What led to Inovio Pharmaceuticals Inc (NASDAQ: INO) stock crash

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Inovio Pharmaceuticals Inc (NASDAQ: INO) stock lost over 10.6% in the pre-market session of August 11th, 2020 (Source: Google finance) post second quarter of 2020 performance. The firm reported a net loss to $128.7 million, or $0.83 per basic and diluted share, from $29.4 million, or $0.30 per basic and diluted share, in the prior corresponding period. Change in fair value of the derivative liability related to the embedded conversion feature in August 2019 Convertible Bonds, which is revalued at each reporting period. Without this non-cash derivative liability expense, led to the loss rise. The revenue rose only to $267,000 for the three months ended June 30, 2020, from $136,000 in prior corresponding period. Operating expenses rose to $33.4 million from $28.3 million in prior corresponding period. Research and development (R&D) expenses slightly fell to $22.4 million during the quarter from $22.5 million in the prior corresponding period, hurt by rise in contra-research and development expense recorded from grant agreements, offset by an increase in drug manufacturing expenses related to COVID-19 and VGX-3100 clinical trials and an increase in device inventory and engineering equipment.

As per their COVID-19 DNA vaccine, INO-4800 progress, the product showed robust immunogenicity, including neutralizing antibodies and T cell responses, both CD8 and CD4 T cell responses, while also showed favorable responses in more than 2,000 patients and over 7,000 application of DNA medicines with CELLECTRA delivery devices. The firm is the first to report generation of neutralizing antibody against this mutated strain of the coronavirus by vaccinating nonhuman primates.

The firm also showed positive 12-month overall survival data at ASCO, which is an 85% survival rate for their DNA immunotherapy INO-5401 for glioblastoma multiforme. The firm showed positive interim Phase 2 results for VGX-3100 against HPV-related precancerous anal and vulvar dysplasias, and on track to report top-line Phase 3 pivotal efficacy data for VGX-3100 against HPV-related precancerous cervical dysplasia from REVEAL 1 in the fourth quarter of this year. The firm maintains a solid cash position of $371.7 million as of June, 2020 against $89.5 million in December 31, 2019.

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