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INO

Inovio Pharmaceuticals, Inc.

INO

Inovio Pharmaceuticals, Inc. • NASDAQ
$2.06 ▲ 5.10% (+0.10)
Market Cap $110.40 M
52w High $4.61
52w Low $1.30
Dividend Yield 0%
P/E -0.76
Volume 392.52K
Outstanding Shares 53.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $21.21M ▼ $-45.497M ▼ 0% $-0.87 ▼ $-44.747M ▼
Q2-2025 $0 ▼ $22.343M ▼ $-23.519M ▼ 0% ▲ $-0.61 ▼ $-22.778M ▼
Q1-2025 $65.343K ▼ $25.116M ▲ $-19.695M ▼ -30.14K% ▼ $-0.51 ▲ $-18.951M ▼
Q4-2024 $116.994K ▲ $19.711M ▼ $-19.382M ▲ -16.566K% ▼ $-0.7 ▲ $-18.606M ▲
Q3-2024 $0 $27.347M $-25.165M 0% $-894.28 $-24.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $50.803M ▲ $69.386M ▲ $77.106M ▲ $-7.72M ▼
Q2-2025 $47.549M ▼ $68.241M ▼ $39.71M ▲ $28.531M ▼
Q1-2025 $68.363M ▼ $87.273M ▼ $36.022M ▼ $51.251M ▼
Q4-2024 $94.114M ▲ $113.197M ▲ $44.693M ▲ $68.504M ▼
Q3-2024 $84.805M $107.06M $33.519M $73.54M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-45.497M ▲ $-21.573M ▲ $8.867M ▼ $24.922M ▲ $12.216M ▲ $-21.641M ▲
Q2-2025 $-23.519B ▼ $-20.811B ▼ $5.282B ▲ $-34.777M ▼ $-15.564B ▼ $-20.811B ▼
Q1-2025 $-19.695M ▼ $-26.874M ▼ $-51.753K ▼ $1.028M ▼ $-25.898M ▼ $-26.933M ▼
Q4-2024 $-19.382M ▲ $-19.664M ▲ $34.644M ▲ $29.145M ▲ $44.126M ▲ $-19.664M ▲
Q3-2024 $-25.165M $-27.443M $14.078M $660.648K $-12.705M $-27.443M

Revenue by Products

Product Q1-2022Q2-2022Q3-2022Q1-2025
Reportable Segments
Reportable Segments
 $0 ▲$0 ▲$0 ▲$0 ▲
License With Affiliated Entities
License With Affiliated Entities
 $0 ▲$0 ▲$0 ▲$0 ▲
License
License
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Inovio is still essentially a pre‑revenue biotech. Over the past several years it has reported almost no product or licensing revenue, while research and operating costs have remained substantial. This leads to recurring, meaningful losses each year. The size of those losses has narrowed somewhat more recently, but the core picture remains: the business is fully in investment mode, with spending far ahead of any income and no commercial scale yet in place.

Balance Sheet

Balance Sheet The balance sheet has gradually thinned out. Total assets and shareholders’ equity have both declined over time as losses accumulate, while cash reserves have moved down from earlier levels. On the positive side, debt remains low relative to the size of the company, so financial leverage is not the main concern. The bigger issue is that the cushion of cash and assets is much smaller than in the past, leaving less room to absorb ongoing losses without fresh funding.

Cash Flow

Cash Flow Cash flow reflects a classic clinical‑stage profile: money consistently flows out to fund trials and operations, with nothing material coming in from product sales. Operating cash burn has been steady and sizable for several years, and because capital spending is minimal, nearly all of the outflow is tied to R&D and corporate costs. This means the company is dependent on external capital—through equity raises, deals, or other financing—to keep advancing its pipeline.

Competitive Edge

Competitive Edge Inovio occupies a focused niche in DNA‑based medicines, supported by proprietary plasmid design and its electroporation delivery device. This creates technical differentiation and some barriers to entry through patents and specialized know‑how. At the same time, it operates in a highly competitive arena alongside mRNA platforms, viral vectors, and large pharmaceutical companies with deeper resources, approved products, and established commercial channels. Its lack of marketed drugs and smaller scale make it strategically vulnerable until at least one program successfully reaches the market.

Innovation and R&D

Innovation and R&D The company’s main strength lies in innovation. Its DNA medicines platform, paired with the CELLECTRA delivery system, underpins a pipeline spanning HPV‑related diseases, certain cancers, and infectious threats. The lead program for recurrent respiratory papillomatosis has earned favorable regulatory designations, suggesting meaningful medical potential if late‑stage data and review go well. Beyond that, cancer vaccines and DNA‑encoded antibodies show scientific ambition but are still at early or mid‑stage, with significant clinical and regulatory uncertainty ahead. Overall, R&D is high‑risk but potentially transformative if even one or two programs succeed.

Summary

Inovio is a long‑tenured but still clinical‑stage biotech: technologically differentiated, but financially fragile. It has no commercial revenue, runs recurring losses, and steadily uses cash to fund R&D, with a shrinking asset base and low but present debt. Its competitive edge comes from proprietary DNA medicine and delivery technology, yet it faces powerful competitors and must prove its platform through successful approvals and launches. The company’s future hinges on regulatory outcomes for its lead HPV‑related therapy, the ability to advance its broader pipeline, and ongoing access to capital to support this high‑risk, high‑uncertainty development path.

NEWS

November 18, 2025 · 8:05 AM UTC

INOVIO to Participate in December Investor Conferences

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November 11, 2025 · 8:40 AM UTC

INOVIO Announces Pricing of $25 Million Public Offering

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November 10, 2025 · 6:09 PM UTC

INOVIO Announces Proposed Public Offering

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November 10, 2025 · 4:05 PM UTC

INOVIO Reports Third Quarter 2025 Financial Results and Recent Business Highlights

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November 3, 2025 · 8:05 AM UTC

INOVIO Completes Rolling BLA Submission Seeking Accelerated Approval for INO-3107 as a Treatment for RRP in Adults

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