PLYMOUTH MEETING, Pa.,
May 11, 2020 /PRNewswire/
-- INOVIO (NASDAQ: INO), a biotechnology company focused on
rapidly bringing to market precisely designed DNA medicines to
protect and treat people from infectious diseases, cancer, and
diseases associated with HPV, today reported financial results for
the quarter ended March 31, 2020.
INOVIO's management will host a live conference call and webcast at
4:30 p.m. Eastern Time today to
discuss financial results and provide a general business update,
including the company's development of INO-4800, one of the leading
COVID-19 vaccine candidates currently in U.S. Phase 1 clinical
trials.
INOVIO's President and Chief Executive Officer Dr. J. Joseph Kim said, "INOVIO had a very
productive first quarter, laying the foundation for a
transformative year for the company. Our recent and ongoing
clinical developments across all of our programs continue to
demonstrate the differentiating value and broad applicability of
our DNA medicines platform. When the COVID-19 pandemic emerged in
early January, INOVIO was able to leverage its DNA medicines
platform and early funding from CEPI to be one of the first
companies to advance a vaccine candidate for COVID-19 into a Phase
1 clinical trial. INOVIO's dedicated team of vaccine developers was
able to quickly build and expand a global coalition of
collaborators, partners, manufacturers, and funders to advance the
INO-4800 program.
"Most importantly, while safely conducting global clinical
trials during this COVID pandemic has been a significant challenge,
INOVIO is on track to deliver key 2020 clinical and regulatory
milestones including the planned reporting of REVEAL 1 Phase 3
top-line efficacy data for VGX-3100 in Q4 and the presentation of
12-month overall survival results from the Phase 1/2 clinical trial
of INO-5401 immunotherapy in a very hard to treat cancer in
glioblastoma multiforme (GBM) at the ASCO20 Virtual Conference
later this month."
INOVIO First Quarter Highlights
Infectious Diseases
INO-4800: COVID-19
Since achieving initial funding from the Coalition for Epidemic
Preparedness Innovations (CEPI) in January, INOVIO advanced
INO-4800 from vaccine construct to human dosing in just 83 days and
initiated Phase 1 clinical testing at two sites in the U.S. on
April 6. Within three weeks the 40
healthy volunteers study was fully enrolled. Interim immune
responses and safety results are expected in late June.
Study participants will receive two doses of INO-4800 four weeks
apart. The Phase 1 study is designed to assess the safety profile
and immunogenicity of INO-4800 in support of advancing to a larger
Phase 2/3 efficacy trial, which is being prepared to start this
summer upon regulatory approval.
INOVIO also received significant funding from government and
private sources to support vaccine development and manufacturing
scale-up as well as forge a critical partnership to advance the
development of INO-4800 in South
Korea and China. Funders
include:
- The Coalition for Epidemic Preparedness Innovations (CEPI),
which awarded INOVIO a total grant to date of $17.2 million to support INO-4800 Phase 1
clinical trial in the US and a second Phase 1/2 clinical trial in
South Korea.
- The Bill & Melinda Gates Foundation, which awarded INOVIO a
$5 million grant on March 12 to accelerate testing and production
scale-up of the company's proprietary, commercial-grade
CELLECTRA® 3PSP smart device, which provides intradermal
delivery of INO-4800. INOVIO plans to accelerate the testing and
scale-up of the CELLECTRA 3PSP devices to support large-scale
manufacturing of INO-4800 doses by the end of 2020.
- The Department of Defense, which awarded Ology Bioservices
$11.9 million on March 24 to work with INOVIO on DNA technology
transfer to rapidly manufacture DNA vaccines. This work is
supported by the Office of the Assistant Secretary of Defense for
Health Affairs with funding from the Defense Health Agency.
In addition, INOVIO is collaborating with Beijing Advaccine
Biotechnology Co. to advance the development of INO-4800 in
China. INOVIO will leverage
Advaccine's expertise to conduct a Phase 1 trial in China in parallel with INOVIO's clinical
development efforts in the U.S. and South
Korea. INOVIO and Advaccine plan to seek additional funding
and collaboration opportunities to support the advancement of
INO-4800 in China.
