Iovance Grants 140K Options to New Hires at $3.91 Strike

Iovance Biotherapeutics awarded stock options covering 140,860 shares to 27 new non-executive employees, the company said Friday. The grants, approved June 18, carry a $3.91 exercise price, matching that day's closing price.

The options vest over three years. One-third of the shares cliff-vest on the first anniversary of each employee's start date. The remaining shares vest in eight quarterly installments over the following two years, contingent on continued employment.

Iovance issued the awards under its 2021 Inducement Plan, which the compensation committee uses to grant equity to new hires under Nasdaq Listing Rule 5635(c)(4). The rule lets companies issue stock or options as a material inducement to employment without shareholder approval, as long as they disclose the grants promptly.

The $3.91 strike price is near Iovance's recent trading range. The stock closed at $3.91 on the grant date and has traded between $3.50 and $4.20 over the past month, according to exchange data.

Iovance's lead product, Amtagvi, won FDA approval as the first T cell therapy for a solid tumor. The company is developing additional tumor-infiltrating lymphocyte therapies across multiple cancer types. Its Alpha Score sits at 70 out of 100, a Moderate label, reflecting the balance between its approved product and the early-stage pipeline.

For context on how biotech equity grants affect shareholder dilution, see the stock market analysis page.