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Inovio Pharmaceuticals (INO)
NASDAQ:INO
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Inovio Pharmaceuticals (INO) AI Stock Analysis

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INO

Inovio Pharmaceuticals

(NASDAQ:INO)

Rating:43Neutral
Price Target:
$1.50
▼(-3.85%Downside)
Inovio Pharmaceuticals' stock score reflects significant financial challenges and bearish technical indicators, counterbalanced slightly by potential clinical progress and strategic milestones as discussed in the earnings call. The primary concerns are the company's ongoing financial losses, negative cash flows, and lack of revenue growth, which weigh heavily on the overall score.
Positive Factors
Clinical Efficacy
INO-3107 was well tolerated and achieved robust clinical efficacy with 81% of patients requiring fewer surgeries and 28% no surgeries following treatment.
Patient and Payer Uptake
Top-line results point to sustained and deepening responses, which are encouraging for eventual patient and payer uptake.
Regulatory Progress
INO-3107 has been granted Breakthrough Therapy designation for the treatment of recurrent respiratory papillomatosis (RRP) by the FDA.
Negative Factors
Clinical Trial Requirements
The company needs to update IND and initiate a confirmatory trial before the BLA submission.
Regulatory Approval Risks
INO-3107 may not gain regulatory approval in RRP or meet sales forecasts.
Technological Risks
DNA-encoded medicines are novel and may fail in the clinic or in practice.

Inovio Pharmaceuticals (INO) vs. SPDR S&P 500 ETF (SPY)

Inovio Pharmaceuticals Business Overview & Revenue Model

Company DescriptionInovio Pharmaceuticals, Inc. is a biotechnology company focused on developing and commercializing DNA medicines to treat and prevent infectious diseases, cancer, and other challenging conditions. The company's core technology platform involves the design and delivery of DNA plasmids to produce a robust immune response against targeted diseases. Headquartered in Plymouth Meeting, Pennsylvania, Inovio is actively engaged in clinical trials and research collaborations to advance its pipeline of innovative therapies.
How the Company Makes MoneyInovio Pharmaceuticals makes money primarily through the development and commercialization of its DNA-based immunotherapy products. The company generates revenue through licensing agreements, collaborations, and research grants with larger pharmaceutical and biotechnology companies, as well as government and non-governmental organizations. Inovio's partnerships often involve upfront payments, milestone payments, and potential royalties on sales of products developed using its technology. Additionally, the company may receive funding from grants and contracts for specific research and development projects. As Inovio advances its product candidates through clinical trials, successful commercialization of these therapies could lead to significant revenue generation through direct sales or additional partnerships.

Inovio Pharmaceuticals Earnings Call Summary

Earnings Call Date:May 13, 2025
(Q1-2025)
|
% Change Since: -18.75%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant progress towards submitting the BLA for INO-3107, resolution of manufacturing issues, publication of key data, and promising interim results for DMAb technology. However, financial challenges were noted with a decrease in cash and a reported net loss. Overall, the call presents a balanced outlook with important achievements countered by financial concerns.
Q1-2025 Updates
Positive Updates
Progress Towards BLA Submission for INO-3107
Inovio remains on track to submit their BLA for INO-3107 for treating recurrent respiratory papillomatosis (RRP) with rolling submission in mid-2025 and completion by the end of the year. They aim for a PDUFA date in mid-2026 if priority review is granted.
Manufacturing Issue Resolved
The manufacturing issue involving the single-use array component of the CELLECTRA device has been resolved, and device design verification testing has begun.
Publication of Key Data
Clinical and immunology data from the Phase 1/2 trial of INO-3107 was published in Nature Communications in February.
Positive Interim Results for DMAb Technology
Promising interim results from a Phase 1 proof-of-concept trial evaluating DNA-Encoded Monoclonal Antibodies (DMAbs) were announced, showing sustained antibody production for COVID-19.
Market Opportunity and Commercial Readiness
Inovio's ongoing market research supports the potential of INO-3107 as the preferred product for RRP patients and physicians, with a significant market opportunity due to the lack of existing therapeutic options.
Reduction in Operating Expenses
Operating expenses decreased by 20% from $31.5 million in Q1 2024 to $25.1 million in Q1 2025.
Statistically Significant Reduction in Surgeries
In the first year, 72% of patients saw a 50% to 100% reduction in surgeries after starting treatment with INO-3107, increasing to 86% in the second year with half of the patients requiring no surgeries at all.
Negative Updates
Decrease in Cash and Investments
Cash, cash equivalents, and short-term investments decreased from $94.1 million as of December 31, 2024, to $68.4 million at the end of Q1 2025.
Net Loss Reported
Inovio reported a net loss of $19.7 million for the first quarter of 2025, compared to a net loss of $30.5 million in Q1 2024.
Company Guidance
During the Inovio First Quarter 2025 Financial Results Conference Call, the company provided detailed guidance on its key objectives and metrics. Inovio is on track to submit a Biologics License Application (BLA) for its lead candidate, INO-3107, aimed at treating recurrent respiratory papillomatosis (RRP), with the rolling submission set to begin in mid-2025 and completion by the end of the year. If approved for priority review, the Prescription Drug User Fee Act (PDUFA) date is anticipated by mid-2026. The company highlighted resolving a manufacturing issue and initiating device design verification testing, essential for the BLA submission. Clinical data showed that 72% of patients had a 50%-100% reduction in surgeries in the first year, increasing to 86% in the second year, with half of the patients needing no surgeries at all. Financially, Inovio reported a 20% decrease in operating expenses to $25.1 million for Q1 2025, compared to $31.5 million in Q1 2024, and ended the quarter with $68.4 million in cash, expecting the cash runway to extend into the first quarter of 2026.

