$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2023 Q2 Form 10-Q Financial Statement

#000155837023009134 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $238.0K $0.00
YoY Change
Cost Of Revenue $2.050M
YoY Change
Gross Profit -$1.812M
YoY Change
Gross Profit Margin -761.34%
Selling, General & Admin $21.93M $28.12M
YoY Change -16.72% 20.11%
% of Gross Profit
Research & Development $86.35M $82.73M
YoY Change 17.63% 21.13%
% of Gross Profit
Depreciation & Amortization $4.864M $2.764M
YoY Change 121.09% 53.81%
% of Gross Profit
Operating Expenses $108.3M $110.9M
YoY Change 8.56% 20.87%
Operating Profit -$110.1M -$110.9M
YoY Change 10.38% 20.87%
Interest Expense $3.081M $3.486M
YoY Change 700.26% 3188.68%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$107.0M -$107.4M
YoY Change 7.71% 17.21%
Income Tax -$477.0K $0.00
% Of Pretax Income
Net Earnings -$106.5M -$107.4M
YoY Change 7.23% 17.25%
Net Earnings / Revenue -44759.66%
Basic Earnings Per Share -$0.47 -$0.50
Diluted Earnings Per Share -$0.47 -$0.50
COMMON SHARES
Basic Shares Outstanding 224.4M 224.2M
Diluted Shares Outstanding 224.5M 213.7M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.9M $626.3M
YoY Change -40.89% 29.89%
Cash & Equivalents $230.0M $543.5M
Short-Term Investments $20.88M $82.81M
Other Short-Term Assets $14.23M $11.49M
YoY Change 99.45% 47.69%
Inventory $9.720M
Prepaid Expenses
Receivables $33.00K
Other Receivables $0.00
Total Short-Term Assets $274.9M $637.8M
YoY Change -36.31% 30.17%
LONG-TERM ASSETS
Property, Plant & Equipment $180.2M $109.9M
YoY Change 78.12% 6.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $66.72M $202.0K
YoY Change 7694.86% -84.04%
Total Long-Term Assets $482.4M $187.0M
YoY Change 169.08% -11.5%
TOTAL ASSETS
Total Short-Term Assets $274.9M $637.8M
Total Long-Term Assets $482.4M $187.0M
Total Assets $757.3M $824.8M
YoY Change 23.97% 17.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.16M $31.57M
YoY Change 55.71% 54.36%
Accrued Expenses $57.49M $43.09M
YoY Change 52.48% -11.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $88.64M $87.27M
YoY Change 38.09% 13.23%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities $68.84M $69.61M
YoY Change -5.69% -2.21%
Total Long-Term Liabilities $69.84M $70.61M
YoY Change -5.61% -2.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.64M $87.27M
Total Long-Term Liabilities $69.84M $70.61M
Total Liabilities $178.7M $157.9M
YoY Change 29.33% 5.78%
SHAREHOLDERS EQUITY
Retained Earnings -$1.782B -$1.676B
YoY Change 30.72% 32.57%
Common Stock $9.000K $9.000K
YoY Change 28.57% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $578.6M $666.9M
YoY Change
Total Liabilities & Shareholders Equity $757.3M $824.8M
YoY Change 23.97% 17.61%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$106.5M -$107.4M
YoY Change 7.23% 17.25%
Depreciation, Depletion And Amortization $4.864M $2.764M
YoY Change 121.09% 53.81%
Cash From Operating Activities -$93.95M -$99.80M
YoY Change 21.02% 35.23%
INVESTING ACTIVITIES
Capital Expenditures $9.520M $5.664M
YoY Change -308.04% -50.49%
Acquisitions
YoY Change
Other Investing Activities -$147.3M $159.1M
YoY Change -246.76% 62.38%
Cash From Investing Activities -$156.8M $153.4M
YoY Change -263.72% 77.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.025M 258.2M
YoY Change -149.59% 18119.62%
NET CHANGE
Cash From Operating Activities -93.95M -99.80M
Cash From Investing Activities -156.8M 153.4M
Cash From Financing Activities 1.025M 258.2M
Net Change In Cash -249.7M 311.8M
YoY Change -1654.74% 2105.96%
FREE CASH FLOW
Cash From Operating Activities -$93.95M -$99.80M
Capital Expenditures $9.520M $5.664M
Free Cash Flow -$103.5M -$105.5M
YoY Change 41.63% 23.73%

Facts In Submission

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IOVANCE BIOTHERAPEUTICS, INC.
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CY2023Q1 us-gaap Loss Contingency Disclosures
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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 then 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 and seeks unspecified damages on behalf of the Company. The parties have agreed to a proposed settlement, which was submitted to the Court on June 15, 2022. After a hearing on November </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">17, 2022, the Court required the parties to take additional steps before it would approve the settlement. The Company, as nominal defendant, and its current directors, as defendants, answered the complaint on February 3, 2023.</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 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_DYNzqI8IQkyow4PB27s2-w;"><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 less than $0.1 million. 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. On October 14, 2021, the Appellate Division upheld the court’s grant of the Company’s motion for summary judgment limiting the Solomon Plaintiffs’ damages for the Equity Claim to less than $0.1 million.</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 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 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. 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. On January 4, 2023, the Court granted in part the Company’s motion for sanctions against Plaintiffs for violating Rule 11 of the Federal Rules of Civil Procedure, in a decision and order that dismissed Plaintiffs’ first claim against the Company, denied Plaintiffs’ motion for leave to amend the complaint, and ordered Plaintiffs to pay the Company’s attorneys’ fees incurred in connection with the Rule 11 motion. Following the Court’s decision and order on the Rule 11 motion, only Plaintiffs’ fifth and sixth claims, for unjust enrichment and indemnification, respectively, remain pending against the Company.</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;">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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