INOVIO Announces 11% Headcount Reduction

INOVIO (INO) announced a strategic reorganization, which is expected to provide annual savings of approximately $4.3 million and includes an 11% reduction of full-time employees. The company expects to incur a one-time restructuring charge of approximately $1.1 million in the first quarter of 2023.

INOVIO stated that data readouts for its Phase 3 REVEAL2 trial for VGX-3100 and the second cohort from the Phase 1/2 trial for INO-3107 are expected to be announced in the first quarter of 2023.

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