Tearsheet

Inovio Pharmaceuticals (INO)

Market Price (10/15/2025): $2.435 | Market Cap: $94.6 Mil
Sector: Health Care | Industry: Biotechnology

Inovio Pharmaceuticals (INO)

Market Price (10/15/2025): $2.435
Market Cap: $94.6 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 -39%	Weak multi-year price returns 2Y Excs Rtn is -112%, 3Y Excs Rtn is -170%	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 20%	Expensive valuation multiples P/SPrice/Sales ratio is 520x
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 -97%

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 -39%
1	Weak multi-year price returns 2Y Excs Rtn is -112%, 3Y Excs Rtn is -170%
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 20%
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 520x
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 -97%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/15/25	2024	2023	2022	2021
Share Price CYE	$2.44	$1.83	$6.12	$18.72	$59.88
Market Cap CYE ($ Mil)	94.6	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)	57.7	66.8	169.3	423.0	1,095.6
Valuation Ratios
P/S TTM	518.5	228.3	163.1	36.3	587.2
P/EBIT TTM	-1.1	-0.5	-1.0	-1.4	-3.5
P/E TTM	-1.1	-0.5	-1.0	-1.3	-3.4
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.1	4.6	7.4
P/EBIT TTM (Sector)	-1.7	-1.3	-1.4	-1.3	-2.7
P/E TTM (Sector)	-2.0	-1.6	-1.5	-1.3	-2.8

	10/15/25	2024	2023
Share Price CYE	$2.44	$1.83	$6.12
Market Cap CYE ($ Mil)	94.6	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)	57.7	66.8	169.3
Valuation Ratios
P/S TTM	518.5	228.3	163.1
P/EBIT TTM	-1.1	-0.5	-1.0
P/E TTM	-1.1	-0.5	-1.0
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.1
P/EBIT TTM (Sector)	-1.7	-1.3	-1.4
P/E TTM (Sector)	-2.0	-1.6	-1.5

	INO	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	0.0
Rev Chg Q	-100.0%	6.1%
Rev Chg LTM	-69.2%	5.2%
Rev Chg 3Y Avg	64.0%	5.3%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-52,568.6%	18.6%
CFO LTM ($ Bil)	-0.1
CFO/Rev LTM	-51,987.6%	20.3%
Net Inc LTM ($ Bil)	-0.1
Net Inc Mgn	-48,131.4%	12.7%
VALUATION	VERY HIGH
P/S	518.6	3.2
P/CFO	-1.0	15.7
P/FCF	-1.0	20.6
P/E	-1.1	23.6
STABILITY	VERY GOOD
Debt/Equity	0.11	0.21
Cash/Assets	0.70	0.07

INO Stock

Return (1M):

Factor Drivers of Stock Movement

The 86.3% change in INO stock from 7/15/2025 to 10/14/2025 was primarily driven by a 190.8% change in the company's P/S Multiple.

	7152025	10142025	Change
Stock Price ($)	1.31	2.44	86.26%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.28	0.18	-35.59%
P/S Multiple	178.68	519.62	190.81%
Shares Outstanding (Mil)	38.61	38.83	-0.56%
Cumulative Contribution			86.25%

LTM = Last Twelve Months as of date shown

The 38.6% change in INO stock from 4/15/2025 to 10/14/2025 was primarily driven by a 114.4% change in the company's P/S Multiple.

	4152025	10142025	Change
Stock Price ($)	1.76	2.44	38.64%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.22	0.18	-16.27%
P/S Multiple	242.41	519.62	114.35%
Shares Outstanding (Mil)	29.99	38.83	-29.47%
Cumulative Contribution			26.60%

LTM = Last Twelve Months as of date shown

The -57.2% change in INO stock from 10/14/2024 to 10/14/2025 was primarily driven by a -69.2% change in the company's Total Revenues ($ Mil).

	10142024	10142025	Change
Stock Price ($)	5.70	2.44	-57.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.59	0.18	-69.19%
P/S Multiple	261.93	519.62	98.38%
Shares Outstanding (Mil)	27.20	38.83	-42.77%
Cumulative Contribution			-65.02%

LTM = Last Twelve Months as of date shown

The -87.0% change in INO stock from 10/15/2022 to 10/14/2025 was primarily driven by a -98.0% change in the company's Shares Outstanding (Mil).

