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

Inovio Pharmaceu (INO) reported diluted earnings per share of -$1.81 for fiscal year 2025. 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 (INO) Financials

INO

FY2025 annual

Revenue $65K -70.0% YoY

Net Income -$85.0M +20.6% YoY

EPS (Diluted) -$1.81 YoY not available

Free Cash Flow -$88.9M +15.0% YoY

Market Cap $136.5M as of Sep 9, 2026

Price / Sales n/m outside the range published as a multiple, on $65K revenue, FY2025

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 31.2x on $4.4M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 12, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the INO SEC filings page.

Inovio Pharmaceu (INO) reported $65K in revenue for fiscal year 2025, down 70.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI INO FY2025 2026-08-30

Development-stage model where R&D absorbs cash while commercial revenue remains economically immaterial

In FY2025, the cash conversion gap was minimal: net loss was -$85.0M versus operating cash flow of -$88.6M; losses therefore closely tracked cash consumption rather than being mainly an accounting effect. With R&D at $54.2M against just $65K of revenue, the economics remain defined by funding development rather than monetizing sales.

The low-capital-intensity cash profile is clear: FY2025 free cash flow nearly matched operating cash flow, with capital expenditures of only $286K; the funding need is primarily operating and research spending, not facility expansion.

The short-term cushion has narrowed: current ratio fell from 6.8x in FY2021 to 1.4x in FY2025, leaving less flexibility around continued outflows. The reported liquidity comparison equaled 7.9 months of the latest annual operating outflow, while balance-sheet leverage reached 2.1x debt-to-equity.

Financial Health Signals

Financial health score not available

Inovio Pharmaceu does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Altman Z-Score Distress

-36.14

Inovio Pharmaceu scores -36.14, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($136.5M) relative to total liabilities ($50.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

0/7

Inovio Pharmaceu passes 0 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Inovio Pharmaceu reported a net loss of $85.0M while operations used $88.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue

Inovio Pharmaceu generated $0 in revenue in Q2 2026.

EBITDA

-$18.3M

YoY+19.5%

QoQ+15.4%

Inovio Pharmaceu's EBITDA was -$18.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.5% from the same quarter a year earlier. Against the prior quarter it is up 15.4%.

Net Income

-$6.0M

YoY+74.4%

QoQ+69.5%

Inovio Pharmaceu reported -$6.0M in net income in Q2 2026. This represents an increase of 74.4% from the same quarter a year earlier. Against the prior quarter it is up 69.5%.

EPS (Diluted)

-$0.07

QoQ+75.0%

Inovio Pharmaceu earned -$0.07 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 75.0%.

Cash & Balance Sheet

Free Cash Flow

-$18.0M

YoY+13.4%

QoQ+16.4%

Inovio Pharmaceu recorded an outflow of $18.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 13.4% from the same quarter a year earlier. Against the prior quarter it is up 16.4%.

Cash & Debt

$31.5M

YoY+29.5%

QoQ+20.0%

5Y CAGR-11.8%

10Y CAGR+1.0%

Inovio Pharmaceu held $31.5M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

103M

QoQ+25.7%

5Y CAGR-13.2%

10Y CAGR+3.5%

Inovio Pharmaceu had 103M shares outstanding in Q2 2026. Against the prior quarter it is up 25.7%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-137.5%

YoY-55.1pp

QoQ+186.8pp

Inovio Pharmaceu's ROE was -137.5% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 55.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 186.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$10.8M

YoY-25.4%

QoQ-23.1%

Inovio Pharmaceu invested $10.8M in research and development in Q2 2026. This represents a decrease of 25.4% from the same quarter a year earlier. Against the prior quarter it is down 23.1%.

Capital Expenditures

YoY-100.0%

Inovio Pharmaceu reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier.

Share Buybacks

Not reported for Q2 2026.

