Monday 9 November 2026 Export INO’s income statement to Excel — free account

Inovio Pharmaceuticals, Inc.

INO

Inovio Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $65,300.00, down 70.0% from fiscal 2024.

Revenue: −83.2%
EPS: +88.5%
Free cash flow: +13.4%

Quarter to June 2026, against a year earlier

Operating cash flow growth 3 yrs

1.22 0.23 −15.86%

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Market cap: $125.6M
P/E: n/m
Fwd P/E: n/m
Dividend yield: —
F-score: 1/9
ROIC: 0.00%
Net debt / EBITDA: 0.7×
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Net bought: —
Trades: 0 sells · 0 buys
Ownership: 0.00%

Capital & Financial Ratios $m

Size

Market Cap 126

Revenue ttm 0

Net income ttm (67)

Free cash flow ttm (81)

Net debt Q (37)

Valuation

P/E n/m

Forward P/E n/m

Price / sales 258.1

Forward P/S Powerpack

Price / FCF n/m

Price / book 22.8

Financial health

Current ratio Q 1.0

Debt / equity Q n/m

Interest coverage Q (177.1)

Growth

Revenue growth Q −83.2%

Operating income growth Q +19.3%

EPS, this year +58.2%

EPS, next year A +43.6%

Revenue, next year A +921.0%

EPS, past 5 yrs —

EPS, next 5 yrs A +61.9%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 77.93%

10-year low 10-year high

P/B against its own 10 years 96.81%

10-year low 10-year high

EV/Sales against its own 10 years 83.69%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —
Growth, 2017–25: −100.0%/yr

0.14 ’17
0.00 ’19 −100
0.00 ’21
0.00 ’22
0.00 ’23
0.00 ’24
0.00 ’25

paid change on the year, %

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	145	94	59	37
Receivables	2	1	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	153	98	61	40

	2023	2024	2025	Q'26
Payables	21	18	11	12
ST’ Debt	—	—	—	—
Other	—	13	29	25
	43	35	44	40

Compound Annual Growth %

	10y	5y	3y
Sales	(47.44%)	(61.18%)	(81.47%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	(18.03%)	(44.59%)	(52.32%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.25 Actual −0.07

−0.63 −0.37 −0.10 0.17 0.43

Q3 FY25 Beat +0.07

Q4 FY25 Beat +0.68

Q1 FY26 Beat +0.02

Q2 FY26 Beat +0.18

Q3 FY26 — Nov 10

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q3 FY25	−0.51	−0.44	Beat by 0.07
Q4 FY25	−0.37	0.31	Beat by 0.68
Q1 FY26	−0.30	−0.28	Beat by 0.02
Q2 FY26	−0.25	−0.07	Beat by 0.18
Q3 FY26	−0.20	—	Reports 10 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.28)	(0.07)	—	—	—
’25	(0.51)	(0.61)	(0.87)	0.07	(1.81)
’24	(1.31)	(1.19)	(0.89)	(0.65)	(3.95)
’23	(1.92)	(1.56)	(1.56)	(1.08)	(6.09)
’22	(4.32)	(5.52)	(1.80)	(2.52)	(14.05)
’21	(3.24)	(4.68)	(3.48)	(6.00)	(17.41)
’20	(3.12)	(9.96)	1.32	(1.68)	(12.84)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	0	—	—	—	0
’24	—	0	—	0	0
’23	0	0	0	0	1
’22	0	1	9	0	10
’21	0	0	0	1	2
’20	1	0	0	6	7

