Iovance Biotherapeutics Reports Second Quarter and First Half 2022 Financial Results and Corporate Updates First Biologics License Application (BLA) Submission on Track in August 2022

Biotherapeutics Reports Second Quarter and First Half 2022

Financial Results and Corporate Updates

First Biologics License Application (BLA) Submission

on Track in August 2022

CARLOS, Calif., August 4, 2022 -- 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 and first half 2022 financial results and corporate updates.

Vogt, Ph.D., J.D., Interim President and Chief Executive Officer of Iovance, stated, "Iovance continues to solidify our global leadership

across all three aspects of our mission to innovate, develop and deliver TIL therapy for patients with cancer. During the second quarter

we executed toward our top priority, to submit the BLA for lifileucel in metastatic melanoma, while preparing for commercialization and

advancing our robust immuno-oncology pipeline. Following our recent pre-BLA meeting in late July, we are finalizing our BLA to

begin submission this month. With many opportunities to create significant value for cancer patients and our shareholders, Iovance is

a true pioneer in the industry, driven by our experienced executive leadership team and talented organization with deep cell therapy experience."

Second Quarter 2022 Highlights

and Recent Corporate Updates

Research Programs for Next-Generation TIL Therapies and

Related Technologies

Second Quarter and First Half 2022 Financial Results

had $430.9 million in cash, cash equivalents, investments and restricted cash at June 30, 2022, compared to $602.1

million at December 31, 2021. The cash position is expected to be sufficient to fund current and planned operations into 2024.

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

a late-stage oncology company approaching potential commercialization, we continue to maintain a strong balance sheet through prudent

investments in commercial launch preparations, internal manufacturing and pipeline expansion. Our cash position is expected to take us

through several milestones to create value for patients and shareholders."

Net loss for the second quarter ended June

30, 2022, was $99.3 million, or $0.63 per share, compared to a net loss of $81.4 million, or $0.53 per share,

for the second quarter ended June 30, 2021. Net loss for the six months ended June 30, 2022, was $191.0 million, or $1.21 per

share, compared to a net loss of $156.8 million, or $1.04 per share, for the same period ended June 30, 2021.

Research and development expenses were $73.4 million for

the second quarter ended June 30, 2022, an increase of $11.3 million compared to $62.1 million for the same period

ended June 30, 2021. Research and development expenses were $141.7 million for the six months ended June 30, 2022, an increase of

$23.6 million compared to $118.1 million for the same period ended June 30, 2021.

The increases in research and development expenses in the second quarter

and first half of 2022 over the prior year periods were primarily attributable to growth of the internal research and development team,

including stock-based compensation expense, as well as facility-related and internal research program costs, which were partially offset

by lower clinical and manufacturing costs driven by completion of enrollment of pivotal clinical trials.

General and administrative expenses were $26.3

million for the second quarter ended June 30, 2022, an increase of $7.0 million compared to $19.3 million for

the same period ended June 30, 2021. General and administrative expenses were $49.7 million for the six months ended June 30, 2022,

an increase of $10.8 million compared to $38.9 million for the same period ended June 30, 2021.

The increase in general and administrative

expenses in the second quarter and first half of 2022 compared to the prior year periods were primarily attributable to growth of the

internal general and administrative and commercial teams, including stock-based compensation expense, facility-related costs associated

with the build out of the new corporate headquarters, as well as costs associated with pre-commercial activities.

For additional information, please see the

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

participate in the conference call, please register at https://register.vevent.com/register/BI25a798dba7074946a0aa3082d603bf41.

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.

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

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 may support registration and approval 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 unanticipated

expenses may decrease our estimated cash balances and forecasts and increase our estimated capital requirements; and other factors,

including general economic conditions and regulatory developments, not within our control.

IOVANCE BIOTHERAPEUTICS, INC.

Condensed Consolidated Balance Sheet Data

IOVANCE BIOTHERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share information)

Biotherapeutics, Inc.: