$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2019 Q4 Form 10-Q Financial Statement

#000110465919059564 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2019 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.87M $10.03M $9.080M
YoY Change 44.36% 41.07% 30.27%
% of Gross Profit
Research & Development $54.24M $41.58M $30.91M
YoY Change 97.81% 48.79% 55.21%
% of Gross Profit
Depreciation & Amortization $290.0K $320.0K $271.0K
YoY Change 11.54% 28.0% 17.83%
% of Gross Profit
Operating Expenses $65.11M $51.61M $39.99M
YoY Change 86.35% 47.21% 48.77%
Operating Profit -$51.61M -$39.99M
YoY Change 47.21% 48.77%
Interest Expense $1.540M $2.120M $3.040M
YoY Change -35.02% 72.36% 744.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$63.57M -$49.49M -$36.95M
YoY Change 95.12% 46.29% 39.33%
Income Tax
% Of Pretax Income
Net Earnings -$63.57M -$49.49M -$36.95M
YoY Change 95.14% 46.28% 39.36%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$503.2K -$399.0K -$299.4K
COMMON SHARES
Basic Shares Outstanding 126.2M 123.8M 123.4M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $307.1M $361.9M $440.0M
YoY Change -34.45% 39.19% 48.1%
Cash & Equivalents $13.97M $38.89M $54.09M
Short-Term Investments $293.1M $323.0M $385.9M
Other Short-Term Assets $9.400M $5.400M $4.700M
YoY Change 36.23% -8.47% -16.07%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $316.5M $367.3M $444.8M
YoY Change -33.42% 38.16% 46.93%
LONG-TERM ASSETS
Property, Plant & Equipment $8.536M $5.856M $3.504M
YoY Change 218.15% 121.82% 59.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.481M $3.395M $3.288M
YoY Change 25.94% 45.65% 44.53%
Total Long-Term Assets $28.16M $28.44M $16.75M
YoY Change 417.02% 472.1% 272.2%
TOTAL ASSETS
Total Short-Term Assets $316.5M $367.3M $444.8M
Total Long-Term Assets $28.16M $28.44M $16.75M
Total Assets $344.7M $395.7M $461.5M
YoY Change -28.32% 46.12% 50.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.57M $9.921M $7.589M
YoY Change 468.35% 64.97% 14.98%
Accrued Expenses $16.27M $16.32M $8.489M
YoY Change 39.51% 53.11% 4.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.08M $34.61M $22.14M
YoY Change 171.45% 107.59% 50.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.352M $53.00K $53.00K
YoY Change 922.61%
Total Long-Term Liabilities $6.600M $6.070M $4.433M
YoY Change 2769.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.08M $34.61M $22.14M
Total Long-Term Liabilities $6.600M $6.070M $4.433M
Total Liabilities $45.68M $40.68M $26.57M
YoY Change 212.31% 143.61% 80.75%
SHAREHOLDERS EQUITY
Retained Earnings -$570.6M -$507.0M $300.0K
YoY Change 53.08% 49.05% -100.11%
Common Stock $5.000K $5.000K $5.000K
YoY Change 0.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $299.0M $355.1M $434.9M
YoY Change
Total Liabilities & Shareholders Equity $344.7M $395.7M $461.5M
YoY Change -28.32% 46.12% 50.21%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2019 Q1
OPERATING ACTIVITIES
Net Income -$63.57M -$49.49M -$36.95M
YoY Change 95.14% 46.28% 39.36%
Depreciation, Depletion And Amortization $290.0K $320.0K $271.0K
YoY Change 11.54% 28.0% 17.83%
Cash From Operating Activities -$53.82M -$42.18M -$29.09M
YoY Change 70.59% 51.02% 62.98%
INVESTING ACTIVITIES
Capital Expenditures -$3.430M -$1.230M $824.0K
YoY Change 1043.33% 167.39% 3645.45%
Acquisitions
YoY Change
Other Investing Activities $30.24M $4.730M $1.860M
YoY Change -114.67% -103.18%
Cash From Investing Activities $26.82M $3.490M $1.033M
YoY Change -113.0% -102.34% -4795.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.090M 660.0K -2.000K
YoY Change -99.13% -94.51% -100.0%
NET CHANGE
Cash From Operating Activities -53.82M -42.18M -29.09M
Cash From Investing Activities 26.82M 3.490M 1.033M
Cash From Financing Activities 2.090M 660.0K -2.000K
Net Change In Cash -24.91M -38.03M -28.06M
YoY Change -1854.23% -76.99% -118.5%
FREE CASH FLOW
Cash From Operating Activities -$53.82M -$42.18M -$29.09M
Capital Expenditures -$3.430M -$1.230M $824.0K
Free Cash Flow -$50.39M -$40.95M -$29.91M
YoY Change 61.25% 49.07% 67.39%

Facts In Submission

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IOVANCE BIOTHERAPEUTICS, INC.
