Iovance Biotherapeutics Reports Fourth Quarter and Full-Year 2019 Financial Results and Provides Corporate Update

Iovance Biotherapeutics Reports Fourth

Quarter and Full-Year 2019

Financial Results and Provides Corporate

SAN CARLOS, Calif., Feb. 25, 2020 -- 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 fourth quarter and year-end 2019 financial results and provided

"During 2019 we made tremendous progress in advancing

Iovance TIL and PBL products," said Maria Fardis, Ph.D., MBA, Iovance President and Chief Executive Officer. "We conducted

two planned pivotal programs for lifileucel in melanoma and LN-145 in cervical, initiated patient dosing in earlier lines of therapy

and received clearance from FDA on a new IND to proceed to dose patients with our PBL product, IOV-2001. In anticipation for commercialization

of Iovance TIL, we are building our internal manufacturing capability and expanding our commercial team and infrastructure. With

the first potential cell therapy in solid tumors, as well as a broad TIL platform, Iovance is poised to become the leader in development,

manufacturing, and commercialization of TIL cell therapy for solid tumors."

Research and Development

Anticipated 2020 Milestones

Fourth Quarter and Full-Year 2019 Financial Results

Net loss for the fourth quarter ended December

31, 2019, was $63.6 million, or $0.50 per share, compared to a net loss of $32.6 million, or $0.27 per

share, for the fourth quarter ended December 31, 2018. Net loss for the full-year ended December 31, 2019, was $197.6

million, or $1.59 per share, compared to a net loss of $123.6 million, or $1.27 per share, for the full-year

ended December 31, 2018.

Research and development expenses were $54.2

million for the fourth quarter ended December 31, 2019, an increase of $26.8 million compared to $27.4

million for the fourth quarter ended December 31, 2018. Research and development expenses were $166.0 million for

the 12 months ended December 31, 2019, an increase of $66.2 million compared to $99.8 million for the

prior year period. The increases in fourth quarter and full year 2019 over the prior year periods were primarily attributable to

an increase in costs associated with manufacturing activities and capacity, clinical trials due to higher enrollment, and growth

of the internal research and development team.

General and administrative expenses

were $10.9 million for the fourth quarter 2019, an increase of $3.4 million compared to $7.5 million for

the fourth quarter 2018. General and administrative expenses were $40.8 million for the 12 months ended December

31, 2019, an increase of $12.4 million compared to $28.4 million for the full year ended December 31,

2018. The increases in fourth quarter and full year 2019 over the prior year periods were primarily attributable to growth of the

internal general and administrative team, as well as higher intellectual property legal costs and market research activities in

preparation for commercialization.

Cash, cash equivalents, short term

investments and restricted cash

At December 31, 2019, the company

held $312.5 million in cash, cash equivalents, short-term investments and restricted cash compared to $468.5 million at December

Webcast and Conference Call

Iovance will host a conference call

today at 4:30 p.m. ET to discuss fourth quarter and full-year 2019 results and provide a corporate update. The conference

call dial-in numbers are 1-844-646-4465 (domestic) or 1-615-247-0257 (international). The conference ID access number for the

call is 4693108. The live webcast can be accessed in the Investors section of the company's website at http://www.iovance.com.

The archived webcast will be available for a year in the Investors section at www.iovance.com.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics aims to improve patient care by making T cell-based immunotherapies broadly accessible for the treatment

of patients with solid tumors and blood cancers. Tumor infiltrating lymphocyte (TIL) therapy uses a patient's own immune

cells to attack cancer. TIL cells are extracted from a patient's own tumor tissue, expanded through a proprietary process,

and infused back into the patient. After infusion, TIL reach tumor tissue, where they attack tumor cells. The company has completed

dosing in the pivotal study in patients with metastatic melanoma and is currently conducting a pivotal study in patients with

metastatic cervical cancer. In addition, the company's TIL therapy is being investigated for the treatment of patients with

locally advanced, recurrent or metastatic cancers including head and neck and non-small cell lung cancer. A clinical study to

investigate Iovance T cell therapy for blood cancers called peripheral blood lymphocyte (PBL) therapy is open to enrollment. 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"). We may, in some cases, use terms such as "predicts," "believes," "potential,"

"continue," "estimates," "anticipates," "expects," "plans," "intends,"

"may," "could," "might," "will," "should" or other words that convey

uncertainty of future events or outcomes to identify these forward-looking statements. The forward-looking statements include,

but are not limited to, risks and uncertainties relating to the success, timing, projected enrollment, manufacturing and production

capabilities, and cost of our ongoing clinical trials and anticipated clinical trials for our current product candidates (including

both Company-sponsored and collaborator-sponsored trials in both the U.S. and Europe), such as statements regarding the timing

of initiation and completion of these trials; the timing of and our ability to successfully submit, obtain and maintain FDA or

other regulatory authority approval of, or other action with respect to, our product candidates, including those product candidates

that have been granted breakthrough therapy designation ("BTD") or regenerative medicine advanced therapy designation

("RMAT") by the FDA and new product candidates in both solid tumor and blood cancers; the strength of the Company's

product pipeline; the successful implementation of the Company's research and development programs and collaborations; the

Company's ability to obtain tax incentives and credits; the guidance provided for the Company's future cash, cash

equivalents, short term investment and restricted cash balances; the success of the Company's manufacturing, license or

development agreements; the acceptance by the market of the Company's product candidates, if approved; and other factors,

including general economic conditions and regulatory developments, not within the Company's control. The factors discussed

herein could cause actual results and developments to be materially different from those expressed in or implied by such statements.

Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company's

business, including, without limitation: the preliminary clinical results, which may include efficacy and safety results, from

ongoing Phase 2 studies may not be reflected in the final analyses of these trials or subgroups within these trials; a slower

rate of enrollment may impact the Company's clinical trial timelines; enrollment may need to be adjusted for the Company's

trials and cohorts within those trials based on FDA and other regulatory agency input; the new version of the protocol which further

defines the patient population to include more advanced patients in the Company's cervical cancer trial may have an adverse

effect on the results reported to date; the data within these trials may not be supportive of product approval; changes in patient

populations may result in changes in preliminary clinical results; the Company's ability or inability to address FDA or

other regulatory authority requirements relating to its clinical programs and registrational plans, such requirements including,

but not limited to, clinical, safety, manufacturing and control requirements; the Company's interpretation of communications

with the FDA may differ from the interpretation of such communications by the FDA; risks related to the Company's ability

to maintain and benefit from accelerated FDA review designations, including BTD and RMAT, which may not result in a faster development

process or review of the Company's product candidates (and which may later be rescinded by the FDA), and does not assure

approval of such product candidates by the FDA or the ability of the Company to obtain FDA approval in time to benefit from commercial

opportunities; the ability or inability of the Company to manufacture its therapies using third party manufacturers or its own

facility may adversely affect the Company's potential commercial launch; and additional expenses may decrease our estimated

cash balances and increase our estimated capital requirements. A further list and description of the Company's risks, uncertainties

and other factors can be found in the Company's most recent Annual Report on Form 10-K and the Company's subsequent

filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov

or www.iovance.com. The forward-looking statements are made only as of the

date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect

subsequent events or circumstances.

ASCO 2019 - Safety and efficacy of cryopreserved autologous tumor infiltrating lymphocyte therapy (LN-144, lifileucel)

in advanced metastatic melanoma patients who progressed on multiple prior therapies including anti-PD-1

2Iovance Corporate Overview - https://ir.iovance.com/presentations