Inovio Pharmaceuticals Reports No Revenue and Significant Losses in Latest Financial Filing

Inovio Pharmaceuticals, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue for the three months ended June 30, 2025, compared to $101,000 for the same period in 2024. For the six months ending June 30, 2025, revenue totaled $65,343, a decrease from $100,762 in the prior year. The company continues to face substantial operating losses, with a net loss of $23.5 million for the quarter and $43.2 million for the six months, down from $32.2 million and $62.7 million, respectively, in the previous year. This reflects a reduction in operating expenses, particularly in research and development, which fell by 37% year-over-year for the quarter.

Inovio's financial position has deteriorated, with total current assets dropping to $52.7 million as of June 30, 2025, from $97.8 million at the end of 2024. The company's cash and cash equivalents also decreased significantly, from $65.8 million to $24.4 million over the same period. The accumulated deficit has now reached $1.8 billion, raising concerns about the company's ability to continue operations without additional financing. The company has indicated that it will need substantial additional capital to support its ongoing research and development efforts, particularly for its DNA medicines and proprietary device technology.

Strategically, Inovio has made some progress in its product development pipeline. The company is advancing its lead candidate, INO-3107, for the treatment of recurrent respiratory papillomatosis and has received feedback from the FDA indicating that data from completed trials could support a Biologics License Application (BLA) submission. However, the company has faced delays due to manufacturing issues with its CELLECTRA delivery device, which have now been resolved. Inovio plans to submit the BLA in the second half of 2025 and is seeking priority review from the FDA.

Operationally, Inovio's research and development expenses have decreased significantly, primarily due to lower costs associated with clinical trials and drug manufacturing. The company reported a 64% reduction in expenses related to INO-3107 for the quarter. Additionally, Inovio has been actively seeking collaborations and partnerships to bolster its financial position and support its product development efforts. The company has entered into agreements with various partners, including ApolloBio Corporation, to develop and commercialize its DNA medicines.

Looking ahead, Inovio's management has expressed substantial doubt about the company's ability to continue as a going concern beyond the second quarter of 2026 without securing additional financing. The company is exploring various funding options, including equity and debt financing, as well as potential collaborations to support its operations. The outlook remains uncertain as Inovio navigates the complexities of clinical development and regulatory approval processes while managing its financial challenges.