0001104659-26-091716 | 10-Q | XBRL Viewer | Iovance Biotherapeutics INC

Print Document

REVENUE - GTN Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Gross revenue	$ 100,663	$ 60,866	$ 173,206	$ 110,519
GTN adjustments:
Government rebates and chargebacks	(152)	(152)	(303)	(297)
Wholesaler fees and cash discounts	(849)	(618)	(1,572)	(787)
Other rebates, returns, discounts and adjustments	(349)	(144)	(588)	(159)
Total GTN adjustments	(1,350)	(914)	(2,463)	(1,243)
Net revenue	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash, Cash Equivalents, and Investments

The Company’s cash and cash equivalents include short-term investments with original maturities of three months or less when purchased. The Company's investments are classified as “available-for-sale.” The Company includes these investments in current assets or non-current assets in the condensed consolidated balance sheets based on the length of maturity from the reporting date and carries them at fair value. Unrealized gains and losses on available-for-sale securities are recorded in accumulated other comprehensive loss. Impairment losses related to credit losses (if any) are recorded as an allowance for credit losses with an offsetting entry to Interest and other income, net. No impairment losses related to credit losses were recognized for the three and six months ended June 30, 2026, and 2025. The cost of debt securities is adjusted for the amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in Interest and other income, net in the condensed consolidated statements of operations. Gains and losses on securities sold are recorded based on the specific identification method and are included in Interest and other income, net in the condensed consolidated statements of operations. The Company has not incurred any realized gains or losses from sales of securities to date. The Company’s investment policy limits investments to certain types of instruments such as certificates of deposit, money market instruments, obligations issued by the U.S. government and U.S. government agencies as well as corporate debt securities and commercial paper, and places restrictions on maturities and concentration by type and issuer, except for securities issued by the U.S. government.

Restricted Cash

As of June 30, 2026 and December 31, 2025, restricted cash totaled $6.0 million and $6.0 million, respectively. These amounts have been classified as either current or non-current assets in the Company’s condensed consolidated balance sheet based on the maturity date of the underlying letter of credit agreement.

The Company maintains a required minimum balance in segregated bank accounts in connection with its letters of credit for which amounts are restricted as to their use by the Company. As of June 30, 2026, the Company’s letters of credit were primarily comprised of a letter of credit for the benefit of the iCTC used as a security deposit for the lease in the amount of $5.45 million. The letter of credit for $5.45 million originally expired on May 28, 2020, however, it automatically extends for additional one-year periods, without written agreement, to May 28 in each succeeding calendar year, through at least 60 days after the lease expiration date. Further, on the expiration of the seventh year of the lease, and each anniversary date thereafter, the letter of credit may be decreased by $1.0 million, with a minimum security deposit of $1.5 million maintained through the end of the lease term. The letter of credit with the landlord for the Company’s headquarters lease expires on February 1, 2032, however, it will be automatically extended, without written agreement, for one-year periods to February in each succeeding calendar year.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash, reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows (in thousands):


		June 30,
		2026		2025
Cash and cash equivalents		$	110,768	$	132,469
Restricted cash			6,005		5,944
Total cash, cash equivalents and restricted cash		$	116,773	$	138,413

Asset Acquisitions

The Company evaluates acquisitions of assets using the guidance in Accounting Standard Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), to determine whether the transaction should be accounted for as a business combination or asset acquisition 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 assessment is required to determine whether the Company has 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, the Company accounts 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 Topic 740, Income Taxes (“ASC 740”), and based on the effective tax rate. The resulting deferred tax liability is recorded in the condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025.

Contingent consideration in the scope of ASC Topic 815, Derivatives and Hedging (“ASC 815”), 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 (“ASC 450”), is recognized when it is both probable and reasonably estimable.

Inventory and Cost of Sales

Inventory is stated at the lower of cost or net realizable value on a first-in, first-out basis. Cost includes amounts related to materials, internal labor, costs of external manufacturing, and overhead. Net realizable value is the estimated selling price in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. Inventoriable costs incurred, such as manufacturing costs incurred prior to regulatory approval that did not qualify for capitalization and clinical manufacturing costs, are expensed as incurred as research and development expenses.

Upon the February 2024 approval of Amtagvi^®, the Company began capitalizing inventory and manufacturing costs for the commercial manufacturing of Amtagvi^®. Additionally, inventory that initially qualifies for capitalization but that may ultimately be used for the production of clinical drug product or utilized in research and development programs is expensed as research and development expense when it has been designated for the manufacture of clinical drug product or use in research and development activities.

The Company periodically reviews inventory for excess and obsolescence, considering factors such as its most recent sales and manufacturing forecast compared to quantities on hand and the expiration date of the product and materials. The Company adjusts its inventory that is obsolete or otherwise unmarketable to its estimated net realizable value in the period in which the impairment is first identified. Any such adjustments are included as a component of cost of sales within the Company’s condensed consolidated statements of operations.

Cost of sales includes inventory and period costs related to overhead and manufacturing costs of Amtagvi^®, as well as the cost of inventories and other costs that are directly associated with the purchase and sales of Proleukin^®. In addition, cost of sales in the Company’s condensed consolidated statements of operations includes royalties payable on sales of its products.

During the Company’s commercial manufacturing process, certain Amtagvi^® product may become out-of-specification, meaning they fall outside commercial specifications. This out-of-specification product can still be utilized by patients in a clinical trial, an expanded or early access program, or single-patient investigational new drug, at which point the costs associated with these batches are classified as research and development expense based on the fact that the Company receives clinical data related to these infusions.

Trade Accounts Receivable

Trade accounts receivable are recorded net of allowances for product returns and estimated credit losses. The estimate of allowance for credit losses considers factors, including existing contractual payment and the aging of receivable from its customers. To date, the Company has determined that an allowance for credit losses is not required.

Intangible Assets

The Company’s 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. The Company amortizes the 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, the Company capitalizes 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, the Company will recognize amortization expense on the incremental cost prospectively from the date the incremental costs are capitalized.

The Company reviews 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, the Company assesses 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, the Company measures the amount of impairment by comparing the carrying value of the assets to their fair values. The Company determined that no indicators of impairment existed as of June 30, 2026 or December 31, 2025.

Leases

The Company determines if an arrangement includes a lease at inception and thereafter, if modified. Operating leases are included in its condensed consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities as of June 30, 2026 and December 31, 2025. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the lease commencement date or modification date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses an estimated incremental borrowing rate that is applicable to the Company based on the information available at the later of the lease commencement or modification date.

The operating lease right-of-use assets also include any lease payments made less lease incentives. The Company’s leases may include options to extend or terminate the lease, which is considered in the lease term when it is reasonably certain that the Company will exercise any such options. Lease expense is recognized on a straight-line basis over the expected lease term and recorded in costs and expenses in the condensed consolidated statements of operations. The Company has elected not to apply the recognition requirements of Accounting Standards Update (“ASU”) No. 2016-02 and No. 2018-10 (together “Topic 842”) for short-term leases.

For lease agreements entered into by the Company that include lease and non-lease components, such components are generally accounted for separately.

Revenue Recognition

The Company recognizes revenue from product sales in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). 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, the Company estimates 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 the product after considering when the customer obtains legal title to the product. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products and is generally based on a list of fixed prices less allowances for chargebacks, product returns, rebates and discounts. The Company’s payment terms to customers range from 45 to 105 days; payment terms differ by customer and by product.

Revenue is reduced at the time of recognition for expected chargebacks, product returns, discounts, rebates, and sales allowances, collectively referred to as gross to net adjustments (“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. 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.

Judgment 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 the Company’s products, primarily in Europe, are excluded from revenues.

Stock-Based Compensation

The Company periodically grants stock options to employees and non-employees as compensation for services rendered. The Company accounts for all stock-based payment awards made to employees, including the employee stock purchase plans, and non-employees in accordance with the authoritative guidance provided by the Financial Accounting Standards Board (“FASB”) where the value of the award is measured on the date of grant and recognized over the vesting period. Forfeitures are recognized in the period in which they occur. The Company accounts for stock option grants to non-employees in a similar manner as stock option grants to employees except for the term used in the grant date fair value, therefore no longer requiring a re-measurement at the then-current fair values at each reporting date until the shares underlying the options have vested. The non-employee awards that contain a performance condition that affects the quantity or other terms of the award are measured based on the outcome that is probable.

The fair value of the Company's common stock option grants is estimated using a Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected term of the common stock options, and future dividends. The stock-based compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model. The assumptions used in the Black-Scholes option pricing model could affect compensation expense recorded in future periods.

The Company issues restricted stock units (“RSUs”) from time to time as part of its equity incentive plans. The Company measures the compensation cost with respect to RSUs issued to employees based upon the estimated fair value of the equity instruments at the date of the grant, which is recognized as an expense over the period during which an employee is required to provide services in exchange for the awards. The fair value of RSUs is based on the closing price of the Company’s common stock on the grant date. In addition to RSUs that have time-based vesting requirements, from time to time the Company may issue RSUs that include certain performance vesting criteria based upon the satisfaction of stated objectives (“PRSUs”). The Company measures the

compensation cost with respect to PRSUs issued to employees based upon the estimated fair value of the equity instruments at the date of grant, which is recognized as an expense over the period that achievement is determined to be probable through the stated service period associated with the award.

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. The Company has a history of contracting with third parties, including contract research organizations (“CROs”), independent clinical investigators, and contract manufacturing organizations (“CMOs”) that perform various clinical trial activities on the Company’s behalf in connection with the ongoing development of the Company’s 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. The Company accrues and expenses 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. The Company determines its 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 the Company’s clinical development costs are investigator costs, which are costs associated with treatments administered at clinical sites as required under each clinical trial protocol. The Company’s determination of clinical investigator costs and related 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, the Company’s 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 procedures 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. The Company accrues 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.

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 in the condensed consolidated balance sheets and subsequently recognized as research and development expense in the condensed consolidated statements of operations when the associated services have been performed. As actual costs become known, the Company adjusts its estimates, liabilities and assets. Inputs used in the determination of estimates discussed above may vary from actual, which will result in adjustments to research and development expense in future periods.

Selling, general, and administrative expense

Selling, general, and administrative expenses consist primarily of salaries and other related costs, including stock-based compensation, for personnel in executive, finance, procurement, legal, investor relations, facilities, business development, marketing, commercial, information technology and human resources functions. Other significant costs include facility costs not otherwise capitalized in inventory or included in research and development expenses. Selling, general, and administrative costs are expensed as incurred, and the Company accrues for services provided by third parties related to such expenses by monitoring the status of services provided and receiving estimates from its service providers and adjusting its accruals as actual costs become known.

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.

Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period.

Diluted net loss per share is computed by dividing the net loss by the sum of the weighted average number of shares of common stock outstanding and the dilutive common stock equivalent outstanding during the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options, (ii) purchases through the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), (iii) vesting of restricted stock units, and (iv) conversion of preferred stock, are only included in the calculation of diluted net loss per share when their effect is dilutive.

As of June 30, 2026 and 2025, the following outstanding common stock equivalents have been excluded from the calculation of net loss per share because their impact would be anti-dilutive:


		June 30,
		2026		2025
Stock options		17,566,321		18,994,381
Restricted stock units		12,711,528		11,411,549
Employee Stock Purchase Plan		423,360		570,824
Series A Convertible Preferred Stock*		97,000		97,000
Series B Convertible Preferred Stock*		1,932,667		1,932,667
		32,730,876		33,006,421

* on an as-converted basis. (See Note 9 – Stockholders’ Equity)

The dilutive effect of potentially dilutive securities would be reflected in diluted earnings per common share by application of the treasury stock method. Under the treasury stock method, an increase in the fair market value of the Company’s common stock could result in a greater dilutive effect from potentially dilutive securities.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include assumptions made in the fair value of intangible assets, equity awards and related stock-based compensation, assumptions used in measuring operating right-of-use assets and operating lease liabilities, accounting for potential liabilities, including estimates inherent in accruals related to clinical trials, and the realizability of the Company’s deferred tax assets.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of Iovance Biotherapeutics, Inc. and its wholly-owned subsidiaries, Iovance Biotherapeutics Manufacturing LLC, Iovance Biotherapeutics GmbH, Iovance Biotherapeutics B.V., Iovance Biotherapeutics UK Ltd, Iovance Biotherapeutics UK SP Ltd, Iovance Biotherapeutics Canada, Inc., and Iovance Australia Pty Ltd. All intercompany accounts and transactions have been eliminated.

Beginning in the third quarter of 2025, the Company began separately presenting depreciation and amortization expense on the consolidated statement of operations. Certain prior period amounts reported in the Company’s consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These reclassifications did not have an impact on the Company’s previously presented net results of operations, financial position, or cash flows.

Foreign Currency Translation

The condensed consolidated financial statements are presented in U.S. dollars, which is the Company’s reporting currency. The assets and liabilities of the Company’s subsidiaries whose functional currencies are not in U.S. dollars are translated into U.S. dollars at the related period-end exchange rate. The U.S. dollar effects that arise from translation of net assets of these subsidiaries at changing rates are recognized in accumulated other comprehensive loss in the condensed consolidated balance sheets. The subsidiaries’ net loss is translated into U.S. dollars by using the average exchange rate for the applicable period.

Segment Reporting

The Company operates in one segment, focused on innovating, developing and commercializing therapies using autologous TIL for patients with solid tumor cancers. See Note 10 – Segment Information for details.

Recently Issued Accounting Pronouncements

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. The Company is currently evaluating the impact of adopting ASU 2024-03.

Recently Adopted Accounting Pronouncements

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. The Company adopted ASU 2025-05 during the quarter ended March 31, 2026, and the adoption did not have a material impact on the Company's condensed consolidated financial statements as of and for the three and six months ended June 30, 2026.

GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY	6 Months Ended
Jun. 30, 2026
GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY
GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY	NOTE 1. GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY General Organization and Business Iovance Biotherapeutics, Inc. (the “Company”) is a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. The Company’s mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (“TIL”) cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system’s ability to recognize and destroy 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. The Company was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute (“NCI”). The Company’s 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. The Company’s two commercial products include Amtagvi^® (lifileucel), and Proleukin^® (aldesleukin), an interleukin-2 (“IL-2”) product used in the Amtagvi^® treatment regimen and in 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 melanoma, defined as unresectable or metastatic melanoma, approved for use in the U.S., Canada, and Australia. 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 tens of thousands of previously treated advanced melanoma patients annually. The Company plans to launch Amtagvi^® into additional markets with a high prevalence of advanced melanoma. On June 4, 2026, the Company received marketing authorization with conditions from the Therapeutic Goods Administration of Australia for Amtagvi^® for previously treated advanced (metastatic or unresectable) melanoma. In the United Kingdom (“UK”), the Company resubmitted the marketing authorization application (“MAA”) with additional information in July 2026. The Medicines and Healthcare products Regulatory Agency (“MHRA”) is conducting an expedited review, with potential approval expected later in 2026. Potential approval is pending in Switzerland in 2027. In the European Union (“EU”), the Company is working with the European Medicines Agency (“EMA”) to resubmit a centralized MAA in 2026 or 2027. The Company’s 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. The Company is conducting two ongoing registrational trials in frontline advanced melanoma and previously treated advanced non-small cell lung cancer (“NSCLC”). The Company has commenced a registrational trial in previously treated advanced undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma, and plans to engage with the FDA for an expedited path to accelerated approval. Basis of Presentation of Unaudited Condensed Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements of the Company for the three and six months ended June 30, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for audited financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the Company's financial position and results of operations. Results shown for interim periods are not necessarily indicative of the results that may be expected for the year ended December 31, 2026 or for any other period. The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2026. Beginning in the third quarter of 2025, the Company began separately presenting depreciation and amortization expense on the condensed consolidated statement of operations. Certain prior period amounts reported in the Company’s condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These reclassifications did not have an impact on the Company’s previously presented net results of operations, financial position, or cash flows. Liquidity As of June 30, 2026, the Company had $303.7 million in cash, cash equivalents, short-term investments, and restricted cash ($110.8 million of cash and cash equivalents, $186.9 million in short-term investments, and $6.0 million in restricted cash). The Company has launched its first internally developed commercial product and continues to be engaged in the development of therapeutics to fight cancer, specifically solid tumors. With the approval of the Biologics License Application (“BLA”), the Company began to generate revenue from the sale of its product Amtagvi^® in the second quarter of 2024. Furthermore, following the acquisition of the worldwide rights to Proleukin^® (as discussed below in Note 4 – Intangible Assets, Net) in 2023, the Company began to generate revenue from the sales of Proleukin^®. However, such revenues may not be material enough to generate positive operational cash flows during the 12 months from the date the condensed consolidated financial statements are issued and this Form 10-Q is filed. The Company has incurred a net loss of $126.4 million for the six months ended June 30, 2026, and used $132.9 million of cash in its operating activities during the six months ended June 30, 2026. The Company expects to continue to incur significant expenses to support commercial activities for Amtagvi^®, fund ongoing clinical programs, including its NSCLC registrational study, IOV-LUN-202, and its frontline advanced melanoma Phase 3 confirmatory trial, TILVANCE-301, continue the development of its pipeline candidates, and for other general corporate purposes. Based on the funds the Company has available as of the date these condensed consolidated financial statements are issued, the Company believes that it has sufficient capital to fund its anticipated operating expenses and capital expenditures as planned for at least the next twelve months from the date these condensed consolidated financial statements are issued. Concentrations of Risk The Company is subject to credit risk from its portfolio of cash, cash equivalents, trade accounts receivable and investments. Under its investment policy, the Company limits amounts invested in securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company does not believe it is exposed to any significant concentrations of credit risk from these financial instruments. The goals of its investment policy are safety and preservation of principal, diversification of risk, and liquidity of investments sufficient to meet cash flow requirements.

GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY

6 Months Ended

Jun. 30, 2026

GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY

GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY

NOTE 1. GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY

General Organization and Business

Iovance Biotherapeutics, Inc. (the “Company”) is a commercial-stage biopharmaceutical company pioneering a transformational approach to treating cancer. The Company’s mission is to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (“TIL”) cell therapies for patients with solid tumor cancers. TIL cell therapies harness the individual immune system’s ability to recognize and destroy 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.

The Company was founded to build upon the promise of TIL cell therapy initially developed at academic research centers, including the National Cancer Institute (“NCI”). The Company’s 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.

The Company’s two commercial products include Amtagvi^® (lifileucel), and Proleukin^® (aldesleukin), an interleukin-2 (“IL-2”) product used in the Amtagvi^® treatment regimen and in 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 melanoma, defined as unresectable or metastatic melanoma, approved for use in the U.S., Canada, and Australia. 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 tens of thousands of previously treated advanced melanoma patients annually. The Company plans to launch Amtagvi^® into additional markets with a high prevalence of advanced melanoma. On June 4, 2026, the Company received marketing authorization with conditions from the Therapeutic Goods Administration of Australia for Amtagvi^® for previously treated advanced (metastatic or unresectable) melanoma. In the United Kingdom (“UK”), the Company resubmitted the marketing authorization application (“MAA”) with additional information in July 2026. The Medicines and Healthcare products Regulatory Agency (“MHRA”) is conducting an expedited review, with potential approval expected later in 2026. Potential approval is pending in Switzerland in 2027. In the European Union (“EU”), the Company is working with the European Medicines Agency (“EMA”) to resubmit a centralized MAA in 2026 or 2027.

The Company’s 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. The Company is conducting two ongoing registrational trials in frontline advanced melanoma and previously treated advanced non-small cell lung cancer (“NSCLC”). The Company has commenced a registrational trial in previously treated advanced undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma, and plans to engage with the FDA for an expedited path to accelerated approval.

Basis of Presentation of Unaudited Condensed Consolidated Financial Information

The accompanying unaudited condensed consolidated financial statements of the Company for the three and six months ended June 30, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for audited financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the Company's financial position and results of operations. Results shown for interim periods are not necessarily indicative of the results that may be expected for the year ended December 31, 2026 or for any other period. The condensed consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 24, 2026. Beginning in the third quarter of 2025, the Company began separately presenting depreciation and amortization expense on the condensed consolidated statement of operations. Certain prior period amounts reported in the Company’s condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These

reclassifications did not have an impact on the Company’s previously presented net results of operations, financial position, or cash flows.

Liquidity

As of June 30, 2026, the Company had $303.7 million in cash, cash equivalents, short-term investments, and restricted cash ($110.8 million of cash and cash equivalents, $186.9 million in short-term investments, and $6.0 million in restricted cash). The Company has launched its first internally developed commercial product and continues to be engaged in the development of therapeutics to fight cancer, specifically solid tumors. With the approval of the Biologics License Application (“BLA”), the Company began to generate revenue from the sale of its product Amtagvi^® in the second quarter of 2024. Furthermore, following the acquisition of the worldwide rights to Proleukin^® (as discussed below in Note 4 – Intangible Assets, Net) in 2023, the Company began to generate revenue from the sales of Proleukin^®. However, such revenues may not be material enough to generate positive operational cash flows during the 12 months from the date the condensed consolidated financial statements are issued and this Form 10-Q is filed. The Company has incurred a net loss of $126.4 million for the six months ended June 30, 2026, and used $132.9 million of cash in its operating activities during the six months ended June 30, 2026.

The Company expects to continue to incur significant expenses to support commercial activities for Amtagvi^®, fund ongoing clinical programs, including its NSCLC registrational study, IOV-LUN-202, and its frontline advanced melanoma Phase 3 confirmatory trial, TILVANCE-301, continue the development of its pipeline candidates, and for other general corporate purposes. Based on the funds the Company has available as of the date these condensed consolidated financial statements are issued, the Company believes that it has sufficient capital to fund its anticipated operating expenses and capital expenditures as planned for at least the next twelve months from the date these condensed consolidated financial statements are issued.

Concentrations of Risk

The Company is subject to credit risk from its portfolio of cash, cash equivalents, trade accounts receivable and investments. Under its investment policy, the Company limits amounts invested in securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company does not believe it is exposed to any significant concentrations of credit risk from these financial instruments. The goals of its investment policy are safety and preservation of principal, diversification of risk, and liquidity of investments sufficient to meet cash flow requirements.

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INCOME TAXES
Income tax expense	$ 1,373	$ (1,988)	$ 2,038	$ (150)
Effective tax rates	2.82%	(1.81%)	1.58%	(0.10%)
Federal statutory tax rate			21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

REVENUE - Consolidated net product revenue by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Total revenue	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Threshold for concentration of credit risk			10.00%
United States
REVENUE
Total revenue	$ 98,967	$ 58,605	$ 169,439	$ 107,125
Rest of world
REVENUE
Total revenue	$ 346	$ 1,347	$ 1,304	$ 2,151

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

NOTE 7. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following (in thousands):


		June 30,			December 31,
		2026			2025
Leasehold improvements		$	128,894		$	90,385
Lab, process, and validation equipment			31,994			31,499
Utility equipment			7,289			7,306
Office furniture and equipment			2,610			2,573
Computer software			8,512			8,512
Computer equipment			2,384			2,144
Machinery and equipment			613			1,814
Construction in progress			5,556			35,649
Total property and equipment, cost		$	187,852		$	179,882
Less: Accumulated depreciation and amortization			(56,388)			(48,770)
Property and equipment, net		$	131,464		$	131,112

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of cash and cash equivalents and restricted cash


		June 30,
		2026		2025
Cash and cash equivalents		$	110,768	$	132,469
Restricted cash			6,005		5,944
Total cash, cash equivalents and restricted cash		$	116,773	$	138,413

Schedule of Antidilutive securities excluded from computation of earnings per share


		June 30,
		2026		2025
Stock options		17,566,321		18,994,381
Restricted stock units		12,711,528		11,411,549
Employee Stock Purchase Plan		423,360		570,824
Series A Convertible Preferred Stock*		97,000		97,000
Series B Convertible Preferred Stock*		1,932,667		1,932,667
		32,730,876		33,006,421

* on an as-converted basis. (See Note 9 – Stockholders’ Equity)

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

PROPERTY AND EQUIPMENT, NET

Schedule of Property and equipment

Property and equipment, net consists of the following (in thousands):


		June 30,			December 31,
		2026			2025
Leasehold improvements		$	128,894		$	90,385
Lab, process, and validation equipment			31,994			31,499
Utility equipment			7,289			7,306
Office furniture and equipment			2,610			2,573
Computer software			8,512			8,512
Computer equipment			2,384			2,144
Machinery and equipment			613			1,814
Construction in progress			5,556			35,649
Total property and equipment, cost		$	187,852		$	179,882
Less: Accumulated depreciation and amortization			(56,388)			(48,770)
Property and equipment, net		$	131,464		$	131,112

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Gross carrying amounts and net book value of intangible assets
Total intangible assets	$ 330,237		$ 330,237		$ 335,160
Less: accumulated amortization	(66,343)		(66,343)		(55,836)
Intangible assets, net	263,894		263,894		279,324
Amortization expense	5,700	$ 5,700	11,300	$ 11,100
Total estimated amortization of the Company's intangible assets:
Remainder of the year ending December 31, 2026	11,200		11,200
Year ending December 31, 2027	22,500		22,500
Year ending December 31, 2028	22,500		22,500
Year ending December 31, 2029	22,500		22,500
Year ending December 31, 2030	22,500		22,500
Developed technology
Gross carrying amounts and net book value of intangible assets
Total intangible assets	321,584		321,584		326,497
Assembled workforce
Gross carrying amounts and net book value of intangible assets
Total intangible assets	678		678		688
Intellectual property license
Gross carrying amounts and net book value of intangible assets
Total intangible assets	7,500		7,500		7,500
Patents
Gross carrying amounts and net book value of intangible assets
Total intangible assets	$ 475		$ 475		$ 475

GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
GENERAL ORGANIZATION, BUSINESS AND LIQUIDITY
Cash, cash equivalents, short-term investments, and restricted cash	$ 303,700		$ 303,700
Cash and cash equivalents	110,768	$ 132,469	110,768	$ 132,469	$ 163,078
Short-term investments	186,906		186,906		133,902
Restricted cash	6,005	5,944	6,005	5,944	$ 6,000
Net Loss	$ 47,315	$ 111,658	126,360	227,821
Net cash used in operating activities			$ 132,915	$ 171,141

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

CASH EQUIVALENTS AND INVESTMENTS - Available for sale debt securities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CASH EQUIVALENTS AND INVESTMENTS
Cash equivalents	$ 61,130	$ 60,468
Short-term investments	186,906	133,902
Total investments	$ 248,036	$ 194,370

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from calculation of net loss per share	32,730,876	33,006,421
Employee Stock Option
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from calculation of net loss per share	17,566,321	18,994,381
Restricted stock units
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from calculation of net loss per share	12,711,528	11,411,549
Employee Stock Purchase Plan
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from calculation of net loss per share	423,360	570,824
Series A Convertible Preferred Stock
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from calculation of net loss per share	97,000	97,000
Series B Convertible Preferred Stock
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from calculation of net loss per share	1,932,667	1,932,667

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment losses related to credit losses	$ 0	$ 0	$ 0	$ 0
Restricted security deposit	5,450		5,450
Cash and cash equivalents	110,768	132,469	110,768	132,469	$ 163,078
Restricted cash	6,005	5,944	6,005	5,944	6,000
Total cash, cash equivalents and restricted cash	116,773	$ 138,413	$ 116,773	$ 138,413	$ 169,058	$ 122,053
Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Customer payment term			45 days
Maximum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Customer payment term			105 days
Commercial manufacturing facility
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Security deposit	5,450		$ 5,450
Decrease in letters of credit			1,000
Commercial manufacturing facility \| Minimum
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Security deposit	$ 1,500		$ 1,500

CASH EQUIVALENTS AND INVESTMENTS

6 Months Ended

Jun. 30, 2026

CASH EQUIVALENTS AND INVESTMENTS

CASH EQUIVALENTS AND INVESTMENTS

NOTE 3. CASH EQUIVALENTS AND INVESTMENTS

The amortized cost and fair value of cash equivalents and investments as of June 30, 2026 and December 31, 2025 were as follows (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized
As of June 30, 2026	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	186,980	$	—	$	(74)	$	186,906
Money market funds		61,130		—		—		61,130
Total investments	$	248,110	$	—	$	(74)	$	248,036


			Gross		Gross
	Amortized		Unrealized		Unrealized
As of December 31, 2025	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	133,839	$	63	$	—	$	133,902
Money market funds		60,468		—		—		60,468
Total investments	$	194,307	$	63	$	—	$	194,370

The fair value of cash equivalents and investments as of June 30, 2026 and December 31, 2025, are classified as follows in the Company’s condensed consolidated balance sheets (in thousands):


	June 30,			December 31,
Classified as:	2026			2025
Cash equivalents	$	61,130		$	60,468
Short-term investments		186,906			133,902
Total investments	$	248,036		$	194,370

Cash equivalents in the tables above exclude cash demand deposits of $49.6 million and $102.6 million as of June 30, 2026 and December 31, 2025, respectively. Unrealized gains and losses are included in accumulated other comprehensive loss, and as of June

30, 2026 and December 31, 2025, no unrealized losses on available-for-sale securities have resulted from credit risk. All available-for-sale securities held as of June 30, 2026 and December 31, 2025 had contractual maturities of less than one year. No available-for-sale securities held as of the periods presented have been in a continuous unrealized loss position for more than 12 months. To date, the Company has not recorded any impairment charges on its investments.

Recurring Fair Value Measurements

As of June 30, 2026 and December 31, 2025, the fair value of the Company’s financial assets that are measured at fair value on a recurring basis, which consist of cash equivalents and short-term and long-term investments classified as available-for-sale securities, are categorized in the table below based upon the lowest level of significant input to the valuations (in thousands):


		Assets at Fair Value as of June 30, 2026
		Level 1			Level 2			Level 3			Total
U.S. treasury securities		$	186,906		$	—		$	—		$	186,906
Money market funds			61,130			—			—			61,130
Total investments		$	248,036		$	—		$	—		$	248,036


		Assets at Fair Value as of December 31, 2025
		Level 1			Level 2			Level 3			Total
U.S. treasury securities		$	133,902		$	—		$	—		$	133,902
Money market funds			60,468			—			—			60,468
Total		$	194,370		$	—		$	—		$	194,370

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS' EQUITY

Schedule of status of stock options


				Weighted
		Weighted		Average
	Number	Average		Remaining		Aggregate
	of	Exercise		Contract		Intrinsic
	Options	Price		Life (Years)		Value
Outstanding at December 31, 2025	18,025,891	$	15.05
Issued	508,660		3.46
Exercised	(8,632)		3.06
Expired/Cancelled	(959,598)		12.55
Outstanding at June 30, 2026	17,566,321	$	14.85	5.15		$	3,999,471
Ending vested and expected to vest at June 30, 2026	17,566,321	$	14.85	5.15		$	3,999,471
Options exercisable at June 30, 2026	14,570,654	$	17.08	4.35		$	662,461

Schedule of RSU activity including PRSUs


		Weighted
	Number	Average
	of	Grant Date
	RSUs and PRSUs	Fair Value
Outstanding at December 31, 2025	9,080,465	$	7.71
Granted	7,899,200		5.32
Vested/Released	(2,904,310)		7.24
Canceled/Forfeited	(1,363,827)		6.68
Outstanding at June 30, 2026	12,711,528	$	6.44
Ending vested and expected to vest at June 30, 2026	12,010,433	$	6.53

Schedule of stock-based compensation by type of award

Total stock-based compensation expense by type of award was as follows (in thousands):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Stock option expense		$	1,656		$	3,485		$	3,978		$	7,278
Restricted stock expense			9,847			11,128			18,539			29,880
ESPP expense			230			330			485			700
Total stock-based compensation expense		$	11,733		$	14,943		$	23,002		$	37,858

CASH EQUIVALENTS AND INVESTMENTS - Narrative (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026 USD ($)	Dec. 31, 2025 USD ($)
CASH EQUIVALENTS AND INVESTMENTS
Cash equivalents total	$ 61,130	$ 60,468
Unrealized losses on available-for-sale	$ 0	0
Number of investments in debt securities in continuous unrealized loss position for more than 12 months	0
Demand Deposits
CASH EQUIVALENTS AND INVESTMENTS
Cash equivalents total	$ 49,600	$ 102,600

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Total revenue	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Amtagvi
REVENUE
Total revenue	$ 90,721	$ 54,074	$ 150,943	$ 97,645
Proleukin
REVENUE
Total revenue	$ 8,592	$ 5,878	$ 19,800	$ 11,631

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

REVENUE (Tables)

6 Months Ended

Jun. 30, 2026

REVENUE

Schedule of disaggregation of revenue

Net revenue for the periods presented represents sales of Amtagvi^® and Proleukin^®as follows (in thousands):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
Amtagvi^®	$	90,721		$	54,074	$	150,943		$	97,645
Proleukin^®		8,592			5,878		19,800			11,631
Total net revenue	$	99,313		$	59,952	$	170,743		$	109,276

Consolidated net product revenue by geographic area for the periods presented is as follows (in thousands):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
United States	$	98,967		$	58,605	$	169,439		$	107,125
Rest of world		346			1,347		1,304			2,151
Net revenue	$	99,313		$	59,952	$	170,743		$	109,276

