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Inovio Pharmaceuticals Reports 2011 First Quarter Financial Results

Wednesday, May 11, 2011 General News J E 4
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Inovio now in three Phase II clinical studies

INOVIO PHARMACEUTICALS, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

March  31,

2011

2010

Revenue:

License fee and milestone revenue

$  26,368

$  66,554

License fee and milestone revenue from affiliated entity

93,750

7,056

Grant and miscellaneous revenue

2,985,147

1,299,779

Total revenue

3,105,265

1,373,389

Operating expenses:

Research and development

4,421,799

2,730,595

General and administrative

3,319,232

3,050,158

Total operating expenses

7,741,031

5,780,753

Loss from operations

(4,635,766)

(4,407,364)

Other income, net 

2,320,948

1,027,993

Interest income, net

12,775

34,561

(Loss)/Gain from investment in affiliated entity

(370,011)

1,044,174

Gain on sale of assets

250,000

Net loss

(2,422,054)

(2,300,636)

Net loss attributable to non-controlling interest

9,441

6,950

Net loss attributable to Inovio Pharmaceuticals, Inc.

$  (2,412,613)

$  (2,293,686)

Loss per common share — basic and diluted:

Net loss per share attributable to Inovio Pharmaceuticals, Inc. stockholders

$  (0.02)

$  (0.02)

Weighted average number of common shares outstanding — basic and diluted

120,922,577

102,757,083

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