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(22)	(18)	—	—	—
’25	(27)	(21)	(22)	(19)	(89)
’24	(29)	(28)	(27)	(20)	(104)
’23	(37)	(32)	(29)	(26)	(124)
’22	(62)	(51)	(67)	(36)	(216)
’21	(53)	(78)	(46)	(38)	(216)
’20	(25)	(27)	(74)	(51)	(178)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(22)	(18)	—	—	—
’25	(27)	(21)	(22)	(19)	(89)
’24	(29)	(29)	(27)	(20)	(105)
’23	(31)	(32)	(29)	(26)	(118)
’22	(62)	(51)	(68)	(37)	(217)
’21	(53)	(79)	(47)	(39)	(217)
’20	(26)	(27)	(75)	(52)	(179)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Jun ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	35	42	30	4	7	2	10	1	0	0	0		(50.3%)	—	54	79	+966.0%
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00		0.0 pt	Powerpack Inovio Pharmaceuticals, Inc.’s next three years, line by line Analysts expect revenue to grow 966.0% a year to 2028 — faster than the −50.3% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(74)	(88)	(95)	(121)	(163)	(303)	(278)	(135)	(107)	(85)	(67)		+1.6%
	EBT margin, %	(208.49)	(208.92)	(311.00)	(2,938.04)	(2,197.89)	(17,084.98)	(2,705.56)	(16,240.07)	(49,244.31)	(130,085.60)	0.00		(129,877.1) pt
	Net income	(74)	(88)	(97)	(121)	(167)	(304)	(280)	(135)	(107)	(85)	(67)		+1.6%
Per share, $
Per share, $	Revenue	5.80	6.20	3.95	0.50	0.57	0.10	0.52	0.04	0.01	0.00	0.00		(60.4%)
	Earnings	(12.12)	(12.96)	(12.60)	(14.53)	(12.84)	(17.41)	(14.05)	(6.09)	(3.95)	(1.81)	(1.15)		(19.0%)
	Cash flow	(10.26)	(9.28)	(9.54)	(11.90)	(13.77)	(12.40)	(10.87)	(5.61)	(3.83)	(1.89)	(0.99)		(17.1%)
	Capex	(0.48)	(1.36)	(0.27)	(0.12)	(0.12)	(0.07)	(0.05)	0.27	(0.02)	(0.01)	0.00		(38.5%)
	Free cash flow	(10.74)	(10.64)	(9.81)	(12.02)	(13.89)	(12.47)	(10.92)	(5.34)	(3.85)	(1.90)	(0.99)		(17.5%)
	Book value	20.23	20.92	11.29	0.66	35.69	22.97	11.18	5.29	2.52	0.51	0.05		(33.5%)
	Shares, m	6	7	8	8	13	17	20	22	27	47	62		+25.4%
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00		0.0
	P/S	14.63	9.06	12.14	79.19	185.17	587.16	35.34	180.43	70.12	211.46	258.10		138.5
	P/B	4.19	2.68	4.25	60.25	2.98	2.61	1.63	1.28	0.73	3.39	22.78		8.4
	EV/Sales	11.67	6.04	9.47	76.15	132.14	369.46	12.31	25.77	(39.21)	102.86	206.11		70.7
	EV/FCF	(6.30)	(3.51)	(3.86)	(3.19)	(5.48)	(3.03)	(0.58)	(0.18)	0.27	(0.45)	(0.99)		(2.6)
Cash, $m
Cash, $m	Operating cash flow	(63)	(63)	(74)	(98)	(178)	(216)	(216)	(124)	(104)	(89)	(81)		+3.9%
	Capex	(3)	(9)	(2)	(1)	(2)	(1)	(1)	6	0	0	0		(22.8%)
	Free cash flow	(65)	(73)	(76)	(99)	(179)	(217)	(217)	(118)	(105)	(89)	(81)		+3.5%
Balance, $m
Balance, $m	Working capital	81	103	53	62	429	383	218	111	63	17	0		(15.7%)
	Net debt	(105)	(127)	(81)	(13)	(393)	(386)	(236)	(145)	(94)	(59)	(37)		(6.3%)
	Shareholders’ equity	123	142	87	5	461	400	222	117	69	24	4		(16.6%)
Returns, %
Returns, %	ROA	(38.05)	(48.87)	(60.92)	(86.79)	(48.68)	(58.64)	(66.27)	(52.02)	(75.49)	(90.61)	(114.64)		(52.6) pt
	ROIC	(256.00)	(347.05)	(1,013.93)	0.00	(113.79)	(1,413.97)	0.00	0.00	0.00	0.00	0.00		+256.0 pt
	ROE	(49.27)	(66.35)	(84.50)	(258.25)	(71.34)	(70.55)	(89.97)	(79.55)	(115.42)	(183.47)	(409.87)		(134.2) pt
People
People	Employees	253	280	288	194	262	317	184	122	134	112	—		(8.7%)
	Revenue/emp, $m	0.14	0.15	0.11	0.02	0.03	0.01	0.06	0.01	0.00	0.00	—		(45.6%)

