Inovio Pharmaceuticals (INO)
Market Price (4/23/2026): $1.15 | Market Cap: $71.3 MilSector: Health Care | Industry: Biotechnology
Inovio Pharmaceuticals (INO)
Market Price (4/23/2026): $1.15Market Cap: $71.3 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -69% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -132%, 3Y Excs Rtn is -162% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.04, 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 16% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -87 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -132871% Expensive valuation multiplesP/SPrice/Sales ratio is 1,082x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -70%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -79%, Rev Chg QQuarterly Revenue Change % is null Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 5748% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -135637%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -136074% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -124% Key risksINO key risks include [1] a high probability of financial distress, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -69% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -132%, 3Y Excs Rtn is -162% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.04, 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 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -87 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -132871% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 1,082x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -70%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -79%, Rev Chg QQuarterly Revenue Change % is null |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 5748% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -135637%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -136074% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -124% |
| Key risksINO key risks include [1] a high probability of financial distress, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Regulatory Uncertainty for INO-3107's Accelerated Approval Pathway. The U.S. Food and Drug Administration (FDA) accepted Inovio's Biologics License Application (BLA) for INO-3107 for Recurrent Respiratory Papillomatosis (RRP) under the Accelerated Approval Program in December 2025. However, the FDA granted a standard 10-month review with a Prescription Drug User Fee Act (PDUFA) target date of October 30, 2026, instead of the requested six-month priority review. More critically, the FDA's acceptance letter indicated a preliminary concern that Inovio had not provided adequate information to justify eligibility for the accelerated approval pathway. This introduces significant regulatory risk and the potential need for a costly Phase 3 trial if accelerated approval is not granted.
2. Dilutive Public Offering. On April 2, 2026, Inovio announced the pricing of an underwritten public offering of 12,500,000 shares of its common stock and accompanying Series A and Series B warrants. The combined public offering price was set at $1.40 per share, aiming to generate gross proceeds of $17.5 million. This offering, priced at a likely discount to the prevailing market price, indicates a need for capital and results in the dilution of existing shareholders' value.
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Stock Movement Drivers
Fundamental Drivers
The -34.5% change in INO stock from 12/31/2025 to 4/22/2026 was primarily driven by a -64.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.74 | 1.14 | -34.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -64.2% |
| P/S Multiple | 497.8 | 1,082.2 | 117.4% |
| Shares Outstanding (Mil) | 52 | 62 | -15.9% |
| Cumulative Contribution | -34.5% |
Market Drivers
12/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| INO | -34.5% | |
| Market (SPY) | -5.4% | 21.2% |
| Sector (XLV) | -5.4% | 23.8% |
Fundamental Drivers
The -51.3% change in INO stock from 9/30/2025 to 4/22/2026 was primarily driven by a -64.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.34 | 1.14 | -51.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -64.2% |
| P/S Multiple | 498.3 | 1,082.2 | 117.2% |
| Shares Outstanding (Mil) | 39 | 62 | -37.4% |
| Cumulative Contribution | -51.3% |
Market Drivers
9/30/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| INO | -51.3% | |
| Market (SPY) | -2.9% | 18.6% |
| Sector (XLV) | 5.6% | 13.7% |
Fundamental Drivers
The -30.1% change in INO stock from 3/31/2025 to 4/22/2026 was primarily driven by a -70.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.63 | 1.14 | -30.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -70.0% |
| P/S Multiple | 224.5 | 1,082.2 | 382.0% |
| Shares Outstanding (Mil) | 30 | 62 | -51.6% |
| Cumulative Contribution | -30.1% |
Market Drivers
3/31/2025 to 4/22/2026| Return | Correlation | |
|---|---|---|
| INO | -30.1% | |
| Market (SPY) | 16.3% | 26.4% |
| Sector (XLV) | 1.6% | 27.4% |
Fundamental Drivers
The -88.4% change in INO stock from 3/31/2023 to 4/22/2026 was primarily driven by a -99.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4222026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.84 | 1.14 | -88.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 0 | -99.4% |
| P/S Multiple | 20.0 | 1,082.2 | 5305.0% |
| Shares Outstanding (Mil) | 21 | 62 | -66.3% |
| Cumulative Contribution | -88.4% |
Market Drivers
3/31/2023 to 4/22/2026| Return | Correlation | |
|---|---|---|
| INO | -88.4% | |
| Market (SPY) | 63.3% | 22.4% |
| Sector (XLV) | 18.4% | 24.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INO Return | -44% | -69% | -67% | -70% | -5% | -35% | -99% |
| Peers Return | 95% | 21% | -9% | -25% | -5% | 32% | 101% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 3% | 88% |
Monthly Win Rates [3] | |||||||
| INO Win Rate | 42% | 33% | 33% | 25% | 50% | 25% | |
| Peers Win Rate | 58% | 50% | 43% | 48% | 55% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| INO Max Drawdown | -44% | -72% | -78% | -71% | -28% | -40% | |
| Peers Max Drawdown | -7% | -30% | -30% | -35% | -29% | -9% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MRNA, PDSB, VRTX, GILD, REGN. See INO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)
How Low Can It Go
| Event | INO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -97.9% | -25.4% |
| % Gain to Breakeven | 4762.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -73.2% | -33.9% |
| % Gain to Breakeven | 272.8% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -77.3% | -19.8% |
| % Gain to Breakeven | 340.6% | 24.7% |
| Time to Breakeven | 156 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -96.2% | -56.8% |
| % Gain to Breakeven | 2506.3% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to MRNA, PDSB, VRTX, GILD, REGN
In The Past
Inovio Pharmaceuticals's stock fell -97.9% during the 2022 Inflation Shock from a high on 2/1/2021. A -97.9% loss requires a 4762.4% gain to breakeven.
