2023 Q2 Form 10-Q Financial Statement

#000105572623000030 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $226.0K $114.9K
YoY Change -71.19% -42.26%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.52M $13.89M
YoY Change -72.09% -12.93%
% of Gross Profit
Research & Development $23.74M $30.18M
YoY Change -57.95% -46.09%
% of Gross Profit
Depreciation & Amortization $766.6K $707.4K
YoY Change -28.43% -23.89%
% of Gross Profit
Operating Expenses $37.27M $44.07M
YoY Change -64.48% -38.74%
Operating Profit -$37.04M -$43.95M
YoY Change -64.43% -38.73%
Interest Expense $313.5K $313.5K
YoY Change -107.2% 0.0%
% of Operating Profit
Other Income/Expense, Net -$1.428M -$2.426M
YoY Change 46715.31% 1480.57%
Pretax Income -$35.53M -$40.65M
YoY Change -67.25% -47.15%
Income Tax
% Of Pretax Income
Net Earnings -$35.50M -$40.60M
YoY Change -67.28% -48.67%
Net Earnings / Revenue -15709.98% -35321.86%
Basic Earnings Per Share -$0.13 -$0.16
Diluted Earnings Per Share -$0.13 -$0.16
COMMON SHARES
Basic Shares Outstanding 262.7M shares 260.1M shares
Diluted Shares Outstanding 264.4M shares 258.4M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.9M $223.8M
YoY Change -44.01% -37.91%
Cash & Equivalents $52.71M $28.24M
Short-Term Investments $142.2M $195.5M
Other Short-Term Assets $3.243M $5.110M
YoY Change -94.28% -84.04%
Inventory
Prepaid Expenses
Receivables $5.950K $73.30K
Other Receivables $5.110M $4.962M
Total Short-Term Assets $203.3M $233.9M
YoY Change -51.16% -41.51%
LONG-TERM ASSETS
Property, Plant & Equipment $6.304M $6.983M
YoY Change -76.76% -58.18%
Goodwill $10.51M $10.51M
YoY Change 0.0%
Intangibles $0.00 $2.048M
YoY Change -18.08%
Long-Term Investments $2.781M $2.624M
YoY Change 14.19% -22.12%
Other Assets $666.9K $652.5K
YoY Change -13.41% -48.77%
Total Long-Term Assets $29.75M $32.69M
YoY Change -31.15% -28.33%
TOTAL ASSETS
Total Short-Term Assets $203.3M $233.9M
Total Long-Term Assets $29.75M $32.69M
Total Assets $233.0M $266.6M
YoY Change -49.27% -40.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.36M $26.17M
YoY Change -90.26% -33.79%
Accrued Expenses $21.12M $8.376M
YoY Change 64.22% -42.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.71M $16.39M
YoY Change
Total Short-Term Liabilities $51.93M $55.15M
YoY Change -60.38% -7.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $11.70M $12.19M
YoY Change -17.07%
Total Long-Term Liabilities $11.70M $12.19M
YoY Change -61.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.93M $55.15M
Total Long-Term Liabilities $11.70M $12.19M
Total Liabilities $63.67M $67.37M
YoY Change -60.63% -25.5%
SHAREHOLDERS EQUITY
Retained Earnings -$1.600B -$1.500B
YoY Change 15.38%
Common Stock $268.1K $262.7K
YoY Change 15.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.4M $199.2M
YoY Change
Total Liabilities & Shareholders Equity $233.0M $266.6M
YoY Change -49.27% -40.16%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$35.50M -$40.60M
YoY Change -67.28% -48.67%
Depreciation, Depletion And Amortization $766.6K $707.4K
YoY Change -28.43% -23.89%
Cash From Operating Activities -$32.31M -$36.66M
YoY Change -36.05% -40.75%
INVESTING ACTIVITIES
Capital Expenditures $23.92K $297.0K
YoY Change -103.34%
Acquisitions
YoY Change
Other Investing Activities $53.93M $19.30M
YoY Change -662.55% -9.54%
Cash From Investing Activities $53.91M $19.00M
YoY Change -623.16% -10.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.883M -$424.7K
YoY Change -93.29% -101.49%
NET CHANGE
Cash From Operating Activities -32.31M -$36.66M
Cash From Investing Activities 53.91M $19.00M
Cash From Financing Activities 2.883M -$424.7K
Net Change In Cash 24.47M -$18.09M
YoY Change -236.79% 49.09%
FREE CASH FLOW
Cash From Operating Activities -$32.31M -$36.66M
Capital Expenditures $23.92K $297.0K
Free Cash Flow -$32.34M -$36.96M
YoY Change -35.08% -40.27%

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Organization and Operations<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 developing and commercializing DNA medicines to help treat and protect people from diseases associated with HPV, cancer, and infectious diseases. The Company’s goal is to advance its diverse pipeline of product candidates and deliver on the promise of DNA medicines technology in treating and preventing a wide array of diseases.</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%">In clinical trials, INOVIO's DNA medicine candidates have shown the ability to generate immune responses, especially CD4+, CD8+, and memory T-cell responses against targeted pathogens and cancers, via its precisely designed plasmids. These plasmids are delivered into cells using the Company's investigational proprietary smart device, 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:112%">INOVIO's lead candidates are focused on diseases associated with HPV. In October 2022 and February 2023, INOVIO announced data from the first and second cohorts, respectively, of its Phase 1/2 clinical trial with INO-3107 for the treatment of HPV-6 and HPV-11 associated Recurrent Respiratory Papillomatosis (RRP). In this trial, treatment with INO-3107 resulted in a statistically significant reduction of the median number of surgeries, a result that reinforces the Company's belief that DNA medicines may play a key role in the treatment of HPV-related diseases. </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 Advaccine Biopharmaceuticals Suzhou Co, ApolloBio Corporation, AstraZeneca, The Bill &amp; Melinda Gates Foundation (Gates), Coalition for Epidemic Preparedness Innovations (CEPI), Defense Advanced Research Projects Agency (DARPA), The U.S. Department of Defense (DoD), HIV Vaccines Trial Network, Indiana University, International Vaccine Institute (IVI), Kaneka Eurogentec, National Cancer Institute (NCI), National Institutes of Health (NIH), National Institute of Allergy and Infectious Diseases (NIAID), Plumbline Life Sciences, Regeneron Pharmaceuticals, 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, or conducting or planning clinical studies of, DNA medicines for the Ebola virus; HPV-related precancers, including cervical, vulvar and anal dysplasia; HPV-related cancers, including head &amp; neck; other HPV-related disorders, such as RRP; and glioblastoma (GBM).</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>
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