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Financial Data and Key Metrics Changes - Operating expenses decreased from $27.3 million in Q3 2024 to $21.2 million in Q3 2025, a 22% reduction [19] - Net loss for the quarter increased to $45.5 million, or $0.87 per share, primarily due to a $22.5 million non-cash loss on fair value adjustments related to warrant liabilities [20] - Loss from operations decreased 22% to $21.2 million in Q3 2025 from $27.3 million in Q3 2024, with a per-share loss dropping 58% to $0.41 from $0.97 [21][22] Business Line Data and Key Metrics Changes - The primary focus remains on the development of INO 3107, with significant progress in regulatory submissions and preparations for a potential launch [5][19] - The company is advancing next-generation DNA medicine candidates, including DMAP and DPROT technologies, which have shown promising results in clinical and preclinical studies [6][24] Market Data and Key Metrics Changes - The company anticipates a potential PDUFA date for INO 3107 around mid-2026, following the expected acceptance of the BLA submission by the FDA by year-end 2025 [5][8] - Market research indicates that INO 3107 has a differentiated product profile that appeals to both physicians and patients, with a significant reduction in surgeries reported [15][16] Company Strategy and Development Direction - The company aims to position INO 3107 as a preferred treatment for RRP patients, emphasizing its advantages over competitors, particularly regarding the treatment regimen and reduced need for surgeries [6][10] - The company is also exploring partnerships and development opportunities to advance its pipeline beyond INO 3107, including INO 3112 and INO 5401 [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of INO 3107 to meet significant unmet needs in the RRP community, highlighting the importance of reducing the number of surgeries required [10][12] - The company is preparing for a swift launch of INO 3107 if approved, with ongoing market research and operational preparations [18][19] Other Important Information - The company has completed the rolling submission of its BLA for INO 3107, marking a significant milestone in its development efforts [5][8] - The company has a cash balance of $50.8 million as of the end of Q3 2025, with an estimated cash runway into the second quarter of 2026 [22] Q&A Session Summary Question: Has Pepcimios officially launched, and how significant is their head start? - Pepcimios became available to order as of October 21, and the company expects single-digit penetration into the prevalent population before their own expected approval in mid-2026 [26][27] Question: Will INO 3107 have a similar label to Pepcimios, and is a pivotal study required for ex-U.S. approval? - The company believes their data would justify a broad label similar to Pepcimios, and any confirmatory study will be valuable for European filings [31][33][38] Question: What is the Salesforce preparedness post-3107 approval? - The company is advancing launch preparations and plans to have a field force ready to engage in scientific exchange and payer discussions ahead of approval [42] Question: Are there any cross-reactivity issues for patients switching from Pepcimios to INO 3107? - There is no anticipated cross-reactivity issue, but patients will need to complete the entire treatment regimen of INO 3107 [45] Question: Can you comment on the levels of expression achieved for the dMAb technology? - The company reported sustained expression of monoclonal antibodies over 72 weeks, with concentrations in the blood exceeding 1 microgram per ml, indicating promising results [49][50]

INO-3107 Program & Regulatory Updates - INOVIO completed the rolling BLA submission for INO-3107, seeking accelerated approval, with file acceptance expected by the end of the year[11] - If Priority Review is granted, a potential PDUFA date in mid-2026 is anticipated[11, 44] - The company has requested a Type D meeting with the FDA to discuss options for the confirmatory trial design[13] - In a Phase 1/2 trial, 72% of patients saw a 50-100% reduction in surgeries in Year 1[14] - A retrospective trial (RRP-002) showed clinical outcomes maintained or improved upon through year 2 and into year 3 with no additional dosing[14] - Mean surgeries per year decreased by 78% from pre-treatment Year -1 (4.1 surgeries) to Year 2 (0.9 surgeries)[16] Commercialization & Financials - Market research supports a preferred product profile for INO-3107, with 72% overall response rate (50% to 100% reduction in surgeries) in year 1 and 86% in year 2[27] - Operating expenses decreased by 22% to $212 million for the three months ended September 30, 2025, compared to $273 million in 2024[33] - Net loss for the three months ended September 30, 2025, was $455 million, which includes a non-cash loss on fair value adjustment of common stock warrant liabilities of $225 million[33] - Cash, cash equivalents, and short-term investments totaled $508 million as of September 30, 2025, providing a cash runway projected into 2Q 2026[34]

