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Inovio Pharmaceuticals
(NASDAQ:INO)
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Rating:47Neutral
Price Target:
$1.00
▲(3.09% Upside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by very weak financial performance (minimal revenue, persistent losses and cash burn, and a weakened balance sheet). Partially offsetting this are modestly improving near-term technicals and an earnings-call backdrop showing regulatory momentum toward a defined PDUFA date and lower operating costs, though tight liquidity and ongoing regulatory uncertainty remain key risks.
Positive Factors
Regulatory Progress
Advancing review, completed inspections and a defined PDUFA date create a clearer path toward potential approval. This could support commercialization and reduce development uncertainty, although approval and accelerated-approval eligibility are not assured.
Negative Factors
No Meaningful Revenue
The company remains dependent on pipeline progress rather than recurring product revenue and is far from breakeven. Persistent losses limit internal funding capacity and make long-term success reliant on approval, commercialization and external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory Progress
Advancing review, completed inspections and a defined PDUFA date create a clearer path toward potential approval. This could support commercialization and reduce development uncertainty, although approval and accelerated-approval eligibility are not assured.
Read all positive factors
Inovio Pharmaceuticals (INO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$118.91M
Dividend YieldN/A
Average Volume (3M)1.46M
Price to Earnings (P/E)―
Beta (1Y)1.42
Revenue Growth-100.00%
EPS Growth54.89%
CountryUS
Employees112
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.17
Shares Outstanding103,397,514
10 Day Avg. Volume1,420,987
30 Day Avg. Volume1,463,718
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)3.39
Price to Sales (P/S)1248.52
P/FCF Ratio-0.92
Enterprise Value/Market Cap<0.01
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.17Price Target Upside226.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.88
Revenue Forecast (FY)$666.67K
Inovio Pharmaceuticals Business Overview & Revenue Model
Company Description
Inovio Pharmaceuticals, Inc. is a biotechnology firm dedicated to the research, development, and market introduction of DNA-based treatments. Its core mission is to prevent and cure illnesses associated with human papillomavirus (HPV), various typ...
How the Company Makes Money
null...
Inovio Pharmaceuticals Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful progress on the regulatory front (target PDUFA date, completed inspections, an FDA informal meeting) and tangible commercial/pipeline milestones (partner Phase III success, DPROT preclinical progress, Syneos engagement). Financially the company cut costs and completed an $18.3M equity offering that extends runway into late Q1 2027. However, material risks remain: near‑term liquidity is tight with an $18M projected Q3 burn, net loss improvement was substantially driven by a noncash warrant gain, regulatory uncertainties persist around accelerated approval eligibility and confirmatory trial design feedback, and competitive uptake of a rival product exists. Taken together, positives around regulatory momentum and platform validation are balanced by financing, regulatory, and execution risks.Positive Updates
Advancing BLA Review and Target PDUFA Date
FDA BLA review for INO‑3.11k is advancing with a target PDUFA date of October 30, 2026; FDA completed late‑cycle review and all scheduled prelicensure inspections, and the company held a granted informal meeting with FDA where they presented the totality of safety and efficacy data.
Negative Updates
Tight Near‑Term Cash Position and Burn
Cash declined to $36.7M at 06/30/2026 from $58.5M at 12/31/2025 (a decrease of approximately $21.8M, or ~37%); while the July offering added $18.3M, the company estimates an operational net cash burn of $18M for Q3 and projects runway only into late Q1 2027, indicating limited near‑term liquidity and potential need for additional financing.
Read all updates
Q2-2026 Updates
Positive
Negative
Advancing BLA Review and Target PDUFA Date
FDA BLA review for INO‑3.11k is advancing with a target PDUFA date of October 30, 2026; FDA completed late‑cycle review and all scheduled prelicensure inspections, and the company held a granted informal meeting with FDA where they presented the totality of safety and efficacy data.
