Inovio Pharmaceuticals (INO)
NASDAQ:INO
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Inovio Pharmaceuticals
(NASDAQ:INO)
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Rating:47Neutral
Price Target:
$1.00
▼(-15.97% Downside)
Action:Reiterated
Date:05/21/26
The score is constrained primarily by very weak financial performance (minimal revenue, persistent losses, and ongoing cash burn with rising balance-sheet risk) and bearish technical trends. Offsetting these, the latest earnings call highlighted meaningful regulatory progress and encouraging clinical data for INO-3107, though near-term financing and regulatory uncertainties remain significant.
Positive Factors
Regulatory progress with clear timeline
Acceptance of the INO‑3107 BLA and a PDUFA date provide a defined regulatory path and timeline, reducing binary uncertainty. Mid‑cycle review with no new issues materially lowers near‑term review risk, enabling focused commercial and financing planning over the next 6–12 months.
Negative Factors
Persistent negative cash flow and burn
Sustained negative operating and free cash flow means the business consumes capital rather than generates it, limiting ability to self‑fund trials or commercialization. Ongoing burn increases fundraising frequency, dilution risk, and constrains strategic flexibility over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory progress with clear timeline
Acceptance of the INO‑3107 BLA and a PDUFA date provide a defined regulatory path and timeline, reducing binary uncertainty. Mid‑cycle review with no new issues materially lowers near‑term review risk, enabling focused commercial and financing planning over the next 6–12 months.
Read all positive factors
Inovio Pharmaceuticals (INO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$103.66M
Dividend YieldN/A
Average Volume (3M)3.44M
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue Growth-100.00%
EPS Growth46.40%
CountryUS
Employees134
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.71
Shares Outstanding82,273,240
10 Day Avg. Volume3,837,013
30 Day Avg. Volume3,441,104
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 Cap0.53
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-24.44
Enterprise Value/Ebitda-0.65
Forecast
1Y Price Target
$4.50Price Target Upside278.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.93
Revenue Forecast (FY)$8.90M
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call conveyed substantial progress on multiple fronts—regulatory milestones (BLA accepted, mid-cycle review with no new issues, PDUFA date set), strong Phase I/II efficacy/safety signals, commercial preparation and advancing partnerships—tempered by material near-term financial constraints (cash declined ~36%, an $18M estimated Q2 burn and runway into only Q1 2027), outstanding regulatory questions about accelerated approval eligibility and an active competitive landscape. Overall the tone was optimistic about the program and platform advancement but realistic about financing and regulatory uncertainties.Positive Updates
Regulatory Progress on INO-3107
BLA for INO-3107 accepted for review under the FDA accelerated approval program (file accepted Dec 2025); PDUFA target date set for October 30, 2026. FDA completed mid-cycle review with no new significant issues and scheduled late-cycle review for Q3 2026. FDA reiterated intent to schedule an informal meeting to discuss accelerated approval eligibility.
Negative Updates
Significant Cash Decline Since Year-End
Cash and short-term investments decreased from $58.5 million at Dec 31, 2025 to $37.7 million at March 31, 2026 — a decline of approximately $20.8 million (~36%), requiring reliance on the April equity raise and future financing assumptions to sustain operations.
Read all updates
Q1-2026 Updates
Positive
Negative
Regulatory Progress on INO-3107
BLA for INO-3107 accepted for review under the FDA accelerated approval program (file accepted Dec 2025); PDUFA target date set for October 30, 2026. FDA completed mid-cycle review with no new significant issues and scheduled late-cycle review for Q3 2026. FDA reiterated intent to schedule an informal meeting to discuss accelerated approval eligibility.
