$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2024 Q1 Form 10-K Financial Statement

#000155837024002036 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $715.0K $482.0K $1.189M
YoY Change
Cost Of Revenue $7.261M $4.365M $10.76M
YoY Change
Gross Profit -$6.546M -$3.883M -$9.566M
YoY Change
Gross Profit Margin -915.52% -805.6% -804.54%
Selling, General & Admin $31.39M $29.90M $106.9M
YoY Change 11.63% 13.0% 2.71%
% of Gross Profit
Research & Development $79.78M $87.47M $344.1M
YoY Change -3.57% 8.56% 16.72%
% of Gross Profit
Depreciation & Amortization $3.000M $6.859M $11.60M
YoY Change 8.54% 143.75% 24.6%
% of Gross Profit
Operating Expenses $79.78M $117.4M $344.1M
YoY Change -28.03% 9.66% -13.74%
Operating Profit -$117.7M -$121.3M -$460.6M
YoY Change 6.19% 15.46%
Interest Expense $3.338M $3.118M $13.04M
YoY Change -4.25% 81.6% 336.95%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$114.4M -$118.1M -$447.5M
YoY Change 6.53% 12.17% 13.04%
Income Tax -$1.400M -$1.759M -$3.500M
% Of Pretax Income
Net Earnings -$113.0M -$116.4M -$444.0M
YoY Change 5.21% 10.5% 12.16%
Net Earnings / Revenue -15804.2% -24145.02% -37345.42%
Basic Earnings Per Share -$0.42 -$1.89
Diluted Earnings Per Share -$0.42 -$0.45 -$1.89
COMMON SHARES
Basic Shares Outstanding 279.3M 255.9M 235.1K
Diluted Shares Outstanding 266.2M 235.1K

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $356.2M $279.9M $279.9M
YoY Change -43.13% -40.69% -40.69%
Cash & Equivalents $134.2M $114.9M $114.9M
Short-Term Investments $222.0M $165.0M $165.0M
Other Short-Term Assets $11.49M $17.46M $17.46M
YoY Change -0.02% 140.1% 140.1%
Inventory $17.62M $10.37M $10.37M
Prepaid Expenses
Receivables $234.0K $151.0K $151.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $385.5M $307.8M $307.8M
YoY Change -39.55% -35.75% -35.75%
LONG-TERM ASSETS
Property, Plant & Equipment $111.8M $114.0M $176.5M
YoY Change 1.7% 8.36% -0.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $259.0K $270.0K $66.70M
YoY Change 28.22% 42.86% 907.71%
Total Long-Term Assets $484.3M $472.5M $472.5M
YoY Change 159.0% 155.59% 155.59%
TOTAL ASSETS
Total Short-Term Assets $385.5M $307.8M $307.8M
Total Long-Term Assets $484.3M $472.5M $472.5M
Total Assets $869.8M $780.4M $780.4M
YoY Change 5.46% 17.53% 17.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.70M $33.12M $33.12M
YoY Change -18.6% 24.51% 24.51%
Accrued Expenses $46.44M $69.41M $77.18M
YoY Change 7.77% 32.72% 18.96%
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 $83.21M $110.3M $110.3M
YoY Change -4.65% 20.57% 20.57%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $72.29M $67.08M $67.08M
YoY Change 3.85% -6.64% -6.64%
Total Long-Term Liabilities $106.6M $85.43M $68.09M
YoY Change 50.95% 17.26% -6.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $83.21M $110.3M $110.3M
Total Long-Term Liabilities $106.6M $85.43M $68.09M
Total Liabilities $189.8M $195.7M $195.7M
YoY Change 20.22% 19.1% 19.1%
SHAREHOLDERS EQUITY
Retained Earnings -$2.125B -$2.012B
YoY Change 26.83% 28.31%
Common Stock $12.00K $11.00K
YoY Change 33.33% 37.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $680.0M $584.6M $584.6M
YoY Change
Total Liabilities & Shareholders Equity $869.8M $780.4M $780.4M
YoY Change 5.46% 17.53% 17.53%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$113.0M -$116.4M -$444.0M
YoY Change 5.21% 10.5% 12.16%
Depreciation, Depletion And Amortization $3.000M $6.859M $11.60M
YoY Change 8.54% 143.75% 24.6%
Cash From Operating Activities -$122.3M -$83.97M -$361.8M
YoY Change 22.55% 8.11% 23.57%
INVESTING ACTIVITIES
Capital Expenditures $4.171M $3.529M $22.29M
YoY Change -26.36% 16.78% 9.13%
Acquisitions $212.6M
YoY Change
Other Investing Activities -$107.3M -$69.32M -$133.0M
YoY Change -167.48% -2090.12% -148.02%
Cash From Investing Activities -$111.5M -$72.85M -$155.2M
YoY Change -172.69% -15901.52% -160.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $463.3M
YoY Change 144.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 193.6M 962.0K 463.0M
YoY Change -25.02% -99.5% 143.47%
NET CHANGE
Cash From Operating Activities -122.3M -83.97M -361.8M
Cash From Investing Activities -111.5M -72.85M -155.2M
Cash From Financing Activities 193.6M 962.0K 463.0M
Net Change In Cash -40.70M -155.9M -56.84M
YoY Change -113.05% -237.48% -136.96%
FREE CASH FLOW
Cash From Operating Activities -$122.3M -$83.97M -$361.8M
Capital Expenditures $4.171M $3.529M $22.29M
Free Cash Flow -$126.5M -$87.50M -$384.1M
YoY Change 19.92% 8.43% 22.62%

