Iovance Biotherapeutics is cutting 19% of its workforce, which equates to around 230 employees. This decision arises from a $111.7 million net loss, as the company announced lower-than-expected revenue in its quarterly results. Following this announcement, Iovance's stock value plummeted by more than 30%, translating to a loss of over $250 million. The layoffs will help extend the company’s financial resources into the final quarter of 2026 as it navigates lower-than-anticipated demand for its melanoma treatment, Amtagvi, the first tumor-infiltrating lymphocyte therapy to market.
Iovance Biotherapeutics is laying off about 19% of its workforce, translating to roughly 230 cuts, primarily in response to a $111.7 million net loss.
Following the announcement of layoffs and disappointing quarterly financials, Iovance's stock value dropped by over 30%, resulting in a loss exceeding $250 million.
The company’s advanced melanoma treatment, Amtagvi, is known for using tumor-infiltrating lymphocyte therapy, costing $515,000 and approved by the FDA in 2024.
Despite the innovation in their treatment, Iovance's valuation has plummeted from approximately $4.4 billion to $881 million as demand did not meet expectations.
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