Inovio Pharmaceu Financials
This page shows Inovio Pharmaceu (INO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Inovio Pharmaceu has an operating margin of -51616.9%, meaning the company retains $-51617 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 -17300.3% the prior year.
Inovio Pharmaceu's revenue declined 73.8% year-over-year, from $832K to $218K. This contraction results in a growth score of 0/100.
Inovio Pharmaceu carries a low D/E ratio of 0.65, meaning only $0.65 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.77, Inovio Pharmaceu holds $2.77 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 91/100.
While Inovio Pharmaceu generated -$104.1M in operating cash flow, capex of $488K consumed most of it, leaving -$104.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Inovio Pharmaceu passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Inovio Pharmaceu generates $0.97 in operating cash flow (-$104.1M OCF vs -$107.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Inovio Pharmaceu earns $-632.0 in operating income for every $1 of interest expense (-$112.4M vs $178K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Inovio Pharmaceu generated $218K in revenue in fiscal year 2024. This represents a decrease of 73.8% from the prior year.
Inovio Pharmaceu's EBITDA was -$110.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 21.6% from the prior year.
Inovio Pharmaceu generated -$104.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 16.1% from the prior year.
Inovio Pharmaceu reported -$107.3M in net income in fiscal year 2024. This represents an increase of 20.6% from the prior year.
Inovio Pharmaceu earned $-3.95 per diluted share (EPS) in fiscal year 2024. This represents an increase of 35.1% from the prior year.
Inovio Pharmaceu held $65.8M in cash against $0 in long-term debt as of fiscal year 2024.
Inovio Pharmaceu had 36M shares outstanding in fiscal year 2024. This represents an increase of 58.4% from the prior year.
Inovio Pharmaceu's operating margin was -51616.9% in fiscal year 2024, reflecting core business profitability. This is down 34316.6 percentage points from the prior year.
Inovio Pharmaceu's net profit margin was -49254.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 33014.4 percentage points from the prior year.
Inovio Pharmaceu invested $75.6M in research and development in fiscal year 2024. This represents a decrease of 12.8% from the prior year.
Inovio Pharmaceu invested $488K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 52.0% from the prior year.
INO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0-100.0% | $65K-44.1% | $117K | $0-100.0% | $101K | $0-100.0% | $103K |
| 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 | $13.3M-8.2% | $14.5M-9.8% | $16.1M+24.9% | $12.9M-31.2% | $18.7M-18.9% | $23.1M+10.4% | $20.9M+21.2% | $17.3M |
| SG&A Expenses | $7.9M-8.0% | $8.6M-5.1% | $9.0M+18.7% | $7.6M-11.7% | $8.6M-15.6% | $10.2M-3.4% | $10.6M+3.2% | $10.2M |
| Operating Income | -$21.2M+8.1% | -$23.1M+7.8% | -$25.1M-23.0% | -$20.4M+25.5% | -$27.3M+17.6% | -$33.2M-5.4% | -$31.5M-14.9% | -$27.4M |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $178K-37.0% | $282K |
| Income Tax | $0 | N/A | N/A | -$88K | $0+100.0% | -$107K-70.0% | -$63K | $0 |
| Net Income | -$45.5M-93.4% | -$23.5M-19.4% | -$19.7M-1.6% | -$19.4M+23.0% | -$25.2M+21.9% | -$32.2M-5.8% | -$30.5M-21.9% | -$25.0M |
| EPS (Diluted) | $-0.87-42.6% | $-0.61-19.6% | $-0.51+8.9% | $-0.56+37.1% | $-0.89+25.2% | $-1.19+9.2% | $-1.31-22.4% | $-1.07 |
INO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-24.5% | $171.0M |
| Current Assets | $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-27.1% | $153.1M |
| Cash & Equivalents | $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+37.0% | $14.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $979K+16.5% | $840K-35.9% | $1.3M+9.3% | $1.2M-35.6% | $1.9M+5.0% | $1.8M-30.5% | $2.6M+6.1% | $2.4M |
| Goodwill | $10.1M0.0% | $10.1M0.0% | $10.1M-3.8% | $10.5M0.0% | $10.5M0.0% | $10.5M0.0% | $10.5M | $0 |
| Total Liabilities | $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-35.3% | $53.6M |
| Current Liabilities | $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-45.0% | $42.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $62.8M+3.6% | $60.6M | N/A |
| Total Equity | -$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-19.5% | $117.3M |
| Retained Earnings | -$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-1.9% | -$1.6B |