Schedule of GTN adjustments recorded in revenue

Revenue from product sales was recorded net of GTN adjustments. The following table summarizes GTN adjustments for the periods presented (in thousands):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
Gross revenue	$	100,663		$	60,866	$	173,206		$	110,519
GTN adjustments:
Government rebates and chargebacks		(152)			(152)		(303)			(297)
Wholesaler fees and cash discounts		(849)			(618)		(1,572)			(787)
Other rebates, returns, discounts and adjustments		(349)			(144)		(588)			(159)
Total GTN adjustments		(1,350)			(914)		(2,463)			(1,243)
Net revenue	$	99,313		$	59,952	$	170,743		$	109,276

Schedule of the amount and percentage of gross revenue attributable to customers that represented more than 10% of the Company's gross revenue and all other customers as a group

The following table summarizes the amount and percentage of gross revenue attributable to customers that represented more than 10% of the Company’s gross revenue and all other customers as a group for the three and six months ended June 30, 2026 and 2025, respectively (in thousands, except percentages):


	Three Months Ended				Six Months Ended
	June 30, 2026				June 30, 2026
	$		%		$		%
Customer A	$	*	0%		$	*	0%
Other customers		100,663	100%			173,206	100%
Gross revenue	$	100,663	100%		$	173,206	100%
GTN adjustments		(1,350)				(2,463)
Net revenue	$	99,313			$	170,743
* Represents customer below 10%

	Three Months Ended				Six Months Ended
	June 30, 2025				June 30, 2025
	$		%		$		%
Customer A	$	6,556	11%		$	*	0%
Other customers		54,310	89%			110,519	100%
Gross revenue	$	60,866	100%		$	110,519	100%
GTN adjustments		(914)				(1,243)
Net revenue	$	59,952			$	109,276
* Represents customer below 10%

LEGAL PROCEEDINGS (Details)						1 Months Ended
LEGAL PROCEEDINGS (Details)	Jun. 05, 2025 item	May 15, 2025 item	Sep. 11, 2024 shares	May 12, 2020 USD ($)	Apr. 08, 2016 USD ($) item	Nov. 30, 2012 USD ($)	Jun. 30, 2012 USD ($)
LEGAL PROCEEDINGS
Public offering \| shares			23,014,000
Equity claim				$ 47,420
Number of new claims filed \| item		2
Nominal defendant, number of new claims filed \| item	2
Solomon Capital LLC Litigation
LEGAL PROCEEDINGS
Proceeds from lawsuit filed						$ 200,000	$ 100,000
Face amount					$ 200,000
Debt instrument, convertible, number of equity instruments \| item					1,110
Reverse split ratio					0.01
Estimate of possible loss					$ 1,500,000
Damages claimed					$ 500,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Cash, Cash Equivalents, and Investments

Restricted Cash


		June 30,
		2026		2025
Cash and cash equivalents		$	110,768	$	132,469
Restricted cash			6,005		5,944
Total cash, cash equivalents and restricted cash		$	116,773	$	138,413

Asset Acquisitions

Inventory and Cost of Sales

Trade Accounts Receivable

Intangible Assets

Leases

For lease agreements entered into by the Company that include lease and non-lease components, such components are generally accounted for separately.

Revenue Recognition

Indirect taxes collected from customers and remitted to government authorities that are related to sales of the Company’s products, primarily in Europe, are excluded from revenues.

Stock-Based Compensation

Accrued Research and Development Costs

Selling, general, and administrative expense

Restructuring Charges

Net Loss per Share

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period.

As of June 30, 2026 and 2025, the following outstanding common stock equivalents have been excluded from the calculation of net loss per share because their impact would be anti-dilutive:


		June 30,
		2026		2025
Stock options		17,566,321		18,994,381
Restricted stock units		12,711,528		11,411,549
Employee Stock Purchase Plan		423,360		570,824
Series A Convertible Preferred Stock*		97,000		97,000
Series B Convertible Preferred Stock*		1,932,667		1,932,667
		32,730,876		33,006,421

* on an as-converted basis. (See Note 9 – Stockholders’ Equity)

Use of Estimates

Principles of Consolidation

Foreign Currency Translation

Segment Reporting

Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

CASH EQUIVALENTS AND INVESTMENTS - Cost and fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CASH EQUIVALENTS AND INVESTMENTS
Amortized Cost	$ 248,110	$ 194,307
Gross Unrealized Gains		63
Gross Unrealized Losses	(74)
Fair Value	248,036	194,370
U.S. treasury securities
CASH EQUIVALENTS AND INVESTMENTS
Amortized Cost	186,980	133,839
Gross Unrealized Gains		63
Gross Unrealized Losses	(74)
Fair Value	186,906	133,902
Money market funds
CASH EQUIVALENTS AND INVESTMENTS
Amortized Cost	61,130	60,468
Fair Value	$ 61,130	$ 60,468

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

PROPERTY AND EQUIPMENT, NET - (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	$ 187,852	$ 179,882
Less: Accumulated depreciation and amortization	(56,388)	(48,770)
Property and equipment, net	131,464	131,112
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	128,894	90,385
Lab, process, and validation equipment
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	31,994	31,499
Utility equipment
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	7,289	7,306
Office furniture and equipment
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	2,610	2,573
Computer software
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	8,512	8,512
Computer equipment
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	2,384	2,144
Machinery and equipment
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	613	1,814
Construction in progress
PROPERTY AND EQUIPMENT, NET
Total property and equipment, cost	$ 5,556	$ 35,649

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2026

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 10. SEGMENT INFORMATION

The Company operates in one segment, focusing on innovating, developing, and commercializing therapies using its autologous TIL cell therapies for patients with solid tumor cancers. The Company is executing the U.S. launch of Amtagvi^®, the first product within its autologous TIL cell therapy platform, while also marketing and distributing its Proleukin^® product used in the Amtagvi^® treatment regimen.

The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer, who uses net loss as measurement of segment loss and monitors results against budget to evaluate and assess performance of the Company and resource allocation within the Company. The measure of segment assets is reported on the balance sheet as total consolidated assets.

Beginning in the third quarter of 2025, the Company began separately presenting depreciation and amortization expense on the condensed consolidated statement of operations as well as in its internal reporting to the CODM. As a result, the Company has recast prior period amounts to align with the information that is used by the CODM.

The table below highlights the Company’s revenue, expenses and net loss for the segment and is reconciled to net loss on a consolidated basis for the three and six months ended June 30, 2026 and 2025.


	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in thousands)	2026			2025		2026			2025
Net sales	$	99,313		$	59,952	$	170,743		$	109,276

Cost of sales
Cost of goods sold (excluding depreciation and amortization) (a)	$	39,809		$	45,503	$	78,637		$	84,471
Stock-based compensation		1,536			2,149		2,555			4,569
Royalties		2,250			1,229		4,901			2,555
Total cost of sales	$	43,595		$	48,881	$	86,093		$	91,595

Expenses
Research and development	$	53,773		$	71,569	$	111,143		$	137,619
General and administrative		18,617			19,668		37,317			39,524
Sales and marketing		15,536			11,472		30,652			24,830
Depreciation and amortization		9,500			9,350		18,039			17,415
Other segment items (b)		5,607			10,670		13,859			26,114
Total expenses	$	103,033		$	122,729	$	211,010		$	245,502

Net loss	$	(47,315)		$	(111,658)	$	(126,360)		$	(227,821)


a)	Cost of goods sold represents inventory and period costs related to overhead, manufacturing costs of Amtagvi^®, and reserves associated with excess and obsolete inventory, as well as costs associated with the purchases and sales of Proleukin^®. Also included are manufacturing and period costs incurred for Amtagvi^® that do not meet specifications or a patient is unable to receive the infusion. For patients that can be administered Amtagvi^®as part of a clinical trial in an expanded or early access program, or single-patient investigational new drug submission, costs are recorded as research and development expenses based on the fact the Company receives clinical data related to these infusions. This category is provided to the CODM on a quarterly basis in comparison to that of previous quarters for review as these costs are controllable costs that indicate operating performance of the Company.
b)	Other segment items include costs that are not considered significant expense segments nor reviewed by the CODM on a regular basis. Such amount includes stock-based compensation expenses (excluding stock-based compensation included in cost of sales), interest income, other income and expenses, and income tax benefits.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

INTANGIBLE ASSETS, NET - Narrative (Details) - Proleukin £ in Millions, $ in Millions		3 Months Ended
	May 18, 2023	Mar. 31, 2024 USD ($)	Mar. 31, 2024 GBP (£)
INTANGIBLE ASSETS, NET
Deferred consideration term	12 years
Contingent consideration paid for acquisition		$ 52.6	£ 41.7
Finite-lived intangible assets		$ 17.5	£ 13.9
Developed technology
INTANGIBLE ASSETS, NET
Expected useful life of intangible assets	15 years
Weighted average amortization period	14 years 9 months 18 days
Assembled workforce
INTANGIBLE ASSETS, NET
Expected useful life of intangible assets	3 years
Weighted average amortization period	14 years 9 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

LEASES - Right-of-use asset and lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
LEASES
Operating lease right-of-use assets	$ 43,480	$ 45,899
Operating lease liabilities
Current portion included in current liabilities	2,673	4,043
Long-term portion included in non-current liabilities	43,330	44,401
Total operating lease liabilities	$ 46,003	$ 48,444

STOCKHOLDERS' EQUITY - Restricted Stock Units and Performance Restricted Stock Units (Details) - RSUs and PRSUs	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Shares
Outstanding, Beginning Balance \| shares	9,080,465
Granted \| shares	7,899,200
Vested/Released \| shares	(2,904,310)
Canceled/Forfeited \| shares	(1,363,827)
Outstanding, Ending balance \| shares	12,711,528
Ending vested and expected to vest \| shares	12,010,433
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 7.71
Weighted Average Grant Date Fair Value, Granted \| $ / shares	5.32
Weighted Average Grant Date Fair Value, Vested/Released \| $ / shares	7.24
Weighted Average Grant Date Fair Value, Canceled/forfeited \| $ / shares	6.68
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	6.44
Weighted Average Grant Date Fair Value, Ending vested and expected to vest \| $ / shares	$ 6.53

LICENSES AND AGREEMENTS - Estimated purchase obligations (Details) - Manufacturing and Supply Agreement With Boehringer Ingelheim Biopharmaceuticals GmbH - USD ($) $ in Millions	May 18, 2023	Jun. 30, 2026
LICENSES AND AGREEMENTS
Renewal term of agreement	2 years
Remainder of the year ending December 31, 2026		$ 15.1
Years ending December 31, 2027		16.4
Years ending December 31, 2028		$ 16.9

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended
	Jun. 30, 2026	Nov. 18, 2025	Aug. 22, 2025	Jun. 08, 2020	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 18, 2026	Jun. 10, 2026	Apr. 10, 2026	Apr. 09, 2026	Dec. 31, 2025	Jun. 10, 2025	Nov. 22, 2024	Nov. 21, 2024	Jun. 11, 2024	Feb. 26, 2024	Feb. 25, 2024	Jun. 06, 2023	Jun. 05, 2023	Mar. 13, 2023	Mar. 12, 2023	Jun. 10, 2022	Jan. 12, 2022	Jan. 11, 2022	Sep. 22, 2021	Apr. 22, 2018
STOCKHOLDERS' EQUITY
Common stock, shares authorized	650,000,000				650,000,000		650,000,000						650,000,000
Common stock, par or stated value per share	$ 0.000041666				$ 0.000041666		$ 0.000041666						$ 0.000041666
Common stock, shares issued	452,971,016				452,971,016		452,971,016						411,938,061
Common stock, shares outstanding	452,971,016				452,971,016		452,971,016						411,938,061
Proceeds from the issuance of common stock, net							$ 148,081	$ 162,009
Weighted average grant date fair value, options granted							$ 2.61
Common Stock
STOCKHOLDERS' EQUITY
Common stock sold in public offering					14,000,743	7,303,645	38,919,577	32,903,034
Conversion of convertible preferred stock into common stock (in Shares)								909,491
At the Market Offering Program
STOCKHOLDERS' EQUITY
Maximum percentage of commission		3.00%
2023 Sales Agreement
STOCKHOLDERS' EQUITY
Common stock sold in public offering						7,303,645
Proceeds from the issuance of common stock, net						$ 13,100
Weighted average price						$ 1.83
2025 sales Agreement
STOCKHOLDERS' EQUITY
Common stock sold in public offering					14,000,743
Maximum amount of shares to be issued			$ 350,000
Proceeds from the issuance of common stock, net			$ 260,300		$ 49,600
Remaining amount of shares									$ 89,700
Weighted average price					$ 3.61
Series A Convertible Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	17,000				17,000		17,000						17,000
Preferred stock, par or stated value per share	$ 0.001				$ 0.001		$ 0.001						$ 0.001
Conversion of stock, shares issued							500
Conversion of Stock, shares converted							0	0
Preferred stock, shares outstanding	194				194		194						194
Series A Convertible Preferred Stock \| Common Stock
STOCKHOLDERS' EQUITY
Common stock available in conversion, shares	97,000				97,000		97,000						97,000
Series A Convertible Preferred Stock \| Private Placement
STOCKHOLDERS' EQUITY
Preferred stock, par or stated value per share	$ 1,000				$ 1,000		$ 1,000
Convertible price per share							$ 2
Series B Convertible Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	11,500,000				11,500,000		11,500,000						11,500,000
Preferred stock, par or stated value per share	$ 0.001				$ 0.001		$ 0.001						$ 0.001
Conversion of stock, shares issued							1
Preferred stock, shares outstanding	1,932,667				1,932,667		1,932,667						1,932,667
Series B Convertible Preferred Stock \| Common Stock
STOCKHOLDERS' EQUITY
Common stock available in conversion, shares	1,932,667				1,932,667		1,932,667						1,932,667
Series B Convertible Preferred Stock \| Preferred Stock
STOCKHOLDERS' EQUITY
Conversion of convertible preferred stock into common stock (in Shares)							0	909,491
Series B Convertible Preferred Stock \| IPO
STOCKHOLDERS' EQUITY
Preferred stock, par or stated value per share	$ 4.75				$ 4.75		$ 4.75
Convertible price per share							$ 4.75
Blank check
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized	50,000,000				50,000,000		50,000,000
Stock option expense
STOCKHOLDERS' EQUITY
Total unrecognized compensation expense	$ 7,600				$ 7,600		$ 7,600
Unrecognized compensation cost recognition period							1 year 11 months 15 days
RSUs and PRSUs
STOCKHOLDERS' EQUITY
Total unrecognized compensation expense	58,700				58,700		$ 58,700
Unrecognized compensation cost recognition period							2 years 2 months 12 days
Aggregate intrinsic value of outstanding non-vested RSUs & PRSUs	$ 52,900				$ 52,900		$ 52,900
The 2018 Plan
STOCKHOLDERS' EQUITY
Shares authorized				14,000,000										49,200,000			36,700,000			29,700,000				20,700,000				6,000,000
Common stock, capital shares reserved for future issuance																				29,700,000				20,700,000
Number of shares available	12,928,758				12,928,758		12,928,758
2020 ESPP
STOCKHOLDERS' EQUITY
Shares authorized				500,000						3,900,000				2,900,000			1,900,000			1,400,000	500,000
Stock-based compensation expense					$ 200	$ 300	$ 500	$ 700
Unrecognized compensation cost recognition period	5 months 12 days
Percentage of purchase price				85.00%
Unrecognized compensation cost	$ 800				$ 800		$ 800
2021 Inducement Plan
STOCKHOLDERS' EQUITY
Shares authorized											6,000,000	4,750,000			4,750,000	2,750,000		2,750,000	2,250,000			2,250,000	1,750,000		1,750,000	1,000,000	1,000,000
Number of shares available	1,149,935				1,149,935		1,149,935

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 9. STOCKHOLDERS’ EQUITY

Common Stock

The Company’s certificate of incorporation, as amended, authorizes the issuance of up to 650,000,000 shares of the Company’s common stock, par value $0.000041666. As of June 30, 2026, 452,971,016 shares of the Company’s common stock were issued and outstanding.

At the Market Offering Program

On August 22, 2025, the Company entered into an Amended and Restated Open Market Sale Agreement (the “2025 Sale Agreement”) with Jefferies. Under the terms of the 2025 Sale Agreement, the Company may, from time to time, in its sole discretion, issue and sell through Jefferies, acting as a sales agent, up to $350.0 million of shares of the Company’s common stock (the “Common Shares”). The issuance and sale of approximately $260.3 million of Common Shares by the Company under the 2025 Sale Agreement was made pursuant to a prospectus supplement dated August 22, 2025 to the Company’s Registration Statement on Form S-3ASR, filed with the SEC on June 16, 2023. On June 18, 2026, the Company filed a new Registration Statement on Form S-3ASR with the SEC, which became effective immediately upon filing. In connection therewith, the issuance and sale, if any, of up to approximately $89.7 million of Common Shares by the Company under the 2025 Sale Agreement is being made pursuant to a prospectus supplement dated June 18, 2026 to the Company’s new Registration Statement on Form S-3ASR.

