Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) plunged 40.07% in after-hours trading on Thursday following the release of its first-quarter 2025 financial results that fell short of analysts' expectations and a downward revision of its full-year guidance.

The biotechnology company reported a quarterly loss of $(0.36) per share, significantly wider than the analyst consensus estimate of $(0.24). While this represents a 14.29% improvement from the $(0.42) loss per share in the same quarter last year, it still disappointed investors. Revenue for the quarter came in at $49.32 million, missing the analyst forecast of $81.70 million by 39.63%. Despite the miss, this figure marks a substantial increase from the $715,000 reported in the same period last year.

Adding to investor concerns, Iovance revised its fiscal year 2025 total product revenue guidance to $250 million - $300 million, down from previous projections. The company's net income for the quarter stood at a loss of $116.163 million, with operating income at negative $121.221 million. These figures, coupled with the lowered guidance, appear to have shaken investor confidence in the company's near-term growth prospects, leading to the sharp sell-off in extended trading.