Inovio Pharmaceuticals (NASDAQ: INO) trims Q2 loss while INO-3107 FDA review advances
Rhea-AI Filing Summary
Inovio Pharmaceuticals reported second-quarter 2026 results with no revenue and a net loss of $6.0 million, or $0.07 per share, compared with a net loss of $23.5 million a year earlier. The narrower loss was largely driven by a $13.9 million non-cash gain from revaluing common stock warrant liabilities, which can cause significant volatility in reported earnings.
Research and development expenses fell to $10.8 million and general and administrative expenses to $7.8 million, bringing total operating expenses to $18.6 million. Cash, cash equivalents and short-term investments were $36.7 million as of June 30, 2026, plus net proceeds of about $18.3 million from a July equity offering, and the company estimates this will fund operations into late first quarter 2027.
Regulatory progress continued for lead candidate INO-3107 for recurrent respiratory papillomatosis, with FDA review of the Biologics License Application underway and a PDUFA target date of October 30, 2026. Inovio is preparing for a potential U.S. launch, having engaged Syneos Health and other commercial partners. Partner ApolloBio reported positive Phase 3 topline results in China for VGX-3100 in cervical dysplasia, and Inovio highlighted promising preclinical data from its DNA-Encoded Monoclonal Antibody and DNA-Encoded Protein platforms.
Positive
- Net loss narrowed to $6.0 million from $23.5 million year over year, aided by a $13.9 million non-cash gain on warrant liabilities and lower operating expenses.
- Lead asset INO-3107 BLA under FDA review with a PDUFA target date of October 30, 2026, and commercial launch preparations underway.
- Partner ApolloBio reported positive Phase 3 topline results for VGX-3100 in cervical dysplasia, supporting a future regulatory filing in China.
- Cash, equivalents and short-term investments plus the $18.3 million July equity raise are expected to fund operations into late Q1 2027, including a potential INO-3107 launch.
Negative
- The company generated no revenue in the quarter and remains dependent on external funding and partnerships.
- Despite improvement, Inovio reported a net loss of $6.0 million for Q2 2026 and an accumulated deficit of $1.84 billion.
- Cash, cash equivalents and short-term investments declined to $36.7 million at June 30, 2026 from $58.5 million at year-end 2025.
- Estimated cash runway extends only into late first quarter 2027, indicating a relatively limited funding horizon absent additional capital raises.
Filing Explained
The late-first-quarter 2027 runway estimate depends on July proceeds and excludes future capital raises, so additional funding remains outside the projection.
This Form 8-K is a furnished Item 2.02 report of quarterly results, with the financial information supplied through its press-release exhibit rather than treated as filed under Section 18. The disclosure therefore updates the company’s reported financial position and guidance without itself creating a new financing transaction.
Although the company says its current cash, cash equivalents and short-term investments are expected to fund operations into late first quarter 2027, that is a projection: it includes approximately
At
Accordingly, the filing provides a conditional liquidity estimate rather than a fully committed funding plan, and the quarter-end balance sheet records a substantially liability-funded position before the July offering proceeds are reflected.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net loss Q2 2026: $6,012,458
Net loss Q2 2025: $23,519,412
R&D expenses Q2 2026: $10,826,549
+5 more
8 metrics
Net loss Q2 2026
$6,012,458
Net loss for the three months ended June 30, 2026
Net loss Q2 2025
$23,519,412
Net loss for the three months ended June 30, 2025
R&D expenses Q2 2026
$10,826,549
Research and development for the three months ended June 30, 2026
G&A expenses Q2 2026
$7,797,973
General and administrative for the three months ended June 30, 2026
Total operating expenses Q2 2026
$18,624,522
Total operating expenses for the three months ended June 30, 2026
Cash and investments
$36,674,017
Cash, cash equivalents and short-term investments as of June 30, 2026
PDUFA date for INO-3107
October 30, 2026
FDA target action date for the INO-3107 Biologics License Application
July 2026 equity offering proceeds
$18,300,000
Approximate net proceeds from underwritten public equity offering in July 2026
Key Terms
Biologics License Application, PDUFA, accelerated approval, DNA-Encoded Monoclonal Antibody (DMAb™), +2 more
6 terms
Biologics License Application regulatory
"FDA review of Biologics License Application (BLA) for INO-3107 as a treatment"
A biologics license application is a formal request submitted to regulatory authorities seeking approval to market a new biological medicine, such as vaccines or treatments made from living organisms. It is a comprehensive review process that evaluates the safety, effectiveness, and manufacturing quality of the product. For investors, receiving approval signals that a biological therapy can be sold to the public, potentially leading to revenue growth and market success.