Pursuant to the 2025 Sale Agreement, Jefferies may sell the Common Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended. Jefferies will use commercially reasonable efforts consistent with its normal trading and sales practices to sell the Common Shares from time to time, based upon instructions from the Company (including any price or size limits or other customary parameters or conditions the Company may impose). The Company will pay Jefferies a commission of up to 3.0% of the gross sales proceeds of any Common Shares sold through Jefferies under the 2025 Sale Agreement.

The Company is not obligated to make any sales of Common Shares under the 2025 Sale Agreement. The offering of Common Shares pursuant to the 2025 Sale Agreement will terminate upon the earlier to occur of (i) the issuance and sale, through Jefferies, of all Common Shares subject to the 2025 Sale Agreement and (ii) termination of the 2025 Sale Agreement in accordance with its terms.

For the quarter ended June 30, 2026, the Company raised approximately $49.6 million in net proceeds, through the sale of 14,000,743 shares of common stock pursuant to the 2025 Sale Agreement at a weighted average price per share of $3.61. For the quarter ended June 30, 2025, the Company raised approximately $13.1 million in net proceeds, after offering costs, through the sale of 7,303,645 shares of common stock pursuant to the 2023 Sale Agreement at a weighted average price per share of $1.83.

Preferred Stock

The Company’s certificate of incorporation authorizes the issuance of up to 50,000,000 shares of “blank check” preferred stock. As of June 30, 2026, 17,000 shares were designated as Series A Convertible Preferred Stock and 11,500,000 shares were designated as Series B Convertible Preferred Stock.

Series A Convertible Preferred Stock

A total of 17,000 shares of Series A Convertible Preferred Stock have been authorized for issuance under the Company’s Certificate of Designation of Preferences and Rights of Series A Convertible Preferred Stock. The shares of Series A Convertible Preferred Stock have a stated value of $1,000 per share and are initially convertible into shares of common stock at a price of $2.00 per share, subject to adjustment. Each share of Series A Preferred Stock is initially convertible into 500 shares of common stock.

The Series A Convertible Preferred Stock may, at the option of each investor, be converted into fully paid and non-assessable shares of common stock. The holders of shares of Series A Convertible Preferred Stock do not have the right to vote on matters that come before the Company’s stockholders. In the event of any dissolution or winding up of the Company, proceeds shall be paid pari passu among the holders of common stock and preferred stock, pro rata based on the number of shares held by each holder. The Company may not declare, pay, or set aside any dividends on shares of capital stock of the Company (other than dividends on shares of common stock payable in shares of common stock) unless the holders of the Series A Convertible Preferred Stock shall first receive an equal dividend on each outstanding share of Series A Convertible Preferred Stock.

During the six months ended June 30, 2026, and 2025, no shares of Series A Convertible Preferred Stock were converted into shares of common stock. As of June 30, 2026 and December 31, 2025, 194 shares of Series A Convertible Preferred Stock (that are convertible into 97,000 shares of common stock) remained outstanding.

Series B Convertible Preferred Stock

A total of 11,500,000 shares of Series B Convertible Preferred Stock are authorized for issuance under the Company’s Series B Certificate of Designation of Rights, Preferences and Privileges of Series B Convertible Preferred Stock. The shares of Series B Convertible Preferred Stock have a stated value of $4.75 per share and are convertible into shares of the Company’s common stock at an initial conversion price of $4.75 per share. Each share of Series B Preferred Stock is initially convertible into 1 share of common stock.

The Series B Convertible Preferred Stock may, at the option of each investor, be converted into fully paid and non-assessable shares of common stock. The holders of Series B Convertible Preferred Stock do not have the right to vote on matters that come before the Company’s stockholders. In the event of any dissolution or winding up of the Company, proceeds shall be paid pari passu among the holders of common stock and preferred stock, pro rata based on the number of shares held by each holder. Holders of Series B Convertible Preferred Stock are entitled to dividends on an as-if-converted basis in the same form as any dividends actually paid on shares of the Series A Convertible Preferred Stock or the Company’s common stock. So long as any Series B Convertible Preferred Stock remains outstanding, the Company may not redeem, purchase, or otherwise acquire any material amount of the Series A Convertible Preferred Stock or any securities junior to the Series B Convertible Preferred Stock.

During the six months ended June 30, 2026, no shares of Series B Convertible Preferred Stock were converted into shares of common stock. During the six months ended June 30, 2025, 909,491 shares of Series B Convertible Preferred Stock were converted into 909,491 shares of common stock. As of June 30, 2026 and December 31, 2025, 1,932,667 shares of Series B Preferred Stock (that are convertible into 1,932,667 shares of common stock) remained outstanding.

Equity Incentive Plans

The Company has multiple equity incentive plans under which it grants awards.

As of June 11, 2024, the Company’s stockholders approved the termination of the 2014 Equity Incentive Plan (the “2014 Plan”). In addition, the Company’s stockholders approved the recapture by the 2018 Equity Incentive Plan (the “2018 Plan”) of awards granted under the 2014 Plan that expire, terminate, or are cancelled or forfeited without being settled, vested, or exercised after the stockholders’ approval.

On April 22, 2018, the Company’s Board of Directors (the “Board”) adopted the Iovance Biotherapeutics, Inc. 2018 Equity Incentive Plan, (the “2018 Plan”), which was approved by the Company’s stockholders in June 2018. The 2018 Plan as approved initially authorized the issuance up to an aggregate of 6,000,000 shares of common stock in the form of incentive (qualified) stock options, non-qualified options, common stock, stock appreciation rights, restricted stock awards, restricted stock units, other stock-based awards, other cash-based awards or any combination of the foregoing. On June 8, 2020, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares available for issuance upon the exercise of stock options under the 2018 Plan from 6,000,000 to 14,000,000 shares, which became effective immediately. Additionally on June 10, 2022, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares available for issuance upon the exercise of stock options under the 2018 Plan from 14,000,000 to 20,700,000 shares, which became effective immediately. On June 6, 2023, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares available for issuance under the 2018 Plan from 20,700,000 to 29,700,000 shares, which became effective immediately. On June 11, 2024, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares available for issuance under the 2018 Plan from 29,700,000 to 36,700,000 shares and permit share recapture from the 2014 Plan, which became effective immediately. On June 10, 2025, the Company’s stockholders approved an amendment to the 2018 Plan to increase the number of shares available for issuance under the 2018 Plan from 36,700,000 to 49,200,000 shares and permit share recapture from the 2014 Plan, which became effective immediately. As of June 30, 2026, 12,928,758 shares of common stock were available for grant under the 2018 Plan, including shares recaptured from the 2014 Plan.

On September 22, 2021, the Board adopted the Iovance Biotherapeutics, Inc. 2021 Inducement Plan (the “2021 Inducement Plan”). The 2021 Inducement Plan provides for the grant of non-qualified options, common stock, stock appreciation rights, restricted stock awards, restricted stock units, other stock-based awards, other cash-based awards, or any combination of the foregoing. The 2021 Inducement Plan was recommended for approval by the Compensation Committee of the Board (the “Compensation Committee”) and subsequently approved and adopted by the Board without stockholder approval pursuant to Rule 5635(c)(4) of the rules and regulations of The Nasdaq Stock Market LLC (the “Nasdaq Listing Rules”).

The Board initially reserved 1,000,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the 2021 Inducement Plan, and the 2021 Inducement Plan is administered by the Compensation Committee. On January 12, 2022, the Compensation Committee approved an amendment to the 2021 Inducement Plan solely to increase the number of shares reserved for issuance under the 2021 Inducement Plan from 1,000,000 shares of the Company’s common stock to 1,750,000 shares of the Company’s common stock without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

The Compensation Committee approved additional amendments to the 2021 Inducement Plan solely to increase the number of shares reserved for issuance under the 2021 Inducement Plan from 1,750,000 to 2,250,000 shares of the Company’s common stock on March 13, 2023 from 2,250,000 to 2,750,000 shares of the Company’s common stock on February 26, 2024, from 2,750,000 shares to 4,750,000 shares on November 22, 2024, and from 4,750,000 shares to 6,000,000 shares on April 10, 2026, without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, equity awards under the 2021 Inducement Plan may only be made to an employee if such employee is granted such equity awards in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. In addition, awards under the 2021 Inducement Plan may only be made to employees who have not previously been an employee or member of the Board (or any parent or subsidiary of the Company) or following a bona fide period of non-employment of the employee by the Company (or a parent or subsidiary of the

Company). As of June 30, 2026, 1,149,935 shares of the Company’s common stock were available for grant under the Inducement Plan.

Stock Options

A summary of the status of stock options as of June 30, 2026 and the changes during the six months ended June 30, 2026 are presented in the following table:


				Weighted
		Weighted		Average
	Number	Average		Remaining		Aggregate
	of	Exercise		Contract		Intrinsic
	Options	Price		Life (Years)		Value
Outstanding at December 31, 2025	18,025,891	$	15.05
Issued	508,660		3.46
Exercised	(8,632)		3.06
Expired/Cancelled	(959,598)		12.55
Outstanding at June 30, 2026	17,566,321	$	14.85	5.15		$	3,999,471
Ending vested and expected to vest at June 30, 2026	17,566,321	$	14.85	5.15		$	3,999,471
Options exercisable at June 30, 2026	14,570,654	$	17.08	4.35		$	662,461

As of June 30, 2026, there was $7.6 million of total unrecognized compensation expense related to unvested employee stock options. The unrecognized compensation expense is estimated to be recognized over a period of 1.96 years as of June 30, 2026. The weighted average grant date fair value for employee options granted under the Company’s stock option plans during the six months ended June 30, 2026, was $2.61 per option.

The aggregate intrinsic value in the table above reflects the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the quarter ended June 30, 2026 and the exercise price of the options, multiplied by the number of in-the-money stock options) that would have been received by the option holders had all option holders exercised their options on June 30, 2026. The intrinsic value of the Company’s stock options changes based on the closing price of the Company’s common stock.

Employee Stock Purchase Plan

In June 2020, the Company adopted the 2020 ESPP upon its approval by the Company’s shareholders at its Annual Stockholders Meeting on June 8, 2020. The Company reserved 500,000 shares of its common stock for issuance under the 2020 ESPP. On June 6, 2023, the Company's stockholders approved an amendment to the 2020 ESPP to increase the number of shares reserved for issuance under the 2020 ESPP from 500,000 shares of the Company’s common stock to 1,400,000 shares of the Company’s common stock, which became effective immediately. On June 11, 2024, the Company's stockholders approved an amendment to the 2020 ESPP, to increase the number of shares reserved for issuance under the 2020 ESPP from 1,400,000 to 1,900,000 shares of the Company’s common stock, which became effective immediately. On June 10, 2025, the Company’s stockholders approved an amendment to the 2020 ESPP, to increase the number of shares reserved for issuance under the 2020 ESPP from 1,900,000 to 2,900,000 shares of the Company’s common stock, which became effective immediately. On June 10, 2026, the Company’s stockholders approved an amendment to the 2020 ESPP, to increase the number of shares reserved for issuance under the 2020 ESPP from 2,900,000 to 3,900,000 shares of the Company’s common stock, which became effective immediately.

Under the 2020 ESPP, employees of the Company can purchase shares of its common stock based on a percentage of their compensation subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of its common stock on the offering date or the purchase date with a six-month look-back feature. The 2020 ESPP purchases are settled with common stock from the 2020 ESPP’s previously authorized and available pool of shares.

The compensation expense related to the 2020 ESPP for the three and six months ended June 30, 2026 was $0.2 million and $0.5 million, respectively. The compensation expense related to the 2020 ESPP for the three and six months ended June 30, 2025 was $0.3 million and $0.7 million, respectively. As of June 30, 2026, there was $0.8 million of unrecognized compensation cost associated with the 2020 ESPP, which is expected to be recognized over the remaining 5.4 months.

Restricted Stock Units and Performance Restricted Stock Units

In addition to RSUs that have time-based vesting requirements, from time to time the Company may issue RSUs that include certain performance vesting criteria based upon the satisfaction of stated objectives (“PRSUs”). Compensation expense related to PRSUs is based on the grant date fair value of the award and recorded from the period that achievement is determined to be probable through the stated service period associated with the award. Upon vesting of the RSUs, the Company withholds shares to cover the withholding taxes due upon vesting. Such withheld shares are considered retired and no longer available under the Company’s 2018 Plan, but such shares are not canceled and remain available to be issued for other purposes.

Activity for RSUs as of June 30, 2026 and the changes during the six months ended June 30, 2026 are presented in the following table:


		Weighted
	Number	Average
	of	Grant Date
	RSUs and PRSUs	Fair Value
Outstanding at December 31, 2025	9,080,465	$	7.71
Granted	7,899,200		5.32
Vested/Released	(2,904,310)		7.24
Canceled/Forfeited	(1,363,827)		6.68
Outstanding at June 30, 2026	12,711,528	$	6.44
Ending vested and expected to vest at June 30, 2026	12,010,433	$	6.53

As of June 30, 2026, there was $58.7 million of unrecognized stock-based compensation expense associated with unvested RSUs, which the Company expects to recognize over a remaining weighted-average period of 2.20 years. The aggregate intrinsic value of the unvested RSUs and PRSUs outstanding as of June 30, 2026 was $52.9 million.

Stock-Based Compensation

Total stock-based compensation expense by type of award was as follows (in thousands):


		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2026			2025			2026			2025
Stock option expense		$	1,656		$	3,485		$	3,978		$	7,278
Restricted stock expense			9,847			11,128			18,539			29,880
ESPP expense			230			330			485			700
Total stock-based compensation expense		$	11,733		$	14,943		$	23,002		$	37,858

The amount included in capitalized inventory for stock-based compensation expense for personnel engaged with manufacturing activities was $1.1 million as of June 30, 2026, and $0.6 million as of December 31, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2026	Jul. 29, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-36860
Entity Registrant Name	IOVANCE BIOTHERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-3254381
Entity Address, Address Line One	825 Industrial Road, Suite 100
Entity Address, City or Town	San Carlos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	260-7120
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.000041666
Trading Symbol	IOVA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		452,971,432
Entity Central Index Key	0001425205
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

REVENUE - Concentration (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE - Concentration (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
Gross revenue	$ 100,663	$ 60,866	$ 173,206	$ 110,519
GTN adjustments	(1,350)	(914)	(2,463)	(1,243)
Total revenue	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Revenue \| Customer concentration
REVENUE
Gross revenue	$ 100,663	$ 60,866	$ 173,206	$ 110,519
Concentration risk (in percent)	100.00%	100.00%	100.00%	100.00%
Revenue \| Customer concentration \| Customer A
REVENUE
Gross revenue		$ 6,556
Concentration risk (in percent)	0.00%	11.00%	0.00%	0.00%
Revenue \| Customer concentration \| Other customers
REVENUE
Gross revenue	$ 100,663	$ 54,310	$ 173,206	$ 110,519
Concentration risk (in percent)	100.00%	89.00%	100.00%	100.00%

LEASES

6 Months Ended

Jun. 30, 2026

LEASES

LEASES

NOTE 12. LEASES

Operating Leases

The Company leases corporate office space in San Carlos, California, manufacturing, research and development lab facilities and office space in Philadelphia, Pennsylvania, including 136,000 square feet of commercial manufacturing and lab space at the iCTC, and research and development lab facilities in Tampa, Florida. The determination whether an arrangement is a lease occurs at inception, and for leases with terms greater than 12 months, the Company records a related right-of-use asset and lease liability at the present value of lease payments over the term. Many leases include fixed rental escalation clauses, renewal options and/or termination options that are factored into the determination of lease payments when appropriate. The Company’s leases do not provide an implicit rate, and thus the Company estimated the incremental borrowing rate in calculating the present value of the lease payments.

The Company’s leases have remaining lease terms that range from less than one year to approximately 16 years. Some of the Company’s leases include one or more options to renew with renewal terms that can extend the lease for additional years, or options to terminate the leases, both at the Company’s discretion. The Company’s leases may include options to extend or terminate the lease, which is considered in the lease term when it is reasonably certain that the Company will exercise any such options. Lease expense for minimum lease payments is recognized on a straight-line basis based on the fixed components of a lease arrangement.

