release date: March 18, 2013
for quarter ending: December 31, 2012 (Q4, fourth quarter 2012)
Warning: Inovio is a startup mode company. It should be considered a risky investment, with risks similar to venture capital. Inovio will likely need to raise more capital, diluting current shares (as we saw in Q4 2012 and Q1 3013), 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 $1.1 million, up 28% sequentially from $0.86 million, but down 31% from $1.6 million in the year-earlier quarter.
Net income was negative $0.7 million, up sequentially from negative $6.6 million, and up from negative $5.5 million year-earlier.
EPS (earnings per share, diluted) was near $0.00, up sequentially from negative $0.05 and up from negative $0.12 year-earlier.
Dr. J. Joseph Kim, President and CEO, stated, “In 2012 our DNA vaccines achieved two vital breakthroughs in human studies: best-in-class therapeutic immune responses displayed the desired killing effect against a targeted disease; broadly targeted universal vaccines generated protective immune responses against multiple unmatched strains of a pathogen. These were scientific firsts. Our current funding will carry us through additional important milestones, including efficacy data from our cervical dysplasia phase II study in Q1 2014.”
Revenue was from a NIAID (National Institute of Allergy and Infectious Diseases) contract for PENNVAX-GP for HIV.
R&D expense was $4.4 million. General and administrative expense was $2.9 million. Total operating expenses were $7.4 million, leaving a $6.2 million loss from operations. There was a $3.0 million gain from change in fair value of common stock warrants and a $2.5 million gain from investment in affiiated entity.
Cash and equivalents balance enced at $13.8 million. After the year-end cash was raised twice: $5.6 million from common stock sales and then $14 million from common stock with warrant units.
In a Phase I study PENNVAX-B showed significant antigen-specific T-cell responses to HIV.
VGX-3100 SynCon cervical sysplasias/cancers vaccine showed strong immune responses and destruction of target cells. A Phase II 148-patient trial will release data in Q1 2014.
A Phase I 60 patient H1N1 influenza study showed immune responses to 9 key historic flue strains, implying it could work for almost any flu strain. Also a 50 patient Phase I universal flu vaccine study's interim data showed the (good) response rates of 40% overall and 20% in elderly patients.
A Phase II trial conducted by the University of Southampton of a DNA vaccine for leukemia showed robust antiboxy and T-cell responses.
Inovio continues to advance discussions with large pharmceutical corporations to secure strategic partnerships for SynCon vaccine development.
VGX animal health subsidiary received approval in Australia and New Zealand for its growth hormone releasing hormone (GHRH) treatment therapy.
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