$IOVA
IOVANCE BIOTHERAPEUTICS, INC.

2024 Q4 Form 10-Q Financial Statement

#000155837024014905 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $58.56M
YoY Change 12385.07%
Cost Of Revenue $39.82M
YoY Change 817.58%
Gross Profit $18.73M
YoY Change -583.91%
Gross Profit Margin 31.99%
Selling, General & Admin $42.62M
YoY Change 58.08%
% of Gross Profit 227.51%
Research & Development $68.25M
YoY Change -22.03%
% of Gross Profit 364.32%
Depreciation & Amortization $3.000M
YoY Change 3.45%
% of Gross Profit 16.02%
Operating Expenses $68.25M
YoY Change -22.03%
Operating Profit -$89.07M
YoY Change -24.75%
Interest Expense $4.005M
YoY Change 19.2%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$85.06M
YoY Change -26.04%
Income Tax -$1.500M
% Of Pretax Income
Net Earnings -$83.54M
YoY Change -26.56%
Net Earnings / Revenue -142.67%
Basic Earnings Per Share -$0.28
Diluted Earnings Per Share -$0.28
COMMON SHARES
Basic Shares Outstanding 304.8M 303.5M
Diluted Shares Outstanding 303.3K

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $397.5M
YoY Change 9.99%
Cash & Equivalents $164.2M
Short-Term Investments $233.3M
Other Short-Term Assets $6.744M
YoY Change -43.8%
Inventory $38.58M
Prepaid Expenses
Receivables $55.77M
Other Receivables $0.00
Total Short-Term Assets $498.6M
YoY Change 30.32%
LONG-TERM ASSETS
Property, Plant & Equipment $112.5M
YoY Change -0.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $280.0K
YoY Change -0.71%
Total Long-Term Assets $492.5M
YoY Change 4.86%
TOTAL ASSETS
Total Short-Term Assets $498.6M
Total Long-Term Assets $492.5M
Total Assets $991.1M
YoY Change 16.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.69M
YoY Change 64.4%
Accrued Expenses $74.82M
YoY Change 22.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.1M
YoY Change 29.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M
YoY Change 0.0%
Other Long-Term Liabilities $66.39M
YoY Change -2.37%
Total Long-Term Liabilities $99.60M
YoY Change 14.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.1M
Total Long-Term Liabilities $99.60M
Total Liabilities $217.7M
YoY Change 22.07%
SHAREHOLDERS EQUITY
Retained Earnings -$2.306B
YoY Change 21.62%
Common Stock $13.00K
YoY Change 18.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $773.5M
YoY Change
Total Liabilities & Shareholders Equity $991.1M
YoY Change 16.29%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$83.54M
YoY Change -26.56%
Depreciation, Depletion And Amortization $3.000M
YoY Change 3.45%
Cash From Operating Activities -$58.97M
YoY Change -29.86%
INVESTING ACTIVITIES
Capital Expenditures $2.288M
YoY Change -36.09%
Acquisitions
YoY Change
Other Investing Activities -$46.51M
YoY Change -38.34%
Cash From Investing Activities -$48.80M
YoY Change -38.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.95M
YoY Change -79.31%
NET CHANGE
Cash From Operating Activities -58.97M
Cash From Investing Activities -48.80M
Cash From Financing Activities 41.95M
Net Change In Cash -65.82M
YoY Change -265.79%
FREE CASH FLOW
Cash From Operating Activities -$58.97M
Capital Expenditures $2.288M
Free Cash Flow -$61.26M
YoY Change -30.12%

