Q2 2024 Iovance Biotherapeutics Inc Earnings Call

Thank you very much.

Operator: Welcome to the Iovance Biotherapeutics conference call to discuss second quarter 2024 results and recent corporate updates. My name is Daniel, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Please note that this conference is being recorded. I will now turn the call over to Sara Pellegrino, Senior Vice President, Investor Relations, and Corporate Communications at Iovance. Sara, you may begin.

Daniel: Welcome to the Iovance Biotherapeutics Conference Call to discuss 2nd Quarter 2024 Results and Recent Corporate Updates. My name is Daniel, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session.

Daniel: Please note that this conference is being recorded.

Sara Pellegrino: I will now turn the call over to Sara Pellegrino, Senior Vice President, Investor Relations and Corporate Communications at Iovance. Sara, you may begin.

Sara Pellegrino: Thank you, Operator. Good afternoon, and welcome to Iovance's conference call and webcast to discuss our second quarter and First Half 2024 results and corporate updates. Dr. Fred Vogt, our Interim President and Chief Executive Officer, will provide an introduction and summarize key updates for our U.S. Commercial LaunchEvacs and TAGVs, including revenue guidance and our pipeline program. Jim Ziegler, EVP Commercial, will highlight additional details of the U.S. commercial launch of Amtavi in Advanced Melanoma.

Sara Pellegrino: Thank you, Operator. Good afternoon, and welcome to Iovance's conference call and webcast to discuss our second quarter and First Half 2024 results and corporate updates.

Operator: Welcome to the Iovance Iotherapeutics conference call to discuss 2nd quarter, 2024 results, and recent corporate updates. My name is Daniel, and I will be your operator for today's call. At this time, all participants are in a listen only mode.

Speaker Change: Dr. Fred Vogt, our Interim President and Chief Executive Officer, will provide an introduction and summarize key updates for our U.S. Commercial Launch Evac Amtagby, including revenue guidance and our pipeline program.

Operator: Later, we will conduct a question and answer session. Please note that this conference is being recorded.

Speaker Change: Jim Ziegler, EVP Commercial, will highlight additional details of the U.S. commercial launch of Amtavi in advanced melanoma. Dr. Igor Bilinsky, Chief Operating Officer, will comment on our commercial manufacturing experience and capacity expansion plan.

Sara Pellegrino: I will now turn the call over Sara Pellegrino, but see your vice president, investor relations, and corporate communications at Iovance.

Sara Pellegrino: Dr. Igor Bilinsky, Chief Operating Officer, will comment on our Commercial Manufacturing Experience and Capacity Expansion Plan. Jean-Marc Bellarmine, CFO, will review our financial results, including revenue and financial outlook. And Dr. Frederick Finckenstein, Chief Medical Officer, will review key clinical pipeline updates. Dr. Brian Gastman, EVP of Medical Affairs, and Dr. Raj Puri, EVP of Regulatory Affairs, are also on the call and available for the Q&A session. Earlier this afternoon, we issued a press release that can be found on our corporate website at iovance.com.

Sara Pellegrino: Sara, you may begin. Thank you, operator. Good afternoon, and welcome to Iovance conference call and webcast to discuss our 2nd quarter and 1st cap, 2024 results, and corporate updates.

Speaker Change: John Mark Bellarmine, CFO , will review our financial results, including revenue and financial outlook, and Dr. Frederick Finckenstein, Chief Medical Officer, will review key clinical pipeline updates.

Frederick Vogt: Dr. Fred Vogue, our interim president and chief executive officer, will provide an introduction and summarize key updates for our US commercial launch event, Amtagby, including rather new guidance, and our pipeline program.

Speaker Change: Dr. Brian Gastman, EVP Medical Affairs, and Dr. Raj Puri, EVP Regulatory Affairs are also on the call and available for the Q&A session.

Jim Zabler: Jim Zabler, EVP commercial, will highlight additional details of the US commercial launch of Amtagby in advanced melanoma.

Speaker Change: Earlier this afternoon, we issued a press release that can be found on our corporate website at iovance.com.

Sara Pellegrino: Before we start, I would like to remind everyone that statements made during this conference call will include forward-looking statements regarding Iovance's goals, business focus, business plans and transactions, revenue and revenue guidance, commercial activities, clinical trials and results, regulatory approvals and interactions, plans and strategies, research and preclinical activities, potential future applications of our technologies, manufacturing capabilities, regulatory feedback and guidance, payer interaction, licenses and collaborations, cash position and expense guidance, and Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond our control, including the risks and uncertainties described from time to time in our SEC filings. Our results may differ materially from those projected during today's call. We undertake no obligation to publicly update any forward-looking statements. With that, I will turn the call over to Fred.

Igor Bilinsky: Dr. Igor Valenti, chief operating officer, will comment on our commercial manufacturing experience and capacity expansion plan.

Speaker Change: Before we start, I would like to remind everyone that statements made during this conference call will include forward-looking statements regarding Iovance's goals, business focus,

John Mark Bellemain: John Mark Bellemain, CFO, will review our financial results, including revenue and financial outlook, and Dr. Fred Vogue's thinking sign, chief medical officer, will review key clinical pipeline updates.

Speaker Change: Business Plans and Transactions, Revenue and Revenue Guidance, Commercial Activities, Clinical Trials and Results, and Financial Services.

Speaker Change: Regulatory Approvals and Interactions, Plans and Strategies,

Brian Gastman: Dr. Brian Gasman, EVP medical affairs, and Dr. Roger Curry, EVP regulatory affairs are also on the call and available for the Q&A session.

Speaker Change: Research and Preclinical Activities, Potential Future Applications of Our Technologies, Manufacturing Capabilities, Regulatory Feedback and Guidance, Payer Interactions, Licenses and Collaborations, Cash Positions and Expense Guidance, and Future Updates.

Unknown Speaker: Earlier this afternoon, we issued a press release that could be found on our corporate website at iovance.com. Before we start, I would like to remind everyone that statements made during this conference call will include forward-looking statements regarding iovance's goals, business focus, business plans and transactions, revenue and revenue guidance, commercial activities, clinical trials and results, regulatory approvals and interactions, plans and strategies, research and preclinical activities, potential future applications of our technologies, manufacturing capabilities, regulatory feedback and guidance, pay or interaction, licenses and collaborations, cash position and expense guidance and future updates.

Speaker Change: Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond our control, including the risks and uncertainties described from time to time in our SEC files.

Speaker Change: Our results may differ materially from those projected during today's call. We undertake no obligation to publicly update any forward-looking statements. With that, I will turn the call over to Fred.

Fred Vogt: Thank you, Sara. I am pleased to host this afternoon's conference call to discuss our 2024 second quarter and first half results. We've had a productive year so far at Iovance following our first FDA approval and a successful start in the U.S. commercial launch of Antagmi for patients with advanced melanoma. First, we are very pleased with the exceptional demand for Antec. Our second quarter product revenue was $31.1 million, inclusive of recognized revenue for AmPAG-V and PROLU. Antagony revenue is recognized upon infusion, while Prolucan revenue is recognized upon delivery, typically a few months prior to antagony infusion, providing a strong leading indicator of demand for future antagony revenue.

Fred: Thank you Sara. I am pleased to host this afternoon's conference call to discuss our 2024 second quarter and first half results.

Fred: We've had a productive year so far at Iovance following our first FDA approval and a successful start in the U.S. commercial launch of Antagony for patients with advanced melanoma.

Unknown Speaker: Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond our control, including the risks and uncertainties described from time to time and our FEP files. Our results may differ materially from those projected during today's call.

Speaker Change: First, we are very pleased with the exceptional demand for Amtagby. Our second quarter product revenue was $31.1 million, inclusive of recognized revenue for Amtagby and Prolucan.

Speaker Change: Antagony Revenue is recognized upon infusion, while Prolucan Revenue is recognized upon delivery, typically a few months prior to antagony infusion, providing a strong leading indicator of demand of future antagony revenue.

Unknown Speaker: We undertake no obligation to publicly update any forward-looking statements.

Sara Pellegrino: With that, I will turn the call over to Fred. Thank you, Sarah.

Fred Vogt: The initial quarter of product revenue from our U.S. launch demonstrates early success from our team's execution, as well as the unmet need, high awareness, broad patient access, and motivated authorized treatment centers for ATC, with Antaguiari showing a meaningful benefit for patients treated in a commercial setting. We expect continued launch momentum, which I'll return to in a moment. As Jim will discuss, we have a very engaged network of more than 50 current ATCs. These ATCs are proving that they have the training, infrastructure, and capabilities to treat patients with MTAG.

Frederick Vogt: I am pleased to host this afternoon's conference call to discuss our 2024 second quarter and first half results. We've had a productive year so far at iovance following our first FDA approval at a successful start, the U.S. Commercial Launch of Antagme, for patients with advanced melanoma. First of all, we are very pleased with the exceptional demand for Antagme. Our second quarter product revenue was $31.1 million, inclusive of a recognized revenue for Antagme and ProLoop.

Speaker Change: The initial quarter of product revenue from our U.S. launch demonstrates early success from our team's execution, as well as the unmet need, high awareness, broad patient access, and motivated authorized treatment centers, or ATCs.

Speaker Change: With the antagony already showing a meaningful benefit for patients treated in the commercial setting, we expect continued launch momentum, which I'll return to in a moment.

Speaker Change: As Jim will discuss, we have a very engaged network of more than 50 current ATCs. These ATCs are proving that they have the training, infrastructure, and capabilities to treat patients with amtagby.

Frederick Vogt: M. Pagny Revenue is recognized upon fusion, while Perlucan Revenue is recognized upon delivery, typically a few months prior to M. Pagny Impusion, providing a strong leading indicator of demand of future M. Pagny Revenue. The initial quarter of product revenue from our U.S, launch demonstrates early success from our team's execution, as well as the unmet need, high awareness, broad patient access, and motivated authorized treatment centers for ATCs. With M. Pagny already showing the meaningful benefit for patients to treat it in the commercial setting, we expect continued launch momentum, which will return to a moment.

Fred Vogt: We also remain on track to have at least 70 ATCs by the end of the year, representing the largest ever initial ATC network for a cell therapy line. We've also started our community referral activities to drive additional demand for these ATCs. Due to early success with reimbursement and a strong logistics and scheduling collaboration between Iovance and the ATCs, time to treatment is also becoming faster for patients. In addition, our commercial manufacturing capabilities are successfully delivering Amtagby at an increasing pace.

Jim: We also remain on track to have at least 70 ATCs by the end of the year, representing the largest ever initial ATC network for a cell therapy launch.

Jim: We've also started our community referral activities to drive additional demand for these ATCs.

Jim: Through early success with reimbursement and a strong logistics and scheduling collaboration between Iovance and the ATCs, time to treatment is also becoming faster for patients.

Speaker Change: In addition, our commercial manufacturing capabilities are successfully delivering Amtagbe at an increasing pace. The key takeaways, Ziegler will summarize, are that we are staffed to provide manufacturing slots to meet current and expected demand.

Fred Vogt: The key takeaways, Ziegler will summarize, are that we are staffed to provide manufacturing slots to meet current and expected demand. We are scaling up manufacturing according to our growth projections. We have increased capacity and headcount each month since launch and continue ramping up to match ongoing demand. Turning back the launch momentum, this afternoon's press release.

Frederick Vogt: As Jim will discuss, we have a very engaged network of more than 50 current ATCs. These ATCs are proving that they have the training, infrastructure, and capabilities to treat patients with M. Pagny. We also remain on track to have at least 70 ATCs by the end of the year, representing the largest ever initial ATC network for a self-derived M. P. Launch. We've also started our community referral activities to drive additional demands of these ATCs.

Ziegler: We are scaling up manufacturing according to our growth projections.

Ziegler: We have increased capacity and headcount each month since launch and continue ramping up to match ongoing demand growth.

Fred Vogt: We also introduce revenue guidance for the third quarter of full year 2024 and for 2025. This guidance is based upon our ongoing experience and confidence in the strong uptake and significant quarter-over-quarter growth that Antagony demands in corresponding prolucan sales for the foreseeable future. We used our visibility into the growth rate of infusions adoption across our ATC network, manufacturing capacity, and additional launch dynamics to prepare this guide. In the third quarter, we expect total product revenue within the range of $53 to $55 million.

Speaker Change: Turning back to launch momentum, this afternoon's press release. We also introduced revenue guidance for the third quarter of full year 2024 and for 2025.

Frederick Vogt: The early successful reimbursement and a strong logistics and scheduling collaboration between IFM and ATCs, high-end treatment is also becoming faster for patients. In addition, our commercial manufacturing capabilities are successfully delivering M. Pagny at an increasing pace. We keep taking the ways, as these will summarize, but that we are staying to provide manufacturing spots to meet current and expected demands. We are scaling up manufacturing and courty-nourished projections. We have increased capacity and headcount each month since launch and continue ramping up the match ongoing demand growth.

Speaker Change: This guidance is based upon our ongoing experience and confidence in the strong uptake and significant quarter-over-quarter growth that Antagony demands in corresponding prolucan sales for the foreseeable future.

Speaker Change: We used our visibility into the growth rate of infusions adoption act across our ATC network, manufacturing capacity, and additional launch dynamics to prepare this guidance.

Speaker Change: In the third quarter, we expect total product revenue within the range of $53 to $55 million.

Fred Vogt: Notably, more than 55 patients have been infused with Amtagny since the first commercial infusion in April 2024, including 25 patients infused in the second quarter. Additionally, more than 30 patients have already been infused, and distributors are restocking Prolucan since the start of the third quarter.

Frederick Vogt: Turning back to launch momentum, this afternoon's press release.

Speaker Change: Notably, more than 55 patients have been infused in contact with the first commercial infusion in April 2024, including 25 patients have used the second quarter. More than 30 patients have already been infused, and distributors are restarting prologue since the start of the third quarter.

Frederick Vogt: We also introduced revenue guidance for the third quarter of full year 2024 and for 2025. This guidance is based upon our ongoing experience and confidence in the strong uptake and significant quarter-over-quarter growth in M. Pagny demand, corresponding for looping sales for the foreseeable future. We use our visibility to the growth rate of infusions, adoption act across our ATC network, manufacturing capacity, and additional launch dynamics to prepare the skies.

Fred Vogt: Many more infusions are scheduled or anticipated before quarter end in support of our guidance. For full year 2024, we anticipate total product revenue for Amtabian Perlucan of $160 to $155 million. We expect full year 2024 will reflect continued demand growth for Amtagby and corresponding sales for ProLuca for full year 2025, the first calendar year of our U.S. launch.

Speaker Change: Many more infusions are scheduled or anticipated before quarter end in support of our guidance.

Speaker Change: For full year 2024, we anticipate total product revenue for Amtabian Perlucan of $160 to $155 million.

Speaker Change: We expect the full year 2024 will reflect continued demand growth for Amtagby and corresponding sales for Perlucan.

Frederick Vogt: In the third quarter, we expect total product revenue within the range of $53 to $55 million dollars. Notably, more than 55 patients have been infused in M. Pagny since the first commercial infusion in April of 2024, including 25 patients infused in the second quarter. More than 30 patients have already been infused, and distributors are restocking prolucant since the start of the third quarter. Many more infusions are scheduled or anticipated before quarter end and support of our guides.

Speaker Change: For four years, 25, the first calendar you ever, US launch, first full calendar you ever, US launch. We expect to dedicate you every year to your growth through a by scale up to existing in new agencies and robust community referral networks contributing to additional demand.

Fred Vogt: We expect significant year over year growth through my scale-up and existing and new ATCs, and robust community referral networks contributing to additional demand. As a result, we anticipate total product revenue will increase to $450 to $475 million in the full year of 2025. In 2026 and beyond, Amtagby and ProLuca are expected to continue to drive significant additional revenue growth. These products represent more than a billion-dollar peak opportunity in the U.S. market for the currently approved indication alone.