Inovio Pharmaceuticals Financial Statement Overview

Summary
Inovio Pharmaceuticals is experiencing significant financial struggles, marked by continuous losses and negative cash flows. Although the balance sheet shows a strong equity position, the lack of profitability and reliance on financing are concerning.
Income Statement
10
Very Negative
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
30
Negative
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
20
Very Negative
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.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue217.76K832.01K10.26M1.77M7.41M
Gross Profit-2.91M-2.67M4.77M-2.96M-86.83M
EBITDA-103.95M-130.39M-270.90M-296.56M-149.56M
Net Income-107.25M-135.12M-287.66M-305.38M-215.09M
Balance Sheet
Total Assets113.20M170.95M348.53M495.94M539.77M
Cash, Cash Equivalents and Short-Term Investments94.11M145.29M253.00M401.31M411.64M
Total Debt11.87B30.21M32.07M33.02M39.05M
Total Liabilities44.69M53.60M126.17M96.27M78.63M
Stockholders Equity68.50B117.35M222.36M399.67M461.14M
Cash Flow
Free Cash Flow-104.56M-124.69M-217.18M-216.94M-179.50M
Operating Cash Flow-104.08M-124.37M-216.22M-215.71M-177.98M
Investing Cash Flow104.07M87.36M109.59M-175.34M-58.80M
Financing Cash Flow51.48M5.00M81.84M211.50M465.28M

Inovio Pharmaceuticals Technical Analysis

Technical Analysis Sentiment
Negative
Last Price1.56
Price Trends
50DMA
1.87
Negative
100DMA
1.85
Negative
200DMA
2.67
Negative
Market Momentum
MACD
-0.14
Negative
RSI
46.20
Neutral
STOCH
78.89
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 1.56 is below the 20-day moving average (MA) of 1.61, below the 50-day MA of 1.87, and below the 200-day MA of 2.67, indicating a bearish trend. The MACD of -0.14 indicates Negative momentum. The RSI at 46.20 is Neutral, neither overbought nor oversold. The STOCH value of 78.89 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

Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
57
Neutral
$74.06M-46.28%-33.00%54.91%
52
Neutral
$7.61B0.04-62.94%2.44%16.14%0.33%
43
Neutral
$73.89M-132.44%-60.52%42.41%
43
Neutral
$130.43M-70.59%81.00%
42
Neutral
$57.65M-62.38%178.84%-40.60%
36
Underperform
$101.16M-55.68%-57.45%
35
Underperform
$47.32M-101.34%21.40%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
INO
Inovio Pharmaceuticals
1.56
-9.39
-85.75%
SAVA
Cassava Sciences
2.70
-10.05
-78.82%
VTGN
VistaGen Therapeutics
2.73
-0.91
-25.00%
IFRX
InflaRx
0.86
-0.67
-43.79%
JSPR
Jasper Therapeutics
3.27
-17.99
-84.62%
ABOS
Acumen Pharmaceuticals
1.68
-1.73
-50.73%

Inovio Pharmaceuticals Corporate Events

Private Placements and Financing
Inovio Pharmaceuticals Announces Public Offering Agreement
Neutral
Jul 7, 2025

On July 2, 2025, INOVIO Pharmaceuticals entered into an underwriting agreement with Piper Sandler & Co. for a public offering of 14,285,715 shares of common stock and accompanying Series A and B warrants. The company expects net proceeds of approximately $22.5 million from the offering, which is anticipated to close around July 7, 2025, subject to customary conditions. This move is expected to bolster INOVIO’s financial position, potentially impacting its market presence and stakeholder interests.

The most recent analyst rating on (INO) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Inovio Pharmaceuticals stock, see the INO Stock Forecast page.

Shareholder MeetingsBusiness Operations and Strategy
Inovio Pharmaceuticals Holds Annual Stockholders Meeting
Neutral
May 22, 2025

On May 20, 2025, Inovio Pharmaceuticals held its Annual Meeting of Stockholders where four proposals were considered. The proposals included the election of eight directors, the ratification of Ernst & Young LLP as the independent auditor, approval of executive compensation, and amendment of the 2023 Omnibus Incentive Plan. Each proposal received varying levels of support from the stockholders, reflecting the company’s ongoing governance and strategic planning efforts.

The most recent analyst rating on (INO) stock is a Buy with a $18.00 price target. To see the full list of analyst forecasts on Inovio Pharmaceuticals stock, see the INO Stock Forecast page.

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.Date of analysis: Jul 24, 2025