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CapitalExpendituresIncurredButNotYetPaid
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CY2022 iova Rightofuseassetobtainedinexchangeforoperatingleaseliabilityfromnewleases
Rightofuseassetobtainedinexchangeforoperatingleaseliabilityfromnewleases
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CY2021 iova Rightofuseassetobtainedinexchangeforoperatingleaseliabilityfromnewleases
Rightofuseassetobtainedinexchangeforoperatingleaseliabilityfromnewleases
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CY2021 iova Right Of Use Asset Obtained In Exchange For Operating Lease Liability From Lease Modifications
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:normal;font-weight:normal;">The </span><span style="font-style:normal;font-weight:normal;">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 expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include assumptions made in the fair value of intangible assets, inventories acquired as part of the acquisition of </span><span style="font-style:normal;font-weight:normal;">Proleukin</span><sup style="font-size:7.5pt;font-style:normal;font-weight:normal;line-height:100%;top:0pt;vertical-align:top;">®</sup><span style="font-style:normal;font-weight:normal;">, equity awards and related stock-based compensation, assumptions used in measuring operating right-of-use assets and operating lease liabilities, accounting for potential liabilities, including estimates inherent in accruals related to clinical trials, and the realizability of the Company’s deferred tax assets</span><span style="font-style:normal;font-weight:normal;">.</span></p>
CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">Concentrations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company is subject to credit risk from its portfolio of cash, cash equivalents and investments. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company does not believe it is exposed to any significant concentrations of credit risk from these financial instruments. The Company maintains cash, cash equivalents and investment balances at four financial institutions. Management believes that the financial institutions which hold its cash are financially sound and, accordingly, minimal credit risk exists. As of December 31, 2023 and 2022, respectively, the Company’s cash balances were in excess of insured limits maintained at the financial institutions.</p>
CY2023 iova Number Of Financial Institutions
NumberOfFinancialInstitutions
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CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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ClinicalRelatedExpensesCurrent
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CY2022Q4 iova Clinical Related Expenses Current
ClinicalRelatedExpensesCurrent
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CY2023Q4 iova Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
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CY2022Q4 iova Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
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CY2023Q4 iova Commercial Manufacturing Facility Related Current
CommercialManufacturingFacilityRelatedCurrent
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CY2022Q4 iova Commercial Manufacturing Facility Related Current
CommercialManufacturingFacilityRelatedCurrent
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CY2023Q4 iova Legal And Related Services Current
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CY2022Q4 iova Legal And Related Services Current
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CY2023Q4 iova Accrued Inventory Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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CY2023Q3 us-gaap Shares Issued Price Per Share
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CY2023Q3 iova Net Proceeds From Public Offering
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
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CY2023 us-gaap Defined Contribution Plan Cost Recognized
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CY2022 us-gaap Defined Contribution Plan Cost Recognized
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;"><span style="font-weight:normal;margin-bottom:10pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">​</span></p><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 15. LEGAL PROCEEDINGS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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 of Chancery”). 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 of Chancery on June 15, 2022. After a hearing on November 17, 2022, the Court of Chancery 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 Feb. 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-align:justify;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 “court”). 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-align:justify;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_g9UC-06srkOBkyRwzvF6ew;"><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-align:justify;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-align:justify;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 (the “District Court”), 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 District 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 District 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 District Court granted in part the Company’s motion for sanctions against the Solomon Plaintiffs for violating Rule 11 of the Federal Rules of Civil Procedure, in a decision and order that dismissed the Solomon Plaintiffs’ first claim against the Company, denied the Solomon Plaintiffs’ motion for leave to amend the complaint, and ordered the Solomon Plaintiffs to pay the Company’s attorneys’ fees incurred in connection with the Rule 11 motion. Following the District Court’s decision and order on the Rule 11 motion, only the Solomon Plaintiffs’ fifth and sixth claims, for unjust enrichment and indemnification, respectively, remain pending against the Company. On October 26, 2023, the District Court granted the Company’s motion for summary judgment and dismissed the Solomon Plaintiffs’ fifth and sixth claims. On October 27, 2023, the District Court entered judgment for the Company and closed the Second Solomon Suit. On November 10, 2023, the Company filed a motion for attorneys’ fees as the prevailing party in the action. On December 1, 2023, the Solomon Plaintiffs filed a notice of appeal to </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">the U.S. Court of Appeals for the Second Circuit, appealing the District Court’s orders (a) granting the motions for judgment on the pleadings filed on behalf of Singh and the Company, (b) granting the Company’s Rule 11 motion, (c) denying the Solomon Plaintiffs’ motions to compel discovery and re-open discovery, and (d) granting the Company’s summary judgment motion. On December 22, 2023, the Company filed a motion for an order requiring the Solomon Plaintiffs to post an appeal bond, to ensure payment of the Company’s appellate fees and costs should the Company prevail on the appeal.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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-align:justify;text-indent:27.35pt;margin:0pt 0pt 10pt 0pt;">The Company has been and may continue to 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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