Iovance Biotherapeutics, headquartered in the Bay Area and pioneering a new type of cancer treatment, is laying off about a fifth of its staff.
The San Carlos company announced the cuts in a news release Thursday alongside its quarterly financial results. Those results — less revenue than analysts had expected, with a $111.7 million net loss — worsened a rough trend for Iovance’s stock. Valued at $881 million before the announcements, Iovance saw its stock plummet by more than 30% in after-hours trading, or more than $250 million.
The document said that about 19% of Iovance’s workers are set to lose their jobs, and spokesperson Jen Saunders told SFGATE the company would finish the layoff round with more than 1,000 employees. That means two things: The cuts are hitting at least 230 workers, and Iovance hired hungrily since starting the year with 838 employees. It’s unclear where the cuts are primarily located, but beyond its base, Iovance has a large presence in Philadelphia…