Tearsheet

Inovio Pharmaceuticals (INO)

Market Price (9/15/2025): $2.36 | Market Cap: $91.6 Mil
Sector: Health Care | Industry: Biotechnology

Inovio Pharmaceuticals (INO)

Market Price (9/15/2025): $2.36
Market Cap: $91.6 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%	Weak multi-year price returns 2Y Excs Rtn is -104%, 3Y Excs Rtn is -156%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -96 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -52569%
1		Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%	Expensive valuation multiples P/SPrice/Sales ratio is 507x
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -69%, Rev Chg QQuarterly Revenue Change % is null
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -51988%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -52037%
4			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -99%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -40%
1	Weak multi-year price returns 2Y Excs Rtn is -104%, 3Y Excs Rtn is -156%
2	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 17%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -96 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -52569%
4	Expensive valuation multiples P/SPrice/Sales ratio is 507x
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -69%, Rev Chg QQuarterly Revenue Change % is null
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -51988%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -52037%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 72%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -99%

Market Valuation

	9/15/25	2024	2023	2022	2021
Share Price CYE	$2.36	$1.83	$6.12	$18.72	$59.88
Market Cap CYE ($ Mil)	91.6	54.9	139.1	390.9	1,062.6
Total Debt ($ Mil)	10.7	11.9	30.2	32.1	33.0
Total Cash ($ Mil)	47.5	94.1	145.3	253.0	401.3
Enterprise Value ($ Mil)	54.7	66.8	169.3	423.0	1,095.6
Valuation Ratios
P/S TTM	502.6	228.3	163.1	36.3	587.2
P/EBIT TTM	-1.0	-0.5	-1.0	-1.4	-3.5
P/E TTM	-1.0	-0.5	-1.0	-1.3	-3.4
Sector Ratios
P/S TTM (Sector)	3.8	3.6	4.1	4.5	7.3
P/EBIT TTM (Sector)	-1.6	-1.3	-1.4	-1.3	-2.9
P/E TTM (Sector)	-1.9	-1.6	-1.5	-1.4	-2.9

	9/15/25	2024	2023
Share Price CYE	$2.36	$1.83	$6.12
Market Cap CYE ($ Mil)	91.6	54.9	139.1
Total Debt ($ Mil)	10.7	11.9	30.2
Total Cash ($ Mil)	47.5	94.1	145.3
Enterprise Value ($ Mil)	54.7	66.8	169.3
Valuation Ratios
P/S TTM	502.6	228.3	163.1
P/EBIT TTM	-1.0	-0.5	-1.0
P/E TTM	-1.0	-0.5	-1.0
Sector Ratios
P/S TTM (Sector)	3.8	3.6	4.1
P/EBIT TTM (Sector)	-1.6	-1.3	-1.4
P/E TTM (Sector)	-1.9	-1.6	-1.5

