Iovance Biotherapeutics (IOVA) reported a Q1 loss late Thursday of $0.36 per diluted share, narrower than a loss of $0.42 a year earlier.

Analysts polled by FactSet expected a loss of $0.24.

Revenue for the quarter ended March 31 was $49.3 million compared with $715,000 a year earlier.

Analysts surveyed by FactSet expected $82.4 million.

The company trimmed its 2025 product revenue guidance to $250 million to $300 million from $450 million to $475 million.

Iovance shares were down 36% in recent premarket activity Friday.