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Inovio Pharmaceuticals, Inc. (INO-1.91%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial statements for the quarter, reporting a net loss of $25.2 million and $87.9 million for the three and nine months ended September 30, 2024, respectively. The company had cash, cash equivalents, and short-term investments totaling $84.8 million as of September 30, 2024.
Research and development expenses for the quarter were $18.7 million, reflecting an increase from $15.5 million in the same period the previous year. This increase was primarily due to higher drug manufacturing and engineering services related to INO-3107 and device development.
General and administrative expenses decreased to $8.6 million for the quarter, compared to $9.9 million in the prior year, attributed to lower employee compensation and legal expenses.
Inovio's lead candidate, INO-3107, is being developed for the treatment of recurrent respiratory papillomatosis. The company is pursuing accelerated approval for this candidate but reported delays due to manufacturing issues with the CELLECTRA 5PSP device.
The company reported a gross unrealized gain of $1.3 million on available-for-sale equity securities for the quarter, compared to a loss of $219,000 in the prior year.
Inovio's cash resources are expected to support planned operations into the third quarter of 2025, but additional financing will be required to continue development activities beyond this period.
The company is involved in ongoing litigation with VGXI, Inc. and GeneOne Life Science, Inc., which could impact future operations and financial results.
Inovio continues to focus on developing DNA medicines for various indications, including HPV-related cancers and infectious diseases, with several partnerships in place to advance these efforts.
The filing also discusses the potential impact of regulatory changes, competitive pressures, and other risks that could affect the company's financial condition and operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Inovio Pharmaceuticals Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.