Iovance Biotherapeutics Reports Third Quarter 2017 Financial Results - Company to Host Conference Call at 4:30pm ET Today

Iovance Biotherapeutics Reports Third

Quarter 2017 Financial Results

- Company to Host Conference Call at 4:30pm

SAN CARLOS, CA - October 31, 2017 -- Iovance Biotherapeutics,

Inc. (NASDAQ: IOVA), a biotechnology company developing novel cancer immunotherapies based on tumor-infiltrating lymphocyte (TIL)

technology, today reported its third quarter 2017 financial results and provided a corporate update.

"In the third quarter of 2017 we continued to make significant

progress in the clinic as the first patient was dosed with LN-145 in the Phase 2 trial for cervical cancer. Regulatory progress

was demonstrated with the FDA granting Fast Track designation for LN-144 for the treatment of advanced melanoma and approval of

a CTA by the competent authority in the Netherlands for the Phase 2 trial of LN-145 in cervical carcinoma," said Dr. Maria

Fardis, Ph.D., MBA, President and Chief Executive Officer of Iovance Biotherapeutics. "On the corporate front, we successfully

completed a common stock offering adding approximately $54.0 million in net proceeds to the cash reserves. In the fourth quarter

of 2017, we look forward to sharing new clinical data from Cohort 2 of the C-144-01 metastatic melanoma trial and nonclinical data

at the upcoming SITC meeting."

and Recent Highlights and Anticipated Milestones

Clinical Trial Progress:

Manufacturing Updates:

Research Update and Data Presentations:

Third Quarter 2017 Financial and Operating Results

As of September 30, 2017, the Company held $163.4 million in

cash and cash equivalents and short-term investments, compared to $166.5 million as of December 31, 2016.

The Company is providing both GAAP

and non-GAAP financial information. All non-GAAP information excludes amounts related to stock-based compensation. See "Use

of Non-GAAP Financial Measures" below for a description of the Company's non-GAAP Financial Measures. Reconciliation

between certain GAAP and non-GAAP measures is provided at the end of this press release.

GAAP and Non-GAAP Net Loss Attributable

to Common Stockholders

GAAP net loss attributable to common

stockholders for the quarter ended September 30, 2017 was $22.1 million, or ($0.35) per share, compared to GAAP net loss of $68.2

million or ($1.15) per share for the quarter ended September 30, 2016.

Non-GAAP net loss attributable to common

stockholders for the quarter ended September 30, 2017 was $19.5 million, or ($0.31) per share, compared to non-GAAP net loss of

$10.1 million, or ($0.17) per share for the quarter ended September 30, 2016. The non-GAAP net loss for the quarters ended September

30, 2017 and September 30, 2016 excludes $2.6 million and $8.6 million of non-cash stock-based compensation, and a non-cash deemed

dividend of $49.5 million which was recorded in the quarter ended September 30, 2016. The deemed dividend will only impact the

prior years' quarter's financial statements.

GAAP net loss attributable to common

stockholders for the nine months ended September 30, 2017 was $66.2 million, or ($1.06) per share, compared to GAAP net loss attributable

to common stockholders of $86.7 million or ($1.64) per share for the nine months ended September 30, 2016. Non-GAAP net loss for

the nine months ended September 30, 2017 was $57.0 million, or ($0.91) per share, compared to non-GAAP net loss of $21.4 million

or ($0.40) per share for the nine months ended September 30, 2016.

GAAP and Non-GAAP Expenses

GAAP research and development (R&D) expenses were $17.8

million for the quarter ended September 30, 2017, an increase of $9.3 million compared to the quarter ended September 30, 2016.

The increase in R&D expense is due to increased spending on clinical activities and manufacturing. In addition, R&D-associated

stock based expenses were $1.1 million for the three months ended September 30, 2017 and $4.3 million for the nine months ended

September 30, 2017. Non-GAAP R&D expenses were $16.7 million for the quarter ended September 30, 2017, an increase of $8.9

million, compared to $7.8 million for the quarter ended September 30, 2016.