INO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

INO quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	$65K-70.0%	$218K-73.8%	$832K-91.9%	$10.3M+478.2%	$1.8M-76.1%	$7.4M+80.2%	$4.1M-86.5%	$30.5M-27.8%	$42.2M+19.4%	$35.4M-12.8%	$40.6M+288.0%	$10.5M-22.4%	$13.5M+227.0%	$4.1M-58.0%	$9.8M
R&D Expenses	N/A	$54.2M-28.3%	$75.6M-12.8%	$86.7M-53.8%	$187.7M-24.7%	$249.2M+164.5%	$94.2M+7.1%	$88.0M-7.6%	$95.3M-3.4%	$98.6M+11.1%	$88.7M+53.5%	$57.8M+69.5%	$34.1M+59.6%	$21.4M+18.8%	$18.0M-10.2%	$20.0M
SG&A Expenses	N/A	$32.7M-11.7%	$37.0M-22.2%	$47.6M-47.2%	$90.2M+67.8%	$53.8M+44.3%	$37.2M+36.9%	$27.2M-7.2%	$29.3M+3.6%	$28.3M+18.4%	$23.9M+32.3%	$18.1M+13.9%	$15.9M+16.2%	$13.6M+26.6%	$10.8M-10.1%	$12.0M
Operating Income	N/A	-$86.8M+22.8%	-$112.4M+21.9%	-$143.9M+46.2%	-$267.6M+11.2%	-$301.2M-142.8%	-$124.1M-11.7%	-$111.1M-18.1%	-$94.1M-12.5%	-$83.6M-9.7%	-$76.2M-122.4%	-$34.3M+13.2%	-$39.5M-102.1%	-$19.5M+16.8%	-$23.5M-8.6%	-$21.6M
EBITDA	N/A	-$85.4M+22.8%	-$110.6M+21.6%	-$141.2M+46.4%	-$263.4M+11.5%	-$297.7M-147.0%	-$120.5M-13.2%	-$106.4M-19.5%	-$89.1M-11.1%	-$80.2M-9.6%	-$73.1M-126.0%	-$32.4M+14.7%	-$37.9M-117.4%	-$17.4M+18.9%	-$21.5M-9.5%	-$19.6M
Interest Expense	N/A	$0-100.0%	$178K-85.5%	$1.2M-2.5%	$1.3M-35.2%	$1.9M-77.7%	$8.7M+9.5%	$7.9M	$0-100.0%	$26K	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	$0	$0	$0+100.0%	-$257K-111.9%	$2.2M	$0	$0+100.0%	-$2.1M	$0	$0-100.0%	$30K+11.1%	$27K
Net Income	N/A	-$85.0M+20.6%	-$107.0M+20.7%	-$135.0M+51.8%	-$279.8M+7.9%	-$303.7M-82.5%	-$166.4M-39.4%	-$119.4M-23.1%	-$97.0M-9.9%	-$88.2M-19.6%	-$73.7M-152.6%	-$29.2M+19.2%	-$36.1M+45.3%	-$66.0M-235.7%	-$19.7M-29.0%	-$15.3M
EPS (Basic)	N/A	-$1.81+54.2%	-$3.95+35.1%	-$6.09+56.7%	-$14.07+19.4%	-$17.45-1530.8%	-$1.07+11.6%	-$1.21-15.2%	-$1.05+2.8%	-$1.08-6.9%	-$1.01-134.9%	-$0.43+29.5%	-$0.61+57.3%	-$1.43-146.6%	-$0.58	N/A
EPS (Diluted)	—	-$1.81	-$3.95+35.1%	-$6.09+56.7%	-$14.07+19.4%	-$17.45	-$1.07	-$1.21-15.2%	-$1.05+3.7%	-$1.09-7.9%	-$1.01-129.5%	-$0.44+31.3%	-$0.64	-$1.43-146.6%	-$0.58	N/A
Diluted Shares (Avg)	N/A	47M	27M+22.5%	22M+11.5%	20M+14.3%	17M	155M	99M+6.7%	93M+13.0%	82M+11.9%	73M+7.1%	68M+15.1%	59M	46M+35.0%	34M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$0	$0-100.0%	N/A	$0	$0-100.0%	$65K	N/A	$0-100.0%
R&D Expenses	$10.8M-25.4%	$14.1M-12.6%	N/A	$13.3M-28.8%	$14.5M-37.1%	$16.1M-23.1%	N/A	$18.7M+20.8%
SG&A Expenses	$7.8M-8.9%	$7.9M-12.7%	N/A	$7.9M-8.6%	$8.6M-16.1%	$9.0M-14.6%	N/A	$8.6M-13.2%
Operating Income	-$18.6M+19.3%	-$21.9M+12.4%	N/A	-$21.2M+22.4%	-$23.1M+30.5%	-$25.1M+20.4%	N/A	-$27.3M+23.1%
EBITDA	-$18.3M+19.5%	-$21.6M+12.3%	N/A	-$20.9M+22.5%	-$22.7M+30.5%	-$24.7M+20.5%	N/A	-$26.9M+22.9%
Interest Expense	N/A	N/A	N/A	$0	$0	$0-100.0%	N/A	$0-100.0%
Net Income	-$6.0M+74.4%	-$19.7M+0.1%	N/A	-$45.5M-80.8%	-$23.5M+27.0%	-$19.7M+35.4%	N/A	-$25.2M+25.8%
EPS (Basic)	-$0.07+88.5%	-$0.28+45.1%	$0.31+151.7%	-$0.87+2.2%	-$0.61+48.7%	-$0.51+61.1%	-$0.60+89.4%	-$0.89+41.4%
EPS (Diluted)	-$0.07	-$0.28	$0.31	-$0.87	-$0.61	-$0.51	-$0.60+89.4%	-$0.89
Diluted Shares (Avg)	82M	69M	N/A	52M	39M	39M	N/A	28M

