Inovio Pharmaceuticals, Inc. (Nasdaq:INO) today reported financial
results for the fourth quarter and year ended December 31, 2014.
Total revenue was $2.5 million and $10.5 million for the quarter
and year ended December 31, 2014, as compared to $1.7 million and
$13.5 million for the same periods in 2013.
Total operating expenses for the quarter and year ended December
31, 2014, were $13.5 million and $50.0 million as compared to $9.7
million and $33.0 million for the same periods in 2013.
The net loss attributable to common stockholders for the quarter
and year ended December 31, 2014, was $7.4 million, or $0.12 per
share, and $36.1 million, or $0.61 per share, as compared with a
net loss attributable to common stockholders of $15.5 million or
$0.30 per share, and $66.0 million, or $1.43 per share, for the
quarter and year ended December 31, 2013.
The improvement of $8.1 million and $29.9 million in net loss
attributable to common stockholders for the quarter and year ended
December 31, 2014, compared with the same periods in 2013, resulted
primarily from a reduction in non-cash accounting expense in 2014
related to the change in fair value of common stock warrants based
on a required quarterly mark to market adjustment to reflect
changes in the Company's stock price.
Dr. J. Joseph Kim, President and CEO, said: "The year 2014 was
the most important in the company's history. It is the first time
that a DNA-based active immunotherapy has achieved clinically
relevant efficacy using targeted T cell activation directly in
patients in a large controlled study. We completed preparations and
expect to soon launch our hepatitis B human study with Roche.
Furthermore, DARPA awarded a $12.2M grant to advance a new
application – DNA-based monoclonal antibodies – of our core
technology.
"In 2015 we look forward to our first cancer data, our complete
phase II data being published in a peer-reviewed medical journal,
advancing the many steps toward our phase III launch, initiating
clinical studies for additional diseases, and new corporate
development steps. Our phase II data was a significant validation
of the ideal characteristics we are pursuing with our active
immunotherapy technology; and each day we continue to take the
methodical steps necessary to realize the significant commercial
and medical potential of our transformative applications and
products."
Revenue
We are receiving ongoing payments from Roche under our
collaborative research and development arrangement. The decrease in
revenue was primarily due to the up-front payment associated with
the partnership agreement executed with Roche in 3Q 2013, offset by
an increase in recognized revenue related to research and
development services performed under the agreement.
Operating Expenses
Research and development expenses for the quarter and year ended
December 31, 2014, were $9.2 million and $34.1 million as compared
to $6.4 million and $21.4 million for the same periods in 2013. The
increase in R&D expenses is generally related to an increased
investment in all our product development programs and our Roche
partnership (the latter being fully offset by development fees from
Roche). General and administrative expenses for the quarter and
year ended December 31, 2014, were $4.2 million and $15.9 million,
compared to $4.3 million and $13.6 million for the quarter and year
ended December 31, 2013.
Capital Resources
As of December 31, 2014, cash and cash equivalents and
short-term investments were $93.6 million compared with $52.7
million as of December 31, 2013. This increase was primarily due to
the net proceeds from our March 2014 financing and warrants and
options exercised during the period.
As of December 31, 2014, the company had 60.7 million shares
outstanding and 66.6 million fully diluted.
Based on management's projections and analysis, the Company
believes that cash, cash equivalents and short-term investments are
sufficient to meet its planned working capital requirements through
the end of 2017, excluding its planned phase III clinical trial of
VGX-3100. The Company expects to raise additional capital to fund
this study.
Inovio's balance sheet and statement of operations are provided
below. Form 10-K providing the complete 2014 annual financial
report can be found at: http://ir.inovio.com/secfilings.