Speaker Change: As a result, we anticipate total product revenue will increase to $450 to $475 million in the full year of 2025.

Frederick Vogt: For full year 2024, we anticipate total product revenue for M. Pagny and prolucant of $160 to $165 million dollars. We expect a full year 2024 will reflect continued demand growth for M. Pagny and corresponding sales for prolucant.

Speaker Change: In 2026 and beyond, Amtagny and ProLuca are expected to continue to drive significant additional revenue growth. These products represent more than a billion-dollar peak opportunity in the U.S. market in the currently approved indication alone.

Fred Vogt: Future revenue growth drivers also include a wider geographic footprint for Antagby and previously treated advanced melanoma, as well as U.S. and global label expansions to frontline advanced melanoma, non-small cell lung cancer, and other indications, as we'll discuss later on the call. Gross margins are also expected to increase to greater than 70% over the next several years.

Speaker Change: Future revenue growth drivers also include a wider geographic footprint for Antagby and previously treated advanced melanoma.

Frederick Vogt: For full year 2025, the first calendar year of our U.S, launch, for full calendar year of our U.S, launch, we expect significant year of your growth through by scale up and existing in new ATCs, and robust community referral networks contributing to additional demand. As a result, we anticipate total product revenue will increase to $450 to $475 million dollars in the full year of 2025. In 2026 and beyond, the Pentagon and Perlucan are expected to continue to drive significant additional revenue growth. These products represent more than a billion dollar peak opportunity in the U.S, market in a currently approved educational loan.

Speaker Change: As well as U.S. and global label expansions to the frontline advanced melanoma, non-small cell lung cancer, and other indications, as we'll discuss later on the call.

Rose Morgan: Rose Morgan's are also expected to increase the greater than 70% over the next several years. This reflects the long-term commercial strength for a Pagbium, for a look at an highly strong future for live-ins.

Fred Vogt: This reflects the long-term commercial strength of a PAGVM proleucid and highlights the strong future for Iovance. Globally, MPAGI represents a multi-billion dollar opportunity to address more than 20,000 previously treated advanced melanoma patients annually across the U.S. in our initial planned geographic focus. Following our recent regulatory submission in the European Union, we remain on track for additional submissions in the U.K. and Canada this year, with Australia and Switzerland in 2025, with commercial launches to follow.

Speaker Change: Globally, MPAGI represents a multi-billion dollar opportunity to address more than 20,000 previously treated advanced melanoma patients annually across the U.S. in our initial planned geographic program.

Speaker Change: Following our race of regulatory submission in the European Union, we remain on track for additional submissions in the UK Canada this year and Australia's Switzerland 2025, with commercial launches to fall. I advance as well positions to build upon our existing commercial success, continue growing globally.

Frederick Vogt: Future revenue growth drivers also include a wider geographic footprint for Antagby and previously treated advanced dilemma, as well as the U.S, and Global Label expansions, the frontline advanced dilemma, non-small so long cancer and other indications as we'll discuss later on the call. Gross margins are also expected to increase the greater than 70% over the next several years. This reflects the long-term commercial strength for Antagby and Perlucan and highlights the strong future for advance.

Fred Vogt: Iovance is well positioned to build upon our existing commercial success and continue growing globally. In addition to Amtagby, our robust and exciting pipeline may help even more patients with solid tumors obtain potentially curative medicine. Our programs include two registrational trials and other indications, and we are continuously innovating with next-generation pill therapy. Frederick will discuss our pipeline in further detail on this call. The first approval, launch, and large-scale manufacturing of Intel Cell Therapy, together with our intellectual property position in DeepPipeline, provide us with distinct competitive advantages.

Speaker Change: In addition to MTAG-B, our robust and exciting pipeline may help even more patients with solid tumors obtain potentially curative medicines.

Speaker Change: Our program includes two recreational trials and other indications, and we are continuously innovating with next generation of filmmakers. Frederick Vogt discussed our pipeline of further detail on this call.

Frederick Vogt: Globally, Antagby represents a multi-billion dollar opportunity to address more than 20,000 previously treated advanced dilemma of patients annually across the U.S, and our initial planned geographic footprint.

Speaker Change: The first approval, launch, and large-scale manufacturing of Intel Cell Therapy, together with our intellectual property position in DeepPipeline, provide us with distinct competitive advantages.

Frederick Vogt: Following our rate of regulatory submission in the European Union, we remain on track for additional submissions in the UK and Canada this year and Australia's Switzerland in 2025, with commercial launches to follow. Iovance's well-position to build upon our existing commercial success continued growing globally. In addition to Antagby, our robust and exciting pipeline may help even more patients to solve tumors, pain potentially curative medicines. Our programs include two registrational trials and other indications and we are continuously innovating with next generation till there.

Fred Vogt: As a fully integrated company, Iovance is well positioned to maintain its position as a global leader in innovating, developing, and delivering tilt-cell therapies for patients with cancer. I'll now hand over to Jim, our Executive Vice President of Commercial, who will summarize our U.S. commercial activities.

Speaker Change: and the following integrated company, I've answered as well physicians to maintain the global leader and innovating developing the delivering post health therapies for patients for cancer.

Speaker Change: I'll now hand over to Jim, our Executive Vice President of Commercial, who will summarize our U.S. commercial activities. Jim? Thank you, Fred. We are excited about the potential for our U.S. launch of mTAGV to improve the lives of patients with advanced melanoma.

Jim Ziegler: Fred, we are excited about the potential for our U.S. launch of MTagV to improve the lives of patients with advanced melanoma. As more and more patients are treated with commercial mTagV, an increasing number of our ATCs are sharing positive feedback and posting stories about their patients who have benefited from mTagV in the early months since approval. My objectives today are to highlight our U.S. launch priorities and progress, including adoption and utilization within our expanding ATC network, community referrals, reimbursement and patient access, and streamlining and expediting the patient journey. First, our ATC network is scaling and expanding as planned, which is a key driver of demand, and we expect robust demand to continue. Today, onboarding is complete at more than 50 U.S. ATCs.

Frederick Vogt: Practical discuss our pipeline and further detail on this call. The first approval launched in large-scale manufacturing until self-therapy, together with our intellectual property position in deep pipeline, provides with distinct competitive advantages. At the fully integrated company, Iovance's well-position to maintain the global leader in innovating, developing, delivering till self-therapy for patients with cancer.

Speaker Change: As more and more patients are treated with commercial mTagV, an increasing number of our ATCs are sharing positive feedback and posting stories about their patients who have benefited from mTagV in the early months since approval.

Jim: My objectives today are to highlight our U.S. launch priorities and progress including adoption and utilization within our expanding ATC network community referrals.

Jim Zabler: I'll now hand over to Jim or executive vice president commercial who will summarize our U.S, commercial activities. Jim. Thank you, Fred. We are excited about the potential for our U.S, launch of Antagby to improve the lives of patients with advanced melanoma. As more and more patients are treated with commercial Antagby, an increasing number of our ATCs are sharing positive feedback and posting stories about their patients who have benefited from Antagby in the early months since approval.

Speaker Change: Reimbursement and patient access and streamlining and expediting the patient journey.

Jim Ziegler: The centers who were active at approval are scaling up, and many have treated multiple patients. Newer ATCs that have recently completed onboarding, including major U.S. cancer centers, are beginning or preparing to treat patients. As we look to bring treatment closer to patients, our goal is to have approximately 70 ATCs in total by year end. Beyond this number, many additional centers have expressed interest in joining our network.

Speaker Change: First, our ATC network is scaling and expanding as planned, which is a key driver of demand, and we expect robust demand to continue.

Speaker Change: Today, onboarding is complete at more than 50 U.S. ATCs. The centers who were active at approval are scaling up, and many have treated multiple patients.

Jim Zabler: My objectives today are to highlight our U.S, launch priorities and progress including adoption and utilization within our expanding ATC network, community referrals, reimbursement and patient access, and screenlining and expediting the patient journey. First, our ATC network is scaling and expanding as planned, which is a key driver of demand and we expect robust demand to continue. Today, onboarding is complete at more than 50 U.S. ATCs. The centers who are active at approval are scaling up and many have treated multiple patients.

Jim Ziegler: Currently, more than 90% of treated patients are located within 200 miles of an ATC. With 70 ATCs, nearly all melanoma patients will be within a two-hour drive of the closest center. Community referrals are also driving growth in patient volume and demand within the ATC. An increasing number of ATCs are proactively building awareness about MTAGV across their community referral network. Iovance is rolling out initiatives to further support awareness and referrals by deploying direct outreach and resources into the community. The size and scope of our ATCs and these community referral networks are testaments to the significant unmet need for advanced melanoma. Each center's dedication to Opera Antagony and interest among the college community on college.

Jim Zabler: Newer ATCs that have recently completed onboarding, including major U.S, cancer centers, are beginning or preparing to treat patients. As we look to bring treatment closer to patients, our goal is to have approximately 70 ATCs in total by year end. Beyond this number, many additional centers have expressed interest in joining our network.

Speaker Change: <unk> is rolling out initiatives to further support awareness and referrals by deploying direct outreach and resources into the community.

Speaker Change: The size and scope of our Atc's and these community referral networks are a testament to the significant unmet need in advanced melanoma each.

Jim Zabler: Mark. Currently, more than 90% of treated patients are located within 200 miles of an ATC. With 70 ATCs, nearly all melanoma patients will be within a two hour drive to the closest center. Community referrals are also driving growth in patient volume and demand within the ATCs. An increasing number of ATCs are proactively building awareness about MTAGV across their community referral networks. Iovance is rolling out initiatives to further support awareness and referrals by deploying direct outreach and resources into the community. The size and scope of our ATCs and these community referral networks are a testament to the significant unmet need in advanced melanoma, each center's dedication to offer MTAGV and interest among community oncologists.

Speaker Change: Each center's dedication to offer <unk> and interest among community oncologists.

Igor Bilinsky: In addition to ATC demand, patient access is critical for adoption and uptake. Our launch data indicates that approximately 75% of MTAGV patients are covered by private payers, as expected. Favorable medical coverage policies and reimbursement are facilitating broad access to MTAGV. First, MTAGV's inclusion in the National Comprehensive Cancer Network, or NCCN, guidelines reinforce clinical data and support broad payer coverage. We have also achieved significant accomplishments with positive payer coverage in only five months since approval.

Speaker Change: In addition to ATC demand.

Speaker Change: Patient access is critical for adoption and uptake.

Speaker Change: Our launch data indicates that approximately 75% of amtech b patients are covered by private payers as expected.

Speaker Change: Favorable medical coverage policies and reimbursement are facilitating broad access to <unk>.

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Speaker Change: And tag these inclusion in the National comprehensive cancer network, or <unk> guidelines reinforce clinical data and support broad payer coverage.

Speaker Change: We have also achieved significant accomplishments with positive payer coverage and only five months since approval.

Jim Zabler: In addition to ATC demand, patient access is critical for adoption and updates. Our launch data indicates that approximately 75% of MTAGV patients are covered by private payers as expected. Favorable medical coverage policies and reimbursement are facilitating broad access to MTAGV. First, MTAGV's inclusion in the national comprehensive cancer network or NCCN guidelines reinforce clinical data and support broad payer coverage. We have also achieved significant accomplishments with positive payer coverage in only five months since approval.

Igor Bilinsky: As of today, payers responsible for more than 225 million lives, or more than 85% of U.S. covered lives, have already implemented positive medical coverage policies that are consistent with label, clinical trials, and NCCN guidelines. Successful reimbursement is also driving faster time to treatment. The current average time to financial clearance is approximately three weeks, which is a significant reduction from the four to six weeks at initial launch. Improved efficiencies at ATCs, including scheduling in parallel with financial clearance, are also speeding up time to treat. We expect the trends toward shorter time to treatment to continue as more ATCs gain experience.

Speaker Change: Today payers responsible for more than 225 million lives on more than 85% of U S. Covered lives have already implemented positive medical coverage policies that are consistent with label clinical trials and the NCC and guidelines.

Speaker Change: Successful reimbursement is also driving faster time to treatment.

Speaker Change: Current average time to financial clearance is approximately three weeks, which is a significant reduction from the 4% to six weeks at initial launch.

Speaker Change: Improved efficiencies at Atc's, including scheduling in parallel with financial clearance are also speeding up time to treatment.

Jim Zabler: As of today, payers responsible for more than 225 million lives are more than 85% of U.S, cover lives have already implemented positive medical coverage policies that are consistent with label, clinical trials, and the NCCN guidelines. Successful reimbursement is also driving faster time to treatment. The current average time to financial clearance is approximately three weeks, which is a significant reduction from the four to six weeks at initial launch. Improved efficiencies at ATCs including scheduling and parallel with financial clearance are also speeding up time to treatment. We expect the trends towards shorter time to treatment to continue as more ATCs gain experience.

Speaker Change: We expect the trends towards shorter time to treatment to continue as more atc's gain experience.

Igor Bilinsky: In summary, we are extremely pleased with the early launch performance. There is strong demand at our ATCs, payer coverage policies are in place and favorable, and time to treatment is becoming faster. These dynamics support the strong growth projections in our Product Revenue Guidance for Amtagby and ProLuca. I would also like to acknowledge our very talented cross-functional team who work tirelessly to ensure broad and timely access to MTAG. I will now pass the call to Igor Bilinsky, our Chief Operating Officer, to highlight our manufacturing progress.

Speaker Change: In summary, we are extremely pleased with the early launch performance.

Speaker Change: There is strong demand at our Atc's.

Speaker Change: Payer coverage policies are in place and favorable and time to treatment is becoming faster.

Speaker Change: These dynamics support the strong growth projections in our product revenue guidance for <unk> Proleukin.

Speaker Change: I would also like to acknowledge our very talented cross functional team, who works tirelessly to ensure broad and timely access to <unk>.

Speaker Change: I will now pass the call to Igor Balinsky, our chief operating officer to highlight our manufacturing progress.

Igor Balinsky: Thank you Jim.

Jim Zabler: In summer, we are extremely pleased with the early launch performance. There is strong demand at our ATCs, payer coverage policies are in place and favorable and time to treatment is becoming faster. These dynamic support the strong growth projections in our product revenue guidance for MTaggri and pro-Lugans.

Igor Bilinsky: Thank you, Jim. Today I'd like to highlight our commercial and clinical manufacturing capabilities, the progress of our commercial launch, as well as our ongoing capacity expansion. Manufacturing is a core competency of Iovance, where the laser is focused on quality from incoming receipt of tumor samples through manufacturing and product release to outbound shipment of the final product. Our established internal manufacturing facility, the Iovance Cell Therapy Center, or ICTC, Corp. of Manufacturing Located in Philadelphia, ICD-C is one of the world's largest cell therapy manufacturing facilities and the only one specifically designed for till manufacturing. ICTC has a fully integrated and committed team with deep self-therapy experience.

Igor Balinsky: Today, I'd like to highlight our commercial and clinical manufacturing capabilities.

Igor Balinsky: The progress of our commercial launch as well as our ongoing capacity expansion efforts.

Igor Balinsky: <unk> is a core competency of items, we're laser focused on quality from incoming receipt of tumor samples through manufacturing and product release to outbound shipments of the final product.

Jim Zabler: I would also like to acknowledge our very talented cross-functional team who works tirelessly to ensure broad and timely access to MTaggri.

Speaker Change: Our established internal manufacturing facility, the <unk> cell therapy center or ICC.

Speaker Change: Core of our manufacturing network.

Speaker Change: Located in Philadelphia Icd's. He is one of the world's largest cell therapy manufacturing facilities and the only one specifically designed with til manufacturing.

Igor Bilinsky: I will now pass the call to Igor Balinsky, our chief operating officer to highlight our manufacturer's green problem. Thank you, Jim. Today, I'd like to highlight our commercial and clinical manufacturing capabilities, the progress of our commercial launch, as well as our ongoing capacity expansion efforts. Manufacturing is a core competency of items, where a laser focused on quality from incoming receipt of two-month sample through manufacturing and product release to outbound shipments of the final product.