	10152022	10142025	Change
Stock Price ($)	18.72	2.44	-86.97%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2.11	0.18	-91.38%
P/S Multiple	173.60	519.62	199.32%
Shares Outstanding (Mil)	19.61	38.83	-98.05%
Cumulative Contribution			-99.50%

LTM = Last Twelve Months as of date shown

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
INO Return	168%	-44%	-69%	-67%	-70%	33%	-94%
Peers Return	13%	6%	-20%	-12%	-52%	-36%	-74%
S&P 500 Return	16%	27%	-19%	24%	23%	13%	103%
Monthly Win Rates [3]
INO Win Rate	50%	42%	33%	33%	25%	56%
Peers Win Rate	25%	50%	40%	49%	25%	17%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
INO Max Drawdown	-10%	-44%	-72%	-78%	-71%	-28%
Peers Max Drawdown	-24%	-5%	-26%	-36%	-67%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SRDX, ARAY, ACSB, ALPS, APLM. 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] 2025 data is for the year up to 10/14/2025 (YTD)

Downturns Compared

Unique Key	Event	INO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-97.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	4762.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-73.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	272.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-77.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	340.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	156 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-96.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	2506.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

How Low Can It Go?

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)

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.

Better Bets than Inovio Pharmaceuticals (INO)

	INO	Better Performance than INO
Metric	Value	Industry (Biotechnology)
Rev Chg LTM	-69.2%	ABBV (6.1%), AMGN (12.9%), GILD (3.8%), VRTX (10.5%), ALNY (17.2%)
Rev Chg 3Y Avg	64.0%	BBIO (1225.0%), CYTK (824.6%), RYTM (137.5%), AXSM (699.5%), CRSP (380.7%)
Op Mgn LTM	-52568.6%	ABBV (23.5%), AMGN (23.5%), GILD (37.4%), VRTX (-1.7%), ALNY (-4.9%)
CFO/Rev LTM	-51987.6%	ABBV (33.1%), AMGN (34.4%), GILD (34.2%), VRTX (33.7%), ALNY (-1.9%)
FCF/Rev LTM	-52037.1%	ABBV (31.3%), AMGN (30.4%), GILD (32.5%), VRTX (30.6%), ALNY (-3.2%)
Total Yield	-92.6%	ABBV (3.8%), AMGN (7.3%), GILD (7.0%), VRTX (3.4%), ALNY (-0.4%)

	INO	Better Performance than INO
Metric	Value	Sector (Health Care)
Rev Chg LTM	-69.2%	LLY (36.8%), JNJ (4.7%), ABBV (6.1%), UNH (9.7%), ABT (5.9%)
Rev Chg 3Y Avg	64.0%	HIMS (76.3%), BBIO (1225.0%), CYTK (824.6%), RYTM (137.5%), AXSM (699.5%)
Op Mgn LTM	-52568.6%	LLY (43.0%), JNJ (24.5%), ABBV (23.5%), UNH (7.3%), ABT (17.4%)
CFO/Rev LTM	-51987.6%	LLY (20.5%), JNJ (25.4%), ABBV (33.1%), UNH (6.8%), ABT (21.0%)
FCF/Rev LTM	-52037.1%	LLY (-0.1%), JNJ (18.1%), ABBV (31.3%), UNH (6.0%), ABT (15.7%)
Total Yield	-92.6%	LLY (2.6%), JNJ (7.6%), ABBV (3.8%), UNH (8.9%), ABT (7.8%)

	INO	Better Performance than INO
Metric	Value	All Other Sectors
Rev Chg LTM	-69.2%	NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg	64.0%	NVDA (92.0%), RCL (65.4%), APO (129.8%), NU (70.1%), SMCI (64.7%)
Op Mgn LTM	-52568.6%	NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM	-51987.6%	NVDA (46.6%), MSFT (48.3%), AAPL (26.6%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM	-52037.1%	NVDA (43.6%), MSFT (25.4%), AAPL (23.5%), GOOGL (18.0%), AMZN (2.0%)
Total Yield	-92.6%	NVDA (2.0%), MSFT (3.3%), AAPL (3.1%), GOOGL (4.2%), AMZN (3.1%)

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]

Trade Ideas

Select past trade ideas related to INO and Biotechnology.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy	09302025	ADMA	ADMA Biologics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	2.0%	2.0%	-4.6%
REGN_9302025_Dip_Buyer_ValueBuy	09302025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.8%	1.8%	-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09262025	HAE	Haemonetics	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.3%	3.3%	-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.7%	10.7%	-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper	09052025	ISRG	Intuitive Surgical	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-6.5%	-6.5%	-8.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy	09302025	ADMA	ADMA Biologics	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	2.0%	2.0%	-4.6%
REGN_9302025_Dip_Buyer_ValueBuy	09302025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.8%	1.8%	-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09262025	HAE	Haemonetics	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.3%	3.3%	-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	10.7%	10.7%	-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper	09052025	ISRG	Intuitive Surgical	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-6.5%	-6.5%	-8.0%

See Trefis Trade Ideas for more.

