# IOVANCE BIOTHERAPEUTICS, INC. (IOVA) Informational only - not investment advice. CIK: 0001425205 SIC: 2836 Biological Products, (No Diagnostic Substances) SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2836 Biological Products, (No Diagnostic Substances)](/industry/2836/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1425205 Filing source: https://www.sec.gov/Archives/edgar/data/1425205/000110465926018899/iova-20251231x10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 263502000 | USD | 2025 | 2026-02-24 | | Net income | -390978000 | USD | 2025 | 2026-02-24 | | Assets | 913170000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001425205.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | | | 1,189,000 | 164,070,000 | 263,502,000 | | Net income | -52,894,000 | -92,064,000 | -123,580,000 | -197,556,000 | -259,581,000 | -342,252,000 | -395,893,000 | -444,037,000 | -372,177,000 | -390,978,000 | | Operating income | -53,639,000 | -92,877,000 | -128,258,000 | -206,872,000 | -261,937,000 | -342,703,000 | -398,878,000 | -460,559,000 | -395,278,000 | -403,356,000 | | Diluted EPS | | | | -1.59 | -1.88 | -2.23 | -2.49 | -1.89 | -1.28 | -1.09 | | Operating cash flow | -32,668,000 | -78,709,000 | -101,249,000 | -158,889,000 | -205,134,000 | -227,941,000 | -292,757,000 | -361,820,000 | -352,977,000 | -302,408,000 | | Capital expenditures | 1,521,000 | 1,028,000 | 1,198,000 | 6,917,000 | 46,791,000 | 37,574,000 | 20,425,000 | 22,290,000 | 11,069,000 | 33,836,000 | | Assets | 171,886,000 | 155,373,000 | 480,821,000 | 344,655,000 | 768,458,000 | 777,333,000 | 663,982,000 | 780,351,000 | 910,426,000 | 913,170,000 | | Liabilities | | 9,892,000 | 14,628,000 | 45,684,000 | 111,960,000 | 155,674,000 | 164,344,000 | 195,738,000 | 200,021,000 | 214,587,000 | | Stockholders' equity | 166,918,000 | 145,481,000 | 466,193,000 | 298,971,000 | 656,498,000 | 621,659,000 | 499,638,000 | 584,613,000 | 710,405,000 | 698,583,000 | | Cash and cash equivalents | 106,717,000 | 145,373,000 | 82,152,000 | 13,969,000 | 67,329,000 | 78,229,000 | 231,731,000 | 114,888,000 | 115,694,000 | 163,078,000 | | Free cash flow | -34,189,000 | -79,737,000 | -102,447,000 | -165,806,000 | -251,925,000 | -265,515,000 | -313,182,000 | -384,110,000 | -364,046,000 | -336,244,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | | | | | -148.38% | | Return on equity | -31.69% | -63.28% | -26.51% | -66.08% | -39.54% | -55.05% | -79.24% | -75.95% | -52.39% | -55.97% | | Return on assets | -30.77% | -59.25% | -25.70% | -57.32% | -33.78% | -44.03% | -59.62% | -56.90% | -40.88% | -42.82% | | Liabilities / equity | | 0.07 | 0.03 | 0.15 | 0.17 | 0.25 | 0.33 | 0.33 | 0.28 | 0.31 | | Current ratio | 34.12 | 15.56 | 33.02 | 8.10 | 11.59 | 5.69 | 5.24 | 2.79 | 3.74 | 3.20 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001425205.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2022-03-31 | | | -0.58 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | -0.63 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | -0.63 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.50 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 238,000 | -106,528,000 | -0.47 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 469,000 | -113,760,000 | -0.46 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 482,000 | -116,379,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 715,000 | -112,976,000 | -0.42 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 31,106,000 | -97,101,000 | -0.34 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 58,555,000 | -83,541,000 | -0.28 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 73,694,000 | -78,559,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 49,324,000 | -116,163,000 | -0.36 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 59,952,000 | -111,658,000 | -0.33 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 67,455,000 | -91,253,000 | | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 86,771,000 | -71,904,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 71,430,000 | -79,045,000 | -0.19 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1425205/000110465926056778/iova-20260331x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-07 Report date: 2026-03-31 Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the “Business” section and elsewhere in this report. We use words such as “may,” “will,” “might,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “forecast,” “guidance,” “outlook,” or the negative of these terms or other similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. All forward-looking statements included in this report are based on information available to us on the date hereof and, except as required by law, we assume no obligation to update any such forward-looking statements. Overview ​ We are a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. Our mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte, or TIL, cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system’s ability to recognize and destroy diverse cancer cells that are unique to each patient. These individualized therapies are manufactured using centralized, scalable, and proprietary manufacturing processes which rejuvenate and multiply each patient’s polyclonal T cells into the billions. ​ Iovance was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute, or the NCI. Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients. ​ Our two commercial products include Amtagvi® (lifileucel) and Proleukin® (aldesleukin), an interleukin-2, or IL-2, product used in the Amtagvi® treatment regimen and other applications. ​ Amtagvi® is the first one-time, individualized T cell therapy for a solid tumor cancer and for the treatment of adult patients with previously treated advanced, or unresectable or metastatic melanoma, approved for use in the U.S. and Canada. Amtagvi® is administered as part of a treatment regimen that includes lymphodepletion and a short course of Proleukin®. ​ Globally, Amtagvi® has the potential to address more than 30,000 previously treated advanced melanoma patients annually. We plan to launch into additional markets with a high prevalence of advanced melanoma. Potential approvals are pending in Australia in the first half of 2026 and Switzerland in 2027. In the European Union, or EU, we withdrew our initial marketing authorization application, or MAA, in July 2025. We are working with the European Medicines Agency, or EMA, to resubmit a centralized MAA in 2026. In the United Kingdom, or UK, we withdrew our initial MAA in May 2026 and will resubmit the MAA with additional information for expedited review in 2026. ​ Our development pipeline consists of TIL cell therapies in additional solid tumor cancer indications as monotherapy or in combination with standard of care, as well as next generation approaches. We are conducting two ongoing registrational trials in frontline advanced melanoma and previously treated advanced non-small cell lung cancer, or NSCLC. We have commenced a registrational trial in previously treated advanced undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma, and plan to engage with the FDA for an expedited path to accelerated approval. ​ Corporate Strategy A global leader in innovating, developing, and delivering TIL cell therapy Our mission is to be the global leader in innovating, developing, and delivering TIL cell therapy. Our vision is to pioneer this transformational approach to cure solid tumor cancers. We are committed to continuous innovation to develop TIL cell therapies and optimize TIL treatment regimens that may extend and improve life for patients with cancer. 34 Table of Contents Our top priority is to drive commercial success of Amtagvi® for previously treated advanced melanoma across four primary areas: ● Educating, training, and collaborating with healthcare professionals, or HCPs, who will be administering our product at academic and community authorized treatment centers, or ATCs, as well as community oncologists and advocacy groups who will refer patients to our ATCs; ● Providing operational and patient support at ATCs in the U.S. and onboarding ATCs in preparation for anticipated regulatory approvals and product launches in additional global markets; ● Collaborating with payors about the value of Amtagvi® to continue to facilitate strong reimbursement and patient access; and ● Driving operational excellence in launch execution, commercial manufacturing success, and delivery of therapy. ​ U.S. Commercial Launch of the First TIL Cell Therapy in Advanced Melanoma Amtagvi® Amtagvi® (lifileucel) is the first one-time, individualized T cell therapy approved for a solid tumor cancer and for the treatment of adult patients with previously treated advanced melanoma. Amtagvi® returns billions of individualized patient T cells back to the body to fight cancer and is administered as part of a treatment regimen. Amtagvi® is indicated for the treatment of adult patients with advanced melanoma previously treated with a PD-1 blocking antibody, and if BRAF V600 mutation positive, a BRAF inhibitor with or without a MEK inhibitor. The U.S. accelerated approval of Amtagvi® is based on safety and efficacy results from the C-144-01 global, multicenter clinical trial. A global, randomized Phase 3 confirmatory trial, TILVANCE-301, is investigating Amtagvi® in combination with pembrolizumab in frontline advanced melanoma. Amtagvi® has multiple growth drivers, including: ● Awareness of clinical and real-world evidence data to drive adoption as well as earlier and higher volume of patient referrals for better outcomes across our ATC network. ● Higher penetration at academic ATCs through earlier tissue procurement for patients at high risk of disease progression, such as BRAF mutant patients, so they can be treated before their health status declines. ● Expansion of the ATC network with new academic and community ATCs. ● Additional approvals in new global markets. ​ Proleukin® We sell Proleukin® (aldesleukin), an interleukin-2, or IL-2, product to three main distributors in the U.S., distributors outside the U.S., and numerous third-party clients across the three revenue channels: 1) use in the Amtagvi® treatment regimen, or other approved oncology uses, or the primary channel, 2) use in the manufacturing process for Amtagvi® and other cell therapies and 3) use in clinical and research settings. Proleukin® is approved in the U.S., and licensed in multiple international markets, for treatment of adults with metastatic renal cell carcinoma and/or metastatic melanoma. In May 2023, we acquired the worldwide rights to Proleukin® from Clinigen Holdings Limited, Clinigen Healthcare Limited, and Clinigen, Inc., which we refer to collectively as Clinigen. ​ Scalable TIL manufacturing for commercial and clinical demand ​ To date, more than 1,500 patients have been treated with commercial and investigational TIL cell therapies manufactured using Iovance processes. The Iovance Cell Therapy Center, or iCTC, in Philadelphia, Pennsylvania is the first FDA-approved facility to manufacture commercial TIL cell therapy. We believe that the iCTC is the only current Good Manufacturing Practice, or cGMP, facility with a