -2.24M | -6.19M | -620.8K | -14.45K | -57.3K |
| Operating CF Margin % | - | -114.77% | -215.14% | -30430.61% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 56.8% | 14.33% | 2.44% | -23.59% | -28.44% | -11.12% | -29.11% | -56.93% | -28.64% | -140.94% | -77.73% | -112.91% | -135.74% | -63.38% | 63.78% | -896.96% | -4196.82% | 74.79% | - |
| Net Income | -353.86M | -390.98M | -372.18M | -444.04M | -395.89M | -342.25M | -259.58M | -197.56M | -123.58M | -92.06M | -52.89M | -27.66M | -12.03M | -25.38M | -3.31M | -25.69M | -1.61M | -15.77K | -57.14K |
| Depreciation & Amortization | 49.1M | 34.46M | 43.61M | 33.13M | 21.14M | 13.98M | 1.14M | 8.12M | 956K | 952K | 978K | 999K | 88.22K | 7.09K | 6.21K | 2.7K | 58.6K | 1.33K | 1.33K |
| Stock-Based Compensation | 38.03M | 61.58M | 109.63M | 62.63M | 84.02M | 69.77M | 40.89M | 24.28M | 20.03M | 11.97M | 18.9M | 8.52M | 3.81M | 19.68M | 3.33M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -898K | -2.07M | -2.83M | -3.48M | 0 | 0 | 1.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 16.36M | 18.87M | -8.65M | -3.54M | 871K | 6.01M | 7.57M | 8.97M | -1.32M | 19K | -74K | 8.52M | 3.81M | 21.98M | -3.42M | 19.14M | 906.59K | 0 | 0 |
| Working Capital Changes | -19.52M | -24.27M | -122.56M | -6.52M | -2.89M | 24.55M | 2.98M | -2.7M | 2.67M | 416K | 418K | -243K | -500.59K | -264.26K | 4.48M | 359.85K | 22K | -8 | -1.5K |
| Change in Receivables | -10.82M | -13.11M | -69.19M | -149K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.17M | -14.21M | -39.92M | -10.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 7.17M | -6.66M | -7.84M | 4.83M | 5.88M | 6.98M | -2.96M | 0 | 1.51M | 369K | -250K | -32K | -354.94K | -543.56K | 908.22K | 381.26K | 30.29K | -8 | 0 |
| Cash from Investing | 43.02M | 47.5M | -96.41M | -155.24M | 256.45M | 132K | -317.85M | 90.03M | -386.28M | 58.68M | 8.89M | -91.15M | -1.59M | -12.71K | 0 | -81.05K | 0 | 0 | 0 |
| Capital Expenditures | -34.23M | -33.84M | -11.07M | -22.29M | -20.43M | -37.57M | -46.79M | -6.92M | -1.2M | -1.03M | -1.52M | -1.14M | -1.59M | -12.71K | 0 | -31.05K | 0 | 0 | 0 |
| CapEx % of Revenue | 11.99% | 12.84% | 6.75% | 1874.68% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -52.57M | -212.63M | -276.88M | -37.71M | 271.06M | 0 | 0 | 0 | 0 | 19.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 276.88M | 37.71M | -271.06M | 96.94M | -385.08M | 59.7M | 10.41M | -19.95M | 0 | -12.71K | 0 | -50K | 0 | 0 | 0 |
| Cash from Financing | 251.79M | 300.77M | 390.66M | 462.96M | 190.15M | 239.27M | 576.42M | 6.13M | 424.31M | 58.69M | 96.9M | 78.27M | 35.46M | 23.35M | 1.73M | 5.49M | 1.91M | 19.8K | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 311K | 1.48M | 4.62M | 0 | 0 | 0 |
| Equity Issued (Net) | 256.72M | 307.83M | 397.3M | 463.28M | 189.5M | 203.16M | 567.04M | -312K | 797.63M | 53.66M | 95.69M | 136.61M | 64.48M | 23.04M | 250K | 873K | 1.91M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -312K | 0 | -1.25M | -642K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.92M | -7.06M | -6.64M | -322K | 648K | 35.11M | 9.38M | 6.44M | -373.33M | 5.03M | 50.67M | -58.35M | -29.02M | 1.07K | 0 | 0 | -4.98K | 19.8K | 2.5K |
| Net Change in Cash | -166.1M | 47.38M | -59.27M | -56.84M | 153.85M | 11.46M | 53.44M | -62.73M | -63.22M | 38.66M | 73.13M | -31.27M | 25.24M | 19.67M | -510.22K | -782.25K | 1.28M | 5.35K | -57.3K |
| Free Cash Flow | -305.02M | -336.24M | -364.05M | -384.11M | -313.18M | -265.51M | -251.93M | -165.81M | -102.45M | -79.74M | -34.19M | -19.52M | -10.23M | -3.67M | -2.24M | -6.22M | -620.8K | -14.45K | -57.3K |
