Iovance Biotherapeutics, Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company, focused on tumor infiltrating lymphocyte (TIL) cell therapies for solid tumors, achieved product revenue of $58.6 million for the three months ended September 30, 2024, a substantial increase from $469,000 in the same period of 2023. This growth is attributed to the commercial launch of its first FDA-approved product, Amtagvi™ (lifileucel), which began generating revenue in the second quarter of 2024, and the acquisition of Proleukin® in May 2023.

Total revenue for the nine months ended September 30, 2024, reached $90.4 million, compared to $707,000 for the same period in 2023. The increase in revenue was primarily driven by the sales of Proleukin® and Amtagvi™, with Proleukin® sales commencing in the U.S. market in Q2 2024. The cost of sales for the three months ended September 30, 2024, rose to $39.8 million, up from $4.3 million in the prior year, reflecting the costs associated with the newly launched products.

Despite the revenue growth, Iovance reported a net loss of $83.5 million for the three months ended September 30, 2024, a decrease from a net loss of $113.8 million in the same period of 2023. For the nine months, the net loss was $293.6 million, down from $327.7 million year-over-year. The reduction in losses is attributed to lower research and development expenses, which decreased by 22% in Q3 2024 compared to the previous year, primarily due to a decrease in clinical manufacturing costs as the company transitioned to commercial manufacturing for Amtagvi™.

The company’s total current assets increased to $498.6 million as of September 30, 2024, up from $307.8 million at the end of 2023, driven by higher cash and short-term investments. Cash and cash equivalents stood at $164.2 million, while short-term investments reached $233.3 million. Total assets also rose to $991.1 million, compared to $780.4 million at the end of 2023.

Iovance continues to invest in its development pipeline, with ongoing multicenter trials for TIL therapies in advanced melanoma and non-small cell lung cancer. The company anticipates incurring significant expenses to support the commercial launch of Amtagvi™ and fund ongoing clinical programs. As of September 30, 2024, Iovance had sufficient capital to fund its anticipated operating expenses for at least the next twelve months.