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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Inovio Pharmaceuticals Inc New | NASDAQ:INO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.4099 | -3.39% | 11.6901 | 11.70 | 12.00 | 12.355 | 11.69 | 12.31 | 261,522 | 23:01:42 |
Total revenue was $8.5 million and $35.4 million for the quarter and year ended December 31, 2016, as compared to $5.9 million and $40.6 million for the same periods in 2015.
Total operating expenses for the quarter and year and ended December 31, 2016, were $30.9 million and $111.6 million as compared to $20.5 million and $74.9 million for the same periods in 2015.
The net loss attributable to common stockholders for the quarter and year ended December 31, 2016, was $26.2 million, or $0.35 per share, and $73.7 million, or $1.01 per share, compared to a net loss attributable to common stockholders of $18.0 million or $0.25 per share, and $29.2 million, or $0.43 per share, for the quarter and year ended December 31, 2015.
Dr. J. Joseph Kim, President and CEO, said: “In 2016 Inovio made significant progress on all three focuses of its Vision 2020 plan, which are HPV-related precancer, immuno-oncology, and infectious diseases, with notable data, multiple trial completions, progressive clinical study preparations, and multiple valuable collaborations and funding agreements. In 2017 we expect to report immune response data from clinical studies in six different diseases; the initiation of our phase 3 study of cervical dysplasia and two immuno-oncology combination studies, one by MedImmune and one by Inovio; and additional business development steps. We look forward to a highly productive year in advancing our unique immunotherapy platform and products.”
Revenue
The decrease in revenue for the year was primarily due to $15.0 million of revenue recognized in 2015 from the up-front payment received from our partnership agreement with MedImmune. Accounting recognition of the remainder of the $27.5 million upfront payment was deferred and will be triggered by future events.
Operating Expenses
Research and development expenses for the quarter and year ended December 31, 2016, were $23.9 million and $88.7 million as compared to $15.6 million and $57.8 million for the same periods in 2015. The increase was primarily related to increased investment in our product development programs – notably the DARPA funded Ebola program and clinical trial preparations for the initiation of the VGX-3100 phase 3 study. General and administrative expenses for the quarter and year ended December 31, 2016, were $7.0 million and $23.9 million, compared to $4.9 million and $18.1 million for the quarter and year ended December 31, 2015. The increase was primarily related to employee non-cash stock-based compensation and employee headcount.
Capital Resources
As of December 31, 2016, cash and cash equivalents and short-term investments were $104.8 million compared with $163.0 million as of December 31, 2015. As of December 31, 2016, the company had 74.1 million shares outstanding and 82.0 million fully diluted.
During the year ended December 31, 2016, the Company sold 658,748 shares of common stock under its ATM common stock sales agreement for net proceeds of $6.3 million, with an average price of $9.75 per share.
Subsequent to year end Inovio announced a collaboration and license agreement providing ApolloBio Corporation (NEEQ:430187) with the exclusive right to develop and commercialize VGX-3100 within Greater China. In this agreement, Inovio will receive a $3 million signing fee and a $12 million milestone upon lifting of the VGX-3100 phase 3 pre-initiation clinical hold by the FDA. ApolloBio will also invest in Inovio common stock subsequent to lifting of the clinical hold at a volume weighted average price encompassing a trading period prior to and following the lifting of the clinical hold. The aggregate investment, expected to be completed in the first half of 2017, will not exceed $35 million and may be a lower amount such that ApolloBio will not be the largest shareholder in Inovio. Further details are provided under Corporate Update, HPV-Related Precancers below.
Inovio’s balance sheet and statement of operations are provided below. Form 10-K providing the complete 2016 annual financial report can be found at: http://ir.inovio.com/secfilings.
Corporate Update
HPV-Related Precancers
Immuno-Oncology
Infectious Diseases
Other Developments
About Inovio Pharmaceuticals, Inc.
