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Inovio Pharmaceuticals(INO) - 2024 Q2 - Quarterly Results
INOInovio Pharmaceuticals(INO)2024-08-08 21:00

Clinical Trials and Regulatory Updates - INO-3107 BLA submission delayed to mid-2025 due to manufacturing issues with the single-use disposable administration component of the CELLECTRA® device[2][3] - INO-3107 designated as an innovative medicine under the U.K.'s Innovative Licensing and Access Pathway (ILAP) and received Advanced Therapy Medicinal Product (ATMP) Certification from the European Medicines Agency[3] - INO-3112 Phase 3 trial design submitted to European regulatory authorities, with plans to investigate INO-3112 in combination with LOQTORZI for oropharyngeal squamous cell carcinoma (OPSCC)[4] - INO-4201 Phase 2/3 clinical trial protocol for Ebola booster expected to be submitted to the FDA in Q3 2024[5] Financial Performance and Cash Position - Cash, cash equivalents, and short-term investments totaled 110.4millionasofJune30,2024,comparedto110.4 million as of June 30, 2024, compared to 145.3 million as of December 31, 2023[7] - R&D expenses for Q2 2024 were 23.1million,aslightdecreasefrom23.1 million, a slight decrease from 23.7 million in Q2 2023[7] - G&A expenses for Q2 2024 were 10.2million,downfrom10.2 million, down from 13.5 million in Q2 2023[7] - Net loss for Q2 2024 was 32.2million,or32.2 million, or 1.19 per share, compared to a net loss of 35.5million,or35.5 million, or 1.61 per share, in Q2 2023[7] - INOVIO estimates its cash runway to extend into Q3 2025, with an operational net cash burn estimate of approximately 28millionforQ32024[9]−Cashandcashequivalentsincreasedto28 million for Q3 2024[9] - Cash and cash equivalents increased to 34,392,404 as of June 30, 2024, compared to 14,310,862asofDecember31,2023[14]−Short−terminvestmentsdecreasedto14,310,862 as of December 31, 2023[14] - Short-term investments decreased to 76,029,116 as of June 30, 2024, from 130,982,913asofDecember31,2023[14]−Totalcurrentassetsdecreasedto130,982,913 as of December 31, 2023[14] - Total current assets decreased to 117,561,045 as of June 30, 2024, from 153,113,100asofDecember31,2023[14]−Totalliabilitiesdecreasedto153,113,100 as of December 31, 2023[14] - Total liabilities decreased to 37,057,996 as of June 30, 2024, from 53,602,294asofDecember31,2023[14]−RevenuefromcollaborativearrangementsandothercontractsforthesixmonthsendedJune30,2024,was53,602,294 as of December 31, 2023[14] - Revenue from collaborative arrangements and other contracts for the six months ended June 30, 2024, was 100,762, compared to 340,914forthesameperiodin2023[15]−ResearchanddevelopmentexpensesforthesixmonthsendedJune30,2024,were340,914 for the same period in 2023[15] - Research and development expenses for the six months ended June 30, 2024, were 44,001,307, compared to 53,920,481forthesameperiodin2023[15]−GeneralandadministrativeexpensesforthesixmonthsendedJune30,2024,were53,920,481 for the same period in 2023[15] - General and administrative expenses for the six months ended June 30, 2024, were 20,781,337, compared to 27,413,708forthesameperiodin2023[15]−NetlossforthesixmonthsendedJune30,2024,was27,413,708 for the same period in 2023[15] - Net loss for the six months ended June 30, 2024, was (62,706,969), compared to (76,183,850)forthesameperiodin2023[15]−BasicanddilutednetlosspershareforthesixmonthsendedJune30,2024,was(76,183,850) for the same period in 2023[15] - Basic and diluted net loss per share for the six months ended June 30, 2024, was (2.48), compared to $(3.50) for the same period in 2023[15] - Weighted average number of common shares used to compute net loss per share for the six months ended June 30, 2024, was 25,244,657, compared to 21,784,343 for the same period in 2023[15] Leadership and Organizational Updates - Steve Egge appointed as Chief Commercial Officer to lead commercial strategy and operations, bringing extensive experience in HPV, immunology, and rare diseases[6]