Preclinical research data has been accepted for a peer-reviewed
publication in Nature Communications, demonstrating robust
antibody and T cell responses in several animal models with
INO-4800 vaccination. INOVIO is also conducting several animal
challenge studies with leading organizations like Public Health
England and the Commonwealth Science and Industrial Research
Organization (CSIRO) in Australia.
INO-4700: Middle East Respiratory Syndrome (MERS)
INOVIO's DNA vaccine INO-4700 to protect against Middle East
Respiratory Syndrome (MERS), which is caused by a coronavirus,
showed positive interim 16-week results in a Phase 1/2a trial, with
study participants demonstrating strong antibody and T cell immune
responses after two or three 0.6 mg doses delivered intradermally
with the company's CELLECTRA device. INOVIO reported that 88
percent of participants demonstrated seroconversion after a
two-dose regimen (at weeks 0 and 8), while for participants who
received three doses (at weeks 0, 4 and 12), 84 percent
seroconverted after two doses and 100 percent after three doses, as
measured by a binding antibody assay against the full-length S
protein (ELISA). Additionally, 92 percent of vaccine recipients in
both groups were able to neutralize the virus based on a
neutralization assay (EMC2012-Vero neutralization). Robust T cell
responses were observed in 60 percent of vaccine recipients after
the two- dose regimen and 84 percent of those in the three-dose
group (ELISpot assay). Interestingly, a single 0.6 mg dose of
INO-4700 resulted in a 74 percent binding antibody response rate
and a 48 percent neutralization antibody response rate.
"The positive Phase 2a data for INO-4700 in MERS is a great
foundation for the development of our COVID-19 INO-4800 vaccine,
but most importantly we have demonstrated the power of our strategy
and delivery system for defending against infectious diseases," Dr.
Kim said.
HPV-associated Diseases
VGX-3100: Precancerous Cervical, Vulvar, and Anal Dysplasias
(High grade squamous intraepithelial lesion or HSIL)
INOVIO announced positive interim data from two separate
open-label Phase 2 studies of its lead DNA medicine candidate
VGX-3100 in both anal and vulvar HSIL patients. Interim results
were presented in a virtual session at the annual American Society
for Colposcopy and Cervical Pathology meeting.
VGX-3100 Safety and Efficacy Highlights for Anal
Dysplasia
- The first 20 subjects on VGX-3100 demonstrated safety results
consistent with the known safety profile of VGX-3100. There were no
drug-related serious adverse events.
- 75% showed an overall decrease in the number of lesions 6
months after treatment and 50% of subjects showed no HPV-16/18
associated precancerous lesions
- Results further support proof of concept for DNA medicines as
also demonstrated in prior VGX-3100 Phase 2b study in high-risk HPV-associated precancerous
cervical dysplasia
VGX-3100 Safety and Efficacy Highlights for Vulvar
Dysplasia
- Safety results are consistent with the known safety profile of
VGX-3100. There were no drug-related serious adverse events.
- 80% (8 of 10 subjects) showed an overall decrease in the lesion
area six months after treatment and 20% (2 of 10 of subjects)
completely resolved their vulvar HSIL, which compares to a
spontaneous regression of 1.5% to 5%.
- Results further support proof of concept for DNA medicines as
also demonstrated in prior VGX-3100 Phase 2b study in high-risk HPV-associated precancerous
cervical dysplasia.
- Less than 5% of women with vulvar HSIL exhibit spontaneous
resolution.
- The success of surgery for vulvar HSIL is marginal, as the
recurrence rate of high grade vulvar pre-cancer is approximately 30
to 50% three years post-treatment.