Speaker Change: The ICC has a fully integrated them committed team with deep cell therapy experience.

Igor Bilinsky: This facility is approved by the FDA for amtagvi commercial manufacturing and has been supplying amtagvi to patients since approval while continuing to serve patients in our global clinical trials. We're actively hiring at ICDC to support the continued ramp-up in US commercial demand and our clinical pipeline. The ICD-C location in Philadelphia provides access to an experienced workforce with cell and gene therapy experience, as well as to innovative partnerships with local colleges and trade partners.

Speaker Change: This facility is approved by the FDA for <unk> commercial manufacturing and has been supplying them targeted to patients since approval, while continuing to serve patients in our global clinical trials.

Igor Balinsky: We're actively hiring as I CDC to support the continued growth in the U S commercial demand in our clinical pipeline.

Igor Bilinsky: Our established internal manufacturing facility, the IAM self-therapy center, or ICTC, is the core of our manufacturing network. Located in Philadelphia, ICTC is one of the world's largest self-therapy manufacturing facilities, and the only one specifically designed for till manufacturing. The ICTC has a full integrated and committed team with deep self-therapy experience. This facility is approved by the FDA for amtagic commercial manufacturing, and has been supplying amtagic patients since approval, while continuing to serve patients in our global clinical trials.

Speaker Change: The ICT location in Philadelphia provides access to an experienced workforce with cell and gene therapy experience as well as innovative partnerships with local colleges trade groups.

Igor Bilinsky: Within our manufacturing network, a contract manufacturer site is also approved by the FDA for commercial manufacturing of Antagvi and provides additional capacity and flexibility to closely match supply and demand. Turning to commercial manufacturing updates, our experience to date has been consistent with our expectations and with prior clinical experience. We're executing and scaling up as planned. Since the FDA approval in February, we have been continuously increasing our staff manufacturing capacity month over month to closely align it with the growing commercial demand.

Speaker Change: Within our manufacturing network a contract manufacturer site is also approved by the FDA for commercial manufacturing of autonomy and provides additional capacity and flexibility to closely match supply and demand.

Igor Balinsky: Turning to commercial manufacturing updates our experience to date has been consistent with our expectations and with prior clinical experience.

Igor Bilinsky: We're actively hiring at ICTC to support the continued route in the U.S, commercial demand and our clinical pipeline. The ICT location in Philadelphia provides access to an experienced workforce with cell-engine therapy experience, as well as to innovative partnerships with local colleges and trade groups. Within our manufacturing network, a contract manufacturer's site is also approved by the FDA for commercial manufacturing of amtagic and provides additional capacity and flexibility to closely match supply and demand.

Igor Balinsky: We are executing and scaling up as planned.

Igor Balinsky: Since the FDA approval in February we have been continuously increasing our staff manufacturing capacity month over month to closely align with the growing commercial demand.

Igor Bilinsky: We have sufficient capacity and staffing available in our manufacturing network to meet the increasing M-type B demand. We're now running our manufacturing network at high capacity utilization while ensuring slot availability for our ATC. In addition, the turnaround time for the entire process has been on targets with our launch plans of approximately 30-40 days from receipt of patient cells at our manufacturing facility to return shipments of the product to each patient. As we scale up, we're also focused on improving cost of goods over time through economies of scale and operational efficiencies, and by leveraging our competitive advantage and unique position as the leader in Till cell therapy.

Igor Balinsky: We have sufficient capacity and stuffing available in our manufacturing network to meet the increasing demand we.

Igor Balinsky: We're now running our manufacturing network as high capacity utilization, while ensuring slot availability for our adcs.

Igor Balinsky: In addition, the turnaround time for Entergy has been on target with our launch plans of approximately 34 days from receipt of patient cells at our manufacturing facility to return shipment of the product to the ATC.

Igor Bilinsky: Turning to commercial manufacturing updates, our experience today has been consistent with our expectations and with prior clinical experience. We're executing and scaling up as planned. Since the FDA approval in February, we have been continuously increasing our staff manufacturing capacity, month of a month, to closely align it with the growing commercial demand. We have sufficient capacity and staffing available in our manufacturing network to meet the increasing amtagic demand. We are now running our manufacturing network at high capacity utilization, while ensuring SWAT availability for our ATCs.

Igor Bilinsky: In addition, the turnaround time for amtagic has been on target with our launch plans of approximately 34 days from receipt of patient cells at our manufacturing facility to return shipment of the product to the ATC. As we scale up, we're also focused on improving cost of goods over time through economies of scale and operational efficiencies and by leveraging our competitive advantage and unique position as to leader in the tilt cell therapy.

Igor Balinsky: As we scale up we're also focused on improving cost of goods over time through economies of scale and operational efficiencies and by leveraging our competitive advantage and unique position as the leader in the two cell therapy.

Speaker Change: Turning to our facility expansion efforts. They are closely aligned with the demand growth projections Ict's <unk> is built today has the capacity to provide til therapies for more than 2000 patients per year.

Igor Bilinsky: Turning to our facility expansion efforts, they're closely aligned with our demand growth projections. ICTC, as built today, has the capacity to provide tilt therapy for more than 2000 patients per year. Following the recent EU regulatory submission and additional planned ex-U.S. filings, we expect ICD-C to provide commercial antibody to patients in Europe and beyond upon potential approval in those countries. We're in the process of building out the existing shelf space at ICBC, so this facility can supply tilt therapies for more than 5,000 patients annually in the next few years.

Speaker Change: Following the recent EU regulatory submission and additional planned ex U S filings, we expect ICD to provide commercial integrity to patients in Europe and beyond.

Speaker Change: One potential approvals in those geographies.

Speaker Change: We're in the process of building out the existing shelf space with ICC. So this facility can supply til therapies for more than 5000 patients annually in the next few years.

Igor Bilinsky: Longer term, our vision is to supply tilt cell therapies for over 10,000 patients annually from the ICTC company. We have an option to construct another building on the adjacent lot and plan to drive additional efficiencies by incorporating increased automation in our manufacturing process. Importantly, our manufacturing capabilities are protected by a robust intellectual property portfolio. Ivan currently owns more than 210 granted or allowed U.S. and international patents and patent rights for Antagvie and other till related technology that I expect to provide exclusivity through at least 2042.

Speaker Change: Longer term our <unk>.

Speaker Change: Mr supplier til til therapies for over 10000 patients annually from the ICC compass.

Igor Bilinsky: Turning to our facility expansion efforts, they are closely aligned with our demand growth projections. ICDC is built today, has the capacity to provide tilt therapies for more than 2,000 patients per year. Following the recent EU regulatory submission and additional plant XUS filings, we expect ICDC to provide commercial amtagic detations in Europe and beyond upon potential approval in those shows. We're in the process of building out the existing shell space at ICDC, so this facility can supply tilt therapies for more than 5,000 patients annually in the next few years.

Speaker Change: We have an option to construct another building on the adjacent block.

Speaker Change: And plan to drive additional efficiencies by incorporating increased automation in our manufacturing process.

Speaker Change: Importantly, our manufacturing capabilities are protected by a robust intellectual property portfolio.

Speaker Change: <unk> currently owns more than 210 granted or allowed U S and international patents and patent rights from <unk> and other tool related technologies that I expected to provide exclusivity through at least 2042.

Igor Bilinsky: In summary, the Iovance team is excited and firmly committed to manufacturing and delivering MTagV and our investigational tilt-cell therapies for patients with cancer. I'm available to answer additional questions during the Q&A, and I will now hand the call over to Jean-Marc, our Chief Financial Officer.

Speaker Change: In summary, the <unk> team is excited and firmly committed to manufacturing and delivering them tug and our investigational cell therapies for patients with cancer.

Igor Bilinsky: Long term, our vision is to supply tilt therapies for over 10,000 patients annually from the ICDC campus. We have an option to construct another building on the adjacent lot and plan to drive additional efficiencies by incorporating increased automation in our manufacturing process. Importantly, our manufacturing capabilities are protected by a robust intellectual property portfolio. Iovance currently owns more than 210 granted or allowed US and international patents and patent rights for Antagvie and other tilt-related technologies that I expected to provide that exclusivity through at least 2042.

Speaker Change: I am available to answer additional questions during the Q&A and I will now hand, the call over to Sean Mark Our Chief Financial Officer.

Sean Mark: Thank you Rico.

Jean-Marc Bellarmine: Thank you, Igor. Today, I will review our current cash position as well as our results for the second quarter and first half ended on June 30, 2020. I will also highlight our financial outlook, including revenue and expanded guidance. As of July 24, 2024, Iovance had an unaudited cash position of approximately $449.6 million, which includes net proceeds of approximately.

Sean Mark: I will review, our current cash position as well as our results for the second quarter and first half ended on June 32024.

Sean Mark: I will also highlight our financial outlook into the revenue and expense guidance.

Speaker Change: As of July 24, 2020 for our events.

Sean Mark: Although due to the cash position of approximately $449 6 million.

Igor Bilinsky: In summary, the Iovance team is excited and firmly committed to manufacturing and delivering Antagvie in our indistigational tilt-cell therapies for patients with cancer.

Speaker Change: Which includes net proceeds of approximately.

Sean Mark: 200 million a raise from the at the market equity financing facilities during the second and third quarter of 2024.

John Mark Bellemain: I'm available to answer additional questions during the Q&A, and I will now hand the call over to Jean-Marc, our chief financial officer. Thank you, we go. Today, I will review our current cash position as well as our results for the second quarter and first half ended on June 30, 2024. I will also highlight our financial outlook including revenue and expand guidance. As of July 24, 2024, Iovance added an unordited cash position of approximately $449.6 million, which includes net proceed of approximately $200 million raised from the market equity financing facility during the second and third quarter of 2024.

Sean Mark: The current cash position and anticipated product Corbin, you are expected to be sufficient to fund current and planned operations into 2026.

Sean Mark: Our advanced $346 3 million.

Speaker Change: Cash cash equivalents investments and restricted cash at the end of December 31st 2022.

Speaker Change: I will now transition to our second quarter in Europe to date financial results.

Jean-Marc Bellarmine: $200 million raised from an at-the-market equity financing facility during the second and third quarters of 2020. The current cash position and anticipated product revenue are expected to be sufficient to fund current and planned operations into 2020, at $346.3 million in cash, cash equivalents, investment, and restricted cash at the end of December 31st 2020. I will now transition to our second quarter and year-to-date financial results.

Jean-Marc Bellarmine: Net loss for the second quarter of 2024 was $97.1 million or $0.34 per share, compared to a net loss of $106.5 million or $0.47 per share for the second quarter and June 30, 2020. Net loss for the first half of 2024 was $210.1 million or $0.76 per share compared to a net loss of $213.9 million or $0.98 per share for the six months period and June 30, 2020. Revenue was $31.1 million for the second quarter of 2024 and consisted of product revenue from the initial quarter of Antacv sales, as well as recurring revenue from product. We recognize revenue of $12.8 million from the completed MTAG-V infusion. We also recognize $18.3 million in global revenue from polluting during your initial quarter and supplying U.S. specialty chemicals.

Speaker Change: Net loss for the second quarter of 2024 now.

Speaker Change: $97 1 million.

Speaker Change: So Q4 cents per share compared to a net loss of $106 5 million.

Speaker Change: Or <unk> 47 per share for the second quarter ended June 32023.

John Mark Bellemain: The current cash position and anticipated product revenue are expected to be sufficient to fund current and planned operation into 2020-26. Iovance added $346.3 million in cash, cash and provenance investment and restricted cash at the end of December 31, 2022. I will now transition to our second quarter and near $17.1 million or $34 cents per share compared to net loss of $106.5 million or $47 cents per share for the second quarter ended during the June 30, 2023.

Speaker Change: Net loss for the first half of 2024 was $210 1 million or <unk> 76 per share compared to a net loss of $213 9 million.

Speaker Change: 98.

Speaker Change: <unk> per share for the six months earlier than the June 32023.

Speaker Change: Revenue was $31 1 million for the second quarter of 2024 and consisted of product revenue from the initial quarter of <unk> sales.

Speaker Change: Well as recurring revenue from Proleukin.

Speaker Change: We recognized revenue of $12 8 million.

Speaker Change: From a completed unpacked infusion.

Speaker Change: We also recognized $18 3 million.

John Mark Bellemain: Net loss for the first half of 2024 was $2010.1 million or $76 cents per share compared to net loss of $213.9 million or $98 cents per share for the six months period ended during the June 30, 2023. Revenue was $31.1 million for the second quarter of 2024 and consisted of product revenue from the initial quarter of antagonist sales as well as recurring revenue from product. We recognize revenue of $12.8 million from completed antagonist sales.

Speaker Change: Global revenue from Proleukin during your initial quarter and supply U S specialty distributors.

Speaker Change: Revenue for the first half of 2024 was $31 8 million and consisted of product revenue from both for looking at them.

Jean-Marc Bellarmine: Revenue for the first half of 2024 was $31.8 million and consisted of product revenue from both Polukin and MTAG. Revenue for the first half of 2023 was $0.2 million for global sales of Perlukin, which we began to recognize during the three-month period and on June 30, 2023. Revenue increases in the second quarter and first half of 2024 over the prior year periods were primarily attributable to the U.S. launch of MTAGV, as well as significant growth in U.S. product revenue for use in the MTAGV treatment regime.

Speaker Change: We're renew for the first half of 2023 was zero point $2 million for global sales of Proleukin, which we begin to recognize during the three months period ended June 32023.

Speaker Change: Revenue increases in the second quarter and first half of 2024 over the prior year periods were primarily attributable to the U S launch for <unk> as well as significant growth from U S product revenue for using targeted treatment regimen.

John Mark Bellemain: We also recognize $18.3 million in global revenue from polluting during our initial quarter and supplying US specialty distributors. We revenue for the first half of 2024 was $31.8 million and consisted of product revenue from both polluting and impacting. We revenue for the first half of 2023 was $0.2 million for global sales of polluting, which will begin to recognize during the three months period and June 30, 2023. We revenue increases in the second quarter and first half of 2024 over the prior year periods were primarily attributable to the US launch for Entagry as well as significant growth in US polluting revenue for use in the Entagry.

Speaker Change: As Fred mentioned Proleukin is a strong leading indicators for near term and packaging growth.

Jean-Marc Bellarmine: As Fred mentioned, proleucine is a strong leading indicator for near-term and type V growth. Well, the new recommendation for Proloquine is a few months earlier than Amtagvi when specialty distributors and ATCs purchased Proloquine in advance of Amtagvi infusion.

Fred: Revenue recognition for Proleukin is a few months earlier than in February when specialty distributors.

Fred: <unk> purchased Proleukin in advance of infusions.

Fred: Notably protocol second quarter revenue surpassed our annual global renew for Proleukin in 2023, reflecting strong demand for use with <unk>.

Jean-Marc Bellarmine: Notably, Polukin's second-quarter revenue surpassed annual global revenue for Polukin in 2023, reflecting strong demand for use with MTAC. In addition, specialty distributors who purchased Polukin in the second quarter have already started restocking, and this is another positive signal of the strong M-type relaunch and increasing demand for Polukin used with M-type. Cost of sales for the three and six months under June 30, 2024 was $31.4 million and $38.6 million, respectively, primarily related to costs associated with sales of antivirin products, certain costs associated with patient drop-off and manufacturing success rates, non-cash amortization expense for intangible assets, and royalties payable on products.

Speaker Change: In addition, specialty distributors, who approaches for looking into the second quarter of already started restocking.

Fred: There is another positive signal of the strong anti relaunch and increasing demand for protein used the presenter.