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

Inovio Pharmaceuticals, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus (HPV), cancer, and infectious diseases. Its DNA medicines platform uses precisely designed SynCon that identify and optimize the DNA sequence of the target antigen, as well as CELLECTRA smart devices technology that facilitates delivery of the DNA plasmids. The company engages in conducting and planning clinical studies of its DNA medicines for HPV-associated precancers, including cervical, vulvar, and anal dysplasia; HPV-associated cancers, such as head and neck, cervical, anal, penile, vulvar, and vaginal; other HPV-associated disorders, including recurrent respiratory papillomatosis; glioblastoma multiforme; prostate cancer; HIV; Ebola; Middle East Respiratory Syndrome (MERS); and Lassa fever. Show more Inovio Pharmaceuticals, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus (HPV), cancer, and infectious diseases. Its DNA medicines platform uses precisely designed SynCon that identify and optimize the DNA sequence of the target antigen, as well as CELLECTRA smart devices technology that facilitates delivery of the DNA plasmids. The company engages in conducting and planning clinical studies of its DNA medicines for HPV-associated precancers, including cervical, vulvar, and anal dysplasia; HPV-associated cancers, such as head and neck, cervical, anal, penile, vulvar, and vaginal; other HPV-associated disorders, including recurrent respiratory papillomatosis; glioblastoma multiforme; prostate cancer; HIV; Ebola; Middle East Respiratory Syndrome (MERS); and Lassa fever. Its partners and collaborators include ApolloBio Corp., AstraZeneca, Beijing Advaccine Biotechnology Co., Ltd., The Bill & Melinda Gates Foundation, Coalition for Epidemic Preparedness Innovations (CEPI), Defense Advanced Research Projects Agency (DARPA), Department of Defense (DoD), HIV Vaccines Trial Network, International Vaccine Institute, Kaneka Eurogentec, Medical CBRN Defense Consortium (MCDC), National Cancer Institute, National Institutes of Health, National Institute of Allergy and Infectious Diseases, Ology Bioservices, the Parker Institute for Cancer Immunotherapy, Plumbline Life Sciences, Regeneron Pharmaceuticals, Thermo Fisher Scientific, University of Pennsylvania, Walter Reed Army Institute of Research, and The Wistar Institute. The company has an agreement with Richter-Helm BioLogics GmbH & Co. KG to support investigational DNA vaccine INO-4800 for COVID-19; and a partnership with International Vaccine Institute and Seoul National University Hospital. The company was founded in 1979 and is headquartered in Plymouth Meeting, Pennsylvania. Show less

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
INO Return	168%	-44%	-69%	-67%	-70%	30%	-94%
Peers Return	11%	18%	23%	15%	2%	8%	102%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABBV, AMGN, GILD, VRTX, REGN. See INO Returns vs. Peers.
[3] 2025 data is for the year up to 9/12/2025 (YTD)

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Inovio Pharmaceuticals (INO) Stock: 48% of days in last 3 months had 1% or greater fluctuation
2	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 23% Return (vs. 25% YTD) [1/24/2025]	Notification
3	Day 5 of Loss Streak for Inovio Pharmaceuticals Stock with -18% Return (vs. 1.6% YTD) [1/16/2025]	Notification
4	Day 5 of Loss Streak for Inovio Pharmaceuticals Stock with -23% Return (vs. -30% YTD) [11/16/2024]	Notification
5	Inovio Pharmaceuticals vs. S&P500 Correlation	Correlation
6	Inovio Pharmaceuticals Price Volatility	Volatility
7	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 17% Return (vs. 2,357% YTD) [3/26/2024]	Notification
8	Inovio Pharmaceuticals Market Price	Market Price
9	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 38% Return (vs. -67% YTD) [12/27/2023]	Notification
10	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 23% Return (vs. -72% YTD) [11/20/2023]	Notification
11	ARTICLES
12	Is A Rise Imminent For Inovio Pharmaceuticals Stock After A Large 17% Fall In A Month		December 16th, 2021
13	Will Inovio Pharmaceuticals Stock See Higher Levels After A 6% Rise In A Week?		October 13th, 2021
14	Down 40% From Recent Highs Can Inovio Pharmaceuticals Stock Rebound?		March 23rd, 2021
15	Can Inovio Pharmaceuticals Stock Recover After The Recent 25% Drop?		March 3rd, 2021
16	Inovio Pharmaceuticals Stock Could See More Downside From $16		September 18th, 2020

