Iovance Biotherapeutics, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 1 raised, 4 new. The quarter’s numbers.

Key takeaways

Product revenue grew about 45%: Total product revenue was about $71 million in the first quarter of 2026, up about 45% from first quarter 2025, after the prior annual maintenance period. Source
Second-quarter revenue guidance given: Total product revenue for 2Q26 is guided to $86 million to $88 million, with U.S. Amtagvi at $79 million to $81 million. Source
Full-year 2026 range set: Full-year 2026 total product revenue is guided to $350 million to $370 million, and the prior release gave FY25 guidance only. Source
Gross margin 41% with one-time costs: Gross margin was 41%, absorbing one-time costs for the annual maintenance period and the recent internal facility expansion. Source
UK application withdrawn and resubmitted: Iovance withdrew its UK application in May 2026 for procedural reasons, and with MHRA agreement will resubmit it for an expedited review. Source
Sarcoma registrational trial starting: IOV-SAR-201 in sarcoma is underway, with site activation and enrollment on track to begin in the third quarter of 2026, after early cORR of 50% in six patients. Source
Runway extended into 2028: Management said the cash position is expected to fund operations well into 2028, up from into the third quarter of 2027 in the prior release. Source

“We are accelerating the adoption and commercial expansion for Amtagvi after record high demand.”
Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance

Guidance

Area	Period	Figure	Against last quarter
Total product revenue Source	2Q26	$86 million to $88 million	New
Total product revenue Source	FY26	$350 million to $370 million	New
U.S. Amtagvi revenue Source	2Q26	$79 million to $81 million	New
Authorized treatment centers Source	year-end 2026	at least 110 activated	New
Cash runway Source	into 2028	well into 2028	Raised from into the third quarter of 2027

What changed from last quarter

New guidance: Full-year 2026 total product revenue guidance of $350 million to $370 million was given; the prior release gave FY25 guidance only. Source
Guidance raised: Cash runway was extended from the third quarter of 2027, stated in the prior release, to well into 2028. Source
New: Initial data in metastatic serous endometrial cancer were reported for the first time in these documents, with a 40% confirmed ORR in five evaluable patients. Source
New: The IOV-SAR-201 registrational trial in undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma is now underway, per the quarter's update. Source
New: The UK marketing authorization application for lifileucel was withdrawn in May 2026 for procedural reasons, with resubmission planned. Source
New: An IND application for IOV-5001 was submitted to FDA; the prior release had planned the submission for the first half of 2026. Source
Ended: Chief Medical Officer Dr. Friedrich Graf Finckenstein will retire in June 2026. Source
New: The facility at the i CTC has been expanded to support continuous supply during future maintenance periods. Source

Revenue and growth drivers

Product revenue grew about 45%: Total product revenue was about $71 million in the first quarter of 2026, up about 45% from first quarter 2025, after the prior annual maintenance period. Source
Net loss narrowed year on year: Net loss was $79.0 million, or $0.19 per basic and diluted share, against $116.2 million, or $0.36 per share, in the first quarter of 2025. Source
Proleukin revenue was about $11 million: Global Proleukin revenue was about $11 million in the quarter, against about $22 million in fourth quarter 2025 as stated in the prior release. Source

Guidance for second quarter and 2026

Second-quarter revenue guidance given: Total product revenue for 2Q26 is guided to $86 million to $88 million, with U.S. Amtagvi at $79 million to $81 million. Source
Full-year 2026 range set: Full-year 2026 total product revenue is guided to $350 million to $370 million, and the prior release gave FY25 guidance only. Source
Treatment-center activation target set: At least 110 ATCs are to be activated by year-end 2026, up from a network of more than 90 U.S. and Canadian ATCs now. Source

“Internal manufacturing efficiencies, operational improvements, and cost reductions will benefit gross margin and propel future profitability, sustainable growth, and long-term value for patients and shareholders.”
Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance

Amtagvi demand and treatment centers

Referrals moving to earlier treatment: Management attributed rising demand to adoption and referrals toward earlier treatment, citing a 52% real-world objective response rate after two or fewer prior lines. Source
Network above 90 centers: Demand and referral patterns are accelerating across more than 90 U.S. and Canadian academic and community treatment centers. Source
Turnaround time of 32 days: Amtagvi turnaround time is 32 days or less, described as the first scaled, centralized commercial manufacturing process for TIL therapy. Source

Manufacturing, gross margin and costs

Gross margin 41% with one-time costs: Gross margin was 41%, absorbing one-time costs for the annual maintenance period and the recent internal facility expansion. Source
R&D down 12% from fourth quarter: Research and development expenses fell 12% from fourth quarter 2025, the third consecutive quarter of improvement, which management attributed to operational efficiencies. Source
Cost steps tied to manufacturing: Management cited centralization of manufacturing at the i CTC, operational excellence work on Amtagvi production, and R&D optimization as steps to reduce costs. Source

“Iovance is well positioned through 2026 for long-term revenue growth”
Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance

Regulatory progress outside the U.S.

Australia and Switzerland decisions due: Decisions on the Australian marketing authorization application are expected in the first half of 2026, and on the Swiss application in the first half of 2027. Source
UK application withdrawn and resubmitted: Iovance withdrew its UK application in May 2026 for procedural reasons, and with MHRA agreement will resubmit it for an expedited review. Source
EMA resubmission planned for 2026: Iovance is working to resubmit a marketing authorization application to the European Medicines Agency in 2026, with other filings planned where melanoma, lung cancer and sarcoma are prevalent. Source

Pipeline and clinical programs

Endometrial cancer unmet need cited: Management described second-line serous endometrial cancer as an area of unmet need, with no FDA-approved therapy for it or for patients who had prior PD-1 blockers. Source
Lung cancer trial heading to filing: IOV-LUN-202 enrollment is to complete in 2026 to support a supplemental Biologics License Application, with updated data planned at a major 2026 meeting. Source
Sarcoma registrational trial starting: IOV-SAR-201 in sarcoma is underway, with site activation and enrollment on track to begin in the third quarter of 2026, after early cORR of 50% in six patients. Source
IOV-5001 cohorts planned: The IOV-5001 basket trial's cohorts include advanced colorectal cancer and triple negative and estrogen receptor low breast cancers, among other solid tumors. Source
IOV-3001 safety cohort advancing: A Phase 1 safety cohort of IOV-3001, a modified IL-2 analog for the TIL regimen, is advancing through multiple dose levels. Source

Cash, runway and patents

Cash about $319 million at quarter end: Cash, cash equivalents, short-term investments and restricted cash totaled about $319 million at March 31, 2026, against about $303 million at December 31, 2025. Source
Runway extended into 2028: Management said the cash position is expected to fund operations well into 2028, up from into the third quarter of 2027 in the prior release. Source
Patent exclusivity into 2042: The company owns or licenses nearly 400 granted or allowed patents and more than 1,000 applications, expected to give Amtagvi exclusivity into 2042. Source

Leadership and corporate changes

Chief Medical Officer retiring June: Dr. Friedrich Graf Finckenstein, Chief Medical Officer, will retire in June 2026, and the company thanked him for his contributions to Amtagvi and pipeline products. Source
Successor CMO expected soon: A new Chief Medical Officer is expected to be named in the near term, per the update. Source
Interim CEO gave the quarter's view: Frederick Vogt is Interim President and Chief Executive Officer, and he gave the company's statement on the quarter. Source

Coming up, as management said on 7 May 2026

Australia and Switzerland decisions: Australian approval decision expected in the first half of 2026; Swiss decision expected in the first half of 2027. Source
UK expedited review after resubmission: UK resubmission to be followed by an MHRA expedited review, expected to be completed over the coming months. Source
EMA resubmission in 2026: Iovance is working to resubmit a marketing authorization application to the EMA in 2026. Source
Sarcoma site activation in third quarter: Site activation and enrollment for IOV-SAR-201 are on track to begin in the third quarter of 2026. Source
Lung cancer launch potential in 2027: Potential U.S. accelerated approval and launch for lung cancer in the second half of 2027, after 2026 enrollment completion. Source
IOV-5001 enrollment planned 2H 2026: The IOV-5001 Phase 1/2 basket trial is planned to begin enrolling in the second half of 2026. Source
New CMO to be named: A new Chief Medical Officer is expected to be named in the near term, after the June retirement. Source
FDA expedited pathway talks for endometrial: Management plans to engage FDA on an expedited approval pathway alongside the ongoing IOV-END-201 trial. Source