Variable lease cost is determined based on performance or usage in accordance with the contractual agreements, and not based on an index or rate. Such costs that are not fixed in nature are recognized as incurred.

The Company also leases certain furniture and equipment that has a lease term of 12 months or less. Since the lease agreements do not include an option to purchase the underlying asset, the Company elected not to apply the recognition requirements of Topic 842 for short-term leases, however, the lease costs that pertain to the short-term leases are disclosed in the components of lease costs table below.

Headquarters Office Lease

On November 15, 2024, the Company entered into a sublease agreement (the “Headquarters Lease”) to relocate its office within the same building of its former San Carlos headquarters to lease approximately 16,731 square feet office space with the lease term of 24 months. The Headquarters Lease commenced on December 15, 2024 and includes two options to extend the terms of the lease for 12 months each, exercisable under certain conditions and at a rate increase by 3% from the applicable monthly base rent of approximately $0.1 million. Upon the commencement date, the Company recognized operating lease liabilities and right-of-use assets of $2.3 million.

Simultaneously, the Company entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises with its landlord related to its lease for its then existing and now former headquarters location to surrender 49,918 square feet office and laboratory space and paid an early lease termination payment to its landlord of $0.6 million and $2.5 million of related brokerage fees. In accordance with ASC 842, the termination of this lease resulted in derecognition of right-of-use assets and corresponding lease liabilities of $13.7 million and $22.3 million, respectively, which resulted in a $8.6 million gain, partially offset by the aforementioned lease termination related fees, recorded as interest and other income, net in the consolidated statement of operations for the year ended December 31, 2024.

In addition, as a result of the early termination of the former headquarters lease, the Company impaired approximately $7.4 million of long-lived assets, which included leasehold improvements, and furniture and fixtures, previously funded by the landlord through a tenant improvement allowance for the former corporate headquarters office lease (as discussed further below), and is included in the research and development expenses and selling, general, and administrative expenses in the consolidated statement of operations for the year ended December 31, 2024.

Manufacturing Contracts

The Company uses contract manufacturing organizations (collectively, the “CMOs” and each a “CMO”) to manufacture and supply TILs for clinical and commercial purposes. The CMO contractual obligations consist of the use of manufacturing facilities and minimum fixed commitment fees, such as personnel, general support fees, and minimum production or material fees. In addition to the minimum fixed commitment fees, the CMO contractual obligations include variable costs such as production and material costs in excess of the minimum quantity specified in each CMO agreement. During the term of each CMO agreement, the Company has access to and control of the use of a dedicated suite in each of the CMOs’ facilities for manufacturing activities. The contracts with CMOs generally contain embedded operating leases based on the fact that the suites are used for the Company’s production are implicitly identified, are used exclusively by the Company during the contractual term of the arrangements, and the CMOs have no substantive contractual rights to substitute the facilities used by the Company.

Further, the Company controls the use of the facilities by obtaining all of the economic benefits from the use of the facilities and directs the use of the facilities throughout the period of use. The terms of the CMO contracts include options to terminate the lease with advance notice of five to six months. The termination clauses and extension clauses are included in the calculation of the lease term for each of the CMOs when it is reasonably certain that it will not exercise such options.

For contracts with multiple deliverables, Topic 842 requires the Company to first identify a lease deliverable and non-lease deliverable included in the arrangements, and then allocate the fixed contractual consideration to the lease deliverable(s) and the non-lease deliverable(s) on a relative standalone selling price basis to determine the amount of operating lease right-of-use assets and liabilities. The Company identified the use of a dedicated suite as a single lease deliverable, and related labor services as a single non-lease deliverable in each of the CMO arrangements. Judgment is required to determine the relative standalone selling price of each deliverable as the observable standalone selling prices are not readily available. Therefore, management uses estimates and assumptions in determining relative standalone selling price of lease of a suite and labor service using information that includes market and other observable inputs to the extent possible.

The balance sheet classification of the Company’s right-of-use asset and lease liabilities was as follows (in thousands):


		June 30,			December 31,
		2026			2025
Operating lease right-of-use assets		$	43,480		$	45,899
Operating lease liabilities
Current portion included in current liabilities		$	2,673		$	4,043
Long-term portion included in non-current liabilities			43,330			44,401
Total operating lease liabilities		$	46,003		$	48,444

The following table summarizes components of lease expenses, which were included in total expenses in the Company’s condensed consolidated statements of operations and in inventory in the condensed consolidated balance sheets, and other information related to the Company’s operating leases as follows (in thousands, except weighted-average remaining lease terms and discount rates):


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026			2025
Operating lease cost		$	1,774	$	3,925	$	4,548		$	7,893
Variable lease cost			421		639		929			1,582
Short-term lease cost			58		79		130			183
Total lease cost		$	2,253	$	4,643	$	5,607		$	9,658

Other information
Cash paid for amounts included in the measurement of lease liabilities included in cash flows from operations		$	1,644	$	3,620	$	4,568		$	7,830
Increase (decrease) in right-of-use assets from lease modifications		$	—	$	1,925	$	359		$	496
Weighted-average remaining lease terms (years)							14.02			13.59
Weighted-average discount rates							7.5	%		7.7	%

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows (in thousands):



	Facility
Year Ending December 31,	leases			Total
2026	$	3,303		$	3,303
2027		5,469			5,469
2028		5,016			5,016
2029		4,838			4,838
2030		4,610			4,610
Thereafter		53,393			53,393
Total lease payments	$	76,629		$	76,629
Less: Present value adjustment		(30,626)			(30,626)
Operating lease liabilities	$	46,003		$	46,003

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ACCRUED EXPENSES
Accrued payroll and employee related expenses	$ 30,687	$ 33,780
Clinical related	17,049	32,788
Manufacturing related	7,914	18,018
Facilities related	3,347	6,447
Legal and related services	1,535	1,416
Inventory and distribution related	11,662	13,574
Other accrued expenses	5,770	5,133
Total accrued expenses	$ 77,964	$ 111,156

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CASH EQUIVALENTS AND INVESTMENTS - Fair value of company's financial assets (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CASH EQUIVALENTS AND INVESTMENTS
Total	$ 248,036	$ 194,370
U.S. treasury securities
CASH EQUIVALENTS AND INVESTMENTS
Total	186,906	133,902
Money market funds
CASH EQUIVALENTS AND INVESTMENTS
Total	61,130	60,468
Level 1
CASH EQUIVALENTS AND INVESTMENTS
Total	248,036	194,370
Level 1 \| U.S. treasury securities
CASH EQUIVALENTS AND INVESTMENTS
Total	186,906	133,902
Level 1 \| Money market funds
CASH EQUIVALENTS AND INVESTMENTS
Total	$ 61,130	$ 60,468

INVENTORY (Details) - USD ($) $ in Thousands	6 Months Ended
INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
INVENTORY
Raw materials	$ 30,789	$ 31,682
Work in process	9,163	5,044
Finished goods	21,855	22,827
Total inventory	61,807	59,553
Excess and obsolescence reserve	15,700
Inventory as long-term other assets	$ 6,200	$ 7,900

LEGAL PROCEEDINGS

6 Months Ended

Jun. 30, 2026

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS

NOTE 13. LEGAL PROCEEDINGS

Shumacher Derivative Lawsuit. On December 11, 2020, a purported stockholder derivative complaint was filed by plaintiff Leo Shumacher against the Company, as nominal defendant, and then current directors, as defendants, in the Court of Chancery in the State of Delaware (the “Court of Chancery”). The complaint alleges breach of fiduciary duty and a claim for unjust enrichment in connection with alleged excessive compensation of certain non-executive directors of the Company and seeks unspecified damages on behalf of the Company. The parties agreed to a proposed settlement, which was submitted to the Court of Chancery on June 15, 2022. After a hearing on November 17, 2022, the Court of Chancery required the parties to take additional steps before it would approve the settlement. The Company, as nominal defendant, and its current directors, as defendants, answered the complaint on February 3, 2023. The parties agreed to a revised proposed settlement, which was submitted to the Court of Chancery on March 12, 2024. On January

17, 2025, a non-party stockholder (The Paul Berger Revocable Trust), which objected to the revised proposed settlement, filed a derivative complaint and letter with the Court suggesting consolidation. On May 29, 2025, the Court issued an order consolidating the cases and appointing the Paul Berger Revocable Trust as lead plaintiff and its counsel as lead counsel. On September 2, 2025, the plaintiff filed a consolidated complaint in the matter, now captioned In re: Iovance Biotherapeutics, Inc. Stockholder Litigation. The defendants filed a motion to dismiss certain claims in the consolidated complaint on November 24, 2025, the plaintiff’s response to which will be filed after resolution of certain discovery issues. The Company intends to vigorously defend against this matter.

Ohio Laborers Derivative Lawsuit. On September 11, 2024, a purported stockholder derivative complaint was filed by plaintiff Northern California Pipe Trades Trust Fund against the Company, as nominal defendant, and certain directors, as defendants, in the Court of Chancery. The complaint alleges breach of fiduciary duty in connection with the February 2024 underwritten public offering of 23,014,000 shares of the Company’s common stock. On November 22, 2024, the defendants filed a motion to dismiss the complaint. On December 5, 2024, the plaintiff filed an amended complaint adding an additional director defendant. On January 10, 2025, defendants filed a motion to dismiss the amended complaint. On February 3, 2025, the Court approved substitution of Laborers’ District Council and Contractors’ Pension Fund of Ohio (“Ohio Laborers”) as representative plaintiff. The plaintiff filed a motion for leave to file a second amended complaint on October 2, 2025. On October 21, 2025, the Court granted the parties’ stipulation allowing the plaintiff to file its second amended complaint, which it filed on October 22, 2025. The defendants filed a motion to dismiss the second amended complaint on December 12, 2025. On February 11, 2026, the plaintiff filed an opposition to the defendants’ motion to dismiss. The defendants filed their reply brief on March 18, 2026. The Company intends to vigorously defend against this complaint.

Solomon Capital, LLC. On April 8, 2016, a lawsuit (the “First Solomon Suit”) titled Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Lion Biotechnologies, Inc. was filed by Solomon Capital, LLC, Solomon Capital 401(k) Trust, Solomon Sharbat and Shelhav Raff (“Solomon Plaintiffs”) against the Company in the Supreme Court of the State of New York, County of New York (index no. 651881/2016) (the “court”). The Solomon Plaintiffs allege that, between June and November 2012, they provided the Company $0.1 million and that they advanced and paid on behalf of the Company an additional $0.2 million.

The complaint further alleges that the Company agreed to (i) provide them with promissory notes totaling $0.2 million, plus interest, (ii) issue a total of 1,110 shares to the Solomon Plaintiffs (after the 1-for-100 reverse split of the Company’s common stock effected in March 2013) (the “Equity Claim”), and (iii) allow the Solomon Plaintiffs to convert the foregoing funds into its securities in the next financing of the Company on the same terms offered to other investors, which Solomon Plaintiffs allege, should have given them the right to convert their advances and payments into shares of the Company’s common stock in the restructuring that took effect in May 2013. Based on the foregoing, the Solomon Plaintiffs allege causes for breach of contract and unjust enrichment and demand judgment against the Company in an unspecified amount exceeding $1.5 million, plus interest. On June 3, 2016, the Company filed an answer and counterclaims. The Company asserted counterclaims for fraudulent inducement, fraudulent misrepresentation, fraudulent concealment, breach of fiduciary duty, and breach of contract, alleging principally that the counterclaim defendants misrepresented their qualifications and failed to disclose that Solomon Sharbat was the subject of an investigation by the Financial Industry Regulatory Authority (“FINRA”) that resulted in the loss of his FINRA license.

In its counterclaims, the Company seeks damages in an amount exceeding $0.5 million and an order rescinding any and all agreements that the Solomon Plaintiffs contend entitled them to obtain shares of Company stock. On May 12, 2020, the court granted the Company’s motion for summary judgment limiting the Solomon Plaintiffs’ damages for the Equity Claim to $47,420. The Solomon Plaintiffs filed a notice of appeal of this summary judgment on June 9, 2020. On July 2, 2020, the court granted the Company’s motion to dismiss the First Solomon Suit for want of prosecution. On January 4, 2021, the court granted the Solomon Plaintiffs motion for reconsideration and reinstituted the case. On January 15, 2021, the Company filed a notice of appeal of the court’s grant of the Solomon Plaintiffs motion for reconsideration. On May 11, 2021, the Appellate Division upheld the court’s grant of the Solomon Plaintiffs’ motion for reconsideration of the dismissal of the First Solomon Suit for want of prosecution. On January 22, 2025, Solomon Sharbat and Shelhav Raff (through new legal counsel) filed a motion for leave to file an amended complaint in the First Solomon Suit, which the Company opposed. On March 10, 2025, the Company filed a motion for summary judgment, in the First Solomon Suit. Following oral argument on December 3, 2025, the court denied the Solomon Plaintiffs’ motion for leave to amend and granted the Company’s motion for summary judgment. The Solomon Plaintiffs filed a notice of appeal of the court’s decision to the Appellate Division on April 13, 2026. On July 17, 2026, the court clerk entered judgment in the Company’s favor, dismissing the Plaintiffs’ complaint with prejudice and the Company’s counterclaims without prejudice.

On September 27, 2019, the Solomon Plaintiffs filed a new lawsuit (through new legal counsel) (the “Second Solomon Suit”) titled Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff v. Iovance Biotherapeutics, Inc.,

f/k/a/ Lion Biotechnologies Inc. f/k/a/ Genesis Biopharma Inc., and Manish Singh in the Supreme Court of the State of New York, County of New York (index no. 655668/2019). In the Second Solomon Suit, the Solomon Plaintiffs allege that they are third party beneficiaries of a “finder’s fee agreement” that prior management entered into with a third party unlicensed entity in 2012 in connection with seeking financing, that an agreement or understanding existed between the Company and the plaintiffs that the plaintiffs would be paid fees and commissions (in cash and stock) if they obtained financing for the Company, and that they directly and indirectly introduced investors to the Company who invested in the Company, or were willing to invest in the Company. Finally, the Solomon Plaintiffs allege that they were promised a license to use the Company’s technology in Israel. The plaintiffs claim that the Company breached the foregoing understandings, promises and agreements and, as a result, they are entitled to certain damages. The Solomon Plaintiffs also allege that Manish Singh, the Company’s former Chief Executive Officer, committed fraud and took shares belonging to them.

On February 18, 2020, the Company filed a removal petition and removed the Second Solomon Suit to the U.S. District Court for the Southern District of New York (the “District Court”), where the case has been assigned case no. 1:20-cv-1391. On May 22, 2020, the Company moved to dismiss the Second Solomon Suit for lack of personal jurisdiction. On March 26, 2021, the District Court denied the Company’s motion to dismiss for lack of personal jurisdiction. The Company filed a response to the complaint in the Second Solomon Suit on April 30, 2021. On May 26, 2021, the Company and Singh filed motions for judgment on the pleadings with respect to the second and third claims asserted against the Company and all claims asserted against Singh, respectively, in the Second Solomon Suit. On January 5, 2022, the District Court granted the Company’s motions for judgment on the pleadings, dismissing the second and third claims against the Company and dismissing all claims against Singh. On January 4, 2023, the District Court granted in part the Company’s motion for sanctions against the Solomon Plaintiffs for violating Rule 11 of the Federal Rules of Civil Procedure, in a decision and order that dismissed the Solomon Plaintiffs’ first claim against the Company, denied the Solomon Plaintiffs’ motion for leave to amend the complaint, and ordered the Solomon Plaintiffs to pay the Company’s attorneys’ fees incurred in connection with the Rule 11 motion. Following the District Court’s decision and order on the Rule 11 motion, only the Solomon Plaintiffs’ fifth and sixth claims, for unjust enrichment and indemnification, respectively, remained pending against the Company. On October 26, 2023, the District Court granted the Company’s motion for summary judgment and dismissed the Solomon Plaintiffs’ fifth and sixth claims. On October 27, 2023, the District Court entered judgment for the Company and closed the Second Solomon Suit. On November 10, 2023, the Company filed a motion for attorneys’ fees as the prevailing party in the action. On December 1, 2023, the Solomon Plaintiffs filed a notice of appeal to the U.S. Court of Appeals for the Second Circuit appealing the District Court’s orders (a) granting the motions for judgment on the pleadings filed on behalf of Singh and the Company, (b) granting the Company’s Rule 11 motion, (c) denying the Solomon Plaintiffs’ motions to compel discovery and re-open discovery, and (d) granting the Company’s summary judgment motion. On December 22, 2023, the Company filed a motion for an order requiring the Solomon Plaintiffs to post an appeal bond, to ensure payment of the Company’s appellate fees and costs should the Company prevail on the appeal. On May 9, 2024, the District Court issued an order granting the Company’s motions for attorneys’ fees and for an appeal bond. On June 28, 2024, the Company filed motions to dismiss the appeal on the grounds that the Solomon Plaintiffs (a) do not have an opening brief on file, which the Second Circuit Court denied, and (b) have not filed an appeal bond. The District Court entered judgment in favor of the Company on September 23, 2024, including a monetary award pursuant to the District Court’s Rule 11 order and orders for attorneys’ fees and costs. On October 9, 2024, the Second Circuit Court stated that it will dismiss the appeal unless the Solomon Plaintiffs post the appeal bond by October 23, 2024. The Solomon Plaintiffs then moved for an extension of time until November 23, 2024 to post the appeal bond. The Company filed an opposition to the motion. The Second Circuit Court denied the Solomon Plaintiffs’ motion for an extension of time on November 7, 2024, and dismissed the appeal on November 8, 2024. On August 15, 2025, the Solomon Plaintiffs filed a motion to vacate or modify the Rule 11 sanctions order, which the District Court denied on September 4, 2025. On January 29, 2026, the Solomon Plaintiffs filed a motion for extension of time to appeal the District Court’s September 4, 2025 order and for a stay of collection efforts, which the Company opposed on February 4, 2026. On March 23, 2026, the District Court denied the Solomon Plaintiffs’ motion for extension of time to appeal.

The Company intends to vigorously defend these complaints and pursue its counterclaims, as applicable. At the current stage of the litigation, in both the First Solomon Suit and the Second Solomon Suit, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of these matters.

Securities Class Actions and Shareholder Derivative Cases. On May 15, 2025, two putative securities class actions were filed in the United States District Court for the Northern District of California (“Northern District of California”), captioned Sundaram v. Iovance Biotherapeutics, Inc., et al., No. 25-cv-04177 (“Sundaram”) and Farberov v. Iovance Biotherapeutics, Inc., et al., No. 25-cv-04199 (“Farberov”), naming the Company and certain of the Company’s officers as defendants. The complaints purport to assert claims against the defendants under Section 10(b) of the Securities Exchange Act of 1934 (the “1934 Act”), SEC Rule 10b-5, and Section 20(a) of the 1934 Act. The Sundaram action is on behalf of persons or entities who acquired the Company’s common stock between August 8, 2024 and May 8, 2025, and the Farberov action is on behalf of persons or entities who acquired the Company’s common

stock between May 9, 2024 and May 8, 2025. Each putative class action arises out of the Company’s quarterly disclosure of financial results on May 8, 2025, and the decline in the price of the Company’s common stock the following day, and involve allegations that during the respective class periods, defendants made materially false and misleading statements regarding the Company’s expected revenue for fiscal year 2025, which the plaintiffs claim artificially inflated the price of the Company’s common stock. The actions seek compensatory damages and costs and expenses incurred in the actions, including attorneys’ fees. On December 15, 2025, the court consolidated the class actions, now captioned In re Iovance Biotherapeutics, Inc. Securities Litigation, No. 25-cv-04177, and appointed lead plaintiff and plaintiffs’ counsel.

On June 5, 2025, two putative shareholder derivative lawsuits were filed in the Northern District of California, captioned Hollin v. Vogt, et al., 3:25-cv-04740 and Gera, et al. v. Vogt, et al., 3:25-cv-04794, purportedly brought on behalf of Iovance against certain current and former officers and directors of the Company. A third putative shareholder derivative lawsuit, captioned Bitton v. Bellemin, et. al., 3:25-cv-09701, was filed in the Northern District of California on November 12, 2025. Iovance is named as a nominal defendant in the complaints. The lawsuits contain allegations based on or similar to those in the putative securities class actions and claim, among other things, that the named individual defendants breached their fiduciary duties and violated Section 14(a) of the 1934 Act by issuing or causing the Company to issue false and misleading disclosures concerning the Company’s financial forecasts for fiscal year 2025. Before filing the complaints, the plaintiffs did not make a demand that the Company’s Board of Directors consider the claims therein. The lawsuits seek money damages, corporate governance reforms, restitution, punitive damages, and costs and expenses of the lawsuits, including attorneys’ fees. On December 15, 2025, the court consolidated the derivative lawsuits, now captioned In re Iovance Biotherapeutics, Inc. Derivative Litigation, No. 5:25-cv-04740, and appointed co-lead plaintiff and plaintiffs’ counsel. On March 24, 2026, the court granted the parties’ stipulation to stay the derivative litigation pending resolution of the securities litigation. The plaintiff in the securities litigation filed a consolidated amended complaint on April 15, 2026, which the Company moved to dismiss on June 15, 2026.

Based on the preliminary nature of the proceedings in these actions, the outcomes remain uncertain and we cannot estimate the potential impact, if any, on the Company’s business or financial statements at this time.

The Company has been and may continue to be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues amounts, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that it believes will result in a probable loss. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, management does not believe any pending matter will be resolved in a manner that would have a material adverse effect on its financial position, results of operations or cash flows.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482804/825-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-20/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

+ Details

ACCRUED EXPENSES (Tables)

6 Months Ended

Jun. 30, 2026

ACCRUED EXPENSES

Schedule of accrued expenses

Accrued expenses consist of the following (in thousands):


	June 30,			December 31,
	2026			2025
Accrued payroll and employee related expenses	$	30,687		$	33,780
Clinical related		17,049			32,788
Manufacturing related		7,914			18,018
Facilities related		3,347			6,447
Legal and related services		1,535			1,416
Inventory and distribution related		11,662			13,574
Other accrued expenses		5,770			5,133
Total accrued expenses	$	77,964		$	111,156

INVENTORY

6 Months Ended

Jun. 30, 2026

INVENTORY

INVENTORY

NOTE 5. INVENTORY

As of June 30, 2026, and December 31, 2025, inventory consists of the following (in thousands):


		June 30,		December 31,
		2026		2025
Raw materials	$	30,789	$	31,682
Work in process		9,163		5,044
Finished goods		21,855		22,827
Total inventory	$	61,807	$	59,553

Inventory includes $15.7 million for excess and obsolescence reserves recorded as of June 30, 2026, such reserve being primarily related to excess Proleukin^® inventory resulting from a manufacturer contract inherited in the Acquisition for which we cannot yet fully utilize the required purchase quantities while we scale the Amtagvi^® commercial launch.

Inventory expected to be used or sold more than twelve months from the balance sheet date is classified as long-term other assets on the condensed consolidated balance sheet. The Company recorded $6.2 million and $7.9 million of inventory as long-term other assets as of June 30, 2026, and December 31, 2025, respectively.

STOCKHOLDERS' EQUITY - Stock Options (Details) - Stock option expense - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2026
Number of Options
Outstanding, beginning balance	18,025,891
Issued	508,660
Exercised	(8,632)
Expired/Cancelled	(959,598)
Outstanding, ending balance	17,566,321
Ending vested and expected to vest	17,566,321
Options exercisable	14,570,654
Weighted Average Exercise Price
Outstanding, beginning balance	$ 15.05
Issued	3.46
Exercised	3.06
Expired/Cancelled	12.55
Outstanding, ending balance	14.85
Ending vested and expected to vest	14.85
Options exercisable	$ 17.08
Weighted Average Remaining Contractual Life (Years)
Options outstanding, remaining term	5 years 1 month 24 days
Ending vested and expected to vest, remaining term	5 years 1 month 24 days
Options exercisable, remaining term	4 years 4 months 6 days
Aggregate Intrinsic Value
Option at ending balance	$ 3,999,471
Ending vested and expected to vest	3,999,471
Option exercisable	$ 662,461

STOCKHOLDERS' EQUITY - Stock-based compensation by instrument (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
STOCKHOLDERS' EQUITY
Total stock-based compensation expense	$ 11,733	$ 14,943	$ 23,002	$ 37,858
Stock-based compensation expense			1,100		$ 600
Stock option expense
STOCKHOLDERS' EQUITY
Total stock-based compensation expense	1,656	3,485	3,978	7,278
Restricted stock expense
STOCKHOLDERS' EQUITY
Total stock-based compensation expense	9,847	11,128	18,539	29,880
ESPP expense
STOCKHOLDERS' EQUITY
Total stock-based compensation expense	$ 230	$ 330	$ 485	$ 700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) segment	Jun. 30, 2025 USD ($)
SEGMENT INFORMATION
Net sales	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Total cost of sales	43,595	48,881	86,093	91,595
Expenses
Research and development	58,851	77,928	121,338	153,895
General and administrative	39,272	37,567	78,221	81,366
Depreciation and amortization	9,500	9,350	18,039	17,415
Net Income (Loss)	$ (47,315)	$ (111,658)	$ (126,360)	$ (227,821)
Number of operating segment \| segment			1
Number of reportable segments \| segment			1
Other segment items	Other segment items include costs that are not considered significant expense segments nor reviewed by the CODM on a regular basis. Such amount includes stock-based compensation expenses (excluding stock-based compensation included in cost of sales), interest income, other income and expenses, and income tax benefits	Other segment items include costs that are not considered significant expense segments nor reviewed by the CODM on a regular basis. Such amount includes stock-based compensation expenses (excluding stock-based compensation included in cost of sales), interest income, other income and expenses, and income tax benefits	Other segment items include costs that are not considered significant expense segments nor reviewed by the CODM on a regular basis. Such amount includes stock-based compensation expenses (excluding stock-based compensation included in cost of sales), interest income, other income and expenses, and income tax benefits	Other segment items include costs that are not considered significant expense segments nor reviewed by the CODM on a regular basis. Such amount includes stock-based compensation expenses (excluding stock-based compensation included in cost of sales), interest income, other income and expenses, and income tax benefits
Single reportable segment
SEGMENT INFORMATION
Net sales	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Cost of goods sold (excluding depreciation and amortization)	39,809	45,503	78,637	84,471
Stock-based Compensation	1,536	2,149	2,555	4,569
Royalties	2,250	1,229	4,901	2,555
Total cost of sales	43,595	48,881	86,093	91,595
Expenses
Research and development	53,773	71,569	111,143	137,619
General and administrative	18,617	19,668	37,317	39,524
Sales and marketing	15,536	11,472	30,652	24,830
Depreciation and amortization	9,500	9,350	18,039	17,415
Other segment items	5,607	10,670	13,859	26,114
Total expenses	103,033	122,729	211,010	245,502
Net Income (Loss)	$ (47,315)	$ (111,658)	$ (126,360)	$ (227,821)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 110,768	$ 163,078
Trade accounts receivable	102,119	82,448
Short-term investments	186,906	133,902
Inventory	55,590	51,678
Prepaid expenses and other assets	8,874	11,583
Total Current Assets	464,257	442,689
Property and equipment, net	131,464	131,112
Intangible assets, net	263,894	279,324
Operating lease right-of-use assets	43,480	45,899
Restricted cash	6,005	5,980
Long-term assets	6,431	8,166
Total Assets	915,531	913,170
Current Liabilities
Accounts payable	26,211	22,159
Accrued expenses and other liabilities	77,964	111,156
Note payable - current		1,000
Operating lease liabilities	2,673	4,043
Total Current Liabilities	106,848	138,358
Non-Current Liabilities
Operating lease liabilities - non-current	43,330	44,401
Deferred tax liabilities	29,308	31,828
Total Non-Current Liabilities	72,638	76,229
Total Liabilities	179,486	214,587
Commitments and contingencies
Stockholders' Equity
Common stock, $0.000041666 par value; 650,000,000 shares authorized, 452,971,016 and 411,938,061 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	19	17
Accumulated other comprehensive income	13,078	16,440
Additional paid-in capital	3,624,836	3,457,654
Accumulated deficit	(2,901,890)	(2,775,530)
Total Stockholders' Equity	736,045	698,583
Total Liabilities and Stockholders' Equity	915,531	913,170
Series A Convertible Preferred Stock
Stockholders' Equity
Preferred stock, Value
Series B Convertible Preferred Stock
Stockholders' Equity
Preferred stock, Value	$ 2	$ 2

LEASES - Additional information (Details) $ in Thousands		6 Months Ended
LEASES - Additional information (Details) $ in Thousands	Nov. 15, 2024 USD ($) ft² item	Jun. 30, 2026 USD ($) ft²	Dec. 31, 2025 USD ($)
LEASES
Option to extend		true
Operating lease right-of-use assets		$ 43,480	$ 45,899
Minimum
LEASES
Term of contract in years		1 year
Maximum
LEASES
Term of contract in years		16 years
Office Space \| Minimum
LEASES
Term of contract in years		12 months
Office Space \| Philadelphia, Pennsylvania
LEASES
Area of land \| ft²		136,000
Furniture and equipment \| Maximum
LEASES
Term of contract in years		12 months
Sub Lease Agreement \| Office Space \| San Carlos, California
LEASES
Area of land \| ft²	16,731
Term of contract in years	24 months
Number of options to extend the lease \| item	2
Existence of option to extend lease	true
Renewal term in years	12 months
Percentage of increase in monthly base rent upon extension	3.00%
Monthly base rent	$ 100
Operating lease right-of-use assets	$ 2,300
New Headquarters Lease \| Office Space \| San Carlos, California
LEASES
Area of land surrendered \| ft²	49,918
Early termination payment	$ 600
Brokerage fees paid	2,500
Derecognition of operating lease right-of-use assets	13,700
Derecognition of operating lease liabilities	22,300
Gain on termination of lease	8,600
Impairment due to early termination	$ 7,400
Manufacturing Contracts \| Minimum
LEASES
Lease termination advance notice period		5 months
Manufacturing Contracts \| Maximum
LEASES
Lease termination advance notice period		6 months

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Operations
Total revenue	$ 99,313	$ 59,952	$ 170,743	$ 109,276
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Costs and expenses
Cost of sales	$ 43,595	$ 48,881	$ 86,093	$ 91,595
Research and development	58,851	77,928	121,338	153,895
Selling, general, and administrative	39,272	37,567	78,221	81,366
Depreciation and amortization	9,500	9,350	18,039	17,415
Total costs and expenses	151,218	173,726	303,691	344,271
Loss from operations	(51,905)	(113,774)	(132,948)	(234,995)
Other income
Interest and other income, net	3,217	4,104	4,550	7,324
Net Loss before income taxes	(48,688)	(109,670)	(128,398)	(227,671)
Income tax benefit (expense)	1,373	(1,988)	2,038	(150)
Net Loss	$ (47,315)	$ (111,658)	$ (126,360)	$ (227,821)
Net Loss Per Share of Common Stock, Basic (in dollars per share)	$ (0.11)	$ (0.33)	$ (0.29)	$ (0.69)
Net Loss Per Share of Common Stock, Diluted (in dollars per share)	$ (0.11)	$ (0.33)	$ (0.29)	$ (0.69)
Weighted Average Shares of Common Stock Outstanding, Basic (in shares)	450,189	334,511	434,437	328,721
Weighted Average Shares of Common Stock Outstanding, Diluted (in shares)	450,189	334,511	434,437	328,721
Non-cash stock-based compensation included in cost of sales and operating expenses
Non-cash stock-based compensation included in cost of sales	$ 1,536	$ 2,149	$ 2,555	$ 4,569
Non-cash stock-based compensation included in research and development	5,078	6,359	10,195	16,276
Non-cash stock-based compensation included in selling, general and administrative	5,119	6,435	10,252	17,013
Share-based Compensation	$ 11,733	$ 14,943	$ 23,002	$ 37,858

ACCRUED EXPENSES

6 Months Ended

Jun. 30, 2026

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE 8. ACCRUED EXPENSES

Accrued expenses consist of the following (in thousands):


	June 30,			December 31,
	2026			2025
Accrued payroll and employee related expenses	$	30,687		$	33,780
Clinical related		17,049			32,788
Manufacturing related		7,914			18,018
Facilities related		3,347			6,447
Legal and related services		1,535			1,416
Inventory and distribution related		11,662			13,574
Other accrued expenses		5,770			5,133
Total accrued expenses	$	77,964		$	111,156

REVENUE

6 Months Ended

Jun. 30, 2026

REVENUE

REVENUE

NOTE 6. REVENUE

Net revenue for the periods presented represents sales of Amtagvi^® and Proleukin^®as follows (in thousands):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
Amtagvi^®	$	90,721		$	54,074	$	150,943		$	97,645
Proleukin^®		8,592			5,878		19,800			11,631
Total net revenue	$	99,313		$	59,952	$	170,743		$	109,276

Revenue from Proleukin^® was primarily related to sales made to specialty distributors and authorized treatment centers (“ATCs”) in the U.S. market to support the commercialization of Amtagvi^®. Amtagvi^® revenue is recognized upon patient infusion, while Proleukin^® revenue is recognized upon transfer of control, either upon shipment or upon delivery to customers, which include specialty distributors, clinical manufacturers, research organizations, and ATCs.

Revenue from product sales was recorded net of GTN adjustments. The following table summarizes GTN adjustments for the periods presented (in thousands):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
Gross revenue	$	100,663		$	60,866	$	173,206		$	110,519
GTN adjustments:
Government rebates and chargebacks		(152)			(152)		(303)			(297)
Wholesaler fees and cash discounts		(849)			(618)		(1,572)			(787)
Other rebates, returns, discounts and adjustments		(349)			(144)		(588)			(159)
Total GTN adjustments		(1,350)			(914)		(2,463)			(1,243)
Net revenue	$	99,313		$	59,952	$	170,743		$	109,276

Consolidated net product revenue by geographic area for the periods presented is as follows (in thousands):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2026			2025		2026			2025
United States	$	98,967		$	58,605	$	169,439		$	107,125
Rest of world		346			1,347		1,304			2,151
Net revenue	$	99,313		$	59,952	$	170,743		$	109,276

Net product revenue in the U.S. is comprised of Amtagvi^® revenue, as well as Proleukin^® sales to support the ongoing commercialization of Amtagvi^®. Net product revenue to date for the rest of world is comprised of sales of Proleukin^® into markets outside of the U.S., primarily into European markets.


	Three Months Ended				Six Months Ended
	June 30, 2026				June 30, 2026
	$		%		$		%
Customer A	$	*	0%		$	*	0%
Other customers		100,663	100%			173,206	100%
Gross revenue	$	100,663	100%		$	173,206	100%
GTN adjustments		(1,350)				(2,463)
Net revenue	$	99,313			$	170,743
* Represents customer below 10%

	Three Months Ended				Six Months Ended
	June 30, 2025				June 30, 2025
	$		%		$		%
Customer A	$	6,556	11%		$	*	0%
Other customers		54,310	89%			110,519	100%
Gross revenue	$	60,866	100%		$	110,519	100%
GTN adjustments		(914)				(1,243)
Net revenue	$	59,952			$	109,276
* Represents customer below 10%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (47,315)	$ (111,658)	$ (126,360)	$ (227,821)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

LEASES - Maturities of the Company's operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
LEASES
2026	$ 3,303
2027	5,469
2028	5,016
2029	4,838
2030	4,610
Thereafter	53,393
Total lease payments	76,629
Less: Present value adjustment	(30,626)
Operating lease liabilities	46,003	$ 48,444
Facility leases
LEASES
2026	3,303
2027	5,469
2028	5,016
2029	4,838
2030	4,610
Thereafter	53,393
Total lease payments	76,629
Less: Present value adjustment	(30,626)
Operating lease liabilities	$ 46,003

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income taxes & Segment Reporting (Details)	6 Months Ended
	Jun. 30, 2026 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segments	1

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

LEASES

Schedule of balance sheet classification of the Company's right-of-use asset and lease liabilities

The balance sheet classification of the Company’s right-of-use asset and lease liabilities was as follows (in thousands):


		June 30,			December 31,
		2026			2025
Operating lease right-of-use assets		$	43,480		$	45,899
Operating lease liabilities
Current portion included in current liabilities		$	2,673		$	4,043
Long-term portion included in non-current liabilities			43,330			44,401
Total operating lease liabilities		$	46,003		$	48,444

Schedule of components of lease expenses


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026			2025
Operating lease cost		$	1,774	$	3,925	$	4,548		$	7,893
Variable lease cost			421		639		929			1,582
Short-term lease cost			58		79		130			183
Total lease cost		$	2,253	$	4,643	$	5,607		$	9,658

Other information
Cash paid for amounts included in the measurement of lease liabilities included in cash flows from operations		$	1,644	$	3,620	$	4,568		$	7,830
Increase (decrease) in right-of-use assets from lease modifications		$	—	$	1,925	$	359		$	496
Weighted-average remaining lease terms (years)							14.02			13.59
Weighted-average discount rates							7.5	%		7.7	%

Schedule of minimum lease commitments

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows (in thousands):



	Facility
Year Ending December 31,	leases			Total
2026	$	3,303		$	3,303
2027		5,469			5,469
2028		5,016			5,016
2029		4,838			4,838
2030		4,610			4,610
Thereafter		53,393			53,393
Total lease payments	$	76,629		$	76,629
Less: Present value adjustment		(30,626)			(30,626)
Operating lease liabilities	$	46,003		$	46,003

LEASES - Components of lease expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
LEASES
Operating lease cost	$ 1,774	$ 3,925	$ 4,548	$ 7,893
Variable lease cost	421	639	929	1,582
Short-term lease cost	58	79	130	183
Total lease cost	2,253	4,643	5,607	9,658
Cash paid for amounts included in the measurement of lease liabilities included in cash flows from operations	$ 1,644	3,620	4,568	7,830
Increase (decrease) in right-of-use assets from lease modifications		$ 1,925	$ 359	$ 496
Weighted-average remaining lease terms (years)	14 years 7 days	13 years 7 months 2 days	14 years 7 days	13 years 7 months 2 days
Weighted-average discount rates	7.50%	7.70%	7.50%	7.70%

INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

NOTE 4. INTANGIBLE ASSETS, NET

The gross carrying amounts and net book value of intangible assets as of June 30, 2026, and December 31, 2025, are as follows (in thousands):


	June 30,		December 31,
	2026		2025
Developed technology *	$	321,584	$	326,497
Assembled workforce *		678		688
Intellectual property license		7,500		7,500
Patents		475		475
Total intangible assets	$	330,237	$	335,160
Less: accumulated amortization *		(66,343)		(55,836)
Intangible assets, net	$	263,894	$	279,324
* Amounts are translated using the foreign exchange rates as of June 30, 2026 and December 31, 2025, respectively.

The Company recognized amortization expense of $5.7 million and $11.3 million during the three and six months ended June 30, 2026, and $5.7 million and $11.1 million during the three and six months ended June 30, 2025, respectively, excluding non-cash amortization expense of the fair value step-up acquired inventory.

The total estimated amortization of the Company’s intangible assets for the remainder of the year ending December 31, 2026, and the years ending December 31, 2027, 2028, 2029, and 2030 are $11.2 million, $22.5 million, $22.5 million, $22.5 million, and $22.5 million, respectively.

The developed technology and assembled workforce intangible assets were acquired in May 2023 through the Company's acquisition of the worldwide rights for Proleukin® (aldesleukin) from Clinigen Holdings Limited and its affiliates (the "Proleukin Acquisition"). The Proleukin Acquisition was accounted for as an asset acquisition under ASC 805. The developed technology is amortized over a useful life of 15 years based on fair value estimated using a multi-period excess earnings income approach. The assembled workforce is amortized over a useful life of 3 years based on fair value estimated using a replacement cost less depreciation method. The weighted average amortization period the developed technology and assembled workforce is 14.8 years.

The Proleukin Acquisition agreement provides for contingent cash payments consisting of (i) a milestone payment upon first approval of lifileucel in advanced melanoma, (ii) deferred consideration based on double-digit rates on global net sales over a deferred term consideration term of twelve-years, and (iii) after the deferred consideration term, earnout payments payable from the Company to sellers following the completion of the transaction if deferred consideration payments are equal or greater than the deferred consideration amount provided for in the agreement. These contingent payments are accounted for under ASC 450 and recognized when both probable and estimable.

During the first quarter of 2024, the Company made the milestone payment of $52.6 million (£41.7 million) upon approval of Amtagvi^®, which was capitalized and is being amortized over the remaining useful life of the developed technology. An additional $17.5 million (£13.9 million) was recorded to reflect the related deferred tax liability.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net Loss	$ (126,360)	$ (227,821)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	23,002	37,858
Unrealized foreign exchange loss (gain)	437	(97)
Amortization of intangible assets	11,432	11,465
Amortization of right of use asset	2,778	5,747
Depreciation and amortization of property and equipment	6,607	5,950
Deferred tax benefit	(2,038)	150
Excess and obsolescence reserve	2,808	8,311
Accretion of discounts and premiums on investments	(2,533)	(4,149)
Loss on asset disposals	670	44
Gain on loan forgiveness	(1,000)
Changes in assets and liabilities:
Prepaid expenses, other assets and long-term assets	4,444	(10,138)
Trade accounts receivable	(19,671)	9,402
Inventory	(5,108)	(7,187)
Operating lease liabilities	(2,800)	(5,590)
Accounts payable	4,070	2,945
Accrued expenses and other liabilities	(29,653)	1,969
Net cash used in operating activities	(132,915)	(171,141)
Cash Flows from Investing Activities
Maturities of investments	135,000	210,000
Purchase of investments	(185,607)	(166,619)
Purchase of property and equipment	(12,049)	(13,672)
Net cash provided by (used in) investing activities	(62,656)	29,709
Cash Flows from Financing Activities
Tax payments related to shares withheld for vested restricted stock units	(5,345)	(6,148)
Proceeds from the issuance of common stock under employee stock purchase plan	861	669
Proceeds from the issuance of common stock upon exercise of options	26	15
Proceeds from the issuance of common stock, net	148,081	162,009
Net cash provided by financing activities	143,623	156,545
Effect of foreign exchange rate changes	(337)	1,247
Net increase (decrease) in cash, cash equivalents and restricted cash	(52,285)	16,360
Cash, Cash Equivalents and Restricted Cash Beginning of Period	169,058	122,053
Cash, Cash Equivalents and Restricted Cash End of Period	116,773	138,413
Supplemental disclosure of non-cash investing and financing activities:
Net unrealized loss on investments	137	140
Acquisition of property and equipment included in accounts payable and accrued expenses	5,171	13,283
Conversion of convertible preferred stock to common stock		1
Increase in lease liabilities due to obtaining right-of-use assets from lease modifications	$ 359	$ 496

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Series A Convertible Preferred Stock Preferred Stock	Series B Convertible Preferred Stock Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2024		$ 3	$ 13	$ 3,095,987	$ (1,046)	$ (2,384,552)	$ 710,405
Beginning Balance (in Shares) at Dec. 31, 2024	194	2,842,158	305,252,194
Stock-based compensation expense				37,454			37,454
Common stock issued upon purchase of employee stock purchase plan				669			669
Common stock issued upon purchase of employee stock purchase plan (in shares)			355,708
Vesting of restricted shares issued for services (in shares)			4,141,748
Tax payments related to shares retired for vested restricted stock units				(6,148)			(6,148)
Tax payments related to shares retired for vested restricted stock units (in shares)			(1,645,397)
Common stock issued upon exercise of stock options				15			15
Common stock issued upon exercise of stock options (in shares)			2,586
Common stock sold in public and/or at the market offering, net of offering costs			$ 1	162,008			162,009
Common stock sold in public and/or at the market offering, net of offering costs (in shares)			32,903,034
Common stock issued from preferred stock conversion		$ (1)		1
Common stock issued from preferred stock conversion (in Shares)		(909,491)	909,491
Unrealized loss on investments					(140)		(140)
Foreign currency cumulative translation adjustment					22,045		22,045
Net Loss						(227,821)	(227,821)
Ending Balance at Jun. 30, 2025		$ 2	$ 14	3,289,986	20,859	(2,612,373)	698,488
Ending Balance (in Shares) at Jun. 30, 2025	194	1,932,667	341,919,364
Beginning Balance at Mar. 31, 2025		$ 2	$ 14	3,262,270	6,294	(2,500,715)	767,865
Beginning Balance (in Shares) at Mar. 31, 2025	194	1,932,667	333,934,387
Stock-based compensation expense				14,484			14,484
Common stock issued upon purchase of employee stock purchase plan				669			669
Common stock issued upon purchase of employee stock purchase plan (in shares)			355,708
Vesting of restricted shares issued for services (in shares)			583,120
Tax payments related to shares retired for vested restricted stock units				(504)			(504)
Tax payments related to shares retired for vested restricted stock units (in shares)			(257,496)
Common stock sold in public and/or at the market offering, net of offering costs				13,067			13,067
Common stock sold in public and/or at the market offering, net of offering costs (in shares)			7,303,645
Unrealized loss on investments					(30)		(30)
Foreign currency cumulative translation adjustment					14,595		14,595
Net Loss						(111,658)	(111,658)
Ending Balance at Jun. 30, 2025		$ 2	$ 14	3,289,986	20,859	(2,612,373)	698,488
Ending Balance (in Shares) at Jun. 30, 2025	194	1,932,667	341,919,364
Beginning Balance at Dec. 31, 2025		$ 2	$ 17	3,457,654	16,440	(2,775,530)	698,583
Beginning Balance (in Shares) at Dec. 31, 2025	194	1,932,667	411,938,061
Stock-based compensation expense				23,561			23,561
Common stock issued upon purchase of employee stock purchase plan				861			861
Common stock issued upon purchase of employee stock purchase plan (in shares)			448,277
Vesting of restricted shares issued for services (in shares)			2,904,310
Tax payments related to shares retired for vested restricted stock units				(5,345)			(5,345)
Tax payments related to shares retired for vested restricted stock units (in shares)			(1,247,841)
Common stock issued upon exercise of stock options				26			26
Common stock issued upon exercise of stock options (in shares)			8,632
Common stock sold in public and/or at the market offering, net of offering costs			$ 2	148,079			148,081
Common stock sold in public and/or at the market offering, net of offering costs (in shares)			38,919,577
Unrealized loss on investments					(137)		(137)
Foreign currency cumulative translation adjustment					(3,225)		(3,225)
Net Loss						(126,360)	(126,360)
Ending Balance at Jun. 30, 2026		$ 2	$ 19	3,624,836	13,078	(2,901,890)	736,045
Ending Balance (in Shares) at Jun. 30, 2026	194	1,932,667	452,971,016
Beginning Balance at Mar. 31, 2026		$ 2	$ 18	3,563,659	12,650	(2,854,575)	721,754
Beginning Balance (in Shares) at Mar. 31, 2026	194	1,932,667	438,106,537
Stock-based compensation expense				11,890			11,890
Common stock issued upon purchase of employee stock purchase plan				861			861
Common stock issued upon purchase of employee stock purchase plan (in shares)			448,277
Vesting of restricted shares issued for services (in shares)			691,716
Tax payments related to shares retired for vested restricted stock units				(1,166)			(1,166)
Tax payments related to shares retired for vested restricted stock units (in shares)			(284,889)
Common stock issued upon exercise of stock options				26			26
Common stock issued upon exercise of stock options (in shares)			8,632
Common stock sold in public and/or at the market offering, net of offering costs			$ 1	49,566			49,567
Common stock sold in public and/or at the market offering, net of offering costs (in shares)			14,000,743
Unrealized loss on investments					(52)		(52)
Foreign currency cumulative translation adjustment					480		480
Net Loss						(47,315)	(47,315)
Ending Balance at Jun. 30, 2026		$ 2	$ 19	$ 3,624,836	$ 13,078	$ (2,901,890)	$ 736,045
Ending Balance (in Shares) at Jun. 30, 2026	194	1,932,667	452,971,016

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Common stock, par or stated value per share	$ 0.000041666	$ 0.000041666
Common stock, shares authorized	650,000,000	650,000,000
Common Stock, Shares, Issued	452,971,016	411,938,061
Common Stock, Shares, Outstanding	452,971,016	411,938,061
Series A Convertible Preferred Stock
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	17,000	17,000
Preferred Stock, Shares Issued	194	194
Preferred stock, shares outstanding	194	194
Series B Convertible Preferred Stock
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	11,500,000	11,500,000
Preferred Stock, Shares Issued	1,932,667	1,932,667
Preferred stock, shares outstanding	1,932,667	1,932,667

INVENTORY (Tables)

6 Months Ended

Jun. 30, 2026

INVENTORY

Schedule of inventories

As of June 30, 2026, and December 31, 2025, inventory consists of the following (in thousands):


		June 30,		December 31,
		2026		2025
Raw materials	$	30,789	$	31,682
Work in process		9,163		5,044
Finished goods		21,855		22,827
Total inventory	$	61,807	$	59,553

CASH EQUIVALENTS AND INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

CASH EQUIVALENTS AND INVESTMENTS

Schedule of cost and fair value of cash equivalents and short-term investments

The amortized cost and fair value of cash equivalents and investments as of June 30, 2026 and December 31, 2025 were as follows (in thousands):


			Gross		Gross
	Amortized		Unrealized		Unrealized
As of June 30, 2026	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	186,980	$	—	$	(74)	$	186,906
Money market funds		61,130		—		—		61,130
Total investments	$	248,110	$	—	$	(74)	$	248,036


			Gross		Gross
	Amortized		Unrealized		Unrealized
As of December 31, 2025	Cost		Gains		Losses		Fair Value
U.S. treasury securities	$	133,839	$	63	$	—	$	133,902
Money market funds		60,468		—		—		60,468
Total investments	$	194,307	$	63	$	—	$	194,370

Schedule of available-for-sale debt securities

The fair value of cash equivalents and investments as of June 30, 2026 and December 31, 2025, are classified as follows in the Company’s condensed consolidated balance sheets (in thousands):


	June 30,			December 31,
Classified as:	2026			2025
Cash equivalents	$	61,130		$	60,468
Short-term investments		186,906			133,902
Total investments	$	248,036		$	194,370

Schedule of fair value of the company's financial assets


		Assets at Fair Value as of June 30, 2026
		Level 1			Level 2			Level 3			Total
U.S. treasury securities		$	186,906		$	—		$	—		$	186,906
Money market funds			61,130			—			—			61,130
Total investments		$	248,036		$	—		$	—		$	248,036


		Assets at Fair Value as of December 31, 2025
		Level 1			Level 2			Level 3			Total
U.S. treasury securities		$	133,902		$	—		$	—		$	133,902
Money market funds			60,468			—			—			60,468
Total		$	194,370		$	—		$	—		$	194,370

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

LICENSES AND AGREEMENTS

6 Months Ended

Jun. 30, 2026

LICENSES AND AGREEMENTS

LICENSES AND AGREEMENTS

NOTE 11. LICENSES AND AGREEMENTS

National Institutes of Health (the “NIH”) and the National Cancer Institute (the “NCI”)

Cooperative Research and Development Agreement (the “CRADA”)

In August 2011, the Company signed a five-year CRADA with the NCI to work on the development of adoptive cell immunotherapies in multiple solid tumor types, including unmodified TIL as a stand-alone therapy or in combination, improved methods for the generation and selection of TIL cell therapy with anti-tumor reactivity, and strategies for more potent TILs. The CRADA has been amended since then to, among other things, extend the term of the CRADA, include new indications such as bladder, lung, triple-negative breast, and Human Papilloma Virus (“HPV”)-associated cancers, and modify the focus on the development of unmodified TIL as a stand-alone therapy or in combination, the evaluation in clinical trials of strategies for development of more potent TILs, such as selection of CD39/69 double negative cells and the use of certain inhibitors or other reagents in TIL expansion cultures.