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About Inovio Pharmaceuticals (INO)
AI Analysis | Feedback
Here is a brief analogy for Inovio Pharmaceuticals (INO):
- It's like Moderna or BioNTech, but developing DNA-based medicines using proprietary delivery technology for a range of diseases, including cancer and infectious diseases.
AI Analysis | Feedback
- DNA Medicines for HPV-associated Diseases: Novel DNA-based therapies under development to treat and prevent conditions caused by human papillomavirus, including precancers, cancers, and recurrent respiratory papillomatosis.
- DNA Medicines for Other Cancers: A pipeline of DNA-based therapeutic candidates for various non-HPV related cancers such as glioblastoma multiforme and prostate cancer.
- DNA Medicines for Infectious Diseases: A portfolio of DNA vaccine candidates designed to protect against and treat infectious diseases like HIV, Ebola, MERS, Lassa fever, and COVID-19.
- CELLECTRA Devices: Proprietary smart devices that facilitate the precise and effective delivery of Inovio's DNA plasmids.
AI Analysis | Feedback
Inovio Pharmaceuticals (INO) operates primarily as a biotechnology research and development company, engaging in collaborations and partnerships with other organizations rather than selling commercialized products directly to individuals. Its major customers, in the context of these collaborations and grants for the development of its DNA medicines, include other companies, government agencies, and non-profit foundations.
Focusing on customer companies as specified in the request, major public company partners and collaborators identified in the background description include:
- AstraZeneca (AZN)
- Regeneron Pharmaceuticals (REGN)
- Thermo Fisher Scientific (TMO)
Inovio also has significant partnerships and funding relationships with other organizations, such as government entities (e.g., Defense Advanced Research Projects Agency (DARPA), Department of Defense (DoD), National Institutes of Health (NIH)) and non-profit foundations (e.g., The Bill & Melinda Gates Foundation, Coalition for Epidemic Preparedness Innovations (CEPI)). While not "companies," these organizations represent major customers and collaborators for Inovio's DNA medicines.
AI Analysis | Feedback
- Ology Bioservices
- Richter-Helm BioLogics GmbH & Co. KG
- Thermo Fisher Scientific (TMO)
- Kaneka Corporation (TYO: 4118)
AI Analysis | Feedback
Jacqueline Shea, Ph.D. President and Chief Executive Officer
Dr. Jacqueline Shea has served as INOVIO's President and Chief Executive Officer (CEO) since May 2022. She joined the company in March 2019 as Chief Operating Officer (COO) and is responsible for establishing and leading INOVIO's overall corporate strategy across its clinical programs and advancing its DNA medicines platform. Dr. Shea has over 25 years of experience in the life sciences and biotech industries. Prior to joining INOVIO, she was the CEO at Aeras, a not-for-profit organization dedicated to developing new vaccines against tuberculosis. She also held executive roles at Emergent BioSolutions and was the General Manager and Vice President of The Oxford-Emergent Tuberculosis Consortium. Dr. Shea holds a BSc Hons in Applied Biology from the University of Bath and a Ph.D. from the National Institute for Medical Research in the UK.
Peter Kies Chief Financial Officer
Peter Kies has served as Inovio's Chief Financial Officer since joining the company in 2002. His primary focus is assuring INOVIO's financial health and executing global financial strategy. Mr. Kies has broad expertise in the functional and strategic management of biotechnology and high technology companies, covering the full spectrum of corporate growth from IPO to profitability. Prior to his tenure at INOVIO, he was Chief Financial Officer at Newgen Results Corporation and held positions at Cytel Corporation and Ernst & Young, LLP.
