$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2021 Q1 Form 10-Q Financial Statement

#000155837021006301 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $19.62M $13.86M
YoY Change 41.56% 52.64%
% of Gross Profit
Research & Development $55.95M $56.95M
YoY Change -1.76% 84.28%
% of Gross Profit
Depreciation & Amortization $372.0K $252.0K
YoY Change 47.62% -7.01%
% of Gross Profit
Operating Expenses $75.57M $70.81M
YoY Change 6.72% 77.09%
Operating Profit -$75.57M -$70.81M
YoY Change 6.72% 77.09%
Interest Expense $120.0K $1.220M
YoY Change -90.16% -59.87%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$75.45M -$69.60M
YoY Change 8.41% 88.36%
Income Tax
% Of Pretax Income
Net Earnings -$75.45M -$69.60M
YoY Change 8.41% 88.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51
Diluted Earnings Per Share -$0.51 -$549.9K
COMMON SHARES
Basic Shares Outstanding 147.4K 126.5M
Diluted Shares Outstanding 147.4K

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $593.9M $245.7M
YoY Change 141.73% -44.16%
Cash & Equivalents $132.0M $52.54M
Short-Term Investments $462.0M $193.1M
Other Short-Term Assets $11.30M $10.70M
YoY Change 5.61% 127.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $605.2M $256.4M
YoY Change 136.06% -42.35%
LONG-TERM ASSETS
Property, Plant & Equipment $72.75M $13.61M
YoY Change 434.65% 288.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.20M
YoY Change
Other Assets $1.163M $3.480M
YoY Change -66.58% 5.84%
Total Long-Term Assets $145.4M $31.92M
YoY Change 355.42% 90.56%
TOTAL ASSETS
Total Short-Term Assets $605.2M $256.4M
Total Long-Term Assets $145.4M $31.92M
Total Assets $750.6M $288.3M
YoY Change 160.35% -37.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.37M $10.61M
YoY Change 25.96% 39.86%
Accrued Expenses $35.77M $22.50M
YoY Change 59.0% 165.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.06M $39.55M
YoY Change 39.23% 78.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $0.00
YoY Change
Other Long-Term Liabilities $47.10M $2.352M
YoY Change 1902.55% 4337.74%
Total Long-Term Liabilities $48.08M $5.440M
YoY Change 783.88% 22.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.06M $39.55M
Total Long-Term Liabilities $48.08M $5.440M
Total Liabilities $103.1M $44.99M
YoY Change 129.28% 69.31%
SHAREHOLDERS EQUITY
Retained Earnings -$905.6M -$640.2M
YoY Change 41.46% -213502.33%
Common Stock $6.000K $5.000K
YoY Change 20.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $647.4M $243.3M
YoY Change
Total Liabilities & Shareholders Equity $750.6M $288.3M
YoY Change 160.35% -37.53%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$75.45M -$69.60M
YoY Change 8.41% 88.35%
Depreciation, Depletion And Amortization $372.0K $252.0K
YoY Change 47.62% -7.01%
Cash From Operating Activities -$62.39M -$65.29M
YoY Change -4.44% 124.45%
INVESTING ACTIVITIES
Capital Expenditures $10.71M $637.0K
YoY Change 1580.53% -22.69%
Acquisitions
YoY Change
Other Investing Activities $87.92M $100.7M
YoY Change -12.73% 5316.13%
Cash From Investing Activities $77.21M $100.1M
YoY Change -22.87% 9590.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $42.89M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.36M 3.833M
YoY Change 1213.96% -191750.0%
NET CHANGE
Cash From Operating Activities -62.39M -65.29M
Cash From Investing Activities 77.21M 100.1M
Cash From Financing Activities 50.36M 3.833M
Net Change In Cash 65.18M 38.65M
YoY Change 68.67% -237.73%
FREE CASH FLOW
Cash From Operating Activities -$62.39M -$65.29M
Capital Expenditures $10.71M $637.0K
Free Cash Flow -$73.10M -$65.93M
YoY Change 10.87% 120.4%

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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 9. LEGAL PROCEEDINGS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27pt;margin:0pt 0pt 10pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Derivative Lawsuit.</span> On December 11, 2020, a purported stockholder derivative complaint was filed by plaintiff Leo Shumacher against the Company, as nominal defendant, and <span style="white-space:pre-wrap;">its current directors, as defendants, in the Court of Chancery in the State of Delaware. The complaint alleges breach of fiduciary duty and a claim for unjust enrichment in connection with alleged excessive compensation of certain non-executive directors of the Company </span>and seeks unspecified damages on behalf of the Company<span style="white-space:pre-wrap;">. The defendants intend to vigorously defend against the foregoing complaints. Based on the early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from these matters.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Solomon Capital, LLC.</span> On April 8, 2016, a lawsuit (“the First Solomon Suit”) titled <i style="font-style:italic;">Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Lion Biotechnologies, Inc.</i> was filed by Solomon Capital, LLC, Solomon Capital 401(k) Trust, Solomon Sharbat and Shelhav Raff (“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 lawsuits. 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. 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">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. On January 4, 2021, the court granted the Solomon Plaintiffs motion for reconsideration, and reinstituted the case. On January 15, 2021, the Company filed a notice of appeal of the court’s grant of the Solomon Plaintiffs motion for reconsideration. On February 10, 2021, the Company filed its opening brief in support of its appeal of the court’s grant of the Solomon Plaintiff’s motion for reconsideration. On March 24, 2021, the Solomon Plaintiffs filed their brief in opposition to the Company’s appeal of the court’s grant of the Solomon Plaintiff’s motion for reconsideration. On April 2, 2021, the Company filed its reply brief in support of the Company’s appeal of the court’s grant of the Solomon Plaintiff’s motion for reconsideration.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">On September 27, 2019, the Solomon Plaintiffs filed a new lawsuit (through new legal counsel) (“the Second Solomon Suit”) titled <i style="font-style:italic;">Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Iovance Biotherapeutics, Inc., f/k/a/ Lion Biotechnologies Inc. f/k/a/ Genesis Biopharma Inc., and Manish Singh</i> in the Supreme Court of the State of New York, County of New York (index no. 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 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 U.S. District Court for the Southern District of New York, where the case has been assigned case no. 1:20-cv-1391. 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. On March 26, 2021, the Court denied the Company’s motion to dismiss for lack of personal jurisdiction. The Company filed a response to the complaint in the Second Solomon Suit on April 30, 2021.</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 U.S. 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;"><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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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 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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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4372000
CY2021Q1 iova Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
74899000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
101090000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
48091000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
52999000
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).
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000

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