Iovance Biotherapeutics Reports First Quarter 2023 Financial Results and Corporate Updates First Biologics License Application (BLA) Submission Completed in March 2023 Commercial Readiness Activities on track to Support

Iovance Biotherapeutics Reports First Quarter

Financial Results and Corporate Updates

First Biologics License Application (BLA) Submission

Completed in March 2023

Commercial Readiness Activities on track to

Support Potential Commercial Launch of Lifileucel in 2023

SAN CARLOS, Calif., May 9, 2023 -- Iovance Biotherapeutics,

Inc. (NASDAQ: IOVA), a late-stage biotechnology company developing novel T-cell-based cancer immunotherapies (tumor infiltrating lymphocyte,

TIL, and peripheral-blood lymphocyte, PBL), today reported first quarter 2023 financial results and corporate updates.

Frederick Vogt, Ph.D., J.D., Interim President and Chief Executive

Officer of Iovance, stated, "Since the beginning of 2023, we have completed our first BLA for lifileucel in advanced melanoma, and

continue to execute our commercial readiness activities to launch lifileucel in 2023, while advancing our immuno-oncology pipeline. We

are also on track with our integration activities for the planned acquisition of Proleukin , which will provide revenue, streamline

our supply chain and logistics, reduce our future cost of goods and lower expenses for IL-2 used with TIL therapies. Our top priorities

in 2023 are to gain FDA approval and successfully launch lifileucel, continue to develop our pipeline in multiple solid tumor indications

and present new data from our clinical programs."

Recent and First Quarter 2023

Highlights and Corporate Updates

Acquisition of Proleukin

Iovance TIL Therapy (Lifileucel) in Advanced Melanoma

Manufacturing and Commercial Preparations

Research Programs for Next-Generation TIL Therapies and

Related Technologies

American Society of Clinical Oncology (ASCO) Annual Meeting,

First Quarter 2023 Financial Results

Iovance had $632.7 million in cash, cash equivalents, investments

and restricted cash at March 31, 2023, compared to $478.3 million at December 31, 2022. With the net proceeds from the

ATM equity financing facility of approximately $260.1 million raised during the first quarter of 2023, the cash position is expected to

be sufficient to fund current and planned operations into the second half of 2024.

Jean-Marc Bellemin, Chief Financial Officer of Iovance, said, "Iovance

is committed to prioritizing our investments and effectively managing expenses. We expect that our current cash position is sufficient

to fund our operating plan into the second half of 2024, including our planned acquisition of Proleukin , commercial launch preparations,

internal manufacturing and clinical pipeline expansion."

Net loss for the first quarter ended March

31, 2023, was $107.4 million, or $0.50 per share, compared to a net loss of $91.6 million, or $0.58 per share, for

the first quarter ended March 31, 2022.

Research and development expenses were $82.7

million for the first quarter ended March 31, 2023, an increase of $14.4 million compared to $68.3

million for the first quarter of 2022. The increase in research and development expenses in the first quarter 2023 over the

prior year period was primarily attributable to growth of the internal research and development team, as well as clinical trial

costs, manufacturing costs to support commercial manufacturing readiness, and facility-related costs, which were partially offset by

lower stock-based compensation expense.

General and administrative expenses were $28.1

million for the first quarter ended March 31, 2023, an increase of $4.7 million compared to $23.4 million for

the first quarter of 2022. The increase in general and administrative expenses in the first quarter of 2023 compared to the prior year

period was primarily attributable to growth of the internal general and administrative and commercial teams in preparation for launch,

fees to support the Proleukin acquisition, as well as costs associated with pre-commercial activities, which were partially offset by

lower stock-based compensation and marketing expenses.

For additional information, please see the

Company's Selected Condensed Consolidated Balance Sheet and Statement of Operations below.

Webcast and Conference Call

To participate in the conference call at 4:30 p.m. ET today, please

dial 1-800-715-9871 (domestic) or 1-646-307-1963 (international) and reference the access code 8957192. The live and archived webcast

can be accessed in the Investors section of the Company's website, IR.Iovance.com. The

archived webcast will also be available for one year.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics aims

to be the global leader in innovating, developing and delivering tumor infiltrating lymphocyte (TIL) therapies for patients with cancer.

We are pioneering a transformational approach to cure cancer by harnessing the human immune system's ability to recognize and destroy

diverse cancer cells in each patient. Our lead late-stage TIL product candidate, lifileucel for metastatic melanoma, has the potential

to become the first approved one-time cell therapy for a solid tumor cancer. The Iovance TIL platform

has demonstrated promising clinical data across multiple solid tumors. We are committed to continuous innovation in cell therapy, including

gene-edited cell therapy, that may extend and improve life for patients with cancer. For more information, please visit www.iovance.com.

Forward-Looking Statements

Certain matters discussed in

this press release are "forward-looking statements" of Iovance Biotherapeutics, Inc. (hereinafter referred to as the "Company,"

"we," "us," or "our") within the meaning of the Private Securities Litigation Reform Act of 1995 (the

"PSLRA"). All such written or oral statements made in this press release, other than statements of historical fact, are forward-looking

statements and are intended to be covered by the safe harbor for forward-looking statements provided by the PSLRA. Without limiting the

foregoing, we may, in some cases, use terms such as "predicts," "believes," "potential," "continue,"

"estimates," "anticipates," "expects," "plans," "intends," "forecast,"

"guidance," "outlook," "may," "could," "might," "will," "should"

or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking

statements are based on assumptions and assessments made in light of management's experience and perception of historical trends,

current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press

release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a

result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject

to risks, uncertainties and other factors, many of which are outside of our control, that may cause actual results, levels of activity,

performance, achievements and developments to be materially different from those expressed in or implied by these forward-looking statements.

Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements

are described in the sections titled "Risk Factors" in our filings with the Securities and Exchange Commission, including our

most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and include, but are not limited to, the following substantial

known and unknown risks and uncertainties inherent in our business: the effects of the COVID-19 pandemic; risks related to the timing

of and our ability to successfully develop, submit, obtain and maintain U.S. Food and Drug Administration ("FDA") or other

regulatory authority approval of, or other action with respect to, our product candidates, and our ability to successfully commercialize

any product candidates for which we obtain FDA approval; whether clinical trial results from our pivotal studies and cohorts, and

meetings with the FDA, may support registrational studies and subsequent approvals by the FDA; preliminary

and interim clinical results, which may include efficacy and safety results, from ongoing clinical trials or cohorts may not be reflected

in the final analyses of our ongoing clinical trials or subgroups within these trials or in other prior trials or cohorts; the risk that

enrollment may need to be adjusted for our trials and cohorts within those trials based on FDA and other regulatory agency input; the

changing landscape of care for cervical cancer patients may impact our clinical trials in this indication; the risk that we may be required

to conduct additional clinical trials or modify ongoing or future clinical trials based on feedback from the FDA or other regulatory authorities;

the risk that our interpretation of the results of our clinical trials or communications with the FDA may differ from the interpretation

of such results or communications by the FDA (including from the recent pre-BLA meeting with the FDA); the risk that the rolling BLA submission

for lifileucel in metastatic melanoma may take longer than expected; the acceptance by the

market of our product candidates and their potential reimbursement by payors, if approved; our ability or inability to manufacture our

therapies using third party manufacturers or our own facility may adversely affect our potential commercial launch; the results of clinical

trials with collaborators using different manufacturing processes may not be reflected in our sponsored trials; the risk that the acquisition

of Proleukin may not be completed in a timely manner or at all; the failure to satisfy

the closing conditions to the consummation of the Proleukin acquisition, including the