centralized, scalable TIL manufacturing process. Facilitated by its proximity to multiple airports, the iCTC covers logistics and delivery of TIL cell therapies to treatment centers in North America, Europe, and Asia Pacific. The current iCTC facility has the potential capacity to supply TIL cell therapies for more than 5,000 cancer patients annually. To utilize our internal manufacturing suites at greater scale, improve gross margin and reduce operating expenses, we transitioned all 35 Table of Contents manufacturing for clinical and commercial Iovance TIL cell therapies to the iCTC and terminated an agreement with a contract manufacturer in the first quarter of 2026 to manage and reduce long-term product manufacturing costs. We have full control of manufacturing capacity and product quality, supply and delivery logistics, cost efficiencies and process improvements, such as automation and next generation approaches that may further streamline timelines and costs. Certain clinical trials for our next-generation investigational TIL cell therapies will continue to be supported by contract manufacturing organizations, or CMOs. Details of related agreements are provided in Note 12 Licenses and Agreements section of this Quarterly Report on Form 10-Q of our condensed consolidated financial statements for the quarter ended March 31, 2026. ​ TIL Cell Therapy Platforms for Advanced, or Metastatic or Unresectable, Solid Tumor Cancers ​ Our T cell-based immunotherapy technology platform of TIL cell therapies leverages patient-specific cells to recognize and attack diverse cancer cells that are unique to each patient. We believe this approach is the emerging backbone for immuno-oncology approaches to treat solid tumor cancers. We have investigated TIL cell therapy in global, multicenter Iovance-sponsored clinical trials in various treatment settings for patients with advanced melanoma, NSCLC, cervical cancer, endometrial cancer, and head and neck squamous cell carcinoma, or HNSCC. Through ongoing academic collaborations, as well as government and other partners, we are investigating additional solid tumor types and treatment settings. We have provided prior or ongoing support for investigator-sponsored clinical trials for patients with soft tissue sarcoma, osteosarcoma, pancreatic and colorectal cancer, platinum resistant ovarian cancer, anaplastic thyroid cancer, and triple negative breast cancer. Applying our expertise in TIL cell therapy, our next-generation technology platforms are designed to optimize outcomes with TIL cell therapy across three key initiatives: genetic modifications, potency, and new treatment regimens using an improved IL-2. Intellectual Property We have established a leading intellectual property portfolio developed internally and licensed from third parties. We currently own more than 100 U.S. patents related to TIL cell therapy, including patents directed to compositions and methods of treatment in a broad range of cancers, such as U.S. Patent Nos. 10,130,659; 10,166,257; 10,272,113; 10,363,273; 10,398,734; 10,420,799; 10,463,697; 10,517,894; 10,537,595; 10,639,330; 10,646,517; 10,653,723; 10,695,372; 10,894,063; 10,905,718; 10,918,666; 10,925,900; 10,933,094; 10,946,044; 10,946,045; 10,953,046; 10,953,047; 11,007,225; 11,007,226; 11,013,770; 11,026,974; 11,040,070; 11,052,115; 11,052,116; 11,058,728; 11,083,752; 11,123,371; 11,141,434; 11,141,438; 11,168,303; 11,168,304; 11,179,419; 11,202,803; 11,202,804; 11,220,670; 11,241,456; 11,254,913; 11,266,694; 11,273,180; 11,273,181; 11,291,687; 11,293,009; 11,304,979; 11,304,980; 11,311 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7.          Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our results of operations and financial condition should be read in conjunction with our financial statements and the notes to those financial statements that are included elsewhere in this report. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the “Business” section and elsewhere in this report. We use words such as “may,” “will,” “might,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “forecast,” “guidance,” “outlook,” or the negative of these terms or other similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. All forward-looking statements included in this report are based on information available to us on the date hereof and, except as required by law, we assume no obligation to update any such forward-looking statements. Overview ​ We are a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. Our mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte, or TIL, cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system’s ability to recognize and destroy diverse cancer cells that are unique to each patient. These individualized therapies are manufactured using centralized, scalable, and proprietary manufacturing processes which rejuvenate and multiply each patient’s polyclonal T cells into the billions. ​ Iovance was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute, or the NCI. Our multi-center trials, scalable manufacturing, regulatory approvals and commercial infrastructure have transformed TIL cell therapy from a research product available to only a small number of patients, into a commercially viable treatment that is accessible for thousands of cancer patients. ​ Our two commercial products include Amtagvi® (lifileucel) and Proleukin® (aldesleukin), an interleukin-2, or IL-2, product used in the Amtagvi® treatment regimen and other applications. ​ Amtagvi® is the first one-time, individualized T cell therapy for a solid tumor cancer and for the treatment of adult patients with previously treated advanced, or unresectable or metastatic melanoma. Amtagvi® is administered as part of a treatment regimen that includes lymphodepletion and a short course of Proleukin®. ​ Globally, Amtagvi® has the potential to address more than 30,000 previously treated advanced melanoma patients annually. Amtagvi® is approved in the U.S. and Canada, and we plan to launch into additional markets with a high prevalence of advanced melanoma. Potential approvals are pending in the United Kingdom, or UK, and Australia in the first half of 2026 and Switzerland in 2027. In the European Union, or EU, we withdrew our initial marketing authorization application, or MAA, in July 2025. We are working with the European Medicines Agency, or EMA, to resubmit a centralized MAA in 2026. ​ Our development pipeline consists of TIL cell therapies and next generation approaches in additional solid tumor cancers, including one-time TIL monotherapies for previously treated patients and TIL cell therapy combined with standard of care in earlier treatment settings. We are conducting two ongoing registrational trials in frontline advanced melanoma and previously treated advanced non-small cell lung cancer, or NSCLC. We plan to commence a registrational trial in previously treated advanced 89 Table of Contents undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma in the second quarter of 2026 and engage with the FDA on a path to expedited approval. ​ Corporate Strategy ​ A global leader in innovating, developing, and delivering TIL cell therapy Our mission is to be the global leader in innovating, developing, and delivering TIL cell therapy. Our vision is to pioneer this transformational approach to cure solid tumor cancers. We are committed to continuous innovation to develop TIL cell therapies and optimize TIL treatment regimens that may extend and improve life for patients with cancer. Our top priority is to drive commercial success of Amtagvi® for previously treated advanced melanoma across four primary areas: ● Educating, training, and collaborating with healthcare professionals, or HCPs, who will be administering our product at academic and community authorized treatment centers, or ATCs, as well as community oncologists and advocacy groups who will refer patients to our ATCs; ● Providing operational and patient support at ATCs in the U.S. and onboarding ATCs in preparation for anticipated regulatory approvals and product launches in additional global markets; ● Collaborating with payors about the value of Amtagvi® to continue to facilitate strong reimbursement and patient access; and ● Driving operational excellence in launch execution, commercial manufacturing success, and delivery of therapy. ​ U.S. Commercial Launch of the First TIL Cell Therapy in Advanced Melanoma Amtagvi® Amtagvi® (lifileucel) is the first one-time, individualized T cell therapy approved for a solid tumor cancer and for the treatment of adult patients with previously treated advanced melanoma. Amtagvi® returns billions of individualized patient T cells back to the body to fight cancer and is administered as part of a treatment regimen. Amtagvi® is indicated for the treatment of adult patients with advanced melanoma previously treated with a PD-1 blocking antibody, and if BRAF V600 mutation positive, a BRAF inhibitor with or without a MEK inhibitor. The U.S. accelerated approval of Amtagvi® is based on safety and efficacy results from the C-144-01 global, multicenter clinical trial. A global, randomized Phase 3 confirmatory trial, TILVANCE-301, is investigating Amtagvi® in combination with pembrolizumab in frontline advanced melanoma. Amtagvi® has multiple growth drivers, including: ​ ● Awareness of clinical and real-world evidence data to drive adoption as well as earlier and higher volume of patient referrals for better outcomes across our ATC network. ● Higher penetration at academic ATCs through earlier tissue procurement for patients at high risk of disease progression, such as BRAF mutant patients, so they can be treated before their health status declines. ● Expansion of the ATC network with new academic and community ATCs. ● Additional approvals in new global markets. ​ Proleukin® We sell Proleukin® (aldesleukin), an interleukin-2, or IL-2, product to three main distributors in the U.S., distributors outside the U.S., and numerous third-party clients across the three revenue channels: 1) use in the Amtagvi® treatment regimen, or other approved oncology uses, or the primary channel, 2) use in the manufacturing process for Amtagvi® and other cell therapies and 3) use in clinical and research settings. Proleukin® is approved in the U.S., and licensed in multiple international markets, for treatment of adults with metastatic renal cell carcinoma and/or metastatic melanoma. In May 2023, we acquired the worldwide rights to Proleukin® from Clinigen Holdings Limited, Clinigen Healthcare Limited, and Clinigen, Inc., which we refer to collectively as Clinigen. 