Corporate Update
Clinical Development
First ever reported data showing efficacy achieved by
killer T cells generated in the body by a DNA-based active
immunotherapy in a large controlled human study
In 2014 we reported top-line data from our phase II clinical
trial (HPV-003) for VGX-3100, our SynCon® immunotherapy product
against HPV-caused pre-cancers and cancers delivered with our
CELLECTRA® electroporation device, providing critical evidence that
we are on the right path to achieving the characteristics of an
"ideal" immunotherapy technology to fight cancers and infectious
diseases.
What is an "ideal" immunotherapy? To state the obvious: products
that are effective, efficient, and safe. More specifically, we want
immunotherapies that:
- Target disease-specific antigens (i.e. proteins unique to a
cancer or infectious disease)
- Do not depend upon being patient-specific and personalized (why
remove from, modify, and reintroduce cells to a patient if you can
do the most important work in the patient?)
- Activate functional killer T cells with necessary killing tools
such as granzyme and perforin
- Generate robust T cell responses (e.g. a significant number of
T cells) that are persistent and durable over time (memory
response)
- Do not induce unwanted immune responses
- Do not induce toxic inflammatory responses
- Are capable of "breaking tolerance" of cancer cells grown in
the body.
Our phase II data shows we are achieving these ideal
characteristics with our active immunotherapy approach to
activating highly capable, antigen-targeted T cells in vivo (in the
body) and we are advancing a growing pipeline of pre-clinical and
clinical immunotherapy products.
In our randomized, placebo-controlled, double-blind phase II
study of over 148 women with high grade cervical dysplasia caused
by HPV type 16 or 18, we used a three immunization regimen of our
SynCon® DNA-based immunotherapy. Evaluating these women 36 weeks
after their first treatment, our endpoints were to measure
histologic regression of the cervical lesion (pre-cancer) and
virological clearance.
Our outcomes:
High grade cervical pre-cancer regression:
- CIN2/3 to CIN1 or no disease: VGX-3100: 53 of 107 (49.5%);
placebo: 11 of 36 (30.6%)
- Per protocol analysis statistically significant (p=0.017)
- CIN 2/3 regression to no disease: VGX-3100: 43 of 107 (40.2%);
placebo: 6 of 36 (16.7%)
- Per protocol analysis statistically significant (p=0.006)
Clearance of HPV 16 or 18 from the cervix AND CIN2/3 regression
to CIN1 or no disease:
- VGX-3100: 43 of 107 (40.2%); placebo: VGX-3100 recipients
compared to 5 of 35 (14.3%)
- Per protocol analysis statistically significant (p=0.001)
Other
- Robust and durable T-cell activity was detected in subjects who
received VGX-3100 compared to those who received placebo.
- No serious adverse events. Statistically significant adverse
events included only injection site redness (an indication of the
desired immune response being activated).
- Intent to treat results were similar and also statistically
significant.
The gist:
- These outcomes were statistically significant and clinically
relevant, meeting the primary and secondary endpoints.
- For the product and indication of high grade cervical
dysplasia, the results show that VGX-3100 represents the potential
for a non-surgical option to treat CIN2/3:
- Demonstrated efficacy and safety
- Regressed disease to normal
- Cleared virus which caused the disease
- For the product and other HPV-related indications, the results
show the potential for VGX-3100 to be applied to cervical cancer,
HPV-associated head & neck cancer, and anogenital pre-cancers
and cancers.
- For the technology, the results validate the potential of our
SynCon products to be effective, efficient, and safe, and meet
various additional criteria for an ideal active immunotherapy:
- Simple: three monthly injections generate CD8 killer T
cells
- T cells are measurable in the blood
- T cells are "trafficked" to diseased tissue (tissue
infiltrating T cells)
- Direct correlation found between CD8 T cells and efficacy
- These results validate the broad product/disease potential of
our other SynCon anti-cancer therapies (currently lung, breast,
pancreas, prostate) and antiviral therapies (HBV, HCV, HIV).
