Inovio Pharmaceuticals, Inc. (INO) Posts Q1 Loss of 5c/Share; Updates on Cash Position

Inovio Pharmaceuticals, Inc. (AMEX: INO) reported Q1 EPS of ($0.05), $0.01 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $2.4 million versus the consensus estimate of $1.41 million.

As of March 31, 2014, cash and cash equivalents plus short-term investments were $116.8 million compared with $52.6 million as of December 31, 2013.

On March 4, 2014, the Company closed an underwritten public offering of 21,810,900 shares of the Company's common stock, including 2,844,900 shares of common stock issued pursuant to the underwriter's exercise of its overallotment option, at a price of $2.90 per share. The gross proceeds of this offering were approximately $63.3 million. Net proceeds to the Company, after deducting the underwriter's discounts and commission and other estimated offering expenses payable by the Company, were approximately $59.2 million.

During the three months ended March 31, 2014, warrants and stock options to purchase 8,030,622 shares of common stock were exercised for total proceeds to the Company of $10.7 million.

As of March 31, 2014, the company had 240.1 million shares outstanding and 265.6 million fully diluted.

Based on management's projections and analysis, the Company believes that cash, cash equivalents and short-term investments are sufficient to meet its planned working capital requirements through the end of 2017.

For earnings history and earnings-related data on Inovio Pharmaceuticals, Inc. (INO) click here.

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