Inovio Pharmaceuticals, Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2024, generating $217.8 million compared to $832.0 million in 2023, marking a decrease of approximately 74%. The company attributed this drop primarily to a reliance on a single collaborator, ApolloBio, which accounted for 100% of its revenue in 2024, compared to 29% in the previous year. Despite the revenue decline, Inovio's total operating expenses decreased by 22% to $112.6 million, down from $144.8 million in 2023. This reduction was largely driven by lower research and development costs, which fell to $75.6 million from $86.7 million, and a significant decrease in general and administrative expenses.
Inovio's net loss for 2024 was reported at $107.3 million, a 21% improvement from the $135.1 million loss in 2023. The company noted that it had an accumulated deficit of $1.7 billion as of December 31, 2024. The decrease in losses was attributed to reduced operating expenses and a notable reduction in interest expenses, which fell to $177,833 from $1.2 million in the previous year. Additionally, Inovio recognized a gain of $2.8 million from the change in fair value of its common stock warrant liability, which was a new entry in its financials for 2024.
Strategically, Inovio is advancing its lead product candidate, INO-3107, for the treatment of recurrent respiratory papillomatosis (RRP). The company received feedback from the U.S. Food and Drug Administration (FDA) indicating that data from a completed Phase 1/2 trial could support a Biologics License Application (BLA) submission under the FDA’s accelerated approval program. However, the company faced delays due to a manufacturing issue identified in the CELLECTRA 5PSP device, which is used for administering INO-3107. The issue was resolved in early 2025, and Inovio plans to initiate a rolling submission of the BLA in mid-2025, aiming for FDA file acceptance by the end of 2025.
Operationally, Inovio employed 134 individuals as of February 14, 2025, with a significant portion dedicated to research and development. The company has also been involved in various collaborations, including a clinical collaboration with Coherus BioSciences for INO-3112, targeting HPV-related oropharyngeal squamous cell carcinoma. Despite the challenges, Inovio continues to explore additional DNA medicine candidates and has plans for geographic expansion, particularly in Asia through its partnership with ApolloBio.
Looking ahead, Inovio anticipates needing substantial additional capital to support its ongoing research and development activities. The company has indicated that its current cash resources, totaling $94.1 million, are expected to sustain operations through the fourth quarter of 2025. However, management expressed substantial doubt about the company's ability to continue as a going concern beyond this period without securing additional financing. The company is exploring various funding avenues, including potential collaborations and public or private debt or equity financings, to support its future operations and product development initiatives.
About INOVIO PHARMACEUTICALS, INC.
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