Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) experienced a dramatic 38.49% plunge in after-hours trading on Thursday, following the release of disappointing first-quarter 2025 financial results and a downward revision of its full-year guidance.

The clinical-stage biotechnology company reported a wider-than-expected quarterly loss of $0.36 per share, significantly missing the analyst consensus estimate of $0.24 per share. While this represents a 14.29% improvement from the $0.42 loss per share in the same quarter last year, it fell short of market expectations. Revenue for the quarter came in at $49.32 million, falling well below the analyst forecast of $81.70 million by 39.63%. Despite the substantial increase from the $715,000 reported in the same period last year, the revenue miss has raised concerns among investors.

Adding to the negative sentiment, Iovance Biotherapeutics revised its fiscal year 2025 total product revenue guidance to a range of $250 million to $300 million, down from previous projections. The company's net loss for the quarter stood at $116.163 million, with an operating loss of $121.221 million. These figures, coupled with the lowered guidance, have shaken investor confidence in the company's near-term growth prospects and its path to profitability. As biotechnology investors closely monitor cash burn rates and paths to market for novel therapies, these results appear to have triggered a significant sell-off in extended trading.