Inovio Pharmaceuticals Inc (INO) stock nosedived in the after-hours. Here’s why

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The stock of Inovio Pharmaceuticals Inc (INO) nosedived in the after-market, following the announcement of financial performance for Q4 and FY21. INO stock lost 12.35% in the after-hours, to $2.84. The stock of INO closed the recent trading session at $3.24, with no change from the previous trading session. Inovia also filed the forms 10-K, 4, and S-8 with SEC on 1 March 2022.

Inovia Pharmaceuticals Inc is a biotechnology organization centered around the disclosure, production, and commercialization of manufactured DNA items for treating malignant growths and infections. The company has a market capitalization of $681.6 million with 210.39 million pending shares. INO has its headquarter in San Diego, California, United States of America (USA).

INO’s FY21 highlights

Inovia declared the financial performance for its Q4 and FY21, on 1 March 2022. The financial highlights for Q4 and FY21 are

  • INO’s revenue reduced by 76% to $1.7 million in 2021 versus $7.4 million in 2020. The Q4 revenue for FY21 was $0.8 million compared to $5.6 million in Q4 of FY20.
  • The company reported a loss of $106.9 million in Q4 of FY21 versus $24.3 million in Q4 of FY20. The yearly loss expanded by 81.3% to $303.6 million in 2021 compared to $167.4 million in 2020.
  • Moreover, the loss of $0.50 and $1.45 per stock in Q4 and FY21, respectively.
  • Cash and cash equivalents of the company were reduced by 71.6% to $71.1 million in 2021 from $250.7 million in 2022.

CEO Remarks

The CEO of Inovio Pharmaceuticals (INO), DR J. Joseph Kim, commented that COVID-19 addresses a  constant danger to the wellbeing of the community worldwide. He added that compared to their COVID-19 struggles, they are happy with the clinical progress of their DNA-based medications.

DR Kim concluded that they have finished enlistment in a Phase 1b preliminary for Lassa fever. Also, a Phase 1b preliminary for an Ebola vaccine, as well as a Phase 2 preliminary for Middle East Respiratory Syndrome (MERS).

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