Recent Active Movers

1 Day Top Gainers

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3	LAC	Lithium Americas	19.2%	238.4%
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1 Day Top Losers

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1	ALAB	Astera Labs	-19.0%	22.0%
2	CRDO	Credo Technology	-13.4%	93.1%
3	XNCR	Xencor	-11.0%	-45.9%
4	BCRX	BioCryst Pharmaceuticals	-8.8%	-14.6%
5	SGML	Sigma Lithium	-8.5%	-43.5%
6	INOD	Innodata	-7.2%	91.9%
7	SRRK	Scholar Rock	-6.9%	-26.2%
8	MBX	MBX Biosciences	-6.8%	-26.6%
9	RYN	Rayonier	-6.6%	-4.3%
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1 Week Top Gainers

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3	NVTS	Navitas Semiconductor	61.6%	252.1%
4	ASPI	ASP Isotopes	58.0%	210.2%
5	UUUU	Energy Fuels	49.1%	411.3%
6	GLUE	Monte Rosa Therapeutics	43.8%	52.9%
7	SSII	SS Innovations International	34.1%	15.2%
8	METC	Ramaco Resources	34.0%	439.5%
9	MP	MP Materials	33.7%	532.4%
10	ORKA	Oruka Therapeutics	33.6%	41.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BNT	Brookfield Wealth Solutions	-33.2%	18.5%
2	BN	Brookfield	-33.0%	18.9%
3	VG	Venture Global	-30.2%
4	ALAB	Astera Labs	-23.8%	22.0%
5	HELE	Helen Of Troy	-23.3%	-65.4%
6	CORT	Corcept Therapeutics	-20.2%	43.1%
7	USNA	Usana Health Sciences	-19.4%	-40.9%
8	SRRK	Scholar Rock	-19.2%	-26.2%
9	TASK	TaskUs	-18.8%	-18.1%
10	BBBY	Bed Bath & Beyond	-18.1%

1 Month Top Gainers

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1	WOLF	Wolfspeed	1000.7%	389.2%
2	QURE	uniQure	297.4%	233.9%
3	UAMY	United States Antimony	244.6%	887.0%
4	LAC	Lithium Americas	214.1%	238.4%
5	RGTI	Rigetti Computing	192.1%	267.8%
6	USAR	USA Rare Earth	173.3%	125889.9%
7	PLUG	Plug Power	158.0%	90.1%
8	FLNC	Fluence Energy	149.7%	16.2%
9	CLPT	ClearPoint Neuro	148.6%	69.2%
10	SES	SES AI	140.2%	44.7%

