Shares of Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) are set to open sharply lower on Friday, plummeting 32.18% in pre-market trading following the release of disappointing first-quarter 2025 financial results and a downward revision of its full-year guidance.

The clinical-stage biotechnology company reported a quarterly loss of $0.36 per share, significantly missing the analyst consensus estimate of $0.24 per share. While this represents a 14.29% improvement from the $0.42 loss per share in the same quarter last year, it fell short of market expectations. Revenue for the quarter came in at $49.32 million, falling well below the analyst forecast of $81.70 million by 39.63%.

Adding to investor concerns, Iovance Biotherapeutics revised its fiscal year 2025 total product revenue guidance to a range of $250 million to $300 million, down from previous projections. The company's net loss for the quarter stood at $116.163 million, with an operating loss of $121.221 million. These figures, coupled with the lowered guidance, have shaken investor confidence in the company's near-term growth prospects and its path to profitability, leading to the significant pre-market sell-off.