2018 Q1 Form 10-Q Financial Statement
#000114420418026764 Filed on May 10, 2018
Income Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $6.970M | $4.260M |
| YoY Change | 63.62% | 51.06% |
| % of Gross Profit | ||
| Research & Development | $19.91M | $16.62M |
| YoY Change | 19.79% | 296.54% |
| % of Gross Profit | ||
| Depreciation & Amortization | $230.0K | $220.0K |
| YoY Change | 4.55% | -18.52% |
| % of Gross Profit | ||
| Operating Expenses | $26.88M | $16.62M |
| YoY Change | 61.69% | 137.13% |
| Operating Profit | -$26.88M | |
| YoY Change | ||
| Interest Expense | $360.0K | $200.0K |
| YoY Change | 80.0% | 53.85% |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | -$26.52M | -$20.68M |
| YoY Change | 28.24% | 200.58% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$26.52M | -$20.68M |
| YoY Change | 28.19% | 200.46% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$314.4K | -$332.0K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 62.31M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $297.1M | $147.2M |
| YoY Change | 101.83% | 48.39% |
| Cash & Equivalents | $297.1M | $107.1M |
| Short-Term Investments | $40.10M | |
| Other Short-Term Assets | $5.600M | $5.400M |
| YoY Change | 3.7% | 2600.0% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $302.7M | $152.6M |
| YoY Change | 98.36% | 53.58% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $2.200M | $2.800M |
| YoY Change | -21.43% | 98.72% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $2.275M | |
| YoY Change | ||
| Total Long-Term Assets | $4.500M | $2.800M |
| YoY Change | 60.71% | 98.72% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $302.7M | $152.6M |
| Total Long-Term Assets | $4.500M | $2.800M |
| Total Assets | $307.2M | $155.4M |
| YoY Change | 97.68% | 54.22% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $6.600M | $2.200M |
| YoY Change | 200.0% | 108.73% |
| Accrued Expenses | $8.100M | $3.300M |
| YoY Change | 145.45% | 378.26% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $14.70M | $5.500M |
| YoY Change | 167.27% | 200.55% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $14.70M | $5.500M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $14.70M | $5.500M |
| YoY Change | 167.27% | 205.56% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$275.7M | |
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $292.6M | $149.9M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $307.2M | $155.4M |
| YoY Change | 97.71% | 54.22% |
Cashflow Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$26.52M | -$20.68M |
| YoY Change | 28.19% | 200.46% |
| Depreciation, Depletion And Amortization | $230.0K | $220.0K |
| YoY Change | 4.55% | -18.52% |
| Cash From Operating Activities | -$17.85M | -$18.80M |
| YoY Change | -5.07% | 313.25% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $22.00K | $798.0K |
| YoY Change | -97.24% | 39800.0% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $19.60M |
| YoY Change | -100.0% | 98.38% |
| Cash From Investing Activities | -$22.00K | $18.80M |
| YoY Change | -100.12% | 90.3% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $162.0M | $0.00 |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 169.6M | $383.0K |
| YoY Change | 44176.76% | |
| NET CHANGE | ||
| Cash From Operating Activities | -17.85M | -$18.80M |
| Cash From Investing Activities | -22.00K | $18.80M |
| Cash From Financing Activities | 169.6M | $383.0K |
| Net Change In Cash | 151.7M | $382.0K |
| YoY Change | 39614.4% | -92.83% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$17.85M | -$18.80M |
| Capital Expenditures | $22.00K | $798.0K |
| Free Cash Flow | -$17.87M | -$19.60M |
| YoY Change | -8.83% | 330.6% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
394651000 | USD |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
145481000 | USD |
| CY2017Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
3917000 | USD |
| CY2017Q4 | us-gaap |
Assets Current
AssetsCurrent
|
149290000 | USD |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
2450000 | USD |
| CY2017Q4 | us-gaap |
Assets
Assets
|
155373000 | USD |
| CY2017Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1232000 | USD |
| CY2017Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
8660000 | USD |
| CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
9892000 | USD |
| CY2017Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
3000 | USD |
| CY2018Q1 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
568243000 | USD |
| CY2018Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
307248000 | USD |
| CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
155373000 | USD |
| CY2018Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-275695000 | USD |
| CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-249180000 | USD |
| CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
292558000 | USD |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-27000 | USD |
| CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-20711000 | USD |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
0 | USD |
| CY2018Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-26515000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2354000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-18803000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
19600000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
798000 | USD |
| CY2017Q1 | iova |
Unrealized Gain Loss On Shortterm Investments
UnrealizedGainLossOnShorttermInvestments
|
-27000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
107099000 | USD |
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
106717000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
382000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
383000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
231000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
156000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
18802000 | USD |
| CY2017Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
221000 | USD |
| CY2018Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
228000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
368000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-17849000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
