IOVA Sees Clear Path to Profitability Amid Record Revenue
Iovance Biotherapeutics (IOVA) reported nearly $100 million in revenue for its second quarter, a record high for the company. The company's margin is now at 56%, the highest it has ever been. IOVA also announced that it now has 'a clear line of sight to profitability', thanks to its approved skin cancer drug Amtagvi.
The company's executive vice president of translational medicine and research, Brian Gastman, stated that the bottleneck was never the science behind TIL (Tumor-Infiltrating Lymphocyte) therapy. Instead, it was getting the treatment to patients. IOVA now has over 95 treatment centers, and expects to reach 110 by the end of the year.
Iovance is preparing for a stretch of data and trial updates slated into year-end. The company will present supporting results for Amtagvi plus Merck's Keytruda in frontline melanoma at a conference in late October. IOVA is also developing Amtagvi for endometrial cancer, and is talking with the FDA about a faster path.
The company's next-generation TIL therapy, IOV-5001, will 'imminently start accruing patients', including in harder-to-treat cancers such as colorectal, triple-negative breast, and head and neck. Gastman stated that Iovance is 'imminently finishing' a trial for lung cancer and expects to present a much larger dataset by the end of the year.