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CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44339000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80738000
iova Unrealized Gain Loss On Shortterm Investments
UnrealizedGainLossOnShorttermInvestments
281000
iova Unrealized Gain Loss On Shortterm Investments
UnrealizedGainLossOnShorttermInvestments
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557000
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2000
us-gaap Conversion Of Stock Amount Converted1
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1000
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2019Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
361900000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38900000
CY2019Q3 us-gaap Short Term Investments
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323000000.0
CY2019Q3 us-gaap Restricted Cash
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5500000
CY2019Q3 us-gaap Security Deposit
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5500000
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1000000
CY2019Q3 us-gaap Restricted Cash
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5500000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38889000
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
80738000
CY2019Q3 us-gaap Restricted Cash
RestrictedCash
5450000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44339000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80738000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13207212
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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13372777
CY2019Q3 us-gaap Assets Fair Value Disclosure
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322985000
CY2018Q4 us-gaap Assets Fair Value Disclosure
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386371000
us-gaap Use Of Estimates
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CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
6598000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
5516000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
18870000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
14842000
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
6598000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
5516000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
18870000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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14842000
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<p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Reclassifications</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">Certain amounts within the balance sheets for the prior period have been reclassified to conform with the current period presentation. These reclassifications had no impact on the Company's previously reported financial position or cash flows for any of the periods presented.</p>
iova Cash And Cash Equivalents At Carrying Value Excluding Cash Demand Deposit
CashAndCashEquivalentsAtCarryingValueExcludingCashDemandDeposit
35687000
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25968000
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4900000
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5800000
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300000
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322985000
CY2018Q4 us-gaap Available For Sale Securities Current
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386371000
CY2019Q3 us-gaap Available For Sale Securities Amortized Cost
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321740000
CY2019Q3 iova Available For Sale Securities Accumulated Accretion
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1006000
CY2019Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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268000
CY2019Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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29000
CY2019Q3 us-gaap Available For Sale Securities
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322985000
CY2018Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
385272000
CY2018Q4 iova Available For Sale Securities Accumulated Accretion
AvailableForSaleSecuritiesAccumulatedAccretion
1141000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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40000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
59000
CY2018Q4 us-gaap Available For Sale Securities
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386394000
CY2019Q3 iova Clinical Related Expenses Current
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5821000
CY2018Q4 iova Clinical Related Expenses Current
ClinicalRelatedExpensesCurrent
3424000
CY2019Q3 iova Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
2365000
CY2018Q4 iova Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
2684000
CY2019Q3 us-gaap Other Accrued Liabilities Current
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1521000
CY2018Q4 us-gaap Other Accrued Liabilities Current
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489000
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Shares
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32500
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
an amendment to increase the number of options or other awards that can be granted to any one person during a twelve (12) month period from 50,000 shares to 300,000 shares.
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
137500
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
34371
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.26
CY2019Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5220000
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
4113000
CY2019Q3 iova Legal And Related Services Current
LegalAndRelatedServicesCurrent
1395000
CY2018Q4 iova Legal And Related Services Current
LegalAndRelatedServicesCurrent
825000
CY2018Q4 us-gaap Accrued Rent Current
AccruedRentCurrent
124000
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16322000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11659000
CY2018Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
25300000
CY2018Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
9.97
CY2019Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.000041666
