INOVIO Reports Fourth Quarter and Full Year 2024 Financial Results and Operational Highlights

Core Insights - INOVIO is progressing towards submitting its first Biologics License Application (BLA) for INO-3107, targeting recurrent respiratory papillomatosis (RRP), with plans to start the submission process in mid-2025 and aim for priority review by the end of the year [2][4][9] Operational Highlights - The company resolved a manufacturing issue related to the CELLECTRA device, allowing for the completion of non-device BLA modules [4][5] - A retrospective study indicated that 50% of RRP patients treated with INO-3107 achieved a complete response in the second year, with 86% showing a significant reduction in surgery needs [4][5] - Interim results from a Phase 1 trial of DNA-encoded monoclonal antibodies (DMAb) targeting COVID-19 demonstrated well-tolerated and durable in vivo antibody production [4][5] Financial Results - As of December 31, 2024, INOVIO reported total revenues of $218,000, a decrease from$832,000 in 2023 [15] - Research and Development (R&D) expenses for 2024 were $75.6 million, down from$86.7 million in 2023, attributed to lower employee compensation and clinical trial expenses [15] - The net loss for the year 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 [15][19] Cash Position - INOVIO's cash, cash equivalents, and short-term investments totaled $94.1 million as of December 31, 2024, down from$145.3 million in 2023 [15] - The company anticipates a net cash burn of approximately $27 million for the first quarter of 2025, projecting sufficient cash to support operations into the first quarter of 2026 [12]