INO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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-9.5% | -$26.3M |
| Capital Expenditures | $68K+119.7% | $31K-47.9% | $59K | $0 | $0-100.0% | $452K+1171.2% | $36K | $0 |
| Free Cash Flow | -$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-9.6% | -$26.3M |
| Investing Cash Flow | $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+127.6% | $19.9M |
| Financing Cash Flow | $24.9M+71763.2% | -$35K-103.4% | $1.0M-96.5% | $29.1M+4311.6% | $661K-98.0% | $33.0M+390.7% | -$11.4M-718.2% | $1.8M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -452.7%-185.6pp | -267.1%+38069.9pp | -38337.0%-20926.2pp | -17410.8%-14647.7pp | -2763.0%+30182.8pp | -32945.9%-31937.5pp | -1008.3%+25678.2pp | -26686.5% |
| Net Margin | -390.0%-108.3pp | -281.8%+29858.7pp | -30140.5%-13574.1pp | -16566.4%-13902.7pp | -2663.7%+29329.6pp | -31993.3%-30960.8pp | -1032.5%+23325.6pp | -24358.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -65.6%-31.1pp | -34.5%-11.9pp | -22.6%-5.5pp | -17.1%+6.4pp | -23.5%+0.6pp | -24.1%-0.5pp | -23.6%-9.0pp | -14.6% |
| Current Ratio | 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+1.2 | 3.60 |
| Debt-to-Equity | -9.99-11.4 | 1.39+0.7 | 0.70+0.1 | 0.65+0.2 | 0.46+0.1 | 0.38+0.0 | 0.37-0.1 | 0.46 |
| FCF Margin | -454.5%-221.6pp | -232.9%+40985.6pp | -41218.5%-24410.9pp | -16807.6%-13592.9pp | -3214.7%+25230.1pp | -28444.9%-27274.7pp | -1170.1%+24427.3pp | -25597.5% |
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Frequently Asked Questions
What is Inovio Pharmaceu's annual revenue?
Inovio Pharmaceu (INO) reported $218K in total revenue for fiscal year 2024. This represents a -73.8% 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 73.8% year-over-year, from $832K to $218K in fiscal year 2024.
Is Inovio Pharmaceu profitable?
No, Inovio Pharmaceu (INO) reported a net income of -$107.3M in fiscal year 2024, with a net profit margin of -49254.3%.
What is Inovio Pharmaceu's earnings per share (EPS)?
Inovio Pharmaceu (INO) reported diluted earnings per share of $-3.95 for fiscal year 2024. This represents a 35.1% 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.
What is Inovio Pharmaceu's EBITDA?
Inovio Pharmaceu (INO) had EBITDA of -$110.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Inovio Pharmaceu's operating margin?
Inovio Pharmaceu (INO) had an operating margin of -51616.9% in fiscal year 2024, 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 -49254.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Inovio Pharmaceu's free cash flow?
Inovio Pharmaceu (INO) generated -$104.6M in free cash flow during fiscal year 2024. This represents a 16.1% 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 -$104.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Inovio Pharmaceu's total assets?
Inovio Pharmaceu (INO) had $113.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Inovio Pharmaceu's capital expenditures?
Inovio Pharmaceu (INO) invested $488K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Inovio Pharmaceu spend on research and development?
Inovio Pharmaceu (INO) invested $75.6M in research and development during fiscal year 2024.
How many shares does Inovio Pharmaceu have outstanding?
Inovio Pharmaceu (INO) had 36M shares outstanding as of fiscal year 2024.
What is Inovio Pharmaceu's current ratio?
Inovio Pharmaceu (INO) had a current ratio of 2.77 as of fiscal year 2024, which is generally considered healthy.
What is Inovio Pharmaceu's debt-to-equity ratio?
Inovio Pharmaceu (INO) had a debt-to-equity ratio of 0.65 as of fiscal year 2024, 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 -94.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Inovio Pharmaceu's cash runway?
Based on fiscal year 2024 data, Inovio Pharmaceu (INO) had $65.8M in cash against an annual operating cash burn of $104.1M. This gives an estimated cash runway of approximately 8 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 1 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 7–9 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 0.97x, 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.
Can Inovio Pharmaceu cover its interest payments?
Inovio Pharmaceu (INO) has an interest coverage ratio of -632.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Inovio Pharmaceu?
Inovio Pharmaceu (INO) scores 36 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.