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2025 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
CNTN Canton Strategic Holdings, Inc.	$164.1M	— (loss-making)	—	—	n/m	−600.39% (below 0%: shrinking)	100.00%	(80.37%)	Compare
IPHA Innate Pharma S.A. Sponsored ADR	$160.9M	— (loss-making)	—	+246.29% (above 0%: growing)	+106.08% (above 0%: growing)	−929.03% (below 0%: shrinking)	0.00%	0.00%	Compare
ALXO ALX Oncology Holdings Inc.	$159.7M	— (loss-making)	— (loss-making)	−100.00% (below 0%: shrinking)	n/m	+31.65% (above 0%: growing)	0.00%	0.00%	Compare
STRO Sutro Biopharma, Inc.	$159.5M	— (loss-making)	— (loss-making)	−84.57% (below 0%: shrinking)	n/m	+14.55% (above 0%: growing)	100.00%	(303.77%)	Compare
ANTX AN2 Therapeutics, Inc.	$150.9M	— (loss-making)	—	—	n/m	+7.91% (above 0%: growing)	0.00%	0.00%	Compare
MGNX MacroGenics, Inc.	$148.4M	— (loss-making)	— (loss-making)	+47.62% (above 0%: growing)	n/m	+12.88% (above 0%: growing)	100.00%	(42.19%)	Compare
SION Sionna Therapeutics, Inc.	$148.3M	— (loss-making)	—	—	n/m	−22.40% (below 0%: shrinking)	—	0.00%	Compare
NGEN NervGen Pharma Corp.	$143.1M	— (loss-making)	—	—	n/m	−48.10% (below 0%: shrinking)	—	0.00%	Compare
INO Inovio Pharmaceuticals, Inc.	$125.6M	— (loss-making)	— (loss-making)	−83.19% (below 0%: shrinking)	n/m	+13.41% (above 0%: growing)	100.00%	0.00%
Median of peers	$155.2M	—	—	−18.47%	—	−7.24%	50.00%	0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Directors and executive officers, together 1.70%

FMR, LLC 14.20%

Janus Henderson Group, PLC 9.60%

Alyeska Investment Group, L.P. 5.80%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Inovio Pharmaceuticals, Inc. (INO) Latest News

2 Nov

Impact 4 · 1:30 PM · Proactive Investors

Inovio shares surge 229% as FDA approves first commercial product

Impact 4 · 10:54 AM · InvestorsHub

INOVIO Receives FDA Accelerated Approval for VOCERYQ to Reduce Surgery Frequency in Adults with RRP

Impact 4 · 10:12 AM · MarketBeat

Inovio Wins FDA Approval for VOCERYQ, Its First Commercial Product

Impact 4 · 6:17 AM · GuruFocus.com

This Healthcare Stock Just Soared 200%

30 Oct

Impact 4 · 6:01 PM · PR Newswire

INOVIO Announces FDA Accelerated Approval of VOCERYQ™, an Immunotherapy to Reduce the Frequency of Surgery in Adults with Recurrent Respiratory Papillomatosis (RRP)

5 Oct

Impact 3 · 10:44 AM · Zacks

PGEN Stock Up More Than 50% in 3 Months: Here's What You Should Know

11 Sep

Impact 4 · 9:02 AM · MarketBeat

Inovio Nears FDA Decision on INO-3107 as Oct. 30 PDUFA Date Looms

10 Sep

Impact 4 · 7:02 AM · MarketBeat

Inovio Pharmaceuticals Nears Oct. 30 FDA Decision for INO-3107 in RRP

13 Aug

Impact 4 · 1:03 AM transcript

Inovio Pharmaceuticals Inc (INO) (Q2 2026) Earnings Call Highlights: INO-3107 on Track for ...

