Inovio Pharmaceuticals(US:INO)2025-11-10 21:01Financial 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]