Michael Sumner, MB BS, MBA Chief Medical Officer & Head of Development
Dr. Michael Sumner joined INOVIO as Chief Medical Officer in June 2022. He is responsible for setting the development strategy and overseeing the execution of the company's DNA Medicine portfolio, including global clinical development, clinical operations, biostatistics, regulatory affairs, pharmacovigilance, and medical affairs. Dr. Sumner previously served as CMO of Orexo AB since 2013 and held numerous European- and US-based leadership roles at Novartis Pharmaceuticals, Aventis Behring, Novo Nordisk, and Shire Pharmaceuticals. He brings over 30 years of extensive pharmaceutical, medical, and clinical experience, having driven numerous late-stage product approvals and supported successful commercial products globally. Dr. Sumner received his medical degree from the University of London, is a member of the Royal College of Physicians, and holds an MBA from Henley Management College, UK.
Laurent Humeau, Ph.D. Chief Scientific Officer
Dr. Laurent Humeau serves as INOVIO's Chief Scientific Officer and Executive Vice President of Research, Engineering, and Clinical Developments. Before joining INOVIO, he was the Senior Director for Translational Research, Human Therapeutics Division at Intrexon Corporation.
Steve Egge, MBA Chief Commercial Officer
Steve Egge joined INOVIO in 2024 as Chief Commercial Officer. Previously, he was Senior Vice President and General Manager for Women's Health at Sumitomo Pharma (formerly Myovant Sciences, which was acquired by Sumitovant Biopharma in 2023). In that role, he was responsible for building the commercial leadership team, accelerating the launch of Myfembree®, and helping lead the company's expansion into new indications.
AI Analysis | Feedback
```htmlInovio Pharmaceuticals faces significant risks inherent in the biotechnology industry, particularly concerning the development and regulatory approval of its novel DNA medicines.
- Clinical Trial and Regulatory Approval Risk: The company's success is heavily contingent on the successful completion of extensive clinical trials for its DNA medicines across various therapeutic areas, including HPV-associated precancers, cancers, and infectious diseases. Failure to achieve primary endpoints, demonstrate sufficient efficacy or safety, or experiencing unexpected adverse events during any stage of clinical development would significantly impact product viability. Furthermore, the ability to obtain and maintain regulatory approvals from health authorities worldwide is critical. Delays, denials, or unforeseen challenges in the regulatory pathway for any of its investigational products could severely impede its ability to bring medicines to market and generate revenue.
- Reliance on a Novel Technology Platform: Inovio's entire pipeline is built upon its proprietary DNA medicines platform and CELLECTRA smart devices technology. While innovative, the long-term efficacy, safety, and broad applicability of this relatively novel approach across all target diseases are still being established. Should the platform encounter unforeseen technical limitations, demonstrate inconsistent performance, or prove to be less effective or safe than existing or emerging treatment modalities, the foundational premise of the company's product development strategy could be undermined. This reliance on a specific technology also carries the risk that competing technologies or treatment paradigms could emerge and potentially render its approach less competitive.
AI Analysis | Feedback
nullAI Analysis | Feedback
Inovio Pharmaceuticals (INO) operates in several significant addressable markets for its DNA medicines across HPV-associated diseases, various cancers, and infectious diseases. The global market sizes for their main product and service areas are outlined below:
- HPV-Associated Disorders (including precancers and cancers): The global market for HPV-associated disorders was estimated at approximately USD 21.51 billion in 2025 and is projected to reach around USD 33.88 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 4.65% from 2026 to 2035. Another report estimated the market at USD 19.37 billion in 2025, with a projection to reach USD 28.61 billion by 2034.
- Cervical Dysplasia: The global cervical dysplasia market size was valued at USD 675.5 million in 2023 and is estimated to grow to USD 1.2 billion by 2032, exhibiting a CAGR of 7.1% from 2024. Another source indicated a market size of USD 666.8 million in 2025, projected to reach USD 883.1 million by 2035.
- Cervical Cancer Treatment: The global cervical cancer treatment market size was estimated at USD 8.16 billion in 2023 and is projected to reach USD 11.74 billion by 2030, with a CAGR of 5.4% from 2024 to 2030.
- Head and Neck Cancer Therapeutics: The global Head and Neck Cancer (HNC) therapeutics market is estimated to be valued at USD 2.0 billion in 2025 and is projected to reach USD 6.2 billion by 2035, with a CAGR of 12.1%. Another report indicated the market size was USD 2.65 billion in 2025 and is projected to reach around USD 8.14 billion by 2035.