John Mark Bellemain: As Fred mentioned, polluting is a strong leading indicator for near-term Entagry growth. We revenue recognition for polluting is a few months earlier than Entagry when specialty distributors and ATCs purchase polluting in advance of Entagry infusions. Notably, polluting second quarter revenue surpassed annual global revenue for polluting in 2023, reflecting strong demand for use with Entagry. In addition, specialty distributors who purchased polluting in the second quarter have already started restocking and is another positive signal of the strong Entagry launch and increasing demand for polluting used with Entagry.

Fred: Cost of sales for the three and six months ended June 32024 was $31 4 million.

Fred: $38 6 million, respectively, primarily related to cost associated with sales of entitlement proleukin certain costs associated with patient broke off and manufacturing success routes noncash amortization expense for intangible assets and royalties payable on product sales.

Jean-Marc Bellarmine: Cost of sales for both the three and six months and June 30, 2023 was $2.1 million, primarily related to non-cash amortization for intangible assets. The increase in cost of sales in the second quarter and first half of 2024 over the prior year periods was primarily attributable to the initiation of commercial manufacturing and related costs for the US launch of Antagvi during the first half of 2021. The cost of sales is a function of volume and capacity utilization, which is already improving as we scale up our available capacity.

Fred: Cost of sales for both the Tia and six months ended June 32000 towards the tree was $2 1 million.

Fred: Primarily related to noncash amortization for intangible assets.

Fred: The increase in cost of sales in the second quarter and first half of 2024 over the prior year periods were.

John Mark Bellemain: Cost of sales for the three and six months and the June 30, 2024 was $31.4 million and $38.6 million respectively, primarily related to cost associated with sales of Entagry and polluting, certain cost associated with patient growth and manufacturing success rates, non-cash of monetization expense for intangible assets and where alt is payable and product sales. Cost of sales for both the three and six months and the June 30, 2023 was $2.1 million, primarily related to non-cash amortization for intangible assets.

Fred: Were primarily attributable to the initiation of commercial manufacturing and related costs for the U S launch of <unk> during the first half of 2024.

Fred: Cost of sales as a function of volume and capacity utilization, which is already improving as we scale up our available capacity.

Jean-Marc Bellarmine: In addition, education and training to optimize patient selection and tumor sample resections, as well as our continued focus on operational efficiencies, are expected to optimize cost of sales over time, as we aim to reach our target gross margin of more than 70% over the next several years. Research and development expenses were $62.1 million for the second quarter of 2024, a decrease of $24.2 million compared to $86.3 million for the same period under June 30, 2020.

Fred: Just show in education, and training to optimize patient selection and tumor samples resections as well as our continued focus on operational efficiencies are expected to optimize cost of sales over time as we aim to reach our target gross margins of more than 70% over the next several years.

John Mark Bellemain: The increasing cost of sales in the second quarter and first half of 2024 over the prior year periods were primarily attributable to the initiation of commercial manufacturing and related costs for the US launch of Entagry during the first half of 2024. Cost of sales is a function of volume and capacity utilization which is already improving as we scale up our available capacity. In addition, education and training to optimize patient selection and tumor samples with sections, as well as our continued focus on operational efficiencies are expected to optimize cost of sales over time as we aim to reach a target growth margin of more than 70% over the next several years. Research and development expenses were $62.1 million for the second quarter of 2024, a decrease of $24.2 million compared to $86.3 million for the same period than the June 30, 2020.

Speaker Change: Research and development expenses were $62 1 million for the second quarter of 2024, a decrease of $24 2 million compared to $86 3 million.

Speaker Change: For the same period ended June 32022.

Jean-Marc Bellarmine: Research and development expenses were $141.9 million for the six months and June 30, 2023, a decrease of $27.2 million compared to $169.1 million for the same period and June 30, 2022. The decreases in research and development expenses in the second quarter and first half of 2024 over the prior year periods were primarily attributable to the transition of M-TAGV to commercial manufacturing, the decreased cost associated with certain clinical activities in the first half of 2024, and the completion of pre-commercial qualification activities in 2020.

Fred: Research and development expenses were 141 9 million for the six months ended June 32023.

Speaker Change: <unk> of Crimson and $7 2 million compared to $169 1 million for the same period ended June 32020.

Speaker Change: The decreases in research and development expenses in the second quarter and first half of 2004 over the period the prior year.

Speaker Change: Your periods were primarily attributable to the transition of <unk> to commercial manufacturing.

Speaker Change: The cost associated with certain clinical activities in the first half of 2024 and the completion of pre commercial qualification activities in 2023.

Speaker Change: The decrease in research and development were partially offset by increases in stock based compensation, resulting from growth in the channel.

John Mark Bellemain: Institute. Research and development expenses were $141.9 million for the six months and the June 30, 2023, a decrease of $27.2 million compared to $169.1 million for the same period and the June 30, 2023. The decreases in research and development expenses in the second quarter and first half of 24 over the period, the prior year periods were primarily attributable to the transition of antagonism to commercial manufacturing, decreased the cost associated with certain clinical activities in the first half of 2024 and the completion of pre-commercial qualification activities in 2023.

Speaker Change: Selling general and administrative expenses were $39 6 million for the second quarter of June 2024, an increase of $17 7 million.

Jean-Marc Bellarmine: The decrease in research and development was partially offset by increasing stock-based competition resulting from growth in the Selling General and Administrative Expenses were $39.6 million for the second quarter of June 2024, an increase of $17.7 million compared to $21.9 million for the same period in June 2020. Selling General and Administrative Expenses were $71 million for the first half of 2024, and this was an increase of $21 million compared to $50 million for the same six-month period on June 30, 2021.

Speaker Change: Compared to $21 9 million for the same period in the June 2023.

Speaker Change: Selling general and administrative expenses were up $71 million.

Speaker Change: For the first half of 2004.

Speaker Change: And an increase of $21 million compared to $50 million for the same six months period ended June 32023.

Speaker Change: The increase in selling general and administrative expenses in the second quarter and first half of 2024 compared to the prior year periods was primarily attributable to do increasing head count and related costs, including stock based compensation to support the growth in the overall business and our related cohorts infrastructure.

Jean-Marc Bellarmine: The increase in selling, general, and administrative expenses in the second quarter and first half of 2024 compared to the prior year periods was primarily attributable to the increase in net count and related costs, including stock-based compensation, to support the growth in the overall business and related corporate infrastructure, as well as legal costs and costs incurred to support the commercialization of MTAGV and COLOQ.

John Mark Bellemain: This decrease in research and development were partially offset by increase in stock-based competition, resulting from growth in the jump. Selling general and administrative expenses were $39.6 million for the second quarter of June 2024, an increase of $17.7 million compared to $21.9 million for the same period and the June 30, 2023. Selling general and administrative expenses were $71.9 million for the first half of 2024 and an increase of $21.9 million compared to $50.9 for the same six months period and the June 30, 2023.

Speaker Change: As well as legal costs on cost to ensure tissue product commercialization of <unk> and.

Speaker Change: <unk>.

Speaker Change: Next I would like to cover our financial outlook for the impact of the launch and future expenses.

Jean-Marc Bellarmine: Next, I would like to cover a financial outlook for the MTAGV launch and future expenses. As Fred highlighted earlier in his introduction around revenue guidance, we expect quarter over quarter and annual growth in product revenue to continue for the next several years with the steepening U.S. adoption curve for untagged. Geographic and Label Expansion, as well as new product approvals, may also add to our gross trajectory in 2020-26 and VR. I will highlight our guidance numbers again as a reminder.

Australia: Australia highlighted earlier in his introduction around the revenue guidance, we expect quarter over quarter and annual growth in product revenue to continue for the next several years with just keeping U S adoption care form factor.

John Mark Bellemain: The increase in selling general and administrative expenses in the second quarter and first half of 2024 compared to the prior year periods was primarily attributable to the increase in account and related costs, including stock-based compensation, to support the growth in the overall business and related corporate infrastructure, as well as legal costs and cost in fuel to support the compensation of antagonism and quality.

Australia: Geographic and label expansion as well as new product approvals may also up to a growth trajectory in 2026 and beyond.

Speaker Change: I will highlight our guidance numbers again as a reminder.

Jean-Marc Bellarmine: In the third quarter of 2024, we expect total product revenue within the range of 53 to 55 million dollars. We anticipate total product revenue for the full year 2024 within the range of $160 to $165 million. In the full year 2025, we expect a significant year-over-year increase in annual product revenue to $450 to $475 million. In addition, as Fred mentioned, growth margins are expected to increase to greater than 70% over the next several years.

Speaker Change: In the third quarter of 2024, we expect total product revenue was in the range of <unk> $53 million to $55 million.

John Mark Bellemain: Next, I would like to cover a financial outlook for the antagonism launch and future expenses. As Fred highlighted earlier in his introduction around revenue guidance, we expect quarter over quarter and annual growth in product revenue to continue for the next several years with the steepening US adoption curve for antagonism. Geographic and level expansion as well as new product approvals may also add to our growth trajectory in 2026 and beyond. I will highlight our guidance numbers again and as a reminder.

Australia: We anticipate total product revenue for the full year of towards that 24 within the range of $460 million to $165 million.

Australia: And the full year of 2025, we expect a significant year over year increase in our newer product revenue.

Australia: One $450 million to $475 million.

Australia: In addition, as Craig mentioned gross margin are expected to increase to greater than 70% over the next several years.

Craig: Regarding our expense outlook, we continue to reiterate full year 2020 forecast burn guidance in the range of $320 million to $340 million.

Jean-Marc Bellarmine: Regarding our expenses outlook, we continue to reiterate full year 2024 cash burn guidance in the range of $320 million to $340 million, excluding one-time expenses. We will also continue to leverage opportunities to optimize planning. For additional information, please see the company's selected condensed, consolidated balance sheet and statement of operations in this afternoon's press release and a form thank you to be filed later today. I will now hand the call to Frederick, our Chief Medical Officer, to discuss our clinical pipeline.

John Mark Bellemain: In the third quarter of 2024, we expect total product revenue within the range of $353 to $55 million. We anticipate total product revenue for the full year of 2024 within the range of $160 to $155 million. In the full year of 2025, we expect a significant year of over-year increase in annual product revenue to $145 to $475 million. In addition, as Fred mentioned, growth margins are expected to increase to greater than 70 percent over the next several years.

Speaker Change: Excluding onetime expenses.

Australia: We will also continue to leverage opportunities to optimize spending.

Speaker Change: For additional information please see the company's selected condensed consolidated balance sheet and statement of operation in this afternoon's press release, and our Form 10-Q to be filed later today.

Australia: I will now under call to Frederick our Chief Medical officer to discuss our clinical pipeline.

Australia: Okay.

Frederick: Thank you Mike.

Frederick Finckenstein: As my colleagues have conveyed, antagony is only the tip of the iceberg for the potential of tilt-cell therapy in solid tumors, which represent more than 90% of all diagnosed cancers in the U.S. I would like to acknowledge my own personal excitement and the rewarding experience for our Iovance clinical development team. We hear frequent ADC feedback about patients benefiting from the target and the commercial tips. This is great news that also motivates our clinical teams to develop and deliver till cell therapy to cancer patients in additional therapeutic settings and with additional tumor types.

Frederick: As my colleagues have come late and Pagni as only the tip of the iceberg for the potential of til cell therapy in solid tumors like sleep has been more than 90% of all diagnosed cancer in the U S.

John Mark Bellemain: Regarding our expense outlook, we continue to create a full year of 2024 cash-bound guidance in the range of $320 million to $340 million, excluding one time expense. We will also continue to leverage opportunities to optimize funding. For additional information please see the companies selected, condensed, consolidated balance sheet and statement of appropriation in this afternoon's press release and a firm tends you to be five later today.

Speaker Change: I would like to acknowledge my own personal and excitement in the rewarding experience for <unk> clinical development team as we have frequent ADC feedback about patients benefiting from <unk> in the commercial setting this.

Australia: This is great news.

Frederick: That also motivates our clinical teams to develop and deliver total therapy to cancer patients and additional therapeutic settings.

Frederick Vogt: I will now under call to Frederick, a chief medical officer to discuss a clinical partner. Thank you so much. As my colleagues have conveyed and tag these are only the tip of the iceberg for the potential of total therapy and solid tumors which we present more than 90% of all diagnosed cancers in the U.S.

Frederick: Additional tumor types.

Frederick: Today, I will focus on key clinical pipeline highlights.

Frederick Finckenstein: Today, I will focus on key clinical pipeline highlights, including two ongoing registrational trials from this afternoon's press release. I'll begin with the frontline advanced melanoma setting. The key priority was the potential for Life Illusional to address thousands of additional patients. Our global registration of Phase 3 trials, TILVAMS 301, remains on track to support accelerated and full approvals of MTAG-B in combination with Pembrolizumab in frontline advanced melanoma, as well as regular approval of MTAG-B in post-anti-PD-1 melanoma.

Frederick: Moving to ongoing Registrational trial from this afternoon's press release.

Frederick: I'll begin with the frontline advanced melanoma setting.

Speaker Change: A key priority of what's the potential for life of neutral to address allison's of additional patients.

Frederick Vogt: I would like to acknowledge my own personal excitement and the rewarding experience for Iovance clinical development teams as we hear frequent AGC feedback about patients benefiting from an impact beyond the commercial setting. This is great news that also motivates our clinical teams to develop and deliver total therapy to cancer patients in additional therapeutic settings and with additional tumor types.

Frederick: Our global Registrational Phase III trial, <unk> 301 remains on track to support accelerated and full approval of <unk> in combination with <unk> in frontline melanoma as well as regulatory approval of <unk> in post anti PD, one melanoma enrollment are strong.

Frederick Finckenstein: Enrollment is strong across geographies with high enthusiasm for site participation. More than 40 sites are currently active across 10 countries, including the U.S., Canada, Europe, and Australia, with 60 additional sites selected across 18 countries total. The program does careful feasibility assessments for each site selection, at which time the sites also commit to participating.

Frederick: Long across geographies with high enthusiasm for participation.

Frederick Vogt: Today I will focus on key clinical pipeline highlights including two ongoing registrational trials from this afternoon's press release. I'll begin with the frontline advanced melanoma setting. The key priority with the potential for life eligible to address thousands of additional patients. Our global registration of phase three trials, till valve 301, remains on track to support accelerated and full approval of on tag being in combination with Pembrolyzema in frontline advanced melanoma as well as regular approval of on tag being in post anti PD1 melanoma.

Frederick: More than 40 sites are currently active across 10 countries, including the U S, Canada, Europe, and Australia with 60 additional sites selected across 18 countries.

Speaker Change: I have them carefully.

Speaker Change: Has it been any assessment for each site selection at which time the sites also commit to participate sorry destination in institutional ethics Board approvals and scientific review of the till about the trial design, including the <unk> monotherapy control arm and its fit with local standard of care for the NOL patient population. We also.

Frederick Finckenstein: Site activation includes institutional ethics, board approvals, and scientific review of the TILVAN trial design, including the Pembrolizumab monotherapy control arm, and its fit with local standards of care for the enrolled patient population. We also believe the option to cross over to tilt therapy from the control arm is attractive to patients. As a reminder, TILBAMP301 is supported by previously published data on TIL monotherapy in the pre-immune checkpoint embedder era and importantly, life-releasable data in advanced melanoma patients who were naive to immune checkpoint embedders in cohort 1A of our IOV-COM202 trials in solid tumors.

Frederick: We have the option to cross over to til therapy from the control arm is attractive to patients.

Frederick Vogt: Enrollment is strong across geographies with high enthusiasm for site participation. More than 40 sites are currently active across 10 countries including the U.S., Canada, Europe and Australia with 60 additional sites selected across 18 countries total. I advanced the careful feasibility assessments for each site selection at which time the sites are for committed participate. Side activation includes institutional ethics, board approvals and scientific review of the till valve trial design including the Pembrolyzema monotherapy control arm and its fit with local standards of care for the enrolled patient population.