Detailed study findings have been prepared for publication in a
peer-reviewed medical journal. We plan to independently advance
VGX-3100 into a phase III registration study with target patient
characteristics and a treatment regimen similar to the phase II
study. These steps include scaling up commercial-level production
of our immunotherapy product and delivery devices. The Company
expects to complete its end-of-phase-II meeting with the FDA in
2015 and begin treating women in a phase III study in early
2016.
Inovio has broadened its therapeutic HPV franchise to include
other pre-cancers caused by HPV infection such as vulvar, vaginal,
and other anogenital neoplasia as well as cancers of the cervix,
head & neck, and anogenital areas. In 2014 we initiated phase
I/IIa clinical studies of INO-3112 (VGX-3100 plus our IL-12 immune
activator INO-9012) against HPV-caused cervical cancer and head and
neck cancer. This immune activator has been shown to speed the
onset and increase the already high levels of antigen-specific T
cells generated by the immunotherapy. We expect to report the first
interim data from one of these first cancer studies in the second
half of 2015.
With our primary focus on cancers, we initiated our second
unique DNA immunotherapy into its first human study. We started a
phase I trial of our hTERT immunotherapy (INO-1400) alone or in
combination with Inovio's IL-12 immune activator (INO-9012) in
adults with breast, lung, or pancreatic cancer at high risk of
relapse after surgery and other cancer treatments. Because high
levels of hTERT (human telomerase reverse transcriptase) expression
are found in 85% of human cancers, this immunotherapy candidate
holds the potential as a broad spectrum cancer therapeutic.
With respect to our partnership with Roche for our hepatitis B
immunotherapy, INO-1800, Roche is providing full funding and
entrusted Inovio with the responsibility to run the phase I study.
We have received regulatory clearance to start this study and will
soon begin enrolling patients. Treatment of the first patient in
this trial will trigger a milestone payment from Roche.
We intend to initiate a phase I study in 1H 2015 of our prostate
DNA immunotherapy (INO-5150) targeting prostate-specific membrane
antigen (PSMA) and prostate-specific antigen (PSA). A study in
monkeys showed that immunization with INO-5150 generated strong and
robust T-cell immune responses that were the highest generated by a
PSA-targeting immunotherapy in animal studies. These results were
also similar to the immune responses generated by VGX-3100,
Inovio's phase II-completed HPV immunotherapy that generated
best-in-class T-cell responses. We have also received regulatory
clearance to start the INO-5150 phase I study and will soon begin
enrolling patients.
We intend to launch a phase I study of our Ebola immunotherapy
(INO-4212) in the first half of 2015 in collaboration with GeneOne
Life Sciences, Inc. (Inovio owns a minority share interest in
GeneOne). Inovio published data in 2013 showing 100% protection of
animals immunized with our Ebola DNA immunotherapy.
Inovio's multi-antigen SynCon® immunotherapy targeting hepatitis
C virus genotypes 1a and 1b, INO-8000, is being studied in a phase
I/IIa clinical trial in Korea in collaboration with GeneOne Life
Sciences, Inc. The companies expect to report interim data from
this clinical trial in 2015. A paper reporting the killing effect
of antigen-specific T cells stimulated by INO-8000 in non-human
primates was published in Human Vaccines & Immunotherapeutics:
"Strong HCV NS3/4a, NS4b, NS5a, NS5b-specific cellular immune
responses induced in rhesus macaques by a novel HCV genotype 1a/1b
consensus DNA vaccine."
