What is Inovio Pharmaceu's earnings per share (EPS)?

Inovio Pharmaceu (INO) reported diluted earnings per share of $-1.81 for fiscal year 2025. This represents a 54.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Inovio Pharmaceu Financials

INO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Inovio Pharmaceu (INO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 14/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Inovio Pharmaceu's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Inovio Pharmaceu has an operating margin of -132871.3%, meaning the company retains $-132871 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -51616.9% the prior year.

Growth

Inovio Pharmaceu's revenue declined 70% year-over-year, from $218K to $65K. This contraction results in a growth score of 0/100.

Leverage

Inovio Pharmaceu has a moderate D/E ratio of 2.08. This balance of debt and equity financing earns a leverage score of 60/100.

Liquidity

Inovio Pharmaceu's current ratio of 1.40 is below the typical benchmark, resulting in a score of 23/100. However, the company holds substantial cash reserves (101% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow

While Inovio Pharmaceu generated -$88.6M in operating cash flow, capex of $286K consumed most of it, leaving -$88.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Inovio Pharmaceu generates a -352.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -156.6% the prior year.

Piotroski F-Score Weak

0/9

Inovio Pharmaceu passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

1.04x

For every $1 of reported earnings, Inovio Pharmaceu generates $1.04 in operating cash flow (-$88.6M OCF vs -$84.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$65K

YoY-70.0%

5Y CAGR-61.2%

10Y CAGR-47.4%

Inovio Pharmaceu generated $65K in revenue in fiscal year 2025. This represents a decrease of 70.0% from the prior year.

EBITDA

-$85.4M

YoY+22.8%

Inovio Pharmaceu's EBITDA was -$85.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.8% from the prior year.

Net Income

-$84.9M

YoY+20.8%

Inovio Pharmaceu reported -$84.9M in net income in fiscal year 2025. This represents an increase of 20.8% from the prior year.

EPS (Diluted)

$-1.81

YoY+54.2%

Inovio Pharmaceu earned $-1.81 per diluted share (EPS) in fiscal year 2025. This represents an increase of 54.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$88.9M

YoY+15.0%

Inovio Pharmaceu generated -$88.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 15.0% from the prior year.

Cash & Debt

$44.3M

YoY-32.7%

5Y CAGR-29.3%

10Y CAGR-2.6%

Inovio Pharmaceu held $44.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

69M

YoY+91.1%

5Y CAGR-18.1%

10Y CAGR-0.5%

Inovio Pharmaceu had 69M shares outstanding in fiscal year 2025. This represents an increase of 91.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-132871.3%

YoY-81254.4pp

5Y CAGR-131197.1pp

10Y CAGR-132786.8pp

Inovio Pharmaceu's operating margin was -132871.3% in fiscal year 2025, reflecting core business profitability. This is down 81254.4 percentage points from the prior year.

Net Margin

-130000.0%

YoY-80745.7pp

5Y CAGR-127754.6pp

10Y CAGR-129928.1pp

Inovio Pharmaceu's net profit margin was -130000.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 80745.7 percentage points from the prior year.

Return on Equity

-352.5%

YoY-196.0pp

5Y CAGR-316.4pp

10Y CAGR-335.9pp

Inovio Pharmaceu's ROE was -352.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 196.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$54.2M

YoY-28.3%

5Y CAGR-10.5%

10Y CAGR-0.6%

Inovio Pharmaceu invested $54.2M in research and development in fiscal year 2025. This represents a decrease of 28.3% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$286K

YoY-41.4%

5Y CAGR-28.4%

10Y CAGR-20.4%

Inovio Pharmaceu invested $286K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 41.4% from the prior year.

