Inovio Pharmaceuticals, Inc. INO suffered a wider net loss for the second quarter. However, its revenue not only increased year-over-year, but also came in above the estimate, sending the stock higher in Monday's pre-market trading.
The company reported a net loss of $18.7 million (or a loss per share of $0.26) in the second quarter. In comparison, it incurred a loss of $6.25 million or a loss per share of $0.06 in the year-ago period. Street expected a loss of $0.21 a share.
Inovio's total revenue was $6.2 million versus $5.3 million recorded in the previous year's quarter. Analysts projected $4.95 million revenue.
The company attributed the increase in revenue to an increase in development payments from its DARPA Ebola grant.
Following this, the stock traded $0.14 up, or 1.42 percent, to $9.99 in the pre-market trading on Monday; however, at time of publication, Inovio was trading down 3.15 percent on the day at $9.54.
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