Inovio Pharmaceuticals Inc (NASDAQ: INO), one of the frontrunners among companies developing vaccines for the coronavirus, reported Monday after the close with first-quarter results that trailed expectations. The company reaffirmed the developmental plans for its new coronavirus vaccine program.
Inovio's Q1 Numbers
The Plymouth, Pennsylvania-based company reported a first-quarter net loss of $32.5 million or 26 cents per share compared to the year-ago loss of $29.2 million and 30 cents per share.
Revenues declined year-over-year from $2.8 million in 2019 to $1.3 million in 2020, with the company attributing the steep drop to less revenue recognized from its collaboration with AstraZeneca plc (NYSE: AZN).
Analysts, on average, had estimated a loss of 22 cents per share on revenues of $1.91 million.
With no commercial product in its stable, the company generates revenue from licensing, grant funding and interest income.
As of March 31, 2020, cash and cash equivalents and short-term investments were $270 million compared to $89.5 million at the end of 2019. The increase reflected net proceeds of $208.2 million Inovio received by selling 43.15 million shares under an at-the-market sales agreement.
After the first quarter, Inovio sold an incremental 12.04 million shares for net proceeds of about $121.7 million.
Inovio's Clinical Update
Despite the coronavirus scare, Inovio said it is on track to deliver key 2020 clinical and regulatory milestones, including the top-line efficacy data from the Phase 3 study of VGX-3100 in the fourth quarter, and the presentation of 12-month overall survival results from the Phase 1/2 clinical trial of the INO-5401 immunotherapy in glioblastoma multiforme at the ASCO20 Virtual Conference later in May.
For INO-4800, the company reaffirmed the late-July release schedule for the results from the U.S. Phase 1 study of the vaccine candidate. As communicated earlier, the company expects to start the Phase 2/3 efficacy trial in summer, contingent upon regulatory approval.
Inovio also said preclinical data manuscript for INO-4800 has been accepted for publication in Nature Communications.
Additional clinical trials for INO-4800 in China and South Korea will start this summer, the company said.
INO Price Action
Inovio shares, which had rallied 9.63% to $11.90 in Monday's regular session, were retreating by 7.39% to $11.02 in the after-hours session at the time of publication. The negative reaction may have to do with the first-quarter miss and a lack of significant incremental updates on its INO-4800 vaccine program.
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