Inovio Pharmaceuticals, Inc.
INOHealthcare|Biotechnology|US
$1.22
-0.23 (-16.21%)
DCF Value
$0.69
Tangible Book / Share
$0.05
Cash / Share
$0.45
Financials
Financial Snapshot
Market Cap
$83.9M
Enterprise Value
$60.4M
Revenue (TTM)
$0.00
Net Income (TTM)
-$67.4M
Cash & Investments
$36.7M
Net Cash
$28.7M
Free Cash Flow (TTM)
-$80.8M
Operating CF (TTM)
-$80.6M
Debt/Equity
1.83
Cash Runway & Burn Rate
Cash on Hand
$36.7M
Quarterly Burn
$20.1M
Monthly Burn
$6.7M
Est. Runway
~1.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $104.8M | $127.4M | $81.2M | $89.5M | $411.6M | $401.3M | $253.0M | $145.3M | $94.1M | $58.5M | $36.7M | |
| Operating Cash Flow | -$62.6M | -$63.2M | -$73.6M | -$97.9M | -$178.0M | -$215.7M | -$216.2M | -$124.4M | -$104.1M | -$88.6M | -$80.6M | |
| Free Cash Flow | -$66.5M | -$73.5M | -$75.6M | -$98.8M | -$179.5M | -$216.9M | -$217.2M | -$124.7M | -$104.6M | -$88.9M | -$80.8M | |
| Capital Expenditure | -$3.9M | -$10.3M | -$2.1M | -$987.9K | -$1.5M | -$1.2M | -$969.2K | -$320.9K | -$487.8K | -$285.7K | -$195.4K | |
| Financing Cash Flow | $7.8M | $95.7M | $31.0M | $105.4M | $465.3M | $211.5M | $81.8M | $5.0M | $51.5M | $53.1M | $70.2M |
R&D Spending
R&D (TTM)
$48.2M
R&D Intensity
—
R&D Growth vs Prior
-11.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.4M | $42.2M | $30.5M | $4.1M | $7.4M | $1.8M | $10.3M | $832.0K | $217.8K | $65.3K | $0.00 | |
| R&D Expense | $88.7M | $98.6M | $95.3M | $88.0M | $94.2M | $249.2M | $187.7M | $86.7M | $75.6M | $54.2M | $48.2M | |
| R&D % of Revenue | 250.8% | 233.5% | 312.5% | 2140.5% | 1271.7% | 14043.6% | 1828.5% | 10417.7% | 34727.1% | 82957.4% | — | |
| SG&A | $23.9M | $28.3M | $29.3M | $27.2M | $37.2M | $53.8M | $90.2M | $47.6M | $37.0M | $32.7M | $7.90B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.4M | $42.2M | $30.5M | $4.1M | $7.4M | $1.8M | $10.3M | $832.0K | $217.8K | $65.3K | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.5M | |
| Gross Profit | $35.4M | $42.2M | $30.5M | $4.1M | $7.4M | $1.8M | $10.3M | $832.0K | $217.8K | $65.3K | -$1.5M | |
| R&D | $88.7M | $98.6M | $95.3M | $88.0M | $94.2M | $249.2M | $187.7M | $86.7M | $75.6M | $54.2M | $48.2M | |
| SG&A | $23.9M | $28.3M | $29.3M | $27.2M | $37.2M | $53.8M | $90.2M | $47.6M | $37.0M | $32.7M | $7.90B | |
| Operating Income | -$76.2M | -$83.6M | -$94.1M | -$111.1M | -$124.1M | -$301.2M | -$267.6M | -$143.9M | -$112.4M | -$86.8M | -$79.3M | |
| Interest Expense | $139.2K | $25.9K | $0.00 | $7.9M | $8.7M | $1.9M | $1.3M | $1.2M | $177.8K | $0.00 | $0.00 | |
| Pretax Income | -$73.7M | -$88.2M | -$94.8M | -$120.8M | -$167.5M | -$303.7M | -$279.8M | -$135.1M | -$107.3M | -$84.9M | -$67.4M | |
