Inovio Pharmaceuticals reported its third‑quarter 2025 financial results, posting a net loss of $45.5 million for the nine‑month period ending September 30, 2025. Revenue from collaborative arrangements totaled $100.8 k, while operating expenses rose to $21.2 million, reflecting continued investment in research and development and commercialization activities.
The net loss widened from $25.2 million in the same quarter of 2024, largely because of a $22.5 million non‑cash fair‑value adjustment related to warrant liabilities. Operating expenses fell from $27.3 million in Q3 2024, indicating that the company is tightening its cost base even as it ramps up R&D spending.
Cash and cash equivalents stood at $50.8 million as of September 30, 2025, giving the company a runway that is expected to support operations into the second quarter of 2026. The earlier figure of $36.6 million was a misstatement; the corrected balance shows a stronger liquidity position than initially reported.
Inovio also completed the rolling submission of its Biologics License Application for its lead candidate INO‑3107, a DNA‑based therapy for recurrent respiratory papillomatosis. The submission is a critical regulatory milestone that could pave the way for a potential launch in mid‑2026 if the FDA grants approval, positioning INO‑3107 as the company’s first commercial product.
Earnings per share of –$0.87 beat consensus estimates of –$0.48, a beat of $0.39 per share, driven in part by lower operating expenses and the absence of one‑time revenue items. The positive surprise contributed to a modest uptick in aftermarket trading, reflecting investor optimism about the company’s pipeline and regulatory progress.
Dr. Jacqueline Shea, Inovio’s President and CEO, said the BLA submission was a “key milestone” that “highlights the company’s progress toward bringing a first‑in‑class DNA medicine to patients.” She added that the company remains focused on advancing next‑generation DNA‑encoded monoclonal antibody technology while managing cash burn to extend its runway.
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