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2013Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
50000
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
32500
CY2019Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
17500
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
43400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.90
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">NOTE 8. LEGAL PROCEEDINGS</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Class Action Lawsuit.</span> On April 10, 2017, the SEC announced settlements with the Company and with other public companies and unrelated parties in the <i style="font-style:italic;">In the Matter of Certain Stock Promotion</i> investigation. The Company’s settlement with the SEC is consistent with its previous disclosures (including in our Annual Report on Form 10-K that the Company filed with the SEC on March 9, 2017). On April 14, 2017, a purported shareholder filed a complaint seeking class action status in the United States District Court, Northern District of California for violations of the federal securities laws (<i style="font-style:italic;">Leonard DeSilvio v. Lion Biotechnologies, Inc., et al., </i>case no. 3:17cv2086) against the Company and three of its former officers and directors. On April 19, 2017, a second class action complaint <i style="font-style:italic;">(Amra Kuc vs. Lion Biotechnologies, Inc., et al., </i>case no. 3:17-cv-2188) was filed in the same court. Both complaints allege, among other things, that the defendants violated the federal securities laws by making materially false and misleading statements, or by failing to make certain disclosures, regarding the actions taken by Manish Singh, the former CEO, and the former investor relations </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;">firm that were the subject of the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> investigation. On July 20, 2017, the plaintiff in the <i style="font-style:italic;">Kuc</i> case filed a notice to voluntarily dismiss that case. The court entered an order dismissing the <i style="font-style:italic;">Kuc</i> complaint on July 21, 2017. On July 26, 2017, the court appointed a movant as lead plaintiff. On September 8, 2017, the lead plaintiff filed an amended complaint (<i style="font-style:italic;">Jay Rabkin v. Lion Biotechnologies, Inc., et al., </i>case no. 3:17-cv-2086) seeking class action status that alleges, among other things, that the defendants violated federal securities laws by making materially false and misleading statements, or by failing to make certain disclosures, regarding the actions taken by Manish Singh and its former investor relations firm that were the subject of the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> SEC investigation. On February 5, 2018, the court entered an order dismissing two of plaintiff’s six claims. As the result of mediation, on September 28, 2018, lead plaintiff filed an unopposed motion for settlement, the cost of which, if approved, is expected to be borne by the Company’s insurance carrier and would result in no loss to the Company. The court gave preliminary approval to the proposed settlement on November 30, 2018. A hearing was held on April 12, 2019 to determine whether the proposed settlement was fair, reasonable, and adequate, and whether the claims should be dismissed. On April 17, 2019, the court approved the final settlement, involving a payment of $3,250,000 by the Company’s insurance carrier to a settlement fund, awarded attorney’s fees and costs to be paid to plaintiff’s counsel from the settlement fund, approved the plan of allocation for settlement class members, and ordered that the claims against the Company should be dismissed with prejudice. The Company does not expect to incur any costs or expenses in connection with this settlement.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Derivative Lawsuits.</span> On December 15, 2017, a purported stockholder derivative complaint was filed by plaintiff Kevin Fong against the Company, as nominal defendant, and certain of the current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware (case no. 1:17-cv-1806). The complaint alleges breaches of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Securities Exchange Act of 1934 and Rule 14a-9 promulgated thereunder arising from the SEC’s investigation in the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> investigation and our April 10, 2017 settlement thereof, and seeks unspecified damages on behalf of the Company and injunctive relief. On March 28, 2018, a purported stockholder derivative complaint was filed by plaintiff Nazeer Khaleeluddin on behalf of the Company, against the Company, as nominal defendant, and certain of the Company’s current and former officers and directors, and others, as defendants, in the U.S. District Court for the District of Delaware (case no. 1:18-cv-00469). The complaint alleges, among other things, violations of securities law, breach of fiduciary duty, aiding and abetting, waste of corporate assets, and unjust enrichment. The complaint is based on claims arising from the SEC’s investigation in the <i style="font-style:italic;">In the Matter of Certain Stock Promotions</i> investigation and the Company’s April 10, 2017 settlement thereof, and seeks unspecified damages on behalf of the Company and injunctive relief. On May 1, 2018, the court consolidated this case with the aforementioned purported stockholder derivative case filed by plaintiff Kevin Fong. The Company intends to vigorously defend against the foregoing complaints. Based on the early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of these matters.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Solomon Capital, LLC.</span> On April 8, 2016, a lawsuit (the “First Solomon Suit”) titled <i style="font-style:italic;">Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Lion Biotechnologies, Inc.