GAAP general and administrative (G&A) expenses were $4.6

million for the quarter ended September 30, 2017, a decrease of $5.9 million compared to the quarter ended September 30, 2016.

Non-GAAP G&A expenses were $3.0 million for the quarter ended September 30, 2017, an increase of $0.5 million, compared to

$2.5 million for the quarter ended September 30, 2016.

Use of Non-GAAP Financial Measures

This press release contains non-GAAP

financial measures, including expenses adjusted to exclude certain non-cash expenses. These measures are not in accordance with,

or an alternative to, generally accepted accounting principles, or GAAP, and may be different from non-GAAP financial measures

used by other companies. The items included in GAAP presentations but excluded for purposes of determining non-GAAP financial measures

for the periods presented in this press release are: (i) the non-cash stock-based compensation expense which may fluctuate from

period to period based on factors including the timing and accounting of grants for stock options and changes in the Company's

stock price which impacts the fair value of options granted, and (ii) the one-time non-cash deemed dividend related to the conversion

feature of the Series B Preferred Stock. The Company believes the presentation of non-GAAP financial measures provides useful information

to management and investors regarding various financial and business trends relating to the Company's financial condition

and results of operations. When GAAP financial measures are viewed in conjunction with non-GAAP financial measures, investors are

provided with a more meaningful understanding of Iovance's ongoing operating performance. In addition, these non-GAAP financial

measures are among those indicators the Company uses as a basis for evaluating operational performance, allocating resources and

planning and forecasting future periods. Non-GAAP financial measures are not intended to be considered in isolation or as a substitute

for GAAP financial measures. To the extent this release contains historical or future non-GAAP financial measures, the Company

has also provided corresponding GAAP financial measures for comparative purposes. Reconciliation between certain GAAP and non-GAAP

measures is provided at the end of this press release.

2017 Year End Guidance for Cash, Cash Equivalents and Short-Term

Iovance anticipates the cash, cash

equivalents and short-term investments as of December 31, 2017, to be in excess of $141.0 million.

Webcast and Conference Call

Iovance will host a conference call today at 4:30 p.m. ET to

discuss these third quarter 2017 results. 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 1423064. The live webcast can be

accessed under "News & Events" in the "Investors" section of the Company's website at http://www.iovance.com/

or you may use the link: https://edge.media-server.com/m6/p/q7762k6j.

A replay of the call will be

available one hour after the end of the call on October 31, 2017 until 8:00 p.m. ET on November 30, 2017. To access the

replay, please dial 1-855-859-2056 (domestic) or 1-404-537-3406 (international). The conference ID number for the replay is 1423064.

The archived webcast will be available for thirty days in the Investors section of Iovance Biotherapeutics' website at http://www.iovance.com/

About Iovance Biotherapeutics, Inc. (formerly Lion Biotechnologies,

Iovance Biotherapeutics, Inc. is a clinical-stage biotechnology

company focused on the development of cancer immunotherapy products for the treatment of various cancers. The Company's lead product

candidate is an adoptive cell therapy using tumor-infiltrating lymphocyte (TIL) technology being investigated for the treatment

of patients with metastatic melanoma, recurrent and/or metastatic squamous cell carcinoma of the head and neck and recurrent and

metastatic or persistent cervical cancer. For more information, please visit http://www.iovance.com.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking

statements". 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. In particular, the Company's statements

regarding trends and potential future results are examples of such forward-looking statements. The forward-looking statements include

risks and uncertainties, including, but not limited to, the success, timing and cost of our ongoing clinical trials and anticipated

clinical trials for our current product candidates, including statements regarding the timing of initiation and completion of the

trials; the timing of and our ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval

of, or other action with respect to, our product candidates; the strength of Company's product pipeline; the successful implementation

of the Company's research and development programs and collaborations; the success of the Company's license or development