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Inovio Pharmaceuticals(INO) - 2025 Q1 - Quarterly Report
INOInovio Pharmaceuticals(INO)2025-05-13 20:00
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Financial Performance - Total revenue for Q1 2025 was 65,000,comparedto65,000, compared to 0 in Q1 2024, all derived from a collaborative arrangement with ApolloBio[148] - Research and development expenses decreased by 23% year-over-year, totaling 16.1millioninQ12025,downfrom16.1 million in Q1 2025, down from 20.9 million in Q1 2024[150] - General and administrative expenses were 9.0millioninQ12025,downfrom9.0 million in Q1 2025, down from 10.6 million in Q1 2024[153] - Interest income decreased to 808,000inQ12025from808,000 in Q1 2025 from 1.5 million in Q1 2024, primarily due to a lower short-term investment balance[154] - The company reported an accumulated deficit of 1.7billionasofMarch31,2025[145]−TheaccumulateddeficitasofMarch31,2025,was1.7 billion as of March 31, 2025[145] - The accumulated deficit as of March 31, 2025, was 1.7 billion, with expectations to continue operating at a loss in the near term[170] Cash Flow and Financing - As of March 31, 2025, the company had cash, cash equivalents, and short-term investments totaling 68.4million,downfrom68.4 million, down from 94.1 million as of December 31, 2024[159] - The net cash used in operating activities for the three months ended March 31, 2025, was 26.9million,adecreasefrom26.9 million, a decrease from 28.8 million for the same period in 2024[160] - The company reported a net cash provided by financing activities of 1.0millionforthethreemonthsendedMarch31,2025,comparedtoanetcashusedof1.0 million for the three months ended March 31, 2025, compared to a net cash used of 11.4 million in the same period of 2024[163] - The company anticipates needing additional financing to complete the development and commercialization of its product candidates, including INO-3107[170] - During the three months ended March 31, 2025, the company sold 518,670 shares of common stock under the 2024 Sales Agreement, generating net proceeds of 1.1million[167]ResearchandDevelopment−Thelargestdecreaseinresearchanddevelopmentexpenseswas1.1 million[167] Research and Development - The largest decrease in research and development expenses was 4.1 million for INO-3107, which saw a 54% reduction from 7.6millioninQ12024[150]−INOVIOplanstobeginarollingsubmissionoftheBiologicLicenseApplication(BLA)inmid−2025,aimingforFDAfileacceptancebytheendof2025[139]−INOVIOisdevelopingINO−3112incollaborationwithCoherusBioSciencesforthetreatmentofHPV−positiveoropharyngealsquamouscellcarcinoma,withaplannedPhase3trial[140]−ThecompanyhasceaseddevelopmentofaDNAmedicinecandidateforHPV−relatedcervicalhigh−gradesquamousintraepitheliallesionsintheU.S.,whileacollaboratorcontinuestrialsinChina[142]MarketandInvestment−Thechangeinfairvalueofcommonstockwarrantliabilitywasprimarilyduetoadecreaseinstockpriceduringtheperiod[155]−Thecompanyexperiencedanaccumulatedunrealizedlossof7.6 million in Q1 2024[150] - INOVIO plans to begin a rolling submission of the Biologic License Application (BLA) in mid-2025, aiming for FDA file acceptance by the end of 2025[139] - INOVIO is developing INO-3112 in collaboration with Coherus BioSciences for the treatment of HPV-positive oropharyngeal squamous cell carcinoma, with a planned Phase 3 trial[140] - The company has ceased development of a DNA medicine candidate for HPV-related cervical high-grade squamous intraepithelial lesions in the U.S., while a collaborator continues trials in China[142] Market and Investment - The change in fair value of common stock warrant liability was primarily due to a decrease in stock price during the period[155] - The company experienced an accumulated unrealized loss of 1.7 million in the market value of its investment portfolio due to rising interest rates as of March 31, 2025[175] - The company had approximately $605,000 in minimum purchase obligations related to supply agreements with contract manufacturers as of March 31, 2025[173] - The company expects its cash runway to extend into the first quarter of 2026 without further capital raising activities[170] - The company does not have material exposure to foreign currency fluctuations, primarily operating in U.S. dollars[176]