Quarter Results Summary

Inovio Pharmaceuticals

release date: May 10, 2013
for quarter ending: March 31, 2013 (Q1, first quarter 2013)

Inovio is a startup mode company. It should be considered a 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 the press release.

Forward-looking statements

Overview: Continues losses while conducting early-stage and Phase 2 trials of its novel vaccine platform.

Basic data (GAAP):

Revenue was $1.5 million, up 36% sequentially from $1.1 million but down 12% from $1.7 million in the year-earlier quarter.

Net income was negative $8.8 million, down sequentially from negative $0.7 million, also down from negative $8.3 million year-earlier.

EPS (earnings per share, diluted) was negative $0.06, down sequentially from $0.0, and flat from $0.06 year-earlier.



Quarter Highlights:

Revenues consisted of $1.3 million in grants and $0.1 million in license fees and milestone revenues. A National Institure of Allergy and Infectious Diseases (NIAID) grant for PENNVAX_GP HIV DNA vaccine development accounted for $1.0 million of the revenue.

"Inovio continues to advance discussions with large pharmaceutical companies with the goal of securing strategic partnerships to advance the development of SynCon vaccines."

VGX-3100 for HPV-associated diseases is enrolling patients in a Phase II trial, with data expected in Q1 2014.

SynCon universal H1N1 influenza vaccine generated positive antibody response rates above those of the conventional vaccine.

Hepatitis C DNA vaccine will begin a Phase I/IIa trial by the end fof 2013 in partnership with VGX International.

After the quarter ended ChronTech Pharma AB announced the Phase II HCV vaccine using the Inovio electroporation device did not show a statistically significant result.

The PATH Malarial Vaccine Initiative and Inovio will initiate a Phase I/IIa malaria DNA vaccine with electroporation technology in 2014.

R&D expense was $5.1 million. General and administrative expense was $3.0 million. Total operating expenses were $8.1 million, leaving a $6.6 million loss from operations. There was a $1.4 million loss from change in fair value of common stock warrants and a $$0.8 million loss from investment in affiiated entity. Interest and other income was $0.04 million.

Cash and equivalents balance (including short-term investments) ended at $28.0 million. Cash was raised twice: $5.6 million from common stock sales under its ATM agreement and then $14 million from common stock with warrant units. Cash is believed to be adequate through the end of 2014.

After the quarter ended a $3.5 million grant from NIAID was received in partnership with the U.S. Army Medical Research Institute of Infectious Diseases to advance the development of next generation DNA vaccines via electroporation.



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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 2013 William P. Meyers