What occurred
Shares of Inovio Prescribed drugs (INO -10.45%) had been down greater than 10% on Tuesday afternoon, falling to a 52-week low of $0.07036 a share at one level. The biotechnology firm makes a speciality of growing DNA medicines to deal with individuals with human papillomavirus (HPV) illnesses, most cancers, and infectious illnesses.
So what
The inventory has been struggling anyway, and is down greater than 81% over the previous yr. When the corporate introduced on Monday that it was providing Dr. Cheryl Elder, its newly employed senior vice chairman for regulatory affairs, inventory choices underneath its 2022 Inducement Plan, the inventory dropped once more. The issue for buyers is that inventory choices dilute the shares that they personal.
Now what
The corporate’s shares have been declining because it introduced its fourth-quarter and year-end report on March 1. The important thing to the droop was that Inovio stated its Part 3 trial for VGX-3100 to deal with cervical high-grade squamous intraepithelial lesions (SILs) didn’t meet its main endpoint. SILs are areas of irregular tissue on the pores and skin within the physique which are precancerous.
So far as the remainder of the report, the corporate stated it had $253 million in money, sufficient to fund operations into the primary quarter of 2025. It additionally reported income of $125,000 within the quarter, down 85.1% yr over yr. For the yr, income was $10.3 million, in comparison with $1.8 million in 2021, because of Inovio’s $71 million contract with the U.S. Division of Protection for its Cellectra 3PSP good units and Cellectra 2000 units, used to ship the corporate’s experimental COVID-19 vaccine underneath the pores and skin.
Nonetheless, that contract has now been fulfilled, so Inovio, which has no marketed merchandise, might want to discover a new income. The corporate had a lack of $54.5 million within the quarter and $303.7 million for the yr.
Jim Halley has no place in any of the shares talked about. The Motley Idiot has no place in any of the shares talked about. The Motley Idiot has a disclosure policy.