Iovance Biotherapeutics, Inc. reported a total revenue of $67.5 million for the third quarter of 2025, marking a 15% increase from $58.6 million in the same period of 2024. The growth was primarily driven by the commercial launch of its first product, Amtagvi® (lifileucel), which generated $57.5 million in revenue, a 37% increase from $42.0 million in the prior year. However, revenue from Proleukin® (aldesleukin) decreased by 40% to $10.0 million, down from $16.5 million, reflecting a decline in demand following initial stocking in the previous year. For the nine months ending September 30, 2025, total revenue surged to $176.7 million, nearly doubling from $90.4 million in 2024.
Despite the revenue growth, Iovance reported a net loss of $91.3 million for the third quarter, a 9% increase from a loss of $83.5 million in the same quarter of 2024. The nine-month net loss also rose to $319.1 million, compared to $293.6 million in the previous year. The increase in losses was attributed to higher costs of sales, which rose by 22% to $38.5 million, driven by the costs associated with the manufacturing of Amtagvi® and increased reserves for excess inventory. Research and development expenses also increased by 12% to $75.2 million, reflecting ongoing clinical trials and workforce expansion prior to a recent restructuring.
In August 2025, Iovance announced a strategic restructuring plan aimed at reducing operating costs and streamlining operations, which included a workforce reduction of approximately 19%. This restructuring resulted in $5.1 million in charges for severance and related expenses during the third quarter. The company is also focusing on the commercialization of Amtagvi® in the U.S. and plans to expand into international markets, including Canada, the UK, and Australia, where regulatory approvals are anticipated.
As of September 30, 2025, Iovance had $306.8 million in cash, cash equivalents, and short-term investments, providing sufficient capital to fund operations for at least the next twelve months. The company has been actively engaged in clinical trials for its TIL cell therapies and is exploring next-generation therapies, including genetically modified TILs. Looking ahead, Iovance expects to continue incurring significant expenses as it supports the launch of Amtagvi® and advances its clinical programs, while also managing its cost structure to extend its cash runway.
About IOVANCE BIOTHERAPEUTICS, INC.
Iovance Biotherapeutics develops personalized TIL (tumor infiltrating lymphocyte) cell therapies for solid tumor cancers, including melanoma and lung cancer. Its core products include Amtagvi, the first FDA-approved TIL therapy for melanoma, and Proleukin, an IL-2 product. The company focuses on manufacturing scalable, proprietary processes and advancing innovative, genetically modified TIL treatments to target diverse, patient-specific neoantigens in global oncology markets.
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