Iovance Restructures Operations Following Financial Guidance Revision

Endpoint News reported that Iovance Biotherapeutics, a commercial-stage biotech specializing in cell therapy, is undertaking an operational restructuring. A company spokesperson told Endpoints News that the changes affected less than 20% of the total number of people working for the company.

The company’s spokesperson said the restructuring was implemented after a “careful evaluation of our long-term goals, operational needs, and resources” and is intended to extend its cash runway. The goal is to remain on track to meet financial objectives while continuing to focus on its mission to develop and deliver tumor-infiltrating lymphocyte (TIL) cell therapy.

This move follows a significant revision of the company’s financial guidance in May. Iovance, which markets the TIL cell therapy Amtagvi for advanced melanoma, truncated its full-year sales projections from an original range of $450 million to $475 million down to a new range of $250 million to $300 million. The company’s stock has also fallen 65% year-to-date.