release date: November 7, 2012
for quarter ending: September 30, 2012 (Q3, third 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 $0.86 million, up sequentially from $0.44 million, but down from $2.6 million in the year-earlier quarter.
Net income was negative $6.6 million, down sequentially from negative $4.1 million, and down from negative $4.5 million year-earlier.
EPS (earnings per share, diluted) was negative $0.05, down sequentially from negative $0.03, and down from negative $0.04 year-earlier.
"Inovio continues to advance discussions with large pharmaceutical companies with the goal of securing strategic partnerships to advance the development of SynCon® vaccines.
Cash and equivalents balance ended at $15.2 million. Raised $1.2 million through the sale of common stock.
Management believes cash is sufficient through Q3 2013.
Reduced revenue was from timing of payments from NIAID (National Institute of Allergy and Infectious Diseases) contract for developing an HIV DNA vaccine.
Interim data from Phase II studies of leukemia and hepatitis C vaccines are expected before the end of the year. Positive results were reported for an H1N1 influenza vaccine. A Phase I influenza trial for immune responses in elderly patients was initiated, with data expected in the first half of 2013.
Marketing approval in New Zealand was received for growth hormone releasing hormone for pigs; it had already been approved in Australia.
Operating expenses of $7.15 million consisted of: $5.0 million research and development, $2.7 million general and administrative; loss on sale of assets, $0.5 million. There was a $1.1 million negative change in fair value of stock warrants and a $0.7 million gain from investment in an affiliated entity.
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