Why Inovio (INO) Shares Are Moving After-Hours

After falling initially in after-hours trading on Wednesday, Inovio Pharmaceuticals Inc INO shares are back up following the company report of worse-than-expected fourth-quarter financial results and announced topline results from REVEAL2.

So what do traders and investors need to know about the earnings print?

What Happened: Inovio Pharmaceuticals reported quarterly losses of 22 cents per share which missed the analyst consensus estimate of a loss of 17 cents.

The company also reported quarterly sales of $125,000 which missed the analyst consensus estimate of $340,000 by 63%. This sales figure represented a marked decrease of 85% over sales of $839,000 in the same period last year.

Inovio also said it ended 2022 with $253 million in cash, cash equivalents and short-term investments and maintains cash runway projections to the first quarter 2025.

Alongside earnings results, Inovio announced topline results from REVEAL2, the second Phase 3 trial evaluating VGX-3100 as a treatment for cervical high-grade squamous intraepithelial lesions (HSIL)

Inovio says the trial results did not meet the primary endpoint in the biomarker-selected population. Trial results did however achieve statistical significance in the all-participant population.

What Else: Inovio's President and CEO Dr. Jacqueline Shea said, "The last year has been one of transition for Inovio. We chose to make some difficult but essential decisions to best position our pipeline and organization for the future, and we are a stronger company because of it.

"We've honed our strategic vision, strengthened our financial position, and maintained our cash runway into first quarter 2025, enabling us to focus energy and resources on advancing candidates with scientific promise, achievable pathways to market, and strong commercial potential."

Shea added: "Our continued commitment to financial discipline and operational excellence will guide us as we work to get those candidates across the finish line and ultimately deliver on the promise of DNA medicines for patients."

According to data from Benzinga Pro, Inovio is lower by 1.61% to $1.22. The stock has a 52-week high of $4.34 and a 52-week low of $1.19.

Photo: Courtesy Inovio