Business & Finance
Inovio Pharmaceuticals incurs higher net loss of USD97.0m in 2018
13 March 2019 -

Biotechnology company Inovio Pharmaceuticals Inc (NASDAQ:INO) stated on Tuesday its net loss of USD97.0m (USD1.05 per basic and diluted share) for the year ended 31 December 2018.

This marks a decline in earnings when compared with a lower net loss of USD88.2m (USD1.08 per basic and USD1.09 per diluted share) in 2017.

Total revenue of USD30.5m was generated for the year ended 31 December 2018, down over total revenue of USD42.2m in 2017.

The company said the year over year decrease in comparable revenue and grant agreement recognition was primarily due to lower revenues recognised under its collaborative research and development agreement with AstraZeneca, a decrease in grant funding recognised from its DARPA Ebola grant as well as no revenue recognised in 2018 from Roche due to the termination of the agreement in 2017.