Nov. 16 at 10:46 AM
$IOVA
5/
Now let’s talk TIL therapy (Amtagvi).
Key thing most people miss:
TIL manufacturing does not require viral vectors.
Vector cost is
$40–90K+ per patient in CAR-T COGS.
TIL starts structurally cheaper.
6/
And unlike Kymriah’s decentralized model, TIL manufacturing is centralized and standardizable.
Same input, same sequence, same flow.
This is good for reproducibility AND margin.
7/
What does that imply?
•Early commercialization (Q1–Q6): 35–45% GM
•Process reliability + site onboarding: 50–60% GM
•Real scale (melanoma volume + workflow automation): 60–70%+ GM
This is Carvykti-like margin trajectory.
Just starting earlier.
8/
So when you hear the old bear line:
“Autologous therapies will never reach high margins”
→ That was already disproven by Carvykti and Yescarta.
And when you hear:
“TIL will be too expensive to scale”
→ The underlying cost structure says the opposite.
9/
The takeaway:
The market is still anchored to 2018 cell therapy economics.