INO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$65K-70.0%	$218K-73.8%	$832K-91.9%	$10.3M+478.2%	$1.8M-76.1%	$7.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$54.2M-28.3%	$75.6M-12.8%	$86.7M-53.8%	$187.7M-24.7%	$249.2M+164.5%	$94.2M
SG&A Expenses	$32.7M-11.7%	$37.0M-22.2%	$47.6M-47.2%	$90.2M+67.8%	$53.8M+44.3%	$37.2M
Operating Income	-$86.8M+22.8%	-$112.4M+21.9%	-$143.9M+46.2%	-$267.6M+11.2%	-$301.2M-142.8%	-$124.1M
Interest Expense	$0-100.0%	$178K-85.5%	$1.2M-2.5%	$1.3M-35.2%	$1.9M-77.7%	$8.7M
Income Tax	$0	$0	$0	$0	$0	$0
Net Income	-$84.9M+20.8%	-$107.3M+20.6%	-$135.1M+51.7%	-$279.8M+7.9%	-$303.7M-82.5%	-$166.4M
EPS (Diluted)	$-1.81+54.2%	$-3.95+35.1%	$-6.09+56.7%	$-14.07+19.4%	$-17.45-1530.8%	$-1.07

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	$0	$0-100.0%	$65K	N/A	$0-100.0%	$101K	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$13.3M-8.2%	$14.5M-9.8%	$16.1M	N/A	$18.7M-18.9%	$23.1M+10.4%	$20.9M
SG&A Expenses	N/A	$7.9M-8.0%	$8.6M-5.1%	$9.0M	N/A	$8.6M-15.6%	$10.2M-3.4%	$10.6M
Operating Income	N/A	-$21.2M+8.1%	-$23.1M+7.8%	-$25.1M	N/A	-$27.3M+17.6%	-$33.2M-5.4%	-$31.5M
Interest Expense	N/A	$0	$0	$0	N/A	$0	$0-100.0%	$178K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	-$45.5M-93.4%	-$23.5M-19.4%	-$19.7M	N/A	-$25.2M+21.9%	-$32.2M-5.8%	-$30.5M
EPS (Diluted)	N/A	$-0.87-42.6%	$-0.61-19.6%	$-0.51	N/A	$-0.89+25.2%	$-1.19+9.2%	$-1.31

INO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$74.3M-34.4%	$113.2M-33.8%	$171.0M-51.0%	$348.5M-29.7%	$495.9M-8.1%	$539.8M
Current Assets	$61.1M-37.5%	$97.8M-36.1%	$153.1M-51.4%	$315.2M-29.7%	$448.4M-4.8%	$471.2M
Cash & Equivalents	$44.3M-32.7%	$65.8M+359.9%	$14.3M-69.1%	$46.3M-34.9%	$71.1M-71.6%	$250.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$450-100.0%	$1.2M-50.1%	$2.4M+41.3%	$1.7M-68.9%	$5.5M-70.5%	$18.6M
Goodwill	N/A	N/A	$0-100.0%	$10.5M0.0%	$10.5M0.0%	$10.5M
Total Liabilities	$50.2M+12.4%	$44.7M-16.6%	$53.6M-57.5%	$126.2M+31.1%	$96.3M+22.4%	$78.6M
Current Liabilities	$43.7M+23.6%	$35.3M-17.0%	$42.6M-56.1%	$96.9M+47.3%	$65.7M+57.6%	$41.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$24.1M-64.8%	$68.5M-41.6%	$117.3M-47.2%	$222.4M-44.4%	$399.7M-13.3%	$461.1M
Retained Earnings	-$1.8B-4.9%	-$1.7B-6.6%	-$1.6B-9.1%	-$1.5B-23.0%	-$1.2B-33.5%	-$906.2M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$74.3M+7.1%	$69.4M+1.7%	$68.2M-21.8%	$87.3M-22.9%	$113.2M+5.7%	$107.1M-20.0%	$133.8M+3.6%	$129.1M
Current Assets	$61.1M+10.8%	$55.2M+4.7%	$52.7M-26.7%	$71.9M-26.5%	$97.8M+7.2%	$91.3M-22.4%	$117.6M+5.3%	$111.7M
Cash & Equivalents	$44.3M+21.1%	$36.6M+50.2%	$24.4M-39.0%	$39.9M-39.4%	$65.8M+203.5%	$21.7M-36.9%	$34.4M+75.5%	$19.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$450-100.0%	$979K+16.5%	$840K-35.9%	$1.3M+9.3%	$1.2M-35.6%	$1.9M+5.0%	$1.8M-30.5%	$2.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.2M-34.9%	$77.1M+94.2%	$39.7M+10.2%	$36.0M-19.4%	$44.7M+33.3%	$33.5M-9.5%	$37.1M+6.9%	$34.7M
Current Liabilities	$43.7M-37.5%	$69.8M+120.2%	$31.7M+16.0%	$27.3M-22.6%	$35.3M+50.3%	$23.5M-11.0%	$26.4M+12.8%	$23.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$24.1M+412.1%	-$7.7M-127.1%	$28.5M-44.3%	$51.3M-25.2%	$68.5M-6.8%	$73.5M-24.0%	$96.7M+2.4%	$94.4M
Retained Earnings	-$1.8B+0.2%	-$1.8B-2.6%	-$1.8B-1.3%	-$1.7B-1.1%	-$1.7B-1.1%	-$1.7B-1.5%	-$1.7B-1.9%	-$1.7B

