Read Time:32 Second
Inovio Pharmaceuticals Inc. said Tuesday that it plans to reduce its full-time workforce by 18% and its contractor workforce by 86% in an effort to extend its cash runway. The company had 317 full-time employees in 2021. Inovio, which still has a COVID-19 vaccine in development, also said it will take a $1.6 million charge in the third quarter. Its stock has tumbled 63.1% this year, while the S&P 500 is down 18.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0