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Wednesday, March 19, 2025

Inovio aims for INO-3107 submission by mid-2025, addressing key manufacturing issues

 

Management View

  • CEO Jacqui Shea highlighted that Inovio remains committed to transforming into a commercial-stage company, with a primary focus on advancing INO-3107, a DNA medicine for recurrent respiratory papillomatosis (RRP). Shea confirmed that manufacturing issues with the CELLECTRA device have been resolved, and the company is preparing for FDA-required device verification testing. A BLA submission is targeted for mid-2025 under a rolling process, with a goal to complete submission by the end of the year.
  • Peter Kies, CFO, emphasized financial discipline, highlighting a reduction in quarterly operating expenses to $20.5 million and full-year expenses down to $112.6 million in 2024. Kies noted that the company has $94.1 million in cash and projects its cash runway to extend into the first quarter of 2026.
  • Mike Sumner, Chief Medical Officer, detailed new clinical durability data for INO-3107, showing reductions in the need for surgeries in years two and three after treatment. The mean number of surgeries reduced from 4.1 per year pre-treatment to 0.9 by year three.
  • Steve Egge, Chief Commercial Officer, discussed the market potential for INO-3107, noting its potential to become the preferred non-surgical treatment for RRP due to its efficacy and tolerability profile.

Outlook

  • Inovio plans to begin submitting the BLA for INO-3107 in mid-2025, with a goal of achieving FDA acceptance for filing by year-end 2025. Priority review will also be requested.
  • Preparations for a Phase 3 confirmatory trial are underway, involving approximately 20 major U.S. medical centers. The trial will enroll patients who have undergone at least two surgeries in the previous year.
  • The company is also advancing next-generation DNA medicine technology, including DNA-encoded monoclonal antibodies (DMAbs) and DNA protein replacement candidates (DPROT).

Financial Results

  • The company reported a net loss of $19.4 million for Q4 2024, narrowing from previous quarters, and $107.3 million for the full year. Per-share loss was $0.65 for the quarter and $3.95 for the year.
  • Operating expenses declined significantly year-over-year, reflecting cost control measures.
  • Cash, cash equivalents, and short-term investments stood at $94.1 million at the end of 2024, down from $145.3 million at the end of 2023.

Q&A

  • Roy Buchanan, Citizens JMP, inquired about the BLA submission timeline for INO-3107. Mike Sumner confirmed that no additional FDA meetings are required, and rolling submission is planned for mid-2025.
  • Analysts raised questions on the durability of the DMAb technology. Jacqui Shea stated that in vivo antibody production remained stable for up to 72 weeks in a Phase 1 trial.
  • Sudan Loganathan, Stephens, asked about pricing strategies for INO-3107. Steve Egge noted that pricing is expected to align with rare disease treatments.

Sentiment Analysis

  • Analysts generally displayed a neutral to slightly positive sentiment, focusing on the resolution of manufacturing issues and the BLA submission timeline. Questions were specific and sought clarity on operational and strategic matters.
  • Management maintained a confident tone throughout, particularly on the progress of INO-3107 and its potential market impact. Shea emphasized the company’s ability to resolve challenges and meet milestones.

    Acumen reports positive results for Alzheimer’s drug sabirnetug

     Acumen Pharmaceuticals, Inc. (NASDAQ: ABOS), a clinical-stage biopharmaceutical company with a market capitalization of $75.7 million and currently trading near its 52-week low, has announced favorable outcomes from a Phase 1 study of sabirnetug, a drug targeting soluble amyloid beta oligomers. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, despite facing significant challenges with a 68.5% decline in stock price over the past year. The study demonstrated that weekly subcutaneous injections were well-tolerated and indicated sufficient systemic exposure to warrant further clinical trials.

    The trial involved 28 healthy volunteers, with 12 receiving a single intravenous dose and 16 receiving weekly subcutaneous doses. The most common adverse events were mild injection site reactions, which resolved without complication. No significant safety concerns emerged from the study.

    Sabirnetug, a humanized monoclonal antibody, is designed to selectively bind to and neutralize soluble amyloid beta oligomers, which are implicated in the neurodegenerative process of Alzheimer’s disease. The drug has been granted Fast Track designation by the FDA for the treatment of early Alzheimer’s disease. InvestingPro data reveals that Acumen maintains a strong liquidity position with a current ratio of 10.43 and more cash than debt on its balance sheet, though the company is rapidly burning through its cash reserves.

    The subcutaneous formulation of sabirnetug incorporates Halozyme’s ENHANZE® technology, which enhances the absorption of therapies administered under the skin. This technology has been used in nine approved therapies to date.