90 Table of Contents ​ Scalable TIL manufacturing for commercial and clinical demand ​ The Iovance Cell Therapy Center, or iCTC, in Philadelphia, Pennsylvania is the first FDA-approved facility to manufacture commercial TIL cell therapy. We also believe that the iCTC is the only current Good Manufacturing Practice, or cGMP, facility with a centralized, scalable TIL manufacturing process. To date, more than 1,500 patients have been treated with commercial and investigational TIL cell therapies manufactured using Iovance processes. Facilitated by its proximity to multiple airports, the iCTC covers logistics and delivery of TIL cell therapies to treatment centers in North America, Europe, and Asia Pacific. ​ We have historically relied on our own manufacturing capabilities, together with other third parties, for the manufacturing and processing of commercial and investigational TIL cell therapy products. The iCTC currently supplies the vast majority of commercial Amtagvi® and clinical lifileucel with additional capacity previously supplemented by a contract manufacturer. ​ The iCTC has the potential capacity to supply TIL cell therapies for more than 5,000 cancer patients annually. To utilize our internal manufacturing suites at greater scale, improve gross margin and reduce operating expenses, we are transitioning all manufacturing activities for Amtagvi® and lifileucel to the iCTC. Our contract manufacturer concluded production of Amtagvi® and lifileucel and our agreement terminated in the first quarter of 2026. This internal manufacturing strategy aligns with our ongoing initiatives to manage and reduce long-term product manufacturing costs. We will have full control of manufacturing capacity and product quality, supply and delivery logistics, cost efficiencies and process improvements, such as automation and next generation approaches that may further streamline timelines and costs. Certain clinical trials for our next-generation investigational TIL cell therapies will continue to be supported by contract manufacturing organizations, or CMOs. Details of related agreements are provided in the Research, Development, Manufacturing and License Agreements in this Annual Report on Form 10-K. ​ TIL Cell Therapy Platforms for Advanced, or Metastatic or Unresectable, Solid Tumor Cancers ​ Our T cell-based immunotherapy technology platform of TIL cell therapies leverages patient-specific cells to recognize and attack diverse cancer cells that are unique to each patient. We believe this approach is the emerging backbone for immuno-oncology approaches to treat solid tumor cancers. We have investigated TIL cell therapy in global, multicenter Iovance-sponsored clinical trials in various treatment settings in advanced melanoma, NSCLC, cervical cancer, endometrial cancer, and head and neck squamous cell carcinoma, or HNSCC. Through ongoing academic collaborations, as well as government and other partners, we are investigating additional solid tumor types and treatment settings. We have provided prior or ongoing support for investigator-sponsored clinical trials in soft tissue sarcoma, osteosarcoma, pancreatic and colorectal cancer, platinum resistant ovarian cancer, anaplastic thyroid cancer, and triple negative breast cancer. Applying our expertise in TIL cell therapy, our next-generation technology platforms are designed to optimize outcomes with TIL cell therapy across three key initiatives: genetic modifications, potency, and new treatment regimens using an improved IL-2. Intellectual Property We have established a leading intellectual property portfolio developed internally and licensed from third parties. We currently own more than 90 U.S. patents related to TIL cell therapy, including patents directed to compositions and methods of treatment in a broad range of cancers, such as U.S. Patent Nos. 10,130,659; 10,166,257; 10,272,113; 10,363,273; 10,398,734; 10,420,799; 10,463,697; 10,517,894; 10,537,595; 10,639,330; 10,646,517; 10,653,723; 10,695,372; 10,894,063; 10,905,718; 10,918,666; 10,925,900; 10,933,094; 10,946,044; 10,946,045; 10,953,046; 10,953,047; 11,007,225; 11,007,226; 11,013,770; 11,026,974; 11,040,070; 11,052,115; 11,052,116; 11,058,728; 11,083,752; 11,123,371; 11,141,434;11,141,438; 11,168,303; 11,168,304; 11,179,419; 11,202,803; 11,202,804; 11,220,670; 11,241,456; 11,254,913; 11,266,694; 11,273,180; 11,273,181; 11,291,687; 11,293,009; 11,304,979; 11,304,980; 11,311,578; 11,337,998; 11,344,579; 11,344,580; 11,344,581; 11,351,197; 11,351,198; 11,351,199; 11,364,266; 11,369,637; 11,384,337; 11,401,507; 11,433,097; 11,517,592; 11,529,372; 11,541,077; 11,631,483; 11,713,446; 11,819,517; 11,857,573; 11,865,140; 11,866,688; 11,939,596; 11,969,444; 11,975,028; 11,981,921; 11,998,568; 12,023,355; 12,024,718; 12,031,157; 12,104,172; 12,121,541; 12,159,700; 12,170,134; 12,188,048; 12,194,061; 12,226,434; 12,226,522; 12,230,378; 12,230,379; 12,233,075; 12,280,140; 12,343,380 ; 12,485,145; and 12,495,791. More than 50 of these patents are related to our Gen 2 TIL manufacturing processes and have terms that we anticipate will extend to October 2037 or January 2038, not including any patent term extensions or adjustments that may be available. Our owned and licensed intellectual property portfolio 91 Table of Contents also includes patents and patent applications relating to TIL, marrow-infiltrating lymphocytes, or MIL, and peripheral blood lymphocyte, or PBL, therapies; frozen tumor-based TIL technologies; remnant TIL and digest TIL compositions, methods, and processes; methods of manufacturing TIL, MIL, and PBL therapies; the use of costimulatory and T cell modulating molecules in TIL cell therapy and manufacturing; stable and transient genetically-modified TIL cell therapies, including genetic knockouts of immune checkpoints; cytokine-tethered TIL cell therapies; methods of using immune checkpoint inhibitor, or ICIs, in combination with TIL cell therapies; TIL selection technologies; and methods of treating patient subpopulations. Components of Operating Results ​ Revenue ​ Revenue for the year ended December 31, 2025 represents product sales of Amtagvi®, as well as Proleukin®, primarily driven from sales in the U.S. to support the ongoing commercial launch of Amtagvi®, which received FDA approval in February 2024. Proleukin®, which we acquired the worldwide rights to in May 2023, is also sold in markets outside the U.S., primarily in the EU and UK. ​ Amtagvi® revenue is recognized upon patient infusion, while Proleukin® revenue is recognized upon shipment or delivery to customers, which include specialty distributors, clinical manufacturers, research organizations, and ATCs. Revenue is reduced at the time of recognition for expected chargebacks, discounts, rebates, and sales allowances, collectively referred to as gross to net adjustments, or GTN adjustments. In the U.S., these GTN adjustments are attributable to various commercial arrangements and government programs. In addition, non-U.S. government programs may include different pricing schemes such as cost caps and volume discounts. ​ Costs and Expenses ​ Cost of sales ​ Cost of sales includes cost of inventories sold, including overhead and manufacturing costs of Amtagvi®, reserves for excess and obsolete inventory, royalties payable on the sales of our products and other costs that are directly associated with the purchase and sales of Proleukin®. ​ In the event that the manufactured product does not meet specifications, or a patient is unable to receive the infusion, the Amtagvi® product is generally destroyed and the costs associated with manufacturing and inventory associated with the product is generally required to be expensed as cost of sales. However, if the out-of-specifications product can be administered as part of a clinical trial, in an expanded or early access program, or single-patient investigational new drug submission, as requested by the treating physician, the costs of the product are recorded as research and development expense based on the fact that we receive clinical data related to these infusions. ​ The manufacturing process for Amtagvi® is highly complex and subject to stringent FDA guidelines and requirements, as well as internal specifications and quality guidelines. Our ability to successfully manufacture Amtagvi® and deliver finished product to ATCs for infusion into patients is dependent on several factors, including patient selection and quality of tumors provided by the treatment centers for use in the manufacturing of Amtagvi®. We focus significant effort and attention on working with the treatment centers regarding these matters, as well as on our internal manufacturing processes. ​ Research and development expense ​ Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs, and other consulting services. Research and development costs are expensed as incurred. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered, or the related services are performed, subject to an assessment of recoverability. ​ Clinical development costs are a significant component of research and development expenses. We have a history of contracting with third parties that perform various clinical trial activities on our behalf in connection with the ongoing development of our product candidates. The financial terms of these contracts are subject to negotiations and may vary from contract to contract and 92 Table of Contents may result in an uneven payment flow. We accrue and expense costs for clinical trial activities performed by third parties based upon estimates of work completed to date of the individual trial in accordance with agreements established with contract research organizations and clinical trial sites. The duration, costs, and timing of our clinical trials and development of our product candidates will depend on a number of factors that include, but are not limited to, the number of patients that enroll in the trial, per patient trial costs, number of sites included in the trial, discontinuation rates of patients, duration of patient follow-up, efficacy and safety profile of the product candidate, and the length of time required to enroll eligible patients. ​ We expect to continue to incur research and development expenses for the foreseeable future as we continue to conduct our clinical trials for our various product candidates. However, it is difficult to determine with certainty the duration and completion costs of our current or future preclinical programs and clinical trials of our product candidates. ​ Selling, general, and administrative expense ​ Selling, general, and administrative expenses consist primarily of salaries and other related costs, including facility costs not otherwise capitalized in inventory or included in research and development expenses, legal fees relating to corporate matters and intellectual property, insurance, public company expenses relating to maintaining compliance with Nasdaq listing rules and SEC requirements, investor relations costs, and fees for accounting and consulting services. Selling, general, and administrative costs are expensed as incurred, and we accrue for services provided by third parties related to the above expenses by monitoring the status of services provided and receiving estimates from its service providers and adjusting its accruals as actual costs become known. ​ We anticipate selling, general, and administrative expenses will increase as we expand the use of Amtagvi® and market Proleukin®, as well as expected growth in the internal general and administrative team to align with the overall growth in the business as we execute an expected expansion in both the U.S. market and outside of the U.S. ​ Depreciation and amortization ​ Depreciation and amortization includes depreciation and amortization expense for the property and equipment as