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Inovio (INO) Q2 Earnings & Revenues Fall Shy of Estimates
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Inovio Pharmaceuticals, Inc. (INO - Free Report) incurred a loss of 30 cents per share in second-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 28 cents and also the year-ago loss of 8 cents.
Moreover, Inovio’s revenues of $0.1 million significantly missed the Zacks Consensus Estimate of $5 million. Also, the top line plunged a massive 99% from the year-ago quarter’s $24.4 million, which got a huge boost from the recognition of a $23-million up-front payment from ApolloBio. Notably, in second-quarter 2018, ApolloBio had gained the rights to develop/commercialize VGX-3100 for the treatment of HPV-related precancers in Greater China, which triggered the payment.
Shares of Inovio fell 5.5% in after-hours trading following the company’s earnings release on Thursday Aug 8. In fact, the stock has declined 36.5% so far this year compared with the industry’s decrease of 2.6%.
Research and development expenses were $22.5 million in second-quarter 2019, flat year over year.
General and administrative expenses dropped 18.1% to $5.9 million in the quarter under review owing to lower foreign non-income taxes and advisory fees.
Pipeline and Other Updates
In July, Inovio announced a strategic restructuring to prioritize the development of its late-stage HPV assets and reallocate capital to develop fast-to-market product candidates. Following this, the company reduced its annual burn rate by 25% and cut workforce by 28%. Inovio also decided to trim some early-stage R&D programs while terminating the phase I/II study evaluating INO-5401 for the treatment of advanced bladder cancer due to high expenses.
Notably, in April this year, Inovio completed patient enrollment in the phase I/II study on its immuno-oncology combo of INO-5401 plus INO-9012 in combination with Regeneron/Sanofi’s (SNY - Free Report) PD-1 inhibitor Libtayo (cemiplimab) for treating the newly-diagnosed patients with glioblastoma (GBM).
The company expects to provide the interim progression-free survival and safety data on the above study by this year-end and the overall survival data in 2020.
Meanwhile, Inovio plans to advance the study of MEDI0457 (a combination of Inovio’s VGX-3100 immunotherapy and a DNA-based immune activator encoded for IL-12) in combination with AstraZeneca's (AZN - Free Report) checkpoint inhibitor for HPV-related cancers including the phase II study to treat head and neck cancer. AstraZeneca hopes to complete this study in August 2020.
Inovio’s novel therapy INO-3107 is being developed for treating patients with recurrent respiratory papillomatosis (RRP), an HPV-associated disease. The company plans to initiate the next study on the candidate by mid-2020.
We would like to remind investors that VGX-3100, an HPV immunotherapy, is the most advanced candidate in the company’s pipeline.
In June, Inovio completed enrolling patients in the pivotal phase III study REVEAL 1, which is currently evaluating VGX-3100 for the treatment of cervical dysplasia caused by human papillomavirus (HPV). In March this year, Inovio had started recruiting patients in the confirmatory REVEAL 2 study. Based on data from the same, Inovio plans to submit a regulatory filing, seeking an approval for VGX-3100 in 2021.
Moreover, last month, the company completed enrollment in a phase II study on VGX-3100 for the treatment of vulvar dysplasia caused by HPV. Another phase II program is studying the efficacy of VGX-3100 in patients with anal dysplasia.
This apart, Inovio is progressing well with its Lassa fever vaccine candidate INO-4500 and the Middle East respiratory syndrome (MERS) vaccine candidate INO-4700.
Meanwhile, in May, Inovio formed a companion diagnostic partnership with the Dutch pharmaceutical company Qiagen N.V. (QGEN - Free Report) . This collaboration is aimed at creating a liquid biopsy companion diagnostic test to guide the selection of patients, who would benefit from Inovio’s VGX-3100.
Inovio Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Inovio (INO) Q2 Earnings & Revenues Fall Shy of Estimates
Inovio Pharmaceuticals, Inc. (INO - Free Report) incurred a loss of 30 cents per share in second-quarter 2019, wider than the Zacks Consensus Estimate of a loss of 28 cents and also the year-ago loss of 8 cents.