Clinical Development - INOVIO completed the rolling submission of its Biologics License Application (BLA) for INO-3107, seeking accelerated approval with a potential PDUFA date in mid-2026[4] - 81% of patients experienced a reduction in surgeries at Year 1 post-treatment with INO-3107, increasing to 91% by the end of Year 2[12] - INO-3107 demonstrated a 78% reduction in mean annual surgeries at Year 2 compared to the pre-treatment period (0.9 vs 4.1 surgeries)[12] Financial Performance - Net loss for Q3 2025 increased to $45.5 million, or $0.87 per share, compared to a net loss of $25.2 million, or $0.89 per share, in Q3 2024[14] - Revenue from collaborative arrangements for the nine months ended September 30, 2025, was $65,343,000, a decrease from $100,762,000 in the same period of 2024[27] - The net loss for the three months ended September 30, 2025, was $45,496,672, compared to a net loss of $25,165,478 in 2024, reflecting an increase in losses of approximately 81%[27] - Basic and diluted net loss per share for the nine months ended September 30, 2025, was $2.12, an improvement from $3.35 in the same period of 2024[27] Expenses - Research and Development (R&D) expenses decreased to $13.3 million in Q3 2025 from $18.7 million in Q3 2024, primarily due to lower drug manufacturing and clinical study expenses[13] - General and Administrative (G&A) expenses decreased to $7.9 million in Q3 2025 from $8.6 million in Q3 2024, attributed to reduced employee and consultant compensation[13] - Total operating expenses decreased to $21.2 million in Q3 2025 from $27.3 million in Q3 2024[13] - Total operating expenses for the three months ended September 30, 2025, were $21,210,455, down from $27,347,479 in 2024, representing a reduction of approximately 22%[27] - Research and development expenses for the nine months ended September 30, 2025, were $43,945,638, compared to $62,734,891 in 2024, indicating a decrease of about 30%[27] - General and administrative expenses for the nine months ended September 30, 2025, were $25,465,208, down from $29,395,232 in 2024, a decrease of about 13%[27] Cash and Assets - Cash, cash equivalents, and short-term investments were $50.8 million as of September 30, 2025, down from $94.1 million as of December 31, 2024[21] - INOVIO estimates an operational net cash burn of approximately $22 million for Q4 2025, with current cash expected to support operations into Q2 2026[17] - INOVIO's balance sheet shows total assets of $69.4 million and total liabilities of $77.1 million as of September 30, 2025[25] Other Financial Metrics - Interest income for the nine months ended September 30, 2025, was $1,970,823, down from $3,914,406 in 2024, a decrease of about 50%[27] - The change in fair value of common stock warrant liabilities for the nine months ended September 30, 2025, was a loss of $20,680,868, with no comparable figure for 2024[27] - The weighted average number of common shares used to compute net loss per share for the three months ended September 30, 2025, was 52,168,694, compared to 28,140,497 in 2024, indicating an increase of approximately 85%[27] - Net unrealized gain on available-for-sale equity securities for the nine months ended September 30, 2025, was $1,104,782, compared to $1,810,868 in 2024, a decrease of approximately 39%[27]

