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Mar 31, 2025
Inovio Q1 2025 Earnings Report
Inovio narrowed its net loss in Q1 2025 as operating expenses declined and revenue modestly increased.
Key Takeaways
Inovio reported a smaller net loss in Q1 2025 due to reduced R&D and G&A expenses. Revenue from collaborative arrangements reappeared after a zero-revenue quarter in Q1 2024. The company continues to prepare for BLA submission for INO-3107 and advances its DMAb technology.
Net loss decreased to $19.7 million in Q1 2025 from $30.5 million in Q1 2024.
Operating expenses declined to $25.1 million, reflecting cost optimization efforts.
Revenue of $65,343 came from collaborative arrangements, marking a return from zero revenue in Q1 2024.
Cash, cash equivalents, and short-term investments totaled $68.4 million, supporting operations into Q1 2026.
Forward Guidance
Inovio plans to begin BLA submission for INO-3107 in mid-2025 and expects current funding to sustain operations into Q1 2026.
Positive Outlook
- On track to start BLA rolling submission for INO-3107 mid-2025.
- Positive interim data for DNA-encoded monoclonal antibody (DMAb) platform.
- Cash position of $68.4 million to support operations into Q1 2026.
- Ongoing clinical follow-up of INO-3107 shows strong immunological benefit.
- Published clinical results in Nature Communications bolsters credibility.
Challenges Ahead
- Only $65K revenue generated in Q1 2025, relying heavily on external capital.
- Net cash burn of ~$22M expected in Q2 2025.
- Dependent on successful FDA approval for commercial viability of INO-3107.
- Still facing uncertainties in BLA submission and FDA review timelines.
Historical Earnings Impact
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