Inovio reports Q2 net loss $108.5M, extends cash runway into Q3 2024 via restructuring; appoints new CMO

INOVIO PHARMACEUTICALS, INC.

2022-Q2 EPS reported -$0.83 revenue$983,469

Net loss $108.5M ($0.46 per share) vs $82.1M loss a year ago; revenue $784K (up from $273K).
Operating expenses $104.9M, up from $83.5M; includes $14M non-cash litigation settlement and $6.9M severance.
Cash & investments $348.1M at June 30; expects cash burn ~$73M in Q3, runway into Q3 2024.
Restructuring: 18% workforce reduction, 86% contractor cut; expects 30% OpEx reduction; $1.6M charge in Q3.
Appointed Dr. Michael Sumner as CMO; positive Phase 1/2 data for INO-5401 in GBM at ASCO.

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