INO-3107: Recurrent Respiratory Papillomatosis (RRP)
The U.S. Food and Drug Administration (FDA) accepted INOVIO's
Investigational New Drug (IND) application to evaluate INO-3107 in
a Phase 1/2 trial for treatment of recurrent respiratory
papillomatosis (RRP). The Phase 1/2 trial is expected to enroll
approximately 63 subjects in the U.S. and will evaluate the
efficacy, safety, tolerability, and immunogenicity of INO-3107 in
subjects with HPV 6 and/or 11-associated RRP who have required at
least two surgical interventions per year for the past three years
for the removal of associated papilloma(s). As RRP is a rare,
orphan disease, INOVIO plans to work with the FDA's Office of
Orphan Products Development (OOPD) in an effort to attain Orphan
Disease designation for INO-3107.
INOVIO and its collaborators published data from a pilot
compassionate use clinical trial in RRP in the scientific journal
Vaccines. The article, entitled "Immune Therapy Targeting
E6/E7 Oncogenes of Human Papillomavirus Type 6 (HPV-6) Reduces or
Eliminates the Need for Surgical Intervention in the Treatment of
HPV-6 Associated Recurrent Respiratory Papillomatosis," detailed
the clinical efficacy observed in the pilot study of two patients
with RRP.
Immuno-Oncology
INO-5401: Newly-diagnosed Glioblastoma Multiforme
(GBM)
The Phase 1/2 trial is evaluating INO-5401, a T cell-activating
immunotherapy candidate encoding for three tumor-specific antigens
(hTERT, WT1, and PSMA), and INO-9012, an immune activator encoding
IL-12, in combination with Libtayo®, a PD-1 blocking
antibody produced by Regeneron Pharmaceuticals in collaboration
with Sanofi, with radiation and chemotherapy, in 52 subjects with
newly-diagnosed GBM. There are two cohorts in this trial. Cohort A
includes 32 participants with a tumor with an unmethylated
O[6]-methylguanine-deoxyribonucleic acid (DNA) methyltransferase
(MGMT) promoter. Cohort B includes 20 participants with a tumor
with a MGMT methylated promoter.
INOVIO will present the 12-month overall survival efficacy data
at the American Society of Clinical Oncology (ASCO20) later this
month.
INO-5151: Castration-Resistant Prostate Cancer
INOVIO published data from the company's completed Phase
1b study with INO-5150 that
demonstrated a slowing of Prostate-Specific Antigen Doubling Time
(PSADT), a measure of clinical impact, in men with biochemically
relapsed prostate cancer in the scientific journal, Molecular
Therapy in an article entitled "CD8+ T Cell Impact Rising PSA in
Biochemically Relapsed Cancer Patients Using Immunotherapy
Targeting Tumor-Associated Antigens." Eighty five percent (53 out
of 62) of patients remained radiographically progression-free at
Week 72 of the study. INO-5151 (a combined formulation of INO-5150
and INO-9012), is currently being tested in one arm (Cohort C) of
an exploratory platform study in combination with nivolumab, a PD-1
inhibitor (Bristol-Myers Squibb), and a FLT3 Ligand (Celldex) in
castration resistant prostate cancer patients. This study is being
conducted and funded by the Parker Institute for Cancer
Immunotherapy (PICI) and the Cancer Research Institute (CRI), as
part of Inovio's previously established clinical collaboration
agreement.
First Quarter 2020 Financial Results
Total revenue was $1.3 million for
the three months ended March 31,
2020, compared to $2.8 million
for the same period in 2019. Total operating expenses were
$26.6 million compared to
$31.4 million for the same period in
2019.
INOVIO's net loss for the quarter ended March 31, 2020 was $32.5
million, or $0.26 per basic
and diluted share, compared to $29.2
million, or $0.30 per basic
and diluted share, for the quarter ended March 31, 2019.
Revenue
The year over year decrease in revenue under collaborative
research and development arrangements was primarily due to less
revenue recognized from our collaboration with AstraZeneca offset
by milestone revenue earned from our affiliated entity PLS.
