The California-based company is developing its lead late-stage TIL product candidate, lifileucel for metastatic melanoma, which has the potential to become the first approved one-time cell therapy for a solid tumor cancer.

Following dissapointing results in the company's C-144-01 clinical study of lifileucel, Iovance's share price dropped by 51%, wiping more than $1 billion off its market capitalization in a single day.

Iovance plans to present additional data from the trial in the second half of 2022. The planned BLA submission for lifileucel in advanced melanoma using these data remains on track for August 2022, according to the company.