$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2020 Q2 Form 10-Q Financial Statement

#000110465920056994 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 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 $14.35M $13.86M $9.080M
YoY Change 32.01% 52.64% 30.27%
% of Gross Profit
Research & Development $49.27M $56.95M $30.91M
YoY Change 25.39% 84.28% 55.21%
% of Gross Profit
Depreciation & Amortization $200.0K $252.0K $271.0K
YoY Change -31.03% -7.01% 17.83%
% of Gross Profit
Operating Expenses $63.63M $70.81M $39.99M
YoY Change 26.84% 77.09% 48.77%
Operating Profit -$63.63M -$70.81M -$39.99M
YoY Change 26.84% 77.09% 48.77%
Interest Expense $610.0K $1.220M $3.040M
YoY Change -76.63% -59.87% 744.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$63.02M -$69.60M -$36.95M
YoY Change 32.53% 88.36% 39.33%
Income Tax
% Of Pretax Income
Net Earnings -$63.02M -$69.60M -$36.95M
YoY Change 32.53% 88.35% 39.36%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47
Diluted Earnings Per Share -$0.47 -$549.9K -$299.4K
COMMON SHARES
Basic Shares Outstanding 126.9M 126.5M 123.4M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $771.9M $245.7M $440.0M
YoY Change 90.97% -44.16% 48.1%
Cash & Equivalents $160.6M $52.54M $54.09M
Short-Term Investments $611.3M $193.1M $385.9M
Other Short-Term Assets $10.80M $10.70M $4.700M
YoY Change 58.82% 127.66% -16.07%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $782.7M $256.4M $444.8M
YoY Change 90.46% -42.35% 46.93%
LONG-TERM ASSETS
Property, Plant & Equipment $18.73M $13.61M $3.504M
YoY Change 318.74% 288.33% 59.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.182M $3.480M $3.288M
YoY Change -4.87% 5.84% 44.53%
Total Long-Term Assets $34.91M $31.92M $16.75M
YoY Change 39.73% 90.56% 272.2%
TOTAL ASSETS
Total Short-Term Assets $782.7M $256.4M $444.8M
Total Long-Term Assets $34.91M $31.92M $16.75M
Total Assets $817.6M $288.3M $461.5M
YoY Change 87.55% -37.53% 50.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.24M $10.61M $7.589M
YoY Change -19.9% 39.86% 14.98%
Accrued Expenses $38.79M $22.50M $8.489M
YoY Change 185.88% 165.05% 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 $54.91M $39.55M $22.14M
YoY Change 62.27% 78.64% 50.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.352M $2.352M $53.00K
YoY Change 4337.74% 4337.74%
Total Long-Term Liabilities $4.353M $5.440M $4.433M
YoY Change -6.71% 22.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.91M $39.55M $22.14M
Total Long-Term Liabilities $4.353M $5.440M $4.433M
Total Liabilities $59.26M $44.99M $26.57M
YoY Change 53.91% 69.31% 80.75%
SHAREHOLDERS EQUITY
Retained Earnings -$703.2M -$640.2M $300.0K
YoY Change 53.69% -213502.33% -100.11%
Common Stock $6.000K $5.000K $5.000K
YoY Change 20.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $758.3M $243.3M $434.9M
YoY Change
Total Liabilities & Shareholders Equity $817.6M $288.3M $461.5M
YoY Change 87.55% -37.53% 50.21%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$63.02M -$69.60M -$36.95M
YoY Change 32.53% 88.35% 39.36%
Depreciation, Depletion And Amortization $200.0K $252.0K $271.0K
YoY Change -31.03% -7.01% 17.83%
Cash From Operating Activities -$36.64M -$65.29M -$29.09M
YoY Change 8.4% 124.45% 62.98%
INVESTING ACTIVITIES
Capital Expenditures -$4.970M $637.0K $824.0K
YoY Change 245.14% -22.69% 3645.45%
Acquisitions
YoY Change
Other Investing Activities -$418.8M $100.7M $1.860M
YoY Change -796.69% 5316.13%
Cash From Investing Activities -$423.8M $100.1M $1.033M
YoY Change -822.03% 9590.71% -4795.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $567.0M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 568.5M 3.833M -2.000K
YoY Change 16718.64% -191750.0% -100.0%
NET CHANGE
Cash From Operating Activities -36.64M -65.29M -29.09M
Cash From Investing Activities -423.8M 100.1M 1.033M
Cash From Financing Activities 568.5M 3.833M -2.000K
Net Change In Cash 108.1M 38.65M -28.06M
YoY Change 282.28% -237.73% -118.5%
FREE CASH FLOW
Cash From Operating Activities -$36.64M -$65.29M -$29.09M
Capital Expenditures -$4.970M $637.0K $824.0K
Free Cash Flow -$31.67M -$65.93M -$29.91M
YoY Change -2.13% 120.4% 67.39%

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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;">Use of Estimates</p><p style="font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:bold;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:normal;font-weight:normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the assumptions made in valuing stock instruments issued for services and used in measuring operating right-of-use assets and operating lease liabilities, valuation of short-term investments, accounting for potential liabilities, and the valuation allowance associated with the Company’s deferred tax assets.</span></p>
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CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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<p style="font-family:'Times New Roman';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">Certain amounts within the condensed consolidated statements of cash flows and notes to the financial statements 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>
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2020Q1 us-gaap Loss Contingency Disclosures