- Glioblastoma Multiforme (GBM) Treatment: The global glioblastoma multiforme treatment market was valued at USD 3.6 billion in 2024 and is expected to grow to USD 8.3 billion by 2034, at a CAGR of 8.9% from 2025. Another estimate valued the market at USD 2.78 billion in 2024, projected to reach approximately USD 5.68 billion by 2033.
- Prostate Cancer Treatment/Therapeutics: The global prostate cancer therapeutics market size was estimated at USD 17.0 billion in 2024 and is projected to reach USD 31.99 billion by 2030, growing at a CAGR of 10.9% from 2025. Another report estimated the market size at USD 75.40 billion in 2024, projected to be USD 170.64 billion by 2033.
- HIV Therapeutics: The global human immunodeficiency virus therapeutics market was valued at USD 39 billion in 2024 and is projected to reach USD 54.8 billion by 2034, exhibiting a CAGR of 3.5% from 2025. Another source reported the market size was USD 32.85 billion in 2024, estimated to reach USD 45.07 billion by 2033.
- Ebola Vaccines: The global Ebola vaccines market was valued at USD 6.64 million in 2022 and is expected to grow at a CAGR of 32.5% to reach USD 71 million by 2032. Another report on the global Ebola Virus Vaccines market estimated it at USD 189.3 Million in 2024, expected to reach USD 269.9 Million by 2030.
- Recurrent Respiratory Papillomatosis (RRP) Treatment: The global market for Recurrent Respiratory Papillomatosis (RRP) treatments is valued at approximately USD 350 million as of 2024, with projections to reach around USD 700 million by 2034, at a CAGR of 7.2% from 2025 to 2034.
- COVID-19 Vaccine: The global COVID-19 vaccine market was valued at USD 8.23 billion in 2025 and is projected to grow to USD 15.35 billion by 2034, expanding at a CAGR of 7.17% during the forecast period (2026 to 2034). However, another report noted the market stood at USD 13.71 billion in 2025 and is projected to contract to USD 8.28 billion by 2030.
AI Analysis | Feedback
Inovio Pharmaceuticals (INO) is expected to have several key drivers for future revenue growth over the next 2-3 years, primarily centered around its lead product candidate and strategic collaborations.
- Launch and Commercialization of INO-3107 for Recurrent Respiratory Papillomatosis (RRP): The most significant anticipated revenue driver is the potential U.S. approval and subsequent commercialization of INO-3107, a DNA medicine for the treatment of adult patients with recurrent respiratory papillomatosis (RRP). The U.S. Food and Drug Administration (FDA) accepted Inovio's Biologics License Application (BLA) for INO-3107 under the Accelerated Approval Program, with a Prescription Drug User Fee Act (PDUFA) target date set for October 30, 2026. Inovio is actively engaged in commercial launch planning, including pricing strategies and partner selection, in anticipation of this potential approval.
- Partnerships and Collaborations for DPROT Technology: Inovio is actively developing additional indications for its DPROT technology and is seeking partners to accelerate its development. Any new agreements for this promising next-generation DNA medicine technology could result in upfront payments, milestone payments, and/or future shared revenue streams, contributing to growth.
- Expansion of Other Pipeline Programs Through Partnerships: While INO-3107 is the primary focus, Inovio has other DNA medicine candidates in its pipeline, such as INO-3112 for HPV16/18-positive head and neck cancer. The company has indicated a strategy to advance these other programs, where feasible, through partnerships, which could generate revenue through collaboration agreements and milestone payments.
AI Analysis | Feedback
Share Issuance
- In July 2025, Inovio Pharmaceuticals completed an underwritten public offering of common stock and warrants, generating net proceeds of approximately $22.5 million.
- The company raised over $60 million from similar equity offerings in 2024.
- In November 2025, Inovio announced the pricing of an underwritten public offering of 13,158,000 shares of its common stock at $1.90 per share, expected to generate approximately $25 million in gross proceeds.
Inbound Investments
- Inovio's primary revenue source is from collaborative arrangements.
- In 2022, 94% of the company's revenue was derived from a procurement contract with the Department of Defense (DoD).
- In 2021, 43% of revenue came from the DoD contract, and 14% from its collaborator Plumbline Life Sciences.