Inovio is taking immunotherapy to the next level in the fight against cancer and infectious diseases. We are the only immunotherapy company that has reported generating T cells in vivo in high quantity that are fully functional and whose killing capacity correlates with relevant clinical outcomes with a favorable safety profile. The company is advancing a growing clinical and preclinical stage product pipeline. Partners and collaborators include MedImmune, the Wistar Institute, University of Pennsylvania, DARPA, GeneOne Life Science, Plumbline Life Sciences, ApolloBio Corporation, Drexel University, NIH, HIV Vaccines Trial Network, National Cancer Institute and U.S. Military HIV Research Program. For more information, visit www.inovio.com.
This press release contains certain forward-looking statements relating to our business, including our plans to develop electroporation-based drug and gene delivery technologies and DNA vaccines, our expectations regarding our research and development programs and our capital resources. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials and product development programs, including our ability to obtain a release of the clinical hold from the FDA for the proposed phase 3 clinical program for VGX-3100, the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA vaccines, our ability to support our broad pipeline of SynCon® active immunotherapy and vaccine products, our ability to advance our portfolio of immuno-oncology products independently, the ability of our collaborators to attain development and commercial milestones for products we license and product sales that will enable us to receive future payments and royalties, the adequacy of our capital resources, the availability or potential availability of alternative therapies or treatments for the conditions targeted by the company or its collaborators, including alternatives that may be more efficacious or cost effective than any therapy or treatment that the company and its collaborators hope to develop, our ability to enter into partnerships in conjunction with our research and development programs, evaluation of potential opportunities, issues involving product liability, issues involving patents and whether they or licenses to them will provide the company with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether the company can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of the company's technology by potential corporate or other partners or collaborators, capital market conditions, the impact of government healthcare proposals and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2016 and other regulatory filings from time to time. There can be no assurance that any product in Inovio's pipeline will be successfully developed or manufactured, that final results of clinical studies will be supportive of regulatory approvals required to market licensed products, or that any of the forward-looking information provided herein will be proven accurate.
Inovio Pharmaceuticals, Inc. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
December 31, | ||||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 19,136,472 | $ | 57,632,693 | ||||
Short-term investments | 85,629,412 | 105,357,277 | ||||||
Accounts receivable | 15,821,511 | 7,299,612 | ||||||
Accounts receivable from affiliated entity | 748,355 | 33,447 | ||||||
Prepaid expenses and other current assets | 1,749,059 | 917,257 | ||||||
Prepaid expenses and other current assets from affiliated entity | 1,512,424 | 610,652 | ||||||
Total current assets | 124,597,233 | 171,850,938 | ||||||
Fixed assets, net | 9,025,446 | 7,306,695 | ||||||
Investment in affiliated entity - GeneOne | 16,052,065 | 14,941,277 | ||||||
Investment in affiliated entity - PLS | 3,777,510 | 5,045,915 | ||||||
Intangible assets, net | 7,628,394 | 3,905,860 | ||||||
Goodwill | 10,513,371 | 10,113,371 | ||||||
Common stock warrants | — | 5,970 | ||||||
Other assets | 2,113,147 | 670,833 | ||||||
Total assets | $ | 173,707,166 | $ | 213,840,859 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 19,597,787 | $ | 13,064,899 | ||||
Accounts payable and accrued expenses due to affiliated entity | 1,072,579 | 165,047 | ||||||