In July 2024, the NCI and the Company entered into a fourth amendment to the CRADA to extend its term by an additional five years to August 2029. The fourth amendment also includes collaboration on preclinical and clinical development of enhanced tumor reactive TIL products for the treatment of a broad range of common epithelial cancers.

Pursuant to the terms of the CRADA, as amended, the Company is required to make quarterly payments to the NCI for support of research activities through the end of the CRADA’s term. To the extent the Company licenses patent rights relating to a TIL-based product candidate, the Company will be responsible for all patent-related expenses and fees, past and future, relating to the TIL-based product candidate. In addition, the Company may be required to supply certain test articles, including TIL, grown and processed under Current Good Manufacturing Practice (“cGMP”) conditions, suitable for use in clinical trials. The Company or the NCI may unilaterally terminate the CRADA for any reason or for no reason at any time by providing written notice at least 60 days before the desired termination date. The Company recorded costs associated with the CRADA of $0.8 million and $1.7 million for the three and six months ended June 30, 2026, and $0.8 million and $1.7 million for the three and six months ended June 30, 2025, respectively, as research and development expenses.

Patent License Agreements Related to TIL Cell Therapies

The Company entered into a patent license agreement (the “Patent License Agreement”) with the NIH, an agency of the U.S. Public Health Service within the Department of Health and Human Services, in 2011. The Patent License Agreement was amended multiple times to include exclusive, co-exclusive, and non-exclusive licenses to certain NIH technologies relating to autologous tumor infiltrating lymphocyte adoptive cell therapy.

The Patent License Agreement, as amended, requires the Company to pay royalties based on a percentage of net sales in jurisdictions where patent rights exist, which percentage can fall into a tier that may be less than one percent to mid-single digits depending upon certain events, including the exclusivity of the rights. The Company is also required to pay potential milestone payments on the achievement of certain clinical, regulatory, and commercial sales milestones for each of the indications and other direct costs incurred by the NIH pursuant to the Patent License Agreement, as amended. The Company has made and anticipates making additional payments that could range from several hundred thousand dollars to the mid-single-digit millions of dollars in conjunction with certain development milestones, the approval of a BLA or its foreign equivalent, or the first U.S. and foreign commercial sales of any of its product candidates covered by the Patent License Agreement, as amended. The term of the Patent License Agreement, as amended, continues until the expiry of the last-to-expire patent rights licensed thereunder, and the agreement contains standard termination provisions. The Company paid and recorded a $0.6 million milestone payment for an intellectual property license that was payable within 60 days of successful completion of the first Company-sponsored Phase 2 clinical study in melanoma, as research and development expenses, for the year ended December 31, 2023. The Company also paid a $1.5 million milestone payment for an intellectual property license that was payable within 60 days of the approval of Amtagvi^® for use in the treatment of melanoma, and a $6.0 million milestone payment for an intellectual property license that was payable within 60 days of the approval of the first commercial sale of Amtagvi^® for use in the treatment of melanoma in the U.S. in accordance with the requirements of the Patent License Agreement, as amended. Both aforementioned milestone payments have been capitalized and recorded as intangible assets on the consolidated balance sheet. The Company recorded $0.2 million and $0.4 million, for each of the three and six months ended June 30, 2026, and 2025, respectively, as a component of cost of sales related to amortization of the milestone payments.

Minaris Advanced Therapies

The Company had a certain manufacturing services agreement (the “MSA”) with Minaris Advanced Therapies, or “Minaris” for two cGMP manufacturing suites to be operated by Minaris for Iovance Manufacturing LLC to support clinical and commercial manufacturing and related testing services. Minaris concluded production of Amtagvi^® and clinical supply of lifileucel in the first quarter of 2026, and Minaris will conclude certain closeout work for the Company in the third quarter of 2026. For the three and six months ended June 30, 2026, the Company recorded de minimis costs and $6.2 million, respectively, and for the three and six months ended June 30, 2025, the Company recorded $6.1 million and $14.5 million, respectively, as costs and expenses included in the condensed consolidated statement of operations or as inventory in the condensed consolidated balance sheets.

Cellectis S.A.

In December 2019, the Company entered into a research collaboration and exclusive worldwide license agreement whereby the Company will license gene-editing technology from Cellectis S.A. (“Cellectis”), a clinical-stage biopharmaceutical company, to develop TIL cell therapies that have been genetically edited, including a PD-1 inactivated product that the Company refers to as IOV-4001. Financial terms of the license include annual license payments and development, regulatory and sales milestone payments from the Company to Cellectis, as well as royalty payments based on net sales of TALEN^®-modified TIL products. The Company recorded costs associated with the license agreement with Cellectis of de minimis, and $0.1 million for the three and six months ended June 30,

2026, and $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, as research and development expense.

Novartis Pharma AG and Related Entities

In January 2020, the Company obtained a license from Novartis Pharma AG (“Novartis”) to develop and commercialize an antibody cytokine engrafted protein, which the Company refers to as IOV-3001. Under the agreement, the Company paid an upfront payment to Novartis and may pay future milestones related to initiation of patient dosing in various phases of clinical development for IOV-3001 and approval of the product in the U.S., EU, and Japan. Novartis is also entitled to low-to-mid single digit percentage royalties from commercial sales of the product. The Company recorded costs associated with the license agreement from Novartis of $10.0 million as research and development expenses for the year ended December 31, 2020. No expenses were recorded for the three and six months ended June 30, 2026, and for the three and six months ended June 30, 2025, the Company recorded $2.5 million related to the initiation of patient dosing.

On May 18, 2023, as part of the completion of the Acquisition, the Company inherited two historical asset purchase agreements, one historical master cell bank license and working cell bank transfer agreement and one historical license agreement from Clinigen with Novartis AG, Novartis Pharma AG and Novartis Vaccines and Diagnostics, Inc. pursuant to which, among other things, the Company may be required to make future milestone payments based on net sales (as defined in the relevant underlying agreements) in the U.S. and the rest of world, which includes any and all sales outside of the U.S. The maximum amount of these milestone payments payable under these agreements is $30.0 million upon reaching several certain net sales amounts in the U.S. and $15.0 million upon reaching several certain net sales amounts in the rest of the world, of which 25% of each milestone payment will be reimbursed by Clinigen by deduction from the deferred consideration due under the Option Agreement in the period such milestone payment is made. To date, the net sales milestones have not been achieved, and, therefore, no payments were made under these agreements for the three and six months ended June 30, 2026 and 2025.

Boehringer Ingelheim Biopharmaceuticals GmbH

On May 18, 2023 as part of the completion of the Acquisition, the Company inherited a manufacturing and supply agreement from Clinigen with Boehringer Ingelheim Biopharmaceuticals GmbH (“BI”) pursuant to which BI will carry out the processing, manufacturing and supply of Proleukin^® in unlabeled vials. The original term of this agreement was through October 2025, with automatic renewals for a period of two years unless terminated as permitted by the contract. In September 2025, the agreement was amended and extended through December 31, 2028. Under this amended agreement, the Company must purchase a minimum number of vials, or drug substance, each year at fixed prices. The total estimated purchase obligations under this agreement for the remainder of the year ending December 31, 2026, and the years ending December 31, 2027, and 2028 are $15.1 million, $16.4 million, and $16.9 million, respectively.

INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2026

INTANGIBLE ASSETS, NET

Schedule of gross carrying amounts and net book value of intangible assets

The gross carrying amounts and net book value of intangible assets as of June 30, 2026, and December 31, 2025, are as follows (in thousands):


	June 30,		December 31,
	2026		2025
Developed technology *	$	321,584	$	326,497
Assembled workforce *		678		688
Intellectual property license		7,500		7,500
Patents		475		475
Total intangible assets	$	330,237	$	335,160
Less: accumulated amortization *		(66,343)		(55,836)
Intangible assets, net	$	263,894	$	279,324
* Amounts are translated using the foreign exchange rates as of June 30, 2026 and December 31, 2025, respectively.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Comprehensive Loss
Net Loss	$ (47,315)	$ (111,658)	$ (126,360)	$ (227,821)
Other comprehensive loss:
Unrealized loss on investments	(52)	(30)	(137)	(140)
Foreign currency translation adjustment	480	14,595	(3,225)	22,045
Comprehensive Loss	$ (46,887)	$ (97,093)	$ (129,722)	$ (205,916)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENT INFORMATION

Summary of company's revenue, expenses and net loss for the segment and is reconciled to net loss on a consolidated basis


	Three Months Ended					Six Months Ended
	June 30,					June 30,
(in thousands)	2026			2025		2026			2025
Net sales	$	99,313		$	59,952	$	170,743		$	109,276

Cost of sales
Cost of goods sold (excluding depreciation and amortization) (a)	$	39,809		$	45,503	$	78,637		$	84,471
Stock-based compensation		1,536			2,149		2,555			4,569
Royalties		2,250			1,229		4,901			2,555
Total cost of sales	$	43,595		$	48,881	$	86,093		$	91,595

Expenses
Research and development	$	53,773		$	71,569	$	111,143		$	137,619
General and administrative		18,617			19,668		37,317			39,524
Sales and marketing		15,536			11,472		30,652			24,830
Depreciation and amortization		9,500			9,350		18,039			17,415
Other segment items (b)		5,607			10,670		13,859			26,114
Total expenses	$	103,033		$	122,729	$	211,010		$	245,502

Net loss	$	(47,315)		$	(111,658)	$	(126,360)		$	(227,821)


a)	Cost of goods sold represents inventory and period costs related to overhead, manufacturing costs of Amtagvi^®, and reserves associated with excess and obsolete inventory, as well as costs associated with the purchases and sales of Proleukin^®. Also included are manufacturing and period costs incurred for Amtagvi^® that do not meet specifications or a patient is unable to receive the infusion. For patients that can be administered Amtagvi^®as part of a clinical trial in an expanded or early access program, or single-patient investigational new drug submission, costs are recorded as research and development expenses based on the fact the Company receives clinical data related to these infusions. This category is provided to the CODM on a quarterly basis in comparison to that of previous quarters for review as these costs are controllable costs that indicate operating performance of the Company.
b)	Other segment items include costs that are not considered significant expense segments nor reviewed by the CODM on a regular basis. Such amount includes stock-based compensation expenses (excluding stock-based compensation included in cost of sales), interest income, other income and expenses, and income tax benefits.

LICENSES AND AGREEMENTS (Details)		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
LICENSES AND AGREEMENTS (Details)	May 18, 2023 USD ($) item	Jul. 31, 2024	Aug. 31, 2011	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2020 USD ($)
LICENSES AND AGREEMENTS
Research and development				$ 58,851,000	$ 77,928,000	$ 121,338,000	$ 153,895,000
Second Minaris Manufacturing and services agreement
LICENSES AND AGREEMENTS
Research and development					6,100,000	$ 6,200,000	14,500,000
Number of suites under the agreement						2
Patent License Agreements Related to TIL Cell Therapies
LICENSES AND AGREEMENTS
Amount of collaborative arrangement required to be remitted				1,500,000		$ 1,500,000
Period of collaborative arrangement required to be remitted						60 days
License agreement				200,000	200,000	$ 400,000	400,000
Second Amended and Restated Patent License Agreement
LICENSES AND AGREEMENTS
Amount of collaborative arrangement required to be remitted				6,000,000		$ 6,000,000
Period of collaborative arrangement required to be remitted						60 days
Phase 2 Clinical Study in Melanoma
LICENSES AND AGREEMENTS
Amount of collaborative arrangement required to be remitted								$ 600,000
Period of collaborative arrangement required to be remitted								60 days
Cooperative Research and Development Agreement
LICENSES AND AGREEMENTS
Agreement term		5 years	5 years
Notification period to terminate agreement		60 days
Research and development				800,000	800,000	$ 1,700,000	1,700,000
Cellectis S.A
LICENSES AND AGREEMENTS
Research and development					100,000	100,000	200,000
Novartis Pharma AG and Related Entities - License Agreement
LICENSES AND AGREEMENTS
Research and development									$ 10,000,000
Patient dosing initiation expenses				0	2,500,000	0	2,500,000
Number of historical asset purchase agreement \| item	2
Number of historical master cell bank license and working cell bank transfer agreement \| item	1
Number of historical license agreement \| item	1
Percent of milestone payments reimbursable	25.00%
Amount of milestone payment made during the period under the license agreement				$ 0	$ 0	$ 0	$ 0
Novartis Pharma AG and Related Entities - License Agreement \| Maximum \| UNITED STATES
LICENSES AND AGREEMENTS
Amount of milestone payments payable under the license agreement	$ 30,000,000
Novartis Pharma AG and Related Entities - License Agreement \| Maximum \| Non-US
LICENSES AND AGREEMENTS
Amount of milestone payments payable under the license agreement	$ 15,000,000

INCOME TAXES

6 Months Ended

Jun. 30, 2026

INCOME TAXES

INCOME TAXES

NOTE 14. INCOME TAXES

The Company generally calculates its provision for income taxes during each interim reporting period on the basis of an estimated annual effective tax rate adjusted for tax items that are discrete to each period. However, when a reliable estimate cannot be made, the Company computes its provision for income taxes using the actual effective tax rate (discrete method) for the year-to-date period. For the three and six months ended June 30, 2026, small changes in estimated annual pretax income (loss) by legal entity can produce a significant variance in the annual effective tax rate. This variability produces an unreliable estimate of the income tax expense. As a result, in accordance with ASC 740, the Company has computed its benefit from income taxes for the three and six months ended June 30, 2026 by applying the actual effective tax rate to the pretax loss for the six month period. For the three and six months ended June 30, 2025, the Company used the estimated annual effective tax rate method to compute tax benefit.

The Company recorded a tax benefit of $1.4 million and $2.0 million for the three and six months ended June 30, 2026, which resulted in effective tax rates of 2.82% and 1.58%, respectively. The Company recorded tax expense of $2.0 million and $0.2 million for the three and six months ended June 30, 2025 respectively, which resulted in effective tax rates of -1.81% and -0.1%, respectively. The effective tax rate is different from the U.S. statutory rate of 21% due to the full valuation allowance against tax losses in the U.S. The income tax benefit and expense for the periods presented for 2026 and 2025, respectively, primarily relate to operations in the UK and realization of related deferred taxes.

As of June 30, 2026, the Company continued to maintain its full valuation allowance against U.S. federal and state net deferred tax assets as it expected to be in a cumulative loss position and does not have sufficient positive evidence to support the realizability of its U.S. net deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details