Iovance Biotherapeutics, Inc.

Second quarter total revenue was $99.3 million, up 66% year over year and 39% sequentially from Q1. Amtagvi revenue was approximately $91 million, up about 68% year over year and roughly 51% sequentially, while Proleukin contributed about $9 million. Gross margin was 56%, versus 41% in Q1 and above the prior peak of 50% in Q4 2025. R&D expense was about $59 million, SG&A was about $39 million, and cash, cash equivalents, and short-term investments were approximately $304 million as of June 30, 2026. Management is reviewing full-year 2026 revenue guidance of $350 million to $370 million and expects to share more detail in the third quarter; they also said they expect Proleukin to remain in line with 2025 as a percentage of total revenue and that cash should fund operations into the second half of 2028.

Fred Vogt’s message was highly upbeat: he called Q2 the company’s strongest yet and said Iovance delivered record revenue, record margin, and major pipeline progress at the same time. He emphasized that the commercial momentum is organic, not timing-related, and said Amtagvi demand is expected to keep rising in Q3 and Q4. He also framed the company as increasingly differentiated by its manufacturing scale, ATC expansion, and breadth of clinical activity across solid tumors.

Corleen Roche emphasized operating leverage and discipline, pointing to $99.3 million in total revenue, 56% gross margin, and continued cost control. She said Amtagvi drove the quarter at about $91 million, Proleukin was about $9 million, gross-to-net remained under 2%, R&D fell to about $59 million, and SG&A stayed near $39 million despite revenue growth. She added that cash of approximately $304 million should fund the company into the second half of 2028, and said the firm is reviewing its previously issued full-year revenue guidance of $350 million to $370 million.

Analysts focused on whether the Q2 revenue upside was driven by organic demand or shipment timing, and management said it was organic, helped by rising physician awareness, ATC expansion, and real-world evidence publications. Questions also centered on when updated guidance would be issued; management said they want better visibility into the full year and plan to provide an update sometime in the third quarter. On the pipeline, management said LUN-202 enrollment is nearly complete but they do not expect to wait for every patient to become fully evaluable before sharing a material update, while TILVANCE-301 will be highlighted at ESMO with emphasis on strong clinical characteristics, including a cited near-1/3 complete response rate from earlier data.