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Income Tax.

INO Balance Sheet

INO quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$74.3M-34.4%	$113.2M-33.8%	$171.0M-51.0%	$348.5M-29.7%	$495.9M-8.1%	$539.8M+275.0%	$144.0M+9.8%	$131.1M-30.0%	$187.2M+7.8%	$173.7M-18.8%	$213.8M+62.3%	$131.8M+49.3%	$88.3M+95.6%	$45.1M-26.1%	$61.1M
Current Assets	$61.1M-37.5%	$97.8M-36.1%	$153.1M-51.4%	$315.2M-29.7%	$448.4M-4.8%	$471.2M+400.2%	$94.2M+7.3%	$87.8M-36.5%	$138.4M+11.0%	$124.6M-27.5%	$171.9M+73.7%	$98.9M+68.6%	$58.7M+267.5%	$16.0M-50.0%	$31.9M
Cash & Equivalents	$44.3M-32.7%	$65.8M+359.9%	$14.3M-69.1%	$46.3M-34.9%	$71.1M-71.6%	$250.7M+1029.6%	$22.2M-6.3%	$23.7M-0.4%	$23.8M+24.3%	$19.1M-66.8%	$57.6M+42.1%	$40.5M+20.2%	$33.7M+497.2%	$5.6M-67.5%	$17.4M
Short-Term Investments	$14.2M-49.7%	$28.3M-78.4%	$131.0M-36.6%	$206.7M-37.4%	$330.2M+105.2%	$160.9M+139.0%	$67.3M+17.0%	$57.5M-44.5%	$103.6M+21.0%	$85.6M-18.7%	$105.4M+98.5%	$53.1M+180.7%	$18.9M+135.3%	$8.0M-37.5%	$12.9M
Accounts Receivable	$450-100.0%	$1.2M-50.1%	$2.4M+41.3%	$1.7M-68.9%	$5.5M-70.5%	$18.6M+2551.1%	$700K-78.9%	$3.3M-44.8%	$6.0M-62.1%	$15.8M+116.7%	$7.3M+160.3%	$2.8M-15.1%	$3.3M+297.6%	$830K+77.5%	$468K
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0-100.0%	$9.4M	$0	$0	$0	$0	$0	$0	$0
Goodwill	N/A	N/A	$0-100.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M0.0%	$10.5M+4.0%	$10.1M0.0%	$10.1M0.0%	$10.1M0.0%	$10.1M0.0%	$10.1M
Total Liabilities	$50.2M+12.4%	$44.7M-16.6%	$53.6M-57.5%	$126.2M+31.1%	$96.3M+22.4%	$78.6M-43.2%	$138.5M+214.3%	$44.1M-1.5%	$44.8M-11.1%	$50.3M+32.8%	$37.9M+87.2%	$20.2M-42.8%	$35.4M+244.2%	$10.3M-22.4%	$13.2M
Current Liabilities	$43.7M+23.6%	$35.3M-17.0%	$42.6M-56.1%	$96.9M+47.3%	$65.7M+57.6%	$41.7M+30.4%	$32.0M-9.4%	$35.3M-0.3%	$35.4M-19.2%	$43.8M+39.3%	$31.5M+123.4%	$14.1M-51.4%	$29.0M+245.8%	$8.4M-24.1%	$11.0M
