$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2020 Q4 Form 10-Q Financial Statement

#000155837020012946 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 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 $16.08M $15.92M $14.35M
YoY Change 47.93% 58.72% 32.01%
% of Gross Profit
Research & Development $52.45M $43.05M $49.27M
YoY Change -3.3% 3.53% 25.39%
% of Gross Profit
Depreciation & Amortization $320.0K $300.0K $200.0K
YoY Change 10.34% -6.25% -31.03%
% of Gross Profit
Operating Expenses $68.53M $58.97M $63.63M
YoY Change 5.25% 14.25% 26.84%
Operating Profit -$58.97M -$63.63M
YoY Change 14.25% 26.84%
Interest Expense $140.0K $400.0K $610.0K
YoY Change -90.91% -81.13% -76.63%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$68.40M -$58.57M -$63.02M
YoY Change 7.6% 18.35% 32.53%
Income Tax
% Of Pretax Income
Net Earnings -$68.40M -$58.57M -$63.02M
YoY Change 7.6% 18.36% 32.53%
Net Earnings / Revenue
Basic Earnings Per Share -$0.40 -$0.47
Diluted Earnings Per Share -$494.6K -$0.40 -$0.47
COMMON SHARES
Basic Shares Outstanding 146.7M 146.5K 126.9M
Diluted Shares Outstanding 146.5K

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $629.4M $714.1M $771.9M
YoY Change 104.96% 97.32% 90.97%
Cash & Equivalents $67.33M $68.31M $160.6M
Short-Term Investments $562.1M $645.8M $611.3M
Other Short-Term Assets $6.700M $9.400M $10.80M
YoY Change -28.72% 74.07% 58.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $636.1M $723.6M $782.7M
YoY Change 100.98% 97.0% 90.46%
LONG-TERM ASSETS
Property, Plant & Equipment $59.16M $39.11M $18.73M
YoY Change 593.05% 567.9% 318.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.92M $3.385M $3.182M
YoY Change 271.1% -0.29% -4.87%
Total Long-Term Assets $132.4M $58.70M $34.91M
YoY Change 369.99% 106.42% 39.73%
TOTAL ASSETS
Total Short-Term Assets $636.1M $723.6M $782.7M
Total Long-Term Assets $132.4M $58.70M $34.91M
Total Assets $768.5M $782.3M $817.6M
YoY Change 122.96% 97.68% 87.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.51M $24.79M $10.24M
YoY Change -13.19% 149.91% -19.9%
Accrued Expenses $35.07M $32.40M $38.79M
YoY Change 115.64% 98.51% 185.88%
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 $54.87M $64.39M $54.91M
YoY Change 40.39% 86.03% 62.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.71M $2.352M $2.352M
YoY Change 398.04% 4337.74% 4337.74%
Total Long-Term Liabilities $57.09M $6.063M $4.353M
YoY Change 764.98% -0.12% -6.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.87M $64.39M $54.91M
Total Long-Term Liabilities $57.09M $6.063M $4.353M
Total Liabilities $112.0M $70.45M $59.26M
YoY Change 145.07% 73.18% 53.91%
SHAREHOLDERS EQUITY
Retained Earnings -$830.2M -$761.8M -$703.2M
YoY Change 45.49% 50.24% 53.69%
Common Stock $6.000K $6.000K $6.000K
YoY Change 20.0% 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $656.5M $711.8M $758.3M
YoY Change
Total Liabilities & Shareholders Equity $768.5M $782.3M $817.6M
YoY Change 122.96% 97.68% 87.55%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$68.40M -$58.57M -$63.02M
YoY Change 7.6% 18.36% 32.53%
Depreciation, Depletion And Amortization $320.0K $300.0K $200.0K
YoY Change 10.34% -6.25% -31.03%
Cash From Operating Activities -$62.69M -$40.51M -$36.64M
YoY Change 16.48% -3.96% 8.4%
INVESTING ACTIVITIES
Capital Expenditures -$23.33M -$17.85M -$4.970M
YoY Change 580.17% 1351.22% 245.14%
Acquisitions
YoY Change
Other Investing Activities $82.09M -$35.11M -$418.8M
YoY Change 171.46% -842.28% -796.69%
Cash From Investing Activities $58.76M -$52.96M -$423.8M
YoY Change 119.09% -1617.48% -822.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $567.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.960M 1.160M 568.5M
YoY Change 41.63% 75.76% 16718.64%
NET CHANGE
Cash From Operating Activities -62.69M -40.51M -36.64M
Cash From Investing Activities 58.76M -52.96M -423.8M
Cash From Financing Activities 2.960M 1.160M 568.5M
Net Change In Cash -970.0K -92.31M 108.1M
YoY Change -96.11% 142.73% 282.28%
FREE CASH FLOW
Cash From Operating Activities -$62.69M -$40.51M -$36.64M
Capital Expenditures -$23.33M -$17.85M -$4.970M
Free Cash Flow -$39.36M -$22.66M -$31.67M
YoY Change -21.89% -44.66% -2.13%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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 were disseminated to shareholders as part of the notice process on May 8, 2020. On July 2, 2020, the court granted final approval for the settlement. The Company has not incurred any significant costs or expenses in connection with this settlement. </p><p style="font-family:'Times New Roman','Times','serif';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) (the “Equity Claim”), and (iii) allow the Solomon Plaintiffs to convert the foregoing funds into its securities in the next financing of the Company on the same terms offered to other investors, which Solomon Plaintiffs allege, should have given them the right 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. On May 12, 2020, the court granted the Company’s motion for summary judgment limiting the Solomon Plaintiffs’ damages for the Equity Claim to $47,420</span><span style="white-space:pre-wrap;">. The Solomon Plaintiffs filed a notice of appeal of this summary judgment on June 9, 2020. On July 2, 2020, the court granted the Company’s motion to dismiss the First Solomon Suit for want of prosecution. On July 31, 2020, the Solomon Plaintiffs, through new counsel, filed a motion for reconsideration of the dismissal of the First Solomon Suit for want of prosecution. On August 11, 2020, the Company filed an opposition brief against the Solomon Plaintiffs’ motion for reconsideration. On August 17, 2020, the Solomon Plaintiffs filed a reply brief in support of their motion for reconsideration. On September 2, 2020, the Solomon Plaintiffs filed a notice of appeal of the dismissal for want of prosecution. </span></p><p style="font-family:'Times New Roman','Times','serif';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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">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 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. On May 22, 2020, the Company moved to dismiss the Second Solomon Suit for lack of personal jurisdiction. On July 17, 2020, the Solomon Plaintiffs filed an opposition brief against the Company’s motion to dismiss for lack of personal jurisdiction. On August 7, 2020, the Company filed a reply brief in support of the Company’s motion to dismiss for lack of personal jurisdiction.</span></p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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. On September 23, 2020, the parties reached a confidential settlement in this matter, and on October 13, 2020, the court approved a stipulation of dismissal with prejudice filed by the parties.</p><p style="font-family:'Times New Roman','Times','serif';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','Times','serif';font-size:10pt;text-indent:27.35pt;margin: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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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Short Term Lease Cost
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CY2019Q3 iova Increase Decrease In Right Of Use Assets From Lease Modifications
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1056000
iova Increase Decrease In Right Of Use Assets From Lease Modifications
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534000
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
265000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
273000
CY2020Q3 iova Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
115000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11514000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
607000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10907000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M15D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2020Q3 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P20Y
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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