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Sep 30, 2025
Inovio Q3 2025 Earnings Report
Inovio reported its Q3 2025 results with a higher net loss due to non-cash warrant adjustments, despite reduced operating expenses.
Key Takeaways
INOVIO’s Q3 2025 showed a larger net loss primarily due to a $22.5M non-cash loss from fair value adjustments on warrant liabilities. Operating expenses declined year-over-year, driven by reductions in R&D and G&A costs. The company completed the BLA submission for INO-3107 and is preparing for a potential commercial launch in mid-2026.
Q3 2025 net loss was $45.5M, impacted by a $22.5M non-cash warrant liability adjustment.
Operating expenses dropped to $21.2M from $27.3M in Q3 2024 due to lower R&D and G&A costs.
BLA submission for INO-3107 completed; potential FDA acceptance expected by year-end 2025.
Cash and short-term investments totaled $50.8M as of September 30, 2025, expected to support operations into Q2 2026.
Forward Guidance
INOVIO projects that existing cash and short-term investments will sustain operations into Q2 2026, with a projected Q4 2025 operational net cash burn of approximately $22M.
Positive Outlook
- Cash runway expected to last into Q2 2026.
- Estimated Q4 2025 operational net cash burn of $22M reflects continued cost control.
- No immediate capital raise factored into projections.
- BLA submission for INO-3107 completed and under FDA review.
- Preparations underway for potential mid-2026 commercial launch of INO-3107.
Challenges Ahead
- No current revenue generation reported in Q3 2025.
- Increased net loss primarily due to warrant liability adjustments.
- Cash reserves declined from $94.1M at end of 2024 to $50.8M.
- No approval yet for INO-3107; commercialization remains contingent on FDA decision.
Historical Earnings Impact
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