2021 Q4 Form 10-K Financial Statement

#000105572622000008 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $839.1K $1.775M $5.581M
YoY Change -84.96% -76.05% 1896.72%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.05M $53.75M $8.620M
YoY Change 62.98% 44.3% -0.92%
% of Gross Profit
Research & Development $92.30M $249.2M $26.30M
YoY Change 250.91% 164.46% 19.54%
% of Gross Profit
Depreciation & Amortization $1.072M $3.000M $860.0K
YoY Change 24.65% 0.0% -23.21%
% of Gross Profit
Operating Expenses $106.3M $303.0M $34.92M
YoY Change 204.55% 130.42% 13.74%
Operating Profit -$301.2M -$29.34M
YoY Change 142.76% -3.56%
Interest Expense -$1.617M $1.936M $1.068M
YoY Change -251.39% -77.75% -59.98%
% of Operating Profit
Other Income/Expense, Net $177.6K $343.4K $9.350K
YoY Change 1799.47% -148.71% -96.45%
Pretax Income -$106.9M -$303.2M -$22.42M
YoY Change 377.12% 86.15% -41.38%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$106.9M -$303.7M -$24.34M
YoY Change 339.42% 82.5% -35.38%
Net Earnings / Revenue -12745.21% -17112.19% -436.13%
Basic Earnings Per Share -$1.45 -$0.14
Diluted Earnings Per Share -$502.2K -$1.45 -$0.14
COMMON SHARES
Basic Shares Outstanding 210.4M shares 208.8M shares 169.4M shares
Diluted Shares Outstanding 208.8M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $401.3M $401.3M $411.6M
YoY Change -2.5% -2.5% 359.89%
Cash & Equivalents $71.14M $71.14M $250.7M
Short-Term Investments $330.2M $330.2M $160.9M
Other Short-Term Assets $39.10M $39.10M $40.50M
YoY Change -3.46% -3.46% 1457.69%
Inventory
Prepaid Expenses
Receivables $5.467M $5.467M $18.56M
Other Receivables $2.565M $2.565M $500.0K
Total Short-Term Assets $448.4M $448.4M $471.2M
YoY Change -4.82% -4.83% 400.18%
LONG-TERM ASSETS
Property, Plant & Equipment $17.45M $29.02M $11.35M
YoY Change 53.8% 20.43% -11.16%
Goodwill $10.51M $10.51M
YoY Change 0.0% 0.0%
Intangibles $2.626M $3.147M
YoY Change -16.54% -14.81%
Long-Term Investments $0.00 $3.907M $434.4K
YoY Change -100.0% -20.27%
Other Assets $1.426M $1.426M $25.96M
YoY Change -94.51% -94.52% 871.45%
Total Long-Term Assets $47.50M $47.50M $68.60M
YoY Change -30.76% -30.76% 37.89%
TOTAL ASSETS
Total Short-Term Assets $448.4M $448.4M $471.2M
Total Long-Term Assets $47.50M $47.50M $68.60M
Total Assets $495.9M $495.9M $539.8M
YoY Change -8.12% -8.12% 274.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $48.19M $24.21M $21.80M
YoY Change 121.07% 2926.71% 14.74%
Accrued Expenses $12.93M $36.36M $12.30M
YoY Change 5.12% 11.2% 101.64%
Deferred Revenue $21.63K $46.63K
YoY Change -53.62% -49.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $65.74M $65.74M $41.71M
YoY Change 57.63% 57.65% 30.37%
LONG-TERM LIABILITIES
Long-Term Debt $14.96M $14.96M $18.70M
YoY Change -20.0% -20.0% -75.71%
Other Long-Term Liabilities $14.83K $15.54M $57.66K
YoY Change -74.29% -14.62% 56.09%
Total Long-Term Liabilities $14.83K $30.50M $57.66K
YoY Change -74.29% -17.35% 56.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.74M $65.74M $41.71M
Total Long-Term Liabilities $14.83K $30.50M $57.66K
Total Liabilities $96.27M $96.27M $78.63M
YoY Change 22.43% 22.48% -43.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.210B -$906.2M
YoY Change 33.51% 22.49%
Common Stock $217.4K $186.9K
YoY Change 16.34% 84.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $399.7M $399.7M $461.1M
YoY Change
Total Liabilities & Shareholders Equity $495.9M $495.9M $539.8M
YoY Change -8.12% -8.12% 274.97%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$106.9M -$303.7M -$24.34M
YoY Change 339.42% 82.5% -35.38%
Depreciation, Depletion And Amortization $1.072M $3.000M $860.0K
YoY Change 24.65% 0.0% -23.21%
Cash From Operating Activities -$37.89M -$215.7M -$51.22M
YoY Change -26.02% 21.2% 272.78%
INVESTING ACTIVITIES
Capital Expenditures -$643.7K $1.231M -$960.0K
YoY Change -32.95% -19.05% 700.0%
Acquisitions
YoY Change
Other Investing Activities -$5.850M -$174.1M -$2.760M
YoY Change 111.97% 203.97% -126.16%
Cash From Investing Activities -$6.494M -$175.3M -$3.720M
YoY Change 74.57% 198.23% -135.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $209.4M
YoY Change -53.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.59M $211.5M 126.9M
YoY Change -62.51% -54.54% 1215.44%
NET CHANGE
Cash From Operating Activities -37.89M -$215.7M -51.22M
Cash From Investing Activities -6.494M -$175.3M -3.720M
Cash From Financing Activities 47.59M $211.5M 126.9M
Net Change In Cash 3.210M -$179.6M 72.00M
YoY Change -95.54% -178.58% 1035.65%
FREE CASH FLOW
Cash From Operating Activities -$37.89M -$215.7M -$51.22M
Capital Expenditures -$643.7K $1.231M -$960.0K
Free Cash Flow -$37.25M -$216.9M -$50.26M
YoY Change -25.89% 20.86% 269.02%

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CY2021 us-gaap Nature Of Operations
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The Company<div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Inovio Pharmaceuticals, Inc. (the “Company” or “INOVIO”), is a biotechnology company focused on bringing to market precisely designed DNA medicines and vaccines to help protect people from infectious diseases, including COVID-19, and to help treat people with cancer, and conditions associated with human papillomavirus ("HPV"). INOVIO has shown in clinical trials that its DNA vaccine candidates can be delivered into cells in the body via a proprietary smart device allowing the nucleic-acid delivered gene products to activate functional T cell and antibody responses against targeted pathogens and cancers.