Inovio Pharmaceuticals (INO) AI Stock Analysis

• Market Cap: $154.58M
• Dividend Yield: N/A
• Average Volume (3M): 1.38M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.50
• 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: 1,917,677
• 30 Day Avg. Volume: 1,375,049
• 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: 0.53
• Enterprise Value/Revenue: 445.83
• Enterprise Value/Gross Profit: -60.89
• Enterprise Value/Ebitda: -0.77
• 1Y Price Target: $7.33
• Price Target Upside: 240.93% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -2.19
• Revenue Forecast (FY): $88.33K

• Rating: 44 Neutral
• Price Target: $2.00 ▼(-6.98% Downside)

Inovio Pharmaceuticals' overall stock score reflects significant financial challenges, including persistent losses and negative cash flows, which weigh heavily on the score. Technical analysis indicates a bearish trend, further impacting the score. While the earnings call provided some positive developments in clinical trials and cost management, financial constraints and valuation concerns remain significant risks.

Positive Factors

BLA Submission for INO-3107

The BLA submission for INO-3107 represents a critical milestone in Inovio's pipeline, potentially leading to regulatory approval and commercialization, enhancing long-term revenue prospects.

Cost Management

Effective cost management with a significant reduction in operating expenses strengthens financial sustainability, allowing Inovio to allocate resources more efficiently towards strategic initiatives.

Advancements in DNA Medicine Pipeline

Ongoing advancements in the DNA medicine pipeline highlight Inovio's innovative capabilities, potentially leading to new therapeutic options and strengthening its competitive position in biotechnology.

Negative Factors

Increased Net Loss

The increased net loss reflects ongoing financial challenges, potentially limiting Inovio's ability to invest in R&D and commercial activities, impacting long-term growth.

Reduction in Cash Reserves

The reduction in cash reserves indicates financial strain, potentially affecting Inovio's operational flexibility and ability to fund future projects without additional financing.

Negative Cash Flow

Negative cash flow from operations highlights challenges in sustaining operations through internal cash generation, increasing reliance on external financing.

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

Inovio Pharmaceuticals faces significant financial challenges, with persistent losses, negative cash flows, and no revenue growth. Despite a strong equity position, the company's reliance on financing and lack of profitability raise concerns about its financial health.

Income Statement

Inovio Pharmaceuticals exhibits a challenging financial position with consistent negative net income and EBIT over the years. The company shows no revenue growth and gross profit margins are negative, indicating cost management issues or insufficient revenue to cover costs. The absence of gross profit and negative EBIT margins reflect the company's ongoing struggle with profitability.

Balance Sheet

The balance sheet reveals a relatively stable equity position with stockholders' equity being significantly higher than total debt, resulting in a low debt-to-equity ratio. However, the company has been heavily reliant on equity financing, as indicated by the substantial stockholders' equity compared to total assets. Despite the strong equity base, the company has not converted this into profitability or growth.

Cash Flow

Cash flow analysis indicates a negative operating and free cash flow, showing difficulties in generating cash from operations. The company has relied on financing activities to sustain operations, which may not be sustainable long-term. The absence of positive free cash flow growth further highlights challenges in cash generation.

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: Negative
• Last Price: 2.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 Negative. The current price of 2.15 is above the 20-day moving average (MA) of 2.13, below the 50-day MA of 2.18, and above the 200-day MA of 2.01, indicating a neutral trend. The MACD of 0.05 indicates Negative momentum. The RSI at 49.25 is Neutral, neither overbought nor oversold. The STOCH value of 28.50 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
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANIX	49 Neutral	$110.93M	-9.58	-57.94%	―	―	11.78%
AGEN	45 Neutral	$119.37M	-1.56	―	―	-33.41%	81.19%
INO	44 Neutral	$154.58M	-0.83	-328.45%	―	-10.36%	42.36%
ONC	43 Neutral	―	―	―	―	―	―
ATOS	36 Underperform	$92.64M	-2.92	-48.89%	―	―	-9.42%
TIL	34 Underperform	$77.99M	-1.01	-50.60%	―	―	1.40%

Inovio Pharmaceuticals Corporate Events

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.