</i> was filed by Solomon Capital, LLC, Solomon Capital 401(k) Trust, Solomon Sharbat and Shelhav Raff (the “Solomon Plaintiffs”), against the Company in the Supreme Court of the State of New York, County of New York (index no. 651881/2016). The Solomon Plaintiffs allege that, between June and November 2012 they provided to the Company $0.1 million and that they advanced and paid on behalf of the Company an additional $0.2 million. The complaint further alleges that the Company agreed to (i) provide them with promissory notes totaling $0.2 million, plus interest, (ii) issue a total of 111,425 shares to the plaintiffs (before the 1-for-100 reverse split of our common stock effected in March 2013), and (iii) allow the plaintiffs to convert the foregoing funds into our securities in the next transaction. The Solomon Plaintiffs allege that they should have been able to convert their advances and payments into shares of our common stock in the restructuring that was affected in May 2013. Based on the foregoing, the Solomon Plaintiffs allege causes for breach of contract and unjust enrichment and demand judgment against the Company in an unspecified amount exceeding $1.5 million, plus interest and attorneys’ fees. On June 3, 2016, the Company filed an answer and counterclaims in the lawsuit. In its counterclaims, the Company alleges that the Solomon Plaintiffs misrepresented their qualifications to assist the Company in fundraising and that they failed to disclose that they were under investigation for securities laws violations. The Company is seeking damages in an amount exceeding $0.5 million and an order rescinding any and all agreements that the plaintiffs contend entitled them to obtain stock in the Company. On April 19, 2017, the court granted the Solomon Plaintiffs’ counsel’s motion to withdraw from the case. On May 25, 2017, Solomon Plaintiffs filed a notice that they had hired new counsel. On June 7, 2017, the judge presiding over the case recused herself because of a conflict of interest arising from her relationship with the Solomon Plaintiffs’ new attorneys and the case was subsequently assigned to a new judge. On April 20, 2018, the court held a hearing regarding the Solomon Plaintiffs’ motion to dismiss the Company’s amended counterclaims and affirmative defense for fraudulent inducement. On August 15, 2018, the court entered an order granting the Solomon Plaintiffs’ motion and dismissed the Company’s amended counterclaims and eleventh affirmative defense for fraudulent inducement without leave to amend. On September 14, 2018, the Company filed a notice of appeal related to this order, and on November 5, 2018, the Company filed its memorandum of law in support of its appeal of the order dismissing the Company’s amended counterclaims and affirmative defense for fraudulent inducement. On January 2, 2019, the Solomon Plaintiffs filed their memorandum of law in </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;">opposition to the appeal. On January 18, 2019, the Company filed its reply brief in support of its appeal of the order dismissing its amended counterclaims and affirmative defense for fraudulent inducement. On April 4, 2019, the appellate court ordered that the Company’s amended counterclaims and its affirmative defense for fraudulent inducement be reinstated.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">On September 27, 2019, the Solomon Plaintiffs filed a new lawsuit (through new legal counsel) (the “Second Solomon Suit”), titled <i style="font-style:italic;">Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Iovance Biotherapeutics, Inc., f/k/a/ Lion Biotechnologies Inc. f/k/a/ Genesis Biopharma Inc., and Manish Singh</i> in the Supreme Court of the State of New York, County of New York (index no. 655667/2019). The Solomon Plaintiffs allege new claims in the Second Solomon Suit based principally on the allegation that they were entitled to fees for introducing investors to the Company. Based on the current stage of the litigation, it is not possible to estimate the amount or range of (i) a possible loss that might result from an adverse judgment or settlement of this action, or (ii) the potential recovery that might result from a favorable judgment or a settlement of this action.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company intends to vigorously defend these complaints and pursue its counterclaims, as applicable.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Litigation Involving Dr. Steven Fischkoff.</span> On June 13, 2017, in an action titled <i style="font-style:italic;">Steven Fischkoff v. Lion Biotechnologies, Inc. and Maria Fardis</i>, Dr. Steven Fischkoff, its former Vice President and Chief Medical Officer, filed a lawsuit against the Company in the Supreme Court of the State of New York, County of New York. Dr. Fischkoff was dismissed by the Company on March 28, 2017. Dr. Fischkoff was terminated “for cause” as that term is defined in his employment agreement. In his complaint, Dr. Fischkoff alleges breaches of his employment agreement and violation of New York Labor Law for failure to pay monies purportedly owed to him, and seeks to recover amounts including severance pay and retention bonus (totaling $300,000), a prorated incentive bonus, and amounts relating to unvested options to 150,000 shares of our common stock, together with prejudgment interest, costs, expenses and attorneys’ fees. On July 5, 2017, the Company filed a removal petition and removed the lawsuit to the United States District Court for the Southern District of New York, where the case has been assigned case no. 1:17-cv-05041. On July 14, 2017, the Company filed a partial answer and counterclaims against Dr. Fischkoff, denying his allegations, and alleging breach of contract and related claims, breach of fiduciary duty, and state and federal trade secret misappropriation and related claims, and sought a temporary restraining order and preliminary injunction against Dr. Fischkoff. On July 18, 2017, the court issued a temporary restraining order against Dr. Fischkoff requiring him to return the Company’s materials, prohibiting him from disclosing or using its materials, and granting expedited discovery. On June 25, 2018, pursuant to a stipulation between the parties, the court entered a permanent injunction prohibiting Dr. Fischkoff from disclosing, possessing, or using any of the Company’s proprietary materials or trade secrets. On July 5, 2018, the court entered an order dismissing two of Dr. Fischkoff’s claims against the Company and Dr. Fardis. On October 18, 2018, Dr. Fischkoff amended his complaint to assert a new claim for defamation arising from SEC filings in which the Company provided the information about this litigation.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company intends to vigorously defend against Dr. Fischkoff’s lawsuit and pursue the Company’s counterclaims. Based on the current stage of the litigation, it is not possible to estimate the amount or range of (i) a possible loss that might result from an adverse judgment or settlement of this action, or (ii) the potential recovery that might result from a favorable judgment or a settlement of this action.