Inovio Pharmaceuticals, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company recorded no revenue from collaborative arrangements for the three months ended September 30, 2024, a stark decline from $388,000 in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $101,000, down from $729,000 in the prior year. This decline reflects the company's ongoing struggles to commercialize its DNA medicine candidates.
Operating expenses decreased to $27.3 million for the third quarter of 2024, compared to $35.9 million in the same quarter of 2023. For the nine-month period, operating expenses totaled $92.1 million, down from $117.3 million year-over-year. The reduction in expenses was attributed to lower employee compensation and legal costs following the resolution of litigation matters in 2023.
Despite the decrease in expenses, Inovio reported a net loss of $25.2 million for the third quarter of 2024, an improvement from a net loss of $33.9 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $87.9 million, compared to $110.1 million in the previous year. The basic and diluted net loss per share improved to $(0.89) from $(1.52) year-over-year for the third quarter.
The company’s cash and cash equivalents increased to $21.7 million as of September 30, 2024, up from $14.3 million at the end of 2023. However, total current assets decreased significantly to $91.3 million from $153.1 million over the same period. Inovio's accumulated deficit reached $1.7 billion, raising concerns about its ability to continue as a going concern beyond the third quarter of 2025.
Strategically, Inovio is focusing on its lead candidate, INO-3107, for recurrent respiratory papillomatosis, which has shown promising results in clinical trials. However, the submission of a Biologic License Application (BLA) has been delayed to mid-2025 due to manufacturing issues with the CELLECTRA 5PSP device. The company has also ceased development of a DNA medicine for HPV-related cervical lesions in the U.S., although trials continue in China.
Inovio's operational restructuring has led to a significant reduction in workforce, with a headcount decrease of approximately 30% announced in August 2023. The company continues to face challenges in securing financing for its clinical development and commercialization efforts, with substantial capital required to advance its product candidates.
About INOVIO PHARMACEUTICALS, INC.
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