2016 Q2 Form 10-Q Financial Statement

#000105572616000062 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $6.204M $5.287M
YoY Change 17.35% 39.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.800M $4.720M
YoY Change 22.88% 8.51%
% of Gross Profit
Research & Development $19.63M $16.69M
YoY Change 17.63% 73.71%
% of Gross Profit
Depreciation & Amortization $790.0K $460.0K
YoY Change 71.74% 27.78%
% of Gross Profit
Operating Expenses $24.43M $20.41M
YoY Change 19.72% 46.24%
Operating Profit -$18.23M -$15.12M
YoY Change 20.55% 48.92%
Interest Expense -$480.0K $8.960M
YoY Change -105.36% -1700.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$18.70M -$6.162M
YoY Change 203.53% -42.52%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.70M -$6.248M
YoY Change 199.36% -41.67%
Net Earnings / Revenue -301.5% -118.19%
Basic Earnings Per Share -$0.26 -$0.09
Diluted Earnings Per Share -$0.26 -$0.09
COMMON SHARES
Basic Shares Outstanding 72.96M shares 67.66M shares
Diluted Shares Outstanding 72.96M shares 67.84M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $134.5M $154.6M
YoY Change -13.0% 41.97%
Cash & Equivalents $28.45M $70.30M
Short-Term Investments $106.1M $84.30M
Other Short-Term Assets $3.100M $1.900M
YoY Change 63.16% 58.33%
Inventory
Prepaid Expenses
Receivables $10.37M $5.609M
Other Receivables $0.00 $0.00
Total Short-Term Assets $148.0M $162.1M
YoY Change -8.74% 43.56%
LONG-TERM ASSETS
Property, Plant & Equipment $8.701M $5.497M
YoY Change 58.27% 20.83%
Goodwill $10.51M $10.11M
YoY Change 3.96% 0.0%
Intangibles $8.449M $4.333M
YoY Change 94.98% -17.32%
Long-Term Investments $5.300M $0.00
YoY Change
Other Assets $1.326M $581.3K
YoY Change 128.15% 17.82%
Total Long-Term Assets $56.02M $39.56M
YoY Change 41.59% 35.44%
TOTAL ASSETS
Total Short-Term Assets $148.0M $162.1M
Total Long-Term Assets $56.02M $39.56M
Total Assets $204.0M $201.7M
YoY Change 1.13% 41.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.30M $9.500M
YoY Change 40.0% 58.33%
Accrued Expenses $5.006M $2.546M
YoY Change 96.6% 48.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.49M $14.52M
YoY Change 144.46% 25.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.200M $5.700M
YoY Change 8.77% -29.63%
Total Long-Term Liabilities $6.200M $5.700M
YoY Change 8.77% -29.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.49M $14.52M
Total Long-Term Liabilities $6.200M $5.700M
Total Liabilities $41.90M $20.75M
YoY Change 101.95% 4.33%
SHAREHOLDERS EQUITY
Retained Earnings -$387.8M -$348.7M
YoY Change 11.21% 9.9%
Common Stock $73.48K $71.81K
YoY Change 2.33% 19.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $162.0M $180.6M
YoY Change
Total Liabilities & Shareholders Equity $204.0M $201.7M
YoY Change 1.13% 41.89%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$18.70M -$6.248M
YoY Change 199.36% -41.67%
Depreciation, Depletion And Amortization $790.0K $460.0K
YoY Change 71.74% 27.78%
Cash From Operating Activities -$13.27M -$9.020M
YoY Change 47.12% 10.67%
INVESTING ACTIVITIES
Capital Expenditures -$2.720M -$640.0K
YoY Change 325.0% -9.86%
Acquisitions
YoY Change
Other Investing Activities $340.0K -$28.65M
YoY Change -101.19% 1151.09%
Cash From Investing Activities -$2.380M -$29.29M
YoY Change -91.87% 879.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.300M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.480M 82.47M
YoY Change -96.99% 8962.64%
NET CHANGE
Cash From Operating Activities -13.27M -9.020M
Cash From Investing Activities -2.380M -29.29M
Cash From Financing Activities 2.480M 82.47M
Net Change In Cash -13.17M 44.16M
YoY Change -129.82% -531.67%
FREE CASH FLOW
Cash From Operating Activities -$13.27M -$9.020M
Capital Expenditures -$2.720M -$640.0K
Free Cash Flow -$10.55M -$8.380M
YoY Change 25.89% 12.63%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Operations</font></div><div style="line-height:120%;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Inovio Pharmaceuticals, Inc. (the &#8220;Company&#8221; or &#8220;Inovio&#8221;), a clinical stage biopharmaceutical company, develops active DNA immunotherapies and vaccines in combination with proprietary electroporation delivery devices to prevent and treat cancers and infectious diseases.&#160; Inovio&#8217;s synthetic products are based on the Company&#8217;s SynCon</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;design.&#160; The Company has completed, current or planned clinical programs of its proprietary SynCon</font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#174;</sup></font><font style="font-family:inherit;font-size:10pt;"> products for HPV-caused pre-cancers and cancers, influenza, prostate cancer, breast/lung/pancreatic cancer, hepatitis C virus (HCV), hepatitis B virus (HBV), HIV, Ebola, Middle East Respiratory Syndrome (MERS) and Zika virus.&#160; The Company's partners and collaborators include MedImmune, LLC, F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (&#8220;Roche&#8221;), The Wistar Institute, University of Pennsylvania, GeneOne Life Science Inc. ("GeneOne"), Drexel University, National Microbiology Laboratory of the Public Health Agency of Canada, National Institute of Allergy and Infectious Diseases (&#8220;NIAID&#8221;), United States Military HIV Research Program (&#8220;USMHRP&#8221;), U.S. Army Medical Research Institute of Infectious Diseases (&#8220;USAMRIID&#8221;), HIV Vaccines Trial Network (&#8220;HVTN&#8221;), &#160;and Defense Advanced Research Projects Agency (&#8220;DARPA&#8221;). Inovio is incorporated in Delaware.</font></div></div>

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