Operating Expenses
Research and development (R&D) expenses for the three months
ended March 31, 2020 were
$19.1 million compared to
$24.4 million for the same period in
2019. The decrease in R&D expenses was primarily related to a
decrease in employee compensation expense due to lower employee
headcount, a decrease in clinical trial related expenses and an
increase in contra-research and development expense recorded from
grant agreements.
General and administrative (G&A) expenses were $7.4 million for the three months ended
March 31, 2020 versus $7.0 million for the same period in 2019. The
increase in G&A expenses was primarily related to an increase
in work performed related to corporate marketing and
communications, partially offset by the foreign currency exchange
rate differences related to our outstanding convertible bonds that
are denominated in Korean Won.
Capital Resources
As of March 31, 2020, cash and
cash equivalents and short-term investments were $270.0 million compared to $89.5 million as of December 31, 2019. As of March 31, 2020, the Company had 145,915,100
common shares outstanding and 178,731,214 common shares outstanding
on a fully diluted basis, after giving effect to the exercise,
vesting and conversion, as applicable, of its outstanding options,
restricted stock units, convertible preferred stock, and
convertible debt.
The end of quarter cash position included net proceeds of
$208.2 million the Company received
by selling 43,148,952 shares of common stock during the three
months ended March 31, 2020 under an
at-the-market (ATM) sales agreement.
Subsequent to the quarter, the Company sold an additional
12,041,178 shares of common stock for net proceeds of $121.7 million, under an ATM agreement entered
into on April 3, 2020, to sell shares
of common stock with aggregate gross proceeds of up to $150 million.
INOVIO's balance sheet and statement of operations are provided
below. Additional information is included in INOVIO's quarterly
report on Form 10-Q for the quarter ended March 31, 2020, which can be accessed at:
http://ir.inovio.com/investors/financial-reports/default.aspx.
Conference Call / Webcast Information
INOVIO's management will host a live conference call and webcast
at 4:30 p.m. Eastern Time today to
discuss INOVIO's financial results and provide a general business
update.
The live webcast and a replay may be accessed by visiting
INOVIO's website at
http://ir.inovio.com/investors/events/default.aspx. Telephone
replay will be available approximately one hour after the call at
877-344-7529 (US toll-free) or 412-317-0088 (international toll)
using replay access code 10143530.
About INOVIO's Global Coalition Advancing INO-4800
INOVIO has assembled a global coalition of collaborators,
partners and funders to rapidly advance the development of
INO-4800. R&D collaborators to date include the Wistar
Institute, the University of
Pennsylvania, Université Laval, and the University of Texas. INOVIO has partnered with
Beijing Advaccine and the International Vaccine Institute to
conduct clinical trials of INO-4800 in China and South
Korea, respectively. INOVIO is also assessing preclinical
efficacy of INO-4800 in several animal challenge models with Public
Health England (PHE) and Commonwealth Scientific and Industrial
Research Organization (CSIRO) in Australia. INOVIO is also working with a team
of contract manufacturers including VGXI, Inc., Richter-Helm, and
Ology Biosciences. INOVIO is also seeking additional external
funding and partnerships to scale up the manufacturing capacities
to satisfy the urgent global demand for a safe and effective
vaccine. To date, CEPI, the Bill & Melinda Gates Foundation,
and the US Department of Defense have contributed significant
funding to the advancement and manufacturing of INO-4800.
About INO-4800
INO-4800 is INOVIO's DNA vaccine candidate created to protect
against the novel coronavirus SARS-CoV-2, which causes COVID-19.
INO-4800 was designed using INOVIO's proprietary DNA medicine
platform rapidly after the publication of the genetic sequence of
the coronavirus that causes COVID-19. INOVIO has deep experience
working with coronaviruses and is the only company with a Phase 2a
vaccine for a related coronavirus that causes Middle East
Respiratory Syndrome (MERS).
About INOVIO's DNA Medicines Platform
INOVIO has 15 DNA medicine clinical programs currently in
development focused on HPV-associated diseases, cancer, and
infectious diseases, including coronaviruses associated with MERS
and COVID-19 diseases being developed under grants from the
Coalition for Epidemic Preparedness Innovations (CEPI). DNA
medicines are composed of optimized DNA plasmids, which are small
circles of double-stranded DNA that are synthesized or reorganized
by a computer sequencing technology and designed to produce a
specific immune response in the body.
