TLDR
- Iovance Biotherapeutics (IOVA) stock surged over 27% after Q4 2025 earnings
- Revenue hit $87.1 million, beating estimates by 5.71%, up 30% quarter-over-quarter
- Full-year 2025 product revenue reached $264 million, in line with guidance
- Gross margin improved to 50%, up from 43% the prior quarter
- Cash runway extended into Q3 2027; FDA Fast Track designation granted for NSCLC
Iovance Biotherapeutics (IOVA) posted its Q4 2025 earnings on February 24, 2026, and the market liked what it saw.
Iovance Biotherapeutics, Inc., IOVA
The stock jumped more than 27% on the day, after revenue came in ahead of expectations and margins moved in the right direction.
Revenue for the quarter hit $87.1 million, beating the $82.03 million consensus estimate by 5.71%. That figure also represents 30% growth from Q3 2025.
EPS came in at -$0.18, just a hair below the forecast of -$0.17. Not perfect, but close enough that investors focused on the top-line beat.
Full-year 2025 product revenue reached approximately $264 million, in line with the company’s own guidance. That includes around $220 million from Amtagvi and about $44 million from Proleukin.
Margins and Cash Position Improve
Gross margin improved to 50% in Q4, up from 43% in the prior quarter. That kind of sequential improvement is what investors want to see from a commercial-stage biotech still on its path to profitability.
The company ended 2025 with roughly $303 million in cash. That runway is expected to cover operations into Q3 2027.
Cost-saving moves, including fully internalizing lifileucel manufacturing, are part of the plan to lower expenses further and push toward profitability.
The manufacturing turnaround time for Amtagvi has also improved, now running at 32 days or less, which helps support the growing network of authorized treatment centers.
Amtagvi launched as the first-in-class TIL therapy for advanced melanoma. Real-world data and clinical trials have shown durable response rates that the company describes as unprecedented in this patient population.
Pipeline Progress Adds to the Story
Beyond the current commercial products, Iovance has been building out its pipeline.
The FDA granted Fast Track designation for lifileucel in second-line advanced non-small cell lung cancer. Interim data from the NSCLC trial suggests a profile that compares favorably to docetaxel.
The company is targeting a potential U.S. accelerated approval in NSCLC by 2027. The NSCLC market is estimated to be roughly seven times larger than the melanoma market.
Other programs include trials in sarcomas, frontline melanoma combinations, and next-generation engineered TIL therapies.
CEO Frederick Vogt pointed to strong Amtagvi demand and operational discipline as the drivers behind the Q4 results.
CFO Jessica McNally cited the extended cash runway and cost initiatives as key to supporting sustainable growth.
The most recent analyst rating on IOVA is a Buy with a $9.00 price target, though the stock has been under pressure over the past year, down roughly 48% before this week’s pop.
The stock started the day at $2.87 and climbed as high as $3.63 during trading on February 24, 2026.
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