| Net Income | -$73.7M | -$88.2M | -$97.0M | -$119.4M | -$166.4M | -$303.7M | -$279.8M | -$135.1M | -$107.3M | -$84.9M | -$67.4M | |
| EPS (Diluted) | -1.01 | -1.08 | -1.05 | -0.97 | -1.07 | -1.42 | -14.07 | -6.09 | -3.95 | -1.81 | -1.17 | |
| EBITDA | -$74.1M | -$84.7M | -$89.8M | -$107.3M | -$149.6M | -$296.6M | -$270.9M | -$130.4M | -$103.9M | -$82.0M | -$64.4M | |
| Shares Out. (M) | 6.10 | 6.83 | 7.71 | 8.23 | 12.93 | 17.40 | 19.89 | 22.17 | 27.16 | 46.89 | 81.62 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.1M | $23.8M | $23.7M | $22.2M | $250.7M | $71.1M | $46.3M | $14.3M | $65.8M | $44.3M | $31.5M | |
| Short-Term Investments | $85.6M | $103.6M | $57.5M | $67.3M | $160.9M | $330.2M | $206.7M | $131.0M | $28.3M | $14.2M | $5.1M | |
| Total Current Assets | $124.6M | $138.4M | $87.8M | $94.2M | $471.2M | $448.4M | $315.2M | $153.1M | $97.8M | $61.1M | $39.9M | |
| Total Assets | $173.7M | $187.2M | $131.1M | $144.0M | $539.8M | $495.9M | $348.5M | $171.0M | $113.2M | $74.3M | $49.4M | |
| Total Current Liabilities | $43.8M | $35.4M | $35.3M | $32.0M | $41.7M | $65.7M | $96.9M | $42.6M | $35.3M | $43.7M | $39.9M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $77.0M | $18.7M | $15.0M | $16.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $50.3M | $44.8M | $44.1M | $138.5M | $78.6M | $96.3M | $126.2M | $53.6M | $44.7M | $50.2M | $45.0M | |
| Stockholders' Equity | $123.3M | $142.4M | $86.9M | $3.4M | $461.1M | $399.7M | $222.4M | $117.3M | $68.5M | $24.1M | $4.4M | |
| Retained Earnings | -$434.8M | -$523.4M | -$620.4M | -$739.8M | -$906.2M | -$1.21B | -$1.49B | -$1.62B | -$1.73B | -$1.82B | -$1.84B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$62.6M | -$63.2M | -$73.6M | -$97.9M | -$178.0M | -$215.7M | -$216.2M | -$124.4M | -$104.1M | -$88.6M | -$80.6M | |
| Capital Expenditure | -$3.9M | -$10.3M | -$2.1M | -$987.9K | -$1.5M | -$1.2M | -$969.2K | -$320.9K | -$487.8K | -$285.7K | -$195.4K | |
| Free Cash Flow | -$66.5M | -$73.5M | -$75.6M | -$98.8M | -$179.5M | -$216.9M | -$217.2M | -$124.7M | -$104.6M | -$88.9M | -$80.8M | |
| Investing Cash Flow | $16.3M | -$27.8M | $42.4M | -$9.0M | -$58.8M | -$175.3M | $109.6M | $87.4M | $104.1M | $14.0M | $17.6M | |
| Financing Cash Flow | $7.8M | $95.7M | $31.0M | $105.4M | $465.3M | $211.5M | $81.8M | $5.0M | $51.5M | $53.1M | $70.2M | |
| Issuance of Stock | $6.3M | $94.3M | $29.2M | $9.1M | $454.5M | $209.4M | $83.0M | $5.5M | $68.3M | $53.2M | $70.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $97.4M | $171.6K | $0.00 | $0.00 | $0.00 | -$16.4M | $0.00 | $0.00 | |