| FCF Margin % | -106.8% | -127.61% | -221.88% | -32305.3% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 12.22% | 7.64% | 5.22% | -22.65% | -17.95% | -5.39% | -51.94% | -61.85% | -28.48% | -133.22% | -75.11% | -90.94% | -178.25% | -63.95% | 63.97% | -901.97% | -4196.82% | 74.79% | - |
| FCF per Share | -0.73 | -0.94 | -1.26 | -1.63 | -1.97 | -1.73 | -1.82 | -1.33 | -1.05 | -1.22 | -0.62 | -0.44 | -0.41 | -0.38 | -2.81 | -8.19 | -0.95 | -0.02 | -0.05 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.77x | 0.95x | 0.81x | 0.74x | 0.67x | 0.79x | 0.80x | 0.82x | 0.85x | 0.62x | 0.66x | 0.72x | 0.14x | 0.68x | 0.24x | 0.39x | 0.92x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Cash Burn Rate
According to quarterly financial data, the OCF/NI ratio has fluctuated between 0.60 and 1.08, indicating that reported net losses are not consistently reconciled by cash flow movements, likely due to significant non-cash adjustments and the timing of working capital requirements inherent in the autologous manufacturing process.
The lack of a stable relationship between net income and operating cash flow suggests that GAAP earnings are currently poor proxies for the company's actual cash consumption. Investors should monitor whether this volatility persists as the company moves past the initial commercial launch phase and stabilizes its manufacturing throughput.
As reported in recent financial statements, Iovance continues to experience deep negative free cash flow, with quarterly burn rates frequently exceeding $70M, reflecting the substantial capital intensity required to maintain its proprietary TIL manufacturing infrastructure while scaling commercial operations for its lead therapy, Amtagvi.
The consistent FCF margin deep in negative territory underscores the company's reliance on external financing to bridge the gap between clinical-stage infrastructure costs and commercial revenue. This trajectory suggests that the company remains in a high-burn phase where operational scale has yet to offset the fixed costs of its specialized facilities.
Based on the provided quarterly figures, working capital changes have been erratic, with a notable $38M outflow in 2024Q4, highlighting the logistical friction and inventory management challenges associated with the complex, patient-specific vein-to-vein supply chain required for Iovance's personalized cell therapy platform.
These swings in working capital suggest that the company is struggling to optimize its cash conversion cycle as it manages the lead time between patient biopsies and final infusions. Such variability in cash usage may indicate potential inefficiencies in the supply chain that warrant further investigation by stakeholders.
As detailed in the company's cash flow statements, stock-based compensation has remained a significant non-cash add-back, peaking at $31M in late 2024, which effectively obscures the true magnitude of the cash burn required to retain the specialized scientific talent necessary for maintaining the TIL platform.
By relying heavily on equity-based incentives, the company manages to preserve cash, but this practice dilutes existing shareholders and masks the underlying cost of human capital. Analysts should adjust for these non-cash expenses to better understand the true economic cost of operating the business.
Quick answers to the most common questions about buying IOVA stock.
Iovance Biotherapeutics, Inc. (IOVA) generated $-302.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Iovance Biotherapeutics, Inc. (IOVA) reported negative free cash flow of $336.2M in 2025, indicating capital requirements exceeded cash from operations.
Iovance Biotherapeutics, Inc. (IOVA) spent $33.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.