INO

MKT CAP:$61M

Inovio Pharmaceuticals, Inc.

Market Cap

$61M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.14-$0.55 (-32.54%)

Apr 21, 2026

Company Details

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 infectiou...

CEO

Jacqueline E. Shea

IPO Date

Dec 8, 1998

Website

www.inovio.com

Key Metrics TTM

Revenue

$182.3K

-10.4% YoY

Net Income

-$108M

EPS (Diluted)

-$727.29

Free Cash Flow

-$89M

Revenue / Share

$0.00

Gross Margin

-732.2%

Operating Margin

-49202.9%

Net Margin

-59281.7%

FCF Margin

-48855.2%

P/S

335.2x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

Q3 2025

Nov 10, 2025

$0EPS -$0.87

Q2 2025

Aug 12, 2025

$0-100.0%EPS -$0.61

Q1 2025

May 13, 2025

$65.3KEPS -$725.11

FY 2024

Mar 18, 2025

$217.8K-73.8%EPS -$3.95

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$839.1K	-$540.1K	-$106M
Q1 22	$199.1K	$199.1K	-$72M
Q2 22	$784.4K	$784.4K	-$104M
Q3 22	$9M	$9M	-$36M
Q4 22	$124.7K	-$1M	-$56M
Q1 23	$114.9K	-$1M	-$44M
Q2 23	$226.0K	$226.0K	-$37M
Q3 23	$388.4K	$388.4K	-$36M
Q4 23	$102.7K	-$72.6K	-$27M
Q1 24	$0	$0	-$31M
Q2 24	$100.8K	-$727.9K	-$33M
Q3 24	$0	$0	-$27M
Q4 24	$117.0K	-$658.8K	-$20M
Q1 25	$65.3K	$65.3K	-$25M
Q2 25	$0	-$741.7K	-$23M
Q3 25	$0	$0	-$21M

Valuation

Quarter	P/S	P/E
Q4 21	34.4x	—
Q1 22	38.1x	—
Q2 22	28.9x	—
Q3 22	5.6x	—
Q4 22	6.0x	—
Q1 23	6.0x	—
Q2 23	6.4x	—
Q3 23	71.6x	—
Q4 23	73.5x	—
Q1 24	85.2x	—
Q2 24	103.3x	—
Q3 24	300.5x	—
Q4 24	280.7x	—
Q1 25	215.9x	—
Q2 25	335.2x	—
Q3 25	335.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$38M	-$39M
Q1 22	-$62M	-$60M
Q2 22	-$51M	-$51M
Q3 22	-$67M	-$68M
Q4 22	-$36M	-$37M
Q1 23	-$37M	-$37M
Q2 23	-$32M	-$32M
Q3 23	-$29M	-$29M
Q4 23	-$26M	-$26M
Q1 24	-$29M	-$29M
Q2 24	-$28M	-$29M
Q3 24	-$27M	-$27M
Q4 24	-$20M	-$20M
Q1 25	-$27M	-$27M
Q2 25	-$21M	-$21M
Q3 25	-$22M	-$22M