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IOVANCE BIOTHERAPEUTICS, INC.
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iova Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensations Net
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iova Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
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us-gaap Fair Value Of Assets Acquired
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iova Acquisitions Of Property And Equipment Included In Accounts Payable And Accrued Expense
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iova Acquisitions Of Property And Equipment Included In Accounts Payable And Accrued Expense
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us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
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iova Non Cash Investing Activities Accrued Capitalized Acquisition Costs
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0
iova Non Cash Investing Activities Accrued Capitalized Acquisition Costs
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iova Rightofuseassetobtainedinexchangeforoperatingleaseliabilityfromnewleases
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iova Rightofuseassetobtainedinexchangeforoperatingleaseliabilityfromnewleases
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iova Right Of Use Asset Obtained In Exchange For Operating Lease Liability From Lease Modifications
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iova Right Of Use Asset Obtained In Exchange For Operating Lease Liability From Lease Modifications
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CY2024Q3 iova Minimum Restricted Security Deposit
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 10pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;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>
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CY2024Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2024Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2024Q3 iova Revenue From Contract With Customer Gross
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CY2023Q3 iova Revenue From Contract With Customer Gross
RevenueFromContractWithCustomerGross
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iova Revenue From Contract With Customer Gross
RevenueFromContractWithCustomerGross
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iova Revenue From Contract With Customer Gross
RevenueFromContractWithCustomerGross
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CY2024Q3 iova Adjustments For Wholesaler Fees And Cash Discounts
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CY2023Q3 iova Adjustments For Wholesaler Fees And Cash Discounts
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iova Adjustments For Wholesaler Fees And Cash Discounts
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CY2024Q3 iova Adjustments For Other Rebates Returns Discounts And Adjustments
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CY2024Q3 iova Revenue From Contract With Customer Gross To Net Adjustments
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CY2023Q3 iova Revenue From Contract With Customer Gross To Net Adjustments
RevenueFromContractWithCustomerGrossToNetAdjustments
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iova Revenue From Contract With Customer Gross To Net Adjustments
RevenueFromContractWithCustomerGrossToNetAdjustments
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iova Revenue From Contract With Customer Gross To Net Adjustments
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iova Threshold For Concentration Of Credit Risk
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CY2024Q3 iova Threshold For Concentration Of Credit Risk
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CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><span style="font-weight:normal;text-decoration-line:none;"><span style="display:inline-block;visibility:hidden;width:0pt;">​</span><br/></span><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">NOTE 13. 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;">Shumacher 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 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 February 3, 2023. The parties agreed to a revised proposed settlement, which was submitted to the Court of Chancery on March 12, 2024. Under the terms of the proposed settlement, the Company will cancel certain equity awards made to non-employee directors and make a monetary payment to plaintiff for reasonable legal fees and costs in the amount of $600,000, which have been accrued as of June 30, 2024. On July 17, 2024, the Court of Chancery declined to approve the settlement. The case will proceed to discovery and the Company intends to vigorously defend against this complaint. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:27.35pt;margin:0pt;"><span style="visibility:hidden;">​</span></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;">Northern California Pipe Trades Trust Fund.</span> On September 17, 2024, a purported stockholder derivative complaint was filed by plaintiff Northern California Pipe Trades Trust Fund against the Company, as nominal defendant, and certain directors, as defendants, in the Court of Chancery. The complaint alleges breach of fiduciary duty in connection with the February 2024 underwritten public offering of 23,014,000 shares of the Company’s common stock. The Company intends to vigorously defend against this complaint.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="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 (the “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-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__B3YRoGCXUaZLUbSm51oew;"><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;">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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">the Company’s motion for summary judgment limiting the Solomon Plaintiffs’ damages for the Equity Claim to less than $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 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 (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 judgment 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, remained 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 the U.S. Court of Appeals for the Second Circuit (the “Second Circuit Court”), 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. On May 9, 2024, the District Court issued an order granting the Company’s motions for attorneys’ fees and for an appeal bond. On June 28, 2024, the Company filed motions to dismiss the appeal on the grounds that the Solomon Plaintiffs (a) do not have an opening brief on file, which the Second Circuit Court denied, and (b) have not filed an appeal bond. The District Court entered judgment in favor of the Company on September 23, 2024, including a monetary award pursuant to the District Court’s Rule 11 order and orders for attorneys’ fees and costs. On October 9, 2024, the Second Circuit Court stated that it will dismiss the appeal unless the Solomon Plaintiffs post the appeal bond by October 23, 2024. The Solomon Plaintiffs then moved for an extension of time until November 23, 2024 to post the appeal bond. The Second Circuit Court has not yet ruled on this motion by the Solomon Plaintiffs, and the Company has filed an opposition to the motion.</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;">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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">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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