Non-Current Liabilities	$6.5M-30.1%	$9.4M-15.1%	$11.0M-62.4%	$29.3M-4.0%	$30.5M-17.3%	$36.9M-65.3%	$106.6M+1113.5%	$8.8M-6.0%	$9.3M+43.6%	$6.5M+1.0%	$6.4M+4.5%	$6.2M-4.0%	$6.4M+236.9%	$1.9M-13.5%	$2.2M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A	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+13324.4%	$3.4M-96.0%	$86.9M-38.9%	$142.4M+15.5%	$123.3M-29.8%	$175.7M+58.0%	$111.2M+112.0%	$52.5M+52.7%	$34.4M-27.4%	$47.3M
Retained Earnings	-$1.8B-4.9%	-$1.7B-6.6%	-$1.6B-9.1%	-$1.5B-23.0%	-$1.2B-33.5%	-$906.2M-22.5%	-$739.8M-19.2%	-$620.4M-18.5%	-$523.4M-20.4%	-$434.8M-20.4%	-$361.1M-8.8%	-$331.9M-12.2%	-$295.8M-28.7%	-$229.8M-9.4%	-$210.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$49.4M-27.6%	$49.8M-43.0%	$74.3M-34.4%	$69.4M-35.2%	$68.2M-49.0%	$87.3M-32.4%	$113.2M-33.8%	$107.1M-44.6%
Current Assets	$39.9M-24.3%	$39.4M-45.1%	$61.1M-37.5%	$55.2M-39.6%	$52.7M-55.2%	$71.9M-35.6%	$97.8M-36.1%	$91.3M-47.8%
Cash & Equivalents	$31.5M+29.5%	$26.3M-34.2%	$44.3M-32.7%	$36.6M+68.6%	$24.4M-29.2%	$39.9M+103.6%	$65.8M+359.9%	$21.7M+15.3%
Short-Term Investments	$5.1M-77.8%	$11.4M-59.9%	$14.2M-49.7%	$14.2M-77.4%	$23.2M-69.5%	$28.4M-66.9%	$28.3M-78.4%	$63.1M-57.5%
Accounts Receivable	N/A	N/A	$450-100.0%	$979K-47.5%	$840K-52.6%	$1.3M-48.6%	$1.2M-50.1%	$1.9M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$45.0M+13.4%	$43.7M+21.3%	$50.2M+12.4%	$77.1M+130.0%	$39.7M+7.2%	$36.0M+3.9%	$44.7M-16.6%	$33.5M-39.0%
Current Liabilities	$39.9M+25.9%	$37.9M+38.8%	$43.7M+23.6%	$69.8M+197.1%	$31.7M+20.1%	$27.3M+16.8%	$35.3M-17.0%	$23.5M-46.2%
Non-Current Liabilities	$5.1M-36.2%	$5.8M-33.5%	$6.5M-30.1%	$7.3M-27.3%	$8.0M-24.9%	$8.7M-22.9%	$9.4M-15.1%	$10.0M-10.7%
Total Equity	$4.4M-84.7%	$6.1M-88.2%	$24.1M-64.8%	-$7.7M-110.5%	$28.5M-70.5%	$51.3M-45.7%	$68.5M-41.6%	$73.5M-46.8%
Retained Earnings	-$1.8B-3.8%	-$1.8B-4.9%	-$1.8B-4.9%	-$1.8B-6.3%	-$1.8B-5.2%	-$1.7B-5.8%	-$1.7B-6.6%	-$1.7B-7.1%

