Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) plunged 29.17% in after-hours trading on Thursday following a series of disappointing announcements in its second quarter 2025 financial results and corporate update.

The biotechnology company, focused on developing tumor infiltrating lymphocyte (TIL) therapies for cancer treatment, reported a wider-than-expected quarterly loss of $0.33 per share, missing analyst estimates of $0.29. Revenue for the quarter came in at $59.952 million, falling short of the expected $69.792 million by 14.10%. Despite a year-over-year revenue growth of 92.73%, the earnings miss significantly disappointed investors.

Adding to the negative sentiment, Iovance announced a strategic restructuring plan aimed at optimizing business performance. The plan includes a workforce reduction of approximately 19% in the third quarter of 2025, expected to result in over $100 million in annual cost savings starting in the fourth quarter. While the company stated that no significant changes to its pipeline are expected, the restructuring news raised concerns about future growth prospects.

In a further blow to investor confidence, Iovance revealed it had withdrawn its marketing authorization application from the European Medicines Agency (EMA) for its lead product, Amtagvi, in the treatment of advanced melanoma. The company cited the need to develop a new strategy for making the therapy accessible to patients in the EU, representing a significant setback in the European market.

Despite these challenges, Iovance reiterated its full-year 2025 revenue guidance of $250 million to $300 million. However, this reassurance did little to offset the negative impact of the earnings miss, restructuring announcement, and European setback, leading to the steep stock decline.