Figures management reported

Figure	Reported
Total product revenue, 1Q26 Source	~$71 million, up ~45% over 1Q25
U.S. Amtagvi and Proleukin revenue, 1Q26 Source	Amtagvi ~$60 million; Proleukin ~$11 million
Research and development expense, 1Q26 Source	$62,487 thousand
Cash and restricted cash, March 31, 2026 Source	~$319 million
Amtagvi patent exclusivity expected to Source	into 2042
IOV-END-201 confirmed ORR, first five evaluable patients Source	40%
IOV-SAR-201 cORR, first six evaluable patients Source	50%

Risks management discussed

Operational: Revenue was affected by maintenance of the i CTC, as in first quarter 2025; the facility has since been expanded for future maintenance periods. Source
Regulatory: The UK marketing authorization application was withdrawn in May 2026 for procedural reasons, and resubmission is planned. Source
Operational: One-time costs for the annual maintenance period and the facility expansion weighed on gross margin in the quarter. Source

Earlier plans management reported on

On track: The prior release said the sarcoma trial would commence in the second quarter of 2026; management now says site activation and enrollment are on track for the third quarter of 2026. Source
Not stated: The prior release said potential approvals in the UK and Australia were expected in the first half of 2026; the UK application was withdrawn and will be resubmitted. Source
Not stated: Management tied centralization at the i CTC, operational excellence and R&D optimization to lower costs and better gross margin in 2026 and 2027. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Iovance Biotherapeutics Highlights Positive First Quarter 2026

Results, Business Achievements and Corporate Updates

1Q26 Total Revenue of ~$71M Delivers ~45% Year-over-Year Growth

2Q26 Revenue Guidance of $86M to $88M and FY26 of $350M to $370M

40% Confirmed Objective Response Rate in Metastatic Serous Endometrial Cancer

SAN CARLOS, Calif., May 7, 2026 -- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, today reported first quarter 2026 financial results, business achievements, and corporate updates.

Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance, stated, “We are accelerating the adoption and commercial expansion for Amtagvi after record high demand. Iovance is well positioned through 2026 for long-term revenue growth, while advancing multiple ongoing and new clinical trials, including our registrational trial in advanced sarcomas now underway and encouraging initial data reported today for lifileucel in metastatic serous endometrial cancer. Internal manufacturing efficiencies, operational improvements, and cost reductions will benefit gross margin and propel future profitability, sustainable growth, and long-term value for patients and shareholders.”

First Quarter 2026 Financial Highlights

Continued Strength in Execution and Cost Discipline

Total product revenue of ~$71 million increased by ~45% over 1Q25, reflecting significant performance improvements over the prior annual maintenance period.
U.S. Amtagvi revenue was ~$60 million.
Global Proleukin revenue was ~$11 million.
Gross margin of 41% absorbed one-time costs for the annual maintenance period and the recent internal facility expansion.
Consistent with 1Q25, revenue was affected by maintenance of the Iovance Cell Therapy Center (iCTC). The facility has now been expanded to ensure continuous supply going forward during future maintenance periods.
Research and Development (R&D) expenses decreased by 12% compared to 4Q25, driven by operational efficiencies and marking the third consecutive quarter of improvements.
Successful centralization of manufacturing at iCTC, significant operational excellence initiatives focused on Amtagvi production, and R&D optimization should further reduce costs and improve gross margins in 2026 and 2027.