Subsequent to year end, we reported that a 12-patient phase I
study of Inovio's HIV immunotherapy, PENNVAX®-B, in HIV-infected
patients revealed that induced immune response characteristics were
similar to those observed in extremely rare HIV-infected
individuals who without treatment do not progress to further stages
of the disease ("long-term non-progressors"). It is believed that
part of their ability to control infection may lie in their unique
immune responses. PENNVAX®-B drove the expansion of activated
HIV-specific CD8+ T cells with functional characteristics similar
to those of long-term non-progressors. ("Synthetic consensus HIV-1
DNA induces potent cellular immune responses and synthesis of
granzyme B, perforin in HIV infected individuals," Molecular
Therapy.) The knowledge from our PENNVAX®-B studies in healthy and
HIV-infected people has been used to create our global, multi-clade
PENNVAX®-GP preventive and therapeutic HIV DNA immunotherapy
candidate. Development of this product was funded in part by a $25
million NIH contract. We expect to initiate a phase I study of
PENNVAX®-GP in 1H. This study will be conducted by the HVTN with
funding provided from the NIH.
R&D and Preclinical Development
In 2014, we reported clinically and commercially important
advancements of emerging new applications and products based on our
core DNA plasmid and electroporation delivery technology.
A new DNA-based cytokine immune activator, interleukin-33
(IL-33), achieved a more rapid and complete regression of
established tumors in mice when added to a DNA immunotherapy.
Notably, IL-33 significantly increased the magnitude of
vaccine-specific CD8 T cell responses. ("Alarmin IL-33 acts as
potent immunoadjuvant enhancing antigen-specific cell-mediated
immunity and inducing potent anti-tumor immunity," Cancer
Research.) We are developing an expanding portfolio of
patent-protected cytokine and chemokine immune activators such as
IL-12, IL-28, and IL-33 to form combination therapies with our
immunotherapies with the goal of achieving the greatest possible
efficacy against targeted diseases.
At the 17th Annual Meeting of the American Society of Gene &
Cell Therapy in Washington, DC, we presented preclinical study data
for our emerging DNA-based monoclonal antibody (dMAb™) application.
Targeting Chikungunya virus (CHIKV), we reported our plasmid CHIKV
dMAb protected 100% of treated animals from a lethal injection of
CHIKV virus while 100% of the control animals died. The treated
animals were spared of virus-related morbidity, as measured by
weight loss and lethargy. (We are taking further steps on this
application, as discussed under Corporate Development below.)
Monoclonal antibodies (mAbs) have become an important treatment
for many diseases, but remain expensive and time consuming to
produce and administer. They are manufactured outside the body,
typically requiring costly large-scale laboratory development and
production. They require frequent repeat administrations and have a
limited duration of potency in the body. dMAbs have the potential
to overcome these limitations by virtue of their simplified design,
product stability, manufacturing, dosing frequency, and cost
effectiveness, thereby providing potential new avenues for
treatment of disease.
Our melanoma immunotherapy encoding the tyrosinase gene (highly
expressed in nearly 80% of melanoma tumor cells) induced robust and
broad immune responses in animals and directed cancer-killing T
cells against tumors. T cells induced by the immunotherapy were
very effective in infiltrating the tumor site, where they prevented
tumors, controlled tumor growth, and changed the tumor
micro-environment by "turning off" cells that suppress T-cell
activity. Inovio's therapy increased survival in
melanoma-challenged mice versus a control group. ("Novel and
enhanced anti-melanoma DNA vaccine targeting the tyrosinase protein
inhibits myeloid derived suppressor cells (MDSC) and tumor growth
in a syngeneic prophylactic and therapeutic murine model," Cancer
Gene Therapy.)
Corporate Development
In November, Roche and Inovio terminated the 2013 collaboration,
option, and license agreement to co-develop INO-5150, our DNA
immunotherapy targeting prostate cancer, as well as the research
collaboration in prostate cancer. All of Roche's rights to INO-5150
will be returned to Inovio. We plan to independently advance
INO-5150 into a phase I clinical trial in the first half of 2015.
The Roche/Inovio partnership remains focused on the other major
component of the 2013 agreement, Inovio's DNA immunotherapy against
hepatitis B virus (INO-1800). The first global clinical study of
INO-1800 will be initiated in 1H 2015.