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Other Matters.</span> During the second quarter of 2016, warrants representing 128,500 shares were exercised. The 128,500 shares of common stock had previously been registered for re-sale. However, the Company believes that these 128,500 warrant shares were sold by the holders in open market transactions in May 2016 at a time when the registration statement was ineffective. Accordingly, those sales were not made in accordance with Sections 5 and 10(a)(3) of the Securities Act of 1933, as amended, and the purchasers of those shares may have rescission rights (if they still own the shares) or claims for damages (if they no longer own the shares). The amount of any such liability is uncertain and as such, an accrual for any potential loss has not been made. The Company believes that any claims brought against it would not result in a material impact to the Company’s financial position or results of operations. The Company has not accrued a loss for a potential claim associated with this matter as it is unable to estimate any at this time.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">In connection with the Company’s reincorporation from Nevada to Delaware in 2017, the Company (as a Delaware corporation) untimely filed a post-effective amendment to adopt a Form S-8 registration statement that the Company filed (as a Nevada corporation) to register the shares underlying the 2011 Plan. Before the Company filed the required post-effective amendment, options to purchase 200,000 shares were exercised under the 2011 Plan. The effect of the delayed post-effective amendment filing on the 200,000 option shares is uncertain, but the issuance and sale of the shares may not have been in compliance with the Form S-8 registration statement. The existence of any liability to the Company, and the amount of any such liability to the Company, as a result of the issuance of the 200,000 shares is uncertain. Accordingly, no accrual for a potential claim has been made by the Company in its financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues amounts, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that it believes will result in a probable loss. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, management does not believe any pending matter will be resolved in a manner that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.</p>
CY2016Q2 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
500000
CY2016Q2 iova Common Stock Registered For Resale
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128500
CY2016Q2 iova Number Of Share Options Or Share Units Exercised During Current Period
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128500
CY2018Q4 iova Lease Expiration Term
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P30M
CY2018Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
59000
CY2018Q4 us-gaap Operating Leases Of Lessee Contingent Rentals Basis Spread On Variable Rate
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0.03
CY2019Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option to extend
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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13738000
CY2019Q3 us-gaap Operating Lease Liability Current
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8370000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6017000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
14387000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2214000
us-gaap Operating Lease Cost
OperatingLeaseCost
5489000
CY2019Q3 us-gaap Variable Lease Cost
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1967000
us-gaap Variable Lease Cost
VariableLeaseCost
3908000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
14000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
51000
CY2019Q3 us-gaap Lease Cost
LeaseCost
4195000
us-gaap Lease Cost
LeaseCost
9448000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2500000
us-gaap Operating Lease Payments
OperatingLeasePayments
5900000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10700000
CY2019Q3 iova Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
4500000
CY2019Q3 iova Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
5000000.0
iova Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
8800000
iova Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
9300000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2463000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
8521000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3399000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
272000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
14655000
CY2019Q3 iova Operating Lease Present Value Adjustments
OperatingLeasePresentValueAdjustments
-268000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
14387000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M26D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.079
CY2019Q3 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P20Y
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4316000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6514000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1987
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
131
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12948
iova Lessee Operating Lease Present Value Adjustments
LesseeOperatingLeasePresentValueAdjustments
-851
CY2019Q3 iova Lessee Operating Lease Liabilities
LesseeOperatingLeaseLiabilities
12097
CY2019Q3 iova Payments For Legal Services
PaymentsForLegalServices
100000
CY2018Q3 iova Payments For Legal Services
PaymentsForLegalServices
100000
iova Payments For Legal Services
PaymentsForLegalServices
300000
iova Payments For Legal Services
PaymentsForLegalServices
400000
CY2017Q3 iova Period Of Consulting Agreement
PeriodOfConsultingAgreement
P3Y
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Terms Of Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward
The granted stock options vest in 12 quarterly installments (with 1/12th of the option shares having vested on the date of grant).
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
300000

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