$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2015 Q3 Form 10-Q Financial Statement

#000114420415047780 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.680M $3.820M $710.0K
YoY Change 185.11% 438.03% 688.89%
% of Gross Profit
Research & Development $4.960M $4.055M $360.0K
YoY Change 1301.13% 1026.39% 44.0%
% of Gross Profit
Depreciation & Amortization $266.0K $240.0K $0.00
YoY Change 5220.0%
% of Gross Profit
Operating Expenses $7.643M $6.440M $2.110M
YoY Change 172.67% 205.21% 104.85%
Operating Profit -$7.643M -$6.440M
YoY Change 172.67%
Interest Expense $10.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.640M -$6.370M -$2.110M
YoY Change 172.86% 201.9% -38.48%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.635M -$6.367M -$2.110M
YoY Change 153.32% 201.75% -38.48%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$161.6K -$119.1K -$69.82K
COMMON SHARES
Basic Shares Outstanding 47.19M shares 45.03M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $110.1M $112.3M $18.50M
YoY Change 540.12% 507.03% 2983.33%
Cash & Equivalents $30.77M $12.56M $18.44M
Short-Term Investments $79.40M $92.30M $0.00
Other Short-Term Assets $200.0K $400.0K $100.0K
YoY Change 300.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $110.4M $112.7M $18.50M
YoY Change 541.81% 509.27% 2983.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.833M $2.025M $0.00
YoY Change 816.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.833M $2.025M $0.00
YoY Change 816.5%
TOTAL ASSETS
Total Short-Term Assets $110.4M $112.7M $18.50M
Total Long-Term Assets $1.833M $2.025M $0.00
Total Assets $112.2M $114.7M $18.50M
YoY Change 544.97% 520.21% 2983.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.161M $1.157M $400.0K
YoY Change 93.5% 189.23% -73.33%
Accrued Expenses $1.608M $623.8K $700.0K
YoY Change 221.6% -10.89% -63.16%
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 $2.855M $1.866M $1.200M
YoY Change 119.62% 55.52% -64.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.855M $1.866M $1.200M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.900M $1.900M $1.200M
YoY Change 123.08% 58.33% -64.71%
SHAREHOLDERS EQUITY
Retained Earnings -$95.85M -$88.23M
YoY Change
Common Stock $2.000K $1.964K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.4M $112.9M $17.40M
YoY Change
Total Liabilities & Shareholders Equity $112.2M $114.7M $18.50M
YoY Change 544.97% 520.21% 2983.33%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$7.635M -$6.367M -$2.110M
YoY Change 153.32% 201.75% -38.48%
Depreciation, Depletion And Amortization $266.0K $240.0K $0.00
YoY Change 5220.0%
Cash From Operating Activities -$3.840M -$4.500M -$1.320M
YoY Change 121.97% 240.91% 94.12%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$140.0K -$10.00K
YoY Change -56.25% 1300.0%
Acquisitions
YoY Change
Other Investing Activities $20.42M -$99.76M
YoY Change
Cash From Investing Activities $20.35M -$99.90M -$10.00K
YoY Change -12818.75% 998900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.710M 5.670M 1.820M
YoY Change 167.19% 211.54% 45.6%
NET CHANGE
Cash From Operating Activities -3.840M -4.500M -1.320M
Cash From Investing Activities 20.35M -99.90M -10.00K
Cash From Financing Activities 1.710M 5.670M 1.820M
Net Change In Cash 18.22M -98.73M 490.0K
YoY Change -1557.6% -20248.98% -14.04%
FREE CASH FLOW
Cash From Operating Activities -$3.840M -$4.500M -$1.320M
Capital Expenditures -$70.00K -$140.0K -$10.00K
Free Cash Flow -$3.770M -$4.360M -$1.310M
YoY Change 140.13% 232.82% 92.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
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us-gaap Revenues
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><b><i>Concentrations</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and short-term investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The Company maintains cash balances at more than one bank. As of June 30, 2015, the Company's cash balances were in excess of insured limits maintained at these banks. Management believes that the financial institutions that hold the Company's cash are financially sound and, accordingly, minimal credit risk exists.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">At June 30, 2015, the Company's short-term investments were invested in short-term fixed income debt securities of domestic and foreign high credit issuers and in money market funds. The Company's investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities, and places restrictions on maturities and concentration by type and issuer. At June 30, 2015, approximately <font>53</font>% of the Company's short-term investments were invested in notes of five companies, approximately <font>27</font>% were invested in notes of various other domestic issuers, and approximately <font>20</font>% were invested in notes of a foreign issuer.&#160; The average maturity of these notes was 124 days (See Note 6).</p> </div>
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 accounting for potential liabilities and the assumptions made in valuing stock instruments issued for services.</p> </div>
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us-gaap Prior Period Reclassification Adjustment Description
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;"><b><i>Reclassifications</i></b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; font-size-adjust: none; font-stretch: normal;">In presenting the Company's statement of operations for the three and six month periods ended June 30, 2014, the Company has reclassified $<font>551,561</font> and $<font>132,767</font>, respectively, of stock-based compensation that was previously reflected as operating expenses to research and development expenses. The reclassification relates to stock-based compensation to individuals working in the Company's research and development activities, and had no impact on total costs and expenses or net loss.</p></div>
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;"><b><font style="text-decoration: underline;">NOTE 7. LEGAL PROCEEDINGS</font></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">On April 23, 2014, the Company received a subpoena from the Securities Exchange Commission (the &#147;SEC&#148;) that stated that the staff of the SEC is conducting an investigation <i><font style="text-decoration: underline;">In the Matter of Galena Biopharma, Inc. File No. HO 12356</font></i> <i>(now known as &#147;<font style="text-decoration: underline;">In the Matter of Certain Stock Promotions</font>&#148;) </i>and that the subpoena was issued to the Company as part of the foregoing investigation. The SEC's subpoena and accompanying letter do not indicate whether the Company is, or is not, under investigation. We have fully cooperated with the SEC and as of November 2014, we had completed our production of documents in response to the subpoena. To date, the SEC has not requested any further action from the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">The subpoena required the Company to give the SEC, among other materials, all communications between anyone at the Company and certain persons and entities (which include investor-relations firms and persons associated with the investor-relations firms), all documents related to the listed persons and entities, all articles regarding the Company posted on certain equity research or other financial websites, and documents and communications related to individuals who post or have posted articles regarding the Company on equity research or other financial websites.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify;">There are no other pending legal proceedings to which the Company is a party or of which its property is the subject.</p> </div>
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
21704 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6345786 USD
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2110169 USD
CY2015Q2 us-gaap Trading Securities Cost
TradingSecuritiesCost
99758133 USD
us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
21704 USD
us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
USD
CY2015Q2 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
99779837 USD
CY2015Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
99779837 USD
lbio Money Market Funds And Short Term Investments Weighted Average Time To Maturity
MoneyMarketFundsAndShortTermInvestmentsWeightedAverageTimeToMaturity
P124D
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Lion Biotechnologies, Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001425205

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