- Inovio Pharmaceuticals Inc INO has implemented a corporate reorganization designed to extend its cash runway and focus on key clinical programs.
- The company will cut its full-time workforce by 18% and 86% for contractors.
- The cost-saving measures are expected to reduce operating expenses by approximately 30% over the next 18 months and extend the company's cash runway into Q3 of 2024.
- Inovio expects a one-time restructuring charge of approximately $1.6 million in the third quarter of 2022.
- Read Next: Lab Study Shows Inovio's COVID-19 Vaccine Candidate Weaker Against Omicron Variant.
- Inovio's lead programs include its heterologous boost strategy for its COVID-19 vaccine candidate, INO-4800, and its HPV-targeted programs. The company expects to have data readouts from key studies that will further inform the strategic development of these leading DNA medicine assets later this year.
- Price Action: INO shares are trading 8.15% higher at $1.99 during the market session on the last check Tuesday.
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