Speaker Change: As a reminder, until that one is supported by a previously published data until monotherapy and the pre immune checkpoint inhibitor era, and importantly life of local data and that's a melanoma patients who were naive to immune checkpoint inhibitors in cohort one a of our IRB come to trial and salt.

Speaker Change: Too much.

Speaker Change: And I'll ask a oral presentation in a minute update on cohort one data demonstrated an unprecedented rate.

Frederick Finckenstein: In our Ask ORL presentation in May, updated cohort 1A data demonstrated an unprecedented rate, depth, and durability of responses, including more than 60% ORL, a 30% confirmed complete response rate, and a differentiated safety profile. A new proof-of-concept cohort, 1D, is also beginning in the IRV-COM2-2 trial to investigate lifelucel in combination with nivolumab and rilatumab in patients This novel combination represents another potential best-in-class frontline alternative for physicians and patients.

Speaker Change: Entity of responses, including a more than 60% or the 30% come from complete response rate and a differentiated safety profile.

Frederick Vogt: We also believe the option to cross over to till therapy from the control arm is attracted to patients. As a reminder, till valve 301 is supported by previously published data until monotherapy in the pre immune checkpoint embedded era and importantly, life elusal data in a exam melanoma patient who were naive to immune checkpoint inhibitors in cohort 1A of our IOV come to two trials and solve the tumors. In our ask overall presentation in May, updated cohort 1A data demonstrated unprecedented rates, depth and durability of responses, including a more than 60% OR, a 30% comes from complete response rate and a differentiated safety profile.

Speaker Change: A new proof of concept cohort <unk> is also beginning in the <unk> trial to investigate LIFO neutral in combination with development as we lap them up and patients with frontline melanoma. This novel combination represents another potential best in class frontline alternative for physicians and patients.

Speaker Change: Shifting to non small cell lung cancer enrollment continues to accelerate with strong demand in our single arm Registrational phase II trial of <unk> <unk>, two and post anti PD, one non small cell lung cancer.

Frederick Finckenstein: Shifting to non-small cell lung cancer, enrollment continues to accelerate with strong demand in our single-arm registrational phase 2 trial IOV-LUN202 in post-anti-PD-1 non-small cell lung cancer. We expect to complete enrollment and report top-line data for the IOV-LUN202 registrational cohorts in 2025 and submit a potential supplemental biologics license application to the FDA in 2026. We are confident in the IOV-LU1202 trial based on the positive preliminary data. Also, the FDA provided positive regulatory feedback on our proposed potency matrix, as well as the single arm trial design to support accelerated approval of live elucelin-posed anti-TD1 on small saline caps.

Speaker Change: We expect to complete enrollment and report topline data for the IOP as you went to two registrational cohorts in 2025 and submit a potential supplemental biologics license application to the FDA in 2026.

Frederick Vogt: The new proof of concept cohort 1D is also beginning in the IOV come to a two trial to investigate life elusal in combination with Nevolumap and Relatumap in patients with frontline advanced melanoma. This novel combination represents another potential depth and Schisting to non-smots at lung cancer, enrollment continues to accelerate with strong demand in our single-armed registration of case two trial IOV as UN2 or two in post-antipity one non-smots at lung cancer.

Speaker Change: We are confident in the <unk> trial based on the positive preliminary data.

Speaker Change: Also the FDA provided positive regulatory feedback on our proposed potency matrix as well as the single arm trials designed to support accelerated approval of Liza Loose-limbed potent anti PD, one non small cell lung cancer.

Speaker Change: We have also initiated the multi center <unk> 201 phase II trial to investigate license Northland post anti PD, one endometrial cancer patients, regardless of mismatch repair or MMR status.

Frederick Finckenstein: We have also initiated the multi-center IOV-END-201 Phase 2 trial to investigate lifelucid and post-anti-PD-1 endometrial cancer patients, regardless of mismatch repair or MMR status. There is an unmet medical need and no currently approved treatment options for the vast majority of patients with endometrial cancer after anti-PD-1 treatment.

Frederick Vogt: We expect to complete enrollment and report top-line data for the IOV as UN2 or two registration of cohorts in 2025 and submit a potential supplemental biologics license application to the FDA in 2026. We are confident in the IOV IOV 2 or 2 trial based on the positive preliminary data. Also, the FDA provided positive regulatory feedback on our proposed policy matrix as well as the single-armed trial design to support accelerated approval of Luther Lutheran post-antipity one non-smots at lung cancer.

Speaker Change: There is an unmet medical need and no currently approved treatment options for the vast majority of patients with endometrial cancer and.

Speaker Change: Type PD one treatment setting.

Frederick Finckenstein: This unmet need will become more relevant as immune checkpoint inhibitors move into the frontline setting in combination with chemotherapy. Combined with enthusiasm from gynecological oncologists, we expect IOV-END-201 to enroll quickly, and we look forward to presenting initial data soon. As the leader in TIL cell therapy, Iovance is at the forefront of next generation approaches to optimize TIL and TIL treatment regimens. We are investigating a next generation PD-1 inactivated TILT cell therapy, IOV4001, in a clinical trial in previously treated advanced melanoma in non-small cell lung cancer patients.

Speaker Change: This unmet needs will become more relevant as immune checkpoint inhibitors move into the frontline setting in combination with chemotherapy.

Speaker Change: Combined with the enthusiasm from gynecological oncologists, we expect <unk> 201 to enroll quickly and we look forward to presenting initial data.

Frederick Vogt: We have also initiated the multi-center IOV END 201 phase two trial to investigate Luther Lutheran post-antipity one endometrial cancer patients regardless of mismatch repair or MMR status.

Speaker Change: As the leader until cell therapy idled assets at the forefront of next generation approaches to optimize till until treatment regiments.

Speaker Change: We are investigating and next generation PD, one inactivate it till cell therapy <unk> 4001 in the clinical trial in previously treated advanced melanoma or non small cell lung cancer patients.

Frederick Vogt: There is an unmet medical need and no currently approved treatment options for the vast majority of patients with endometrial cancer in the post-antipity one treatment setting. This unmet need will become more relevant as immune segmented errors move into the frontline settings in combination with chemotherapy. Combined with enthusiasm from gynecological oncologists, we expect IOV END 201 to enroll quickly and we look forward to presenting initial data soon.

Speaker Change: Two additional next generation programs are in IND, enabling studies.

Frederick Finckenstein: Two additional next-generation programs are in IND-enabling studies and are approaching clinical trials in the near term. IOV3001 is a next-generation interleukin-2 or IL-2 analog for use with the TIL treatment regimen. Preclinical data support the potential for improved safety with robust effector T cell expansion driven by IOV3001. IOV5001 is a genetically engineered tilt cell therapy with inducible and tethered interleukin 12, or IL-12. IOV5001 has augmented TIL antitumor activity in preclinical studies and may improve safety via the tethering of IL-2 to the TIL.

Speaker Change: And our approach in clinical trials in the near term.

Speaker Change: <unk> 3001 is a next generation interleukin two or IL two analog for use with the til treatment regimen preclinical data support the potential for improved safety with robust effector T cell expense driven by IOP Paypal one.

Frederick Vogt: As the leader in tilt therapy, IOVans is at the forefront of next-generation approaches to optimize tilt and tilt treatment regimens. We are investigating a next-generation PD-1 inactivated tilt therapy IOV-4001 in the clinical trial and previously treated advanced melanoma or non-smots in our approaching clinical trials in the near term. IOV-3001 is the next-generation interleukin-2 or IL-2 analog for use with the tilt treatment regimen. Preclinical data support the potential for improved safety with robust effect or T-cell expansion driven by IOV-3001. IOV-5001 is a genetically engineered tilt-cell therapy with inducible entetors in the lukin-12 or IL-12. IOV-5001 has augmented tilt-antitumic activity in preclinical studies and may improve safety via the tethering of IL-2 to the tilt.

Speaker Change: <unk> 5001. This is genetically engineered T cell therapy with inducible third interleukin 12, or IL 12.

Speaker Change: <unk> 5001 has augment anti tumor activity in preclinical studies and May improve safety via the tailoring of IL two to the tilt.

Speaker Change: As noted in this afternoon's press release, we have renewed our cooperative research and development agreement or tradeoffs to collaborate with the U S National Cancer Institute or NCI on preclinical and clinical development of enhanced tumor reactive til product.

Frederick Finckenstein: As noted in this afternoon's press release, we've renewed our Cooperative Research and Development Agreement, or CRADA, to collaborate with the U.S. National Cancer Institute, or NCI, on preclinical and clinical development of enhanced tumor-reactive TIL products. Additional details about our development programs are included in today's press release as well as the corporate slide deck and scientific presentations on our website. I'm happy to address questions about these programs and additional trials during the Q&A session. I now turn the call over to the operator to begin the question and answer session.

Speaker Change: Additional details about our development programs are included in today's press release as well as the corporate slide deck and scientific presentation from our website.

Speaker Change: I'm happy to address questions about these programs and additional trials during the Q&A session.

Speaker Change: I'll now turn the call over to the operator to begin the question and answer session.

Operator: To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A transcript. Our first question comes from Michael Yee with Jeffreys. Your line is open.

Speaker Change: To ask a question during the session you will need to press star one one on your telephone you will then hear an automated message advising your hand is raised to withdraw your question. Please press star one again please.

Frederick Vogt: As noted in this afternoon's press release, we've renewed our cooperative research and development agreement or cradle to collaborate with the US National Cancer Institute or NCI on preclinical development of enhanced tumor reactive tilt product. Additional details about our development programs are included in today's press release as well as the corporate slide deck and scientific presentation from our website. I'm happy to address questions about these programs and additional trials during the Q&A session.

Speaker Change: Please standby, while we compile the Q&A roster.

Speaker Change: Our first question comes from Michael <unk> with Jefferies. Your line is open.

Michael <unk>: Hey, guys. Thanks, Congrats on a on a good.

Michael Yee: Hey guys, thanks. Congratulations on a good execution of the launch and good guidance.

Michael <unk>: Good execution of the launch and good guidance, we just wanted to ask two questions on the guidance.

Michael <unk>: Does the guidance number include Proleukin revenues built into that I know, it's not a huge amount, but just want to make it square and accurate.

Operator: I now turn the call over to the operator to begin the question and answer session. To ask a question during the session, you will need a press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please stand by while we compile the Q&A roster.

Speaker Change: And then can you talk to.

Speaker Change: The $18 million of Proleukin is a leading indicator does that imply a certain amount of patients for short amount of time or does it just distributors buying it up we try to back into maybe a queue of demand and so I just wanted to think about how you'll get your numbers on proleukin and.

Speaker Change: And perhaps related to that if I may just ask differently do you have any numbers on the patient enrollment forms to think about the queue. Thanks. So much.

Michael Yee: Our first question comes from Michael Yee with Jeffries. Your line is open. Thanks. Congrats on a good execution of the launch and good guidance. We just wanted to ask two questions on the guidance. Does the guidance number include prolucon revenues built into that? I know it's not a huge amount, but we just want to make it square and act through it. Can you talk to the $18 million of prolucon as a lead in indicator?

Michael Yee: We just wanted to ask two questions on the guidance. Does the guidance number include proleucin revenues built into that? I know it's not a huge amount, but just want to make it square and accurate.

Speaker Change: Yes, Mike the guidance does include Proleukin. So all the guidance numbers that we put out include proleukin revenues as well as impacted revenues LMB Proleukin revenue number for this quarter.

Michael Yee: And then can you talk about the $18 million for proleucin as a lead-in indicator? Does that imply a certain number of patients or a certain amount of time? Or is it just distributors buying it up?

Michael Yee: We try to back into that as maybe a queue of demand. And so I just want to think about your numbers on proleucin and be perhaps related to that. If I may just ask differently, do you have any numbers on the patient enrollment forms to think about the queue? Thanks so much.

Speaker Change: That represents sort of a leading indicator for what we think will be impacting demand over the next couple of quarters.

Fred Vogt: Yeah, Mike, the guidance does include pro-leukin, so all the guidance numbers that we put out include pro-leukin revenues as well as Antagony revenues. Now on the proluquium revenue number for this quarter, that represents sort of the leading indicator for what we think will be Antagony demand over the next couple quarters. You can model it any way you see fit.

Speaker Change: You can model it any way you see fit it's a large number of infusions with giving you the number of infusions through.

Michael Yee: Does that imply a certain amount of patients or a certain amount of time or is it just distributors buying it up? We try to back into that as maybe a Q of demand. I just want to think about your numbers on prolucon. And Dave Raps related to that, if I may just ask differently. Do you have any numbers on the patient and woman forms to think about the Q? Thanks so much.

Fred Vogt: It's a large number of infusions. We've given you the number of infusions through... I've heard recently that it's more than 55 now, and you can use that to kind of estimate where we're going. But the whole point of us giving guidance is so that you can rely on our internal understanding of infusions and proleucin demand and see what the upswing is going to look like here. It's a very positive uptake of both proleucin and especially antacid.

Speaker Change: Ah recently as more than 55 now.

Speaker Change: And you can use that to kind of estimate where we're going.

Speaker Change: When I was giving guidance so that you can.

Speaker Change: You can rely on our internal understanding of infusion of Proleukin demands and see what the what the upswing is going to look like here with very positive uptake of both <unk> and especially impacted.

Unknown Speaker: The guidance does include prolucon. So all the guidance numbers that we put out include prolucon revenues as well as amputative revenues. Now on the prolucon revenue number for this quarter, that represents sort of the leading indicator for what we think will be amputative demand over the next couple of quarters. You can model it anyway. You see fit. It's a large number of infusions. We've given you the number of infusions through, right recently, it's more than 55 now.

Unknown Speaker: And you can use that to kind of estimate where we're going, but the whole point was given guidance is so that you can rely on our internal understanding of infusions and prolucon demand and see what the up swing is going to look like here. It's a very positive uptake of both prolucon and especially amputative. Yeah, so to clarify, it's a it's a it's a buying up of a certain amount from distributors, but not like a one for one or a certain amount of time.

Speaker Change: No.

Fred Vogt: Yeah, so to clarify, it's a buying up of a certain amount from distributors, but not like a one for one or a certain amount of time. It's just an indicator, and they've already started restocking.

Speaker Change: Yes, just to clarify it.

Speaker Change: Buying up a certain amount from distributors.

Speaker Change: But not like a one for one or a certain amount of time. It's just it's an indicator. It's just an indicator and they've already started restocking I cant stress that more efficiently.

Fred Vogt: It's just an indicator, and they've already started restocking. I can't stress that more. They've already started reloading because they've sold a lot of that product already.

Speaker Change: I've already started reloading because they sold a lot of that product already.

Peter Lawson: Got it. Thank you. Thank you. Our next question comes from Peter Lawson with Barclays. Your line is open. Thank you.

Speaker Change: Got it thank you.

Speaker Change: Thank you.

Fred Vogt: Yeah, we don't have we're not going to provide guidance on individual products. We're just going to provide the aggregate guidance.

Speaker Change: Our next question comes from Peter Lawson with Barclays. Your line is open.

Peter Lawson: Thanks, Thanks for the guidance shred and congrats on the progress to the.

Peter Lawson: Q3 guidance, what's the breakout.

Speaker Change: IL two verses kiln.

Speaker Change: Same question for the for the full year as well.

Speaker Change: And then for the.

Speaker Change: The Iot revenues this quarter.

Speaker Change: Portion of that IL, two that was used for til therapy.

Unknown Speaker: It's just it's an indicator. It's just an indicator and they've already started re-stocking. I can't stress that more if they've already started reloading because they they've sold a lot of that product already. Got it. Thank you.

Speaker Change: Yes, we don't have we're not going to provide guidance on the individual products. We're just going to provide the aggregate guidance you can probably model. It by understanding the amount of Proleukin is used per antagonist patient because I'm going to answer your second question at a time here.

