Post appears to be incomplete or unclear, containing only the ticker symbol IOVA with question marks and no substantive analysis or thesis presented. Cannot determine investment rationale or risks from the limited content.

The investor has made a large $900k position in IOVA at $4.00 per share, indicating bullish conviction in the stock. The key risks would include potential clinical trial failures, regulatory setbacks, competitive pressures in the biotech sector, and the inherent volatility and capital requirements of small-cap pharmaceutical companies.