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Mar 31, 2022
Inovio Q1 2022 Earnings Report
INOVIO reported financial results for the quarter ended March 31, 2022.
Key Takeaways
INOVIO reported total revenue of $199,000 for the three months ended March 31, 2022, compared to $371,000 for the same period in 2021. The net loss for the quarter was $79.1 million, or $0.36 per basic and diluted share, compared to a net loss of $54.4 million, or $0.27 per basic and diluted share, for the quarter ended March 31, 2021.
Prioritized heterologous booster strategy for COVID-19 vaccine candidate INO-4800 and discontinued Phase 3 INNOVATE trial.
Reported positive T cell immune response data with INO-4800 as a heterologous booster to an inactivated COVID-19 vaccine with partner Advaccine.
Announced change in plans for VGX-3100 following input from FDA on need for additional trials.
Appointed Jacqueline Shea, Ph.D. as CEO.
Forward Guidance
INOVIO is focused on advancing its DNA medicine platform and plans to leverage partnerships and collaborations to expand its pipeline and global reach.
Positive Outlook
- Prioritizing heterologous booster strategy for INO-4800.
- Expanding partnership with Advaccine beyond INO-4800.
- Advancing INO-3107 for Recurrent Respiratory Papillomatosis (RRP).
- Presenting data from INO-5401 trial at ASCO Annual Meeting.
- Continuing discussions with regulators for potential regulatory pathways for licensure of INO-4800.
Challenges Ahead
- Discontinuing Phase 3 INNOVATE trial for INO-4800.
- Changing development plans for VGX-3100 based on FDA feedback.
- No longer expecting to submit a BLA in 2023 for VGX-3100.
- Net loss for the quarter ended March 31, 2022 was $79.1 million.
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