Inovio Pharmaceuticals Inc (INO)

[Ubertino]

Inovio Poised For Breakthroughs In 2018 And Beyond


Jan. 2.18 | About: Inovio Pharmaceuticals, (INO)

Douglas McBride

Summary
Focus is on near-term hidden value rather than trading technicals (e.g., up to 9 marketable vaccines and 3 priority review vouchers in 2018/2019).

We explore Inovio partnerships for 2018/2019 to unlock further hidden value.

Inovio is near a 52-week low with a ~$373 million market cap with opportunities worth multiples of that value.

Discussion
Many investors that look at Inovio see a 2020 market opportunity for Inovio’s flagship product (VGX-3100) for cervical dysplasia caused by HPV.

We present near-term opportunities for Inovio starting in 2018 and extending thru 2020 which many potential Inovio investors overlook. In order to understand the hidden opportunity one first has to look at the growth that occurred between 2014 and 2017 to set up for 2018:

Employees went from 86 (August 2014) to 271 (July 2017). (slide 40 Investor presentation)

San Diego office space has grown by ~51,000 square feet. Pennsylvania office space has grown by ~30,000 square feet (page 18)
Inovio has acquired needle-free injection technology and is planning on integrating that technology with electroporation to have next generation intradermal needle free delivery which will be perfectly suited for infectious diseases. Inovio’s top talent here includes:
Dr. Kate Broderick leadership with electroporation
Fluid dynamics experts from Texas Tech to optimize intradermal delivery.

The patent portfolio is several hundred strong with dozens added each year

Inovio ranked number 107 out of Deloitte’s Technology Fast 500 growth award.

We look at Inovio’s partnerships which unlock each of the hidden opportunities starting in 2018 with an understanding that the current Inovio market cap (~$373 million) is likely too low given these hidden opportunities.

Supplemental Information
Several of the topics discussed in this article go into a level of details which are beyond the scope of a short article. The reader is encouraged to read the Supplemental Information where more details exist beyond the scope of this short article.

https://seekingalpha.com/article/4134830-inovio-poised-breakthroughs-2018-beyond