Inovio Pharmaceuticals Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because there is a documented substance risk: in its 2025 annual report and its quarterly report for the period ended June 30, 2026, Inovio reports substantial doubt about its ability to continue as a going concern, and by its own account the cash lasts only into late first quarter 2027 — less than half a year after approval and thus well under four quarters at the current burn. The October 30, 2026 approval is a real success, but it brings in money only with sold doses; until then Inovio depends on new shares, warrant exercises or partner money. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Inovio is a textbook case of the finish-line trap: on October 30, 2026, the FDA approved VOCERYQ, the company’s first product. But as of June 30, 2026, only $36.7 million sat in cash and short-term investments, the company itself doubts it can continue as a going concern, the share count has more than quadrupled since the end of 2023, and competitor PAPZIMEOS already sells more than $50 million a quarter. Approval starts an expensive race; it doesn’t end one. Not investment advice.
Approval
FDA accelerated approval of VOCERYQ (INO-3107) on 10/30/2026 for adults with RRP; Breakthrough Therapy and Orphan Drug designations. Confirmatory trial required.
Liquidity & going concern
$36.7M in cash and short-term investments (06/30/2026) plus $18.3M from July 2026; going-concern warning in the 2025 10-K and the 10-Q for 06/30/2026; cash lasts into late Q1 2027, per the company.
Dilution
Share count from 22.8M (end of 2023, adjusted) to 103.4M (08/10/2026); 97.7M warrants outstanding; $300M shelf registration effective since 07/10/2026.
Competition
Precigen’s PAPZIMEOS has held full approval since August 2025 and generated $53.1M in product revenue in Q2 2026; Inovio calls itself a “second entrant” in its 2025 10-K.
Costs
R&D spending cut from $249.2M (2021) to $54.2M (2025); operating expenses of $18.6M in Q2 2026 versus $23.1M a year earlier.
Worth Noting
Inovio made our research list through our in-house Reddit hype scanner (Reddit hype run of November 1, 2026).
The October 30, 2026 approval is based on the FDA and Inovio press releases of the same day; no 8-K on it had been filed through 11/01/2026. The quarterly report for 09/30/2026 had not been filed either.
The time of the announcement (10/30/2026, 6:01 p.m. Eastern Time, after the close) comes from the press wire of Inovio’s release (PR Newswire, 10:01 p.m. UTC), not from an SEC filing.
Cash and short-term investments per year summed by us from the XBRL data of the 10-K/10-Q (cash and cash equivalents plus short-term investments). Share counts before 2024 divided by 12 (1-for-12 reverse split of 01/24/2024).
Cash at 09/30/2026 (about $37M) is our own rough estimate: $36.7M (06/30/2026) plus $18.3M net from July 2026 minus about $18M of guided Q3 2026 cash burn.
Market value calculated by us: 103,397,518 shares (10-Q cover page, 08/10/2026) × $0.60 close (10/30/2026); the share count matches the fundamental data exactly. Cross-check: the 07/30/2026 prospectus supplement cites $1.03 (07/28/2026); the gap is the actual share price decline up to decision day.
Warrant total: 49,285,715 (table in the 10-Q for 06/30/2026) plus 48,421,052 from the July 2026 offering (42,105,264 plus 6,315,788 from the underwriter’s option, 8-K of 07/31/2026) = 97,706,767.