Second Quarter 2026 and Full Year 2026 Guidance

Strong Growth in Amtagvi Forecast for 2026

Total product revenue guidance for 2Q26 is $86 million to $88 million and for FY26 is $350 million to $370 million.
U.S. Amtagvi revenue for 2Q26 is expected to be $79 million to $81 million, reflecting an expected ~23% increase over 4Q25 (the quarter prior to iCTC maintenance).

Amtagvi Commercial Business

Strong U.S. Commercial Business to Deliver Strong Growth in 2026

Increasing Amtagvi demand, catalyzed by real-world data, is driven by adoption and referrals toward earlier treatment. Recently published real world objective response rates were 52% in patients with two or fewer prior lines of therapy. Five-year follow-up clinical data demonstrated deep and durable responses in heavily pretreated patients, with a median duration of response of 3 years.
Demand and referral patterns are accelerating across a growing network of more than 90 U.S. and Canadian academic and community authorized treatment centers (ATCs). By year-end 2026, at least 110 ATCs will be activated.
Amtagvi turnaround time is 32 days or less with the first scaled, centralized commercial manufacturing process for TIL therapy. This is significantly faster than any other TIL therapy in development.
Amtagvi global expansion is advancing:
Decisions on marketing authorization application (MAA) approvals are expected in Australia in the first half of 2026 and in Switzerland in the first half of 2027.
In the United Kingdom, Iovance withdrew its initial MAA for lifileucel in May 2026 for procedural reasons. With the full agreement of the Medicines and Healthcare products Regulatory Agency (MHRA), Iovance will promptly resubmit the MAA with updated information for an expedited review by the MHRA, which is expected to be completed over the coming months.
Iovance is working to resubmit an MAA to the European Medicines Agency (EMA) in 2026.
Other regulatory submissions are planned in markets with a high prevalence of advanced melanoma, non-small cell lung cancer (NSCLC), and soft tissue sarcomas.

Pipeline Updates

New Data Across Several Pipeline Programs Anticipated Throughout 2026

Registrational Trials of Lifileucel Treatment in Solid Tumors
IOV-END-201: Positive initial data in previously treated metastatic serous endometrial cancer:
The confirmed objective response rate (cORR) by RECIST v1.1 was 40% and disease control rate was 100% in the first five evaluable patients with a median of 2 prior lines of therapy.
All five patients were mismatch repair proficient and progressed on prior chemotherapy and checkpoint inhibitor therapy.
These initial responses build on established differentiation of lifileucel from immune checkpoint inhibitors, including in melanoma, and demonstrate its advantages for solid tumor indications.
Serous endometrial cancer is a difficult to treat subtype accounting for ~40% of the approximately 12,500 annual U.S. endometrial cancer deaths. The second line setting represents an area of unmet medical need, with no therapy approved by FDA specifically for patients with serous endometrial carcinoma or for patients who have received prior PD-1 blocking antibodies.
Engagement on an expedited approval pathway with the ongoing IOV-END-201 trial is planned with the U.S. Food and Drug Administration (FDA).
IOV-LUN-202: initial results in previously treated, metastatic non-squamous NSCLC supported FDA Fast Track Designation, reflecting the high unmet medical need in this population. Upcoming milestones include:
Updated data at a major medical meeting in 2026.
Completion of enrollment in 2026 to support a supplemental Biologics License Application (sBLA).
Potential for a U.S. accelerated approval and launch in the second half of 2027.
IOV-SAR-201: a new registrational trial in undifferentiated pleomorphic sarcoma (UPS) and dedifferentiated liposarcoma (DDLPS) is now underway, driven by positive early data with a cORR of 50% in the first six evaluable patients.
Site activation and enrollment are on track to begin in the third quarter of 2026.
Iovance is actively engaging with FDA on a path to expedited approval for lifileucel in UPS and DDLPS.
TILVANCE-301: A Phase 3 randomized trial of lifileucel and pembrolizumab in frontline advanced melanoma.
Sites are actively enrolling patients across a broad global footprint.
An early interim analysis based on cORR is intended for a potential sBLA in frontline advanced melanoma.
TILVANCE-301 is also the confirmatory trial to support full approval in second line advanced melanoma.
Next Generation Pipeline
An Investigational New Drug (IND) application was submitted to FDA for a Phase 1/2 basket trial of IOV-5001, a second-generation IL-12 tethered TIL therapy, to begin enrolling in 2H 2026. Cohorts include advanced colorectal cancer, triple negative and estrogen receptor low breast cancers, and other highly prevalent solid tumors representing more than 100,000 U.S. deaths annually. IOV-5001 is designed to remodel the suppressive tumor microenvironment (TME) and activate immunologically cold tumors to support TIL responses. A first-generation IL-12 secreted TIL therapy showed a cORR of 63% in 16 melanoma patients at cell doses much lower than used with typical TIL therapies as well as those safely achievable with IOV-5001.
A Phase 1/2 trial, IOV-GM1-201, is enrolling using IOV-4001, a PD-1 inactivated TIL therapy, in previously treated advanced melanoma and NSCLC. IOV-4001 is engineered to resist inhibitory signals and enhance the ability of TIL therapies to fight and kill cancer in the TME.
A Phase 1 safety cohort using IOV-3001 is advancing through multiple dose levels in the Phase 1/2 trial of our second-generation, modified IL-2 analog for the TIL treatment regimen. IOV-3001 selectively expands effector T cells while avoiding activation of regulatory T cells, with the potential for a lower dose IL-2 regimen with reduced adverse events. IOV-3001 exhibits favorable pharmacokinetics and is expected to be superior to Proleukin as a component of future TIL regimens.
Multiple investigator-sponsored clinical trials of lifileucel are enrolling in cutaneous squamous and Merkel cell carcinomas as well as other new solid tumor indications.