Core Insights - INOVIO has completed the rolling submission of its Biologics License Application (BLA) for its lead candidate INO-3107, aimed at treating Recurrent Respiratory Papillomatosis (RRP) in adults, under the FDA's accelerated approval program [2][3][6] - The company is preparing for a potential commercial launch of INO-3107 in mid-2026, which would mark its first commercial product and the first DNA medicine available in the United States [3][6] - Recent data from clinical trials indicate that INO-3107 significantly reduces the need for surgeries in patients, with 81% of patients experiencing a reduction in surgeries at Year 1 and 91% at Year 2 post-treatment [7][5] Operational Highlights - INOVIO is conducting a confirmatory trial for INO-3107, expected to enroll patients during the BLA review period at approximately 20 sites across the United States [4] - The company has published proof-of-concept data on its next-generation DNA-Encoded Monoclonal Antibody (DMAb) technology in Nature Medicine, showcasing its potential as a long-acting alternative to traditional therapies [8][6] - INOVIO's DPROT program is set to present promising preclinical data at the World Federation of Hemophilia Global Forum, focusing on in vivo therapeutic protein production [9] Financial Performance - For Q3 2025, INOVIO reported a net loss of $45.5 million, an increase from a net loss of $25.2 million in Q3 2024, primarily due to a non-cash loss on fair value adjustment related to warrant liabilities [13][20] - Research and Development (R&D) expenses decreased to $13.3 million from $18.7 million year-over-year, while General and Administrative (G&A) expenses also saw a decline to $7.9 million from $8.6 million [13][20] - As of September 30, 2025, INOVIO had cash, cash equivalents, and short-term investments totaling $50.8 million, down from $94.1 million at the end of 2024, with an estimated operational net cash burn of approximately $22 million for Q4 2025 [12][13]

Financial Performance - Total revenue for the three and nine months ended September 30, 2025, was $0 and $65,000, respectively, compared to $0 and $101,000 for the same periods in 2024[155] - The company has not generated any revenues from product sales and does not expect to do so until regulatory approvals are obtained[152] - Interest income for the three and nine months ended September 30, 2025, was $552,000 and $2.0 million, respectively, down from $1.1 million and $3.9 million for the same periods in 2024[160] - The company recorded a loss of $(590,000) on investment in affiliated entity Plumbline Life Sciences, Inc. for Q3 2025, compared to a gain of $324,000 in Q3 2024[164] Research and Development - Research and development expenses decreased by 29% to $13.3 million for the three months ended September 30, 2025, compared to $18.7 million in 2024[157] - Research and development expenses for INO-3107 for the nine months ended September 30, 2025, were $10.8 million, a decrease of 58% from $25.7 million in 2024[157] - INO-3112 is being developed for the treatment of oropharyngeal squamous cell carcinoma, with a planned Phase 3 clinical trial in collaboration with Coherus BioSciences[147] - The company is also developing INO-5401 for glioblastoma multiforme, which accounts for over 50% of all primary malignant brain tumors[148] - The lead candidate INO-3107 demonstrated a 78% reduction in mean annual surgeries at Year 2 post-therapy compared to the one-year pre-treatment period[151] - Contributions from grant agreements recorded as contra-research and development expenses were $256,000 and $856,000 for the three and nine months ended September 30, 2025, respectively[158] - The company plans to submit a Biologic License Application (BLA) for INO-3107 under the FDA's accelerated approval program, with a goal of receiving file acceptance by the end of 2025[146] Financial Position - As of September 30, 2025, the company had an accumulated deficit of $1.8 billion[153] - The company had an accumulated deficit of $1.8 billion as of September 30, 2025, and anticipates continued operating losses in the near term[179] - Cash, cash equivalents, and short-term investments totaled $50.8 million as of September 30, 2025, down from $94.1 million as of December 31, 2024[168] - Net cash used in operating activities was $69.3 million for the nine months ended September 30, 2025, compared to $84.4 million for the same period in 2024[169] - Net cash provided by financing activities was $25.9 million for the nine months ended September 30, 2025, compared to $22.3 million for the same period in 2024[171] - The company expects its cash runway to extend into the second quarter of 2026 without further capital raising activities[179] General and Administrative Expenses - General and administrative expenses decreased to $7.9 million for Q3 2025 from $8.6 million in Q3 2024, and to $25.5 million for the nine months ended September 30, 2025, from $29.4 million in the same period of 2024[159] Market Conditions - Inflation has generally increased in the United States in recent years, but it has not had a material effect on the company's business, financial condition, or results of operations during the nine months ended September 30, 2025[187] Stock and Liabilities - The change in fair value of common stock warrant liabilities was $(22.5) million for Q3 2025, reflecting the revaluation of liabilities associated with warrants issued in December 2024 and July 2025[163] - The net unrealized gain on available-for-sale equity securities was $205,000 for Q3 2025, down from $1.3 million in Q3 2024[165]