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<p style="font-family:'Times New Roman';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">NOTE 8. LEGAL PROCEEDINGS</b></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 its 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 Company's former CEO, and the Company's former investor relations 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 the Company's 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 </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;">dismissing two of plaintiff’s six claims. As a result of mediation, on September 28, 2018, lead plaintiff filed an unopposed motion for settlement.. The court granted preliminary approval to the proposed settlement on November 30, 2018 . A final 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 us 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 its 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 its 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 consolidated case is titled <i style="font-style:italic;">In re Iovance Biotherapeutics, Inc. Stockholder Derivative Litigation</i> (lead case no. 17-cv-1806). On January 28, 2020, the parties reached a proposed settlement. On April 24, 2020, the court granted preliminary approval for the proposed settlement. The terms of the settlement will be disseminated to shareholders as part of the notice process by May 8, 2020. If the proposed settlement is given final approval by the court, the Company does not expect to incur any significant costs or expenses in connection with this settlement. Based on the current stage of the litigation, and the uncertainty of final approval by the court, 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 0pt 10pt 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><span style="white-space:pre-wrap;"> was filed by Solomon Capital, LLC, Solomon Capital 401(k) Trust, Solomon Sharbat and Shelhav Raff ("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 1,110 shares to the Solomon Plaintiffs (after the 1-for-100 reverse split of the Company’s common stock effected in March 2013), and (iii) allow the Solomon Plaintiffs to convert the foregoing funds into its securities in the next transaction. The Solomon Plaintiffs allege that they should have been able to convert their advances and payments into shares of the Company’s common stock in the restructuring that took effect 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. On June 3, 2016, the Company filed an answer and counterclaims in the lawsuit. The Company has asserted counterclaims for fraudulent inducement, fraudulent misrepresentation, fraudulent concealment, breach of fiduciary duty, and breach of contract, alleging principally that the counterclaim defendants misrepresented their qualifications and failed to disclose that Solomon Sharbat was the subject of an investigation by the Financial Industry Regulatory Authority (“FINRA”) that resulted in the loss of his FINRA license. In its counterclaims, 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 shares of Company stock. No trial date has been set for the First Solomon Suit.</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:27.35pt;margin: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. 655668/2019). In the Second Solomon Suit, the Solomon Plaintiffs allege that they are third party beneficiaries of a “finder’s fee agreement” that prior management entered into with a third party unlicensed entity in 2012 in connection with seeking financing, that an agreement or understanding existed between the Company and the plaintiffs that the plaintiffs would be paid fees and commissions (in cash and stock) if they obtained financing for the Company, and that they directly and indirectly introduced investors to the Company who invested in the Company, or were willing to invest in the Company. Finally, the Solomon Plaintiffs allege that they were promised a license to use the Company’s technology in Israel. The plaintiffs claim that the </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Company breached the foregoing understandings, promises and agreements and, as a result, they are entitled to certain damages. The Solomon Plaintiffs also allege that Manish Singh, the Company’s former Chief Executive Officer, committed fraud and took shares belonging to them. On February 18, 2020, the Company filed a removal petition and removed the Second Solomon Suit to the United States District Court for the Southern District of New York, where the case has been assigned case no. 1:20-cv-1391. The Company has not yet responded to the complaint in the Second Solomon Suit.</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. At the current stage of the litigation, in both the First Solomon Suit and the Second Solomon Suit, 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 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, the Company's 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 the Company's 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 the Company's 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. No trial date has been set in this matter, and the parties are currently engaged in fact discovery.</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>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 Company's 2011 Equity Incentive Plan. Before the Company filed the required post-effective amendment, options to purchase 200,000 shares were exercised under the 2011 Equity Incentive 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 condensed consolidated 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 its financial position, results of operations or cash flows.</p>
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6431000
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CY2019Q1 us-gaap Short Term Lease Cost
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CY2019Q1 iova Increase Decrease In Operating Lease Right Of Use Assets
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CY2019Q1 iova Increase Decrease In Operating Lease Liabilities
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269000
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253000
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P1Y8M23D
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P3Y
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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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