Iovance Biotherapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Corporate Updates Amtagvi (lifileucel) U.S. Launch Fully Underway Following U.S. Food and Drug Administration (FDA) Approval as the

Iovance Biotherapeutics Reports Fourth Quarter

Financial Results and Corporate Updates

Amtagvi (lifileucel) U.S. Launch Fully

Underway Following U.S. Food and Drug Administration (FDA) Approval as the First and Only One-Time, Individualized T cell Therapy for

a Solid Tumor Cancer

Amtagvi Regulatory Submissions on Track in the

European Union, United Kingdom, and Canada

Amtagvi Patients Identified at Nearly All of

the 30 Authorized Treatment Centers (ATCs), with Approximately 50 ATCs Anticipated to be Ready by the End of May 2024

SAN CARLOS, Calif., February 28, 2024 -- Iovance

Biotherapeutics, Inc. (NASDAQ: IOVA), a commercial biotechnology company focused on innovating, developing, and delivering novel polyclonal

tumor infiltrating lymphocyte (TIL) therapies for patients with cancer, today reported fourth quarter and full year 2023 financial results

and corporate updates.

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

Officer of Iovance, stated, "Throughout 2023, we executed toward our first approval and commercial launch while advancing our pipeline.

We are seeing healthy demand and momentum for Amtagvi following the recent U.S. FDA approval in advanced melanoma. To expand the

launch globally, we plan to submit regulatory dossiers in the European Union in the first half of 2024 and in Canada and the United Kingdom

in the second half of 2024. We are also excited about our robust development pipeline across solid tumor cancers. As a fully integrated

company, Iovance is well positioned to execute on our regulatory, pipeline, manufacturing, and commercial launch activities to advance

our mission to remain the global leader in TIL therapy."

Recent and Fourth Quarter

2023 Highlights and Corporate Updates

Amtagvi (lifileucel):

U.S. Approval and Launch Highlights in Advanced Melanoma

Launch Expansion into New Markets and Indications

Iovance TIL Therapy Clinical Pipeline Highlights

Fourth Quarter and Full Year 2023 Financial Results

Iovance had $346.3 million in cash, cash equivalents,

investments and restricted cash at December 31, 2023, compared to $478.3 million at December 31, 2022. With the net proceeds of approximately

$197.1 million raised in the February 2024 follow-on stock offering and anticipated revenue from Amtagvi and Proleukin, the cash position

is expected to be sufficient to fund current and planned operations well into the second half of 2025.

Net loss for the fourth quarter ended December

31, 2023, was $116.4 million, or $0.45 per share, compared to a net loss of $105.3 million, or $0.64 per share, for

the fourth quarter ended December 31, 2022. Net loss for the year ended December 31, 2023 was $444.0 million, or $1.89 per share,

compared to a net loss of $395.9 million, or $2.49 per share, for the year ended December 31, 2022. The net loss for the year ended December

31, 2023 includes amortization of intangible assets acquired as part of the Proleukin transaction.

Revenue for the fourth quarter and year ended December 31, 2023, was

$0.5 million and $1.2 million, respectively, and comprised of product sales following the Proleukin acquisition in May 2023. There

was no revenue for the fourth quarter and year ended December 31, 2022. Cost of sales for the fourth quarter and year ended December 31,

2023, was $4.4 million and $10.8 million, respectively, and comprised of cost of inventory associated with sales of Proleukin as

well as $3.9 million and $9.7 million, respectively, of non-cash amortization expenses of the acquired intangible asset for developed

technology. There was no cost of revenues for the fourth quarter and year ended December 31, 2022.

Research and development expenses were $87.5 million for

the fourth quarter ended December 31, 2023, an increase of $6.9 million compared to $80.6 million for the

same period ended December 31, 2022. Research and development expenses were $344.1 million for the year ended December 31, 2023,

an increase of $49.3 million compared to $294.8 million for the same period ended December 31, 2022.

The increases in research and development expenses in the fourth quarter

and the year ended December 31, 2023, over the prior year periods were primarily attributable to increases in headcount and related costs

to support internal manufacturing and clinical development activities, manufacturing costs to support increased production and commercial

manufacturing readiness, clinical trial costs driven primarily by the initiation of our Phase 3 TILVANCE-301 clinical trial, and facility

and related costs to expand manufacturing capacity.

Selling, general and administrative expenses

were $29.9 million for the fourth quarter ended December 31, 2023, an increase of $3.4 million compared to $26.5

million for the same period ended December 31, 2022. Selling, general and administrative expenses were $106.9 million for the

year ended December 31, 2023, an increase of $2.8 million compared to $104.1 million for the same period ended December 31, 2022.

The increase in selling, general and administrative

expenses in the fourth quarter and the year ended December 31, 2023, compared to prior year periods was primarily attributable to increases

in headcount and related costs to support the growth in the overall business and related corporate infrastructure, professional fees and

travel costs, including costs associated with Proleukin integration. These increases were partially offset by a decrease in stock-based

compensation expenses, legal and other costs. For additional information, please see the Company's Selected Condensed Consolidated

Balance Sheet and Statement of Operations below.

Webcast and Conference Call

in the live conference call Q&A, please register at https://register.vevent.com/register/BI289df7d30f474a72a72e1c4f7a754c92.

To listen to the live or archived audio webcast, please register at https://edge.media-server.com/mmc/p/6gd5c9ve. The live and

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

available for one year.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. 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. The Iovance TIL platform has demonstrated promising clinical data across multiple solid tumors. Iovance's

Amtagvi is the first FDA-approved T cell therapy for a solid tumor indication. 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.

Amtagvi and its accompanying design marks, Proleukin ,

Iovance , and IovanceCares are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or

its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

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").

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 U.S.

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 risks related

to our ability to successfully commercialize our products, including Amtagvi and Proleukin, for which we obtain U.S. Food and Drug Administration

("FDA"), European Medicines Agency ("EMA"), or other regulatory authority approval; the risk that the EMA or other

regulatory authorities may not approve or may delay approval for our biologics license application ("BLA") submission for

lifileucel in metastatic melanoma; the acceptance by the market of our products, including Amtagvi and Proleukin, and their potential

pricing and/or reimbursement by payors, if approved (in the case of our product candidates), in the U.S. and other international markets