Inovio Pharmaceuticals Inc INO shares are trading higher by 9.11% to $2.34 after the company reported third-quarter financial results.
Inovio Pharmaceuticals reported quarterly losses of 15 cents per share which beat the analyst consensus estimate of a loss of 30 cents. The company also reported quarterly sales of $9.15 million, which beat the analyst consensus estimate of $620,000.
The increase in revenue resulted from fulfilling obligations under its contract with the U.S. Department of Defense. Total operating expenses were $44.9 million compared to $60.2 million for the same period in 2021.
As of September 30, 2022, cash and cash equivalents and short-term investments were $281.9 million compared to $401.3 million as of December 31, 2021.
Dr. Jacqueline Shea, INOVIO's President, and CEO, said, "INOVIO continues to implement its strategy of delivering the potential of DNA medicines to patients, focusing its resources on those candidates that have the greatest opportunity for near-term success.
According to data from Benzinga Pro, INO has a 52-week high of $7.77 and a 52-week low of $1.38.
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