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Inovio Pharmaceuticals Inc. (INO-5.42%) has filed its Form 10-K annual report filing for the fiscal year ended December 31, 2024.
The report details the company's financial performance, indicating a net loss of $107.3 million for the year. This is a decrease from the previous year's net loss of $135.1 million.
Inovio's total revenue for 2024 was $217,756, primarily derived from collaborative arrangements and contracts, including revenue from ApolloBio Corporation.
Research and development expenses were reported at $75.6 million, a decrease from $86.7 million in 2023. This reduction is attributed to lower employee compensation and decreased manufacturing and clinical study expenses.
General and administrative expenses also decreased to $37.0 million from $47.6 million in the previous year, largely due to reduced employee compensation and legal expenses.
Inovio's cash, cash equivalents, and short-term investments totaled $94.1 million as of December 31, 2024, with working capital of $62.5 million.
The company raised $60.8 million through equity offerings in 2024, including proceeds from an underwritten public offering in December and a registered direct offering in April.
Inovio's lead candidate, INO-3107, is being developed for the treatment of recurrent respiratory papillomatosis (RRP). The company plans to submit a Biologic License Application for INO-3107 under the FDA’s accelerated approval program by the end of 2025.
The company continues to develop DNA medicines for other indications, including HPV-related cancers and glioblastoma multiforme, and is engaged in collaborations with various partners.
Inovio's management expressed substantial doubt about the company's ability to continue as a going concern beyond the fourth quarter of 2025 without securing additional financing.
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. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.