NASDAQ$INO
Inovio Pharmaceuticals Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Announced second quarter 2023 financial results and provided a strategic update.
Inovio announced its Q2 2023 financial results, highlighting progress with INO-3107 and a strategic update including pipeline reprioritization and corporate reorganization with a focus on late-stage clinical programs. The company is preparing to initiate a pivotal Phase 3 trial of INO-3107 in adult RRP patients in the first quarter of 2024. INOVIO is stopping investment in VGX-3100 for cervical HSIL for U.S. market. A headcount reduction and reallocation of resources are expected to lower future cash burn and extend cash runway into the third quarter of 2025.
- Preparing to initiate pivotal Phase 3 trial of INO-3107 in adult RRP patients in first quarter of 2024; INO-3107 received Orphan Drug Designation from European Commission in second quarter
- Scaling resources and headcount to align with strategic focus on INO-3107 and late-stage clinical candidates closest to market and with greatest opportunity to deliver on the promise of DNA medicines for patients
- Following biomarker analysis from REVEAL2, INOVIO is stopping investment in VGX-3100 for cervical HSIL for U.S. market; Remains committed to supporting partner ApolloBio’s non-biomarker strategy for Chinese market
- $194.9 million in cash, cash equivalents and short-term investments at quarter end; Headcount reduction and reallocation of resources expected to lower future cash burn and extend cash runway into third quarter of 2025
Headline financials
Revenue & EPS history
Inovio · Revenue · Quarterly
$226K
Forward guidance
INOVIO estimates that cost savings will enable it to fund operations into the third quarter of 2025, with an expected cash burn of approximately $34.0 million for the third quarter of 2023, decreasing incrementally throughout the remainder of 2023 and 2024.
Tailwinds
- Cost savings from headcount reduction will provide annual savings of approximately $9.9 million.
- Cash runway extended into the third quarter of 2025 due to cost savings.
- Cash burn expected to decrease incrementally throughout the remainder of 2023 and 2024.
- Focus on late-stage candidates with the greatest likelihood of success.
- Existing cash resources are expected to allow the company to achieve important catalysts for key programs.
Headwinds
- Stopping the development of VGX-3100 in cervical HSIL for the U.S. market.
- Workforce reduction of 58 employees, or 30%.
- Cash burn estimate of approximately $34.0 million for the third quarter of 2023.
- Cash projections do not include any funds that may be raised through the Company’s existing at-the-market program or other capital-raising activities.
- Uncertainties inherent in pre-clinical studies, clinical trials, product development programs and commercialization activities and outcomes
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
-1.6%
Avg return
Earnings day
-0.6%
Avg return
5 days after
-5.5%
Avg return
30 days after
39%
25 / 64 earnings
Positive
+21.6%
Q4 2014
Best reaction
-27.8%
Q2 2013
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.3% | -13.5% | — | |
| Q4 2025 | -1.2% | -1.2% | -36.9% | |
| Q3 2025 | -7.1% | -4.7% | -0.9% | |
| Q1 2025 | -1.6% | +7.8% | +4.2% | |
| Q4 2024 | -6.7% | -10.5% | -17.1% | |
| Q3 2024 | -13.9% | -18.6% | -53.1% | |
| Q2 2024 | -1.7% | -8.1% | -26.9% | |
| Q1 2024 | +7.2% | +12.7% | -11.0% | |
| Q4 2023 | -6.7% | +24.4% | +21.9% | |
| Q3 2023 | -7.9% | +0.0% | +0.0% | |
| Q2 2023 | +9.5% | +9.5% | +7.1% | |
| Q1 2023 | -7.1% | -8.3% | -38.1% | |
| Q4 2022 | +3.2% | -4.0% | -34.9% | |
| Q3 2022 | +1.4% | +9.3% | -14.4% | |
| Q2 2022 | +10.2% | +11.4% | -8.5% | |
| Q1 2022 | -23.6% | -16.0% | -30.4% | |
| Q4 2021 | -5.9% | -4.0% | +10.8% | |
| Q3 2021 | +5.6% | +9.1% | -7.0% | |
| Q2 2021 | -5.9% | +1.3% | -9.2% | |
| Q1 2021 | -5.3% | -4.4% | +46.4% | |
| Q4 2020 | -9.7% | -17.2% | -16.4% | |
| Q3 2020 | +9.3% | +6.6% | +8.5% | |
| Q2 2020 | -27.7% | -26.9% | -49.2% | |
| Q1 2020 | +18.8% | +23.7% | +23.3% | |
| Q4 2019 | -14.0% | -12.3% | -3.0% | |
| Q3 2019 | -5.7% | -4.1% | +10.6% | |
| Q2 2019 | -1.6% | -6.3% | -15.8% | |
| Q1 2019 | -4.4% | -9.2% | -37.2% | |
| Q4 2018 | +3.7% | +0.0% | +15.9% | |
| Q3 2018 | +1.1% | -7.5% | -1.3% | |
| Q2 2018 | +14.3% | +13.8% | +35.5% | |
| Q1 2018 | -6.2% | +1.1% | -5.1% | |
| Q4 2017 | +6.6% | +12.6% | +11.5% | |
| Q3 2017 | -16.6% | -14.3% | -15.3% | |
| Q2 2017 | -0.2% | -1.4% | +7.8% | |
| Q1 2017 | +5.8% | +15.2% | +27.0% | |
| Q4 2016 | -6.1% | -7.7% | -7.9% | |
| Q3 2016 | +18.7% | +26.8% | +8.7% | |
| Q2 2016 | -8.1% | -9.1% | -8.1% | |
| Q1 2016 | +4.7% | — | — | |
| Q4 2015 | -4.9% | — | — | |
| Q3 2015 | +3.1% | — | — | |
| Q2 2015 | +20.5% | — | — | |
| Q1 2015 | +1.1% | — | — | |
| Q4 2014 | +21.6% | — | — | |
| Q3 2014 | +0.6% | — | — | |
| Q2 2014 | -12.9% | — | — | |
| Q1 2014 | +2.8% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q3 2013 | -1.1% | — | — | |
| Q2 2013 | -27.8% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | -1.9% | — | — | |
| Q3 2012 | -7.6% | — | — | |
| Q2 2012 | +1.9% | — | — | |
| Q1 2012 | -2.0% | — | — | |
| Q4 2011 | -6.5% | — | — | |
| Q3 2011 | -4.8% | — | — | |
| Q2 2011 | +1.7% | — | — | |
| Q1 2011 | +0.0% | — | — | |
| Q4 2010 | -1.8% | — | — | |
| Q3 2010 | +5.9% | — | — | |
| Q2 2010 | -1.1% | — | — | |
| Q1 2010 | -7.5% | — | — |
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