Iovance Biotherapeutics Reports Second Quarter 2020 Financial Results and Provides a Corporate Update Enrollment Completed in Pivotal Cohort 1 of C-145-04 Cervical Cancer Study

Iovance Biotherapeutics Reports Second

Quarter 2020 Financial Results

and Provides a Corporate Update

Enrollment Completed in Pivotal Cohort 1

of C-145-04 Cervical Cancer Study

SAN CARLOS, Calif., August 6, 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 second quarter 2020 financial results and provided a corporate

"During a strong first half of 2020 we completed dosing

and reported early data for our pivotal melanoma program for lifileucel, announced data at AACR for our collaborator Moffitt's

TIL in non-small cell lung cancer, presented updated Cohort 2 data for lifileucel at ASCO, and successfully completed a public

financing," said Maria Fardis, Ph.D., MBA, Iovance President and Chief Executive Officer. "Iovance is now in an excellent

position to execute our planned commercial launch while broadening our pipeline programs. The cumulative set of positive clinical

data for lifileucel continue to support our planned BLA submission for this one-time treatment for metastatic melanoma. We are

also pleased to report that our cervical cancer pivotal program has recently completed enrollment in Cohort 1, and we look forward

to dosing the last few patients in the coming weeks. With the first potential cell therapy in solid tumors and a broadening TIL

platform, we believe Iovance is the leader in development, manufacturing, and commercialization of TIL cell therapy for cancer."

Commercial Launch Planning:

Upcoming Data Presentations:

Second Quarter and First Half 2020 Financial Results

At June 30, 2020, Iovance held $777.4

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

31, 2019. The current cash position includes net proceeds of $567.4 million from a common stock public offering in June 2020. The

company anticipates that the year-end balance of cash, cash equivalents, short-term investments and restricted cash may be over

$630 million. The operating expenses in the second half of 2020 are forecasted to be in the same range as the first half of 2020.

Net loss for the second quarter ended June

30, 2020, was $63.0 million, or $0.47 per share, compared to a net loss of $47.6 million, or $0.38 per

share, for the second quarter ended June 30, 2019. Net loss for the six months ended June 30, 2020, was $132.6

million, or $1.02 per share, compared to a net loss of $84.5 million, or $0.68 per share, for the same

period ended June 30, 2019.

Research and development expenses were $49.3

million for the second quarter ended June 30, 2020, an increase of $10.0 million compared to $39.3 million for

the second quarter ended June 30, 2019. Research and development expenses were $106.2 million for the six months

ended June 30, 2020, an increase of $36.0 million compared to $70.2 million for the same period ended June

The increase in research and development

expenses in the second quarter 2020 over the prior year period was primarily attributable to an increase in costs associated with

multiple clinical trials, and growth of the internal research and development team. The increase in research and development expenses

in the first half 2020 over the prior year period was primarily attributable to higher patient enrollment in clinical trials, licensing

fees and growth of the internal research and development team.

General and administrative expenses

were $14.4 million for the second quarter ended June 30, 2020, an increase of $3.5 million compared to $10.9

million for the second quarter ended June 30, 2019. General and administrative expenses were $28.2 million for

the six months ended June 30, 2020, an increase of $8.3 million compared to $19.9 million for the same

period ended June 30, 2019.

The increases in general and administrative

expenses in the second quarter and first half 2020 compared to the prior year periods were primarily attributable to growth of

the internal general and administrative team and higher stock-based compensation expenses.

Webcast and Conference Call

Iovance will host a conference call

today at 4:30 p.m. ET to discuss the second quarter 2020 financial results and to 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 7875997. 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") 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,

filings with the Securities and Exchange Commission ("SEC"),

reports to stockholders and in meetings with investors and analysts, 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. These forward-looking statements include, but are not limited to, statements regarding 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 strength of the Company's product

pipeline; and the guidance provided for the Company's future cash, cash equivalents, short term investment, restricted cash

balances, and forecasted operating expenses. These statements involve risks, uncertainties and other factors 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, including, without limitation, the following substantial known and unknown risks and uncertainties

inherent in the Company's business: the COVID-19 pandemic may have an adverse effect on the Company and its clinical trials,

including potential slower patient recruitment, inability of clinical trial sites to collect data, inability of the Company or

its contract research organizations to monitor patients, as well as U.S. Food and Drug Administration ("FDA")

availability due to competing priorities; our ability to achieve long-term profitability and successfully commercialize our products

alone or with third parties, as well as our history of operating losses and our expectations that we will continue to incur significant

operating losses; our limited operating history in our current line of business, which makes it difficult to evaluate our prospects,

our business plan or the likelihood of our successfully implementing such business plan; risks related to the timing of and our

ability to successfully develop, submit, obtain and maintain FDA or other regulatory authority approval of, or other action with

respect to, our product candidates (including with respect to lifileucel for the treatment of metastatic melanoma, for which we

expect to submit a biologics licensing application ("BLA") to the FDA during 2020), and our ability to successfully

commercialize any product candidates for which we obtain FDA approval; our limited history in conducting clinical trials, on which

our future profitability is substantially dependent, and our need to rely on third parties, including contract research organizations,

contract manufacturing organizations and consultants, in connection with the conduct, supervision and monitoring of our clinical

trials for our product candidates; preliminary and interim clinical results, which may include efficacy and safety results, from

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

the risk that a slower rate of enrollment may delay the Company's clinical trial timelines or otherwise adversely impact