INOVIO's DNA medicines deliver optimized plasmids directly into
cells intramuscularly or intradermally using INOVIO's proprietary
hand-held smart device called CELLECTRA®. The CELLECTRA device uses
a brief electrical pulse to reversibly open small pores in the cell
to allow the plasmids to enter, overcoming a key limitation of
other DNA and other nucleic acid approaches, such as mRNA. Once
inside the cell, the DNA plasmids enable the cell to produce the
targeted antigen. The antigen is processed naturally in the cell
and triggers the desired T cell and antibody-mediated immune
responses. Administration with the CELLECTRA device ensures that
the DNA medicine is efficiently delivered directly into the body's
cells, where it can go to work to drive an immune response.
INOVIO's DNA medicines do not interfere with or change in any way
an individual's own DNA. The advantages of INOVIO's DNA medicine
platform are how fast DNA medicines can be designed and
manufactured, the stability of the products which do not require
freezing in storage and transport, and the robust immune response,
safety profile, and tolerability that have been demonstrated in
clinical trials.
With more than 2,000 patients receiving INOVIO investigational
DNA medicines in more than 6,000 applications across a range of
clinical trials, INOVIO has a strong track record of rapidly
generating DNA medicine candidates with potential to meet urgent
global health needs.
About INOVIO
INOVIO is a biotechnology company focused on rapidly bringing to
market precisely designed DNA medicines to protect and treat people
from infectious diseases, cancer, and diseases associated with HPV.
INOVIO is the first and only company to have clinically
demonstrated that a DNA medicine can be delivered directly into
cells in the body via a proprietary smart device to produce a
robust and tolerable immune response. Specifically, INOVIO's lead
candidate VGX-3100, currently in Phase 3 trials for precancerous
cervical dysplasia, destroyed and cleared high-risk HPV 16 and 18
in a Phase 2b clinical trial.
High-risk HPV is responsible for 70% of cervical cancer, 91% of
anal cancer, and 69% of vulvar cancer. Also in development are
programs targeting HPV-related cancers and a rare HPV-related
disease, recurrent respiratory papillomatosis (RRP);
non-HPV-related cancers glioblastoma multiforme (GBM) and prostate
cancer; as well as externally funded infectious disease DNA vaccine
development programs in Zika, Lassa fever, Ebola, HIV, and
coronaviruses associated with MERS and COVID-19 diseases. Partners
and collaborators include Advaccine, ApolloBio Corporation,
AstraZeneca, The Bill & Melinda Gates Foundation, Coalition for
Epidemic Preparedness Innovations (CEPI), Defense Advanced Research
Projects Agency (DARPA)/Department of Defense (DOD), GeneOne Life
Science/VGXI, HIV Vaccines Trial Network, International Vaccine
Institute (IVI), Medical CBRN Defense Consortium (MCDC), National
Cancer Institute, National Institutes of Health, National Institute
of Allergy and Infectious Diseases, Ology Bioservices, Plumbline
Life Sciences, Regeneron, Richter-Helm BioLogics, Roche/Genentech,
University of Pennsylvania, Walter Reed
Army Institute of Research, and The Wistar Institute. INOVIO also
is a proud recipient of 2020 Women on Boards "W" designation
recognizing companies with more than 20% women on their board of
directors. For more information, visit www.inovio.com.
