Sunday 18 October 2026 Export INO’s income statement to Excel — free account

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.

0.99 0.05 −4.81%

Follow INO

Alert me

Market cap: $107.5M
P/E: 0.0×
Fwd P/E: −1.2×
Dividend yield: —
F-score: 1/9
Altman Z: −36.80
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 107.53

Revenue 0.39

Net Income (67.43)

Free Cash Flow (80.58)

Net Debt (36.67)

Current Ratio 1.00

Debt/Equity 0.00

P/E ratio 0.00

Fwd P/E (1.21)

P/S ratio 209.44

P/B ratio 18.49

Past 5Y EPS Growth —

This Y EPS Growth 57.83%

Next Y EPS Growth 44.10%

Next Y revenue growth 920.98%

Next 5Y EPS Growth 61.91%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 65.98%

10-year low 10-year high

P/B against its own 10 years 94.60%

10-year low 10-year high

EV/Sales against its own 10 years 71.31%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	0.14	0.07 0.07

predictions special payouts not included in total or ratios

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%)

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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.28)	(0.07)	—	—	—
’25	(0.51)	(0.61)	(0.87)	0.31	(1.81)
’24	(1.31)	(1.19)	(0.89)	(0.60)	(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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	54.00	49.08	43.68	23.04	35.40	59.88	16.56	3.84	1.74	1.30	Analyst estimates 2026–2028 Powerpack
	High	140.28	118.32	75.60	61.32	405.48	228.00	63.24	23.88	14.75	2.98
People
People	Employees	253	280	288	194	262	317	184	122	134	112
	Revenue/emp, $m	0.14	0.15	0.11	0.02	0.03	0.01	0.06	0.01	0.00	0.00
Income, $m
Income, $m	Revenue	35	42	30	4	7	2	10	1	0	0
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	(74)	(88)	(95)	(121)	(163)	(303)	(278)	(135)	(107)	(85)
	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)
	Net income	(74)	(88)	(97)	(121)	(167)	(304)	(280)	(135)	(107)	(85)
	Depreciation	3	4	5	6	5	6	4	16	1	3
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
	Earnings	(12.12)	(12.96)	(12.60)	(14.53)	(12.84)	(17.41)	(14.05)	(6.09)	(3.95)	(1.81)
	Cash flow	(10.26)	(9.28)	(9.54)	(11.90)	(13.77)	(12.40)	(10.87)	(5.61)	(3.83)	(1.89)
	Capex	(0.48)	(1.36)	(0.27)	(0.12)	(0.12)	(0.07)	(0.05)	0.27	(0.02)	(0.01)
	Free cash flow	(10.74)	(10.64)	(9.81)	(12.02)	(13.89)	(12.47)	(10.92)	(5.34)	(3.85)	(1.90)
	Book value	20.23	20.92	11.29	0.66	35.69	22.97	11.18	5.29	2.52	0.51
	Shares, m	6	7	8	8	13	17	20	22	27	47
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	14.63	9.06	12.14	79.19	185.17	587.16	35.34	179.10	70.12	211.46
	P/B	4.19	2.68	4.25	60.25	2.98	2.61	1.63	1.27	0.73	3.39
	EV/Sales	11.67	6.04	9.47	76.15	132.14	369.46	12.31	24.44	(39.21)	102.86
	EV/FCF	(6.30)	(3.51)	(3.86)	(3.19)	(5.48)	(3.03)	(0.58)	(0.17)	0.27	(0.45)
Cash, $m
Cash, $m	Operating cash flow	(63)	(63)	(74)	(98)	(178)	(216)	(216)	(124)	(104)	(89)
	Capex	(3)	(9)	(2)	(1)	(2)	(1)	(1)	6	0	0
	Free cash flow	(65)	(73)	(76)	(99)	(179)	(217)	(217)	(118)	(105)	(89)
Balance, $m
Balance, $m	Working capital	81	103	53	62	429	383	218	111	63	17
	Total debt	—	—	—	77	19	15	17	—	—	—
	Net debt	(105)	(127)	(81)	(13)	(393)	(386)	(236)	(145)	(94)	(59)
	Shareholders’ equity	123	142	87	5	461	400	222	117	69	24
Returns, %
Returns, %	ROA	(38.05)	(48.87)	(60.92)	(86.79)	(48.68)	(58.64)	(66.27)	(52.02)	(75.49)	(90.61)
	ROIC	(256.00)	(347.05)	(1,013.93)	0.00	(113.79)	(1,413.97)	0.00	0.00	0.00	0.00
	ROE	(49.27)	(66.35)	(84.50)	(258.25)	(71.34)	(70.55)	(89.97)	(79.55)	(115.42)	(183.47)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Mar 2025

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SEER Seer, Inc.	$113.0M	— (loss-making)	— (loss-making)	−23.43% (below 0%: shrinking)	n/m	+36.73% (above 0%: growing)	48.55%	(542.91%)	Compare
FHTX Foghorn Therapeutics Inc.	$112.2M	— (loss-making)	— (loss-making)	+112.68% (above 0%: growing)	n/m	+14.88% (above 0%: growing)	100.00%	(54.78%)	Compare
GNLX Genelux Corporation	$112.2M	— (loss-making)	— (loss-making)	—	n/m	−11.18% (below 0%: shrinking)	100.00%	0.00%	Compare
LENZ LENZ Therapeutics, Inc.	$112.2M	— (loss-making)	— (loss-making)	+9.72% (above 0%: growing)	n/m	−229.66% (below 0%: shrinking)	94.90%	(622.89%)	Compare
TNXP Tonix Pharmaceuticals Holding Corp.	$110.1M	— (loss-making)	— (loss-making)	+577.88% (above 0%: growing)	n/m	−178.84% (below 0%: shrinking)	94.81%	(314.05%)	Compare
VTVT vTv Therapeutics Inc.	$109.1M	— (loss-making)	— (loss-making)	+409,222.22% (above 0%: growing)	n/m	−124.59% (below 0%: shrinking)	100.00%	0.00%	Compare
CYTT Cyteir Therapeutics, Inc.	$108.7M	— (loss-making)	—	—	n/m	+63.78% (above 0%: growing)	0.00%	0.00%	Compare
INO Inovio Pharmaceuticals, Inc.	$107.5M	— (loss-making)	— (loss-making)	−83.19% (below 0%: shrinking)	n/m	+13.41% (above 0%: growing)	100.00%	0.00%
VANI Vivani Medical, Inc.	$103.7M	— (loss-making)	— (loss-making)	−71.87% (below 0%: shrinking)	n/m	+0.39% (above 0%: growing)	0.00%	0.00%	Compare
Median of peers	$111.1M	—	—	+61.20%	—	−5.39%	94.86%	(27.39%)

All 614 Biotechnology stocks →