Iovance Biotherapeutics (IOVA) TD Cowen 46th Annual Health Care Conference summary

Financial and operational performance

• Achieved 30% quarterly revenue growth and a 50% gross margin in Q4 2025, with full-year revenue of $264 million, meeting guidance.

• Operational improvements and cost optimization extended cash runway into Q3 2027.

• All manufacturing for AMTAGVI is now internal, enabling better cost control and economies of scale.

• Proleukin contributed 17% of annual revenue, with most use tied to AMTAGVI treatments.

• Revenue guidance will be provided after more commercial data is available, potentially before the Q1 call.

Commercial strategy and market expansion

• AMTAGVI adoption is accelerating, supported by expanding academic and community treatment centers.

• Growth in 2026 will come from both deeper penetration and network expansion of authorized treatment centers (ATCs).

• Initiatives focus on making patient access easier and increasing early treatment uptake.

• Community center engagement is a key driver for broader reach and revenue growth.

• Proleukin sales are expected to stabilize, with AMTAGVI as the primary growth driver.

Pipeline development and clinical milestones

• Lifileucel demonstrated a 31% response rate and near 20-month median overall survival in heavily pretreated melanoma patients.

• Higher response rates observed in real-world studies, especially with earlier AMTAGVI use.

• Non-small cell lung cancer program targets a market seven times larger than melanoma, with Fast Track designation and potential launch in H2 2027.

• Early data in soft tissue sarcomas showed a 50% response rate, with plans for a rapid, single-arm registrational trial.

• Next-generation TIL therapies (IOV-4001, IOV-5001, IOV-3001) are advancing, aiming to address broader solid tumor indications.