Iovance Biotherapeutics, Inc.(LOVA), a leading biopharmaceutical company specializing in the development of cancer immunotherapies, has released its financial results for the first quarter of 2023. The company reported total revenue of $0 and a net loss of $107.4 million during this period.
Condensed Consolidated Balance Sheets
Iovance Biotherapeutics' condensed consolidated balance sheets for March 31, 2023, and December 31, 2022, reveal the company's financial position.
The total current assets for the first quarter of 2023 amounted to $637.8 million, compared to $479.1 million in December 2022. Cash and cash equivalents increased to $543.5 million, while short-term investments decreased to $82.8 million. The company's property and equipment, net, stood at $109.9 million, and its operating lease right-of-use assets were valued at $70.4 million.
LIABILITIES AND STOCKHOLDERS' EQUITY
In terms of liabilities, Iovance Biotherapeutics reported total liabilities of $157.9 million for the first quarter of 2023, a decrease from $164.3 million in December 2022. The company's current liabilities amounted to $87.3 million, with accounts payable at $31.6 million and accrued expenses at $43.1 million.
The non-current liabilities totaled $70.6 million, including operating lease liabilities of $69.6 million and a long-term note payable of $1.0 million.
The stockholders' equity for the first quarter of 2023 was $666.9 million, compared to $499.6 million in December 2022. This includes additional paid-in capital of $2.3 billion, accumulated other comprehensive loss of $(126) thousand, and an accumulated deficit of $(1.7) billion.
Condensed Consolidated Statements of Operations
The condensed consolidated statements of operations for the three months ended March 31, 2023, show the company's costs and expenses.
Iovance Biotherapeutics incurred research and development costs of $82.7 million and general and administrative expenses of $28.1 million during the first quarter of 2023. The total costs and expenses amounted to $110.9 million.
The company reported a loss from operations of $110.9 million. However, it generated other income of $3.5 million, primarily from interest income. As a result, Iovance Biotherapeutics recorded a net loss of $107.4 million for the first quarter of 2023.
Condensed Consolidated Statements of Comprehensive Loss
The condensed consolidated statements of comprehensive loss for the three months ended March 31, 2023, demonstrate the company's net loss and other comprehensive loss.
Iovance Biotherapeutics reported a net loss of $107.4 million for the first quarter of 2023. Additionally, the company incurred an unrealized gain of $0.8 million on investments. The comprehensive loss for the period amounted to $106.6 million.
Condensed Consolidated Statements of Cash Flows
The condensed consolidated statements of cash flows for the three months ended March 31, 2023, outline the cash flows generated by Iovance Biotherapeutics' operating, investing, and financing activities.
The net loss of $107.4 million was adjusted by various non-cash expenses, such as stock-based compensation expense, amortization of right of use asset, and depreciation and amortization. These adjustments, along with changes in assets and liabilities, resulted in net cash used in operating activities of $99.8 million.
The company's investing activities included maturities of investments totaling $164.4 million, purchases of investments amounting to $5.3 million, and purchases of property and equipment of $5.7 million. Consequently, Iovance Biotherapeutics generated net cash provided by investing activities of $153.4 million.
In terms of financing activities, the company had tax payments related to shares withheld for vested restricted stock units amounting to $1.9 million. It also received proceeds from the issuance of common stock upon exercise of options and from the issuance of common stock through a public offering, resulting in net cash provided by financing activities of $258.2 million.
As a result, Iovance Biotherapeutics reported a net increase in cash, cash equivalents, and restricted cash of $311.8 million for the first quarter of 2023.