Read all positive updates
Company Guidance
In the call management reiterated that the INO‑3107 BLA—accepted for FDA review under the accelerated approval pathway in December 2025—remains on track for an October 30, 2026 PDUFA target date, with the FDA completing the mid‑cycle review (no new significant issues), late‑cycle review slated for Q3 2026, and an informal meeting to discuss accelerated‑approval eligibility and feedback on the confirmatory‑trial protocol (already submitted to the IND) expected but not yet scheduled; operational guidance included Q1 2026 cash, cash equivalents and short‑term investments of $37.7M (down from $58.5M at 12/31/2025), ~ $16M net proceeds from an April 2026 public offering, an estimated operational net cash burn of ~$18M for Q2 2026 and a projected cash runway into Q1 2027 (exclusive of any future financings); reported results showed Q1 operating expenses of $21.9M (vs. $25.1M in Q1 2025, a 13% decrease) and a net loss of $19.7M, or $0.28 per share (vs. $19.7M, or $0.51 per share in Q1 2025); clinical/regulatory guidance highlighted Phase I/II data in which the majority of patients experienced a 50–100% reduction in surgeries in year 1 with continued improvement in year 2, a Phase I/II population that had 2–8 surgeries in the prior year (supporting an anticipated label similar to the approved product), and market context citing ~14,000 prevalent RRP patients (other estimates ~27,000) and competitor PAPZIMEOS metrics referenced at ~$21.6M with single‑digit penetration in year 1, underpinning Inovio’s plan to be a fast‑following commercial entrant.Inovio Pharmaceuticals Financial Statement Overview
Summary
Income Statement
6
Very Negative
Balance Sheet
28
Negative
Cash Flow
8
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 65.34K | 217.76K | 832.01K | 10.26M | 1.77M |
| Gross Profit | -2.24M | 65.34K | 217.76K | 832.01K | 10.26M | 1.77M |
| EBITDA | -84.21M | -81.96M | -103.95M | -130.39M | -270.90M | -296.56M |
| Net Income | -84.93M | -84.95M | -107.25M | -135.12M | -279.82M | -303.66M |
Balance Sheet | ||||||
| Total Assets | 49.78M | 74.31M | 113.20M | 170.95M | 348.53M | 495.94M |
| Cash, Cash Equivalents and Short-Term Investments | 37.68M | 58.51M | 94.11M | 145.29M | 253.00M | 401.31M |
| Total Debt | 8.70M | 9.37M | 11.87M | 30.21M | 32.07M | 33.02M |
| Total Liabilities | 43.71M | 50.21M | 44.69M | 53.60M | 126.17M | 96.27M |
| Stockholders Equity | 6.07M | 24.10M | 68.50M | 117.35M | 222.36M | 399.67M |
Cash Flow | ||||||
| Free Cash Flow | -83.57M | -88.92M | -104.56M | -124.69M | -217.18M | -216.94M |
| Operating Cash Flow | -83.35M | -88.63M | -104.08M | -124.37M | -216.22M | -215.71M |
| Investing Cash Flow | 16.73M | 14.04M | 104.07M | 87.36M | 109.59M | -175.34M |
| Financing Cash Flow | 52.98M | 53.05M | 51.48M | 5.00M | 81.84M | 211.50M |
Inovio Pharmaceuticals Technical Analysis
Negative
1.19
Price Trends
1.31
Negative
1.48
Negative
1.85
Negative
Market Momentum
<0.01
Negative
47.36
Neutral
33.19
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 1.19 is below the 20-day moving average (MA) of 1.27, below the 50-day MA of 1.31, and below the 200-day MA of 1.85, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 47.36 is Neutral, neither overbought nor oversold. The STOCH value of 33.19 is Neutral, 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% | |
48 Neutral | $138.25M | 0.81 | -23.05% | ― | 24.46% | ― | |
48 Neutral | $42.63M | -1.18 | -84.91% | ― | ― | -40.23% | |
47 Neutral | $103.66M | -15.27 | -666.47% | ― | -100.00% | 46.40% | |
45 Neutral | $96.71M | -2.57 | 4596.70% | ― | ― | 13.21% | |
| ― | $91.53M | -9.85 | -65.55% | ― | ― | 19.02% | |
44 Neutral | $55.07M | -3.32 | -39.76% | ― | ― | 40.85% |
* Healthcare Sector Average
INO
Inovio Pharmaceuticals
1.25
-0.75
-37.50%
AGEN
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3.41
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12.91%
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ATOS
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5.12
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-58.03%
ANIX
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2.65
0.11
4.33%
TIL
Instil Bio
8.14
-18.61
-69.57%
Inovio Pharmaceuticals Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Inovio Shareholders Endorse Governance Changes and Leadership
Positive
May 20, 2026
On May 19, 2026, Inovio Pharmaceuticals amended its bylaws to refine its corporate governance framework, clarifying that the chairman of the board is not automatically an officer, formalizing the role and responsibilities of a lead independent dir...
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...
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.