Core Viewpoint - The company Iovance Biotherapeutics announced a potentially dilutive capital raising through a secondary issue of common stock, which negatively impacted its share price by nearly 6% [1][2][3]. Group 1: Capital Raising Details - Iovance plans to raise up to $350 million through an at-the-market secondary issue of its common stock, as disclosed in regulatory filings [3]. - Jefferies has been appointed as the sales agency for the flotation, earning a 3% commission on the total gross proceeds [5]. - The proceeds from the capital raising will be used to enhance the commercial prospects of its leading drug, Amtagvi, and to fund investigational programs and general corporate purposes [5]. Group 2: Market Impact and Concerns - The announcement of the capital raising led to a significant drop in Iovance's share price, contrasting with the S&P 500 index's minor decline of 0.4% [2]. - The potential dilution from this capital raising is a legitimate concern, especially given Iovance's current market capitalization of over $915 million [6].

Core Viewpoint - Nektar Therapeutics experienced a decline in stock price following the completion of a secondary stock issue, resulting in a 3% loss, while the S&P 500 index rose by 0.8% [1] Group 1: Capital Raise Details - Nektar completed a secondary share flotation, selling slightly more than 4.89 million shares of common stock, including 638,298 shares sold to underwriters [2] - The gross proceeds from the share issue were approximately $115 million, priced at $23.50 per share, intended for general corporate purposes, including drug development and research activities [4] Group 2: Impact on Shareholders - The secondary share flotation is dilutive to existing shareholders, increasing the total share count from slightly more than 12.4 million to nearly 17.4 million shares, which negatively impacts shareholder value [5] - Investors are concerned about potential future equity offerings, which could lead to further dilution of shares [7] Group 3: Company Pipeline and Potential - Nektar has several pipeline projects in development, with its leading candidate, rezpegaldesleukin, showing promising results for treating moderate-to-severe atopic dermatitis [6]