By Chris Wack

Iovance Biotherapeutics shares were 42% lower, at $1.84, after the company said its first-quarter loss was wider than analysts' expectations.

The biotechnology company said it had a quarterly loss of $116.2 million, or 36 cents a share, compared with a loss of $113 million, or 42 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $77.8 million, or 24 cents a share.

Revenue for the quarter was $49.3 million, compared with last year's $715,000 and the $82.4 million analysts expected.

Iovance said its first-quarter revenue was affected by a significant reduction in capacity during an annual scheduled maintenance at its Iovance Cell Therapy Center. Full production has now resumed at the center, so the company now expects infusions to grow in the second quarter as compared with the first quarter.

For 2025, the company is looking for product revenue of $250 million to $300 million. Analysts are forecasting product revenue of $370.3 million for 2025.

As of March 31, Iovance had cash, cash equivalents, investments and restricted cash of $366 million. The current cash position and anticipated product revenue are expected to be sufficient to fund current and planned operations, including manufacturing expansion, into the second half of 2026.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 09, 2025 10:05 ET (14:05 GMT)

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