| Stock Based Comp. | $10.5M | $13.1M | $10.7M | $10.9M | $15.6M | $26.3M | $22.6M | $11.1M | $6.6M | $3.8M | $2.2M | |
| Net Change in Cash | -$38.5M | $4.7M | -$92.9K | -$1.5M | $228.5M | -$179.6M | -$24.8M | -$32.0M | $51.5M | -$21.5M | $7.2M |
Dilution Tracker
Shares outstanding grew 262.7% over 5 years — significant dilution
Shares Outstanding
69M
5-Year Share Growth
+262.7%
Stock Issuance (TTM)
$70.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 6.10 | 6.83 | 7.71 | 8.23 | 12.93 | 17.40 | 19.89 | 22.17 | 27.16 | 46.89 | 81.62 | |
| Change vs Prior % | — | 11.9% | 13.0% | 6.7% | 57.1% | 34.6% | 14.3% | 11.5% | 22.5% | 72.6% | 74.1% | |
| Stock Issuance | $6.3M | $94.3M | $29.2M | $9.1M | $454.5M | $209.4M | $83.0M | $5.5M | $68.3M | $53.2M | $70.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $10.5M | $13.1M | $10.7M | $10.9M | $15.6M | $26.3M | $22.6M | $11.1M | $6.6M | $3.8M | $2.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | |
| Operating Margin % | -215.5% | -198.1% | -308.7% | -2702.1% | -1674.2% | -16972.3% | -2607.4% | -17300.3% | -51616.9% | -132871.3% | — | |
| Net Margin % | -208.5% | -208.9% | -318.1% | -2902.8% | -2245.4% | -17109.9% | -2726.7% | -16239.9% | -49254.3% | -130000.0% | — | |
| EBITDA Margin % | -209.7% | -200.7% | -294.6% | -2610.6% | -2018.0% | -16709.7% | -2639.8% | -15671.8% | -47735.2% | -125425.9% | — | |
| FCF Margin % | -188.0% | -174.1% | -248.1% | -2403.7% | -2422.0% | -12223.6% | -2116.3% | -14986.2% | -48019.1% | -136074.5% | — | |
| ROE % | -59.8% | -61.9% | -111.5% | -3474.7% | -36.1% | -76.0% | -125.8% | -115.1% | -156.6% | -352.5% | -1005.8% | |
| ROA % | -42.5% | -47.1% | -74.0% | -82.9% | -30.8% | -61.2% | -80.3% | -79.0% | -94.7% | -114.3% | -136.5% | |
| ROIC % | -58.7% | -55.1% | -98.2% | -97.2% | -24.8% | -69.6% | -105.1% | -97.5% | -139.9% | -259.4% | -640.6% | |
| R&D / Revenue % | 250.8% | 233.5% | 312.5% | 2140.5% | 1271.7% | 14043.6% | 1828.5% | 10417.7% | 34727.1% | 82957.4% | — |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -12.8% | 19.4% | -27.8% | -86.5% | 80.2% | -76.1% | 478.2% | -91.9% | -73.8% | -70.0% | |
| Gross Profit | -12.8% | 19.4% | -27.8% | -86.5% | 80.2% | -76.1% | 478.2% | -91.9% | -73.8% | -70.0% | |
| Operating Income | -122.4% | -9.7% | -12.5% | -18.1% | -11.7% | -142.8% | 11.2% | 46.2% | 21.9% | 22.8% | |
| Net Income | -152.6% | -19.6% | -9.9% | -23.1% | -39.4% | -82.5% | 7.9% | 51.7% | 20.6% | 20.8% | |
| EPS (Diluted) | -134.9% | -6.9% | 2.8% | 7.6% | -10.3% | -32.7% | -890.8% | 56.7% | 35.1% | 54.2% | |
| Operating Cash Flow | -402.9% | -1.0% | -16.4% | -33.0% | -81.9% | -21.2% | -0.2% | 42.5% | 16.3% | 14.8% | |
