IOVAIOVANCE BIOTHERAPEUTICS, INC.

Biological Products, (no Diagnostic Substances)

Revenue: $264M; 61% YoY
Operating margin: -153.1%; 36% YoY
EBITDA: −$390M; 1.7% YoY
Market cap: $3.8B
Employees: 975; $270K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.5; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
23% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$270K · 40th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 62nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	—	$1M	$164M	$264M	61%
Operating income	−$343M	−$399M	−$461M	−$395M	−$403M	2.0%
Net income	−$342M	−$396M	−$444M	−$372M	−$391M	5.1%
Operating cash flow	−$228M	−$293M	−$362M	−$353M	−$302M	14%
Capex	$38M	$20M	$22M	$11M	$34M	206%
Stock-based comp	$70M	$84M	$63M	$110M	$62M	44%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 19, 2024	Quogue Capital LLC	SC 13D/A	11.6%	Passive
Oct 27, 2023	Quogue Capital LLC	SC 13D/A	15.8%	Passive
Jan 13, 2023	Quogue Capital LLC	SC 13D/A	12.5%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	6	125
FY2024	—	—	27	118
FY2023	—	—	29	119
FY2022	—	—	23	114
FY2021	—	—	69	126