    Acumen’s CEO, Daniel O’Connell, expressed optimism about the potential for sabirnetug to improve patient convenience compared to intravenous treatments. The company is continuing to evaluate sabirnetug in the ongoing Phase 2 ALTITUDE-AD study, which is examining its efficacy in slowing cognitive and functional decline in early Alzheimer’s patients.

    https://www.investing.com/news/company-news/acumen-reports-positive-results-for-alzheimers-drug-sabirnetug-93CH-3936618

    Quest Diagnostics falls on Q1 outlook headwinds, reaffirms FY guidance

     Quest Diagnostics (NYSE:DGX) said on Wednesday that it expects first quarter revenue and EPS to take a hit from the weather conditions during the period and also provided long-term outlook.

    For Q1 2025, the company expects that "worse-than-anticipated weather" during the period will create a headwind to revenue of about $25M and to EPS of approximately $0.10.

    It anticipates long-term revenue growth at a 4-5% CAGR and adjusted EPS growth at a 7-9% CAGR beyond 2025.

    The company also  reaffirmed its guidance for full year 2025.

    According to consensus, Q1 EPS is expected to be $2.20 per share, while revenue is expected to be $2.65B.

    For the full year, Street estimates EPS to be $9.71 per share and revenue to be $10.78B.

    https://www.msn.com/en-us/money/companies/quest-diagnostics-falls-on-q1-outlook-headwinds-reaffirms-fy-guidance/ar-AA1Bf32u?ocid=finance-verthp-feeds

    Piper Sandler sets Monopar stock at $76 with Overweight rating



    Piper Sandler initiated coverage of Monopar Therapeutics (NASDAQ:MNPR), assigning the biopharmaceutical company an Overweight rating and setting a price target of $76.00 per share. The stock has shown remarkable momentum, delivering an 11% return in the past week and an impressive 803% gain over the last year, according to InvestingPro data. The firm’s optimism is rooted in the potential of ALXN1840, Monopar’s treatment for Wilson disease, a rare and orphan condition that affects approximately 5,000 patients in the United States.

    Monopar Therapeutics, currently valued at $209.6 million, acquired ALXN1840 from AstraZeneca (NASDAQ:AZN) in October 2024 after the latter discontinued the program. Piper Sandler’s coverage is based on the evaluation of data from the Phase 3 FoCus trial and additional mechanistic studies. InvestingPro analysis reveals the company maintains a healthy financial position with a current ratio of 5.41, indicating strong liquidity to support its development programs. The data suggests that ALXN1840 has a high chance of receiving FDA approval, especially considering the current unmet medical need for Wilson disease patients, particularly those with neurologic symptoms.

    The company has announced plans to seek approval for ALXN1840 at the end of 2025 or early 2026. This move is seen as a significant step forward for Monopar, as the drug could address a critical gap in the treatment of this debilitating disease.

    Additionally, Monopar Therapeutics is working on another therapy that targets uPAR for the treatment of solid tumors. Piper Sandler views this program as a potential upside in their valuation model, indicating that the company’s pipeline could contribute to future growth prospects.

    REGENXBIO reports promising gene therapy trial results

     REGENXBIO Inc. (NASDAQ:RGNX) has shared new interim data from its ongoing Phase I/II AFFINITY DUCHENNE® trial, evaluating RGX-202, an investigational gene therapy for Duchenne muscular dystrophy (Duchenne). The data presented at the 2025 Muscular Dystrophy Association Clinical & Scientific Conference showed positive biomarker results in patients aged 1-3 years, with one 3-year-old patient demonstrating microdystrophin expression levels at 122.3% compared to control.

    These findings add to the consistent and robust microdystrophin and transduction levels observed across all treated age groups. The trial is currently enrolling ambulatory patients aged 1 and above, with plans for a Biologics License Application (BLA) submission by mid-2026. The stock has shown significant momentum recently, gaining nearly 17% in the past week, though it remains well below its 52-week high of $23.14.

    The safety profile of RGX-202 remains encouraging, with no serious adverse events (SAEs) or adverse events of special interest (AESIs) reported as of February 21, 2025. Common drug-related adverse events included nausea, vomiting, and fatigue, which were resolved and are typically expected with gene therapy administration.

    Dr. Steve Pakola, Chief Medical Officer of REGENXBIO, highlighted that RGX-202 is the only next-generation gene therapy for Duchenne in a pivotal phase trial and expressed optimism about the therapy’s potential to serve a wide age range of patients. Dr. Carolina Tesi-Rocha from Stanford Children’s Hospital also expressed encouragement by RGX-202’s profile based on the microdystrophin expression and biomarker data.

    RGX-202 has demonstrated the highest reported vector genome copies across approved or investigational gene therapies, which may be attributed to a differentiated construct with the CT-Domain targeting the muscle appropriately.

