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)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。