	Title
0	DASHBOARDS
1	Is A Rise Imminent For Inovio Pharmaceuticals Stock After A Large 17% Fall In A Month
2	Will Inovio Pharmaceuticals Stock See Higher Levels After A 6% Rise In A Week?
3	Down 40% From Recent Highs Can Inovio Pharmaceuticals Stock Rebound?
4	Can Inovio Pharmaceuticals Stock Recover After The Recent 25% Drop?
5	Inovio Pharmaceuticals Stock Could See More Downside From $16
6	ARTICLES
7	Inovio Pharmaceuticals (INO) Stock: 48% of days in last 3 months had 1% or greater fluctuation
8	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 23% Return (vs. 25% YTD) [1/24/2025]
9	Day 5 of Loss Streak for Inovio Pharmaceuticals Stock with -18% Return (vs. 1.6% YTD) [1/16/2025]
10	Day 5 of Loss Streak for Inovio Pharmaceuticals Stock with -23% Return (vs. -30% YTD) [11/16/2024]
11	Inovio Pharmaceuticals vs. S&P500 Correlation
12	Inovio Pharmaceuticals Price Volatility
13	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 17% Return (vs. 2,357% YTD) [3/26/2024]
14	Inovio Pharmaceuticals Market Price
15	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 38% Return (vs. -67% YTD) [12/27/2023]
16	Day 5 of Gains Streak for Inovio Pharmaceuticals Stock with 23% Return (vs. -72% YTD) [11/20/2023]