PDUFA regulatory
"advancing with a target Prescription Drug User Fee Act (PDUFA) date of October 30, 2026"
PDUFA is the Prescription Drug User Fee Act, the U.S. law under which drug companies pay fees that fund the FDA's review of new medicines. In company news the term usually appears as the PDUFA date, the target deadline by which the FDA aims to decide on a drug application; that date tells investors when to expect the approval or rejection decision for the product.
accelerated approval regulatory
"company’s rationale for accelerated approval eligibility"
Accelerated approval is a process that allows new medical treatments to be approved more quickly than usual if they address serious or life-threatening conditions and show promising early results. For investors, it signals that a treatment may reach the market sooner, potentially boosting a company's prospects, but it also involves some uncertainty since full evidence of effectiveness is still being gathered.
DNA-Encoded Monoclonal Antibody (DMAb™) medical
"presented promising data from next-generation DNA-Encoded Monoclonal Antibody (DMAb™)"
DNA-Encoded Protein (DPROT) medical
"and DNA-Encoded Protein (DPROT) programs at several scientific conferences"
orphan drug regulatory
"The FDA previously granted INO-3107 both Orphan Drug and Breakthrough Therapy designations"
A drug designated for an orphan disease is a medicine developed to treat a rare condition that affects only a small number of people. Regulators often give these drugs special incentives—such as reduced costs, faster review, and temporary exclusive selling rights—to encourage development, which matters to investors because those incentives can make a small market financially viable and reduce competition, much like a temporary patent on a niche product.
Earnings Snapshot
Revenue: $0 · Guidance included
quarter ended June 30, 2026
Revenue
$0
unchanged from $0 in Q2 2025 revenue from collaborative arrangements
Net loss
$6,012,458
decreased from $23,519,412 for the three months ended June 30, 2025
R&D expenses
$10,826,549
decreased from $14,521,407 for the three months ended June 30, 2025
G&A expenses
$7,797,973
decreased from $8,563,112 for the three months ended June 30, 2025
Cash, cash equivalents and short-term investments
$36,674,017
decreased from $58,512,464 as of December 31, 2025
Guidance
Management estimates operational net cash burn of approximately $18 million for Q3 2026 and expects current cash, cash equivalents and short-term investments, including July 2026 offering proceeds, to fund operations into late first quarter 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Inovio (INO)'s Q2 2026 financial results?
Inovio reported a Q2 2026 net loss of $6.0 million, or $0.07 per share, with no revenue. Lower operating expenses and a $13.9 million non-cash gain on warrant liabilities contributed to the narrower loss versus 2025.
How much cash does Inovio (INO) have and what is its runway?
As of June 30, 2026, Inovio held $36.7 million in cash, cash equivalents and short-term investments, excluding $18.3 million from a July equity offering. Management expects this to fund operations into late first quarter 2027.
What is the status of Inovio (INO)'s INO-3107 FDA review?
INO-3107's Biologics License Application is under FDA review with a PDUFA target action date of October 30, 2026. The FDA completed its late-cycle review meeting and pre-licensure inspections, and Inovio is preparing for a potential U.S. launch.
What recent clinical results did Inovio (INO) report for VGX-3100?
ApolloBio, Inovio's partner in Greater China, reported positive Phase 3 topline results for VGX-3100 in cervical dysplasia. The trial met its predefined primary efficacy endpoint with a favorable safety profile, supporting a planned regulatory filing in China.
How did Inovio (INO)'s operating expenses change in Q2 2026?
In Q2 2026, research and development expenses were $10.8 million and general and administrative expenses were $7.8 million, bringing total operating expenses to $18.6 million, down from $23.1 million in the prior-year quarter.
What are Inovio (INO)'s expectations for Q3 2026 cash burn?
