Iovance Biotherapeutics (NASDAQ: IOVA) shares are down to the tune of 18% today following Thursday evening's release of its first-quarter numbers. The sell-off clearly suggests investors didn't like everything they heard. The knee-jerk response to the news, however, looks past a critical detail regarding the report.

Iovance Biotherapeutics did $715,000 worth of business during the three-month stretch ending in March, and lost $113 million (or $0.42 per share) in the process. While the loss was more or less in line with estimates, revenue fell short of analysts' average top-line expectations.

Lost in the noise, however, is the fact that last quarter's numbers are largely irrelevant. For all intents and purposes, the company's business only began in the quarter currently underway.

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Source Fool.com