Inovio Pharmaceuticals (INO) AI Stock Analysis

• Market Cap: $109.17M
• Dividend Yield: N/A
• Average Volume (3M): 816.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.76
• Revenue Growth: -10.36%
• EPS Growth: 42.36%
• Country: US
• Employees: 134
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.06
• Shares Outstanding: 69,091,960
• 10 Day Avg. Volume: 751,278
• 30 Day Avg. Volume: 816,860
• PEG Ratio: 0.18
• Price to Book (P/B): 33.86
• Price to Sales (P/S): 12485.24
• P/FCF Ratio: >-0.01
• Enterprise Value/Market Cap: 86.18
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -91.17
• 1Y Price Target: $4.50
• Price Target Upside: 184.81% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -1.39
• Revenue Forecast (FY): $10.88M

• Rating: 45 Neutral
• Price Target: $1.50 ▼(-5.06% Downside)
• Action: Reiterated Date: 03/17/26
• Date: Action: Reiterated 03/17/26

The score is held down primarily by very weak financial performance (minimal/collapsing revenue, large losses, and persistent cash burn) and bearish-to-weak technicals (below key moving averages, negative MACD). Offsetting these are earnings-call driven positives from INO-3107 regulatory progress and cost reductions extending runway, though regulatory eligibility risk and shrinking cash remain significant constraints.

Positive Factors

BLA acceptance & PDUFA date

Acceptance of a BLA and a defined PDUFA target creates a clear regulatory milestone that, if ultimately approved, would enable transition from collaboration/grant revenue to product sales. This materially changes the company’s long-run business model and planning horizon, supporting commercialization investments and partner engagement.

Strong clinical efficacy and differentiated profile

Robust efficacy and a safer, office-administered 4-dose regimen create a durable competitive advantage in recurrent respiratory papillomatosis. Easier administration, no ultra-cold chain, and reduced surgical burden support physician adoption, payer value arguments, and sustained market uptake if approved.

Platform progress and strategic partnerships

A diversified platform and external partnerships broaden value-creation pathways beyond a single asset. Durable platform data and collaborator relationships reduce execution risk, enable resource leverage for later-stage studies, and increase the chance of multiple commercialization or licensing outcomes over time.

Negative Factors

Weak cash generation and high burn

Persistent negative operating and free cash flow imply ongoing reliance on external financing to sustain operations and support commercial launch or confirmatory trials. The sharp year-over-year cash decline heightens funding risk, constrains strategic options, and raises dilution or partnership necessity over the next several quarters.

Regulatory uncertainty on accelerated approval

A finding that undermines accelerated approval eligibility can materially extend development timelines and require larger, more costly confirmatory trials. This structural regulatory risk increases the probability of delayed revenue realization and greater capital needs, altering commercial planning and partner assumptions.

Sustained large losses and balance sheet pressure

Substantial recurring net losses and erosion of the equity base weaken financial flexibility over time. Continued negative returns limit the company’s ability to self-fund growth, reduce bargaining power with partners, and increase sensitivity to capital markets conditions for financing critical late‑stage programs or commercialization.

Inovio Pharmaceuticals Business Overview & Revenue Model

Company 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. 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.

How the Company Makes Money

Inovio has historically generated revenue primarily from collaborations, grants, and contract-related arrangements rather than from sustained product sales. Key revenue streams have included (1) collaboration and license revenue, where Inovio may receive upfront payments, research funding, milestone payments tied to development/regulatory events, and potential royalties on partner sales if partnered products reach commercialization; (2) revenue from reimbursed research and development services performed under collaborative agreements (recognized as the company performs the work); and (3) government or non-profit grant income and other funding mechanisms that support specific R&D programs (recognized according to the terms of the grant/contract). If Inovio commercializes an approved product, it could also earn revenue from product sales (and potentially from manufacturing/service activities related to that product), but specific current product-sales details are null.

Inovio Pharmaceuticals Financial Statement Overview

Summary

Financials are very weak: revenue has effectively collapsed, profitability is deeply negative, and operating/free cash flow are consistently and significantly negative—indicating ongoing cash burn and reliance on external funding despite only moderate leverage.

Income Statement

The income statement is very weak: revenue is minimal and has collapsed to essentially zero in 2025 (annual), after already declining sharply in prior years. Profitability is deeply negative across the period, with large operating and net losses that overwhelm the revenue base, indicating heavy spend without meaningful commercialization to offset costs. The only clear positive is consistent gross profit on the limited revenue reported, but scale and loss intensity dominate the picture.