Stock Watch
This analysis is as of November 1, 2026. Stock Watch will tell you what's changed at INO since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.60 $ to 2.60 $ · Last price: 1.90 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Inovio Pharmaceuticals Inc INO | 0.2 | – | -1.1 | – | – | -70.0 | -19.6 |
| Vertex Pharmaceuticals Inc VRTX | 139.9 | 32.9 | 25.7 | 55.0 | 38.1 | 9.6 | 30.0 |
| Regeneron Pharmaceuticals Inc REGN | 99.9 | 24.2 | 14.3 | 51.2 | 20.7 | 1.0 | 42.6 |
| Moderna Inc MRNA | 87.6 | – | 4.6 | -66.0 | -131.1 | -39.2 | 687.9 |
| argenx NV ARGX | 54.4 | 33.4 | 26.2 | 59.8 | 32.0 | 89.6 | 8.8 |
| BeiGene, Ltd. ONC | 40.9 | 64.5 | 33.8 | 88.9 | 19.1 | 40.2 | 16.4 |
| Revolution Medicines Inc RVMD | 39.1 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 225.0 |
| Royalty Pharma Plc RPRX | 36.6 | 36.0 | 20.8 | 95.8 | 100.3 | 5.1 | 85.4 |
| Genmab AS GMAB | 34.2 | 43.2 | 24.7 | 93.0 | 35.2 | -82.7 | 99.0 |
| Median of companies shown | 40.9 | 34.7 | 20.8 | 57.4 | 26.3 | 1.0 | 42.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 35 | -76 | -74 | -12.09 | -63 | 123 | 174 |
| 2017 | 42 | -84 | -88 | -12.92 | -63 | 142 | 187 |
| 2018 | 30 | -94 | -97 | -12.57 | -74 | 87 | 131 |
| 2019 | 4 | -111 | -119 | -14.51 | -98 | 3 | 144 |
| 2020 | 7 | -124 | -166 | -12.87 | -178 | 461 | 540 |
| 2021 | 2 | -301 | -304 | -17.45 | -216 | 400 | 496 |
| 2022 | 10 | -268 | -280 | -14.07 | -216 | 222 | 349 |
| 2023 | 1 | -144 | -135 | -6.09 | -124 | 117 | 171 |
| 2024 | 0 | -112 | -107 | -3.95 | -104 | 69 | 113 |
| 2025 | 0 | -87 | -85 | -1.81 | -89 | 24 | 74 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.24 | – | 0 | 13.60 | -16,565.80 | -20 | -20 |
| 2025: Q1 | -0.24 | – | 0 | – | -30,300.00 | -27 | -27 |
| 2025: Q2 | -0.29 | – | 0 | -100.00 | – | -21 | -21 |
| 2025: Q3 | -0.87 | – | 0 | – | – | -22 | -22 |
| 2025: Q4 | 0.05 | – | 0 | -155.60 | – | -19 | -20 |
| 2026: Q1 | -0.28 | – | 0 | -100.00 | – | -22 | -22 |
| 2026: Q2 | -0.07 | 75.90 | 0 | – | – | -18 | -18 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
- Bankruptcy Study: Stacked Warning Signals
- Below the 50- & 200-SMA
- Insolvency Radar: Cash Running Low
- Near 52-Week Low
- RS Weakness (≤10)
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
- Weakness Cluster
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.00 | -1.27 – -0.73 | 1 | 45.1% | 2 |
| 12/31/2027 | -0.44 | -0.67 – -0.21 | 51 | 56.0% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 01.11.2026 gegen die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025 sowie die Geschäftsberichte (10-K) für 2025 und 2024 von Inovio Pharmaceuticals: KI („AI“, „artificial intelligence“, „generative AI“) kommt ausschließlich in allgemeinen Risikohinweisen vor — zu KI-gestützten Cyberangriffen und zur Datenschutz- und KI-Regulierung, falls Mitarbeiter oder Dienstleister generative KI nutzen („may use“). Einen konkreten KI-Einsatz in Forschung, Studien oder Verwaltung beschreibt keiner der sechs Berichte, eine KI-Umsatzquelle gibt es nicht, und das Geschäft (DNA-Medikamente mit dem Verabreichungsgerät CELLECTRA, Hauptprodukt INO-3107/VOCERYQ gegen RRP) wird nicht als durch KI bedroht beschrieben. Boilerplate-Risikohinweise begründen nach dem Kriterienkatalog weder „bedroht“ noch „nutzt“ — damit bleibt es bei „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„Our personnel and certain third parties with whom we work may use generative AI and/or automated decision-making technologies to perform their work, and the disclosure and use of personal data in AI technologies is subject to various privacy laws and other privacy obligations."
