Inovio Pharmaceuticals (INO)
NASDAQ:INO
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Inovio Pharmaceuticals
(NASDAQ:INO)
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Rating:43Neutral
Price Target:
$1.00
▼(-9.91% Downside)
Action:ReiteratedDate:04/07/26
The score is held down primarily by extremely weak financial performance (minimal revenue, large losses, and persistent cash burn) and bearish technicals (price below all key moving averages with negative MACD). Earnings-call catalysts (BLA acceptance, defined PDUFA date, and cost cuts extending runway) provide partial support, but regulatory uncertainty and ongoing financing/dilution risk limit the overall rating.
Positive Factors
Regulatory Milestone
Acceptance of the INO-3107 BLA and a set PDUFA date creates a defined regulatory pathway and timeline. This allows management to prioritize resources, finalize launch planning and commercial partnerships, and materially reduces binary uncertainty versus pre-filing stages.
Negative Factors
Eroding Cash Position
A sharp cash decline and an estimated runway into Q4 2026 create structural funding pressure. The company may need near-term financings to support a potential launch or confirmatory studies, raising dilution risk and constraining discretionary spend on pipeline programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Milestone
Acceptance of the INO-3107 BLA and a set PDUFA date creates a defined regulatory pathway and timeline. This allows management to prioritize resources, finalize launch planning and commercial partnerships, and materially reduces binary uncertainty versus pre-filing stages.
Read all positive factors
Inovio Pharmaceuticals (INO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$89.31M
Dividend YieldN/A
Average Volume (3M)1.83M
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth-10.36%
EPS Growth42.36%
CountryUS
Employees134
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.06
Shares Outstanding81,937,830
10 Day Avg. Volume3,897,754
30 Day Avg. Volume1,825,606
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)33.86
Price to Sales (P/S)12485.24
P/FCF Ratio-9.18
Enterprise Value/Market Cap0.32
Enterprise Value/Revenue441.77
Enterprise Value/Gross Profit-20.18
Enterprise Value/Ebitda-0.35
Forecast
1Y Price Target
$4.50Price Target Upside305.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.18
Revenue Forecast (FY)$10.88M
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 disea...
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 ...
Inovio Pharmaceuticals Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful clinical and regulatory progress for INO-3107 (BLA acceptance, PDUFA date, strong efficacy and differentiated safety/regimen) and tangible cost discipline that extended runway, alongside platform and partnership advancement. However, material risks remain: the FDA's preliminary concern about accelerated approval eligibility introduces regulatory uncertainty; the company experienced a ~37.8% decline in cash year-over-year, sustained large annual net losses, and relied on a noncash Q4 gain that masks operating results. Management has prioritized resources toward the October PDUFA date and partnerships for other programs, balancing progress with financial and regulatory challenges.Positive Updates
BLA Accepted for Review with PDUFA Date
FDA accepted the BLA for INO-3107 under review (accelerated approval pathway under discussion) with a standard 10-month review and a PDUFA date of October 30, 2026; company has submitted an assessment aid and is awaiting a meeting date with the FDA while the BLA remains under active review.
Negative Updates
FDA Raised Preliminary Concern on Accelerated Approval Eligibility
While the BLA was accepted for review, the FDA's initial 60-day filing review noted a preliminary conclusion that the company has not provided adequate information to justify eligibility for accelerated approval; a meeting has been agreed to but no date set—this creates regulatory risk to the accelerated approval pathway and timeline.
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Q4-2025 Updates
Positive
Negative
BLA Accepted for Review with PDUFA Date
FDA accepted the BLA for INO-3107 under review (accelerated approval pathway under discussion) with a standard 10-month review and a PDUFA date of October 30, 2026; company has submitted an assessment aid and is awaiting a meeting date with the FDA while the BLA remains under active review.
