Iovance Biotherapeutics Stock Crashes: What Just Happened?

Bad day for biotech bulls—Iovance just got mauled by the market. Here’s the breakdown.

Blood in the Water

No FDA drama, no trial failure—just classic Wall Street overreaction. The stock got caught in a sector-wide selloff, proving once again that biotech investors have the emotional resilience of a crypto trader.

The Silver Lining?

Pipeline remains intact. Cash runway looks decent. But when the market smells weakness, even solid fundamentals get tossed like a meme coin in a bear market.

Smart money’s watching for the bounce. Everyone else? Probably panic-selling at the bottom—as usual.

Amtagvi leads the way

Iovance, a commercial-stage biotech that's focused on cell therapies for cancer treatment, reported slightly under $60 million in revenue for the period, which was nearly double the $31 million it earned in the same quarter of 2024. All of this is derived from sales of two products: Amtagvi and Proleukin. The former was by far the company's star, with over $54 million in sales.

Image source: Getty Images.

The steep increase in sales didn't filter down into a net profit, however. In fact, Iovance's GAAP (generally accepted accounting principles) net loss deepened during the quarter, coming in at almost $112 million ($0.33 per share) from the year-ago deficit of $97 million.

Also, analysts were expecting Iovance to boost its top line even more. Their consensus estimate for revenue was a shade over $67 million. As for net loss, they were modeling a deficit of only $0.28 per share.

In its earnings release, Iovance nevertheless sounded a bullish note about the future of its two commercialized products. It quoted CEO Frederick Vogt as saying that "Growth for Amtagvi and Proleukin will continue in the second half of 2025 as existing authorized treatment center growth continues and large community practices begin treating patients."

No move on revenue guidance

Investors might have liked to see that statement bolstered by a guidance raise. However, Iovance stuck to its existing forecast of $250 million to $300 million anchored, of course, by Amtagvi. The company pointed out that this is the first full year of Amtagvi sales, implying the future should be much rosier for the product.