Iovance Biotherapeutics

IOVA

Market cap $945M

A clinical hold and a complex commercial path make Intellia Therapeutics' outlook uncertain. Despite steadily growing revenue, Iovance Biotherapeutics faces nearly insurmountable challenges.

Iovance Biotherapeutics is reaffirmed as a Buy, driven by Amtagvi's strong efficacy and blockbuster potential in melanoma and lung cancer. IOVA targets significant market expansion, with lung cancer representing a $10B U.S. peak sales opportunity—7x its current melanoma market. Operational risks persist: slow commercial ramp, steep operating losses, and competition from Replimune's RP1, but management expects gross margin gains from in-house manufacturing in 2026.

SAN CARLOS, Calif., Dec. 19, 2025 (GLOBE NEWSWIRE) -- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) ("Iovance" or the “Company”), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer, today announced that on December 18, 2025 (the “Date of Grant”), the Company approved the grant of inducement stock options covering an aggregate of 43,150 shares of Iovance's common stock to four new, non-executive employees.

CRISPR Therapeutics' approved medicine is making slow progress, but it has an exciting pipeline. Iovance Biotherapeutics is generating decent revenue, but it faces significant obstacles.

SAN CARLOS, Calif., Nov. 21, 2025 (GLOBE NEWSWIRE) -- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) ("Iovance" or the “Company”), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer, today announced that on November 20, 2025 (the “Date of Grant”), the Company approved the grant of inducement stock options covering an aggregate of 164,900 shares of Iovance's common stock to 11 new, non-executive employees.

Iovance Biotherapeutics remains a Sell due to ongoing dilution risk, sub-consensus revenue, and only modest margin improvements. Q3 revenue landed in the base case at $68 million, missing estimates, while gross margin improved to 29.6% (≤30% adjusted for D&A). Management reaffirmed FY25 revenue guidance and extended cash runway to Q2 2027, but execution and credibility issues persist.

Iovance obtained approval for Amtagvi last year, which has given its top line a big boost. This year, the company anticipates it can generate up to $300 million in sales.

Iovance's shares jump 28% as the biotech narrows its quarterly loss and lifts gross margins amid strong Amtagvi sales and cost cuts.

Iovance Biotherapeutics and Intellia Therapeutics are two innovative small-cap biotechs. Both companies face serious issues despite Wall Street's high price targets for them.

Iovance Biotherapeutics, Inc. ( IOVA ) Q3 2025 Earnings Call November 6, 2025 8:30 AM EST Company Participants Sara Pellegrino - Senior Vice President of Investor Relations & Corporate Communications Frederick Vogt - Interim CEO, President, General Counsel, Corporate Secretary & Director Corleen Roche - Chief Financial Officer Daniel Kirby - Chief Commercial Officer Igor Bilinsky - Chief Operating Officer Friedrich Graf Finckenstein - Chief Medical Officer Raj Puri - Chief Regulatory Officer Conference Call Participants Lin Tsai - Jefferies LLC, Research Division Yanan Zhu - Wells Fargo Securities, LLC, Research Division Salim Syed Nicholas Lorusso - TD Cowen, Research Division Xiaochuan Dai - UBS Investment Bank, Research Division Colleen Hanley - Robert W. Baird & Co. Incorporated, Research Division Reni Benjamin - Citizens JMP Securities, LLC, Research Division Presentation Operator Welcome to the Iovance Biotherapeutics Third Quarter and Year-to-Date 2025 Conference Call.