Inovio Pharma takes bigger 2Q loss on stock charge
Inovio Pharma reports wider 2nd-quarter loss on charge connected to stock warrants
BLUE BELL, Pa. (AP) -- Inovio Pharmaceuticals Inc. said Friday it took a bigger loss in the second quarter on one-time charges related to its increased stock price.
Inovio shares have more than tripled in value over the last year, and the company took a non-cash charge related to warrants for its shares.
The company said it lost $10.9 million, or 6 cents per share, in the three months ended in June. A year ago, Inovio took a loss of $4.1 million, or 3 cents per share. Revenue rose to $786,000 from $436,000. The company reported greater revenue from grants for malaria vaccine research and other sources.
Analysts were expecting a loss of 4 cents per share and $1.3 million in revenue, according to FactSet.
Inovio stock closed at 55 cents a year ago and was worth 50 cents at the end of 2012.
Shares of Inovio fell 20 cents, or 9.4 percent, to $1.92 on Friday. In after-hours trading the stock declined 26 cents, or 14 percent, to $1.66.