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GCTK	GlucoTrack	117.5%	-97.6%
2	OPI	Office Properties Income Trust	78.6%	-42.6%
3	HCWB	HCW Biologics	68.4%	-68.7%
4	AGAE	Allied Gaming & Entertainment	62.4%	86.8%
5	ATCH	AtlasClear	53.4%	-95.9%
6	SONN	Sonnet BioTherapeutics	49.0%	304.1%
7	EVTV	Envirotech Vehicles	48.4%	-66.3%
8	ISPC	iSpecimen	47.7%	-26.6%
9	ENTO	Entero Therapeutics	37.0%	68.8%
10	IBEX	IBEX	36.5%	93.5%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	-57.4%	-93.8%
2	VCIG	VCI Global	-42.8%	-98.7%
3	RENT	Rent the Runway	-36.4%	-40.9%
4	NUAI	New Era Energy & Digital	-30.5%
5	AEI	Alset	-29.6%	156.9%
6	NAKA	Kindly MD	-29.5%
7	XTIA	XTI Aerospace	-24.6%	-85.8%
8	FARM	Farmer Bros	-21.5%	1.7%
9	FEIM	Frequency Electronics	-21.0%	46.5%
10	MSS	Maison Solutions	-20.4%	-27.6%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	OCTO	Eightco	900.0%	562.1%
2	QMMM	QMMM	875.3%	5698.4%
3	WLDS	Wearable Devices	780.4%	8.0%
4	CWD	CaliberCos	268.8%	-45.1%
5	AIRE	ReAlpha Tech	257.5%	-49.8%
6	PTNM	Pitanium	154.0%
7	OPI	Office Properties Income Trust	144.0%	-42.6%
8	HYPD	Hyperion DeFi	144.0%
9	ISPC	iSpecimen	128.4%	-26.6%
10	EDHL	Everbright Digital	127.6%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-85.6%
2	LGCL	Lucas GC	-69.1%	-76.6%
3	YYGH	YY	-68.7%	-76.6%
4	BINI	Bollinger Innovations	-61.6%	-100.0%
5	IPDN	Professional Diversity Network	-54.5%	-41.4%
6	INHD	Inno	-53.4%	-4.4%
7	CDT	CDT Equity	-49.2%	-99.4%
8	NFE	New Fortress Energy	-46.5%	-91.3%
9	TGHL	Growhub	-44.8%
10	SLXN	Silexion Therapeutics	-43.1%	-86.5%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11249.2%	11249.2%
2	GIBO	GIBO	7400.0%
3	LNZA	LanzaTech Global	4710.5%	-85.8%
4	CHSN	Chanson International	3717.0%	-99.3%
5	QMMM	QMMM	2669.4%	5698.4%
6	VTAK	Catheter Precision	1332.7%	-71.4%
7	CURX	Curanex Pharmaceuticals	1309.0%	1309.0%
8	OCTO	Eightco	811.9%	562.1%
9	WLDS	Wearable Devices	708.6%	8.0%
10	PTNM	Pitanium	423.7%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	BINI	Bollinger Innovations	-93.4%	-100.0%
2	ETS	Elite Express	-92.8%	-92.8%
3	CJET	Chijet Motor	-92.7%	-94.6%
4	ELPW	Elong Power	-91.7%	-75.8%
5	STFS	Star Fashion Culture	-91.4%	-97.8%
6	JEM	707 Cayman	-90.4%	-98.0%
7	FLYE	Fly-E	-90.4%	-82.8%
