Inovio Pharmaceuticals Inc. released its financial results for the first quarter of 2025, highlighting a decrease in total operating expenses to $25.1 million, down from $31.5 million during the same period in 2024. The company reported a net loss of $19.7 million for the quarter, a reduction from the $30.5 million net loss in the first quarter of 2024. Research and development expenses decreased to $16.1 million from $20.9 million, largely due to reduced drug manufacturing and immunology expenses related to INO-3107, along with lower contract labor expenses and expensed inventory. General and administrative expenses also saw a decline, reducing to $9.0 million from $10.6 million, primarily due to decreased legal expenses and reduced stock-based compensation for employees and consultants. As of March 31, 2025, Inovio reported cash, cash equivalents, and short-term investments of $68.4 million, compared to $94.1 million at the end of 2024. The company projects its current cash resources to support operations into the first quarter of 2026, with an estimated net cash burn of approximately $22 million for the second quarter of 2025.