well as non-cash amortization of intangible assets, including amortization expense for the fair value step-up of acquired Proleukin® inventory which is recognized as the acquired inventory units are sold, the developed technology intangible asset and the milestone payment recorded as part of the Acquisition, and the intellectual property license intangible asset related to Amtagvi®. These expenses are recorded on a straight-line basis over the estimated useful lives of the assets. ​ Restructuring charges ​ Restructuring charges consist primarily of employee severance payments and other postemployment benefit related expenses. The Company records restructuring charges based on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company recognizes charges related to restructuring plans when the liabilities have been incurred and can be reasonably estimated. ​ Interest and other income, net ​ Interest and other income, net is derived from our interest-bearing cash, cash equivalents and investment balances as well as other income associated with non-recurring activities such as lease terminations. ​ Income tax benefit ​ Income tax benefit pertains to the operations in the UK and realization of related deferred taxes. ​ 93 Table of Contents Results of Operations for the Years Ended December 31, 2025 and 2024 ​ Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31,  ​ Increase (Decrease) (in thousands)   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ $   ​ ​ ​ % Amtagvi® ​ $ 220,024 ​ $ 103,567 ​ 116,457 ​ 112 Proleukin® ​ ​ 43,478 ​ ​ 60,503 ​ (17,025) ​ (28) Total product revenue ​ $ 263,502 ​ $ 164,070 ​ 99,432 ​ 61 ​ Revenue for the year ended December 31, 2025, increased by $99.4 million, or 61% compared to the same period in 2024. The increase was driven by the continued commercial launch of Amtagvi® that commenced in February 2024. The increase was partially offset by a decrease in Proleukin® sales, as compared to the same period in 2024, when we experienced significant re-stocking demand from specialty distributors in the U.S. due to the depletion of inventory that was previously with distributors at the time of the acquisition of Proleukin®, or the Acquisition, as well as to support ongoing and anticipated infusions resulting from the commercial launch of Amtagvi®. GTN adjustments did not materially affect net product revenue for the years ended December 31, 2025 and 2024. As it relates to revenue timing for our products, Amtagvi® infusions are expected to lag behind Amtagvi® related Proleukin® sales by 2-3 months, and we expect ATCs to utilize approximately 15 Proleukin® vials per Amtagvi® infusion. While such Proleukin® sales are not directly indicative of future Amtagvi® revenues because of the timing of stocking activities by specialty distributors and because of sales that are not related to Amtagvi® infusions, such as sales of Proleukin® utilized in clinical manufacturing or clinical trials, such sales are one indicator of future Amtagvi® revenues. Costs and expenses The following table summarizes the period-over-period changes in our costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,  ​ Increase (Decrease) (in thousands)   ​ ​ ​ 2025   ​ ​ ​ 2024 ​ $   ​ % Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ** ​ $ 173,184 ​ $ 93,248 ​ 79,936 ​ 86 Research and development ** ​ ​ 300,270 ​ ​ 276,228 ​ 24,042 ​ 9 Selling, general, and administrative ** ​ ​ 152,322 ​ ​ 152,269 ​ 53 ​ - Depreciation and amortization ​ ​ 35,939 ​ ​ 37,603 ​ (1,664) ​ (4) Restructuring charges ​ ​ 5,143 ​ ​ — ​ 5,143 ​ 100 Total costs and expenses ​ $ 666,858 ​ $ 559,348 ​ 107,510 ​ 19 ** Excludes depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales Cost of sales, excluding depreciation and amortization, for the year ended December 31, 2025, increased by $79.9 million, or 86%, compared to the same period in 2024. The increase was driven by (i) a $56.4 million increase from increased sales of Amtagvi® products, including costs related to the manufacturing of Amtagvi®, (ii) a $9.5 million increase in excess and obsolescence reserve primarily related to excess Proleukin® inventory resulting from a manufacturing and supply agreement inherited in the Acquisition for which we cannot yet fully utilize the required purchase quantities, and (iii) a $18.1 million increase in period costs primarily related to patient drop-off driven by patient health as well as manufacturing results that did not meet required specifications. These increases were partially offset by a $4.1 million decrease in royalties payable related to the decrease in sales of Proleukin® in the U.S. Research and development expense Research and development expense for the year ended December 31, 2025, increased by $24.0 million, or 9%, compared to the same period in 2024. The increase was primarily attributable to (i) a $17.6 million increase in payroll and related costs, including stock-based compensation, primarily driven by an increase in the average number of employees and consultants during the year as compared to prior year, (ii) a $23.4 million increase in clinical costs, driven primarily by continued enrollment in existing trials, including TILVANCE-301, the initiation of new trials, including MEL-202 and IOV-3001, and the resumption of the LUN-202 study, 94 Table of Contents and (iii) a $4.3 million increase in license costs primarily due to the expansion of our information technology infrastructure to support our clinical activities. These increases were partially offset by (i) a $16.0 million decrease in commercial manufacturing costs, driven by increases in capitalization of qualified costs for Amtagvi® manufacturing, (ii) a $5.0 million decrease in impairment of leasehold improvements driven by the early termination of our headquarters lease during the fourth quarter of 2024 (exclusive of the gain on lease termination which is recorded in interest and other income, net), and (iii) a $0.3 million increase in others, including travel, lab and consumable costs. Research and development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We separate our research and development expenses into two broad categories: direct and indirect. Additionally, with respect to direct research and development expenses, we further divide expenses into the following sub-categories: “TIL, including combination therapy,” “Next Generation,” and “Other clinical, preclinical and research programs under development.” Lifileucel monotherapy includes our TIL monotherapy clinical trials, including clinical trials previously reported as LN-145. For direct research and development expenses, we track specific project research and development expenses that are directly attributable to our preclinical and clinical development candidates that have been selected for further development. Such direct research and development expenses include third-party contract costs relating to the manufacturing of TILs, as well as preclinical and clinical trial activities. ​ All remaining research and development expenses are categorized as indirect research and development expenses. Such indirect research and development expenses include employee salaries and benefits, stock-based compensation, consulting and contracted services to supplement our in-house activities, and costs associated with our facilities. These expenses are not directly tied to any individual project and are generally deployed across multiple projects. As such, we do not maintain information regarding those costs incurred on a project specific basis. ​ The table below summarizes our research and development expenses by therapeutic area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,  ​ Increase (Decrease) ​ ​ 2025   ​ ​ ​ 2024 ​ $   ​ % Direct research and development expense by product candidate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TIL, including combination therapy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lifileucel monotherapy ​ $ 73,206 ​ $ 65,573 ​ ​ 7,633 ​ 12% Combination Therapy ​ ​ 15,023 ​ ​ 16,299 ​ ​ (1,276) ​ -8% Next Generation ​ ​ 9,787 ​ ​ 7,361 ​ ​ 2,426 ​ 33% Others clinical, preclinical, and research programs under development ​ ​ 24,981 ​ ​ 17,391 ​ ​ 7,590 ​ 44% Indirect research and development expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel related (excluding stock-based compensation) ​ ​ 109,657 ​ ​ 77,442 ​ ​ 32,215 ​ 42% Stock-based compensation expense ​ ​ 26,959 ​ ​ 49,270 ​ ​ (22,311) ​ -45% Contractors and outside services ​ ​ 9,559 ​ ​ 6,557 ​ ​ 3,002 ​ 46% Office and facilities ​ ​ 31,098 ​ ​ 36,335 ​ ​ (5,237) ​ -14% Total research and development ​ $ 300,270 ​ $ 276,228 ​ ​ 24,042 ​ 9% ​ Selling, general, and administrative expense ​ Selling, general and administrative expense for the year ended December 31, 2025, was flat as compared to the same period in 2024. The overall $0.1 million increase was primarily attributable to (i) a $4.9 million increase in costs incurred in support of the distribution and commercialization of Amtagvi® and Proleukin®, and (ii) a $3.5 million increase in other costs, primarily related to software license costs for the expansion of our information technology infrastructure. This increase was offset by (i) a $5.9 million decrease in payroll and related expenses, including stock-based compensation, primarily driven by the number of stock awards granted at lower average stock price, partially offset by an increase in the average number of employees during the year, mainly in the commercial organization, as compared to prior year, and (ii) a $2.4 million decrease in impairment of leasehold improvements driven by the early termination of our headquarters lease during the fourth quarter of 2024 (exclusive of the gain on lease termination which is recorded in interest and other income, net). ​ 95 Table of Contents Depreciation and amortization ​ Depreciation and amortization expense for the year ended December 31, 2025, decreased by $1.7 million, or 4% as compared to the same period in 2024. The decrease was primarily related to the decrease in expense for the amortization of the fair value step-up of acquired Proleukin® inventory sold as the acquired inventory continues to be depleted, partially offset by an increase in depreciation costs related to the expansion of iCTC. Restructuring charges ​ Restructuring charges were $5.1 million for the year ended December 31, 2025; there were no such charges in the comparable period for 2024. Expense in 2025 was primarily related to severance payments, costs for outplacement services, and post-employment benefits associated with our August 2025 strategic restructuring plan, resulting from a review of current strategic priorities, the strategic restructuring plan included an associated reduction in workforce, resource allocations, and costs, intended to reduce operating costs, streamline operations and extend cash runway. Interest and other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,    ​ ​ ​ Increase (Decrease) (in thousands)   ​ 2025   ​ ​ ​ 2024   ​ ​ ​ $   ​ ​ ​ %   Interest and other income, net ​ $ 10,307   ​ ​ ​ $ 20,273   ​ ​ ​ (9,966) ​ (49) ​ Interest and other income, net for the year ended December 31, 2025, decreased by $10.0 million, or 49%, as compared to the same period in 2024. The decrease was primarily driven by a $6.7 million decrease in other income, mainly due to a $5.5 million gain received in 2024 associated with the termination of our headquarters lease during the fourth quarter of 2024 (exclusive of leasehold improvement impairments recorded as operating expense), net of lease termination related fees. The decrease also included losses due to changes in foreign currency exchange rates, and a $3.3 million decrease in interest income driven by a decrease in average investment balances and interest rates. ​ Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,    ​ ​ ​ Increase (Decrease) (in thousands)   ​ 2025   ​ ​ ​ 2024   ​ ​ ​ $   ​ ​ ​ %   Income tax benefit ​ $ 2,071   ​ ​ ​ $ 2,828   ​ ​ ​ (757) ​ (27) ​ Income tax benefit for the year ended December 31, 2025 decreased by $0.8 million or 27%, as compared to the same period in 2024. The increase was mainly driven by the mix of income across jurisdictions that have varying effective tax rates. Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,    ​ ​ ​ (Increase) Decrease (in thousands)   ​ 2025   ​ ​ ​ 2024   ​ ​ ​ $   ​ ​ ​ % Net loss ​ $ (390,978)   ​ ​ ​ $ (372,177)   ​ ​ ​ (18,801) ​ (5) ​ Net loss for the year ended December 31, 2025 increased by $18.8 million, or 5%, compared to the year ended December 31, 2024. The increase in net loss is primarily due to the related increase in cost of sales, along with anticipated expansion in additional markets, continued growth in sales of Proleukin®, and ongoing and newly initiated clinical trials. We anticipate that we will continue to incur net losses in the future as we further invest in our clinical and internal research and development programs, as well as ongoing execution of the launch of Amtagvi®. 96 Table of Contents Results of Operations for the Years Ended December 31, 2024 and 2023 Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,  ​ Increase (Decrease) (in thousands) ​ 2024   ​ ​ ​ 2023   ​ ​ ​ $   ​ ​ ​ % Amtagvi® ​ $ 103,567 ​ $ — ​ 103,567 ​ 100 Proleukin® ​ ​ 60,503 ​ ​ 1,189 ​ 59,314 ​ 4,988 Total product revenue ​ $ 164,070 ​ $ 1,189 ​ 162,881 ​ 13,698 ​ Revenue for the year ended December 31, 2024, increased by $162.9 million, or 13,698% compared to the same period in 2023. The increase was driven by the completion of the acquisition of worldwide rights to Proleukin® in May 2023, or the Acquisition, as well as the commercial launch of Amtagvi® in February 2024. Through the first quarter of 2024, product revenue was comprised entirely of product sales of Proleukin® in markets outside of the U.S. With the BLA approval of Amtagvi® in February 2024, we began generating revenue for Amtagvi® in the second quarter of 2024 as infusions occurred at our ATCs. Furthermore, in the second quarter of 2024, we began selling Proleukin® in the U.S. market. The Proleukin® inventory that was previously with distributors at the time of the Acquisition to support the U.S. market has been substantially depleted, and, as a result, we experienced significant re-stocking demand from U.S. specialty distributors in both the second and third quarter of 2024 to support ongoing and anticipated infusions related to the commercial launch of Amtagvi®. GTN adjustments did not materially affect net product revenue in the years ended December 31, 2024 and 2023. ​ As it relates to revenue timing for our products, Amtagvi® infusions are expected to lag behind Amtagvi® related Proleukin® sales by 2-3 months, and we expect ATCs to utilize 15 – 18 Proleukin® vials per Amtagvi® infusion. While such Proleukin® sales are not directly indicative of future Amtagvi® revenues because of the timing of stocking activities by specialty distributors and because of sales that are not related to Amtagvi® infusions, such as sales of Proleukin® utilized in clinical manufacturing or clinical trials, such sales are one indicator of future Amtagvi® revenues. ​ Costs and expenses ​ The following table summarizes the period-over-period changes in our costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,  ​ Increase (Decrease) (in thousands) ​ 2024   ​ ​ ​ 2023 ​ $   ​ % Costs and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales ** ​ $ 93,248 ​ $ 1,033 ​ 92,215 ​ 8,927 Research and development ** ​ ​ 276,228 ​ ​ 333,194 ​ (56,966) ​ (17) Selling, general, and administrative ** ​ ​ 152,269 ​ ​ 106,098 ​ 46,171 ​ 44 Depreciation and amortization ​ ​ 37,603 ​ ​ 21,423 ​ 16,180 ​ 76 Total costs and expenses ​ $ 559,348 ​ $ 461,748 ​ 97,600 ​ 21 ** Excludes depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales Cost of sales, excluding depreciation and amortization, for the year ended December 31, 2024, increased by $92.2 million, or 8,927%, driven by the increase in sales of Amtagvi® and Proleukin® products, as well as costs related to the manufacturing of Amtagvi®. Cost of sales included $14.2 million of royalties payable related to sales of our products for the year ended December 31, 2024. There were no royalties payable for the year ended December 31, 2023. Cost of sales for the year ended December 31, 2024, also included $26.3 million of period costs primarily related to patient drop-off driven by patient health and ability to receive the Amtagvi® treatment, as well as manufacturing results that did not meet required specifications, and were not otherwise utilized under an expanded access program or single-patient IND to generate clinical data, resulting in manufacturing costs in the period for which we were not able to recognize revenue. In addition, to a lesser extent, such costs included period costs incurred for the first few quarters after the launch of Amtagvi® related to overhead and manufacturing 97 Table of Contents costs at the iCTC during the period from approval resulting from under absorption of overhead costs during the period, which was driven by our decision to launch with capacity sufficient to address anticipated commercial demand in 2024 and beyond. Research and development expense ​ Research and development expense for the year ended December 31, 2024, decreased by $57.0 million, or 17%, compared to the same period in 2023. The decrease was primarily attributable to (i) an $83.3 million decrease in clinical manufacturing costs, driven by capitalization of qualified costs for Amtagvi® manufacturing resulting from our BLA approval and the transition to commercial manufacturing to support the commercial launch of Amtagvi®, (ii) a $4.4 million decrease in costs associated with the reclassification of certain activities supporting Amtagvi® into general and administrative expenses upon BLA approval based on their function, and (iii) a $0.9 million decrease in clinical costs, driven primarily by lower patient enrollment across certain studies. These decreases were partially offset by (i) a $19.8 million increase in payroll and related costs, including stock-based compensation, primarily driven by an increase in the number of employees and the number of stock awards granted at a higher average stock price, (ii) a $5.0 million charge for the impairment of leasehold improvements driven by the early termination of our headquarters lease during the fourth quarter of 2024 (exclusive of the gain on lease termination which is recorded in interest and other income, net), (iii) a $2.6 million increase in lab and consumable costs for the development of next generation candidates, (iv) a $2.9 million increase in license costs related to the expansion of our information technology infrastructure to support our clinical activities, and (v) a $1.3 million increase in other costs, including travel and facility related costs. Research and development activities are central to our business model. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We separate our research and development expenses into two broad categories: direct and indirect. Additionally, with respect to direct research and development expenses, we further divide expenses into the following sub-categories: “TIL, including combination therapy,” “Next Generation,” and “Others clinical, preclinical, and research programs under development.” Lifileucel monotherapy includes our TIL monotherapy clinical trials, including clinical trials previously reported as LN-145. For direct research and development expenses, we track specific project research and development expenses that are directly attributable to our preclinical and clinical development candidates that have been selected for further development. Such direct research and development expenses include third-party contract costs relating to the manufacturing of TILs as well as preclinical and clinical trial activities. ​ All remaining research and development expenses are categorized as indirect research and development expenses. Such indirect research and development expenses include employee salaries and benefits, stock-based compensation, consulting and contracted services to supplement our in-house activities, and costs associated with our facilities. These expenses are not directly tied to any individual project and are generally deployed across multiple projects. As such, we do not maintain information regarding those costs incurred on a project specific basis. ​ The table below summarizes our research and development expenses by therapeutic area (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,  ​ Increase (Decrease) ​ ​ 2024   ​ ​ ​ 2023 ​ $   ​ % Direct research and development expense by product candidate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TIL, including combination therapy ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lifileucel monotherapy ​ $ 65,573 ​ $ 35,487 ​ ​ 30,086 ​ 85% Lifileucel ​ ​ ​ ​ ​ 41,386 ​ ​ (41,386) ​ -100% Combination Therapy ​ ​ 16,299 ​ ​ 17,809 ​ ​ (1,510) ​ -8% Next Generation ​ ​ 7,361 ​ ​ 9,987 ​ ​ (2,626) ​ -26% Others clinical, preclinical, and research programs under development ​ ​ 17,391 ​ ​ 16,983 ​ ​ 408 ​ 2% Indirect research and development expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Personnel related (excluding stock-based compensation) ​ ​ 77,442 ​ ​ 116,628 ​ ​ (39,186) ​ -34% Stock-based compensation expense ​ ​ 49,270 ​ ​ 34,926 ​ ​ 14,344 ​ 41% Contractors and outside services ​ ​ 6,557 ​ ​ 20,636 ​ ​ (14,079) ​ -68% Office and facilities ​ ​ 36,335 ​ ​ 39,352 ​ ​ (3,017) ​ -8% Total Research and Development ​ $ 276,228 ​ $ 333,194 ​ ​ (56,966) ​ -17% 98 Table of Contents Selling, general, and administrative expense ​ Selling, general and administrative expense for the year ended December 31, 2024, increased by $46.2 million, or 44%, compared to the same period in 2023. The increase was primarily attributable to (i) a $27.9 million increase in payroll and related expenses, including stock-based compensation, driven by an increase in headcount to support the growth in the overall business as well as to support the commercialization of Amtagvi®, an increased number of stock awards granted at a higher average stock price, and the reclassification of costs of certain employees previously supporting research and development activities into general and administrative expense upon BLA