1 Month Top Losers

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1	ANGX	Angel Studios	-53.8%
2	REX	REX American Resources	-46.2%	57.7%
3	VG	Venture Global	-34.0%
4	LDI	loanDepot	-33.8%	46.6%
5	FLY	Firefly Aerospace	-31.4%
6	ALAB	Astera Labs	-30.2%	22.0%
7	FWRD	Forward Air	-29.4%	-34.3%
8	USNA	Usana Health Sciences	-29.1%	-40.9%
9	IDT	IDT	-28.9%	-0.4%
10	PGY	Pagaya Technologies	-28.8%	221.4%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	SSII	SS Innovations International	34.5%	15.2%
2	NVTS	Navitas Semiconductor	26.1%	252.1%
3	LAC	Lithium Americas	19.2%	238.4%
4	INDI	Indie Semiconductor	18.6%	37.3%
5	OUST	Ouster	16.4%	195.9%
6	FLNC	Fluence Energy	16.1%	16.2%
7	DBRG	DigitalBridge	15.7%	19.9%
8	CRNC	Cerence	15.6%	66.5%
9	STOK	Stoke Therapeutics	15.2%	216.8%
10	ORLA	Orla Mining	14.3%	137.0%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ALAB	Astera Labs	-19.0%	22.0%
2	CRDO	Credo Technology	-13.4%	93.1%
3	XNCR	Xencor	-11.0%	-45.9%
4	BCRX	BioCryst Pharmaceuticals	-8.8%	-14.6%
5	SGML	Sigma Lithium	-8.5%	-43.5%
6	INOD	Innodata	-7.2%	91.9%
7	SRRK	Scholar Rock	-6.9%	-26.2%
8	MBX	MBX Biosciences	-6.8%	-26.6%
9	RYN	Rayonier	-6.6%	-4.3%
10	MNPR	Monopar Therapeutics	-6.6%	333.1%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	UAMY	United States Antimony	100.8%	887.0%
2	BITF	Bitfarms	69.7%	295.3%
3	NVTS	Navitas Semiconductor	61.6%	252.1%
4	ASPI	ASP Isotopes	58.0%	210.2%
5	UUUU	Energy Fuels	49.1%	411.3%
6	GLUE	Monte Rosa Therapeutics	43.8%	52.9%
7	SSII	SS Innovations International	34.1%	15.2%
8	METC	Ramaco Resources	34.0%	439.5%
9	MP	MP Materials	33.7%	532.4%
10	ORKA	Oruka Therapeutics	33.6%	41.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	BNT	Brookfield Wealth Solutions	-33.2%	18.5%
2	BN	Brookfield	-33.0%	18.9%
3	VG	Venture Global	-30.2%
4	ALAB	Astera Labs	-23.8%	22.0%
5	HELE	Helen Of Troy	-23.3%	-65.4%
6	CORT	Corcept Therapeutics	-20.2%	43.1%
7	USNA	Usana Health Sciences	-19.4%	-40.9%
8	SRRK	Scholar Rock	-19.2%	-26.2%
9	TASK	TaskUs	-18.8%	-18.1%
10	BBBY	Bed Bath & Beyond	-18.1%

Peer Comparisons for Inovio Pharmaceuticals

Financials

	INO	SRDX	ARAY	ACSB	ALPS	APLM	Median
Name	Inovio P.	Surmodics	Accuray	Acesis	ALPS	Apollomi.
Mkt Price	2.44	27.59	1.70	-	-	-	2.44
Mkt Cap	0.1	0.4	0.2	-	-	-	0.2
Rev LTM	0	121	459	-	-	-	121
Op Inc LTM	-96	-12	8	-	-	-	-12
FCF LTM	-95	-4	-6	-	-	-	-6
FCF 3Y Avg	-127	-2	-6	-	-	-	-6
CFO LTM	-95	-2	3	-	-	-	-2
CFO 3Y Avg	-127	1	2	-	-	-	1

Growth & Margins

	INO	SRDX	ARAY	ACSB	ALPS	APLM	Median
Name	Inovio P.	Surmodics	Accuray	Acesis	ALPS	Apollomi.
Rev Chg LTM	-69.2%	-0.0%	2.7%	-	-	-	-0.0%
Rev Chg 3Y Avg	64.0%	8.6%	2.2%	-	-	-	8.6%
Rev Chg Q	-100.0%	-2.6%	-5.0%	-	-	-	-5.0%
QoQ Delta Rev Chg LTM	-35.6%	-0.6%	-1.4%	-	-	-	-1.4%
Op Mgn LTM	-52,568.6%	-10.2%	1.7%	-	-	-	-10.2%
Op Mgn 3Y Avg	-24,717.2%	-5.1%	0.8%	-	-	-	-5.1%
QoQ Delta Op Mgn LTM	-15,138.5%	0.0%	-0.5%	-	-	-	-0.5%
CFO/Rev LTM	-51,987.6%	-1.6%	0.6%	-	-	-	-1.6%
CFO/Rev 3Y Avg	-24,255.8%	0.6%	0.5%	-	-	-	0.5%
FCF/Rev LTM	-52,037.1%	-2.9%	-1.2%	-	-	-	-2.9%
FCF/Rev 3Y Avg	-24,301.7%	-1.6%	-1.4%	-	-	-	-1.6%

Valuation

	INO	SRDX	ARAY	ACSB	ALPS	APLM	Median
Name	Inovio P.	Surmodics	Accuray	Acesis	ALPS	Apollomi.
Mkt Cap	0.1	0.4	0.2	-	-	-	0.2
P/S	519.6	3.3	0.4	-	-	-	3.3
P/EBIT	-1.1	-35.2	12.9	-	-	-	-1.1
P/E	-1.1	-22.4	-114.0	-	-	-	-22.4
P/CFO	-1.0	-209.4	63.4	-	-	-	-1.0
Total Yield	-92.6%	-4.5%	-0.9%	-	-	-	-4.5%
Dividend Yield	0.0%	0.0%	0.0%	-	-	-	0.0%
FCF Yield 3Y Avg	-106.1%	-0.3%	-3.9%	-	-	-	-3.9%
D/E	0.1	0.1	1.0	-	-	-	0.1
Net D/E	-0.4	-0.0	0.7	-	-	-	-0.0

