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Inovio Pharmaceuticals Reports 2010 Fourth Quarter and Year End Financial Results
Date:3/17/2011

otection and Affordable Care Act of 2010 ("PPACA"). The increase for the comparable annual period was primarily due to more revenue recognized from our contract with the NIAID during the first and second quarters of 2010 as well as the PPACA grant.

Operating Expenses Research and development expenses for the quarter and year ended December 31, 2010, were $4.5 million and $13.3 million, compared to $3.9 million and $9.4 million for the quarter and year ended December 31, 2009. The increases in the respective periods was primarily due to higher costs related to work performed for the NIAID contract as well as higher other outside services and contract labor expenses related to research and development projects. The increase was partially offset by a decrease in research and development expenses incurred by Inovio AS and Inovio Tec, as these entities ceased operations in 2009, as well as lower stock based compensation expense.

General and administrative expenses, which include business development expenses and amortization of intangible assets, for the quarter and year ended December 31, 2010, were $3.1 million and $12.1 million, compared to $2.6 million and $13.7 million for the quarter and year ended December 31, 2009. The increase for the three-month period was primarily due to a reversal of a deferred tax liability in the fourth quarter of 2009, which did not occur in 2010. The decrease for the annual period was primarily due to lower legal and related fees. These decreases were partially offset by an increase in recurring operating expenses, including the amortization of intangible assets acquired in the 2009 merger, due to a full year operating as a combined company in 2010.

Net Loss Attributable to Common Stockholders The $6.8 million decrease in net loss attributable to common stockholders for the year ended December 31, 2010, compared with the year ended 2009, resulted primarily from a decrease in the loss related to the change in fa
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SOURCE Inovio Pharmaceuticals, Inc.
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