Corleen Roche
IOVANCE BIOTHERAPEUTICSAbout Corleen Roche
Corleen Roche is Chief Financial Officer of Iovance Biotherapeutics, appointed effective August 6, 2025. She is 59, holds a B.A. in Accountancy from Villanova University, and brings 30 years of biotech and life sciences finance leadership, including multiple product launch experiences (ZARXIO, GLATOPA, PREVNAR 13) . As context during her early tenure, Iovance reported Q3 2025 product revenue of ~$67.5 million, up ~13% sequentially, with gross margin at 43% . She certified Iovance’s Q3 2025 Form 10-Q as principal financial officer, attesting to disclosure controls and internal control over financial reporting .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CG Oncology, Inc. | Chief Financial Officer | Jan 2024–2025 | Late-stage clinical biopharma CFO experience |
| Immunome, Inc. | Chief Financial Officer | Apr 2021–Dec 2023 | Public biotech CFO; corporate finance leadership |
| Biogen Inc. | U.S. Chief Financial Officer | 2019–Apr 2021 | U.S. finance leadership at commercial-stage biotech |
| Sandoz (Novartis) | CFO, U.S. Biopharma | 2015–2019 | Led finance during biosimilar launch wave; launch experience cited (ZARXIO, GLATOPA) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board roles disclosed in filings |
Fixed Compensation
| Component | Amount / Terms | Notes |
|---|---|---|
| Base Salary | $600,000 per year | Payable per normal payroll practices |
| Target/Discretionary Annual Bonus | Up to 45% of base salary | Discretionary award; Board/committee determined |
| Sign-on Bonus | $50,000 (subject to payroll taxes) | Earns fully after 24 months; repay 100% if <18 months, 50% if 18–24 months, 0% if >24 months |
| 401(k) Match | 100% match up to 4% of eligible comp (2024), fully vested | Applies to eligible employees, including NEOs |
| Perquisites | No perquisites beyond broad employee benefits; no tax gross-ups (except certain relocation/spot bonuses to non-execs) | Company-wide policy |
Performance Compensation
Annual Cash Incentive
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary company/individual performance | Up to 45% of base | Up to 45% of base | Not disclosed | Discretionary | Cash (annual) |
Equity Awards (New Hire)
| Instrument | Grant Size | Price/Strike | Vesting Schedule | Term/Notes |
|---|---|---|---|---|
| Stock Options | 300,000 options | Exercise price = closing trading price on Effective Date | 1/3 on first anniversary of Effective Date; then 1/12 each quarter over the next 2 years (service required) | Award under 2018 Equity Incentive Plan; forfeiture if employment terminates except as provided |
| Restricted Stock Units (RSUs) | 150,000 RSUs | N/A | 1/3 on first anniversary of Effective Date; then 1/12 each quarter over the next 2 years (service required) | Shares issued per plan at vest; forfeiture if employment terminates except as provided |
Responsible grant practices: Iovance typically grants equity at hire and annually; options generally have 10-year contractual terms and equity vests over three years (one-third at year one, remainder quarterly), with post-termination exercise windows per plan/policy .
Equity Ownership & Alignment
- Stock ownership guidelines: Iovance does not require directors or executive officers to own a specific number of shares; believes current holdings sufficiently align interests .
- Hedging/pledging: Insider Trading Policy prohibits short sales, derivatives, hedging/monetization, margin purchases, and pledging company securities for directors, Section 16 officers, and designated employees .
- Beneficial ownership: The 2025 proxy’s beneficial ownership table (record date prior to her appointment) does not cover Ms. Roche; she was appointed effective August 6, 2025 . A Form 3 or proxy update for her holdings was not identified in available filings.
- Vesting status: Awards vest 1/3 at first anniversary of Effective Date, then quarterly thereafter; unvested awards are forfeited upon termination except as provided in her agreement .
Employment Terms
| Term | Key Provision | Notes |
|---|---|---|
| Employment Type | At-will | Either party may terminate; rights upon termination per Section 6 |
| Exclusivity/Non-Compete (during employment) | No outside activities that conflict/compete; exclusive service to Iovance (with limited exceptions and Board pre-approval) | Up to two for-profit boards permitted with pre-approval if no conflict |
| Confidentiality/IP | EPIIA adherence; proprietary information and inventions assignment | Incorporated by reference |
| Indemnification/D&O | Indemnification per bylaws; D&O insurance maintained | Applies during and post-employment for covered claims |
| Severance – Without Cause | 12 months base salary; pro‑rated annual target bonus; immediate vesting of unvested equity; payable within 30 days, subject to release and covenants | “Severance Conditions” include effective general release and covenant compliance |
| Severance – Good Reason | Same economics as “Without Cause” (or CoC terms if applicable) upon qualifying Good Reason resignation | Good Reason definitions and cure process specified |
| Change-in-Control (Double Trigger) | If terminated without Cause upon CoC consummation: 18 months base salary; annual target bonus; full acceleration of all unvested equity; 3-month post-termination option exercise window | “Change of Control” definition provided; financing transactions carve-out |
| Clawback Policy | Nasdaq Rule 10D‑1 compliant clawback adopted Nov 17, 2023; 2018 Plan includes clawback provisions | Recovery of incentive-based comp upon accounting restatement |
| Insider Trading Policy | Prohibits short swing, short sales, derivatives, margin, pledging, hedging; six-month holding constraint for same class purchases | Applies to directors and Section 16 officers |
| Business Expenses | Reimbursable subject to policy and documentation | Budget/approval requirements apply |
Investment Implications
- Pay-for-performance alignment: Large at-risk equity (options and RSUs) with three-year vesting aligns incentives to medium-term value creation; annual bonus is discretionary up to 45% of salary, with clawback coverage reducing risk of misaligned payouts .
- Retention dynamics: The $50,000 sign-on bonus has a two-year earn-out with repayment if she departs voluntarily before 24 months, creating near-term retention incentive . Immediate equity vesting upon termination without cause (and full acceleration on CoC termination) reduces forfeiture risk but could increase dilution/selling pressure when large tranches vest, particularly at the one-year cliff; hedging/pledging prohibitions mitigate alignment concerns .
- Change-in-control economics: Double-trigger protection of 18 months’ salary plus target bonus and full acceleration is competitive for CFO roles; investors should model potential CoC costs and dilution from accelerated vesting .
- Execution track record: Her background includes CFO leadership across multiple launches (biosimilars, complex generics, vaccines), which is relevant as Iovance scales Amtagvi commercialization; Q3 2025 showed revenue growth and margin improvement, providing an environment to evaluate financial stewardship going forward .