Analyst Conference Summary

biotechnology

conference date: May 7, 2026 @ 5:30 AM Pacific Time
for quarter ending: March 31, 2026 (first quarter, Q1 2026)

Forward-looking statements

Overview: Revenue growing as pipeline advances.

Basic data (GAAP):

Revenue was $71.4 million, down 18% sequentially from $87 million, and up 45% from $49.3 million year-earlier.

Net Income was negative $79 million, down sequentially from negative $72 million, and up from negative $116 million year-earlier.

EPS (Earnings per Share), diluted, were negative $0.19, down sequentially from negative $0.18, and up from negative $0.36 year-earlier.

Guidance:

For Q2 2026, product revenue $86 to $88 million. Full year 2026 revenue $350 to $370 million.

Cash should fnd operations well into 2028.

Conference Highlights:

Frederick Vogt, Interim President and CEO said, "We are accelerating the adoption and commercial expansion for Amtagvi after record high demand. Iovance is well positioned through 2026 for long-term revenue growth, while advancing multiple ongoing and new clinical trials, including our registrational trial in advanced sarcomas now underway and encouraging initial data reported today for lifileucel in metastatic serous endometrial cancer. Internal manufacturing efficiencies, operational improvements, and cost reductions will benefit gross margin and propel future profitability, sustainable growth, and long-term value for patients and shareholders." Demand increase continued in Q1. On a clear path to profitability. Looking to approvals in Canada and other nations.

Avtagvi (Lifileucil) is now fully manufactured in house. Expenses in general have been reduced, extending the cash runway. The manufacturing change resulted in a one-time increase is cost of goods sold and reduced capacity in Q1.

We are expanding the platform to treat solid tumors, as shown in today's endometrial cancer result. Identifying patient populations that are more highly responsive to cell therapy.

Revenue consisted of $60 million from U.S. sales of Amtagvi plus $11 million from global sales of Proleukin. Amtagvi (lifileucel) treatment centers grew in numbers, and international launch is underway. In Q1 2026 announced Amtagvi for advanced melanoma trial reported ORR of 44%, improved from the trial data used for FDA accelerated approval. In Q2 2026 announced real world objective response rates of 52%. The Iovance Cell Therapy Center (iCTC) has been expanded (in Q1 2026) to ensure continuous supply going forward during future maintenance periods.

The Lifileucel trial for previously treated metastatic serious endometrial cancer reported initial data in Q1 2026. Confirmed objectiver response rate (cORR) was 40%, disease control rate was 100%, but that was for just 5 patients. Enrollment continues while seeking an expedited approval pathway with the FDA.

The lifileucel for previously treated advanced, metastatic nonsquamous NSCLC registrational trial reported positve interim data, with a 26% ORR and 72% disease control rate. Updated data will be reported at a major medical meeting in 2026. Enrollment should complete in 2026 with a launch possible in H2 2027. This is a much larger potential market than melanoma.

In Q1 2026 Iovance announced positive early data for one-time lifileucel treatment for advanced undifferentiated pleomorphic sarcoma (UPS) or dedifferentiated liposarcoma (DDLPS) who were refractory to at least one prior line of systemic therapy. For six evaluable patients, the confirmed RECIST v1.1 ORR was 50%. Iovance plans to commence a single arm registrational trial in previously treated advanced UPS and DDLPS in Q3 2026. [note that if 1 less patient had had a response, the ORR would have dropped to 33%]

In Q2 2026 multiple investigator-sponsored clinical trials of lifileucel are enrolling in cutaneous squamous and Merkel cell carcinomas as well as other new solid tumor indications.

Lifileucel combined with pembrolizumab is now (May 2026) in a Phase 3 trial for frontline melanoma. This is to support full approval based on Phase 2 data for second line advanced melanoma.

As of Q1 2026 a Phase 1/2 trial of IOV-4001, a PD-1 inactivated TIL therapy, in previously treated advanced melanoma and NSCLC, is ongoing.

As of Q1 2026 a Phase 1/2 trial of IOV-3001, a second-generation, modified IL-2 analog, is ongoing. Safety cohorts are ramping through multiple dose levels as of May 2026.

For 1H 2026, An IND submission was submitted for IOV-5001, a genetically engineered, inducible, and tethered interleukin-12 TIL therapy, for a Phase 1/2 basket trial.

Iovance is able to expand manufacturing for global production without significant futher capital expense. All our manufacturing operations are now in house, at our Philadelphia facility.

Cash and investments ended at $319 million, up sequentially from $297 million.

Total expenses were $152 milllion, consisting of: cost of sales $42 million, R&D $62 million, SG&A $39 million, depreciation and amortization $9 million. Other income $1 million. Income tax benefit $0.7 million.

Q&A:

Q2 sales guidance, will that improve gross margins? Q4 margins are where we aspire to be. They should trend upward in 2026, then further up in 2027 and beyond. We have economies of scale working with revenue growth, but no specific margin prediction?

Timing of next data? We had released lung data in November. We hope further data at a 2026 medical meeting.

Academic v. clinical ATCs (authorized treatment centers), growth? Onboarding and treating faster than 2025. Shift to more community hospitals. We also increased our sales force.

40% confirmed ORR in endometrial? Exciting result. Checkpoint inhibitors are now available as frontline therapy for endometrial, but their response rates are mostly 10% to 15%. We are also seeing better durability.

We will be using supplemental BLA filings for endometrial and other newer indications.

Demand is very, very strong for the product right now. We have nearly full visibility for Q2. We expect 2H to be extremely strong as well.

Tilvance-301 trial (advanced melanoma) enrollment? Enrollment is good, looking forward to an interim data read. We think it should show a strong increase in survival over pembrolizumab alone.

Are you overusing your ATM (diluting stock)? We don't think the ATM use is aggregious at all. We have been very disciplined in how we use it. We have pushed out the cash runway by 2 quarters, while we reduce expenses and increase margins. We will continue to use the ATM, while focusing on reaching break even.

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