The Defense Advanced Research Projects Agency (DARPA) awarded
$12.2 million for a collaborative project to develop DNA-based
monoclonal antibodies, using technology developed by Penn and
licensed by Inovio, against influenza and antibiotic-resistant
bacteria (Pseudomonas aeruginosa and Staphylococcus aureus). The
research is being conducted by scientists from the Perelman School
of Medicine at the University of Pennsylvania; Inovio
Pharmaceuticals; and MedImmune (AstraZeneca). In previous
preclinical studies our dMAbs demonstrated robust virus
neutralization and protected treated animals challenged with a
lethal virus. The focus of this project is to provide a platform to
rapidly protect people against emerging infections through the
development of novel synthetic monoclonal antibodies produced by
patients themselves.
We expanded our existing license agreement with the University
of Pennsylvania, adding exclusive worldwide rights to technology
and intellectual property for novel synthetic therapies against
cancer, infectious diseases and new immune activators. This
amendment broadens and strengthens the Company's patent protection
covering candidate products for dengue fever, H7N9 influenza,
additional HPV serotypes, and additional cancer antigens. The
amended agreement provides Inovio global rights to numerous dMAbs,
immune activators (IL-21, IL-23 & IL-33), and immune therapies
for Middle East Respiratory Syndrome (MERS) and tuberculosis.
Inovio's 91%-owned subsidiary, VGX Animal Health, Inc. (VAH),
concluded an agreement providing Plumbline Life Sciences, Inc.
(PLS) of Korea an exclusive license for animal applications of its
growth hormone-releasing hormone (GHRH) technology and animal DNA
vaccines plus a non-exclusive license to Inovio electroporation
delivery systems for these applications. VGX Animal Health will
receive $2 million in cash in multiple payments, 20% of the
outstanding shares of PLS, milestone payments, and royalties on
product sales. Inovio retains the human applications of its GHRH
technology.
On June 5, 2014, Inovio implemented a 1-for-4 reverse split of
the Company's common stock. The reverse split was implemented to
bring our share structure and price more in line with our
peers.
Inovio transferred its U.S. stock exchange listing from the NYSE
MKT to the NASDAQ Global Select Market on September 15, 2014,
retaining the trading symbol INO. Inovio was subsequently added to
the Russell Global, Russell 2000®, Russell Microcap® and NASDAQ
Biotechnology Indexes.
With our growing product portfolio and advancing clinical
development, we made strategic additions to our management team to
expand our expertise and capacity to implement our plans:
- Ms. Jennifer Laux was appointed Vice President, Commercial
Development to formulate our commercialization strategy for our
immunotherapy portfolio. Ms. Laux has over 20 years of experience
in life sciences marketing and commercialization and served in
senior cardiovascular marketing roles for Boehringer Ingelheim and
Merck.
- Zane Yang, M.D. was appointed Vice President, Clinical
Development, Oncology to advance the clinical development of our
oncology portfolio (excluding cervical cancer and dysplasia). He
was most recently Director, Oncology Medical Affairs in the U.S.
for Janssen Pharmaceuticals, a unit of Johnson & Johnson, where
he led the prostate cancer and solid tumor therapeutic area.
- Subsequent to the year, Mark Stephen Gelder, M.D., an
experienced gynecologic oncologist, was appointed Vice President,
Clinical Development to lead Inovio's clinical development of its
immunotherapies against HPV-caused cervical cancer and dysplasia,
including our planned phase III study for VGX-3100. Prior to
joining Inovio he was Chief Medical Officer at Heron Therapeutics
and previously led therapeutic oncology programs at Pfizer, Wyeth
and Bayer.
Inovio continues its corporate development activities to secure
grants, collaborations, and partnerships to help advance its
SynCon® immunotherapy and vaccine products.
About Inovio Pharmaceuticals, Inc.
