Inovio Q2 net loss $35.5M; stops VGX-3100 cervical program, cuts 30% staff

INOVIO PHARMACEUTICALS, INC.

2023-Q2 EPS reported -$0.29 revenue$340,914

Net loss of $35.5M ($0.13 per share) on revenue of $226K; cash, equivalents & short-term investments $194.9M.
Ceasing U.S. development of VGX-3100 for cervical HSIL after biomarker analysis; shifting focus to INO-3107 Phase 3 for RRP targeted for Q1 2024.
Reducing workforce by 58 employees (30%) for ~$9.9M annual savings; cash runway extended into Q3 2025.
R&D expenses fell to $23.7M from $56.5M; G&A dropped to $13.5M from $48.5M YoY, partly due to lower COVID-related costs and litigation settlement.
ApolloBio continues VGX-3100 Phase 3 for cervical HSIL in China; INOVIO exploring anal HSIL and other pipeline candidates.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INOVIO PHARMACEUTICALS, INC. reported financial results for quarter and six months ended June 30, 2023.

Period: quarter and six months ended June 30, 2023
Result: reported results

Exact text from the filing

On August 9, 2023, Inovio Pharmaceuticals, Inc. (the “ Company ”) issued a press release announcing its financial results for the quarter and six months ended June 30, 2023.

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Source: SEC EDGAR

accession 0001193125-23-207397

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