Corporate Updates

Iovance currently owns or licenses nearly 400 granted or allowed U.S. and international patents and patent rights for Amtagvi and other TIL-related technologies, as well as more than 1,000 patent applications worldwide, which are expected to provide exclusivity into 2042 for Amtagvi and beyond for pipeline therapies.
Dr. Friedrich Graf Finckenstein, Chief Medical Officer, will retire from Iovance in June 2026. The company thanks Dr. Finckenstein for his service and contributions to the development of Amtagvi and other pipeline products. A new Chief Medical Officer is expected to be announced in the near term.
Iovance’s cash position was ~$319 million on March 31, 2026. The current cash position, bolstered by expense reductions, is expected to fund operations well into 2028.

Webcast and Conference Call

Management will host a conference call and live audio webcast to discuss these results and provide a corporate update today at 8:30 a.m. ET. To listen to the live or archived audio webcast, please register at https://edge.media-server.com/mmc/p/wmx3s4fc. The live and archived webcast can be accessed in the Investors section of the Company’s website, IR.Iovance.com, for one year.

1.Hamilton, C., Cheung, M., Osann, K. et al. Uterine papillary serous and clear cell carcinomas predict for poorer survival compared to grade 3 endometrioid corpus cancers. Br J Cancer 94, 642 - 646

2. Surveillance, Epidemiology, and End Results Program Cancer Stat Facts (accessed May 2026).

3. Zhang L, Rosenberg SA, et al, Clin Cancer Res 2015;21(10):2278 - 2288.

4. Cash, cash equivalents, short-term investments, and restricted cash as of March 31, 2026.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. aims to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (TIL) therapies for patients with cancer. We are pioneering a transformational approach to cure cancer by harnessing the human immune system’s ability to recognize and destroy diverse cancer cells in each patient. The Iovance TIL platform has demonstrated promising clinical data across multiple solid tumors. Iovance’s Amtagvi® is the first FDA-approved T cell therapy for a solid tumor indication. We are committed to continuous innovation in cell therapy, including gene-edited cell therapy, that may extend and improve life for patients with cancer. For more information, please visit www.iovance.com.

Amtagvi ® and its accompanying design marks, Proleukin®, Iovance®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Information on Iovance’s broad, industry-leading patent portfolio is available on the Intellectual Property page on www.iovance.com.