0 | USD |
| CY2018Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
22000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-22000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
1826000 | USD |
| CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
5630000 | USD |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
169580000 | USD |
| CY2018Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
151709000 | USD |
| CY2018Q1 | iova |
Unrealized Gain Loss On Shortterm Investments
UnrealizedGainLossOnShorttermInvestments
|
0 | USD |
| CY2018Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
0 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
28000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4104000 | USD |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3296000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
5239000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1466000 | USD |
| CY2018Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-546000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-776000 | USD |
| CY2018Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
62000 | USD |
| CY2017Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
4000 | USD |
| CY2017Q1 | iova |
Leasehold Improvements Paid By Landlord
LeaseholdImprovementsPaidByLandlord
|
-155000 | USD |
| CY2018Q1 | iova |
Leasehold Improvements Paid By Landlord
LeaseholdImprovementsPaidByLandlord
|
-12000 | USD |
| CY2017Q1 | iova |
Offering Costs Under Accounts Payable And Accrued Expenses
OfferingCostsUnderAccountsPayableAndAccruedExpenses
|
0 | USD |
| CY2018Q1 | iova |
Offering Costs Under Accounts Payable And Accrued Expenses
OfferingCostsUnderAccountsPayableAndAccruedExpenses
|
-93000 | USD |
| CY2017Q1 | iova |
Payments For Legal Services
PaymentsForLegalServices
|
200000 | USD |
| CY2018Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2018Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
2275000 | USD |
| CY2017Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
3633000 | USD |
| CY2018Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2017Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2018Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
89615417 | shares |
| CY2018Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
89615417 | shares |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
297100000 | USD |
| CY2017Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
2613000 | USD |
| CY2018Q1 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
1655000 | USD |
| CY2018Q1 | iova |
Legal And Related Services Current
LegalAndRelatedServicesCurrent
|
926000 | USD |
| CY2017Q4 | iova |
Legal And Related Services Current
LegalAndRelatedServicesCurrent
|
935000 | USD |
| CY2018Q1 | iova |
Clinical Related Expenses Current
ClinicalRelatedExpensesCurrent
|
4031000 | USD |
| CY2017Q4 | iova |
Clinical Related Expenses Current
ClinicalRelatedExpensesCurrent
|
3310000 | USD |
| CY2018Q1 | iova |
Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
|
626000 | USD |
| CY2017Q4 | iova |
Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
|
876000 | USD |
| CY2018Q1 | us-gaap |
Accrued Rent Current
AccruedRentCurrent
|
398000 | USD |
| CY2017Q4 | us-gaap |
Accrued Rent Current
AccruedRentCurrent
|
430000 | USD |
| CY2018Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
478000 | USD |
| CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
496000 | USD |
| CY2018Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
40700000 | USD |
| CY2018Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y3M18D | |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
15.52 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
7.36 | |
| CY2016Q2 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
500000 | USD |
| CY2018Q1 | iova |
Number Of Share Options Or Share Units Exercised During Current Period
NumberOfShareOptionsOrShareUnitsExercisedDuringCurrentPeriod
|
128500 | shares |
| CY2018Q1 | iova |
Common Stock Registered For Resale
CommonStockRegisteredForResale
|
128500 | shares |
| CY2018Q1 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
746000 | USD |
| CY2018Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
700000 | USD |
| CY2018Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
495000 | USD |
| CY2018Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
169000 | USD |
| CY2018Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
300000 | USD |
| CY2017Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
200000 | USD |
| CY2018Q1 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
100000 | USD |
| CY2018Q1 | iova |
Payments For Legal Services
PaymentsForLegalServices
|
100000 | USD |
| CY2017Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
73164914 | shares |
| CY2017Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
73164914 | shares |
| CY2018Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
162186000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | USD |
| CY2018Q1 | us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
-9000 | USD |
| CY2017Q1 | us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
0 | USD |
| CY2018Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><i>Use of Estimates</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with 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 valuation of short-term investments (which we did not hold at quarter end), the useful lives of property and equipment, accounting for potential liabilities, the valuation allowance associated with the Company’s deferred tax assets, and the assumptions made in valuing stock instruments issued for services.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <strong><i>Reclassifications</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain amounts within the statements of operations for the prior periods 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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2018Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
2110000 | USD |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
20850266 | shares |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
22600691 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
6300000 | USD |