8	NXTT	Next Technology	-89.3%	-93.8%
9	NUTR	NusaTrip	-87.2%	-87.2%
10	CUPR	Cuprina	-84.3%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GCTK	GlucoTrack	117.5%	-97.6%
2	OPI	Office Properties Income Trust	78.6%	-42.6%
3	HCWB	HCW Biologics	68.4%	-68.7%
4	AGAE	Allied Gaming & Entertainment	62.4%	86.8%
5	ATCH	AtlasClear	53.4%	-95.9%
6	SONN	Sonnet BioTherapeutics	49.0%	304.1%
7	EVTV	Envirotech Vehicles	48.4%	-66.3%
8	ISPC	iSpecimen	47.7%	-26.6%
9	ENTO	Entero Therapeutics	37.0%	68.8%
10	IBEX	IBEX	36.5%	93.5%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	-57.4%	-93.8%
2	VCIG	VCI Global	-42.8%	-98.7%
3	RENT	Rent the Runway	-36.4%	-40.9%
4	NUAI	New Era Energy & Digital	-30.5%
5	AEI	Alset	-29.6%	156.9%
6	NAKA	Kindly MD	-29.5%
7	XTIA	XTI Aerospace	-24.6%	-85.8%
8	FARM	Farmer Bros	-21.5%	1.7%
9	FEIM	Frequency Electronics	-21.0%	46.5%
10	MSS	Maison Solutions	-20.4%	-27.6%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	OCTO	Eightco	900.0%	562.1%
2	QMMM	QMMM	875.3%	5698.4%
3	WLDS	Wearable Devices	780.4%	8.0%
4	CWD	CaliberCos	268.8%	-45.1%
5	AIRE	ReAlpha Tech	257.5%	-49.8%
6	PTNM	Pitanium	154.0%
7	OPI	Office Properties Income Trust	144.0%	-42.6%
8	HYPD	Hyperion DeFi	144.0%
9	ISPC	iSpecimen	128.4%	-26.6%
10	EDHL	Everbright Digital	127.6%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-85.6%
2	LGCL	Lucas GC	-69.1%	-76.6%
3	YYGH	YY	-68.7%	-76.6%
4	BINI	Bollinger Innovations	-61.6%	-100.0%
5	IPDN	Professional Diversity Network	-54.5%	-41.4%
6	INHD	Inno	-53.4%	-4.4%
7	CDT	CDT Equity	-49.2%	-99.4%
8	NFE	New Fortress Energy	-46.5%	-91.3%
9	TGHL	Growhub	-44.8%
10	SLXN	Silexion Therapeutics	-43.1%	-86.5%

Peer Comparisons for Inovio Pharmaceuticals

Financials

	INO	ABBV	AMGN	GILD	VRTX	REGN	Median
Name	Inovio P.	AbbVie	Amgen	Gilead S.	Vertex P.	Regenero.
Mkt Price	2.38	218.34	276.39	114.55	394.53	560.00	247.37
Mkt Cap	0.1	386.0	148.7	142.6	101.3	58.9	121.9
Rev LTM	0	58,328	34,917	28,862	11,419	14,214	21,538
Op Inc LTM	-96	13,695	8,192	10,797	-199	3,841	6,016
FCF LTM	-95	18,239	10,605	9,369	3,500	3,556	6,463
FCF 3Y Avg	-127	20,273	8,590	8,397	1,984	3,248	5,823
CFO LTM	-95	19,283	12,013	9,868	3,846	4,744	7,306
CFO 3Y Avg	-127	21,154	9,753	8,949	2,324	4,518	6,733

