PLYMOUTH MEETING, PA — INOVIO (NASDAQ: INO) has released its financial results for the third quarter of 2024, alongside updates on significant developments, particularly concerning its lead product candidate, INO-3107. This innovative solution is aimed at providing a non-surgical option for Recurrent Respiratory Papillomatosis (RRP) patients, a key focus for the company.
Recent data presented at major conferences demonstrated that INO-3107 can effectively induce antigen-specific cytotoxic T cell responses against HPV-6 and HPV-11. These responses are crucial as they recruit T cells into airway tissues and papillomas, potentially reducing the frequency of surgeries needed for RRP patients. Dr. Jacqueline Shea, INOVIO’s President and CEO, emphasized the company’s dedication to advancing INO-3107: “We continue to be focused on advancing INO-3107 and delivering a non-surgical option to RRP patients. Our development of INO-3107 is supported by a growing body of research that collectively points to INO-3107’s potential to be an important therapeutic option for all RRP patients regardless of the severity of their disease.”
INOVIO is on track to complete all non-device Biologics License Application (BLA) modules by the end of 2024, with the BLA submission targeted for mid-2025. The company expects to announce long-term clinical durability data by year’s end, underscoring INO-3107’s promise as a preferred choice for patients, healthcare providers, and payors.
Financially, INOVIO reported a net loss of $25.2 million for the third quarter of 2024, an improvement from the $33.9 million loss in the same period of 2023. Research and Development expenses rose to $18.7 million, reflecting increased drug manufacturing and device development costs. However, General and Administrative expenses decreased to $8.6 million, owing to reduced employee compensation and legal expenses.
INOVIO’s cash, cash equivalents, and short-term investments stood at $84.8 million as of September 30, 2024. The company estimates its cash resources will extend into the third quarter of 2025, excluding any additional capital-raising activities.
As part of its broader pipeline, INOVIO is also preparing for a Phase 3 trial of INO-3112 for HPV-related throat cancer and a Phase 2 trial of INO-4201 as a booster for the Ebola vaccine Ervebo®. Discussions for these trials are ongoing with regulators in North America and Europe.
Dr. Shea concluded, “We continue to believe INO-3107 has the potential to become the preferred choice for the broadest number of RRP patients, healthcare providers, and payors, if approved.”
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