Inovio estimates an operational net cash burn of approximately $18 million for the third quarter of 2026, a figure incorporated into its projection that current resources fund operations into late first quarter 2027.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices, including zip code) | ||
(267 ) 440-4200
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 12, 2026, Inovio Pharmaceuticals, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of this press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | |||||
99.1 | Press Release, dated August 12, 2026 (filed herewith) | ||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INOVIO PHARMACEUTICALS, INC. | ||||||||||||||||||||
| Date: August 12, 2026 | By: | /s/ Peter Kies | ||||||||||||||||||
| Peter Kies | ||||||||||||||||||||
| Chief Financial Officer | ||||||||||||||||||||
Exhibit 99.1
INOVIO Reports Second Quarter 2026 Financial Results and Recent Business Highlights
•U.S. Food and Drug Administration (FDA) review of Biologics License Application (BLA) for INO-3107 as a treatment for Recurrent Respiratory Papillomatosis (RRP) advancing with a target Prescription Drug User Fee Act (PDUFA) date of October 30, 2026
•Commercial preparations advancing in anticipation of potential product launch for INO-3107
•Positive topline results reported from Phase 3 trial for VGX-3100 for the treatment of cervical dysplasia patients by ApolloBio, INOVIO’s partner in China
•Presented promising data from next-generation DNA-Encoded Monoclonal Antibody (DMAb™) and DNA-Encoded Protein (DPROT) programs at several scientific conferences
•Current cash, cash equivalents, and short-term investments anticipated to fund operations into late first quarter 2027, through a potential launch of INO-3107, if approved
PLYMOUTH MEETING, PA – August 12, 2026 – INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced its financial results for the second quarter ended June 30, 2026 and provided an update on recent company developments.
“As the FDA’s review of our BLA for INO-3107 continues to advance, we are pleased to have held the informal clinical meeting with the FDA, where we presented the totality of data supporting INO-3107’s safety and efficacy and highly differentiated approach in treating RRP, and our rationale for accelerated approval eligibility,” said Dr. Jacqueline Shea, INOVIO’s President and Chief Executive Officer. “We are confident in INO-3107’s potential to become the preferred product among patients, healthcare providers and payers, if approved, and are committed to ensuring that all patients have access to therapeutic options that work for them in reducing the need for surgery to control their disease. We look forward to the final stages of the review process and further advancing our commercial preparations.”
Operational Highlights
INO-3107 – Recurrent Respiratory Papillomatosis (RRP)
The FDA’s review of the BLA for INO-3107 continues to advance under the Agency’s accelerated approval program toward a PDUFA target action date of October 30, 2026. Regulatory progress includes completion of the late-cycle review meeting and all scheduled pre-licensure inspections. An informal clinical meeting was conducted, where INOVIO presented the totality of data supporting INO-3107’s safety and efficacy and highly differentiated approach in treating RRP, along with the company’s rationale for accelerated approval eligibility. During the informal meeting, the FDA did not discuss its preliminary comment in the file acceptance letter regarding accelerated approval eligibility. In addition, the FDA stated that feedback on the confirmatory trial design would be forthcoming. INOVIO continues to believe that INO-3107 fulfills the criteria for accelerated approval by meeting an unmet clinical need and providing a meaningful therapeutic benefit over existing treatments.
In anticipation of a potential approval in 2026, INOVIO is preparing its commercial launch activities. Recently, INOVIO engaged Syneos Health to recruit and deploy Medical Science Liaisons (MSLs), and Syneos Health is also serving as the company’s contract sales organization to support commercialization in the U.S. INOVIO has also engaged or identified key commercial partners,
including a third-party logistics provider, Agency of Record, specialty distributor, specialty pharmacy, and patient hub.
The FDA previously granted INO-3107 both Orphan Drug and Breakthrough Therapy designations.
VGX-3100 – Cervical Dysplasia (High-grade Squamous Intraepithelial Lesions)
In May 2026, INOVIO’s partner for VGX-3100 in Greater China, ApolloBio, announced positive topline results from its pivotal Phase 3 trial of VGX-3100 as a potential treatment for cervical dysplasia. The trial successfully met its predefined primary efficacy endpoint and demonstrated an overall favorable safety and tolerability profile. ApolloBio plans to use the results from the study to support a future filing for regulatory approval of VGX-3100 in China. VGX-3100 is INOVIO’s investigational DNA immunotherapy developed for diseases associated with high-risk human papillomavirus (HPV) types 16 and 18.
Next-Generation DNA Medicine Candidates
INOVIO presented promising data from our next-generation DNA-Encoded Monoclonal Antibody (DMAb™) and DNA-Encoded Protein (DPROT) programs at the American Society of Gene and Cell Therapy Annual Meeting in May 2026 and the World Orphan Drug Congress in June 2026, highlighting positive preclinical data on Factor VIII production for Hemophilia A. INOVIO is continuing discussions with potential partners to accelerate development of this promising platform with a focus on developing additional DPROT indications in the rare disease space, including Fabry Disease and Hypophosphatasia (HPP).