    Previous reports from November 2024 indicated functional improvements in the first five participants, exceeding external natural history controls. Additional interim functional data is expected to be shared in the first half of 2025, with the next earnings report scheduled for April 30, 2025. InvestingPro analysis suggests the stock is currently fairly valued, with additional insights available in the comprehensive Pro Research Report, which provides detailed analysis of REGENXBIO’s financial health and market position.

    https://au.investing.com/news/company-news/regenxbio-reports-promising-gene-therapy-trial-results-93CH-3739213

    Novartis details intrathecal Zolgensma data in bid to reach more SMA patients with gene therapy

     A pair of clinical data sets gives Novartis confidence in a new formulation of the company’s gene therapy Zolgensma for the treatment of older patients with spinal muscular atrophy (SMA).

    Among SMA patients aged 2 to below 18 years, an injection of Zolgensma directly into the fluid of the spine led to a 2.39-point improvement on a motor ability scale a year after treatment, according to results from the phase 3 Steer trial. The drug’s performance was significantly better than the 0.51-point improvement seen among patients who received a sham procedure.

    The measurement, called the Hammersmith Functional Motor Scale Expanded (HFMSE), is clinically validated to evaluate motor ability for patients with SMA types 2 and 3 and has a total possible score of 66, with higher scores indicating better motor function. An HFMSE change above two points is generally considered clinically relevant, according to a 2020 study published in the European Journal of Neurology.

    While the Steer trial enrolled treatment-naïve patients, Novartis also tested the one-time intrathecal gene therapy, coded OAV101 IT, in individuals who had tried but discontinued treatment with Biogen’s Spinraza or Roche’s Evrysdi in the phase 3b Strength trial.

    Among those treatment-experienced SMA patients aged 2 to less than 18 years, intrathecal Zolgensma showed consistent safety as in Steer as well as stabilization in motor function over a one-year period, the company said.

    Both data sets will be presented at the Muscular Dystrophy Association’s annual conference. Novartis plans to file the intrathecal form of Zolgensma with regulatory agencies in the first half of 2025.

    Findings from the two trials “support the potential for OAV101 IT to be a meaningful treatment option for people living with SMA with a goal of maintaining or improving motor function through a one-time therapy,” Crystal Proud, M.D., a principal investigator at the Children’s Hospital of the King’s Daughters, said in a statement.

    It’s been a long road for intrathecal Zolgensma since the FDA in 2021 knocked back Novartis’ plan to pursue approval with the dosing format based on data from a phase 1/2 trial called Strong.

    Novartis developed the intrathecal version to reach older SMA patients, because the large amount of Zolgensma required in the original intravenous formulation would pose a safety risk for heavier people. As it stands, intravenous Zolgensma is approved for children less than 2 years of age in the U.S. or patients who weigh up to 21 kilograms in Europe. By comparison, the intrathecal formulation needs a much lower dosage to get enough drug to the brain and spinal cord, where it’s actually needed.

    By Novartis’ estimate, intrathecal Zolgensma could be a multibillion-dollar product at peak.

    Previously, in the phase 1/2 Strong trial, Zolgensma IT achieved a six-point improvement in HFMSE from baseline to one year in patients between 2 to less than 5 years old. That trial tested three dosage strengths of the intrathecal candidate, and the data came from the same dose used in Steer.

    In the current phase 3 Steer trial, Zolgensma IT pulled off a three-point increase on HFMSE in a subgroup of patients in that same age range, versus an improvement of 1.56 points in the comparator group. Among patients aged 5 to less than 18 years, Zolgensma IT delivered a 1.6-point improvement, whereas the sham control group saw a 0.86-point deterioration.

    The two trials have different populations and designs, with Steer being a blinded and controlled study and Strong an open-label trial without a different comparator arm.

    Overall, in Steer, 39.2% of Zolgensma IT recipients achieved at least a three-point increase in HFMSE. In the control group, 26% of patients saw that level of improvement.

    The differences may seem small, but the Steer trial met its primary endpoint of improving HFMSE outcomes in a broad SMA patient population. Since HFMSE consists of multiple functions with a maximum of two points each, a two-point improvement for certain domains means going from not having a certain function at all to being fully independent, Norman Putzki, M.D., who heads up neuroscience drug development at Novartis, noted in an interview with Fierce Pharma.

    In terms of safety, the most frequent side effects of Zolgensma IT were respiratory infections, fever and vomiting.

    Liver toxicity is a known problem with Zolgensma IV, and it’s highlighted in an FDA boxed warning. In Steer, the rate of liver toxicity was similar at 9.3% and 9.8% for Zolgensma IT and sham control, respectively. Most liver enzyme increases—which indicate abnormal liver function—were mild and transient. There were no cases that met Hy’s law, which represents a serious reaction of drug-induced liver injury.

    In Strength, Zolgensma IT recorded four (14.8%) cases of liver toxicity. These include one patient with ALT enzymes that at one point shot above 10 times the normal level, but they later returned to normal after a retest. No patients met Hy’s law criteria.

