Iovance Shares Continue Slide Despite Canadian Regulatory Breakthrough

Iovance Biotherapeutics is confronting a severe equity downturn, with its stock value declining by 69% since the start of the year. A recent conditional approval from Health Canada for its Amtagvi cancer therapy offers a potential inflection point, though it has yet to reverse the prevailing negative investor sentiment.

The company’s second-quarter financial results painted a mixed picture. While product revenue surged impressively by 93% to $60 million, primarily driven by $54.1 million in sales from Amtagvi, profitability remained elusive. Iovance reported a substantial net loss of $111.7 million for the period.

In response to its ongoing cash burn, management has initiated a significant strategic overhaul. This restructuring plan is designed to achieve approximately $100 million in annual operating cost savings, thereby extending the... Read more...