Growth & Margins

	INO	ABBV	AMGN	GILD	VRTX	REGN	Median
Name	Inovio P.	AbbVie	Amgen	Gilead S.	Vertex P.	Regenero.
Rev Chg LTM	-69.2%	6.1%	12.9%	3.8%	10.5%	5.4%	5.7%
Rev Chg 3Y Avg	64.0%	0.6%	10.0%	1.6%	11.0%	0.3%	5.8%
Rev Chg Q	-100.0%	6.6%	9.4%	1.8%	12.1%	3.6%	5.1%
QoQ Delta Rev Chg LTM	-35.6%	1.7%	2.3%	0.4%	2.9%	0.9%	1.3%
Op Mgn LTM	-52,568.6%	23.5%	23.5%	37.4%	-1.7%	27.0%	23.5%
Op Mgn 3Y Avg	-24,717.2%	27.2%	26.4%	39.2%	26.5%	30.1%	26.8%
QoQ Delta Op Mgn LTM	-15,138.5%	1.0%	1.6%	-0.0%	2.0%	-0.2%	0.5%
CFO/Rev LTM	-51,987.6%	33.1%	34.4%	34.2%	33.7%	33.4%	33.5%
CFO/Rev 3Y Avg	-24,255.8%	37.5%	32.0%	31.9%	22.5%	33.6%	31.9%
FCF/Rev LTM	-52,037.1%	31.3%	30.4%	32.5%	30.6%	25.0%	30.5%
FCF/Rev 3Y Avg	-24,301.7%	36.0%	28.2%	30.0%	19.2%	24.1%	26.1%

Valuation

	INO	ABBV	AMGN	GILD	VRTX	REGN	Median
Name	Inovio P.	AbbVie	Amgen	Gilead S.	Vertex P.	Regenero.
Mkt Cap	0.1	386.0	148.7	142.6	101.3	58.9	121.9
P/S	506.8	6.6	4.3	4.9	8.9	4.1	5.8
P/EBIT	-1.1	65.5	14.3	17.4	23.1	12.0	15.9
P/E	-1.1	102.6	22.5	22.6	27.8	13.2	22.5
P/CFO	-1.0	20.0	12.4	14.5	26.3	12.4	13.4
Total Yield	-95.0%	3.9%	7.8%	7.2%	3.6%	7.9%	5.6%
Dividend Yield	0.0%	2.9%	3.3%	2.8%	0.0%	0.3%	1.5%
FCF Yield 3Y Avg	-106.1%	7.3%	6.2%	8.0%	2.1%	4.4%	5.3%
D/E	0.1	0.2	0.4	0.2	0.0	0.0	0.1
Net D/E	-0.4	0.2	0.3	0.1	-0.0	-0.1	0.0

Returns

	INO	ABBV	AMGN	GILD	VRTX	REGN	Median
Name	Inovio P.	AbbVie	Amgen	Gilead S.	Vertex P.	Regenero.
1M Rtn	28.0%	5.6%	-6.8%	-3.2%	0.4%	-3.4%	-1.4%
3M Rtn	19.0%	15.3%	-5.6%	4.2%	-13.4%	6.0%	5.1%
6M Rtn	17.2%	5.0%	-10.4%	3.5%	-21.8%	-15.8%	-3.4%
12M Rtn	-65.1%	16.4%	-14.1%	41.5%	-18.7%	-51.2%	-16.4%
3Y Rtn	-90.6%	71.5%	33.6%	94.8%	37.1%	-20.3%	35.4%
1M Excs Rtn	38.2%	6.6%	-5.5%	-6.5%	-2.2%	-1.9%	-2.1%
3M Excs Rtn	5.5%	5.5%	-15.2%	-6.7%	-23.2%	-1.4%	-4.1%
6M Excs Rtn	4.1%	-14.2%	-29.3%	-16.8%	-40.8%	-36.7%	-23.0%
12M Excs Rtn	-82.8%	-6.4%	-33.0%	25.4%	-36.0%	-70.3%	-34.5%
3Y Excs Rtn	-155.8%	10.8%	-41.2%	32.2%	-26.7%	-71.1%	-34.0%

