INOVIO Announces Further Reorganization, Continues Focus on Promising DNA Candidates

INOVIO Pharmaceuticals INO announced a strategic reorganization expected to provide annual savings of approximately $4.3 million and includes an 11% reduction of full-time employees following the previously announced discontinuation of clinical development programs in late 2022.
In October, the company discontinued its internally funded efforts to develop INO-4800 as a COVID-19 heterologous booster vaccine.
These and other strategic measures redirect resources to advance key programs, including INOVIO's product candidate INO-3107 for Recurrent Respiratory Papillomatosis (RRP).
INOVIO expects to incur a one-time restructuring charge of approximately $1.1 million in the first quarter of 2023.
INOVIO's lead programs include its treatments for HPV-associated diseases, such as INO-3107 for RRP and VGX-3100 for cervical high-grade squamous intraepithelial lesions (HSIL).
Data readouts for INOVIO's Phase 3 REVEAL2 trial for VGX-3100 and the second cohort from the Phase 1/2 trial for INO-3107 are expected in the first quarter of 2023.
In July, Inovio implemented a corporate reorganization, cutting its full-time workforce by 18% and 86% for contractors and extending its cash runway into Q3 of 2024.
Price Action: INO shares are up 2.76% at $1.68 on the last check Tuesday.