Iovance Biotherapeutics Inc (IOVA)

[Structural_Biologist]

I think the latter. The average was mid 5s. They’re going to dilute once or twice more before they’re at breakeven which I think is late next year.

ATCs are slow to ramp up and it’s going to take a year before the existing 70 are all at peak operations. Only a few of them currently are. That’s why I think the first half of this year will be rough. They can only be efficient when they’re manufacturing alot of TILs. They can have the capability and the demand but without slots it doesn’t work.

Thankfully all the US + ex-US ATCs will rely on manufacturing at the ICTC and as it scales up the efficiency will scale with it.

And of course by then frontline will be around the corner to secure sufficient demand for profitability for many years.

I’ll wait to talk about it later but I’m quite bullish on LUN-202 data as well.