General Corporate
INOVIO remains focused on financial discipline, directing resources to advance the INO-3107 program toward a potential 2026 approval and preparing for commercialization. The company strengthened its balance sheet with an underwritten public equity offering in July 2026. Net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses, were approximately $18.3 million.
Second Quarter 2026 Financial Results
•Research and Development (R&D) Expenses: R&D expenses for the three months ended June 30, 2026 decreased to $10.8 million from $14.5 million for the same period in 2025. The decrease was primarily the result of lower employee and consultant compensation, including stock-based compensation, lower engineering outside services related to our device development, and lower inventory expenses, among other variances.
•General and Administrative (G&A) Expenses: G&A expenses decreased to $7.8 million for the three months ended June 30, 2026 from $8.6 million for the same period in 2025.
•Total Operating Expenses: Total operating expenses decreased to $18.6 million for the three months ended June 30, 2026 from $23.1 million for the same period in 2025.
•Net Loss: INOVIO’s net loss for the three months ended June 30, 2026 was $6.0 million, or $0.07 per basic and diluted share, compared to a net loss of $23.5 million, or $0.61 per basic and diluted share, for the three months ended June 30, 2025. The decrease in net loss was primarily driven by a $13.9 million non-cash gain on fair value adjustment related to our warrant liabilities for the three months ended June 30, 2026. As the fair value of the warrants fluctuates with our share price and other market inputs, this adjustment can result in significant variability in our reported net loss.
•Cash, Cash Equivalents and Short-term Investments: As of June 30, 2026, cash, cash equivalents and short-term investments were $36.7 million (excluding net proceeds from the
July 2026 offering of approximately $18.3 million), compared to $58.5 million as of December 31, 2025.
Cash Guidance
INOVIO estimates that current cash, cash equivalents and short-term investments balances will support operations into late first quarter 2027, through a potential launch of INO-3107, if approved. This projection includes the net proceeds of approximately $18.3 million from the public offering in July 2026, as well as an operational net cash burn estimate of approximately $18 million for the third quarter of 2026. These cash runway projections do not include any further capital-raising activities that INOVIO may undertake.
Conference Call / Webcast Information
INOVIO's management will host a live conference call and webcast with slides at 4:30 p.m. ET today to discuss INOVIO's financial results and provide a general business update. The live webcast and replay may be accessed by visiting INOVIO's website at http://ir.inovio.com/events-and-presentations/default.aspx.
About INOVIO's DNA Medicines Platform
INOVIO’s DNA medicines platform has two innovative components: precisely designed DNA plasmids, delivered by INOVIO’s proprietary investigational medical device, CELLECTRA. INOVIO uses proprietary technology to design its DNA plasmids, which are small circular DNA molecules that work like software the body’s cells can download to produce specific proteins to target and fight disease. INOVIO’s proprietary CELLECTRA delivery devices are designed to optimally deliver its DNA medicines to the body’s cells without requiring chemical adjuvants or lipid nanoparticles and without the risk of the anti-vector response historically seen with viral vector platforms.
About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing innovative DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO’s technology optimizes the design and delivery of DNA medicines that teach the body to manufacture its own disease-fighting tools. For more information, visit www.inovio.com.
Forward-Looking Statements
This press release contains certain forward-looking statements relating to our business, including the timing and success of preclinical studies and clinical trials; the ability to obtain and maintain regulatory approval of our product candidates; the FDA's continued review of our BLA for INO-3107 toward a PDUFA target action date of October 30, 2026; the outcome of our meeting with the FDA to discuss eligibility for the accelerated approval program, including feedback on our proposed confirmatory trial design; the potential benefits of INO-3107 and our other potential product candidates, including our belief that INO-3107 has a positively differentiated product profile and the potential to become the preferred product by patients and their physicians, if approved; the scope, progress and expansion of developing and commercializing our product candidates, including the anticipated commercial launch of INO-3107, if approved; our anticipated growth strategies; our ability to establish and maintain development partnerships; our estimated operational net cash burn of approximately $18 million for the third quarter of 2026; and the expected sufficiency of our cash resources through a potential launch of INO-3107, if approved, and into late first quarter 2027. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials, product development programs and commercialization activities and outcomes, the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA medicines, our ability to support our pipeline of DNA medicine products, the ability of our collaborators to attain development and commercial milestones for products we license and product sales that will enable us to receive future payments and royalties, the adequacy of our capital resources, the availability or potential availability of alternative therapies or treatments for the
conditions targeted by us or collaborators, including alternatives that may be more efficacious or cost effective than any therapy or treatment that we and our collaborators hope to develop, issues involving product liability, issues involving patents and whether they or licenses to them will provide us with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether we can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of our technology by potential corporate or other partners or collaborators, capital market conditions, the impact of government healthcare proposals and other factors set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and other filings we make from time to time with the Securities and Exchange Commission. There can be no assurance that any product candidate in our pipeline will be successfully developed, manufactured, or commercialized, that the results of clinical trials will be supportive of regulatory approvals required to market products, or that any of the forward-looking information provided herein will be proven accurate. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise these statements, except as may be required by law.