Read all positive updates
Company Guidance
Management’s guidance centered on the INO-3.11 thousand BLA, which remains on track for the October 30, 2026 PDUFA under the FDA’s accelerated approval pathway after completion of late‑cycle review and all pre‑licensure inspections (one observation reported), with label negotiations expected to start in September, FDA feedback on the confirmatory trial design forthcoming, and an anticipated 7 years of orphan exclusivity if approved; financially, the company ended Q2 2026 with $36.7M in cash, completed a July equity offering that generated $18.3M net proceeds, estimates operational net cash burn of $18M for Q3 2026, and expects its cash to extend into late Q1 2027 (including prelaunch inventory and marketing spend across Q4 and Q1); operating expenses fell 19% YoY to $18.6M in Q2 (first‑half OpEx down 16%), Q2 net loss was $6.0M ($0.07/share) vs. $23.5M ($0.61/share) in Q2 2025 (helped by a $13.9M non‑cash warrant fair‑value gain), and commercial/prelaunch metrics noted ~200 patients treated with PAPZIMEOS (low single‑digit market penetration) and that 83% of PAPZIMEOS Phase I/II participants required ≥1 MRD surgery during the dosing window.Inovio Pharmaceuticals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
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 | -1.50M | 65.34K | 217.76K | 832.01K | 10.26M | 1.77M |
| EBITDA | -64.86M | -81.96M | -103.95M | -130.39M | -270.90M | -296.56M |
| Net Income | -67.43M | -84.95M | -107.25M | -135.12M | -279.82M | -303.66M |
Balance Sheet | ||||||
| Total Assets | 49.39M | 74.31M | 113.20M | 170.95M | 348.53M | 495.94M |
| Cash, Cash Equivalents and Short-Term Investments | 36.67M | 58.51M | 94.11M | 145.29M | 253.00M | 401.31M |
| Total Debt | 8.00M | 9.37M | 11.87M | 30.21M | 32.07M | 33.02M |
| Total Liabilities | 45.02M | 50.21M | 44.69M | 53.60M | 126.17M | 96.27M |
| Stockholders Equity | 4.37M | 24.10M | 68.50M | 117.35M | 222.36M | 399.67M |
Cash Flow | ||||||
| Free Cash Flow | -39.68B | -88.92M | -104.56M | -124.69M | -217.18M | -216.94M |
| Operating Cash Flow | -39.68B | -88.63M | -104.08M | -124.37M | -216.22M | -215.71M |
| Investing Cash Flow | 8.79B | 14.04M | 104.07M | 87.36M | 109.59M | -175.34M |
| Financing Cash Flow | 70.17M | 53.05M | 51.48M | 5.00M | 81.84M | 211.50M |
Inovio Pharmaceuticals Technical Analysis
Positive
0.97
Price Trends
1.03
Positive
1.14
Positive
1.49
Negative
Market Momentum
>-0.01
Negative
67.64
Neutral
98.12
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INO, the sentiment is Positive. The current price of 0.97 is above the 20-day moving average (MA) of 0.87, below the 50-day MA of 1.03, and below the 200-day MA of 1.49, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 67.64 is Neutral, neither overbought nor oversold. The STOCH value of 98.12 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $321.90M | 2.63 | -38.12% | ― | 30.47% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $118.74M | -11.70 | -65.73% | ― | ― | 19.64% | |
47 Neutral | $118.91M | -0.99 | -6.14% | ― | -100.00% | 54.89% | |
46 Neutral | $49.92M | -1.65 | -39.76% | ― | ― | 65.39% | |
43 Neutral | $27.84M | -0.64 | -84.91% | ― | ― | -28.83% | |
42 Neutral | $104.90M | -3.32 | 5214.36% | ― | ― | 2.05% |
* Healthcare Sector Average
INO
Inovio Pharmaceuticals
1.20
-0.74
-38.14%
AGEN
Agenus
7.53
3.00
66.23%
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ATOS
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2.59
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ANIX
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3.43
0.46
15.49%
TIL
Instil Bio
7.31
-18.19
-71.33%
Inovio Pharmaceuticals Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Inovio Pharmaceuticals Announces New Equity Financing Agreement
Neutral
Jul 31, 2026
On July 29, 2026, Inovio Pharmaceuticals entered an underwriting agreement with Piper Sandler for a public offering of 21,052,632 common shares and accompanying warrants, plus additional warrants via an exercised 30-day option. The structure, whic...
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...
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.