Capital Expenditures

Quarter	CapEx
Q4 21	$643.7K
Q1 22	$2M
Q2 22	$717.2K
Q3 22	$86.8K
Q4 22	$165.1K
Q1 23	$297.0K
Q2 23	$23.9K
Q3 23	$0
Q4 23	$320.9K
Q1 24	$35.6K
Q2 24	$452.3K
Q3 24	$0
Q4 24	$0
Q1 25	$59.4K
Q2 25	$30.9K
Q3 25	$68.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-85.0%	+204.5%
Q1 22	-46.4%	+35.9%
Q2 22	+187.5%	+25.7%
Q3 22	+3038.2%	-25.5%
Q4 22	-85.1%	-47.3%
Q1 23	-42.3%	-38.7%
Q2 23	-71.2%	-64.5%
Q3 23	-95.8%	-20.0%
Q4 23	-17.7%	-51.0%
Q1 24	-100.0%	-28.6%
Q2 24	-55.4%	-10.7%
Q3 24	-100.0%	-23.9%
Q4 24	+14.0%	-25.5%
Q1 25	—	-20.2%
Q2 25	-100.0%	-30.7%
Q3 25	—	-22.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$5M	652.4%
Q1 22	$8M	3873.5%
Q2 22	$8M	1062.7%
Q3 22	$3M	35.3%
Q4 22	$3M	2626.5%
Q1 23	$4M	3313.8%
Q2 23	$3M	1291.3%
Q3 23	$2M	535.3%
Q4 23	$2M	2207.8%
Q1 24	$3M	—
Q2 24	$2M	1502.6%
Q3 24	$1M	—
Q4 24	$1M	1124.6%
Q1 25	$1M	2141.5%
Q2 25	$834.8K	—
Q3 25	$757.1K	—

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q4 21	$92M	—	$13M
Q1 22	$56M	$16M	—
Q2 22	$56M	$48M	—
Q3 22	$33M	$12M	—
Q4 22	$42M	—	$13M
Q1 23	$30M	—	$13M
Q2 23	$24M	$14M	—
Q3 23	$16M	$10M	—
Q4 23	$17M	—	$10M
Q1 24	$21M	$11M	—
Q2 24	$23M	$10.2B	—
Q3 24	$19M	$9M	—
Q4 24	$13M	—	$7M
Q1 25	$16M	$9M	—
Q2 25	$14M	$8.6B	—
Q3 25	$13M	$8M	—

Revenue Segments

Quarter	License	License with Affiliated Entities	Product and Service, Other	License With Affiliated Entities	Reportable Segments
Q1 22	$65.9K	$8.8K	$124.3K	—	—
Q2 22	$36.8K	—	$741.3K	$6.2K	—
Q1 25	—	—	—	—	$65.3K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$59M	$301M	$360M
Q2 22	$41M	$307M	$348M
Q3 22	$22M	$260M	$282M
Q4 22	$46M	$207M	$253M
Q1 23	$28M	$196M	$224M
Q2 23	$53M	$142M	$195M
Q3 23	$19M	$149M	$167M
Q4 23	$14M	$131M	$145M
Q1 24	$20M	$86M	$106M
Q2 24	$34M	$76M	$110M
Q3 24	$22M	$63M	$85M
Q4 24	$66M	$28M	$94M
Q1 25	$40M	$28M	$68M
Q2 25	$24M	$23M	$48M
Q3 25	$37M	$14M	$51M
Q4 25	$44.3B	$14M	$44.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	210M	0.0%	+27.2%
Q1 22	219M	+4.1%	+8.2%
Q2 22	235M	+7.5%	+12.3%
Q3 22	249M	+6.0%	+18.6%
Q4 22	21M	-91.4%	-89.8%
Q1 23	22M	+0.7%	-90.2%
Q2 23	22M	+2.3%	-90.6%
Q3 23	22M	+1.6%	-91.0%
Q4 23	23M	+1.8%	+6.6%
Q1 24	23M	+2.2%	+8.1%
Q2 24	27M	+16.8%	+23.5%
Q3 24	28M	+3.5%	+25.7%
Q4 24	27M	-3.5%	+19.2%
Q1 25	27M	0.0%	+16.6%
Q2 25	39M	+43.0%	+42.8%
Q3 25	52M	+34.4%	+85.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$2.6K	317
Q1 22	$628	317
Q2 22	$2.5K	317
Q3 22	$28.9K	317
Q4 22	$678	184
Q1 23	$625	184
Q2 23	$1.2K	184
Q3 23	$2.1K	184
Q4 23	$841	122
Q1 24	$0	122
Q2 24	$826	122
Q3 24	$0	122
Q4 24	$873	134
Q1 25	$488	134
Q2 25	$0	134
Q3 25	$0	134

Revenue / Employee