PLYMOUTH MEETING, PA — INOVIO (NASDAQ: INO) released its financial results and operational highlights for 2024, marking significant strides in its pipeline and the broader development of DNA medicines.
The company reported key progress toward submitting a biologics license application (BLA) in mid-2025 for INO-3107, a treatment candidate for recurrent respiratory papillomatosis (RRP). Having resolved a manufacturing issue with its CELLECTRA device, INOVIO completed drafting non-device BLA modules and anticipates finalizing the submission by the year’s end. A retrospective study showed INO-3107 delivered durable responses, with 50% of patients achieving a Complete Response in year two, data that will support the BLA submission.
INO-3107 also gained recognition abroad, with the European Medicines Agency certifying quality data for a potential marketing application and designation as an innovative medicine under the U.K.’s Innovative Licensing and Access Pathway (ILAP). Commercial readiness strategies, including pricing and distribution plans, are underway ahead of INOVIO’s potential transition to a commercial-stage company.
The company also highlighted Phase 1 proof-of-concept data from its DNA-encoded monoclonal antibody (DMAb) platform, which demonstrated sustained antibody production and long-term therapeutic potential without anti-drug responses. This technology could transform treatments for infectious diseases, cancer, and metabolic disorders. Additional data is expected to be shared at upcoming scientific conferences.
2024 Financial Highlights:
- Revenue: $218,000 for the year, down from $832,000 in 2023.
- R&D Expenses: Decreased to $75.6 million, attributed to reduced personnel and clinical trial costs, partially offset by increased expenses for INO-3107 and device development.
- Net Loss: Narrowed to $107.3 million from $135.1 million in 2023, translating to $3.95 per share compared to $6.09 per share the previous year.
- Cash Position: $94.1 million at year-end, sufficient to fund operations into early 2026.
Looking ahead, INOVIO aims to finalize FDA-required device testing, continue its BLA submission for INO-3107, and advance its broader pipeline, including a Phase 3 trial for INO-3112 in combination with LOQTORZI®, a PD-1 inhibitor. The company’s advancements underscore its commitment to driving innovation in DNA medicine and achieving commercial milestones.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.