Iovance Biotherapeutics, Inc. (IOVA) stock experienced a significant after-hours plunge of 7.97% on Thursday, following the release of its fourth-quarter and full-year 2024 financial results and corporate updates.
The biotechnology company reported a net loss of $78.6 million, or $0.26 per share, for the fourth quarter, compared to a net loss of $116.4 million, or $0.45 per share, in the same period last year. While revenue grew to $73.7 million, primarily driven by product sales of Amtagvi and Proleukin, the company's expenses remained high, with research and development costs reaching $72.2 million and selling, general, and administrative expenses totaling $42.5 million.
One of the key factors contributing to the stock's decline was the company's guidance for 2025. Despite reaffirming its total product revenue guidance within the range of $450 to $475 million for 2025, Iovance Biotherapeutics also announced that cash burn for the full year is expected to be under $300 million, including the completion of its manufacturing expansion. This cash burn outlook, combined with the company's higher-than-expected expenses in the fourth quarter, likely raised concerns among investors about the company's profitability and cash position.
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