Fred Vogt: You can probably model it by understanding the amount of proleucin that's used in antagny patients because I'm going to answer your second question ahead of time here. We don't know exactly how much of our proleucin gets used in the antagny regimen. But you can hear from Jean-Marc's comments earlier and from the experience of proleucin in the industry for many years that it's got to be the vast majority of it getting used.

Peter Lawson: Our next question comes from Peter Lawson with Barclays. Your line is open. Thanks.

John Mark: We don't know exactly how much of our provoking gets used and the and tagging regimen, but you can see here from John Mark's comments earlier and from the experience of Proleukin in the industry for many years, it's got to be the vast majority of that getting used for <unk>. We have no way of tracking that from an accounting perspective, but it's being obviously the massive upswing in <unk>.

Unknown Speaker: Thanks for the guidance Fred and congrats on the progress. The Q3 guidance. What's the breakout of aisle two versus kill some question for the for a year as well. And then for the aisle two revenues, this quarter, what was the proportion of that aisle two that was used for until therapy? Yeah, we don't have we're not going to provide guidance on the individual products. We're just going to provide the aggregate guidance.

Speaker Change: In sales was driven by a bank.

Speaker Change: Got you okay. Thanks, so much.

Andrew <unk>: Thank you. Our next question comes from Andrew <unk> with Goldman Sachs. Your line is open.

Andrea Tan: Thank you. Our next question comes from Andrea Tan with Goldman Sachs. Your line is open. Good afternoon. Thanks for taking the question. Fred, I'm curious.

Andrew: Good afternoon. Thanks for taking the question Brett I'm curious here, just given where you stand in the launch and you're six months in.

Unknown Speaker: You can probably model it by understanding the amount of prolucon that you use for antagonication because I'm going to answer your second question ahead of time here. We don't know exactly how much of our problem can get used in the antagonistic regimen. But you can hear from John Marks comments earlier and from the experience of prolucon in the industry for many years. It's got to be the vast majority of it getting used for antagonistic. We have no way of tracking that from an accounting perspective, but it's being obviously the massive upswing of prolucon sales is driven by antagonistic. Good. Thanks so much. Thank you.

Andrew: Thats driving your confidence for full year 2005 guidance, given where you are now and then just curious if you plan on providing metrics around demand such as the patient enrollments are screening as you have in the <unk>.

Speaker Change: Last quarters. Thanks, so much.

Andrew: Andrew We may provide some additional guidance on we're not you won't hear us talking about enrollment anymore, it's really not relevant anymore all of that ourselves infusions, which is a revenue generating event. So we may talk a bit about that as we go over the next.

Fred Vogt: Andrew, we may provide some additional guidance on but we won't hear us talking about enrollments anymore. It's really not relevant anymore.

Fred Vogt: All that matters now is infusions, which is the revenue-generating event. So we may talk a bit about that as we go over the next Editor-in-chief, Catherine Kaxson's alcoholic video, Domenico Longoria's Times of COVID-19 We see how we're doing. We know all the dynamics. We know how many ETCs are coming on board. We know what we think they're going to do. We know our manufacturing capacity and all the details around that stuff that would be very difficult, I think, for the street to model in some cases.

Andrew: Whatever four five quarters here, but really what we're trying to do with the guidance is give you. The big numbers. So you don't have to worry about enrollments and that sort of thing you can figure out exactly what we're seeing in terms of infusions, what's giving us guidance on that fiscal year 'twenty five guidance of $4 25 guidance. We can see the launch we see how we're doing we know all the dynamics <unk>.

Andrea Tan: Our next question comes from Andrea Tan with Goldman Sachs. Your line is open. Good afternoon. Thanks for taking the question. Fred, I'm curious here just given where you stand in the launch in your six months and what is driving your confidence for a full year 25 guidance given where you are now? And then just curious if you plan on providing metrics around demands such as the patient enrollments or screening as you have in the in-pass quarters. Thanks so much.

Andrew: These are coming onboard and we know what they think they're going to do.

Speaker Change: Our manufacturing capacity and all the all the details around that stuff that would be very difficult I think for the street to come.

Frederick Vogt: Andrea, we may provide some additional guidance on, we're not, you won't hear us talking about enrollments anymore. It's really not relevant anymore, all that matters now is infusions, which is the revenue generating event. So we may talk a bit about that as we go over the next, whatever, four or five quarters here. But really what we're trying to do with the guidance is give you the big number so you don't have to worry about enrollments and that sort of thing you can figure out is that what we're seeing in terms of infusions.

Andrew: Model in some cases, so we're going to provide it for you.

Fred Vogt: So we're going to provide it for you so you have clarity on what we're seeing. We are very, very confident in that guidance based on what we're seeing so far in the initial part of the launch because we've got such a good picture of launch dynamics.

Andrew: So you have clarity on what we're seeing we're very very confident in that guidance based on what we're seeing so far the initial part of the launch because we've got such a good picture launch dynamics right now.

Speaker Change: Okay. Thanks, so much.

Speaker Change: Thank you. Our next question comes from June.

Yanan Zhu: Thank you. Our next question comes from Yanan Zhu with Wells Fargo Securities. Your line is open.

<unk>: <unk> with Wells Fargo Securities. Your line is open.

Frederick Vogt: What's giving us guidance on that fiscal year 25 guidance before your 25 guidance, we can see the launch, we see how we're doing, we know all the dynamics, you know how many ATCs are coming overboard, we know what they, we think they're going to do, we know our manufacturing capacity and all the details around that stuff that would be very difficult. I think for the street to model in some cases, so we're going to provide it for you.

June: Great. Thanks for taking our questions and congrats on the progress here.

Yanan Zhu: Great, thanks for taking our questions and congrats on the progress here. I guess I have a couple questions on patient numbers. You know, you gave the patient infusion, the infusion number of infusions for since the start of this quarter, which is 30 patients. You know, given that there will be, you have talked about a month to month increase and quarter to quarter increase, can we assume that over the next two months, within the current quarter, you will have patient numbers that will exceed the 30 patient number there?

June: So I guess I asked a couple of questions on patient numbers.

Speaker Change: You gave.

Speaker Change: The patient infused the infusion number of infusions.

Speaker Change: Since the start of this quarter, which is 30 patients.

Frederick Vogt: So you have clarity on what we're seeing. We are very, very confident in that guidance based on what we're seeing so far, the initial hard launch, because we've got such a good picture of launch dynamics right now. Okay, thanks so much.

Speaker Change: Given that there will be you know you have talked about amongst amongst increase in quarter over quarter increase can we assume that over the next two months.

Speaker Change: Within the current quarter Youll have.

Speaker Change: Patient numbers that will exceed the 30 patient number there and.

Yanan Zhu: Thank you. Our next question comes from Yunnan, Jew, with Wells Fargo Securities. Your line is open. Great, thanks for taking our questions and congrats on the progress here. So I guess I asked a couple questions on patient numbers. You know, you gave the patient infused the infusion number of infusions for since the start of this quarter, which is 30 patients. You know, given that there will be, you know, you have talked about months to months increase and quarter, over quarter increase, can we assume that over the next two months within the current quarter, you will have, you know, patient numbers that will exceed the third patient number there.

Speaker Change: Also on patient number just wanted to understand.

Yanan Zhu: And also on patient numbers, you know, just wanted to understand whether there were patients that were resected around the same time as the 30 patients and who did not receive the product, i.e., trying to get a sense of the ongoing attrition rate, whether that's due to manufacturing issues or patient progression. If you can give some color there, that would be super helpful. Thank you.

Speaker Change: Hum.

Speaker Change: Has there been paid.

Speaker Change: Patients that have been affected.

Speaker Change: Around the same time as the 30 patient.

Speaker Change: And who did not.

June: <unk> seen the product I E.

June: Data center.

Speaker Change: <unk> attrition rate.

Speaker Change: That's due to manufacturing issues or patient progression.

Speaker Change: You can give us some color there that'd be super helpful. Thank you.

Speaker Change: Yes to answer your second question first.

Fred Vogt: Answer your second question first. The patient dropout rate and manufacturing success rate remain consistent with what we saw in the clinical trial experience.

Speaker Change: Patient dropout rate and manufacturing success rate remain consistent with what we saw in the clinical trial experience. So we're seeing that today and we can obviously further optimize that and we're working on that part of the reason, we're giving guidance. So that you don't have necessarily affect that at all and we can see that pretty clearly and understand that and as we go we may provide more details on that once we.

Yanan Zhu: And also on patient number, you know, just wanted to understand, have there, have there been patients that have been respected, you know, around the same time as the 30 patient, and who did not receive the product. IE currently get a sense of the ongoing nutrition rate, whether that's due to manufacturing issues or patient progression. If you can give some color there, that would be super helpful.

Fred Vogt: So we're seeing that today. We can obviously further optimize that. We're working on that. Part of the reason we're giving guidance is so that you don't necessarily have to factor that all in. We can see that pretty clearly and understand that.

Fred Vogt: And as we go, we may provide more details on that once we have a larger NNR dataset here, but right now, we feel very good about this number. And then you answer the question: I couldn't fully understand what you're getting at with the patient numbers. We've already done more than 30 patients this quarter, meaning the third quarter, the quarter we currently sit in that we did in the second quarter that we're reporting. We expect that to obviously accelerate considerably, such that by the end of the third quarter, the numbers are going to be much higher.

Speaker Change: <unk>.

Speaker Change: Larger and in our data set here, but right now we feel very good about those numbers and then you asked a question I fully understand what youre getting out with the patient numbers, we've already done more than 30 patients this quarter, meaning third quarter quarter. We're currently sit in that we did in this quarter second quarter that we're reporting for.

Fred Vogt: I'm not sure if that answers your question, but if you want to phrase it differently, I can try it again.

Speaker Change: We expect that to obviously accelerate considerably.

Frederick Vogt: Thank you. Yeah, answer your second question first. The patient dropout rate and manufacturing success rate remain consistent with this all in the clinical trial experience. So we're seeing that today and we can obviously further optimize that, more working on that. Part of the reason we're giving guidance is so that you don't have to necessarily fact that and we can see that pretty clearly understand that. And as we go, we may provide more details on that once we have a larger end in our data set here, but right now we feel very good about this moment.

Speaker Change: Such that by the end of the third quarter the numbers can be much higher.

Speaker Change: I'm not sure if that answers your question or if you want to phrase it differently I can try it again.

Yanan Zhu: Right, so given that you infused more than 30 patients this quarter, but this quarter is, you know, still have a couple of months to go, right? So I'm just trying to understand what your assumption for this quarter is, the patient numbers for this quarter, given that you only gave the revenue guidance, which includes prolupin. And at this current stage, I think it's a little hard for us to understand the prolupin revenue contribution because there's a lot of stocking going on. So it's hard for us to see the patient number. If you can help us understand the patient numbers for this quarter, that would be helpful.

Speaker Change: Right. So given that you are infused more than 30 patients.

Speaker Change: This quarter, but this quarter it's.

Speaker Change: Still have a couple of months to go right. So I'm just trying to understand what's your assumption for this quarter that patient number for this quarter given that you only gave the revenue guidance, which includes the proleukin and at this current stage.

Frederick Vogt: And then you answer question, I couldn't fully understand we were getting out with the patient numbers. We've already done more than 30 patients in this quarter, meaning third quarter. In quarter, we're currently sitting and we did in the quarter, second quarter that we're recording for. We expect that to obviously accelerate considerably, such that by the end of third quarter, the numbers are going to be much higher. I'm not sure if that answers your question, or if you want to phrase it differently, I can try it again.

Frederick Vogt: Right, so given that you infuse more than 30 patients, this quarter, but this quarter is still have a couple of months to go, right. So I'm just trying to understand what's your assumption for this quarter, the patient member for this quarter, given that you only gave the revenue guidance, which includes the polluting. And at this current stage, I think it's a little hard for us to understand. And the polluting revenue contribution because there's a lot of stocking going on, so it's hard for us to see the patient number.

Speaker Change: Stage I think it's a little hard for us to understand the propane revenue.

Speaker Change: Contribution because.

Speaker Change: A lot of stocking.

Speaker Change: So it's hard for us to see the patient number if you can help us understand the patient number.

Speaker Change: For this quarter that would be helpful. Thank you estimated we have an estimated number for this quarter, that's a lot higher than 30.

Yanan Zhu: Thank you. Thank you. Thank you.

Fred Vogt: We have an estimated number for this quarter, but that's a lot higher than 30. I can't give you that number today, but I can tell you that it will be significantly higher, and we'll it will track out the way we think it will track out to give you 53 to 55 million in revenue with a good portion of that being pro-lupien, especially restocking a pro-lupien. That's the most color I can give you right now, man.

Speaker Change: Can't give you that number today I can tell you that it will be significantly higher it will that will track out the way. We think it will track out to give you a 53% to $55 million in revenue with a good portion of that being proleukin, especially restocking of Proleukin.

Speaker Change: Thats the most color I can give you right now.

Yanan Zhu: Got it, got it. Thanks and congrats again.

Speaker Change: Got it got it thanks and congrats again.

Speaker Change: Thank you. Our next question comes from Tyler Van Buren with TD Cowen Your line is open.

Tyler Van Buren: Thank you. Our next question comes from Tyler Van Buren with TD Cowan. Your line is open. Hey guys.

Tyler Van Buren: Hey, guys. Thanks for taking the question. Just a couple.

Speaker Change: Hey, guys. Thanks for taking the question just a couple.

Tyler Van Buren: So, you gave basically some metrics on time to manufacturing, which is consistent and reimbursement. But what's the average time from the beginning from opt-in to infusion? And then the second one is around kind of how much you're netting per infusion and gross margins. You know, I suppose if you guide to a target gross margin of 70% over the next few years, that would assume roughly 360 on the 515 list. So, it has to be lower currently.

Frederick Vogt: If you can help us understand the patient number for this quarter, that would be helpful. Thank you. We have an estimated number for this quarter. It's a lot higher than 30. I can't give you that number today. I can tell you that it will be significantly higher, and we'll track out the way we think it will track out to give you 53 to 55 million in revenue with the good portion of that being pro-lupian, especially restocking a pro-lupian. That's the most color I can give you right now.

Speaker Change: So you gave a basically some metrics on time to manufacturing, which is consistent and reimbursement, but whats the average time from the beginning from opt into infusion.

Speaker Change: And then the second one is around kind of how much you're netting per infusion and gross margins.

Speaker Change: I suppose if you guide to target gross margin of 70% over the next few years that would assume roughly $3 60 on the $5 15 list. So it has to be lower currently and.

Tyler Van Buren: And we're getting some inbounds with cost of sales being the same as product revenue for this quarter. So, more color on that and how much is fixed versus variable and how it might evolve over time would be super helpful.

Speaker Change: Getting some inbounds with cost of sales being the same as product revenue for this quarter. So more color on that and how much is fixed versus variable and how it might evolve over time would be super helpful.

Unknown Speaker: God, it's about to thanks and come blessed again.

Tyler Buren: Thank you.

Frederick Vogt: Our next question comes from Tyler van Buren with TD talent. Your line is open. Hey guys, thanks for thinking to question. Just a couple. So you gave basically some metrics on time to manufacturing, which is consistent and reimbursement, but what the average time from the beginning from opt in to infusion. And then the second one is around kind of how much you're netting per infusion and gross margins. You know, I suppose if you guide to target gross margin of 70% over the next few years, that would assume roughly 360 on the 515 list.

Speaker Change: Yeah.

Speaker Change: Sure. We currently right now Tyler CB entire enrollment process.

Fred Vogt: Sure, we currently, Tyler, see the entire enrollment process. The reimbursement, I'm going to be talking about the financial single case agreement, all the stuff we talked about, as well as scheduling and getting in line for resection. The whole thing takes about three or four weeks.

Speaker Change: The reimbursement.

Speaker Change: Approval.