INO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$88.6M+14.8%	-$104.1M+16.3%	-$124.4M+42.5%	-$216.2M-0.2%	-$215.7M-21.2%	-$178.0M
Capital Expenditures	$286K-41.4%	$488K+52.0%	$321K-66.9%	$969K-21.3%	$1.2M-19.0%	$1.5M
Free Cash Flow	-$88.9M+15.0%	-$104.6M+16.1%	-$124.7M+42.6%	-$217.2M-0.1%	-$216.9M-20.9%	-$179.5M
Investing Cash Flow	$14.0M-86.5%	$104.1M+19.1%	$87.4M-20.3%	$109.6M+162.5%	-$175.3M-198.2%	-$58.8M
Financing Cash Flow	$53.1M+3.1%	$51.5M+930.5%	$5.0M-93.9%	$81.8M-61.3%	$211.5M-54.5%	$465.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$19.4M+10.2%	-$21.6M-3.7%	-$20.8M+22.6%	-$26.9M-36.7%	-$19.7M+28.3%	-$27.4M+2.7%	-$28.2M+1.9%	-$28.8M
Capital Expenditures	$127K+87.6%	$68K+119.7%	$31K-47.9%	$59K	$0	$0-100.0%	$452K+1171.2%	$36K
Free Cash Flow	-$19.5M+9.9%	-$21.6M-3.8%	-$20.8M+22.6%	-$26.9M-37.0%	-$19.7M+28.3%	-$27.4M+4.3%	-$28.7M+0.5%	-$28.8M
Investing Cash Flow	-$58K-100.7%	$8.9M+67.9%	$5.3M+10306.3%	-$52K-100.1%	$34.6M+146.1%	$14.1M+41.3%	$10.0M-78.0%	$45.4M
Financing Cash Flow	$27.1M+8.9%	$24.9M+71763.2%	-$35K-103.4%	$1.0M-96.5%	$29.1M+4311.6%	$661K-98.0%	$33.0M+390.7%	-$11.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