Contacts
Media: Jennie Willson, (267) 429-8567, communications@inovio.com
Investors: Peter Vozzo - ICR Healthcare, (443) 213-0505, investor.relations@inovio.com
Inovio Pharmaceuticals, Inc.
CONSOLIDATED BALANCE SHEETS
| June 30, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $31,526,164 | $44,273,319 | |||||||||
Short-term investments | 5,147,853 | 14,239,145 | |||||||||
Prepaid expenses and other current assets, including from affiliated entity | 3,239,232 | 2,610,882 | |||||||||
Total current assets | 39,913,249 | 61,123,346 | |||||||||
Fixed assets, net | 1,888,725 | 2,527,603 | |||||||||
Investments in affiliated entity | — | 2,103,688 | |||||||||
Operating lease right-of-use assets | 5,670,451 | 6,542,923 | |||||||||
Other assets | 1,917,069 | 2,012,475 | |||||||||
Total assets | $49,389,494 | $74,310,035 | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $11,653,162 | $11,053,618 | |||||||||
Accounts payable and accrued expenses due to affiliated entity | — | 74,473 | |||||||||
Accrued clinical trial expenses | 338,461 | 650,680 | |||||||||
Common stock warrant liabilities | 25,024,799 | 29,067,162 | |||||||||
Operating lease liability | 2,898,637 | 2,822,622 | |||||||||
Total current liabilities | 39,915,059 | 43,668,555 | |||||||||
Operating lease liability, net of current portion | 5,103,352 | 6,545,204 | |||||||||
Total liabilities | 45,018,411 | 50,213,759 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 82,342 | 68,997 | |||||||||
Additional paid-in capital | 1,845,429,136 | 1,839,830,405 | |||||||||
Accumulated deficit | (1,840,860,419) | (1,815,165,163) | |||||||||
Accumulated other comprehensive loss | (279,976) | (637,963) | |||||||||
Total Inovio Pharmaceuticals, Inc. stockholders’ equity | 4,371,083 | 24,096,276 | |||||||||
Total liabilities and stockholders’ equity | $49,389,494 | $74,310,035 | |||||||||
Inovio Pharmaceuticals, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Revenue from collaborative arrangement | $— | $— | $— | $65,343 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 10,826,549 | 14,521,407 | 24,896,656 | 30,612,309 | |||||||||||||||||||
General and administrative | 7,797,973 | 8,563,112 | 15,677,859 | 17,588,082 | |||||||||||||||||||
Total operating expenses | 18,624,522 | 23,084,519 | 40,574,515 | 48,200,391 | |||||||||||||||||||
Loss from operations | (18,624,522) | (23,084,519) | (40,574,515) | (48,135,048) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | 363,847 | 610,638 | 803,440 | 1,418,715 | |||||||||||||||||||
Change in fair value of common stock warrant liabilities | 13,868,616 | (1,878,010) | 18,006,319 | 1,834,862 | |||||||||||||||||||
Gain (loss) on investment in affiliated entity | — | 776,373 | (2,103,688) | 1,471,504 | |||||||||||||||||||
Net unrealized gain on available-for-sale equity securities | 94,221 | 759,289 | 173,298 | 899,523 | |||||||||||||||||||
Other expense, net | (1,714,620) | (703,183) | (2,000,110) | (703,665) | |||||||||||||||||||
Net loss | $(6,012,458) | $(23,519,412) | $(25,695,256) | $(43,214,109) | |||||||||||||||||||
Net loss per share | |||||||||||||||||||||||
Basic and diluted | $(0.07) | $(0.61) | $(0.34) | $(1.12) | |||||||||||||||||||
Weighted average number of common shares used to compute net loss per share | |||||||||||||||||||||||
Basic and diluted | 81,619,113 | 38,830,053 | 75,395,090 | 38,722,451 | |||||||||||||||||||