Inovio Pharmaceuticals(INO) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for the year ended December 31, 2024, were $218,000, a decrease from $832,000 in 2023[11] - Total revenue for the year ended December 31, 2024, was $217,756, a decrease of 73.8% compared to $832,010 in 2023[25] - INOVIO's net loss for the year ended December 31, 2024, was $107.3 million, or $3.95 per share, compared to a net loss of $135.1 million, or $6.09 per share, in 2023[19] - Net loss for 2024 was $107,254,126, compared to a net loss of $135,117,352 in 2023, indicating an improvement of 20.7%[25] - The company reported a basic and diluted net loss per share of $3.95 in 2024, an improvement from $6.09 in 2023[25] Expenses - Research and Development (R&D) expenses for the year ended December 31, 2024, were $75.6 million, down from $86.7 million in 2023[11] - Research and development expenses were $75,620,340 in 2024, down from $86,676,563 in 2023, a decrease of 12.8%[25] - General and Administrative (G&A) expenses for the year ended December 31, 2024, were $37.0 million, compared to $47.6 million in 2023[11] - General and administrative expenses decreased to $36,996,338 in 2024 from $47,582,104 in 2023, a reduction of 22.2%[25] - Total operating expenses decreased to $112,616,678 in 2024 from $144,772,038 in 2023, representing a reduction of 22.2%[25] Cash and Assets - Cash, cash equivalents, and short-term investments as of December 31, 2024, were $94.1 million, down from $145.3 million as of December 31, 2023[11] - Cash and cash equivalents increased to $65,813,297 in 2024 from $14,310,862 in 2023, showing a significant increase of 359.5%[23] - Total assets decreased to $113,197,206 in 2024 from $170,951,423 in 2023, a decline of 33.8%[23] - Total liabilities decreased to $44,693,411 in 2024 from $53,602,294 in 2023, a reduction of 16.5%[23] Clinical Development - INOVIO anticipates starting the rolling submission of its first Biologics License Application (BLA) for INO-3107 in mid-2025, aiming for complete submission acceptance by the end of 2025[3] - In a retrospective study, 50% of patients treated with INO-3107 achieved a Complete Response in the second 12-month period, with 86% showing a reduction in surgery of 50% or greater[5] - INOVIO plans to advance development for a Phase 3 trial for INO-3112 in combination with LOQTORZI, having gained alignment with the FDA on the trial design[11] Manufacturing and Operational Insights - The company has made significant progress in resolving manufacturing issues related to the CELLECTRA device, enabling the final step of FDA-required device verification testing[8] - INOVIO estimates an operational net cash burn of approximately $27 million for the first quarter of 2025[14] - The weighted average number of common shares outstanding increased to 27,160,863 in 2024 from 22,173,662 in 2023[25]