Accrued clinical trial expenses | 6,368,389 | 2,600,483 | ||||||
Common stock warrants | 1,167,614 | 1,301,138 | ||||||
Deferred revenue | 14,762,720 | 13,449,768 | ||||||
Deferred revenue from affiliated entity | 407,292 | 504,442 | ||||||
Deferred rent | 446,646 | 380,629 | ||||||
Total current liabilities | 43,823,027 | 31,466,406 | ||||||
Deferred revenue, net of current portion | 317,808 | 103,074 | ||||||
Deferred revenue from affiliated entity, net of current portion | 86,694 | 677,371 | ||||||
Deferred rent, net of current portion | 5,926,424 | 5,485,313 | ||||||
Deferred tax liabilities | 174,793 | 175,642 | ||||||
Total liabilities | 50,328,746 | 37,907,806 | ||||||
Commitments and contingencies | ||||||||
Inovio Pharmaceuticals, Inc. stockholders’ equity: | ||||||||
Preferred stock—par value $0.001; Authorized shares: 10,000,000, issued and outstanding shares: 23 at December 31, 2016 and December 31, 2015 | — | — | ||||||
Common stock—par value $0.001; Authorized shares: 600,000,000 at December 31, 2016 and December 31, 2015, issued and outstanding: 74,062,370 at December 31, 2016 and 72,217,965 at December 31, 2015 | 74,062 | 72,218 | ||||||
Additional paid-in capital | 556,718,356 | 534,004,564 | ||||||
Accumulated deficit | (434,838,235 | ) | (361,097,896 | ) | ||||
Accumulated other comprehensive income | 1,327,968 | 2,708,339 | ||||||
Total Inovio Pharmaceuticals, Inc. stockholders’ equity | 123,282,151 | 175,687,225 | ||||||
Non-controlling interest | 96,269 | 245,828 | ||||||
Total stockholders’ equity | 123,378,420 | 175,933,053 | ||||||
Total liabilities and stockholders’ equity | $ | 173,707,166 | $ | 213,840,859 | ||||
Inovio Pharmaceuticals, Inc. | |||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
For the Year ended December 31, | |||||||||||||
2016 | 2015 | 2014 | |||||||||||
Revenues: | |||||||||||||
Revenue under collaborative research and development arrangements | $ | 6,490,747 | $ | 26,876,533 | $ | 7,416,568 | |||||||
Revenue under collaborative research and development arrangements with affiliated entity | 1,400,594 | 779,167 | 479,464 | ||||||||||
Grants and miscellaneous revenue | 27,136,457 | 12,916,411 | 2,560,734 | ||||||||||
Grants and miscellaneous revenue from affiliated entity | 340,563 | — | — | ||||||||||
Total revenues | 35,368,361 | 40,572,111 | 10,456,766 | ||||||||||
Operating expenses: | |||||||||||||
Research and development | 88,712,035 | 57,791,923 | 34,095,039 | ||||||||||
General and administrative | 23,892,263 | 18,063,890 | 15,857,688 | ||||||||||
Gain on sale of assets | (1,000,000 | ) | (1,000,000 | ) | — | ||||||||
Total operating expenses | 111,604,298 | 74,855,813 | 49,952,727 | ||||||||||
Loss from operations | (76,235,937 | ) | (34,283,702 | ) | (39,495,961 | ) | |||||||
Other income (expense): | |||||||||||||
Interest and other income, net | 1,257,257 | 305,071 | 331,461 | ||||||||||
Change in fair value of common stock warrants | 127,554 | 177,561 | 348,143 | ||||||||||
Gain (Loss) on investment in affiliated entity | 1,110,787 | 2,600,467 | 2,676,224 | ||||||||||
Net loss before income tax benefit | (73,740,339 | ) | (31,200,603 | ) | (36,140,133 | ) | |||||||
Income tax benefit | — | 2,097,766 | — | ||||||||||
Net loss | (73,740,339 | ) | (29,102,837 | ) | (36,140,133 | ) | |||||||
Net (income) loss attributable to non-controlling interest | — | (84,769 | ) | 18,420 | |||||||||
Net loss attributable to Inovio Pharmaceuticals, Inc. | $ | (73,740,339 | ) | $ | (29,187,606 | ) | $ | (36,121,713 | ) | ||||
Net loss per common share attributable to Inovio Pharmaceuticals, Inc. stockholders | |||||||||||||
Basic | $ | (1.01 | ) | $ | (0.43 | ) | $ | (0.61 | ) | ||||
Diluted | $ | (1.01 | ) | $ | (0.44 | ) | $ | (0.64 | ) | ||||
Weighted average number of common shares outstanding used in per share calculations: | |||||||||||||
Basic | 73,214,766 | 68,198,142 | 59,127,349 | ||||||||||
Diluted | 73,214,766 | 68,365,265 | 59,408,252 | ||||||||||
CONTACTS: Investors: Bernie Hertel, Inovio Pharmaceuticals, 858-410-3101, bhertel@inovio.com Media: Jeff Richardson, Inovio Pharmaceuticals, 267-440-4211, jrichardson@inovio.com
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