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's DNA medicines pipeline is comprised of three types of product candidates: prophylactic DNA vaccines, therapeutic DNA immunotherapies, and DNA encoded monoclonal and bispecific antibodies ("dMAbs" and “dBTAs”), all of which utilize the two components of INOVIO's integrated platform, SynCon</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and CELLECTRA®.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's proprietary SynCon</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> technology creates optimized plasmids, which are circular strands of DNA that instruct a cell to produce proteins or antigens to help the person’s immune system respond with antibodies and immune cells which recognize and then help block viruses and destroy cancerous or pre-cancerous cells. </span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">INOVIO's patented CELLECTRA</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">smart delivery devices facilitate uptake of its DNA medicines into the cell, which has been a key limitation of historical DNA-based technology approaches. Human clinical trial data from more than 15,000 CELLECTRA® smart device administrations across more than 5,000 participants to date have shown a tolerable safety profile.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">INOVIO's corporate strategy is to develop, seek regulatory approval for and commercialize its novel DNA medicines to address unmet global health needs. The Company continues to advance and clinically validate an array of DNA medicine candidates that target infectious diseases, such as COVID-19, as well as HPV-associated diseases and cancer. </span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's partners and collaborators include ApolloBio Corporation, AstraZeneca, Beijing Advaccine, The Bill &amp; Melinda Gates Foundation (Gates), Coalition for Epidemic Preparedness Innovations ("CEPI"), The U.S. Department of Defense ("DoD"), Defense Advanced Research Projects Agency ("DARPA"), HIV Vaccines Trial Network, the U.S. Defense Threat Reduction Agency’s Medical CBRN Defense Consortium ("MCDC"), International Vaccine Institute ("IVI"), Kaneka Eurogentec, National Cancer Institute, National Institutes of Health, National Institute of Allergy and Infectious Diseases, Ology Bioservices, the Parker Institute for Cancer Immunotherapy, Plumbline Life Sciences, Regeneron Pharmaceuticals, Inc., Richter-Helm BioLogics, Thermo Fisher Scientific, the University of Pennsylvania, the Walter Reed Army Institute of Research and The Wistar Institute.</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company and its collaborators are currently evaluating the feasibility of, conducting or planning clinical studies of DNA medicines for COVID-19, which includes both homologous and heterologous boosting approaches; Middle East Respiratory Syndrome, or MERS; Lassa fever; Ebola; as well as HPV-associated precancers, including cervical, vulvar, and anal dysplasia; HPV-associated cancers, including head &amp; neck, cervical, anal, penile, vulvar, and vaginal; other HPV-associated disorders, such as recurrent respiratory papillomatosis, or RRP; glioblastoma multiforme, or GBM; and prostate cancer. </span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">INOVIO was incorporated in Delaware in June 2001 and has its principal executive offices in Plymouth Meeting, Pennsylvania.</span></div>
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-303700000 USD
CY2021Q4 ino Working Capital
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382700000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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71143778 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
250728118 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
22196097 USD
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
204815 USD
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
136711 USD
CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1077803 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
4624764 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
2717585 USD
CY2021 ino Change In Prepaid Expenses And Other Current Assets Fixed Assets
ChangeInPrepaidExpensesAndOtherCurrentAssetsFixedAssets
7709337 USD
CY2020 ino Change In Prepaid Expenses And Other Current Assets Fixed Assets
ChangeInPrepaidExpensesAndOtherCurrentAssetsFixedAssets
0 USD
CY2019 ino Change In Prepaid Expenses And Other Current Assets Fixed Assets
ChangeInPrepaidExpensesAndOtherCurrentAssetsFixedAssets
0 USD
CY2021 ino Equity Component Of Convertible Debt Issued
EquityComponentOfConvertibleDebtIssued
0 USD
CY2020 ino Equity Component Of Convertible Debt Issued
EquityComponentOfConvertibleDebtIssued
0 USD
CY2019 ino Equity Component Of Convertible Debt Issued
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
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CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021 us-gaap Use Of Estimates
UseOfEstimates
Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and short-term investments. The Company limits its exposure to credit loss by placing its cash and investments with high credit quality financial institutions. Additionally, the Company has established guidelines regarding diversification of its investments and their maturities which are designed to maintain principal and maximize liquidity.
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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0 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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16190768 shares
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1774758 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
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46000 USD
