Inovio Pharmaceuticals(INO) - 2025 Q3 - Quarterly Results

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]