INOVIO PHARMACEUTICALS INC
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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Consolidated Balance Sheets
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $14,310,862 | $46,329,359 |
| Short-term investments | 130,982,913 | 206,669,397 |
| Accounts receivable | — | 1,701,726 |
| Accounts receivable from affiliated entities | 2,405,228 | 10,036,490 |
| Prepaid expenses and other current assets | 5,393,665 | 50,130,481 |
| Prepaid expenses and other current assets from affiliated entities | 20,432 | 375,227 |
| Total current assets | 153,113,100 | 315,242,680 |
| Fixed assets, net | 4,960,986 | 7,727,997 |
| Investments in affiliated entity | 2,780,287 | 2,007,142 |
| Intangible assets, net | — | 2,129,861 |
| Goodwill | — | 10,513,371 |
| Operating lease right-of-use assets | 9,491,735 | 10,228,207 |
| Other assets | 605,315 | 684,044 |
| Total assets | $170,951,423 | $348,533,302 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $19,847,744 | $79,686,885 |
| Accounts payable and accrued expenses due to affiliated entities | 1,070,519 | 1,220,439 |
| Accrued clinical trial expenses | 2,365,382 | 10,594,073 |
| Operating lease liability | 2,406,522 | 2,803,973 |
| Grant funding liability | 87,489 | 2,475,031 |
| Grant funding liability from affiliated entities | 21,918 | 87,673 |
| Convertible senior notes | 16,770,654 | — |
| Total current liabilities | 42,570,228 | 96,868,074 |
| Convertible senior notes | — | 16,614,840 |
| Operating lease liability, net of current portion | 11,032,066 | 12,655,586 |
| Deferred tax liabilities | — | 32,046 |
| Total liabilities | 53,602,294 | 126,170,546 |
| Commitments and contingencies | ||
| Inovio Pharmaceuticals, Inc. stockholders’ equity: | ||
| Preferred stock—par value $0.001; Authorized shares: 10,000,000, issued and outstanding shares: 9 at December 31, 2023 and 2022 | — | — |
| Common stock—par value $0.001; Authorized shares: 600,000,000 at December 31, 2023 and 2022, issued and outstanding: 22,793,075 at December 31, 2023 and 21,090,938 at December 31, 2022 (1) | 22,792 | 21,090 |
| Additional paid-in capital | 1,740,954,074 | 1,710,888,191 |
| Accumulated deficit | (1,622,965,136) | (1,487,847,784) |
| Accumulated other comprehensive loss | (662,601) | (698,741) |
| Total Inovio Pharmaceuticals, Inc. stockholders’ equity | 117,349,129 | 222,362,756 |
| Total liabilities and stockholders’ equity | $170,951,423 | $348,533,302 |
(1) The Company effected a reverse stock split of its outstanding shares of common stock on January 24, 2024 where every twelve shares of its common stock issued and outstanding was converted into one share of common stock. Any fractional post-split shares as a result of the reverse split were paid in cash. Shareholders of the Company authorized the Board of Directors to approve the reverse stock split at a special meeting of stockholders held on January 12, 2024. Outstanding share amounts have been restated to reflect the reverse stock split on a retroactive basis for all periods presented.
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