Puri Raj K. 4

What Happened

• Puri Raj K., Chief Regulatory Officer of Iovance Biotherapeutics (IOVA), had 39,059 restricted stock units (RSUs) convert into common stock on March 5, 2026. The gross market value of the vested shares was about $178,890 (39,059 × $4.58 per share).
• To satisfy mandatory tax withholding, 18,360 shares were withheld by the issuer (reported as a payment of tax liability) valued at about $84,089. This withholding was not an open-market sale. The reporting person retained 20,699 shares after withholding (net value ≈ $94,801).
• Transaction codes: M = exercise/conversion of derivative (RSU settlement); F = payment of exercise price or tax liability (shares withheld for taxes).

Key Details

• Transaction date: March 5, 2026; Form 4 filed March 6, 2026 (timely).
• Prices reported: conversion recorded at $0.00 (RSU settlement); per-share market price for withholding = $4.58.
• Shares acquired on conversion: 39,059. Shares withheld for taxes: 18,360 (value ≈ $84,089). Shares retained after withholding: 20,699.
• Notable footnotes: RSUs vested on the transaction date (each RSU = one share); withheld shares satisfy mandatory tax withholding and are not an open-market sale. Remaining RSUs from the March 5, 2025 grant will vest in equal quarterly installments.

Context

• This was a routine RSU vesting event (settlement of derivative awards), not a cash purchase or open-market sale. The key signal to investors is limited: the insider received equity through compensation and had shares withheld to cover taxes.
• No indication of a 10b5-1 plan or a gift; the filing appears timely.