CONTACTS:
Media: Jeff Richardson,
267-440-4211, jrichardson@inovio.com
Investors: Ben Matone, 484-362-0076,
ben.matone@inovio.com
This press release contains certain forward-looking
statements relating to our business, including our plans to develop
DNA medicines, our expectations regarding our research and
development programs, including the planned initiation and conduct
of preclinical studies and clinical trials,
and the availability and timing of data from those
studies and trials. Actual events or results may differ
from the expectations set forth herein as a result of a number of
factors, including uncertainties inherent in pre-clinical studies,
clinical trials, product development programs and commercialization
activities and outcomes, the availability of funding to support
continuing research and studies in an effort to prove safety and
efficacy of electroporation technology as a delivery mechanism or
develop viable DNA medicines, our ability to support our pipeline
of DNA medicine products, the ability of our collaborators to
attain development and commercial milestones for products we
license and product sales that will enable us to receive future
payments and royalties, the adequacy of our capital resources, the
availability or potential availability of alternative therapies or
treatments for the conditions targeted by us or our collaborators,
including alternatives that may be more efficacious or cost
effective than any therapy or treatment that we and our
collaborators hope to develop, issues involving product liability,
issues involving patents and whether they or licenses to them will
provide us with meaningful protection from others using the
covered technologies, whether such proprietary rights are
enforceable or defensible or infringe or allegedly infringe on
rights of others or can withstand claims of invalidity and whether
we can finance or devote other significant resources that may
be necessary to prosecute, protect or defend them, the level of
corporate expenditures, assessments of our technology by potential
corporate or other partners or collaborators, capital market
conditions, the impact of government healthcare proposals and other
factors set forth in our Annual Report on Form 10-K for the
year ended December 31, 2019, our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and other filings we make from
time to time with the Securities and Exchange Commission.
There can be no assurance that any product candidate in our
pipeline will be successfully developed, manufactured or
commercialized, that final results of clinical trials will be
supportive of regulatory approvals required to market products, or
that any of the forward-looking information provided herein will be
proven accurate. Forward-looking statements speak only as of the
date of this release, and we undertake no obligation to update or
revise these statements, except as may be required by law.
INOVIO
Pharmaceuticals, Inc.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
March 31,
2020
|
|
December 31,
2019
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
158,447,065
|
|
|
$
|
22,196,097
|
|
Short-term
investments
|
111,550,890
|
|
|
67,338,017
|
|
Accounts
receivable
|
641,643
|
|
|
700,073
|
|
Accounts receivable
from affiliated entities
|
634,198
|
|
|
1,332,044
|
|
Prepaid expenses and
other current assets
|
2,479,204
|
|
|
1,584,598
|
|
Prepaid expenses and
other current assets from affiliated entities
|
1,790,609
|
|
|
1,050,140
|
|
Total current
assets
|
275,543,609
|
|
|
94,200,969
|
|
Fixed assets,
net
|
12,104,410
|
|
|
12,773,017
|
|
Investment in
affiliated entities
|
21,210,745
|
|
|
6,315,356
|
|
Intangible assets,
net
|
3,557,081
|
|
|
3,693,851
|
|
Goodwill
|
10,513,371
|
|
|
10,513,371
|
|
Operating lease
right-of-use assets
|
13,511,381
|