| CY2018Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
100000 | USD |
| CY2018Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.000041666 | |
| CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.000041666 | |
| CY2018Q1 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><u>NOTE 8. LEGAL PROCEEDINGS</u></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Class Action Lawsuit and Derivative Lawsuits</u>. On April 10, 2017, the SEC announced settlements with us and with other public companies and unrelated parties in the <i> In the Matter of Certain Stock Promotion</i> investigation. Our settlement with the SEC is consistent with our previous disclosures (including in our Annual Report on Form 10-K that we 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>Leonard DeSilvio v. Lion Biotechnologies, Inc., et al.,</i> case no. 3:17-cv-2086) against our company and three of our former officers and directors. On April 19, 2017, a second class action complaint <i>(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, our former CEO, and our former investor relations firm that were the subject of the <i>In the Matter of Certain Stock Promotions</i> investigation. On July 20, 2017, the plaintiff in the <i>Kuc</i> case filed a notice to voluntarily dismiss that case. The court entered an order dismissing the <i>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>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 our former investor relations firm that were the subject of the <i>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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">On December 15, 2017, a purported stockholder derivative complaint was filed by plaintiff Kevin Fong 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. 1:17-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>In the Matter of Certain Stock Promotions</i> investigation and our April 10, 2017 settlement thereof, and seeks unspecified damages on behalf of our company and injunctive relief.</div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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>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 our 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">We intend to vigorously defend against the foregoing complaints. Based on the very 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in" align="justify"><u>Solomon Capital, LLC.</u> On April 8, 2016, a lawsuit titled <i>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 against the Company in the Supreme Court of the State of New York, County of New York (index no. 651881/2016). The plaintiffs allege that, between June and November 2012 they provided to the Company $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.1</font> million and that they advanced and paid on our behalf an additional $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million. The complaint further alleges that the Company agreed to (i) provide them with promissory notes totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million, plus interest, (ii) issue a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 111,425</font> 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 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 was affected in May 2013. Based on the foregoing, the plaintiffs allege causes for breach of contract and unjust enrichment and demand judgment against the Company in an unspecified amount exceeding $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.5</font> million, plus interest and attorneys’ fees.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On June 3, 2016, the Company filed an answer and counterclaims in the lawsuit. In its counterclaims, the Company alleges that the plaintiffs misrepresented their qualifications to assist it 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 $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million and an order rescinding any and all agreements that the plaintiffs contend entitled them to obtain stock in the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On April 19, 2017, the court granted plaintiffs’ counsel’s motion to withdraw from the case. On May 25, 2017, 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 plaintiffs’ new attorneys, and the case was subsequently assigned to a new judge. On April 20, 2018, the court held a hearing regarding plaintiff’s motion to dismiss certain counterclaims by the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company intends to vigorously defend the complaint and pursue its counterclaims.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in" align="justify"><u>Litigation Involving Dr. Steven Fischkoff.</u> On June 13, 2017, in an action titled <i>Steven Fischkoff v. Lion Biotechnologies, Inc. and Maria Fardis</i>, Dr. Steven Fischkoff, our 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 $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">300,000</font>), a prorated incentive bonus, and amounts relating to unvested options to <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 150,000</font> 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 Company materials, prohibiting him from disclosing or using Company materials, and granting expedited discovery.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">We intend to vigorously defend against Dr. Fischkoff’s lawsuit and pursue the Company’s counterclaims. Based on the very early 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in" align="justify"><u>Other Matters.</u> During the second quarter of 2016, warrants representing <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 128,500</font> shares were exercised. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 128,500</font> shares of common stock had previously been registered for re-sale. However, we believe that these <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 128,500</font> 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, 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.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">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 the Company 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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> |
