Inovio Pharmaceuticals (NASDAQ:INO), a biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to treat and protect people from infectious diseases, cancer, and HPV-associated diseases, today reported financial results for the quarter ended March 31, 2021.
- The company’s net loss widened to $54.4M, or $0.27 per share, from a net loss of $32.5M, or $0.26 per share, last year.
- Research and development expenses for the three months ended March 31, 2021, were $39M compared to $19.1M for the same period in 2020.
- As of March 31, 2021, cash and cash equivalents and short-term investments were $518.6M compared to $411.6M as of December 31, 2020.
- Total revenue fell over 70% during the quarter to $0.37M, missing analysts’ estimate by $0.69.
INOVIO Key Updates & First Quarter 2021 Highlights
Key Updates
- This morning, INOVIO announced positive preliminary immunogenicity and safety data from the Phase 2 segment of INNOVATE (INOVIO INO-4800 Vaccine Trial for Efficacy), its clinical trial evaluating COVID-19 DNA vaccine candidate, INO-4800. The Phase 2 data showed the vaccine to be safe, well-tolerated and immunogenic in all tested age groups. The Phase 2 results from approximately 400 patients helped determine INOVIO’s selection of a 2.0 mg dose for the global Phase 3 segment of the trial.
- INOVIO met primary and secondary efficacy endpoints among all evaluable subjects for REVEAL 1 (Randomized Evaluation of VGX-3100 and Electroporation for the treatment of Cervical HSIL) trial. REVEAL 2, the confirmatory Phase 3 trial for VGX-3100, continues to enroll globally across 48 study sites.
- INOVIO and QIAGEN extended their partnership in late February with a new master collaboration agreement to include the co-development of a pre-treatment RNA-based biomarker blood test designed to identify prospective patients who are most likely to benefit from the clinical use of VGX-3100.
- In February, INOVIO dosed its first patient in a Phase 1b clinical trial for INO-4500, its DNA vaccine candidate for Lassa fever, in Ghana. INO-4500 is the first vaccine candidate for Lassa fever to enter human trials. As part of a 2018 partnership, INOVIO and CEPI are committed to making INO-4500 available for possible emergency use as a stockpile product after successful completion of the Phase 2 trial.
CWEB Analysts have initiated a SELL Rating for INOVIO (NASDAQ:INO). The fundamentals of the company are not strong yet but a staggering losses are raising serious concerns about integrity. Revenue fell over 70% during for the quarter. For the past 7 years Inovio has only worked on new product’s and every time there is a virus or something new they apparently are working on it. When a new virus comes they start working on the new one. So it looks like PR news making headlines about new viruses but they have never had any approved product on the market yet.
