Iovance Biotherapeutics Declines 29% In Premarket Trading: Here's What's Happening

Iovance Biotherapeutics Inc. IOVA stock has declined by 29.92% in pre-market trading. This comes after the company reported its second-quarter financial results.

Check out the current price of IOVA stock here.

What Happened: The stock of the California-based biotechnology company was trading at $2.64, up by $0.60 on Thursday, according to the Benzinga Pro data. However, this rise was followed by a dip, dropping the share price to $1.85.

The dip in the stock was due to the release of Lovance’s second-quarter financial results and corporate updates. The company reported a 93% year-over-year increase in revenue for the second quarter of 2025, with a total product revenue of $60 million from Amtagvi and Proleukin. This marked a significant jump from the $31.1 million reported in the second quarter of 2024.

U.S. Amtagvi product revenue alone reached $54.1 million from treating 102 patients, driven by increased activity at both existing and new treatment centers.

The company’s Amtagvi revenue for the second quarter of 2025 was $54.1 million, reflecting the treatment of 102 commercial patients with an objective response rate (ORR) of 48.8%.

Iovance also plans to cut about 19% of its workforce in the upcoming quarter as part of a broader restructuring effort to reduce costs and improve operations, as its valuation has collapsed from around $4.4 billion to its current level.

Why It Matters: The company’s stock performance is a reflection of investor sentiment following the release of its second-quarter financial results and layoff information. The company also reiterated its full-year 2025 total product revenue guidance to $250-$300 million.

Benzinga Edge Stock Rankings indicate that IOVA stock has a negative price trend across all time frames. Track the performance of other players in this segment.