Returns

	INO	SRDX	ARAY	ACSB	ALPS	APLM	Median
Name	Inovio P.	Surmodics	Accuray	Acesis	ALPS	Apollomi.
1M Rtn	2.5%	-13.7%	8.3%	-	-	-	2.5%
3M Rtn	86.3%	-11.9%	27.8%	-	-	-	27.8%
6M Rtn	38.6%	-2.6%	13.3%	-	-	-	13.3%
12M Rtn	-57.2%	-28.0%	-5.6%	-	-	-	-28.0%
3Y Rtn	-87.0%	-6.5%	-9.6%	-	-	-	-9.6%
1M Excs Rtn	6.6%	-15.2%	5.2%	-	-	-	5.2%
3M Excs Rtn	76.0%	-17.7%	19.8%	-	-	-	19.8%
6M Excs Rtn	14.9%	-25.9%	-10.3%	-	-	-	-10.3%
12M Excs Rtn	-69.9%	-43.6%	-20.0%	-	-	-	-43.6%
3Y Excs Rtn	-169.9%	-90.8%	-98.4%	-	-	-	-98.4%

Comparison Analyses

	Title
0	With 8.0% Gains On The Table, GPRO May Outshine INO
1	Inovio Pharmaceuticals vs AMC Networks: Similar Market Cap; Which Stock Is A Better Bet?
2	Inovio Pharmaceuticals vs Granite Construction: Similar Market Cap; Which Stock Is A Better Bet?
3	Inovio Pharmaceuticals vs Altimmune: Similar Revenue; Which Stock Is A Better Bet?
4	Inovio Pharmaceuticals vs Astro: Similar Income; Which Stock Is A Better Bet?
5	Inovio Pharmaceuticals vs Sally Beauty: Similar Market Cap; Which Stock Is A Better Bet?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/12/2025	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	$2.44
Market Cap ($ Bil)	0.1
First Trading Date	12/08/1998
Distance from 52W High	-57.5%
	50 Days	200 Days
DMA Price	$2.24	$1.97
DMA Trend	down	up
Distance from DMA	8.9%	23.7%
	3M	1YR
Volatility	79.5%	89.6%
Downside Capture	-10.92	200.83
Upside Capture	335.86	87.44
Correlation (SPY)	14.9%	25.4%

INO Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.66	0.79	3.22	1.17	1.20	1.50
Up Beta	5.74	0.12	1.58	0.87	1.07	1.21
Down Beta	-15.28	-1.89	3.75	0.50	0.43	1.26
Up Capture	117%	400%	448%	369%	159%	197%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	10	23	35	69	114	332
Down Capture	298%	-87%	399%	191%	157%	110%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	10	17	25	51	122	399

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

Short Interest

Short Interest: As Of Date	9302025
Short Interest: Shares Quantity	7,626,088
Short Interest: % Change Since 9152025	1.8%
Average Daily Volume	931,591
Days-to-Cover Short Interest	8.19
Basic Shares Quantity	38,830,053
Short % of Basic Shares	19.6%

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

Expand for More

Report Date	Filing Date	Filing
6302025	8122025	10-Q 6/30/2025
3312025	5132025	10-Q 3/31/2025
12312024	3182025	10-K 12/31/2024
9302024	11142024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5132024	10-Q 3/31/2024
12312023	3062024	10-K 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8092023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11082022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021
9302021	11092021	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

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

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Inovio Pharmaceuticals (INO)

Market Price (10/15/2025): $2.435 | Market Cap: $94.6 MilSector: Health Care | Industry: Biotechnology

Inovio Pharmaceuticals (INO)

Market Price (10/15/2025): $2.435Market Cap: $94.6 MilSector: Health CareIndustry: Biotechnology

Investment Highlights

Market Valuation & Key Metrics

INO Stock

Price Returns Compared

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About Inovio Pharmaceuticals (INO)

Interactive Breakdown

Better Bets than Inovio Pharmaceuticals (INO)

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1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

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Returns Analyses

Earnings Returns History

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Market Price (10/15/2025): $2.435 | Market Cap: $94.6 Mil
Sector: Health Care | Industry: Biotechnology

Market Price (10/15/2025): $2.435
Market Cap: $94.6 Mil
Sector: Health Care
Industry: Biotechnology