Inovio Pharmaceuticals Inc (NASDAQ:INO) topped earnings expectations in its third-quarter results as research and development expenses decreased.
The biotech reported a net loss of $0.27 per share on revenue of $2 million compared with a net loss of $0.39 per share on revenue of $2.65 million in the previous year’s third quarter.
The Pennsylvania-based company surpassed Wall Street estimates of a net loss of $0.30 per share but fell short of average revenue estimates of $3.34 million.
Shares were up slightly to $5.19 in Thursday after-hours trading.
Operating expenses decreased to $28.6 million compared with $31.8 million in the previous third quarter.
Research and development expenses also dipped to $21.9 million compared with $25.5 million a year ago.
The company provided an update on its drug VGX-3100,a DNA-based immunotherapy designed to treat pre-cancers and cancers caused by human papillomavirus, commonly known as HPV.
“The Phase 3 REVEAL 1 study for our lead VGX-3100 program is on track to fully enroll in 2019 and our three separate immuno-oncology, checkpoint combination Phase 2 trials, being executed with top partners and collaborators, MedImmune, Genentech, and Regeneron, are also advancing well,” said CEO J. Joseph Kim in the company’s press release.
The late-stage biopharma develops DNA immunotherapies and vaccines to prevent and treat cancers and infectious diseases.
Contact Lenore Fedow at [email protected]