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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127000 USD
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CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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1700000 USD
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40357456 USD
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50000000 USD
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30000000 USD
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35000000 USD
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36397584 USD
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18944378 USD
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17453206 USD
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27341715 USD
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15993571 USD
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CY2021 us-gaap Depreciation
Depreciation
3000000 USD
CY2020 us-gaap Depreciation
Depreciation
3000000 USD
CY2019 us-gaap Depreciation
Depreciation
3600000 USD
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89000 USD
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CY2021Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Goodwill
Goodwill
10513371 USD
CY2020Q4 us-gaap Goodwill
Goodwill
10513371 USD
CY2020Q4 us-gaap Goodwill
Goodwill
10513371 USD
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10473761 USD
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7847406 USD
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520000 USD
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547000 USD
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1100000 USD
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493000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
276000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
253000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
253000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
253000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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1098000 USD
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FiniteLivedIntangibleAssetsNet
2626000 USD
CY2020 us-gaap Impairment Of Intangible Assets Excluding Goodwill
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0 USD
CY2019 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2020 us-gaap Goodwill Impairment Loss
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0 USD
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
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24213673 USD
CY2020Q4 us-gaap Accounts Payable Trade Current And Noncurrent
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825516 USD
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47644530 USD
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21203808 USD
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CY2020Q4 ino Accrued Subcontract Expenses
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247796 USD
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CY2021 ino Convertible Preferred Stock Shares Issued Upon Conversion Conversion Price Per Share
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27.20
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16500000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4400000 USD
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P2Y
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y4M24D
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10488993 shares
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P6Y10M24D
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7.93
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7.22
CY2021 ino Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Aggregate Intrinsic Value
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3800000 USD
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3100000 USD
CY2021 ino Share Based Compensation Arrangement By Share Based Payment Award Option Exercisable Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionExercisableWeightedAverageRemainingContractualTerm
P5Y10M24D
CY2021Q4 ino Sharebased Compensation Arrangementby Sharebased Payment Award Options Expectedto Vest Outstanding Number
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10488993 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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6.78
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10.29
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5.09
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590486 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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10.81
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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10488993 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.93
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.56
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
7000 shares
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.44
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
78750 shares
CY2019 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
6.27
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
324502 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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7.61
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.87
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.19
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6700000 USD
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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1500000 USD
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