In This Article:
Release Date: May 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Iovance Biotherapeutics Inc (NASDAQ:IOVA) reported over $210 million in revenue from the US launch of its cell therapy, Antagy, in its first year.
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The company has activated 70 Advanced Treatment Centers (ATCs) and is preparing to onboard more, indicating a strong network expansion strategy.
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Iovance Biotherapeutics Inc (NASDAQ:IOVA) anticipates potential approvals for Antagy in the UK, Canada, and the EU, expanding its international market presence.
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The company maintains a strong cash position of approximately $366 million, sufficient to fund operations into the second half of 2026.
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Iovance Biotherapeutics Inc (NASDAQ:IOVA) is on track to report updated data from its registrational trial in non-small cell lung cancer, indicating progress in its clinical pipeline.
Negative Points
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First quarter revenue was lower than expected due to manufacturing disruptions and patient drop-offs.
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The company revised its full-year revenue guidance to $250-$300 million, indicating a more conservative outlook.
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Manufacturing success rates were lower in the first quarter, impacting cost of goods and gross margin.
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There is a disconnect between initial target physicians and community oncologists regarding Antagy's treatment sequencing, affecting adoption.
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Annual maintenance at the manufacturing facility reduced capacity by more than 50% for about a month, impacting production.
Q & A Highlights
Q: Can you confirm whether you're seeing or have seen a spike or an inflection in patient uptake to give you confidence around your guidance of 100-110 patients for Q2? A: Yes, we're confident in that number and we are seeing demand as stated in the script, in quarter 2, be strong. - Dan Kirby, Chief Commercial Officer
Q: For the 11 ATCs that have infused more than 10 patients, were most of them involved in the clinical program, and what are the barriers for the other ATCs? A: Only a few of those ATCs were involved in the trial. It's not necessarily a correlation between the clinical trial unit and their experience with commercial use. We are learning how to get them up to speed, and we're confident that many of the other ATCs will come along quickly. - Dr. Fred Vo, Interim CEO
Q: What are you assuming for Prolukin through the remainder of this year, even after the uptick expected in Q2? A: If you take the guidance we gave, subtract a number for Prolukin, and divide by 550 or so, you'll get something in the high 400s, close to 500. There could be some upside too. - Dr. Fred Vo, Interim CEO