Unsere Mitarbeiter und bestimmte Dritte, mit denen wir zusammenarbeiten, nutzen möglicherweise generative KI und/oder Technologien zur automatisierten Entscheidungsfindung für ihre Arbeit, und die Offenlegung und Verwendung personenbezogener Daten in KI-Technologien unterliegt verschiedenen Datenschutzgesetzen und sonstigen Datenschutzpflichten.
10-Q · 2026-08-12 · View SEC filing
„attacks enhanced or facilitated by artificial intelligence, or AI, and other similar threats, any of which may compromise our system infrastructure or lead to data compromise."
durch künstliche Intelligenz („KI“) verstärkte oder ermöglichte Angriffe und ähnliche Bedrohungen, die jeweils unsere Systeminfrastruktur gefährden oder zur Kompromittierung von Daten führen können.
10-K · 2026-03-12 · View SEC filing
Filings Reviewed: 10-Q 2026-08-12 · 10-Q 2026-05-13 · 10-Q 2025-11-10 · 10-Q 2025-08-12 · 10-K 2026-03-12 · 10-K 2025-03-18
Rated on November 1, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -81.5%
- More than 10% revenue growth is expected for the coming year 534.8%
- Share count grows by less than 3% a year 33.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -136,144.4%
- Gross margin at 40% or higher and without meaningful erosion 100.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 49 m net cash
- Operating cash flow covers the profits of the last three years 10 m
- Return on capital at 15% or higher, or up versus two years ago -283.4%
- Insiders hold at least 10% or are net buyers 0.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -49.9%
- Exp. sales growth 3Y > 5% 2,588.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 2,588.6%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -352.5%
- ROCE > 15% -283.3%
- Expected return > 10% 1,046.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Inovio Pharmaceuticals, Inc., ein Biotechnologieunternehmen, konzentriert sich auf die Entdeckung, Entwicklung und Vermarktung von DNA-Medikamenten zur Behandlung und zum Schutz von Menschen vor Erkrankungen im Zusammenhang mit humanen Papillomaviren (HPV), Krebs und Infektionskrankheiten.
- Employees
- 112
- Headquarters
- Plymouth Meeting, PA
- Address
- 660 West Germantown Pike, 19462 Plymouth Meeting, United States
- Phone
- 267 440 4200
- Website
- inovio.com
- IPO Date
- 02/12/1998
- ISIN
- US45773H4092
- Stock Split
- 1:12 on 01/25/2024
- Stock Split
- 1:4 on 06/06/2014
- Stock Split
- 1:4 on 09/13/2004
Management
| Name | Title | Birth Year |
|---|---|---|
| Jacqueline E. Shea Ph.D. | CEO, President & Director | 1966 |
| Peter D. Kies | Chief Financial Officer | 1963 |
| Michael Sumner B.S., M.B.A., M.D. | Chief Medical Officer & Head of Development | 1965 |
| Laurent M. Humeau Ph.D. | Chief Scientific Officer & Chairman of the Scientific Advisory Board | 1967 |
| Robert L. Crotty J.D. | General Counsel, Corporate Secretary & Chief Compliance Officer | 1974 |
| Jennie Willson | Director of Communications | – |
| E. J. Brandreth MBA | Senior Vice President of Quality Assurance | – |
| Jeffrey Skolnik M.D. | Senior Vice President of Clinical Development | – |
| Robert J. Juba Jr. | Senior Vice President of Biological Manufacturing & Clinical Supply Management | – |
| Shawn D. Bridy M.A., M.B.A. | Senior Vice President of Business Development | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/02/2026 INOVIO PHARMACEUTICALS, INC. (INO): Regulation FD Disclosure; Other Events; Financial Statements and Exhibits SEC ↗
- 10/06/2026 INOVIO PHARMACEUTICALS, INC. (INO): Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year; Financial Statements and Exhibits SEC ↗
- 08/12/2026 INOVIO PHARMACEUTICALS, INC. (INO): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/31/2026 INOVIO PHARMACEUTICALS, INC. (INO): Entry into a Material Definitive Agreement; Other Events; Financial Statements and Exhibits SEC ↗
- 07/29/2026 INOVIO PHARMACEUTICALS, INC. (INO): Results of Operations and Financial Condition SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.