Comparison Analyses

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End		12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date		3/18/2025	3/6/2024	3/1/2023	3/1/2022	3/1/2021	3/12/2020
Key Financials
Total Revenue	0	0	1	10	2	7	4
Ebitda	-85	-104	-130	-271	-297	-150	-107
Operating Income	-96	-112	-133	-268	-301	-124	-111
Net Income	-88	-107	-135	-280	-304	-166	-119
EPS	-2.61	-3.95	-6.09	-14.07	-17.45	-12.84	-14.52
Growth Rates
Total Revenue Growth	-69.2%	-73.8%	-91.9%	478.2%	-76.1%	80.2%	-86.5%
EBITDA Growth	28.2%	20.3%	51.9%	8.7%	-98.3%	-39.3%	-19.5%
Operating Income Growth	18.2%	15.8%	50.1%	11.2%	-142.8%	-11.7%	-18.1%
Net Income Growth	27.9%	20.6%	51.7%	7.9%	-82.5%	-39.4%	-23.1%
Margins
EBITDA Margin	-46471.3%	-47735.2%	-15671.8%	-2639.8%	-16709.7%	-2018.0%	-2610.6%
Operating Income Margin	-52568.6%	-51616.9%	-16036.7%	-2607.4%	-16972.3%	-1674.2%	-2702.1%
Net Income Margin	-48131.4%	-49254.3%	-16239.9%	-2726.7%	-17109.9%	-2245.4%	-2902.8%
Cash & Debt
Total Cash	48	94	145	253	401	412	90
Total Debt	11	12	30	32	33	39	100
Net Debt / (Cash)	-37	-82	-115	-221	-368	-373	10
Cash Flows
Net Cash from Operations	-95	-104	-124	-216	-216	-178	-98
Free Cash from Operations	-95	-105	-125	-217	-217	-179	-99
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/12/2025	5/13/2025	3/18/2025	11/14/2024	8/8/2024	5/13/2024	3/6/2024	11/9/2023	8/9/2023	5/10/2023	3/1/2023	11/8/2022
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	9
Ebitda	-23	-19	-19	-24	-31	-30	-25	-33	-34	-39	-53	-36
Operating Income	-23	-25	-20	-27	-33	-31	-27	-25	-37	-44	-56	-36
Net Income	-24	-20	-19	-25	-32	-30	-25	-34	-36	-41	-54	-38
EPS	-0.61	-0.51	-0.60	-0.89	-1.19	-1.31	-1.08	-1.52	-1.61	-1.89	-2.55	-1.80
Key Financials TTM
Total Revenue TTM	0	0	0	0	1	1	1	1	10	10	10	11
Ebitda TTM	-85	-93	-104	-110	-118	-121	-130	-159	-162	-235	-271	-323
Operating Income TTM	-96	-106	-112	-119	-117	-121	-133	-162	-173	-240	-268	-317
Net Income TTM	-88	-96	-107	-113	-122	-125	-135	-165	-168	-241	-280	-332
Growth Rates Quarterly
Total Revenue Growth	-100.0%	-	14.0%	-100.0%	-55.4%	-100.0%	-17.7%	-95.8%	-71.2%	-42.3%	-85.1%	3038.2%
EBITDA Growth	27.5%	35.8%	24.2%	25.1%	7.8%	24.6%	53.5%	9.8%	68.1%	47.9%	49.8%	38.3%
Operating Income Growth	30.5%	20.4%	25.6%	-9.2%	10.4%	28.4%	51.0%	30.0%	64.4%	38.7%	47.0%	40.4%
Net Income Growth	27.0%	35.4%	22.5%	25.8%	9.3%	25.0%	54.1%	10.2%	67.2%	48.6%	49.1%	37.2%
Margins Quarterly
EBITDA Margin	-	-29002.7%	-15903.3%	-	-31171.0%	-	-23912.2%	-8388.2%	-15080.5%	-34089.7%	-42354.1%	-394.5%
Operating Income Margin	-	-38337.0%	-17410.8%	-	-32945.9%	-	-26686.3%	-6446.1%	-16392.0%	-38238.2%	-44876.8%	-390.6%
Net Income Margin	-	-30140.5%	-16566.4%	-	-31993.3%	-	-24357.9%	-8734.8%	-15725.3%	-35364.8%	-43687.2%	-412.8%
Cash & Debt
Total Cash	48	68	94	85	110	106	145	167	195	224	253	282
Total Debt	11	11	12	12	13	13	30	30	31	31	32	32
Net Debt / (Cash)	-37	-57	-82	-72	-97	-92	-115	-138	-164	-193	-221	-249
Cash Flows Quarterly
FCF from Operations	-21	-27	-20	-27	-28	-29	-26	-29	-32	-37	-36	-67
Cash Flows TTM
FCF from Operations TTM	-95	-102	-104	-111	-112	-116	-124	-134	-173	-191	-216	-218
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-5.2%	-5.7%	-4.7%	-6.4%	-7.9%	-7.6%	-6.7%	-6.3%	-9.4%	-11.5%	-15.0%	-9.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-5.4%	-6.1%	-6.5%	-7.0%	-7.0%	-7.3%	-8.2%	-10.1%	-11.0%	-15.6%	-18.0%	-21.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Development and commercialization of its DNA medicines to help treat and protect people from human	1
Revenue from collaborative arrangements and other contracts		10	2
Other revenue				1	0
Revenue under collaborative research and development arrangements				5	4
Revenue under collaborative research and development arrangements from affiliated entities				1	0
Other revenue from affiliated entities					0
Total	1	10	2	7	4

