Iovance Biotherapeutics
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Iovance Biotherapeutics (IOVA) investor relations material

Iovance Biotherapeutics Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Achieved 30% quarterly revenue growth in Q4 2025 and 61% year-over-year for the full year, driven by strong AMTAGVI demand, operational improvements, and expanded ATC network.

  • Full-year 2025 revenue reached $264 million, meeting annual guidance, with gross margin improving to 50% in Q4 due to operational efficiencies and internalized manufacturing.

  • Advanced pipeline with lifileucel showing strong efficacy in non-small cell lung cancer and sarcoma, including FDA Fast Track designation and positive early/interim data.

  • Extended cash runway into Q3 2027 through cost optimization, disciplined capital use, and a year-end cash position of $303 million.

  • Amtagvi approved in Canada, with regulatory submissions underway in the UK, Australia, and Switzerland.

Financial highlights

  • Q4 2025 product revenue reached $87 million, up 30% sequentially; full-year revenue totaled $264 million, with Amtagvi contributing $220 million (US) and Proleukin $44 million (global).

  • Q4 gross margin improved to 50% from 43% in Q3, reflecting operational optimization and internalized manufacturing.

  • Proleukin contributed about 17% of total revenue for 2025, with ordering patterns stabilizing.

  • Cash position at year-end was $303 million, supporting operations into Q3 2027.

  • Net loss for FY25 was $390.98 million; Q4 net loss was $71.9 million.

Outlook and guidance

  • Expecting remarkable revenue growth in 2026, primarily from AMTAGVI, with formal guidance to be provided soon.

  • Operational improvements and internalized manufacturing expected to further enhance margins and reduce costs in 2026–2027.

  • Preparing for commercial launches in new indications, including non-small cell lung cancer and sarcoma, with potential U.S. launch for lung cancer in 2H 2027.

  • Global expansion underway, with AMTAGVI approved in Canada and pending approvals in the U.K., Australia, and Switzerland.

Quantify 2026/27 operating expense improvements
Amtagvi ex-US revenue contribution forecast
Lifileucel NSCLC market penetration strategy
What drives future gross margin improvement?
Community ATC ramp-up timeline and drivers?
Sarcoma registrational trial patient numbers?
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TD Cowen 46th Annual Health Care Conference2 Mar, 2026
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TD Cowen 46th Annual Health Care Conference2 Mar, 2026

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Frequently asked questions

Iovance Biotherapeutics Inc is a biotechnology company focused on developing cell-based immunotherapies for the treatment of cancer. The company specializes in tumor-infiltrating lymphocyte (TIL) therapies, which involve harnessing and enhancing a patient's immune cells to target and destroy cancer cells. Iovance’s research primarily targets solid tumors, aiming to offer new treatment options for patients with melanoma, cervical cancer, and other types of cancers. Its therapies are developed using advanced cell therapy technologies to address cancers that are resistant to traditional treatments. The company is headquartered in San Carlos, California, and its shares are listed on the NASDAQ.

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