BLUE BELL, Pa., May 10, 2013 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) today reported financial results for the quarter ended March 31, 2013.
Total revenue was $1.5 million for the three months ended March 31, 2013, compared to $1.7 million for the same period in 2012. Total operating expenses were $8.1 million compared to $5.9 million. The net loss attributable to common stockholders was $8.8 million, or $0.06 per share, compared to $8.3 million, or $0.06 per share.
Revenue The decrease in revenue for the comparable periods was primarily due to timing of work performed under the company's contract with the National Institute of Allergy and Infectious Diseases (NIAID). This contract revenue amounted to $1.0 million versus $1.5 million, respectively. This NIAID contract, which provides up to $25.3 million of funding over seven years, is facilitating Inovio's development of a universal, preventive HIV DNA vaccine, PENNVAX®-GP.
Operating Expenses Research and development expenses for Q1 2013 were $5.1 million compared to $4.0 million for Q1 2012. This increase was primarily due to $788,000 in higher clinical expenses related to our ongoing HPV-003 clinical trial. General and administrative expenses were $3.0 million versus $2.5 million, respectively.
Net Loss Attributable to Common Stockholders The $590,000 increase in net loss for the comparable periods resulted primarily from an increase in operating expenses offset by a lower (non-cash) change in fair value of common stock warrants, based on a required quarterly mark to market adjustment to reflect changes in the Company's stock price.
Capital Resources As of March 31, 2013, cash and cash equivalents plus short-term investments were $28.2 million compared with $13.8 million as of December 31, 2012.
On March 7, 2013, we closed an underwritten offering of 27,377,266 shares of our common stock and warrants to purchase an agg
|SOURCE Inovio Pharmaceuticals, Inc.|
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