Speaker Change: Financial Watson case agreement all of the stuff, we talked about endlessly on all these calls as well as scheduling getting in line for resection at the whole thing takes about three or four weeks right now.

Fred Vogt: Alright, so I hope that I hope that answers the first part of your question there. That's where it is today. And that's getting quite close to where we want it to be long term. On the netting, I think with respect to gross margin, we've obviously given you the number. Are you asking about gross to net on the product on Amtagby? So you mentioned discounting, and I'm not sure exactly what you were talking about from a financial perspective.

Speaker Change: And so I hope that I hope that answers. The first part of your question there that's where it is today and that's getting.

Speaker Change: Quite close to where we want it to be long term.

Frederick Vogt: So it has to be lower currently and we're getting some inbounds with cost sales being the same as product revenue for this quarter. So more color on that and how much is fixed versus variable and how it might evolve over time would be super helpful. Sure, we currently right now, Tyler, see the entire enrollment process, the reimbursement approval, the financial single case agreement, all the stuff we talked about endlessly of the online calls, as well as scheduling, getting in line for a section. The whole thing takes about three or four weeks right now. I hope that answers the first part of your question there.

Speaker Change: On the on the netting I think.

Speaker Change: With respect to gross margin, we've obviously give you the number.

Speaker Change: Are you asking about gross to net on the product on <unk>.

Speaker Change: So you mentioned discounting and I am not sure exactly what you were talking about from a financial perspective gross to net.

Fred Vogt: Gross to net is very low. Yeah, currently how much you're netting with each infusion and how you expect that to evolve in the coming quarters. Alright, so gross to net right now is less than half a percent, and we expect it to stay around. Less than 0.5.

Speaker Change: Very low.

Speaker Change: Yes, currently how much you're netting with each infusion and how you expect that to evolve.

Speaker Change: In the coming quarters, alright, so gross to net right now is less than half a percent and we expect it to stay around there.

Speaker Change: Less than 0.5.

Speaker Change: But I guess the question is cost of sales are the same as product revenue. So it was a lot I mean, there's a lot of that fixed I mean, obviously, if it's a 70% gross margin.

Tyler Van Buren: But I guess the question is, cost of sales is the same as product revenue. So is a lot, I mean, is a lot of that fixed? I mean, and obviously, if it's a 70% gross margin, it's not half currently, right? 0.5% currently.

John Mark Bellemain: That's where it is today and that's getting quite close to where we want it to be long term. On the netting, I think with respect to gross margin, and we've obviously given you the number, are you asking about gross to net on the product on amtagby? Did you mention discounting? And I'm not sure exactly what you were talking about for a financial perspective. Gross to net on the product, very low. Yeah, currently, how much you're netting with each infusion and how you expect that to evolve in the coming quarters.

Speaker Change: Not <unk>.

Speaker Change: <unk> currently right.

Speaker Change: Half a percent currently.

Speaker Change: I think.

Tyler Van Buren: I think so. I'm probably going to need John Mark's help here, but maybe some of this is lost in the definition of cost of sales that we're using.

Speaker Change: So I'm Gonna Friday <unk> help here, but maybe this is some of this is lost in the definition of cost of sales.

Jean-Marc Bellarmine: John Mark, you want to come in? Yeah, yeah, yeah. Just chiming in.

Speaker Change: Mark you want to comment yes, yes, just chiming inventory to answer our questions. So what you will see in the 10-Q and all the details obviously across both sales and total which is a $38 million.

Jean-Marc Bellarmine: Yeah, yeah, yeah, just chiming in and trying to answer Tyler's question. So, what you will see in the time queue and all the details, obviously, our cost of sales in total, which is $38 million, you know, if you look at the year to date, June 2024. You know, we don't have any specific gross margin to give for product or product by product because it's a total, but just know that on the cost of sales, you will have, of course, a lot of things than only the cost of the product, you know, the cost of goods sold itself, because you have intangible assets that you need to take into account, you have royalties to take into account.

John Mark Bellemain: All right, so gross to net right now is less than half a percent and we expected to stay around. Alexander, less than 0.5. But I guess the question is, cost of sales are the same as product revenue. So it's a lot, I mean, there's a lot of that fixed. I mean, and obviously if it's a 70% gross margin, it's not half currently, right? Half a percent currently. I think, so I'm going to probably need John Mark's help here, but maybe this is some of this is lost in the definition of cost of sales.

Speaker Change: If you look at the year to date June 2024.

Speaker Change: We don't have any specific your gross margin to give for product.

Speaker Change: By product because it's a total but just note that the cost of sales through level across all the things that only cost of product.

Speaker Change: Cost of goods sold itself because you have intangible assets that you need to take into account you have royalty to take into account so.

Jean-Marc Bellarmine: So you cannot, you know, draw exactly the conclusion and the gross margin, but we are committed, again, in the next several years to reach 70%, because we believe that where we stand today in terms of cost of sales for the product makes us confident of reaching 70% in the next few years.

Speaker Change: Cannot draw exactly what's the conclusion on the gross margin, but we are committed to again in the next several years to reach the 70% because we believe that where we stand today in terms of coastal sales for products make us confident for reaching to 70% in the mix.

John Mark Bellemain: John Mark, do you want to come in? Yeah, yeah, yeah, just a timing in trying to answer the entire question. So what you will see in the time queue and all the detail is obviously our cost of sales in total, which is 38 million. You know, if you look at your today, June 20, 24, you know, we don't have any specific gross margin to give for product or product by product because it's a total, but just know that on the cost of sales, you will have of course other things that only cost of product, you know, cost of goods sold itself, because you have intangible asset that you need to take into account, you have royalty to take into account.

Speaker Change: A few years.

Speaker Change: Thanks.

Speaker Change: Thank you.

Ben Burnett: Thank you. Our next question comes from Ben Burnett with Stiefel. Your line is open.

Speaker Change: Our next question comes from Ben Burnett with Stifel. Your line is open.

Ben Burnett: Hey, Thank you very much and again I appreciate and congrats on all the progress.

Ben Burnett: Hey, thank you very much. And again, appreciate or congratulate on all the progress on a great quarter. Question on the cash guidance that Jean-Marc you're talking about: to what extent do you consider product revenue when calculating the cash runway?

Ben Burnett: On a great quarter.

Speaker Change: Just on the cash guidance as John Mark you were talking about.

Ben Burnett: To what extent do you consider product revenue when calculating the cash runway.

John Mark Bellemain: So you cannot, you know, draw exactly what the conclusion and the gross margin, but we are committed again in the next several years to reach the 70% because we believe that where we stand today in terms of cost of sales for product, make us confident for reaching the 70% in the next few years. Thanks.

Jean-Marc Bellarmine: Yeah, we do take into account product revenue, but to be honest with you, Ben, we are very conservative. So that's why we're confident in your saying with the recent 200 million, which has been raised to be able to go into 2026. And that includes, you know, all the spending in terms of investment, in terms of increasing manufacturing capability and capacity, and all our operational spend. So we are very conservative and very confident about that.

Speaker Change: Yes, we do take into account their product revenue broke through the year to <unk>. We are very conservative. So that's why we're confident in saying or with the receptor.

Speaker Change: <unk> million dollars, we just we just to.

Speaker Change: To be able to grow into 2026 and that includes all the spending and terminals.

Unknown Speaker: Thank you.

Speaker Change: Investments into a morphine cruising or manufacturing capability and capacity in all of our operational expense. So we are very conservative and very confident about that.

Benjamin Burnett: Our next question comes from Ben Burnett with Steve, will your line is open? Hey, thank you very much. And again, appreciate or congrats on all the progress on a great quarter question, just on the cash guidance that John Mark, you were talking about, to what extent do you consider product revenue when calculating that cash runway? Yeah, we do take into account the product revenue, but to be honest with you, then we are the very conservative, so that's why we're confident into saying with the recent, you know, 200 million, which is, which is ways to be able to go into 2026. And that includes, you know, all the spending in terms of investment in terms of increasing, you know, manufacturing capability and capacity and all operational spend. And so we are very conservative and very confident about that.

Speaker Change: Okay. Thank you and just so just to clarify so when thinking about kind of the.

Ben Burnett: Okay, thank you. And just so we're clear, when thinking about kind of the spending going forward, we shouldn't just assume that that cash guidance is assuming Unknown Speaker, The product guidance, exactly.

Speaker Change: The spending going forward.

Speaker Change: We shouldnt just assume that that cash guidance is assuming.

Speaker Change:

Speaker Change: The product guidance exactly.

Speaker Change: Product. So when you look at it we do take into account what we are telling you around the $450 million to $475 million in 2025, and obviously this is a baseline to look into our cash burn for further cash overall situation for a mixture, but thats. The topline after you have to take into account also.

Jean-Marc Bellarmine: We do take into account what we are telling you around the 450 to 475 million in 2025. Obviously, this is our baseline to look into a cash burn for the overall cash situation for next year. But that's the top line after you have to take into account also, you know, some one-time expenses we may have for increasing capability and capacity at ICTC, for example, that again, very confident about giving the guidance into 2026 as cash and

Speaker Change: One time expenses, we may have an increase in capability and capacity at the CPUC for example, but again very confidence into.

Speaker Change: Giving the guidance through 2026.

John Mark Bellemain: Okay, thank you. So just to clarify, so when thinking about kind of the spending going forward, we shouldn't just assume that that cash guidance is assuming the product guidance, exactly. So we do take into account what we are telling you around the 450 to 475 million in 2025, obviously, this is our baseline to look into a cash burn for the cash overall situation for for next year, but that's the top line after you have to take into account also, you know, some one time expenses we may have into increasing capability and capacity at ICTC, for example, that again, very confident into. You know, giving the guidance into 2026 other as a cash and now.

Matt: Sure Matt.

Ben Burnett: Excellent. Okay. And maybe just one follow-up. What is the time frame for expanding the manufacturing capacity to 5,000?

Matt: Excellent, Okay, and maybe just one follow up what is the timeframe for expanding the manufacturing capacity to 5000.

Speaker Change: <unk> do you want to handle that one.

Igor Bilinsky: Igor, do you want to handle that one?

Igor Bilinsky: So right now, the network is built to a couple of thousand patients per year capacity, and within the existing ICD-C facility, Tyler, as you recall, we have shelf space that we're now building out, and that build-out will bring ICD-C to over 5,000 patients per year. And that build-out should be completed in a couple of years.

Habitus: Habitus. So right now the network is built to a couple of thousand patients per year capacity and within the existing ICD C facility. Although as you recall, we have shelf space that we're now building out and then build out will bring ict's <unk> to over 5000 patients a year capacity and then build out.

Habitus: Should be completed on a couple of years.

Speaker Change: Okay, great. Thank you very much of course.

Speaker Change: Thank you. Our next question comes from Colin <unk> with Baird.

Colleen Kusy: Thank you. Our next question comes from Colleen Kusy with Bayer. Your line is open.

Ben Burnett: Okay, great. Thank you very much. Thank you. Our next question comes from Colleen Kusy with Bayer. Your line is open. Great, thanks for taking our questions and congratulations on the progress. Can you comment?

Speaker Change: Your line is open.

Speaker Change: Okay.

Igor Bilinsky: Excellent. Okay, and maybe just one follow up what is kind of the time frame for expanding the manufacturing capacity to 5000. Igor, do you want to handle that one? I have it too. So right right now the network is built to a couple of thousand patients per year capacity and within the existing ICTC facility, Tyler, as you recall, we have shell space that we're now building out and then Bill Dallas will bring ICTC to over 5,000 patients per year capacity and that Bill Dallas should be completed in a couple of years.

Colin: Great. Thanks for taking our question questions and congrats on the progress can you comment on the manufacturing success rate and just kind of what happens when there is an unsuccessful manufacturing run does that just gets filtered into Cogs and then for the <unk>.

Unknown Speaker: Okay, great, thank you very much.

Unknown Speaker: Of course. Thank you.

Colin: Fiscal year 2025 guidance how much of.

Colin: Is the contribution expected to be from Europe.

Colin: Yes.

Jean-Marc Bellarmine: Jean-Marc, do you want to talk a little bit about how it works with the manufacturing, like an out-of-spec product, and how that goes in the COGS? Yeah.

Colin: Mark you want to talk a little bit about how it works with the manufacturing like an out of spec and how that goes in the Cogs, yes.

Jean-Marc Bellarmine: Yeah, so, Colleen, thanks for the question. I appreciate that.

Colin: Colin Thanks for the question I appreciate that there are out of spec I'm. The oldest crop will go and you will see that in the Q as part of our cost of sales because when the project is not being infused by division because of <unk>. So all of those situations like that.

Jean-Marc Bellarmine: The out-of-spec and all the scrap will go, and you will see that in the queue, as part of our cost of sales because when the project is not being infused by the patient because of patient health or some other situation like that, and out-of-spec, of course, we have to take it into account at what stage of production it was. So it will be taken into account as part of the cost of sales.

Colleen Kusy: Our next question comes from Colleen Kusy with Bear, your line is open. Great, thanks for taking our questions and congrats on the progress. Can you comment on the manufacturing success rate and just tell what happens when there is an unsuccessful manufacturing run? Does that just get filtered into COGS? And then for the fiscal year 2025 guidance, how much of is the contribution expected to be from Europe? Yeah, so Sean Mark, do you want to talk a little bit about how it works with the manufacturing like an out of spec and how that goes in the COGS?

Colin: Spec of course, we have to take it into account.

Speaker Change: What stage of what stage offshore.

Speaker Change: Production in the squad so it will be easier to come to a jump as part of cost of sales.

Jean-Marc Bellarmine: If it is going into, potentially, some kind of, you know, case-by-case situation, clinical use, then we will switch to OPEX. We will switch it back to OPEX as part of clinical spending, and Colleen, I can answer, no, the...

Speaker Change: It is going into potentially some kind of.

Speaker Change: It's case by case attrition clinical use then we will switch into Opex, we will switch it back to Opex as part of our clinical spend and doctors.

Colleen Kusy: Yeah, so Colleen, thanks for the question. I appreciate that. The out of spec and all this crap will go and as you will see that in the queue, as part of our cost of sales because when the project is not being infused by the patient, because of patient health or all the situation like that and out of spec, of course, we have to take it into account what stage of production it was, so it will be taken into account as part of cost of sales.

Colin: And Colleen I can answer no the European.

Jean-Marc Bellarmine: Colleen, I can answer. No, European revenue is not factored in anything right now, but that will come online, as I said in my remarks a little bit later, as we expect and will give us even more tailwinds in 2026 and beyond.

Speaker Change: European revenue is not factored in anything right now that will come online as I said in my remarks, a little bit later, we expect it will give us even more tailwind in 2026 and beyond.

Speaker Change: Great. Thanks for taking our questions and congrats on the progress.

Speaker Change: Thank you. Our next question comes from Steve Good morning, with Truth. Your line is open.

Jean-Marc Bellarmine: Thank you. Our next question comes from Asthika Goonewardene with Truth. Your line is open.

Steve Good: Hey, guys. Thanks for the question and appreciate all the color and patients with all of our questions. Today on this I'm going to ask one more on the guidance here.

Asthika Goonewardene: Hey guys, thanks for the question and appreciate all the color and the patience with all our questions today on this. I'm going to ask one more on the guidance here. Maybe I can give them a little color.

Colleen Kusy: If it is going into potentially some kind of, in this case by case situation, clinical use then we will switch into OPEX. We will switch it back to OPEX as part of our clinical spam and doctors. Colleen, I can answer, no, the European revenue is not factored in anything right now that will come online as I said in my remarks a little bit later. We expect that will give us even more tailwind in 2026 and beyond. Great, thanks for taking our questions and congrats on the progress. Thank you.

Steve Good: Maybe you can give us a little color.

Speaker Change: As a proportion of the product revenue guidance.