Capital Expenditures
- For the trailing twelve months ending September 30, 2025, capital expenditures were minimal at approximately -$0.16 million, which is typical for a company focused on intellectual property over physical assets.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 94.25 |
| Mkt Cap | 49.4 |
| Rev LTM | 6,962 |
| Op Inc LTM | 1,835 |
| FCF LTM | 1,583 |
| FCF 3Y Avg | 900 |
| CFO LTM | 1,802 |
| CFO 3Y Avg | 1,097 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.0% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 2.5% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 17.6% |
| Op Inc Chg 3Y Avg | 6.1% |
| Op Mgn LTM | 25.8% |
| Op Mgn 3Y Avg | 24.7% |
| QoQ Delta Op Mgn LTM | -0.9% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 20.5% |
| FCF/Rev LTM | 26.3% |
| FCF/Rev 3Y Avg | 17.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 49.4 |
| P/S | 9.2 |
| P/Op Inc | 6.6 |
| P/EBIT | 6.9 |
| P/E | 8.1 |
| P/CFO | 7.3 |
| Total Yield | -4.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -8.0% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -0.8% |
| 3M Rtn | 1.6% |
| 6M Rtn | 19.4% |
| 12M Rtn | 20.2% |
| 3Y Rtn | -33.3% |
| 1M Excs Rtn | -9.3% |
| 3M Excs Rtn | -2.2% |
| 6M Excs Rtn | 13.5% |
| 12M Excs Rtn | -13.3% |
| 3Y Excs Rtn | -106.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development and commercialization of its DNA medicines to help treat and protect people from | 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
| Market Price | $1.14 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 12/08/1998 | |
| Distance from 52W High | -60.3% | |
| 50 Days | 200 Days | |
| DMA Price | $1.53 | $1.87 |
| DMA Trend | down | down |
| Distance from DMA | -25.4% | -39.1% |
| 3M | 1YR | |
| Volatility | 86.0% | 87.8% |
| Downside Capture | 1.14 | 1.04 |
| Upside Capture | 180.72 | 97.93 |
| Correlation (SPY) | 15.9% | 23.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.69 | 1.37 | 0.81 | 1.00 | 1.13 | 1.32 |
| Up Beta | 1.65 | 2.03 | 2.60 | 2.12 | 1.05 | 1.01 |
| Down Beta | -0.57 | 0.09 | 0.59 | 0.76 | 0.58 | 0.97 |
| Up Capture | -9% | 203% | 29% | 23% | 203% | 173% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 8 | 20 | 28 | 54 | 123 | 332 |
| Down Capture | 138% | 131% | 74% | 131% | 144% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 13 | 20 | 30 | 64 | 115 | 395 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INO | |
|---|---|---|---|---|
| INO | 3.1% | 79.2% | 0.41 | - |
| Sector ETF (XLV) | 12.0% | 15.9% | 0.52 | 25.3% |
| Equity (SPY) | 26.7% | 12.5% | 1.77 | 26.0% |
| Gold (GLD) | 38.9% | 27.4% | 1.19 | 10.8% |
| Commodities (DBC) | 23.5% | 16.2% | 1.32 | -1.0% |
| Real Estate (VNQ) | 15.6% | 13.6% | 0.82 | 12.0% |
| Bitcoin (BTCUSD) | -12.8% | 42.6% | -0.21 | 13.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INO | |
|---|---|---|---|---|
| INO | -55.8% | 84.8% | -0.58 | - |
| Sector ETF (XLV) | 5.6% | 14.6% | 0.20 | 28.5% |
| Equity (SPY) | 10.5% | 17.1% | 0.48 | 31.8% |
| Gold (GLD) | 21.5% | 17.8% | 0.99 | 8.0% |
| Commodities (DBC) | 10.7% | 18.8% | 0.47 | 1.9% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 29.1% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 17.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INO | |
|---|---|---|---|---|
| INO | -33.7% | 92.5% | -0.02 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.46 | 17.3% |
| Equity (SPY) | 13.8% | 17.9% | 0.66 | 16.4% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 9.4% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 3.5% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 12.6% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/12/2026 | -1.2% | -1.8% | -35.1% |
| 11/10/2025 | -7.0% | -7.9% | -0.9% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 6 | 5 |
| # Negative | 9 | 9 | 10 |
| Median Positive | 8.9% | 22.7% | 11.9% |
| Median Negative | -6.4% | -10.4% | -30.1% |
| Max Positive | 23.8% | 30.2% | 77.9% |
| Max Negative | -27.3% | -20.1% | -54.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/18/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Operational Net Cash Burn | 22.00 Mil | 0 | Same New | Guidance: 22.00 Mil for Q4 2025 | |||
Prior: Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Operational Net Cash Burn | 22.00 Mil | 0 | Same New | Actual: 22.00 Mil for Q3 2025 | |||
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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