release date: August 9, 2012
for quarter ending: June 30, 2012 (Q2, second quarter 2012)
Warning: 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.
Overview: Continues losses while conducting early-stage trials of its novel vaccine platform.
Basic data (GAAP):
Revenue was $0.44 million, down 74% sequentially from $1.7 million and down 82% from $2.4 million in the year-earlier quarter.
Net income was negative $4.1 million, up sequentially from negative $8.3 million, but down from negative $2.8 million year-earlier.
EPS (earnings per share, diluted) was negative $0.03, up sequentially from negative $0.06, but down from negative $0.02 year-earlier.
The revenue decrease was mainly due to timing of work performed for NIAID (National Institute of Allergy and Infectious Diseases) on development of a universal, preventive HIV DNA vaccine, PENNVAX-GP.
Research and development expense was $4.5 million. General and administrative expense $2.7 million.
Cash and equivalents balance ended at $19.5 million. Cash should be sufficient to provide working capital until Q3 2013. The company has an agreement in place to raise cash by selling common stock from time to time.
The SynCon avian influenza vaccine generated a response against six strains of H5N1 virus in a Phase I trial.
After the end of the quarter Inovio initiated treatment of patients with SynCon for H1N1 influenza virus in elderly adults.
The VGX-3100 vaccine for cervical dysplasia is in a Phase II trial currently enrolling patients, with data not expected until the second half of 2013.
Before the end of 2012 Phase II interim data from a leukemia trial conducted by the University of Southampton and a hepatitis C trial conducted by ChronTech Pharma AB is expected.
Inovio was granted two new patents in the quarter related to SynCon vaccines.
The Department of Defense awarded a grant to Inovio to advance its electroporation delivery device.
Inovio is in "discussions with large pharmaceutical companies with the goal of securing new partnerships to advance the development and commercialization of its SynCon vaccines.
Analyst Conference Summaries Main Page