Asthika Goonewardene: If the proportion of the product review guidance that is attributable to Proleucine is right to assume that the contribution slides down with each progressing period, or is it a fixed component, each period and then each period provided? And then, of the 25 patients that were treated in 2Q, what proportion of these patients was reimbursement sought on a single case basis? And how is that shifted among the 30 patients already treated today in 3Q? Thanks.

Speaker Change: It's attributable to Proleukin.

Speaker Change: Is that right to assume that the contribution slide down with each progressing period or is.

Speaker Change: Is it a fixed component.

Speaker Change: Each period.

Speaker Change: And then pitch it provided and then of the 25 patients that were treated in two Q what proportion of these patients are less reimbursements sought on a single case basis, and how is that shifting into 30 patients already treated to date into retail.

Unknown Speaker: Our next question comes from Aftiga Bumordine with Truth Your Line is Open. Hey guys, thanks for the question and appreciate all the color and the patient with all our questions today on this. I'm going to ask one more on the guidance here. Maybe it can give them a little color. It's the proportion of the product revenue guidance that is attributable to looking. Is that right to assume that the contribution lies down with each progressing period or is a fixed component each period and then of each period provided?

Speaker Change: Yes.

Fred Vogt: Yes, so the way to think about it is if Amtagby has a price, proleucin has a price, and you multiply the proleucin price by the number of vials you expect, you're going to get to what I think you referred to as a fixed combination, which is a fixed percentage. So ultimately, antagony patients that get proleucin, there's gonna be a percentage between the total cost of those two drugs, one percentage of Republican contributes to tagging contributing, casually to pretty easily as roughly as roughly in the ballpark of empathy.

Speaker Change: And the way to think about it is its impact has a price per looking at the price you multiply the proleukin priced by the number of biology expect youre going to get to what I think you referred to was a fixed combination with six percentage. So ultimately in tagme patients that get proleukin theres going to be a percentage between.

Speaker Change: Total cost of those two drugs.

Speaker Change: What percentage of provoking contributes at what percentage impact.

Speaker Change: Contributing calculated pretty easily it's roughly in the ballpark of about 15%.

Unknown Speaker: And then of the 25 patients that were treated in 2Q. What's the proportion of these patients with reimbursement sought on a single case basis and how is that shifting into their 30 patients or retreated today in 3Q? Thanks. Yes, a single way to think about it is it impag me has a price for looking at the price, you multiply the product and price by the number of biology you expect. You're going to get to what I think you referred to as a fixed combination which is a fixed percentage.

Fred Vogt: We can calculate that out in more detail for you, but I'm sure you can do the math. For the 25 patients in the civil case agreement, we do civil case agreements for every patient. They just go faster and faster.

Speaker Change: You can calculate that out.

Speaker Change: Detailed for you, but you don't treat can do the math.

Speaker Change: For the 25 patients in the Civil case agreement, we do civil case agreements for every patient. They just go faster and faster maybe Jim could you add a little bit color on that.

Fred Vogt: Maybe, Jim, could you add a little bit of color on how that helps improve those 25 patients? Yep. Thanks, Fred.

Speaker Change: Yes.

Speaker Change: Of those 25 patients yes, thanks, Brett so the payer mix that we're seeing currently in the early days of launch mirrors, what we had previously shared prior to launch.

Jim Ziegler: Yep, thanks, Fred. So the payer mix that we're seeing currently in the early days of launch mirrors what we had previously shared prior to launch. So prior authorizations and single case agreements primarily apply to the private payers, which you will recall were about three-quarters of the patients. That's what we're seeing right now. In the early months of launch, a payer mix that's very consistent, so about 75%.

Jim Ziegler: So the payer mix that we're seeing currently in the

Speaker Change: Prior authorizations and single case agreements, primarily apply to the private payers, which you will recall was about three quarters of the patients. That's what we're seeing right now in the early months of launch or payer mix, that's very consistent so about 75%.

Unknown Speaker: So, ultimately, antagony patients that get prolucin, there's going to be a percentage between the total cost of those two drugs, one percentage, prolucin contributes to one percentage, antagony contributes, you can calculate it pretty easily as roughly as in the ballpark of up 15%, we can calculate that out more detail for you, but you don't treat me to the math. For the 25 patients in the civil case agreement, we do civil case agreements for every patient, they just go faster and faster, maybe Jim Could you add a little bit color on how to improve those 25 patients?

Speaker Change: Okay.

Speaker Change: Thanks, guys.

Speaker Change: Thank you.

Reni Benjamin: Thank you. Our next question comes from Reni Benjamin with Citizens JMP. Your line is open. Hey guys.

Speaker Change: Our next question comes from Reni, Benjamin with citizens JMP. Your line is open.

Reni Benjamin: Hey guys, thanks for taking the questions and congratulations on a great quarter and great guidance. A couple for us, maybe just starting off, can you talk a little bit about how you're managing and working with ATCs, especially as it comes to, you know, maybe constraints and how they're dealing with prioritizing CAR-Ts versus till infusion and how that's looking, you know, kind of going forward. And I guess, you know, also we heard a lot of arguments this quarter about patients dying before they get the infusion. Maybe you can talk a little bit about how, you know, what the patients are kind of looking at now as they're being enrolled. Has it changed any? Are they healthier?

Benjamin: Hey, guys. Thanks for taking the questions and congratulations on a great quarter and great guidance.

Unknown Speaker: Yeah, thanks Fred, so the payermix that we're seeing currently in the early days of launch mirrors what we had previously shared prior to launch. So prior authorizations in single case agreements primarily apply to the private payers, which you will recall was about three quarters of the patients, that's what we're seeing right now in the early months of launch a payermix that's very consistent. And so about 75%. Thanks guys.

Speaker Change: Couple of Froth, maybe just starting off can you talk a little bit about how you're managing and working with <unk>, especially as it comes to maybe constraints and how they're dealing with prioritizing.

Speaker Change: Car Ts versus til infusion and how that how that's looking.

Speaker Change: Kind of going forward.

Speaker Change: Also we heard a lot of arguments this quarter.

Speaker Change: Patients were dying before they get the infusion maybe you can talk a little bit about how the.

Speaker Change: The patients are kind of looking at now is there is there being enrolled as it has it changed any or they have a healthier less lines of therapy and then the other argument where.

Reni Benjamin: Thank you. Our next question comes from Renny Benjamin with citizens JMP, your line is open. Hey guys, thanks for taking the questions and congratulations on a great quarter and great guidance.

Jim Ziegler: Less lines of therapy? And then the other argument we heard was that you guys didn't have enough slots and that there was just a backlog, and then people were waiting for cells to get processed. Can you talk maybe a little bit about that, whether or not there was a backlog? Thank you.

Reni Benjamin: A couple for us, maybe just starting off, can you talk a little bit about how you're managing and working with ATCs, especially as it comes to, you know, maybe constraints and how they're dealing with prioritizing, you know, parties versus till infusions and how that, how that's looking, you know, kind of going forward. And I guess, you know, also we heard a lot of arguments this quarter, you know, patients were dying before they get the infusion.

Speaker Change: You guys didn't have a flop.

Speaker Change: With the backlog and then people were waiting for <unk> to get process can you talk maybe a little bit about that whether or not there was a backlog.

Speaker Change: Yes.

Speaker Change: Jim do you want to take the first part of that maybe Brian take the second part yes sure. So thanks Randy.

Brian Gastman: Do you want to take the first part of that, and maybe Brian can take the second part?

Jim Ziegler: Yeah, sure. So, thanks, Reni.

Jim: As we work with the <unk>, we work with them almost on a daily basis, especially the top atc's, how they decided and allocate beds between car Ts until.

Jim Ziegler: As we work with the ATCs, we work with them almost on a daily basis, especially the top ATCs; how they decide and allocate beds between CAR-Ts and TILs, I'm not exactly sure, but I do know that in terms of demand and scheduling patients for MTAGV, that doesn't seem to be a concern. Just as prior to launch, there was a lot of concern around the lack of hospital beds, but it does not appear to be any type of a restraint at all.

Reni Benjamin: Maybe you can talk a little bit about how, you know, what the patients are kind of looking at now as they're, as they're being enrolled, has it, has it changed any, are they, are they healthier, less wanting therapy. And then the other argument where it was, you know, you guys didn't have enough slots and that there was just a backlog and then people were waiting for cells to get processed.

Speaker Change: I'm not exactly sure, but I do know that in terms of demand in scheduling patients for <unk> that doesn't seem to be a concern just as prior to launch there was a lot of concern around the lack of hospital beds. It does not appear to be any type of a restraint at all.

Reni Benjamin: Can you talk maybe a little bit about that, whether or not there was a backlog. Thank you.

Jim Ziegler: In terms of patients dying before infusions, I guess what I would say is similar to other CAR-Ts where there's a high unmet need and a lack of available treatments. Yes, you do have some patients that may progress or may die before therapy, but as we are well into launch now, into our fifth and sixth months, I think patient selection is getting much better, and we're not seeing those same trends. I would just reiterate that the demand that we're seeing at the ATCs, and the operational readiness looks really, really good, and it reinforces the confidence behind our guidance.

Speaker Change: In terms of patients dying before infusions.

Speaker Change: I guess, what I would say is similar to other car Ts where.

Jim Zabler: Yes, you want to take the first part of that, maybe Brian, take a second part. Yes, sure. So thanks, Renny. As we work with the ATCs, we work with them almost on a daily basis, especially the top ATCs, how they decide and allocate beds between parties until I'm not exactly sure of, but I do know that in terms of demand and scheduling patients for amcagbeat. That doesn't seem to be a concern.

Speaker Change: There is a high unmet need and the lack of available treatments. Yes, you do have some patients that.

Speaker Change: May progress or May die before therapy, but as we are well into the launch now into our fifth in six months I think patient selection is getting much better and we're not seeing those same trends I would just reiterate that.

Speaker Change: The demand that we're seeing at the ATC is the operational readiness looks really really good and it reinforces the confidence behind our guidance Brian Yes.

Jim Zabler: Just as prior to launch, there was a lot of concern around the lack of hospital beds. It does not appear to be any type of a restraint at all in terms of patients dying before infusions. I guess what I would say is similar to other parties where there's a high unmet need and the lack of available treatments. Yes, you do have some patients that may progress or may die before therapy, but as we are well and to launch now into our six and six months, I think patient selection is getting much better and we're not seeing those same trends. I would just reiterate that the demand that we're seeing at the ATCs, the operational readiness looks really, really good. And it reinforces the confidence behind our guidance.

Brian Gastman: Brian?

Brian Gastman: Yeah, I would second everything you said, Jim. One thing that we've done at Iovance, I think it's not the only one of its kind, it's certainly rather unique, is develop this, we call it, peer-to-peer, which is really former health care providers speaking to current health care providers and assessing patients as a partnership. We've all learned about the current commercial patient population out there, and I think what's really made the biggest improvement is patient selection, people understanding who are the most appropriate patients, and even more so that these authorized treatment centers are speaking to the referring doctors to try to get them to understand earlier when that's a sentence for them so that we can move this process up and make patients who right now may not be the best candidates, there is a point in their earlier And that's why I think you're seeing less and less of what you were describing.

Speaker Change: Yes.

Brian: I have a second everything you said Jim.

Brian: One thing that we've done at <unk>.

Speaker Change: I think it is not the only one of its kind. It's certainly rather unique has developed as we call. It peer to peer which is really a former health care providers.

Speaker Change: Peaking to current health care providers.

Speaker Change: Assessing patients as a partnership where all we've all learned about the current commercial patient population out there and I think what's really made the biggest improvement is patient selection people understanding where who are the most appropriate and even more so that is our operation centers or speaking to the referring doctors try and get them.

Reni Benjamin: Excellent. Thanks, guys.

Speaker Change: And to understand earlier when asked about the Senate.

Speaker Change: The patients to them. So we can move this process and make patients who right now may not be the best candidates. There is a point in their earlier earlier in their journey when they work better candidates I think this relationship that we have with all their authorized treatment centers are starting to bear fruit and that's why I think youre seeing less and less of what you were you were describing.

Brian Gastman: Brian. Yeah, I would say everything you said, Jim.

Brian Gastman: One thing that we've done at Iowans, I think it's not the only one of its kind. It certainly rather unique is developed as we call it peer to peer, which is really former healthcare providers speaking to current healthcare providers and assessing patients in the partnership. We've all learned about the current commercial patients population out there. And I think what's really made the biggest improvement is patient selection, people understanding who are the most appropriate.

Speaker Change: Excellent thanks, guys.

Speaker Change: Thank you I'm showing no further questions at this time I would now like to turn it back to Fred for closing remarks.

Fred Vogt: Thank you. I'm showing no further questions at this time. I would now like to turn it back to Fred Vogt for closing remarks.

Fred: Thank you again for joining the <unk> biotherapeutics second quarter, and first half 2024 financial results and corporate update conference call, where honestly disclose the first revenues for the first commercial til cell therapy and look forward to providing further updates on the progress of our anti <unk> launch as well as contained developments in our pipeline.

Fred Vogt: Thank you again for joining the Iovance Biotherapeutics second quarter and first half 2024 financial results and corporate updates conference call. We're honored to disclose the first revenues for the first commercial till cell therapy and look forward to providing further updates on the progress of our Antagby launch, as well as continued developments in our pipeline and future updates. It's already been a monumental year for Iovance, and we continue to be motivated as we hear from the media and social media. Antagony is providing hope to patients with metastatic melanoma.

Brian Gastman: And even more so that these authorized treatment centers are speaking to the referring doctors, try to get them to understand earlier when that descendants send patients to them so that we can move this process up and make patients who right now may not be the best candidate. But there is a point in there earlier in their journey when they work better candidates. I think this relationship that we have with all the authorized treatment centers is starting to bear fruit. And that's why I think you're seeing less and less what you were described.

Speaker Change: Future updates.

Speaker Change: It's already been a monumental year for <unk>, we continue to be motivated as we hear media and social media.

Speaker Change: <unk> is providing hope for patients with metastatic melanoma.

Fred Vogt: As always, we're thankful to the patients, healthcare, and advocacy communities, our partners, and our exceptional Iovance team. I'd also like to thank our shareholders and covering analysts for their support. Please feel free to reach out to our investor relations team for follow-up. Thank you.

Speaker Change: As always we are thankful for the patients health care and advocacy communities, our partners and our exceptional team.

Speaker Change: I'd also like to thank our shareholders and covering analysts for their support please feel free to reach out to our Investor relations team for follow up thank you.

Unknown Speaker: Thank you. I'm showing no further questions at this time.

Frederick Vogt: I would now like to turn it back to Fred Boat for closing remarks. Thank you again for joining Iovance by the therapeutic second cooler and first half 24 financial results in corporate updates conference call. We're honored to disclose the first revenues for the first commercial till self therapy on the boards of providing further updates in the progress over anti-v launch, as well as continued developments in our pipeline and future updates.

Speaker Change: This concludes today's conference call. Thank you for participating you may now disconnect.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Speaker Change: Okay.

Speaker Change: [music].

Speaker Change: Yes.

Speaker Change: [music].

Frederick Vogt: It's already been a monumental year for Iovance. We continue to be motivated as we hear media and social media, and I'm paying these providing hope to patients with metastatic melanoma. As always, we're thankful to the patients, healthcare and advocacy communities, our partners, and our exceptional Iovance team. I'd also like to thank our shareholders and covering analysts for their support.

Unknown Speaker: Please feel free to reach out to our investor relations team for follow-up. Thank you.

Unknown Speaker: This concludes today's conference call. Thank you for participating. You may now disconnect. Thank you. [inaudible] you, thank you, thank you, thank you,[inaudible] thank you, thank you, thank you, thank you, thank you,[inaudible][inaudible] . . Thank you. . [inaudible]

Speaker Change: Sure.

Speaker Change: [music].

Speaker Change: [music].

Speaker Change: [music].

Speaker Change: [music].