Core Insights - INOVIO has completed the rolling submission of its Biologics License Application (BLA) for its DNA immunotherapy candidate INO-3107, aimed at treating recurrent respiratory papillomatosis (RRP) in adults [1][2] - The BLA was submitted under the FDA's Accelerated Approval program, with a request for priority review, which could lead to a decision within six months [2][4] - If approved, INO-3107 would be INOVIO's first commercial product and the first DNA medicine available in the United States [2] Company Overview - INOVIO is a biotechnology company focused on developing and commercializing DNA medicines for HPV-related diseases, cancer, and infectious diseases [8] - The company utilizes a proprietary DNA medicines platform that includes precisely designed DNA plasmids delivered by its investigational medical device, CELLECTRA [7] Product Details - INO-3107 is designed to elicit an antigen-specific T cell response against HPV-6 and HPV-11 proteins, potentially preventing or slowing the growth of new papillomas [3][4] - In a Phase 1/2 trial, 72% of participants experienced a 50-to-100% reduction in the number of surgeries required after one year of treatment, with this number increasing to 86% after two years [3][4] Market Context - RRP is a rare disease primarily caused by HPV-6 and HPV-11, characterized by wart-like growths in the respiratory tract, which can lead to severe complications [3][4] - The standard treatment involves surgery to remove papillomas, but they often regrow, highlighting the need for effective alternative therapies [3][4] Regulatory Status - INO-3107 has received Orphan Drug and Breakthrough Therapy designations from the FDA, facilitating its expedited review process [4][6] - The company anticipates receiving file acceptance by the end of 2025, with a potential Prescription Drug User Fee Act (PDUFA) date in mid-2026 if priority review is granted [4][6]

Core Insights - The biotech sector presents high-risk, high-reward investment opportunities, with potential breakthroughs expected from lesser-known companies [1] Company Summaries Inovio Pharma (INO) - Inovio Pharma is valued at $123.8 billion and focuses on DNA-based medicines to combat diseases such as HPV, cancer, and infectious diseases [2] - The company plans to submit its Biologics License Application (BLA) for its lead candidate INO-3107 in the second half of 2025, anticipating FDA approval and commercial launch by 2026 [3] - The consensus rating for INO stock is a "Moderate Buy," with a potential upside of 200% based on a mean target price of $7.47, and a high price estimate of $13 suggesting a possible gain of 425% in the next 12 months [4] Terns Pharmaceuticals (TERN) - Terns Pharmaceuticals is valued at $679.9 billion and is advancing small-molecule therapies for serious diseases, focusing on oncology and obesity [5] - Its lead candidate, TERN-701, is in a Phase 1 clinical trial for chronic myeloid leukemia (CML) and has shown promising early results, while the development of TERN-601 for obesity has been discontinued due to low efficacy [6] - The consensus rating for TERN stock is a "Strong Buy," with a potential upside of 101% based on a mean target price of $15.83, and a high price estimate of $28 indicating a possible gain of 257% in the next 12 months [7]

Core Insights - INOVIO is set to release its third quarter 2025 financial results on November 10, 2025, after market close, followed by a live conference call and webcast at 4:30 p.m. ET to discuss the results and provide a business update [1]. Company Overview - INOVIO is a biotechnology company focused on developing and commercializing DNA medicines aimed at treating and protecting individuals from HPV-related diseases, cancers, and infectious diseases [3]. - The company's technology is designed to optimize the design and delivery of innovative DNA medicines that enable the body to produce its own disease-fighting tools [3]. Event Details - The live webcast for the financial results will be available online and will include a live Q&A session with analysts, with the event being archived for 90 days for replay [2].

Core Insights - INOVIO is participating in a virtual fireside chat at the upcoming Stephens Biotechnology Virtual Fireside Chat Conference, where management will also hold one-on-one meetings with investors [1][2]. Company Overview - INOVIO is a biotechnology company focused on developing and commercializing DNA medicines aimed at treating and protecting individuals from HPV-related diseases, cancer, and infectious diseases [3][5]. - The company's technology enhances the design and delivery of innovative DNA medicines that instruct the body to produce its own disease-fighting tools [3].