11:25 AM EDT, 05/10/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and the first paragraph.)

Iovance Biotherapeutics' ( IOVA ) shares fell 16% in recent Friday trading, a day after the company's Q1 revenue trailed estimates by analysts.

The company reported a Q1 net loss late Thursday of $0.42 per diluted share, narrower than the loss of $0.50 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.43.

Revenue in the quarter ended March 31 was $715,000, compared with no revenue a year earlier.

Analysts surveyed by Capital IQ expected $2.2 million.

The company said as of March 31 it had cash, cash equivalents, investments and restricted cash of $362.6 million. The cash position and expected revenue from Amtagvi and Proleukin drugs are seen as enough to fund operations well into H2 2025, Iovance said.

Price: 11.36, Change: -2.09, Percent Change: -15.56