Balance Sheet

Leverage looks moderate based on debt relative to equity in the years shown, which is a supporting factor for a development-stage biotech. However, equity and the asset base appear to have deteriorated substantially over time, and returns on equity are persistently and materially negative, consistent with ongoing losses eroding shareholder value. Overall, the balance sheet is not highly levered, but it is under clear pressure from sustained unprofitability.

Cash Flow

Cash flow is very weak: operating cash flow and free cash flow are consistently and significantly negative, implying continued cash burn to fund operations. Cash generation does not support the business model today, and cash outflows track the net losses (free cash flow roughly in line with net income), which underscores the lack of near-term self-funding capacity. The sharp change in 2025 (annual) free cash flow is unfavorable and increases funding/financing risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	65.34K	217.76K	832.01K	10.26M	1.77M
Gross Profit	-2.92M	217.76K	832.01K	10.26M	1.77M
EBITDA	-83.83M	-103.95M	-130.39M	-270.90M	-296.56M
Net Income	-84.95M	-107.25M	-135.12M	-279.82M	-303.66M
Balance Sheet
Total Assets	74.31B	113.20M	170.95M	348.53M	495.94M
Cash, Cash Equivalents and Short-Term Investments	58.51M	94.11M	145.29M	253.00M	401.31M
Total Debt	9.37B	11.87M	30.21M	32.07M	33.02M
Total Liabilities	50.21B	44.69M	53.60M	126.17M	96.27M
Stockholders Equity	24.10M	68.50M	117.35M	222.36M	399.67M
Cash Flow
Free Cash Flow	-88.63B	-104.56M	-124.69M	-217.18M	-216.94M
Operating Cash Flow	-88.63B	-104.08M	-124.37M	-216.22M	-215.71M
Investing Cash Flow	14.04B	104.07M	87.36M	109.59M	-175.34M
Financing Cash Flow	53.05B	51.48M	5.00M	81.84M	211.50M

Inovio Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INO, the sentiment is Negative. The current price of 1.58 is below the 20-day moving average (MA) of 1.72, below the 50-day MA of 1.65, and below the 200-day MA of 1.95, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.34 is Neutral, neither overbought nor oversold. The STOCH value of 22.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INO.

Inovio Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ONCY	52 Neutral	$102.23M	-3.43	-755.18%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AGEN	50 Neutral	$142.46M	811.87	-0.04%	―	-33.41%	81.19%
ANIX	49 Neutral	$88.85M	-9.85	-65.55%	―	―	11.78%
INO	45 Neutral	$109.17M	-9.60	-353.36%	―	-10.36%	42.36%
TIL	44 Neutral	$57.99M	-2.22	-53.02%	―	―	1.40%
ATOS	43 Neutral	$45.90M	-3.22	-49.42%	―	―	-9.42%

Inovio Pharmaceuticals Corporate Events

Inovio Extends Series A Warrants, Enhancing Capital Flexibility

On January 27, 2026, Inovio Pharmaceuticals amended the terms of its outstanding Series A warrants, originally issued in a July 2025 underwritten public offering, to extend their expiration from January 28, 2026 to 5:00 p.m. New York City time on March 31, 2026. The Series A warrants, which remain unchanged in all other respects, are exercisable for up to 13,564,268 shares of common stock or equivalent pre-funded warrants at an exercise price of $1.75 per share (or $1.749 per pre-funded warrant), a move that gives investors more time to exercise their warrants and potentially provides Inovio with additional access to equity capital tied to its progress on INO-3107 following the FDA’s acceptance of its Biologic License Application.

The most recent analyst rating on (INO) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Inovio Pharmaceuticals stock, see the INO Stock Forecast page.

FDA Accepts Inovio’s BLA for INO-3107 Review

On December 29, 2025, INOVIO announced that the U.S. Food and Drug Administration accepted for review its Biologics License Application for INO-3107, an investigational DNA medicine intended to treat adults with recurrent respiratory papillomatosis, a rare HPV-driven disease currently managed primarily through repeated surgeries. The application, filed under the accelerated approval pathway and granted a standard review with an October 30, 2026 PDUFA target decision date and no planned advisory committee meeting, is supported by Phase 1/2 data showing substantial reductions in surgery frequency and durable clinical benefit, but the FDA has flagged whether INOVIO has provided sufficient justification for accelerated approval, prompting the company to seek further discussions with regulators as it pursues a non-surgical, first-of-its-kind therapeutic option in a niche but significantly underserved market.

The most recent analyst rating on (INO) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Inovio Pharmaceuticals stock, see the INO Stock Forecast page.