Inovio is revolutionizing the fight against cancer and
infectious diseases. Our immunotherapies uniquely activate
best-in-class immune responses to prevent and treat disease, and
have shown clinically significant efficacy with a favorable safety
profile. With an expanding portfolio of immune therapies, the
company is advancing a growing preclinical and clinical stage
product pipeline. Partners and collaborators include Roche,
MedImmune, University of Pennsylvania, DARPA, Drexel University,
NIH, HIV Vaccines Trial Network, National Cancer Institute, U.S.
Military HIV Research Program, and University of Manitoba. For more
information, visit www.inovio.com.
This press release contains certain forward-looking statements
relating to our business, including our plans to develop
electroporation-based drug and gene delivery technologies and DNA
vaccines, our expectations regarding our research and development
programs and our capital resources. 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 and product development programs
(including, but not limited to, the fact that pre-clinical and
clinical results referenced in this release may not be indicative
of results achievable in other trials or for other indications,
that the studies or trials may not be successful or achieve the
results desired, including safety and efficacy for VGX-3100, that
pre-clinical studies and clinical trials may not commence or be
completed in the time periods anticipated, that results from one
study may not necessarily be reflected or supported by the results
of other similar studies and that results from an animal study may
not be indicative of results achievable in human studies), 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 vaccines,
our ability to support our broad pipeline of SynCon® active immune
therapy and vaccine products, our ability to advance our portfolio
of immune-oncology products independently, including INO-5150, and
to commence a phase I clinical trial for INO-5150 in the first half
of 2015, the adequacy of our capital resources, the availability or
potential availability of alternative therapies or treatments for
the conditions targeted by the company or its collaborators,
including alternatives that may be more efficacious or
cost-effective than any therapy or treatment that the company and
its collaborators hope to develop, our ability to enter into
partnerships in conjunction with our research and development
programs, evaluation of potential opportunities, issues involving
product liability, issues involving patents and whether they or
licenses to them will provide the company 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 the company can finance or devote other
significant resources that may be necessary to prosecute, protect
or defend them, the level of corporate expenditures, assessments of
the company's 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, 2014,
and other regulatory filings from time to time. There can be no
assurance that any product in Inovio's pipeline will be
successfully developed or manufactured, that final results of
clinical studies will be supportive of regulatory approvals
required to market licensed products, or that any of the
forward-looking information provided herein will be proven
accurate.
|
|
Inovio Pharmaceuticals,
Inc. |
CONSOLIDATED BALANCE
SHEETS |
|
|
December 31, |
|
2014 |
2013 |
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 40,543,982 |
$ 33,719,796 |
Short-term investments |
53,075,974 |
18,905,608 |
Accounts receivable |
2,804,207 |
3,301,563 |
Prepaid expenses and other current
assets |
797,973 |
637,433 |
Prepaid expenses from affiliated entity |
1,382,375 |
2,057,350 |
Deferred tax asset |
342,573 |
61,839 |
Total current assets |
98,947,084 |
58,683,589 |
Restricted cash |
— |
100,762 |
Fixed assets, net |
4,583,204 |
2,886,545 |
Investment in affiliated entity |
12,340,811 |
9,664,587 |
Intangible assets, net |
4,776,059 |
5,718,778 |
Goodwill |
10,113,371 |
10,113,371 |
Common stock warrants |
550,000 |
717,500 |
Other assets |
474,568 |
402,075 |
Total assets |
$ 131,785,097 |
$ 88,287,207 |
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
$ 6,383,170 |
$ 5,444,508 |
Accounts payable and accrued expenses due to
affiliated entity |
28,407 |
522,255 |
Accrued clinical trial expenses |
2,007,432 |
1,446,180 |
Common stock warrants |
2,022,729 |
19,540,583 |
Deferred revenue |
3,187,223 |
1,624,388 |
Deferred revenue from affiliated entity |
394,791 |
388,542 |
Total current
liabilities |
14,023,752 |
28,966,456 |
Deferred revenue, net of current portion |
173,779 |
1,997,333 |
Deferred revenue from affiliated entity, net
of current portion |
836,694 |
1,211,694 |
Deferred rent |
4,709,229 |
3,013,263 |
Deferred tax liabilities |
504,049 |
195,778 |
Total liabilities |
20,247,503 |
35,384,524 |
Commitments and contingencies |
|
|
Inovio Pharmaceuticals, Inc.
