PLYMOUTH MEETING, Pa., March 16, 2015 (GLOBE NEWSWIRE) -- Inovio Pharmaceuticals, Inc. (Nasdaq:INO) today reported financial results for the fourth quarter and year ended December 31, 2014.
Total revenue was $2.5 million and $10.5 million for the quarter and year ended December 31, 2014, as compared to $1.7 million and $13.5 million for the same periods in 2013.
Total operating expenses for the quarter and year ended December 31, 2014, were $13.5 million and $50.0 million as compared to $9.7 million and $33.0 million for the same periods in 2013.
The net loss attributable to common stockholders for the quarter and year ended December 31, 2014, was $7.4 million, or $0.12 per share, and $36.1 million, or $0.61 per share, as compared with a net loss attributable to common stockholders of $15.5 million or $0.30 per share, and $66.0 million, or $1.43 per share, for the quarter and year ended December 31, 2013.
The improvement of $8.1 million and $29.9 million in net loss attributable to common stockholders for the quarter and year ended December 31, 2014, compared with the same periods in 2013, resulted primarily from a reduction in non-cash accounting expense in 2014 related to the change in fair value of common stock warrants based on a required quarterly mark to market adjustment to reflect changes in the Company's stock price.
Dr. J. Joseph Kim, President and CEO, said: "The year 2014 was the most important in the company's history. It is the first time that a DNA-based active immunotherapy has achieved clinically relevant efficacy using targeted T cell activation directly in patients in a large controlled study. We completed preparations and expect to soon launch our hepatitis B human study with Roche. Furthermore, DARPA awarded a $12.2M grant to advance a new application – DNA-based monoclonal antibodies – of our core technology.
"In 2015 we look forward to our first cancer data, our complete phase II data being published in a peer-reviewed medical journal, advancing the many steps toward our phase III launch, initiating clinical studies for additional diseases, and new corporate development steps. Our phase II data was a significant validation of the ideal characteristics we are pursuing with our active immunotherapy technology; and each day we continue to take the methodical steps necessary to realize the significant commercial and medical potential of our transformative applications and products."
Revenue
We are receiving ongoing payments from Roche under our collaborative research and development arrangement. The decrease in revenue was primarily due to the up-front payment associated with the partnership agreement executed with Roche in 3Q 2013, offset by an increase in recognized revenue related to research and development services performed under the agreement.
Operating Expenses
Research and development expenses for the quarter and year ended December 31, 2014, were $9.2 million and $34.1 million as compared to $6.4 million and $21.4 million for the same periods in 2013. The increase in R&D expenses is generally related to an increased investment in all our product development programs and our Roche partnership (the latter being fully offset by development fees from Roche). General and administrative expenses for the quarter and year ended December 31, 2014, were $4.2 million and $15.9 million, compared to $4.3 million and $13.6 million for the quarter and year ended December 31, 2013.
Capital Resources
As of December 31, 2014, cash and cash equivalents and short-term investments were $93.6 million compared with $52.7 million as of December 31, 2013. This increase was primarily due to the net proceeds from our March 2014 financing and warrants and options exercised during the period.
As of December 31, 2014, the company had 60.7 million shares outstanding and 66.6 million fully diluted.
Based on management's projections and analysis, the Company believes that cash, cash equivalents and short-term investments are sufficient to meet its planned working capital requirements through the end of 2017, excluding its planned phase III clinical trial of VGX-3100. The Company expects to raise additional capital to fund this study.
Inovio's balance sheet and statement of operations are provided below. Form 10-K providing the complete 2014 annual financial report can be found at: http://ir.inovio.com/secfilings.
Corporate Update
Clinical Development
First ever reported data showing efficacy achieved by killer T cells generated in the body by a DNA-based active immunotherapy in a large controlled human study
In 2014 we reported top-line data from our phase II clinical trial (HPV-003) for VGX-3100, our SynCon® immunotherapy product against HPV-caused pre-cancers and cancers delivered with our CELLECTRA® electroporation device, providing critical evidence that we are on the right path to achieving the characteristics of an "ideal" immunotherapy technology to fight cancers and infectious diseases.
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