Quarter Results Summary

conference date: March 15, 2012
for quarter ending: December 31, 2011 (fourth quarter 2011)

Warning: this is my first summary for Inovio. Inovio is a startup mode company. It should be considered a very risky investment, with risks similar to venture capital. Inovio will likely need to raise more capital, diluting current shares, as it is likely years away from profitability.

Inovio did not hold an analyst call. These article is based on their press release.

at the time this was written. However, I initiatied a position on May 21, 2012
Forward-looking statements

Overview: Continues to report significant positive results in early-stage trials of its novel vaccine platform.

Basic data (GAAP):

Revenue was $1.6 million. Year-earlier revenue was $2.4 million.

Net Income was negative $5.5 million. Year-earlier loss was $6.3 million.

EPS (earnings per share, diluted) was negative $0.05 per share. Year-earlier EPS was negative $0.06.

Guidance:

none

Conference Highlights:

Revenue consisted of $133,000 in license and milestone revenue, plus $1.5 million in grant and miscellaneous revenue.

Research and development expense was $4.2 million. General and administrative expense was $3.3 million.

The end-of-quarter cash balance was $30.3 million. During the quarter the company raised $3.7 million by selling new shares and warrants. Believes they have cash to operate through Q3 2013.

Following the successful Phase I study of VGZ-3100 HPV vaccine, patients are being enrolled in a Phase II study for women with cervical dysplasias. Results are expected in the second half of 2013.

PENNVAX-B for HIV Phase I study showed immune T-cell responses. A Phase I study of VGX-3400X vaccine for H5N1 (avian) influenza showed significant antibody responses.

Patients are enrolling in a Phase II DNA vaccine trial for chronic myeloid luekemia and (CML) and accute myeloid leukemia (AML) using Inovio's electroporation delivery system. ChronTech Pharma AB is enrolling a Phase II trial of DNA vaccine for hepatitis C (HCV) also with Inovio's electroporation system.

A number of preclinical developments continue. Inovio also has licensed exclusive rights for a variety of novel synthetic vaccines from the University of Pennsylvania.

Q&A:

none

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