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$2.38
Market Cap ($ Bil)	0.1
First Trading Date	12/08/1998
Distance from 52W High	-65.1%
	50 Days	200 Days
DMA Price	$1.81	$2.08
DMA Trend	down	indeterminate
Distance from DMA	31.2%	14.3%
	3M	1YR
Volatility	114.5%	89.9%
Downside Capture	-45.67	208.91
Upside Capture	70.32	68.93
Correlation (SPY)	14.0%	24.0%

INO Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.97	2.13	2.37	1.03	1.17	1.49
Up Beta	-2.91	5.50	4.81	1.07	1.25	1.32
Down Beta	1.51	1.01	2.64	0.62	0.64	1.34
Up Capture	617%	70%	114%	139%	65%	124%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	13	24	35	65	113	332
Down Capture	-319%	-115%	46%	110%	147%	109%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	7	15	24	54	122	400

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	6,594,846
Short Interest: % Change Since 8152025	17.1%
Average Daily Volume	2,263,745
Days-to-Cover Short Interest	2.91
Basic Shares Quantity	38,830,053
Short % of Basic Shares	17.0%

Returns Analyses

	Title
0	Inovio Pharmaceuticals Stock Return Comparison
1	Inovio Pharmaceuticals (INO) Stock Has 47% Chance Of Rise In The Next One Month
2	[10/12/2021] Inovio Pharmaceuticals (INO) Stock Price Forecast: AI Forecasts INO Stock Price To Be Around $7.25 In A Month (Up 4.7%)
3	Inovio Pharmaceuticals Total Shareholder Return (TSR): -68.7% in 2022 and -22.1% 3-yr returns (above peer average)
4	Inovio Pharmaceuticals (INO) Stock Return: AI Predicts INO Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/12/2025	14.1%	30.2%	77.9%
3/18/2025	-6.7%	-13.8%	-18.1%
11/14/2024	-10.6%	-14.9%	-54.9%
8/8/2024	-3.1%	-10.4%	-26.4%
5/13/2024	0.5%	-2.2%	-16.5%
11/9/2023	-3.7%	13.2%	2.3%
8/9/2023	12.9%	8.2%	11.9%
5/10/2023	-3.1%	-11.0%	-35.4%
...
SUMMARY STATS
# Positive	6	6	5
# Negative	8	8	9
Median Positive	8.9%	22.7%	11.9%
Median Negative	-6.5%	-12.4%	-33.7%
Max Positive	23.8%	30.2%	77.9%
Max Negative	-30.2%	-48.9%	-54.9%

	Forward Returns
8/12/2025	14.1%	30.2%	77.9%
3/18/2025	-6.7%	-13.8%	-18.1%
11/14/2024	-10.6%	-14.9%	-54.9%
8/8/2024	-3.1%	-10.4%	-26.4%
5/13/2024	0.5%	-2.2%	-16.5%
11/9/2023	-3.7%	13.2%	2.3%
8/9/2023	12.9%	8.2%	11.9%
5/10/2023	-3.1%	-11.0%	-35.4%
3/1/2023	4.8%	-4.0%	-36.1%
11/8/2022	1.9%	16.8%	-14.0%
8/9/2022	23.8%	29.0%	2.9%
5/10/2022	-27.3%	-20.1%	-33.7%
1/20/2021	-6.4%	28.6%	42.4%
3/9/2020	-30.2%	-48.9%	-40.1%
SUMMARY STATS
# Positive	6	6	5
# Negative	8	8	9
Median Positive	8.9%	22.7%	11.9%
Median Negative	-6.5%	-12.4%	-33.7%
Max Positive	23.8%	30.2%	77.9%
Max Negative	-30.2%	-48.9%	-54.9%

SEC Filings

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Report Date	Filing
6302025	10-Q 6/30/2025
3312025	10-Q 3/31/2025
12312024	10-K 12/31/2024
9302024	10-Q 9/30/2024
6302024	10-Q 6/30/2024
3312024	10-Q 3/31/2024
12312023	10-K 12/31/2023
9302023	10-Q 9/30/2023
6302023	10-Q 6/30/2023
3312023	10-Q 3/31/2023
12312022	10-K 12/31/2022
9302022	10-Q 9/30/2022
6302022	10-Q 6/30/2022
3312022	10-Q 3/31/2022
12312021	10-K 12/31/2021
9302021	10-Q 9/30/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
INO Return	168%	-44%	-69%	-67%	-70%	30%	-94%
Peers Return	11%	18%	23%	15%	2%	8%	102%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%
Monthly Win Rates [3]
INO Win Rate	50%	42%	33%	33%	25%	62%
Peers Win Rate	55%	55%	55%	53%	57%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	62%
Max Drawdowns [4]
INO Max Drawdown	-10%	-44%	-72%	-78%	-71%	-28%
Peers Max Drawdown	-16%	-9%	-7%	-11%	-11%	-10%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

Inovio Pharmaceuticals (INO)

Market Price (9/15/2025): $2.36 | Market Cap: $91.6 MilSector: Health Care | Industry: Biotechnology

Inovio Pharmaceuticals (INO)

Market Price (9/15/2025): $2.36Market Cap: $91.6 MilSector: Health CareIndustry: Biotechnology

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Market Price (9/15/2025): $2.36 | Market Cap: $91.6 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (9/15/2025): $2.36
Market Cap: $91.6 Mil
Sector: Health Care
Industry: Biotechnology