Forward-Looking Statements

Forward-looking statements notice

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “achievable,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled "Risk Factors" in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and include, but are not limited to, the following substantial known and unknown risks and uncertainties inherent in our business: the risks related to our ability to successfully commercialize our products; the acceptance by the market of our products and product candidates, if approved, and their potential pricing and/or reimbursement by payors, and whether such acceptance is sufficient to support continued commercialization or development of our products or product candidates; the risk regarding our ability to manufacture our therapies at our iCTC facility, including the risk that our ability to increase manufacturing capacity at our facility may adversely affect our commercial launch; the risk that the successful development or commercialization of our products may not generate sufficient revenue from product sales, and we may not become profitable in the near term, or at all; the risks related to the timing of and our ability to successfully develop, submit, obtain, or maintain regulatory authority approval of our product candidates; whether clinical trial results from our pivotal studies and cohorts, and meetings with regulatory authorities may support registrational studies and subsequent approvals by regulatory authorities, including the risk that the planned registrational trial in advanced sarcomas may not support approval; preliminary and interim clinical results, which may include efficacy and safety results, from ongoing clinical trials or cohorts may not be reflected in the final analyses of our ongoing clinical trials or subgroups within these trials or in other prior trials or cohorts; the risk that we may be required to conduct additional clinical trials or modify ongoing or future clinical trials based on feedback from regulatory authorities; the risk that our interpretation of the results of our clinical trials or communications with regulatory authorities may differ from the interpretation of such results or communications by such regulatory authorities; the risk that clinical data from ongoing clinical trials of Amtagvi will not continue or be repeated in ongoing or planned clinical trials or may not support regulatory approval or renewal of authorization; the risk that unanticipated expenses may decrease our estimated cash balances and forecasts and increase our estimated capital requirements; the risk that we may not be able to recognize revenue for our products; the risk that Proleukin revenues, and other factors such as the number of ATCs, may not serve as a leading indicator for Amtagvi revenues; the risks regarding our anticipated operating and financial performance, including our financial guidance and projections; the effects of global and domestic geopolitical factors or public health events; and other factors, including general economic conditions and regulatory developments, not within our control. Any financial guidance provided in this press release assumes the following: no material change in our ability to manufacture our products; no material change in payor coverage; no material change in revenue recognition policies; no new business development transactions not completed as of the period covered by this press release; and no material fluctuation in exchange rates.

IOVANCE BIOTHERAPEUTICS, INC.

Selected Condensed Consolidated Balance Sheets

(in thousands)

	March 31, 2026 (unaudited)	December 31, 2025
Cash, cash equivalents, and investments	$313,443	$296,980
Restricted cash	$5,992	$5,980
Total assets	$925,665	$913,170
Stockholders' equity	$721,754	$698,583

Condensed Consolidated Statements of Operations

(in thousands, except per share information)

	For the Three Months Ended
	March 31,
	2026 (unaudited)	2025 (unaudited)
Revenue
Product revenue, net	$71,430	$49,324
Total revenue	71,430	49,324
Costs and expenses*
Cost of sales **	$42,498	$42,715
Research and development **	62,487	75,965
Selling, general and administrative **	38,949	43,800
Depreciation and amortization	8,539	8,065
Total costs and expenses	152,473	170,545
Loss from operations	(81,043)	(121,221)
Other income
Interest and other income, net	1,333	3,220
Net Loss before income taxes	(79,710)	(118,001)
Income tax (expense) benefit	665	1,838
Net Loss	$(79,045)	$(116,163)
Net Loss Per Share of Common Stock, Basic and Diluted	$(0.19)	$(0.36)
Weighted-Average Shares of Common Stock Outstanding, Basic and Diluted	418,511	322,868
*Non-cash stock-based compensation included in cost of sales and operating expenses:
Cost of sales	$1,019	$2,420
Research and development	5,117	9,917
Selling, general and administrative	5,133	10,578
Total stock-based compensation included in costs and expenses	$11,269	$22,915
** Excludes depreciation and amortization

Contacts
IR@iovance.com
650-260-7120 ext. 150
PR@iovance.com
650-260-7120 ext. 150