INOVIO PHARMACEUTICALS INC
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
INO$1.45-4.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| For the Year ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(135,117,352) | $(279,818,065) | $(303,658,710) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 2,621,649 | 3,656,713 | 3,040,096 |
| Amortization of intangible assets | 145,417 | 496,494 | 520,415 |
| Amortization of operating lease right-of-use assets | 736,472 | 1,342,819 | 1,170,270 |
| Impairment of goodwill | 10,513,371 | — | — |
| Impairment of intangible assets | 1,984,444 | — | — |
| Deferred taxes | (32,046) | — | — |
| Non-cash stock-based compensation | 11,072,486 | 22,555,419 | 26,336,764 |
| Non-cash interest on senior convertible notes | 155,814 | 186,977 | 858,644 |
| Amortization of (discounts) premiums on investments | (4,686,144) | (1,320,546) | 1,633,286 |
| Realized loss on sales of short-term investments | 4,805,804 | 4,029,961 | 5,397 |
| Gain on remeasurement of investment in Geneos | — | (165,215) | — |
| Net loss on disposal of fixed assets | 317,997 | 1,074,830 | — |
| (Gain) loss on equity investment in affiliated entity | (773,145) | 1,899,654 | 553,570 |
| Share of net loss in Geneos | — | 2,165,213 | 434,387 |
| Net unrealized (gain) loss on available-for-sale equity securities | (5,850,626) | 7,846,172 | 3,222,838 |
| Unrealized transaction (gain) loss on foreign-currency denominated debt | — | — | (176,927) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, including from affiliated entities | 9,332,988 | (3,706,172) | 11,031,705 |
| Prepaid expenses and other current assets, including from affiliated entities | 39,020,611 | (5,336,525) | (6,343,632) |
| Other assets | 78,729 | 741,750 | 24,531,654 |
| Accounts payable and accrued expenses, including due to affiliated entities | (45,989,061) | 32,606,581 | 26,140,970 |
| Accrued clinical trial expenses | (8,228,691) | 267,807 | 375,921 |
| Deferred revenue, including from affiliated entity | — | (85,989) | (39,853) |
| Operating lease right-of-use assets and liabilities, net | (2,020,971) | (2,603,956) | (2,329,394) |
| Grant funding liability, including from affiliated entity | (2,453,297) | (2,034,517) | (2,973,089) |
| Other liabilities | — | (14,826) | (42,837) |
| Net cash used in operating activities | (124,365,551) | (216,215,421) | (215,708,525) |
| Cash flows from investing activities: | |||
| Purchases of investments | (203,475,052) | (248,528,843) | (348,953,236) |
| Proceeds from sale or maturity of investments | 284,932,562 | 361,083,850 | 174,839,758 |
| Purchases of capital assets | (320,898) | (969,153) | (1,231,006) |
| Proceeds from sale of capital assets | 6,219,263 | — | — |
| Investment in Geneos | — | (1,999,998) | — |
| Net cash provided by (used in) investing activities | 87,355,875 | 109,585,856 | (175,344,484) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock, net of issuance costs | 5,461,745 | 82,955,311 | 209,441,410 |
| Proceeds from stock option exercises | — | 283,022 | 6,668,741 |
| Taxes paid related to net share settlement of equity awards | (466,646) | (1,397,631) | (4,611,348) |
| Net cash provided by financing activities | 4,995,099 | 81,840,702 | 211,498,803 |
| Effect of exchange rate changes on cash and cash equivalents | (3,920) | (25,556) | (30,134) |
| Decrease in cash and cash equivalents | (32,018,497) | (24,814,419) | (179,584,340) |
| Cash and cash equivalents, beginning of period | 46,329,359 | 71,143,778 | 250,728,118 |
| Cash and cash equivalents, end of period | $14,310,862 | $46,329,359 | $71,143,778 |
| Supplemental disclosure: | |||
| Amounts accrued for purchases of fixed assets | $— | $108,181 | $204,815 |
| Interest paid | $1,066,975 | $1,066,975 | $1,077,803 |
| Change in prepaid expenses and other current assets related to fixed assets | $— | $6,071,000 | $7,709,337 |
| Issuance of common stock as part of litigation settlement | $14,000,000 | $— | $— |
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