• Total Product Revenue (Q3 2024): $58.6 million, exceeding guidance of $53 million to $55 million.

• Amtagvi Revenue (Q3 2024): $41 million.

• Proleukin Revenue (Q3 2024): $16.5 million.

• Year-to-Date Total Product Revenue (2024): $90.4 million.

• Amtagvi Revenue Year-to-Date (2024): $54.9 million.

• Proleukin Revenue Year-to-Date (2024): $35.5 million.

• Net Loss (Q3 2024): $83.5 million or $0.28 per share.

• Net Loss (First Nine Months 2024): $293.6 million or $1.03 per share.

• Gross Margin (Q3 2024): $25.6 million against revenue of $58.6 million.

• Cash Position (as of September 30, 2024): Approximately $403.8 million.

• Research and Development Expenses (Q3 2024): $68.2 million.

• Selling, General and Administrative Expenses (Q3 2024): $39.6 million.

• Full Year 2024 Revenue Guidance: $160 million to $165 million.

• Full Year 2025 Revenue Guidance: $450 million to $475 million.

• Cash Burn Guidance (Full Year 2024): $320 million to $340 million, excluding one-time expenses.

• Warning! GuruFocus has detected 2 Warning Signs with IOVA.

Release Date: November 07, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Iovance Biotherapeutics Inc (NASDAQ:IOVA) reported third-quarter total product revenue of $58.6 million, surpassing their guidance of $53 million to $55 million.

• Amtagvi's adoption and demand are strong, with 126 patients infused since its launch, indicating robust market acceptance.

• The company has favorable medical coverage policies, with approximately 75% of Amtagvi patients covered by private payers.

• Iovance Biotherapeutics Inc (NASDAQ:IOVA) is expanding its network of authorized treatment centers (ATCs), aiming to reach 70 ATCs by year-end.

• The company is on track to achieve its full-year 2024 revenue guidance of $160 million to $165 million and anticipates significant revenue growth in 2025 and beyond.

Negative Points

• The company reported a net loss of $83.5 million for the third quarter of 2024, although this is an improvement from the previous year.

• There are concerns about potential impacts on infusion schedules due to upcoming holidays, which could affect revenue projections.

• The cost of sales remains high, with $39.8 million reported for the third quarter, impacting gross margins.

• Research and development expenses, although decreased, remain substantial at $68.2 million for the third quarter.

• The company is still working on optimizing manufacturing processes to improve turnaround times and reduce costs.

Q & A Highlights

Q: Can you discuss the potential impact of upcoming holidays on patient infusions and whether this might affect your annual guidance? A: Frederick Vogt, Interim CEO, explained that while there might be a lull during the holidays due to patients and physicians taking time off, the company has accounted for this in their projections. They expect to perform well in the quarter despite any holiday-related slowdowns.