Moreover, Inovio’s revenues of $0.1 million significantly missed the Zacks Consensus Estimate of $5 million. Also, the top line plunged a massive 99% from the year-ago quarter’s $24.4 million, which got a huge boost from the recognition of a $23-million up-front payment from ApolloBio. Notably, in second-quarter 2018, ApolloBio had gained the rights to develop/commercialize VGX-3100 for the treatment of HPV-related precancers in Greater China, which triggered the payment.
Shares of Inovio fell 5.5% in after-hours trading following the company’s earnings release on Thursday Aug 8. In fact, the stock has declined 36.5% so far this year compared with the industry’s decrease of 2.6%.
Research and development expenses were $22.5 million in second-quarter 2019, flat year over year.
General and administrative expenses dropped 18.1% to $5.9 million in the quarter under review owing to lower foreign non-income taxes and advisory fees.
Pipeline and Other Updates
In July, Inovio announced a strategic restructuring to prioritize the development of its late-stage HPV assets and reallocate capital to develop fast-to-market product candidates. Following this, the company reduced its annual burn rate by 25% and cut workforce by 28%. Inovio also decided to trim some early-stage R&D programs while terminating the phase I/II study evaluating INO-5401 for the treatment of advanced bladder cancer due to high expenses.
Notably, in April this year, Inovio completed patient enrollment in the phase I/II study on its immuno-oncology combo of INO-5401 plus INO-9012 in combination with Regeneron/Sanofi’s (SNY - Free Report) PD-1 inhibitor Libtayo (cemiplimab) for treating the newly-diagnosed patients with glioblastoma (GBM).
The company expects to provide the interim progression-free survival and safety data on the above study by this year-end and the overall survival data in 2020.
Meanwhile, Inovio plans to advance the study of MEDI0457 (a combination of Inovio’s VGX-3100 immunotherapy and a DNA-based immune activator encoded for IL-12) in combination with AstraZeneca's (AZN - Free Report) checkpoint inhibitor for HPV-related cancers including the phase II study to treat head and neck cancer. AstraZeneca hopes to complete this study in August 2020.
Inovio’s novel therapy INO-3107 is being developed for treating patients with recurrent respiratory papillomatosis (RRP), an HPV-associated disease. The company plans to initiate the next study on the candidate by mid-2020.
We would like to remind investors that VGX-3100, an HPV immunotherapy, is the most advanced candidate in the company’s pipeline.
In June, Inovio completed enrolling patients in the pivotal phase III study REVEAL 1, which is currently evaluating VGX-3100 for the treatment of cervical dysplasia caused by human papillomavirus (HPV). In March this year, Inovio had started recruiting patients in the confirmatory REVEAL 2 study. Based on data from the same, Inovio plans to submit a regulatory filing, seeking an approval for VGX-3100 in 2021.
Moreover, last month, the company completed enrollment in a phase II study on VGX-3100 for the treatment of vulvar dysplasia caused by HPV. Another phase II program is studying the efficacy of VGX-3100 in patients with anal dysplasia.
This apart, Inovio is progressing well with its Lassa fever vaccine candidate INO-4500 and the Middle East respiratory syndrome (MERS) vaccine candidate INO-4700.
Meanwhile, in May, Inovio formed a companion diagnostic partnership with the Dutch pharmaceutical company Qiagen N.V. (QGEN - Free Report) . This collaboration is aimed at creating a liquid biopsy companion diagnostic test to guide the selection of patients, who would benefit from Inovio’s VGX-3100.
Inovio Pharmaceuticals, Inc. Price, Consensus and EPS Surprise
Inovio Pharmaceuticals, Inc. price-consensus-eps-surprise-chart | Inovio Pharmaceuticals, Inc. Quote
Zacks Rank
Inovio currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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