MeritValue

IOVANCE BIOTHERAPEUTICS, INC.

IOVAdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

IOVANCE BIOTHERAPEUTICS, INC. earns about -70% on invested capital, but has diluted owners by 133% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$1.19M1$164.1M1$263.5M1
Net income−$342.3M2−$395.9M3−$444M4−$372.2M4−$391M4
Operating cash flow−$227.9M5−$292.8M6−$361.8M7−$353M7−$302.4M7
Capital expenditure$37.6M8$20.4M9$22.3M10$11.1M10$33.8M10
Free cash flow (derived)−$265.5M5−$313.2M6−$384.1M7−$364M7−$336.2M7
Total debt—————
Cash & equivalents$78.2M11$231.7M12$114.9M13$115.7M13$163.1M13
Diluted shares153,406159,259235,131289,877357,345

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$19,549.26
your share of equity
Profit it earned you last year
−$10,941.19
Free cash flow it threw off
−$9,409.51
Debt you’d be carrying
—

10 shares is a claim on $19,549.26 of net worth that earned you −$10,941.19 and generated −$9,409.51 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-70% avg · 5y
FY21 -50%FY22 -117%FY23 -75%FY24 -50%FY25 -58%

It earned an average -70% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+133% shares · 5y

Share count is up 133% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001104659-26-018899 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001558370-24-002036 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-25-001834 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001104659-26-018899 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-24-002036 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-25-001834 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001104659-26-018899 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-24-002036 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-25-001834 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001104659-26-018899 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-24-002036 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-25-001834 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001104659-26-018899 (CashAndCashEquivalentsAtCarryingValue)