    The different safety profiles underline the point that Zolgensma IT is distinct from IV despite their same biology, Putzki said.

    “The [IV] one is weight-based dosing in newborn children primarily, and here we’re looking at a single administration of one flat dose intrathecally that comes with a very ephemeral safety profile,” he said.

    As to efficacy, treatment-experienced patients in the Strength trial saw incremental gains of an average 0.17 points and overall stable motor function as measured by HFMSE.

    Putzki said the Strength results are remarkable because the one-time gene therapy removes some of the burden related to chronic treatment and comes with a favorable safety profile and motor function stabilization.

    https://www.fiercepharma.com/pharma/novartis-details-intrathecal-zolgensma-data-gene-therapy-bid-reach-more-sma-patients

    Snack Slowdown Hits General Mills

     General Mills shares fell in premarket trading in New York after the processed foods giant warned of "greater-than-expected retailer inventory headwinds and a slowdown in snacking," which weighed on third-quarter sales and led to a lowered full-year guidance.

    For the quarter that ended Feb. 25, General Mills reported adjusted earnings of $1 a share, exceeding the Bloomberg Consensus by four cents. However, in a sign of a broadening consumer slowdown, net sales slid 5% from the prior year to $4.84 billion, missing the average estimate of $4.97 billion. Also, retail sales across North America dropped 7.2%

    Here's a snapshot of third-quarter earnings (courtesy of Bloomberg):

    Adjusted EPS $1.00 vs. $1.17 y/y, estimate 97c

    Adjusted gross margin 33.4% vs. 34% y/y, estimate 33%

    Net sales $4.84 billion, -5% y/y, estimate $4.97 billion

    • North America Retail Net Sales $3.01 billion, -7.2% y/y, estimate $3.08 billion

    • North America Foodservice Net Sales $555.3 million, +0.7% y/y, estimate $573.1 million

    • Pet Segment Net Sales $623.7 million, -0.1% y/y, estimate $638.6 million

    • International net sales $651.3 million, -4.2% y/y, estimate $680.4 million

    Organic net sales -5%, estimate -2.67%

    • North America Retail organic net sales -6%, estimate -4.18%

    • Pet organic net sales -5%, estimate +0.89%

    • Change in North America Foodservice Organic Net Sales +1%, estimate +4.25%

    • Change in International Organic Net Sales -3%, estimate -0.33%

    Organic sales volume -4 pts, estimate -1.61

    • North America retail organic sales volume -5 pts, estimate -3.93

    • Pet organic sales volume -3 pts, estimate +0.17

    • North America foodservice organic sales volume -1 pts

    • International organic sales volume -4 pts, estimate +2.72

    Organic sales price/mix -1 pts, estimate -1.12

    • North America retail organic sales price/mix -1 pts, estimate -0.88

    • Pet organic sales price/mix -1 pts, estimate -2.64

    • North America foodservice organic sales price/mix +2, estimate +1.79

    "Our third-quarter organic net sales finished below our expectations, driven largely by greater-than-expected retailer inventory headwinds and a slowdown in snacking categories," General Mills Chairman and CEO Jeff Harmening wrote in a statement. 

    Harmening said, "Stepping back, it's been a challenging year." 

    General Mills adjusted its fiscal-year outlook, warning about retailer inventory headwinds and mounting macroeconomic uncertainty

    Here's a snapshot of the 2025 full-year forecast:

    • Sees organic net sales -1.5% to -2%, saw 0% to +1%, estimate -0.33% (Bloomberg Consensus)

    • Sees adj. EPS in constant currency -7% to -8%, saw -2% to -4%

    • Sees Adjusted operating loss constant-currency -7% to -8%, saw -2% to -4%

    RBC Capital Markets analyst Nik Modi told clients earlier that the full-year earnings outlook will likely come at the lower end of guidance. He has a Sector Perform rating with a target of $70 a share. 

    Shares of General Mills are down about 5% in premarket trading in New York. As of Tuesday's close, the stock had fallen about 5.22% year-to-date. If losses persist through the cash session, the processed foods giant could enter correction territory.

    The company noted that the guidance above doesn't include the impact of tariffs yet to be implemented

    "Due to continued uncertainty regarding the implementation dates and scope of potential U.S. import tariffs or retaliatory tariffs put in place by other countries, this guidance does not include any impact from new tariff actions in 2025."

    The news from General Mills this morning adds to consumer concerns, as the lingering effects of failed Bidenomics continue to weigh on households early in President Trump's second term. The current administration is working to counter disastrous economic and green policies, which fueled an inflation storm that has financially crippled many working-class families.

    In the era of Trump's MAHA, Americans should be steering clear of the toxic processed foods cartel and instead, seek real, clean food. 

    https://www.zerohedge.com/markets/snack-slowdown-hits-general-mills