stockholders' equity: |
|
|
Preferred stock—par value $0.001; Authorized
shares: 10,000,000, issued and outstanding shares: 23 at
December 31, 2014 and 26 at December 31, 2013 |
— |
— |
Common stock—par value $0.001; Authorized
shares: 600,000,000 at December 31, 2014 and December 31, 2013,
issued and outstanding: 60,741,082 at December 31, 2014 and
52,576,390 at December 31, 2013 |
60,741 |
52,577 |
Additional paid-in capital |
443,327,915 |
348,267,389 |
Accumulated deficit |
(331,910,290) |
(295,788,577) |
Accumulated other comprehensive loss |
(251,390) |
(76,365) |
Total Inovio Pharmaceuticals, Inc.
stockholders' equity |
111,226,976 |
52,455,024 |
Non-controlling interest |
310,618 |
447,659 |
Total stockholders' equity |
111,537,594 |
52,902,683 |
Total liabilities and stockholders'
equity |
$ 131,785,097 |
$ 88,287,207 |
|
|
Inovio Pharmaceuticals,
Inc. |
CONSOLIDATED STATEMENTS
OF OPERATIONS |
|
|
|
For the Year
ended December 31, |
|
2014 |
2013 |
2012 |
Revenues: |
|
|
|
Revenue under collaborative research and
development arrangements |
$ 7,416,568 |
$ 9,239,547 |
$ 82,536 |
Revenue under collaborative research and
development arrangements with affiliated entity |
479,464 |
425,000 |
577,467 |
Grants and miscellaneous revenue |
2,560,734 |
3,802,799 |
3,458,649 |
Total revenues |
10,456,766 |
13,467,346 |
4,118,652 |
Operating expenses: |
|
|
|
Research and development |
34,095,039 |
21,368,604 |
17,984,825 |
General and administrative |
15,857,688 |
13,643,074 |
10,778,359 |
Gain on sale of assets |
— |
(2,000,000) |
(1,151,000) |
Total operating
expenses |
49,952,727 |
33,011,678 |
27,612,184 |
Loss from operations |
(39,495,961) |
(19,544,332) |
(23,493,532) |
Other income (expense): |
|
|
|
Interest and other income, net |
331,461 |
132,214 |
166,113 |
Change in fair value of common stock
warrants |
348,143 |
(45,632,669) |
1,982,620 |
Gain (Loss) on investment in affiliated
entity |
2,676,224 |
(1,038,745) |
1,631,819 |
Net loss |
(36,140,133) |
(66,083,532) |
(19,712,980) |
Net loss attributable to non-controlling
interest |
18,420 |
55,084 |
44,025 |
Net loss attributable to Inovio
Pharmaceuticals, Inc. |
$ (36,121,713) |
$ (66,028,448) |
$ (19,668,955) |
Net loss per common share
attributable to Inovio Pharmaceuticals, Inc.
stockholders |
|
|
|
Basic |
$ (0.61) |
$ (1.43) |
$ (0.58) |
Diluted |
$ (0.64) |
$ (1.43) |
$ (0.58) |
Weighted average number of common
shares outstanding used in per share calculations: |
|
|
|
Basic |
59,127,349 |
46,087,773 |
34,127,312 |
Diluted |
59,408,252 |
46,087,773 |
34,127,312 |
CONTACT: Investors:
Bernie Hertel, Inovio Pharmaceuticals
858-410-3101, bhertel@inovio.com
Media:
Jeff Richardson, Inovio Pharmaceuticals
267-440-4211, jrichardson@inovio.com
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