Read all positive updates
Company Guidance
On the call management confirmed a PDUFA target date of October 30, 2026 (standard 10‑month review) after the FDA accepted the INO‑3107 BLA under the accelerated approval pathway but noted a preliminary concern about eligibility; Inovio submitted an assessment aid in February and is awaiting an FDA meeting date and IND feedback on an updated confirmatory‑trial protocol. Financial guidance and actions included extending the company’s cash runway into Q4 2026 after rescoping projects and cutting ~15% of headcount, ending 4Q25 with $58.5M in cash/cash equivalents and short‑term investments (vs. $94.1M a year earlier), estimating Q1 2026 operational net cash burn of ≈$22M (noting Q1 is historically higher), and continuing to prioritize spend toward a potential 2026 launch; operating expenses fell to $17.5M in 4Q25 (from $20.5M in 4Q24) and full‑year OpEx declined 23% to $86.9M (from $112.6M), while reported 4Q25 net income was $3.8M ($0.06/share) driven by a $21.2M noncash warrant fair‑value gain, with a full‑year net loss of $84.9M ($1.81/share) and a 4Q dilutive net loss per share of $0.26.Inovio Pharmaceuticals Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
22
Negative
Cash Flow
7
Very Negative
| 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 | 65.34K | 217.76K | 832.01K | 10.26M | 1.77M |
| EBITDA | -81.96M | -103.95M | -130.39M | -270.90M | -296.56M |
| Net Income | -84.95M | -107.25M | -135.12M | -279.82M | -303.66M |
Balance Sheet | |||||
| Total Assets | 74.31M | 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 | 9.37M | 11.87M | 30.21M | 32.07M | 33.02M |
| Total Liabilities | 50.21M | 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 | -88.92M | -104.56M | -124.69M | -217.18M | -216.94M |
| Operating Cash Flow | -88.63M | -104.08M | -124.37M | -216.22M | -215.71M |
| Investing Cash Flow | 14.04M | 104.07M | 87.36M | 109.59M | -175.34M |
| Financing Cash Flow | 53.05M | 51.48M | 5.00M | 81.84M | 211.50M |
Inovio Pharmaceuticals Technical Analysis
Negative
1.11
Price Trends
1.59
Negative
1.72
Negative
1.89
Negative
Market Momentum
-0.16
Positive
30.80
Neutral
7.53
Positive
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 1.11 is below the 20-day moving average (MA) of 1.42, below the 50-day MA of 1.59, and below the 200-day MA of 1.89, indicating a bearish trend. The MACD of -0.16 indicates Positive momentum. The RSI at 30.80 is Neutral, neither overbought nor oversold. The STOCH value of 7.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for INO.
Inovio Pharmaceuticals Risk Analysis
Inovio Pharmaceuticals disclosed 58 risk factors in its most recent earnings report. Inovio Pharmaceuticals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Inovio Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $159.35M | 811.87 | -0.04% | ― | -33.41% | 81.19% | |
46 Neutral | $121.93M | -2.91 | -1292.68% | ― | ― | ― | |
46 Neutral | $45.73M | -2.19 | -65.56% | ― | ― | -9.42% | |
43 Neutral | $89.31M | -9.60 | -353.36% | ― | -10.36% | 42.36% | |
| ― | $95.55M | -9.85 | -65.55% | ― | ― | 11.78% | |
43 Neutral | $56.66M | -2.28 | -55.88% | ― | ― | 1.40% |
* Healthcare Sector Average
INO
Inovio Pharmaceuticals
1.11
-0.61
-35.47%
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Inovio Pharmaceuticals Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Inovio Pharmaceuticals Announces New Public Equity Offering
Positive
Apr 6, 2026
On April 2, 2026, Inovio Pharmaceuticals, Inc. entered into an underwriting agreement with Piper Sandler Co. for a public offering of 12,500,000 shares of common stock and accompanying Series A and Series B warrants, or pre-funded warrants in lie...
Business Operations and StrategyPrivate Placements and Financing
Inovio Pharmaceuticals Suspends Existing At-the-Market Stock Program
Negative
Apr 2, 2026
On April 1, 2026, Inovio Pharmaceuticals, Inc. notified Oppenheimer Co. Inc. that it was suspending and terminating the August 13, 2024 at-the-market prospectus tied to its sales agreement for issuing common stock through the firm. The underlying...
Business Operations and StrategyPrivate Placements and Financing
Inovio Extends Series A Warrants, Enhancing Capital Flexibility
Positive
Jan 27, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.