|
|
13,783,009
|
|
Other
assets
|
2,480,087
|
|
|
2,672,024
|
|
Total
assets
|
$
|
338,920,684
|
|
|
$
|
143,951,597
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
|
11,019,582
|
|
|
$
|
18,237,258
|
|
Accounts payable and
accrued expenses due to affiliated entities
|
263,456
|
|
|
729,729
|
|
Accrued clinical
trial expenses
|
5,061,166
|
|
|
4,049,727
|
|
Deferred
revenue
|
67,269
|
|
|
92,353
|
|
Deferred revenue from
affiliated entities
|
525
|
|
|
31,775
|
|
Operating lease
liability
|
2,132,045
|
|
|
2,074,842
|
|
Grant funding
liability
|
13,091,424
|
|
|
6,065,212
|
|
Grant funding
liability from affiliated entities
|
659,175
|
|
|
708,425
|
|
Total current
liabilities
|
32,294,642
|
|
|
31,989,321
|
|
Deferred revenue, net
of current portion
|
100,354
|
|
|
101,567
|
|
Convertible senior
notes
|
63,730,182
|
|
|
64,180,325
|
|
Convertible
bonds
|
12,825,143
|
|
|
12,842,592
|
|
Derivative
liability
|
22,041,000
|
|
|
8,819,023
|
|
Operating lease
liability, net of current portion
|
19,834,770
|
|
|
20,409,922
|
|
Deferred tax
liabilities
|
32,046
|
|
|
32,046
|
|
Grant funding
liability from affiliated entity, net of current portion
|
135,000
|
|
|
135,000
|
|
Other
liabilities
|
73,444
|
|
|
36,943
|
|
Total
liabilities
|
151,066,581
|
|
|
138,546,739
|
|
Stockholders'
equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
145,915
|
|
|
101,361
|
|
Additional paid-in
capital
|
957,962,628
|
|
|
742,646,785
|
|
Accumulated
deficit
|
(772,326,709)
|
|
|
(739,785,655)
|
|
Accumulated other
comprehensive income (loss)
|
(1,456,930)
|
|
|
472,608
|
|
Total Inovio
Pharmaceuticals, Inc. stockholders' equity
|
184,324,904
|
|
|
3,435,099
|
|
Non-controlling
interest
|
3,529,199
|
|
|
1,969,759
|
|
Total stockholders'
equity
|
187,854,103
|
|
|
5,404,858
|
|
Total liabilities
and stockholders' equity
|
$
|
338,920,684
|
|
|
$
|
143,951,597
|
|
INOVIO
Pharmaceuticals, Inc.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
Revenues:
|
|
|
|
Revenue under
collaborative research and development arrangements
|
$
|
71,500
|
|
|
$
|
2,770,712
|
|
Revenue under
collaborative research and development arrangements with affiliated
entities
|
1,172,126
|
|
|
55,579
|
|
Miscellaneous
revenue
|
83,648
|
|
|
3,614
|
|
Total
revenues
|
1,327,274
|
|
|
2,829,905
|
|
Operating
expenses:
|
|
|
|
Research and
development
|
19,111,188
|
|
|
24,389,888
|
|
General and
administrative
|
7,448,354
|
|
|
6,975,029
|
|
Total operating
expenses
|
26,559,542
|
|
|
31,364,917
|
|
Loss from
operations
|
(25,232,268)
|
|
|
(28,535,012)
|
|
Other income
(expense):
|
|
|
|
Interest
income
|
416,569
|
|
|
625,535
|
|
Interest
expense
|
(2,803,755)
|
|
|
(656,248)
|
|
Change in fair value
of derivative liability
|
(13,221,977)
|
|
|
—
|
|
Gain (loss) on
investment in affiliated entities
|
13,181,619
|
|
|
(750,103)
|
|
Net unrealized loss
on available-for-sale equity securities
|
(5,050,092)
|
|
|
—
|
|
Other income
(expense), net
|
(425,500)
|
|
|
(35,839)
|
|
Net loss before
income tax benefit/(provision for income tax)
|
(33,135,404)
|
|
|
(29,351,667)
|
|
Income tax
benefit/(provision for income taxes)
|
—
|
|
|
62,800
|
|
Net
loss
|
(33,135,404)
|
|
|
(29,288,867)
|
|
Net loss attributable
to non-controlling interest
|
594,350
|
|
|
69,605
|
|
Net loss
attributable to Inovio Pharmaceuticals, Inc.
|
$
|
(32,541,054)
|
|
|
$
|
(29,219,262)
|
|
Net loss per share
attributable to Inovio Pharmaceuticals, Inc.
stockholders
|
|
|
|
Basic and diluted
|
$
|
(0.26)
|
|
|
$
|
(0.30)
|
|
Weighted average
number of common shares outstanding
|
|
|
|
Basic and diluted
|
124,623,263
|
|
|
97,494,968
|
|
View original
content:http://www.prnewswire.com/news-releases/inovio-reports-first-quarter-2020-financial-results-provides-business-update-301056932.html
SOURCE INOVIO Pharmaceuticals, Inc.