Inovio Pharmaceuticals, Inc.
Inovio Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $65,300.00, down 70.0% from fiscal 2024. In the quarter to June 2026, revenue fell 83.2%, EPS grew 88.5% and free cash flow grew 13.4%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Inovio Pharmaceuticals, Inc. (INO) Altman Z-score
Inovio Pharmaceuticals, Inc.'s Altman Z-score for fiscal 2025 is −36.80, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −36.80 | (13.45) |
| FY2024 | −23.34 | (9.57) |
| FY2023 | −13.77 | (7.81) |
| FY2022 | −5.96 | (7.96) |
| FY2021 | 2.00 | (6.33) |
| FY2020 | 8.33 | 16.12 |
| FY2019 | −7.78 | (4.54) |
| FY2018 | −3.24 | (3.27) |
| FY2017 | 0.02 | (1.84) |
| FY2016 | 1.86 | (3.47) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.23 | — | 0.28 | |
| Retained earnings / total assets | (24.43) | — | −34.20 | |
| EBIT / total assets | (1.17) | — | −3.86 | |
| Market value of equity / total liabilities | 1.62 | — | 0.97 | |
| Sales / total assets | 0.00 | — | 0.00 | |
| Altman Z-score | Distress zone | −36.80 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −85.44 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LENZ LENZ Therapeutics, Inc. compare | 12.0× |
| SEER Seer, Inc. compare | −0.5× |
| TNXP Tonix Pharmaceuticals Holding Corp. compare | −2.4× |
| FHTX Foghorn Therapeutics Inc. compare | −4.5× |
| VTVT vTv Therapeutics Inc. compare | −10.0× |
| GNLX Genelux Corporation compare | −13.1× |
| VANI Vivani Medical, Inc. compare | −26.2× |
| INO Inovio Pharmaceuticals, Inc. | −36.8× |
| CYTT Cyteir Therapeutics, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets