$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2022 Q4 Form 10-Q Financial Statement

#000155837022016295 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $26.46M $27.89M
YoY Change 10.96% 33.54%
% of Gross Profit
Research & Development $80.57M $72.50M
YoY Change 6.56% 10.94%
% of Gross Profit
Depreciation & Amortization $2.814M $2.500M
YoY Change 109.22% 150.0%
% of Gross Profit
Operating Expenses $107.0M $100.4M
YoY Change 7.61% 16.41%
Operating Profit -$100.4M
YoY Change 16.41%
Interest Expense $1.717M $777.0K
YoY Change 1171.85% 547.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$105.3M -$99.62M
YoY Change 6.03% 15.67%
Income Tax
% Of Pretax Income
Net Earnings -$105.3M -$99.62M
YoY Change 6.03% 15.67%
Net Earnings / Revenue
Basic Earnings Per Share -$0.63
Diluted Earnings Per Share -$0.64 -$0.63
COMMON SHARES
Basic Shares Outstanding 157.8M 157.8M
Diluted Shares Outstanding 157.8M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $471.8M $360.2M
YoY Change -6.46% -37.52%
Cash & Equivalents $231.7M $118.4M
Short-Term Investments $240.1M $241.8M
Other Short-Term Assets $7.271M $9.711M
YoY Change 105.05% 47.65%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $479.1M $369.9M
YoY Change -5.68% -36.56%
LONG-TERM ASSETS
Property, Plant & Equipment $105.2M $100.7M
YoY Change 4.25% 14.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $189.0K $596.0K
YoY Change -89.41% -41.05%
Total Long-Term Assets $184.9M $176.0M
YoY Change -31.37% -28.38%
TOTAL ASSETS
Total Short-Term Assets $479.1M $369.9M
Total Long-Term Assets $184.9M $176.0M
Total Assets $664.0M $545.9M
YoY Change -14.58% -34.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.60M $24.26M
YoY Change -2.83% 99.12%
Accrued Expenses $52.30M $47.82M
YoY Change -7.88% 4.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $91.49M $79.25M
YoY Change 2.56% 22.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $71.86M $71.94M
YoY Change 9.75% 11.14%
Total Long-Term Liabilities $72.86M $72.94M
YoY Change 9.61% 10.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.49M $79.25M
Total Long-Term Liabilities $72.86M $72.94M
Total Liabilities $164.3M $152.2M
YoY Change 5.57% 16.62%
SHAREHOLDERS EQUITY
Retained Earnings -$1.568B -$1.463B
YoY Change 33.77% 36.33%
Common Stock $8.000K $7.000K
YoY Change 14.29% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $499.6M $393.7M
YoY Change
Total Liabilities & Shareholders Equity $664.0M $545.9M
YoY Change -14.58% -34.13%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$105.3M -$99.62M
YoY Change 6.03% 15.67%
Depreciation, Depletion And Amortization $2.814M $2.500M
YoY Change 109.22% 150.0%
Cash From Operating Activities -$77.67M -$63.65M
YoY Change 44.24% 10.32%
INVESTING ACTIVITIES
Capital Expenditures $3.022M -$1.387M
YoY Change -139.93% -85.68%
Acquisitions
YoY Change
Other Investing Activities $3.483M $75.10M
YoY Change -95.47% 234.78%
Cash From Investing Activities $461.0K $73.72M
YoY Change -99.34% 478.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 190.6M 225.0K
YoY Change 4492.17% -98.92%
NET CHANGE
Cash From Operating Activities -77.67M -63.65M
Cash From Investing Activities 461.0K 73.72M
Cash From Financing Activities 190.6M 225.0K
Net Change In Cash 113.4M 10.29M
YoY Change 477.24% -142.57%
FREE CASH FLOW
Cash From Operating Activities -$77.67M -$63.65M
Capital Expenditures $3.022M -$1.387M
Free Cash Flow -$80.69M -$62.26M
YoY Change 74.35% 29.69%

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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">NOTE 9. LEGAL PROCEEDINGS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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 “Court”). 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 parties have agreed to a proposed settlement, which was submitted to the Court on June 15, 2022. Under the terms of the proposed settlement, the Company will make certain governance changes related to non-executive director compensation and make a monetary payment to plaintiff for reasonable legal fees and costs in the amount of </span>$400,000<span style="white-space:pre-wrap;">, which has been accrued as of September 30, 2022. The settlement is subject to approval by the Court. </span>On August 26, 2022, the Court entered a Scheduling Order setting a hearing to determine whether final approval will be given to the settlement. The hearing has been set for November 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">​</span></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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">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 <span style="-sec-ix-hidden:Hidden_6mkeamXmfEG0PIKHmEVKMQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1-for-100</span></span> 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">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 Solomon 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 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 May 11, 2021, the Appellate Division upheld the court’s grant of the Solomon Plaintiffs’ motion for reconsideration of the dismissal of the First Solomon Suit for want of prosecution.</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 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 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. On May 26, 2021, the Company and Singh filed motions for judgment on the pleadings with respect to the second and third claims asserted against the Company and all claims asserted against Singh, respectively, in the Second Solomon Suit. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">On January 5, 2022, the Court granted the Company’s motions for judgement on the pleadings, dismissing the second and third claims against the Company and dismissing all claims against Singh.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">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. </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 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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