$Iovance Biotherapeutics, Inc.(IOVA)$   IOVA Analyst-Style Valuation 1. CURRENT BUSINESS (Melanoma only) Amtagvi approved Feb 2024. Revenue trajectory: • Q1 2025: $49M • Q2 2025: $60M • Q1 2026: ~$71M (est) • Q2 2026: $99M (+66% YoY) • FY2026 guidance: $410-420M • Gross margin: 56%, improving each quarter Melanoma TAM: • ~8,000-10,000 eligible patients/year in US (advanced, post-PD1) • Average treatment cost: ~$500,000 per patient • Theoretical max US revenue: ~$4-5B • Realistic penetration at maturity (5-7 years): 20-25% = $800M-1.2B US alone • Ex-US potential: EU approval pending, limited currently Current run rate: $420M annualised. At 56% gross margin = $235M gross profit. Still burning cash on R&D and SG&A. Profitable at EBI

$Iovance Biotherapeutics, Inc.(IOVA)$  IOVA is all set for a breakout- 1. Melanoma numbers are amazing and it works amazing with Kytruda. Makes it tempting for Merck to move from partner to M&A especially given their patents running out soon. 2. The sarcoma number will come out today during oral presentation and is expected to be great too leading to an accelerated commercial approval by FDA 3. The NSCLC trial is still ongoing and that will be the kicker for it My strategy- 1. Capitalise on run up today and tomorrow 2. Next wave after results in Nov

$Iovance Biotherapeutics, Inc.(IOVA)$  Time to buy. I've heard from some insiders that the lung cancer trial has shown great results with some tumours shrinking by 85%. It will be a game changer for many more solid tumours. 

$Iovance Biotherapeutics, Inc.(IOVA)$  The share seems to come under immense selling pressure immediately after a run-up. Indicates that there are short sellers who are very active on this stock.

$S&P 500(.SPX)$ it is going to have a hard landing after next FOMC