INO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-132871.3%-81254.4pp	-51616.9%-34316.6pp	-17300.3%-14692.9pp	-2607.3%+14365.0pp	-16972.3%-15298.1pp	-1674.3%
Net Margin	-130000.0%-80745.7pp	-49254.3%-33014.4pp	-16239.9%-13513.2pp	-2726.7%+14383.2pp	-17109.9%-14864.5pp	-2245.4%
Return on Equity	-352.5%-196.0pp	-156.6%-41.4pp	-115.1%+10.7pp	-125.8%-49.9pp	-76.0%-39.9pp	-36.1%
Return on Assets	-114.3%-19.6pp	-94.8%-15.7pp	-79.0%+1.2pp	-80.3%-19.1pp	-61.2%-30.4pp	-30.8%
Current Ratio	1.40-1.4	2.77-0.8	3.60+0.3	3.25-3.6	6.82-4.5	11.30
Debt-to-Equity	2.08+1.4	0.65+0.2	0.46-0.1	0.57+0.3	0.24+0.1	0.17
FCF Margin	-136074.5%-88055.4pp	-48019.1%-33032.9pp	-14986.2%-12869.8pp	-2116.3%+10107.3pp	-12223.6%-9801.6pp	-2422.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-38337.0%	N/A	N/A	-32945.9%	N/A
Net Margin	N/A	N/A	N/A	-30140.5%	N/A	N/A	-31993.3%	N/A
Return on Equity	N/A	N/A	-82.4%-44.0pp	-38.4%	N/A	-34.2%-0.9pp	-33.3%-1.1pp	-32.3%
Return on Assets	N/A	-65.6%-31.1pp	-34.5%-11.9pp	-22.6%	N/A	-23.5%+0.6pp	-24.1%-0.5pp	-23.6%
Current Ratio	1.40+0.6	0.79-0.9	1.66-1.0	2.63-0.1	2.77-1.1	3.88-0.6	4.45-0.3	4.77
Debt-to-Equity	2.08+12.1	-9.99-11.4	1.39+0.7	0.70+0.1	0.65+0.2	0.46+0.1	0.38+0.0	0.37
FCF Margin	N/A	N/A	N/A	-41218.5%	N/A	N/A	-28444.9%	N/A

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Frequently Asked Questions

What is Inovio Pharmaceu's annual revenue?

Inovio Pharmaceu (INO) reported $65K in total revenue for fiscal year 2025. This represents a -70.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Inovio Pharmaceu's revenue growing?

Inovio Pharmaceu (INO) revenue declined by 70% year-over-year, from $218K to $65K in fiscal year 2025.

Is Inovio Pharmaceu profitable?

No, Inovio Pharmaceu (INO) reported a net income of -$84.9M in fiscal year 2025, with a net profit margin of -130000.0%.

What is Inovio Pharmaceu's EBITDA?

Inovio Pharmaceu (INO) had EBITDA of -$85.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Inovio Pharmaceu's operating margin?

Inovio Pharmaceu (INO) had an operating margin of -132871.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Inovio Pharmaceu's net profit margin?

Inovio Pharmaceu (INO) had a net profit margin of -130000.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Inovio Pharmaceu's return on equity (ROE)?

Inovio Pharmaceu (INO) has a return on equity of -352.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Inovio Pharmaceu's free cash flow?

Inovio Pharmaceu (INO) generated -$88.9M in free cash flow during fiscal year 2025. This represents a 15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Inovio Pharmaceu's operating cash flow?

Inovio Pharmaceu (INO) generated -$88.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Inovio Pharmaceu's total assets?

Inovio Pharmaceu (INO) had $74.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Inovio Pharmaceu's capital expenditures?

Inovio Pharmaceu (INO) invested $286K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Inovio Pharmaceu spend on research and development?

Inovio Pharmaceu (INO) invested $54.2M in research and development during fiscal year 2025.

How many shares does Inovio Pharmaceu have outstanding?

Inovio Pharmaceu (INO) had 69M shares outstanding as of fiscal year 2025.

What is Inovio Pharmaceu's current ratio?

Inovio Pharmaceu (INO) had a current ratio of 1.40 as of fiscal year 2025, which is considered adequate.

What is Inovio Pharmaceu's debt-to-equity ratio?

Inovio Pharmaceu (INO) had a debt-to-equity ratio of 2.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Inovio Pharmaceu's return on assets (ROA)?

Inovio Pharmaceu (INO) had a return on assets of -114.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Inovio Pharmaceu's cash runway?

Based on fiscal year 2025 data, Inovio Pharmaceu (INO) had $44.3M in cash against an annual operating cash burn of $88.6M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Inovio Pharmaceu's Piotroski F-Score?

Inovio Pharmaceu (INO) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Inovio Pharmaceu's earnings high quality?

Inovio Pharmaceu (INO) has an earnings quality ratio of 1.04x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Inovio Pharmaceu?

Inovio Pharmaceu (INO) scores 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.