approval based on their functional activities, (ii) a $3.8 million increase in legal costs driven by a reduction in legal costs in 2023 resulting from the capitalization of previously expensed costs directly associated with the Acquisition, (iii) a $7.0 million increase in costs incurred in support of the distribution and commercialization of Amtagvi® and Proleukin®, and (iv) a $2.4 million charge for the impairment of the leasehold improvements driven by the early termination of our headquarters lease during the fourth quarter of 2024 (exclusive of the gain on lease termination which is recorded in interest and other income, net), and (v) a $5.1 million increase in other costs, including costs associated with increased travel, software licenses related to the expansion of our information technology infrastructure, and professional fees. ​ Depreciation and amortization ​ Depreciation and amortization expense for the year ended December 31, 2024, increased $16.2 million, or 76% compared to the same period in 2023. The increase was primarily related to non-cash amortization expense for the developed technology intangible asset and the milestone payment recorded as part of the Acquisition as well as intellectual property license intangible assets, and non-cash amortization expense of the fair value step-up of acquired Proleukin® inventory sold as the acquired inventory continues to be depleted. This expense is recorded as the units acquired in the Acquisition are sold, and we expect this amount to decrease over the next six to twelve months as this inventory is sold. Restructuring charges ​ There were no restructuring charges recorded for the year ended December 31, 2024 and the comparable period December 31, 2023. Interest and other income, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Years Ended December 31,    ​ ​ ​ Increase (Decrease) (in thousands)   ​ ​ ​ 2024   ​ ​ ​ 2023   ​ ​ ​ $   ​ ​ ​ % Interest and other income, net ​ $ 20,273   ​ ​ ​ $ 13,043 ​ 7,230   ​ ​ ​ 55 ​ Interest and other income, net for the year ended December 31, 2024, increased by $7.2 million, or 55%, compared to the same period in 2023. The increase was primarily driven by a $8.6 million gain on the termination of our headquarters lease during the fourth quarter of 2024 (exclusive of leasehold improvement impairments recorded as operating expense), partially offset by a $3.1 million lease termination related fee, and a $1.1 million increase in interest income, net, driven by an increase in average investment balances, resulting from net proceeds from recent public and at-the-market financing as well as a higher rate of return on our investments. ​ Income tax benefit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31,    ​ ​ ​ Increase (Decrease) (in thousands) ​ 2024   ​ ​ ​ 2023   ​ ​ ​ $   ​ ​ ​ %   Income tax benefit ​ $ 2,828   ​ ​ ​ $ 3,479   ​ ​ ​ (651) ​ (19) ​ Income tax benefit for the year ended December 31, 2024, decreased by $0.7 million, or 19%, compared to the same period in 2023. This decrease was the result of increased operations in the UK. Net loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Years Ended December 31,    ​ ​ ​ (Increase) Decrease (in thousands)   ​ ​ ​ 2024   ​ ​ ​ 2023   ​ ​ ​ $   ​ ​ ​ % Net loss ​ $ (372,177) ​ $ (444,037) ​ 71,860   ​ ​ ​ 16 ​ 99 Table of Contents Net loss for the year ended December 31, 2024 decreased by $71.9 million, or 16%, compared to the year ended December 31, 2023. The decrease in our net loss was due to generating product revenue from product sales of Proleukin® and Amtagvi® in 2024, partially offset by an increase in cost of sales and the overall growth in our workforce and corporate infrastructure to support the ongoing launch of Amtagvi® in the U.S. and anticipated expansion in additional markets, as well as continued sales of Proleukin®, and ongoing and newly initiated clinical trials. We anticipate that we will continue to incur net losses in the future as we further invest in our clinical and internal research and development programs, as well as execution of the launch of Amtagvi®. Liquidity and Capital Resources As of December 31, 2025, we had $303.0 million in cash, cash equivalents, short-term investments, and restricted cash ($163.1 million of cash and cash equivalents, $133.9 million in short-term investments, and $6.0 million in restricted cash). We have incurred losses and generated negative cash flows from operations since inception. Historically, we have funded our operations from various public and private offerings of our equity securities, both common stock and preferred stock, from option and warrant exercises, and from interest income. Since 2017, our primary source of funds has been from the public sale of our common stock. With the approval of our BLA, we have to date and expect to continue to generate revenue from the sale of our first internally developed product, Amtagvi®. Furthermore, starting in 2024 we began selling Proleukin® into the U.S. market, where product margins are substantially higher than in other markets, to support ongoing and anticipated infusions related to the continued strong commercial launch of Amtagvi®. However, such revenues for Amtagvi® and Proleukin® may not be material enough to generate positive operational cash flows during the 12 months from the date the consolidated financial statements are issued and this Annual Report on Form 10-K is filed. We expect to continue to incur significant expenses to support commercial activities for Amtagvi®, fund ongoing clinical programs, including our NSCLC registrational study, IOV-LUN-202, and our frontline advanced melanoma Phase 3 confirmatory trial, TILVANCE-301, continue the development of our pipeline candidates, and for other general corporate purposes. Based on the funds we have available as of the date our consolidated financial statements for the year ended December 31, 2025 are issued, we believe that we have sufficient capital to fund our anticipated operating expenses and capital expenditures as planned for at least the next twelve months following the issuance of our consolidated financial statements included in this Annual Report on Form 10-K. In August 2025, we approved a strategic restructuring plan with an associated reduction in workforce as a result of a review of current strategic priorities, resource allocation, and cost reduction intended to reduce operating costs, streamline operations and extend our cash runway. The restructuring plan is expected to optimize business performance, prioritize key manufacturing and research and development efforts, as well as reduce headcount by approximately 19 percent. Corporate Capitalization As of December 31, 2025, we had outstanding 411,938,061 shares of our $0.000041666 par value common stock, 194 shares of our $0.001 par value Series A Convertible Preferred Stock, and 1,932,667 shares of our $0.001 par value Series B Convertible Preferred Stock. The outstanding shares of Series A Convertible Preferred Stock are currently convertible into 97,000 shares of our common stock, and the outstanding shares of Series B Convertible Preferred Stock are currently convertible into 1,932,667 shares of our common stock. The shares of Series A Convertible Preferred Stock and Series B Convertible Preferred Stock do not have voting rights or accrue dividends. On August 22, 2025, we entered into an Amended and Restated Open Market Sale Agreement, or the 2025 Sale Agreement, with Jefferies with respect to an “at the market” offering program. Under the terms of the 2025 Sale Agreement, we may, from time to time, in our sole discretion, issue and sell up to $350.0 million of shares of our common stock pursuant to the “at the market” offering program. The 2025 Sale Agreement superseded and replaced in its entirety the 2023 Sale Agreement. The issuance and sale, if any, of shares of our common stock under the Sale Agreement was or will be made pursuant to a prospectus supplement dated August 22, 2025 to our Registration Statement on Form S-3ASR, which became effective immediately upon filing with the U.S. Securities and Exchange Commission on June 16, 2023, or the Registration Statement. During the year ended December 31, 2025, we received $306.3 million in net proceeds, net of offering costs, through the sale of 101,899,334 shares of common stock cumulatively through the 2023 and 2025 Sale Agreements. In the future, we may periodically offer one or more of these securities in amounts, prices, and terms to be announced when and if the securities are offered. If any of the securities covered by the Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of such offering at that time. 100 Table of Contents Cash Flows Cash flows from operating, investing and financing activities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ Years Ended December 31,  ​   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 Net cash (used in) provided by: ​   ​ ​   ​ ​   ​ Operating activities ​ $ (302,408) ​ $ (352,977) ​ $ (361,820) Investing activities ​ 47,496 ​ (96,411) ​ (155,242) Financing activities ​ 300,773 ​ 390,664 ​ 462,959 Net increase (decrease) in cash, cash equivalents and restricted cash* ​ $ 45,861 ​ $ (58,724) ​ $ (54,103) * Excludes effect of exchange rate changes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Activities Net cash used in operating activities represents cash disbursements related to all of our activities other than investing and financing activities. Operating cash flow is derived by adjusting our net loss for non-cash items and changes in operating assets and liabilities. Net cash used in operating activities for the year ended December 31, 2025, was $302.4 million compared to $353.0 million for the same period in 2024. The $50.6 million decrease in cash used in operating activities was driven by an $18.8 million increase in net loss resulting from increased cost of sales driven by an increase in sales of Amtagvi® and investment in our clinical and internal research and development programs. The increase in net loss was offset by a net decrease in non-cash charges of $33.4 million. The net decrease in non-cash was primarily driven by lower stock-based compensation expenses and a decrease in the gain on the derecognition of lease assets and liabilities of our corporate headquarters lease as a result of the early termination in 2024. These decreases were partially offset by an increase in excess and obsolescence costs, and accretion of discounts and amortization of premiums on investments. In addition, net cash used in operating activities decreased by $102.8 million, primarily related to changes in operating assets and liabilities, including a $56.1 million decrease in trade accounts receivable, resulting from the collection of cash from the sale of our products, a $21.2 million increase in accounts payable and accrued expenses, resulting from timing of vendor invoicing and related payments, and a $25.5 million decrease in net cash used driven primarily by purchases of inventory, and an increase in prepaid expenses and other assets in the current period compared to the corresponding period in 2024 that resulted from the timing of related payments. Net cash used in