Inovio Pharmaceuticals Inc (NASDAQ:INO) reported downbeat results for its second quarter on Monday. The company also expects its COVID-19 vaccine to enter mid-to-late stage human trials in September.
INO, out of Plymouth Meeting, Pa., is a biotechnology company focused on rapidly bringing to market precisely designed DNA medicines to treat and protect people from infectious diseases and cancer.
Total revenue was $267,000 for the three months ended June 30, 2020, compared to $136,000 for the same period in 2019. Total operating expenses were $33.4 million compared to $28.3 million for the same period in 2019.
INOVIO's net loss for the quarter ended June 30, 2020 was $128.7 million, or $0.83 per basic and diluted share, compared to $29.4 million, or $0.30 per basic and diluted share, for the quarter ended June 30, 2019.
The increase in net loss for the quarter was primarily due to the change in fair value of the derivative liability related to the embedded conversion feature in our August 2019 Convertible Bonds, which is revalued at each reporting period.
Without this non-cash derivative liability expense, the Company's net loss for the quarter would be consistent with the second quarter 2019 and our net loss per share would be $0.20 per share rather than $0.83 per share, which is $0.10 per share less than the loss per share for the same period in 2019. Subsequent to June 30, 2020, these bonds were converted voluntarily by the bond holders, into common stock.
INO gave back $3.37, or 17.8%, to $15.62.
