Quarter Results Summary

Inovio Pharmaceuticals
INO

release date: May 9, 2012
for quarter ending: March 31, 2012 (first quarter 2012)

Warning: Inovio is a startup mode company. It should be considered a very risky investment, with risks similar to venture capital. Inovio will likely need to raise more capital, diluting current shares, as it is likely years away from profitability.

Inovio did not hold an analyst call. These article is based on their press release.

at the time this was written. However, I initiatied a position on May 21, 2012
Forward-looking statements

Overview: Continues to report significant positive results in early-stage trials of its novel vaccine platform.

Basic data (GAAP):

Revenue was $1.7 million, up 6% sequentially from $1.6 million but down 45% from $3.1 million in the year-earlier quarter.

Net income was negative $8.3 million, down sequentially from negative $5.5 million and also down from year-earlier negative $2.4 million.

EPS (earnings per share, diluted) was negative $0.06, down sequentially from negative $0.05 per share and down from negative $0.02 in the year-earlier quarter.

Guidance:

none

Conference Highlights:

Revenue consisted of $130,000 in license and milestone revenue, plus $1.56 million in grant and miscellaneous revenue.

There were two large, non-cash negative items: in other income a loss of $3.5 million in change in fair value of common stock warrants and a $0.56 million loss on investment in affiliated entity.

Research and development expense was $4.0 million. General and administrative expense was $2.5 million. There was a gain on sale of assets of $0.65 million, resulting in total operating expenses of $5.88 million.

The end-of-quarter cash balance was $25.9 million, down sequentially from $30.3 million, for a $4.4 million cash burn. Believes they have cash to operate through Q3 2013.

Following the successful Phase I study of VGZ-3100 HPV vaccine, patients are being enrolled in a Phase II study for women with cervical dysplasia. Results are expected in the second half of 2013.

PENNVAX-B for HIV using CELLECTRA electroporation Phase I study showed immune T-cell responses.

A Phase II study of VGX-3100 vaccine for cervical dysplasia is enrolling patients, with data expected in the first half of 2013.

ChronTech Pharma AB is enrolling two Phase II trials of DNA vaccines, one for hepatitis C (HCV) and one for leukemia, also with Inovio's electroporation system, with interim data expected in the second half of 2012.

This quarter (Q2) two different Phase I influenza vaccine studies are expected to report data.

A number of preclinical developments continue. "Inovio's new skin electroporation technology significantly enhanced delivery of small interfering RNA (siRNA) molecules to skin and also demonstrated gene knockdown (silencing) in animal studies."

A patent was granted for Inovio's synthetic consensus influenza H1 antigen.

Another Defense Department grant was received to further develop electroporation delivery devices.

Q&A:

none

OpenIcon Analyst Conference Summaries Main Page

Search

More Analyst Conference Pages:

 
 ADBE
 AKAM
 ALTR
 AMAT
 AMD
 AMGN
 ANSV
 BIIB
 CELG
 CSCO
 DNA
 DNDN
 GILD
 GOOG
 HILL
 HPQ
 INTC
 HNSN
 MCHP
 MRVL
 MSFT
 MXIM
 NOVL
 NVDA
 ORCL
 ONXX
 RACK
 RHT
 TTMI
 XLNX
 YHOO

 

Disclaimer: Our analyst summaries may include both our condensations of statements made by company representatives and our own analysis. They are not covered by any warranty. We cannot guarantee anything said by company representatives is true. We try not to make errors, but it is possible. Before making or terminating an investment you should always verify any factual basis of your decision.

Copyright 2012 William P. Meyers