12 Aug

Impact 3 · 9:21 PM · Moby

Inovio Pharmaceuticals, Inc. Q2 2026 Earnings Call Summary

Impact 3 · 8:03 PM · MarketBeat transcript

Inovio Pharmaceuticals Q2 Earnings Call Highlights

Impact 3 · 4:05 PM

INOVIO Reports Second Quarter 2026 Financial Results and Recent Business Highlights

29 Jul

Impact 3 · 8:53 PM

INOVIO Announces Pricing of $20.0 Million Public Offering

Impact 3 · 4:01 PM

INOVIO Announces Proposed Public Offering

25 May

Impact 4 · 2:02 PM · MarketBeat

Inovio Pharmaceuticals Shareholders Back Board as INO-3107 FDA Review Advances

21 May

Impact 4 · 4:05 PM · PR Newswire

Positive Topline Results from a Phase 3 Trial for VGX-3100 in Cervical Dysplasia Patients Announced by ApolloBio, INOVIO's Partner in China

Impact 3 · 5:37 PM · Stocktwits

INO Stock Edges Up After Hours As Partner Reports Success In Cervical Dysplasia Trial

14 May

Impact 4 · 8:30 AM · Moby

Inovio Pharmaceuticals, Inc. Q1 2026 Earnings Call Summary

Impact 3 · 1:02 AM · GuruFocus.com

Inovio Pharmaceuticals Inc (INO) Q1 2026 Earnings Call Highlights: Progress and Challenges in ...

13 May

Impact 4 · 4:05 PM · PR Newswire

INOVIO Reports First Quarter 2026 Financial Results and Recent Business Highlights

Impact 3 · 6:22 PM · Benzinga transcript

Full Transcript: Inovio Pharmaceuticals Q1 2026 Earnings Call

11 May

Impact 4 · 9:40 AM · Barrons.com

Why Moderna Has Become the Market’s Favorite Hantavirus Stock

6 May

Impact 3 · 12:00 PM · Zacks

RARE Q1 Loss Wider Than Expected, Sales Down Y/Y on Seasonal Effect

3 Apr

Impact 3 · 9:35 AM · Zacks

Inovio (INO) Loses 32.7% in 4 Weeks, Here's Why a Trend Reversal May be Around the Corner

2 Apr

Impact 4 · 8:55 AM

INOVIO Announces Pricing of $17.5 Million Public Offering

1 Apr

Impact 4 · 8:05 PM · PR Newswire

INOVIO Announces Proposed Public Offering

13 Mar

Impact 3 · 8:30 AM · Moby

Inovio Pharmaceuticals, Inc. Q4 2025 Earnings Call Summary

12 Mar

Impact 4 · 11:07 PM · GuruFocus.com

Inovio Pharmaceuticals Inc (INO) Q4 2025 Earnings Call Highlights: Strategic Moves and ...

Impact 4 · 7:46 PM · MarketBeat

Inovio Pharmaceuticals Q4 Earnings Call Highlights

Impact 3 · 4:47 PM · Associated Press Finance

Inovio: Q4 Earnings Snapshot

Inovio Pharmaceuticals, Inc.

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Inovio Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Inovio Pharmaceuticals, Inc. (INO) Latest News

2 Nov

30 Oct

5 Oct

11 Sep

10 Sep

13 Aug

12 Aug

29 Jul

25 May

21 May

14 May

13 May

11 May

6 May

3 Apr

2 Apr

1 Apr

13 Mar

12 Mar

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

Inovio Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Inovio Pharmaceuticals, Inc. (INO) Latest News

2 Nov

30 Oct

5 Oct

11 Sep

10 Sep

13 Aug

12 Aug

29 Jul

25 May

21 May

14 May

13 May

11 May

6 May

3 Apr

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