operating activities for the year ended December 31, 2024, was $353.0 million compared to $361.8 million for the same period in 2023. The $8.8 million decrease in cash used in operating activities was driven by a $71.9 million decrease in net loss as we collect generated revenues from commercialization of Amtagvi® and distribution of Proleukin®. In addition, it reflects a net increase in non-cash charges of $57.5 million, primarily driven by higher stock-based compensation expense and amortization of intangible assets, the latter of which is driven primarily by the amortization associated with the developed technology intangible asset recorded as part of the Acquisition and intellectual property license intangible assets associated with Amtagvi®, and an impairment charge of the long-lived assets that resulted from an early termination of our corporate headquarters lease. The increase in non-cash charges was partially offset by a decrease in accretion of discounts on investments, amortization of right of assets, gain on derecognition of lease assets and liabilities as a result of the early termination of our corporate headquarters lease, and deferred tax benefits resulting from the realization of the related deferred taxes for operations in the UK. Further, net cash used in operating activities related to changes in operating assets and liabilities increased by $128.5 million, driven primarily by an increase in trade accounts receivable, resulting from the sale of our products and a decrease in accounts payable and accrued expenses, resulting from cash utilized for payments associated with the continued growth in the business, including our increased workforce, timing of vendor invoicing and related payments, and cash used for purchases of raw material inventory in support of the commercial launch of Amtagvi®. These increases in the use of cash were partially offset by a $7.9 million decrease in cash used for prepaid expenses, other assets, and long-term assets in the current period compared to the corresponding period in 2023, which resulted from the timing of payments made, as well as the receipt of cash for other miscellaneous receivables. Net cash used in operating activities for the year ended December 31, 2023, was $361.8 million compared to $292.8 million for the same period in 2022. The increase of $69.1 million in cash used in operating activities was primarily due to a $48.1 million increase in net loss related to increased costs in research and development, including the overall expansion of our clinical trials for new TIL cell therapies as well as our pre-commercialization activities for lifileucel, and the overall growth in our workforce and corporate infrastructure. In addition, it reflects a decrease in non-cash charges of $17.3 million primarily driven by lower stock-based compensation expenses and accretion of discount on investments, partially offset by increases in amortization of intangible assets 101 Table of Contents driven primarily by the amortization associated with the developed technology intangible asset acquired as part of the Acquisition and in depreciation expense resulting primarily from additional fixed assets put in service at the iCTC. Further, net cash used by changes in operating assets and liabilities increased by $27.1 million, driven primarily by cash used for the purchase of Proleukin® inventory as part of the Acquisition and an increase in lease payments for our lease arrangements, resulting primarily from the full utilization of tenant improvement allowances offered under our lease agreements during 2022. These increases in the use of cash were partially offset by a net $23.4 million decrease in cash used, driven by an increase in accounts payable and accrued expenses, which primarily resulted from the timing of vendor invoicing and related payments. Investing Activities Net cash provided by investing activities for the year ended December 31, 2025, was $47.5 million compared to net cash used by investing activities of $96.4 million for the same period in 2024. The decrease in cash used of $143.9 million was driven by a $114.1 million increase associated with changes in the timing of maturities and purchases of investments, and a $22.8 million increase in cash utilized to fund capital expenditures. These increases were partially offset by a $52.6 million decrease in cash used for the Acquisition, net of cash acquired. Net cash used in investing activities for the year ended December 31, 2024, was $96.4 million compared to net cash used in investing activities of $155.2 million for the same period in 2023. The decrease in cash used of $58.8 million was driven by a $112.5 million increase associated with changes in the timing of maturities and purchases of investments, which was partially offset by a $160.1 million decrease in cash used for the Acquisition in May 2023 and a $11.2 million decrease in capital expenditures. Net cash used in investing activities for the year ended December 31, 2023 was $155.2 million, compared to net cash provided by investing activities of $256.5 million for the same period in 2022. The increase in cash used of $411.7 million was driven by the $212.6 million payment for the acquisition of the Proleukin® business, excluding the payment of acquired inventories, which is presented in operating activities, and a $1.9 million increase in capital expenditures, offset by a $197.2 million net increase in the timing of maturities and purchases of investments. Financing Activities Net cash provided by financing activities for the year ended December 31, 2025 was $300.8 million compared to net cash provided of $390.7 million for the same period in 2024. The decrease in net cash provided by financing activities of $89.9 million was primarily driven by a decrease in net proceeds of $91.0 million received through the sales of common stock through our “at the market” offering program during the year ended December 31, 2025, as compared to the net proceeds received from our public offering in February 2024 and through the sales of common stock through our “at the market” offering program during the year ended December 31, 2024. In addition, a $4.7 million decrease in proceeds from the issuance of common stock upon the exercise of stock options and from our employee stock purchase plan program, and a $5.8 million increase in tax payments related to shares withheld for vested restricted stock units, contributed to the overall decrease in cash provided by financing activities. Net cash provided by financing activities for the year ended December 31, 2024 was $390.7 million compared to net cash provided of $463.0 million for the same period in 2023. The decrease in net cash provided by financing activities of $72.3 million was primarily driven by a decrease in net proceeds of $66.0 million received from our public offering in February 2024 and through the sales of common stock through our “at the market” offering program during the year ended December 31, 2024, as compared to the net proceeds received through the “at the market” offering program in the first quarter of 2023, and a $10.1 million increase in tax payments related to shares withheld for vested restricted stock units, or RSUs. These decreases were partially offset by $3.7 million increase in proceeds from the issuance of common stock upon the exercise of stock options and from our employee stock purchase plan program. Net cash provided by financing activities for the year ended December 31, 2023 was $463.0 million compared to net cash provided of $190.2 million for the same period in 2022. The increase in net cash provided by financing activities of $272.8 million was driven by a $273.8 million increase in net proceeds received from sales of common stock pursuant to the June 2023 underwritten public offering and our “at the market” offering program as well as $0.8 million received from the issuance of common stock under the 2020 Employee Stock Purchase Plan, or the 2020 ESPP. These increases were partially offset by a $1.6 million decrease in proceeds from the issuance of common stock upon the exercise of stock options. 102 Table of Contents Contractual Obligations ​ The following table summarizes our non-cancellable contractual obligations as of December 31, 2025 and the effects that such obligations are expected to have on our liquidity and cash flows in future periods (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payments due by period ​   ​ ​ ​ Total   ​ ​ ​ 2026   ​ ​ ​ 2027   ​ ​ ​ 2028   ​ ​ ​ 2029   ​ ​ ​ 2030   ​ ​ ​ Thereafter Operating lease obligations - facilities(1) ​ $ 79,903 ​ $ 6,577 ​ $ 5,469 ​ $ 5,016 ​ $ 4,838 ​ $ 4,610 ​ $ 53,393 Purchase obligations(2) ​ ​ 61,933 ​ ​ 16,699 ​ ​ 23,954 ​ ​ 21,280 ​ ​ — ​ ​ — ​ ​ — Total(3) ​ $ 141,836 ​ $ 23,276 ​ $ 29,423 ​ $ 26,296 ​ $ 4,838 ​ $ 4,610 ​ $ 53,393 ​ ​ ​ (1) Our operating lease obligations consist of obligations under non-cancellable operating leases for our facilities in San Carlos, California, Philadelphia, Pennsylvania, and Tampa, Florida. Excluded from the above are contractual obligations with a CMO for the manufacturing facilities and minimum fixed commitment fees included in our manufacturing contracts, such as personnel, general support fee, and minimum production or material fees. These obligations met the conditions of embedded leases under Accounting Standard Codification (ASC) Topic 842 and were included in the Operating lease liabilities in the consolidated balance sheets. However, these contracts are cancellable upon prior notice and as a result, are not included in the above table. (2) We have purchase obligations of $61.9 million related to manufacturing and supply agreements for Proleukin® under a contract we inherited as part of the Acquisition, which was subsequently extended through 2028. (3) We acquire assets still in development and enter into research and development arrangements with third parties that often require milestone and royalty payments to the third-party contingent upon the occurrence of certain future events linked to the success of the asset in development. Milestone payments may be required, contingent upon the successful achievement of an important point in the development life cycle of the pharmaceutical product (e.g., approval of the product for marketing by a regulatory agency). If required by the arrangement, we may have to make royalty payments based upon a percentage of the sales of the pharmaceutical product in the event that regulatory approval for marketing is obtained. Because of the contingent nature of these milestone payments, they are not included in the table of contractual obligations. These arrangements may be material individually, and in the event that milestones for multiple products covered by these arrangements are reached in the same period, the aggregate charge to expense could be material to the results of operations in any one period. In addition, these arrangements often give us the discretion to unilaterally terminate development of the product, which would allow us to avoid making contingent payments. ​ Off-Balance Sheet Arrangements As of December 31, 2025, we had no obligations that would require disclosure as off-balance sheet arrangements. Critical Accounting Policies and Significant Judgements and Estimates Our accounting policies are more fully described in Note 2 of the consolidated financial statements included in this Annual Report on Form 10-K. As described in Note 2, the preparation of our consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of our financial statements, as well as the reported revenues and expenses during the reported periods. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies reflect the more significant judgments and estimates used in the preparation of our consolidated financial statements: Asset Acquisitions We make certain judgments to determine whether transactions should be accounted for acquisitions of assets or business combinations using the guidance in Accounting Standard Codification, or ASC, Topic 805, Business Combinations, by first applying a screen test to assess if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of assets. If the screen test is met, the transaction is accounted for as an asset acquisition. If the screen test is not met, further 103 Table of Contents assessment is required to determine whether we have acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. If the assets acquired do not constitute a business, we account for asset acquisitions using the cost accumulation and allocation method. Under this method, the cost of the acquisition, including direct acquisition-related costs, is allocated to the assets acquired on a relative fair value basis. Goodwill is not recognized in an asset acquisition and any difference between consideration transferred and the fair value of the net assets acquired is allocated to the identifiable assets acquired based on their relative fair values. Deferred tax liabilities arising from basis differences in assets acquired are calculated using the simultaneous equations method under ASC 740, Income Taxes and based on the effective tax rate. The resulting deferred tax liability is recorded against the carrying amount of the acquired intangible assets on a relative fair value basis. Contingent consideration in the scope of ASC Topic 815, Derivatives and Hedging, is included in the cost of the asset acquisition at its acquisition date fair value. Contingent consideration in the scope of ASC Topic 450, Contingencies, is recognized when it is both probable and reasonably estimable. Intangible Assets ​ Our acquired intangible assets are initially measured based on an allocation of the cost of the acquisition to the assets acquired on a relative fair value basis and are recorded net of accumulated amortization, while intangible assets recorded as the result of milestone or license payments are recorded at the amount paid. We amortize our intangible assets on a straight-line basis over their estimated useful lives. When contingent consideration is a component of the cost of an asset acquisition, we capitalize the amount of incremental cost from the contingent consideration related to the intangible asset acquired in the period the underlying contingency is resolved. When this occurs, we will recognize a cumulative catch-up to reflect amortization on the intangible assets that would have been recognized had the incremental cost from the contingent consideration been recorded as of the acquisition date. We review intangible assets for impairment at least annually and whenever events or changes in circumstances have occurred which could indicate that the carrying value of the assets are not recoverable. If such indicators are present, we assess the recoverability of affected assets by determining if the carrying value of the assets is less than the sum of the undiscounted future cash flows of the assets. If the assets are found to not be recoverable, we measure the amount of impairment by comparing the carrying value of the assets to their fair values. We determined that no indicators of impairment or impaired intangible assets existed as of December 31, 2025 or December 31, 2024. Inventory and Cost of Sales Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Our assessment of net realizable value requires the use of estimates regarding the net realizable value of our inventory balances, including an assessment of excess or obsolete inventory. We determine excess or obsolete inventory based on multiple factors, including our most recent sales and manufacturing forecast compared to quantities on hand and the expiration date of the product and materials. Revenue Recognition We recognize revenue from product sales in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price using the most likely method based on historical experience, as well as applicable information currently available. In the U.S., products are sold principally to hospitals and clinics, as well as distributors and wholesalers, and outside of the U.S. to hospitals and clinics. Contractual performance obligations are usually limited to transfer of control of the product to the customer. In the case of Amtagvi®, revenue is recognized upon infusion while for Proleukin®, transfer of control occurs either upon shipment or upon receipt of product after considering when the customer obtains legal title to the product. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring our products and is generally based on a list of fixed prices less allowances for chargebacks, product returns, rebates and discounts. Our payment terms to customers range from 45 to 105 days; payment terms differ by customer and by product. 104 Table of Contents Revenue is reduced at the time of recognition for expected chargebacks, discounts, rebates, and sales allowances, collectively referred to as gross to net adjustments, or GTN adjustments. In the U.S., these GTN adjustments are attributable to various commercial arrangements and government programs. In addition, non-U.S. government programs include different pricing schemes such as cost caps and volume discounts. Cash discounts are recorded as a reduction to receivables and settled through the issuance of credits, typically within one month. All other GTN adjustments are recorded as a liability and settled through cash payments to the customer. Significant judgement is required in estimating GTN adjustments considering legal interpretations of applicable laws and regulations, historical experience, payer channel mix, current contract prices under applicable programs, processing time lags and inventory levels in the distribution channel. Indirect taxes collected from customers and remitted to government authorities that are related to sales of our products, primarily in Europe, are excluded from revenues, Accrued Research and Development Costs ​ Research and development costs are expensed as incurred. Clinical development costs compose a significant component of research and development costs. We have a history of contracting with third parties, including CROs, independent clinical investigators, and CMOs, that perform various clinical trial activities on our behalf in connection with the ongoing development of our product candidates. The financial terms of these contracts are subject to negotiations and may vary from contract to contract and may result in uneven payment flow. We accrue and expense costs for clinical trial activities performed by third parties based upon the work completed to date for each clinical trial in accordance with agreements established with CROs, hospitals, and clinical investigators. Accruals for CROs and CMOs are recorded based on services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. We determine our costs through discussions with internal clinical stakeholders and outside service providers as to the progress or stage of completion of clinical trials or services and the contracted fee to be paid for such services. ​ Included in our clinical development costs are investigator costs, which are costs associated with treatments administered at clinical sites as required under each clinical trial protocol. Our estimates for clinical investigator costs and timing of expense recognition will depend on a number of factors that include, but are not limited to, (i) the overall number of patients that enroll in the trial at each individual site, (ii) the length of clinical trial enrollment period, (iii) discontinuation and completion rates of patients, (iv) duration of patient safety follow-ups, (v) the number of sites included in the clinical trial, and (vi) the contracted fee of each participating site for patient treatment while on clinical trial, which can vary greatly for several reasons including, but not limited to, geographic region, medical center or physician costs, and overhead costs. In addition, our estimates for per patient trial costs will vary based on a number of factors that include, but are not limited to, the extent of additional treatments that may be administered by investigators as a result of patient health status, recoverability of patient costs through insurance carriers of patients, and unanticipated cost of injuries incurred as a result of the clinical trial treatment. We accrue estimated expenses resulting from obligations under investigator site agreements as the timing of payments does not always timely align with the periods over which the treatments are administered by the clinical investigators. These estimates are typically based on contracted amounts, patient visit data, discussions with internal clinical stakeholders and outside service providers, and historical look-back analysis of actual payments made to date. ​ We make judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or other outside service provider, the payments are recorded within prepaid expenses and other current assets and subsequently recognized as research and development expense when the associated services have been performed. As actual costs become known, we adjust our estimates, liabilities and assets. Inputs used in our determination of estimates discussed above may vary from actual, which will result in adjustments to research and development expense in future periods. ​ Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 was effective for us in our annual reporting for fiscal year 2025 and for interim period reporting beginning in fiscal year 2026. See Note 14 to the consolidated financial statements included in the Annual Report on Form 10-K. 105 Table of Contents In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of adopting ASU 2024-03 on our consolidated financial statements. In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses for Accounts Receivable and Contract Assets, which amends ASC 326 and provides a practical expedient to assume that current conditions as of the balance sheet date will persist through a reasonable and supportable forecast period when estimating credit losses for current accounts receivable and current contract assets. Entities will still be required to adjust historical data used in the estimation to reflect current conditions. ASU 2025-05 is effective for all entities for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods. We are currently evaluating the impact of adopting ASU 2025-05 on our consolidated financial statements.