| Free Cash Flow | -336.9% | -10.5% | -2.9% | -30.7% | -81.6% | -20.9% | -0.1% | 42.6% | 16.1% | 15.0% | |
| R&D Expense | 53.5% | 11.1% | -3.4% | -7.6% | 7.1% | 164.5% | -24.7% | -53.8% | -12.8% | -28.3% | |
| SG&A Expense | 32.3% | 18.4% | 3.6% | -7.2% | 36.9% | 44.3% | 67.8% | -47.2% | -22.2% | -11.7% | |
| Total Assets | -18.8% | 7.8% | -30.0% | 9.8% | 275.0% | -8.1% | -29.7% | -51.0% | -33.8% | -34.4% | |
| Book Value / Share | -34.7% | 3.4% | -46.0% | -94.2% | 5329.5% | -35.6% | -51.3% | -52.7% | -52.3% | -79.6% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -60.8% | -15.4% | -2.9% | -5.8% | -60.7% | -21.0% | |
| Diluted Shares | 7.1% | 11.9% | 13.0% | 6.7% | 57.1% | 34.6% | 14.3% | 11.5% | 22.5% | 72.6% |
Valuation
P/E (TTM)At Loss
P/S0.00
10Y Low / Med / High8.00 / 163.10 / 1248.52
P/B22.69
10Y Low / Med / High0.73 / 2.98 / 94.84
EV/EBITDAAt Loss
EV/Revenue0.00
10Y Low / Med / High7.44 / 98.03 / 714.34
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.69
Tangible Book / Share
$0.05
Cash / Share
$0.45
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -82.46 | -45.89 | -45.71 | -40.82 | -99.25 | -42.17 | -1.33 | -1.00 | -0.46 | -0.96 | -1.04 | |
| P/S Ratio | 14.37 | 8.00 | 12.14 | 79.23 | 185.24 | 587.16 | 36.27 | 163.10 | 228.26 | 1248.52 | 0.00 | |
| P/B Ratio | 4.12 | 2.37 | 4.26 | 94.84 | 2.98 | 2.61 | 1.67 | 1.16 | 0.73 | 3.39 | 22.69 | |
| EV/EBITDA | -6.59 | -3.71 | -3.86 | -3.76 | -7.76 | -3.39 | -1.32 | -1.16 | 0.04 | -0.57 | -0.94 | |
| EV/Revenue | 13.83 | 7.44 | 11.37 | 98.03 | 156.68 | 565.68 | 34.88 | 182.21 | -19.49 | 714.34 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-55.57
Distress
Piotroski F-Score
0
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $666.7K | $53.8M | $79.1M |
| Net Income | -$36.4M | -$19.4M | -$5.0M |
| EPS | $-0.78 | $-0.41 | $-0.10 |
| # Analysts (EPS) | 2 | 2 | 1 |
Dividends
Frequency
Monthly
Recent Payments
| Ex-Date | Pay Date | Amount | Frequency |
|---|---|---|---|
| Sep 28, 2017 | Oct 16, 2017 | $0.01 | Monthly |
| Aug 29, 2017 | Sep 15, 2017 | $0.01 | Monthly |
| Jul 27, 2017 | Aug 15, 2017 | $0.01 | Monthly |
| Jun 28, 2017 | Jul 17, 2017 | $0.01 | Monthly |
Revenue Segments
By Product
| Segment | 2018 | 2019 | 2020 | 2021 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Grant with Affiliated Revenue | — | $1.8K | — | — | — | — |
| Grant | $171.6K | $237.5K | — | — | — | — |
| License with Affiliated Entities | $449.5K | $235.6K | $1.5M | $245.3K | — | — |
| License | $29.9M | $3.6M | $5.2M | $902.3K | — | — |
| Other Revenue Affiliated Entity | — | — | — | — | — | — |
| Other Revenue | — | — | $786.9K | $627.2K | — | — |
| Reportable Segments | — | — | — | — | $217.8K | $65.3K |