Inovio Pharmaceuticals (INO) AI Stock Analysis

• Market Cap: $116.80M
• Dividend Yield: N/A
• Average Volume (3M): 1.50M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.78
• Revenue Growth: -10.36%
• EPS Growth: 42.36%
• Country: US
• Employees: 134
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.87
• Shares Outstanding: 68,703,380
• 10 Day Avg. Volume: 1,020,956
• 30 Day Avg. Volume: 1,501,166
• PEG Ratio: 0.01
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 228.26
• P/FCF Ratio: -0.48
• Enterprise Value/Market Cap: 0.54
• Enterprise Value/Revenue: 345.23
• Enterprise Value/Gross Profit: -47.15
• Enterprise Value/Ebitda: -0.60
• 1Y Price Target: $7.33
• Price Target Upside: 333.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $1.50 ▼(-11.24% Downside)

The score is held down primarily by very weak financial performance (persistent large losses, deeply negative cash flow, and negative TTM equity) and bearish technicals (below major moving averages with negative MACD). Offsetting factors include positive regulatory/pipeline milestones and cost reductions discussed on the earnings call, plus the FDA’s BLA acceptance, but near-term cash runway and funding needs remain key risks.

Positive Factors

Regulatory Milestone

Acceptance of the BLA formally advances INO-3107 toward potential approval and commercialization. This is a durable structural positive because regulatory acceptance validates clinical proof and creates a clear pathway to recurring product revenue and partner interest if approval follows.

Proprietary Platform Validation

Peer-reviewed proof-of-concept for DNA-encoded monoclonal antibodies strengthens Inovio's core technology moat. Durable platform validation supports broader pipeline applications, licensing opportunities, and partnership leverage across multiple indications over the medium term.

Cost Management

A sustained reduction in operating expenses indicates management discipline and structural cost control. Lower fixed burn improves runway and optionality for funding clinical and commercialization activities, reducing near-term dilution pressure if maintained.

Negative Factors

Persistent Negative Cash Flow

Chronic negative operating and free cash flow mean the business is not self-funding and must repeatedly access external capital. Over months this constrains R&D, commercialization spending and strategic flexibility, raising dilution and execution risk for pipeline advancement.

Balance Sheet Deterioration

Negative stockholders' equity is a material structural weakness: it limits borrowing capacity, complicates partner and vendor negotiations, and signals higher insolvency or dilution risk, making sustained investment to scale commercial operations more difficult.

Ongoing Financing Dependence

Repeated reliance on warrant extensions and public offerings evidences structural dependence on equity markets to fund operations. This increases long-term dilution risk and ties execution to capital-market access rather than operational cash generation, weakening financial resilience.

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 Pharmaceuticals generates revenue primarily through a combination of government grants, research collaborations, and funding from partnerships with larger pharmaceutical companies. The company also seeks to monetize its proprietary technology through licensing agreements, allowing other entities to utilize its DNA delivery platform for their own drug development. Revenue may also come from the advancement of its clinical trial programs, which can attract further investment as they progress. Additionally, Inovio may receive milestone payments and royalties from partners based on the success of products developed under collaborative agreements, contributing to its financial sustainability.

Inovio Pharmaceuticals Financial Statement Overview

Summary

Financial profile is very weak: revenue is minimal/declining, losses remain large with no clear path to breakeven, and operating/free cash flow are consistently deeply negative. Balance-sheet risk increased with the latest TTM showing stockholders’ equity turning negative alongside ongoing cash burn.

Income Statement

Results remain highly unprofitable, with large losses relative to revenue across the historical periods provided. Revenue has been volatile and has generally trended down from 2022 to 2024, and TTM (Trailing-Twelve-Months) revenue is extremely small, which amplifies the already very weak profitability profile. While annual net losses narrowed versus 2022, the company still shows no clear path to breakeven based on the reported operating results.

Balance Sheet

Leverage looks modest in the annual periods (debt appears low relative to equity), which is a positive for financial flexibility. However, the most recent TTM (Trailing-Twelve-Months) snapshot shows stockholders’ equity turning negative, a meaningful deterioration that raises balance-sheet risk and can limit funding options. Overall asset levels have also declined materially over time, consistent with ongoing cash burn.

Cash Flow

Cash generation is a major weakness: operating and free cash flow are consistently deeply negative in every period shown, indicating the business is not self-funding. Free cash flow has occasionally improved year over year, but it remains substantially negative, and TTM (Trailing-Twelve-Months) operating/free cash flow is exceptionally large in magnitude versus prior years, signaling heightened near-term cash pressure (based strictly on the provided figures).

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	182.34K	217.76K	832.01K	10.26M	1.77M	7.41M
Gross Profit	-1.34M	217.76K	832.01K	10.26M	1.77M	7.41M
EBITDA	-105.08M	-103.95M	-130.39M	-270.90M	-296.56M	-149.56M
Net Income	-108.09M	-107.25M	-135.12M	-279.82M	-303.66M	-166.41M
Balance Sheet
Total Assets	69.39M	113.20M	170.95M	348.53M	495.94M	539.77M
Cash, Cash Equivalents and Short-Term Investments	50.80M	94.11M	145.29M	253.00M	401.31M	411.64M
Total Debt	10.02M	11.87M	30.21M	32.07M	33.02M	39.05M
Total Liabilities	77.11M	44.69M	53.60M	126.17M	96.27M	78.63M
Stockholders Equity	-7.72M	68.50M	117.35M	222.36M	399.67M	461.14M
Cash Flow
Free Cash Flow	-20.88B	-104.56M	-124.69M	-217.18M	-216.94M	-179.50M
Operating Cash Flow	-20.88B	-104.08M	-124.37M	-216.22M	-215.71M	-177.98M
Investing Cash Flow	5.33B	104.07M	87.36M	109.59M	-175.34M	-58.80M
Financing Cash Flow	20.32M	51.48M	5.00M	81.84M	211.50M	465.28M

Inovio Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INO, the sentiment is Neutral. The current price of 1.69 is above the 20-day moving average (MA) of 1.58, below the 50-day MA of 1.85, and below the 200-day MA of 1.99, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 48.70 is Neutral, neither overbought nor oversold. The STOCH value of 73.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	$104.20M	―	-745.66%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANIX	49 Neutral	$98.14M	-9.03	-62.16%	―	―	11.78%
INO	47 Neutral	$116.80M	-0.65	-328.45%	―	-10.36%	42.36%
AGEN	45 Neutral	$97.26M	―	―	―	-33.41%	81.19%
TIL	44 Neutral	$48.90M	-0.62	-50.60%	―	―	1.40%
ATOS	43 Neutral	$48.14M	-1.57	-48.89%	―	―	-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.

Inovio Pharmaceuticals Announces Public Offering Agreement

On November 11, 2025, INOVIO Pharmaceuticals announced an underwriting agreement with Piper Sandler & Co. for a public offering of 13,158,000 shares of its common stock at $1.90 per share, with an option for underwriters to purchase an additional 1,973,700 shares, which was fully exercised. The offering is expected to generate approximately $26.5 million in net proceeds, with the closing anticipated around November 12, 2025, subject to customary conditions. This move aims to bolster INOVIO’s financial position and support its ongoing efforts in the biotechnology sector.

The most recent analyst rating on (INO) stock is a Buy with a $13.00 price target. To see the full list of analyst forecasts on Inovio Pharmaceuticals stock, see the INO Stock Forecast page.