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

INO Cash Flow Statement

INO quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$80.6M	-$88.6M+14.8%	-$104.1M+16.3%	-$124.4M+42.5%	-$216.2M-0.2%	-$215.7M-21.2%	-$178.0M-81.9%	-$97.9M-33.0%	-$73.6M-16.4%	-$63.2M-1.0%	-$62.6M-402.9%	-$12.4M+58.3%	-$29.8M-93.9%	-$15.4M+31.0%	-$22.3M-12.9%	-$19.8M
Depreciation & Amortization	N/A	$1.4M-19.1%	$1.8M-36.7%	$2.8M-33.4%	$4.2M+16.6%	$3.6M-0.7%	$3.6M-23.1%	$4.7M-6.6%	$5.0M+44.0%	$3.5M+12.4%	$3.1M+60.8%	$1.9M+22.3%	$1.6M-25.2%	$2.1M+5.2%	$2.0M-0.8%	$2.0M
Stock-Based Compensation	N/A	$3.8M-43.1%	$6.6M-40.4%	$11.1M-50.9%	$22.6M-14.4%	$26.3M+68.3%	$15.6M+43.5%	$10.9M+2.3%	$10.7M-18.5%	$13.1M+24.7%	$10.5M+69.4%	$6.2M+14.0%	$5.4M+190.6%	$1.9M+38.8%	$1.3M-18.7%	$1.7M
Capital Expenditures	$195K	$286K-41.4%	$488K+52.0%	$321K-66.9%	$969K-21.3%	$1.2M-19.0%	$1.5M+53.9%	$988K-52.6%	$2.1M-79.7%	$10.3M+275.9%	$2.7M-1.5%	$2.8M+101.6%	$1.4M+680.0%	$177K-26.6%	$241K+49.5%	$161K
Free Cash Flow	-$80.8M	-$88.9M+15.0%	-$104.6M+16.1%	-$124.7M+42.6%	-$217.2M-0.1%	-$216.9M-20.9%	-$179.5M-81.6%	-$98.8M-30.7%	-$75.6M-2.9%	-$73.5M-12.6%	-$65.3M-329.0%	-$15.2M+51.2%	-$31.2M-100.6%	-$15.6M+31.0%	-$22.5M-13.2%	-$19.9M
Investing Cash Flow	$17.6M	$14.0M-86.5%	$104.1M+19.1%	$87.4M-20.3%	$109.6M+162.5%	-$175.3M-198.2%	-$58.8M-550.0%	-$9.0M-121.3%	$42.4M+252.4%	-$27.8M-271.0%	$16.3M+129.7%	-$54.8M-53.1%	-$35.8M-287.7%	-$9.2M-275.1%	$5.3M+148.4%	-$10.9M
Financing Cash Flow	$70.2M	$53.1M+3.1%	$51.5M+930.5%	$5.0M-93.9%	$81.8M-61.3%	$211.5M-54.5%	$465.3M+341.5%	$105.4M+239.6%	$31.0M-67.6%	$95.7M+1128.9%	$7.8M-90.8%	$84.4M+16.4%	$72.5M+37.5%	$52.7M+889.5%	$5.3M-81.0%	$28.0M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$18.0M+13.3%	-$21.6M+19.7%	-$19.4M+1.5%	-$21.6M+21.4%	-$20.8M+26.2%	-$26.9M+6.6%	-$19.7M+25.2%	-$27.4M+5.7%
Depreciation & Amortization	$322K-9.6%	$317K-14.7%	$340K-18.4%	$350K-16.5%	$356K-27.5%	$371K-12.5%	$417K-26.8%	$419K-34.6%
Stock-Based Compensation	N/A	$699K-50.1%	N/A	N/A	N/A	$1.4M-44.6%	N/A	N/A
Capital Expenditures	$0-100.0%	$0-100.0%	$127K	$68K	$31K-93.2%	$59K+66.9%	$0	$0
Free Cash Flow	-$18.0M+13.4%	-$21.6M+19.8%	-$19.5M+0.8%	-$21.6M+21.1%	-$20.8M+27.3%	-$26.9M+6.5%	-$19.7M+25.2%	-$27.4M+5.7%
Investing Cash Flow	$6.1M+16.4%	$2.6M+5193.1%	-$58K-100.2%	$8.9M-37.0%	$5.3M-47.0%	-$52K-100.1%	$34.6M+73.7%	$14.1M+356.2%
Financing Cash Flow	$17.2M+49428.8%	$954K-7.2%	$27.1M-6.9%	$24.9M+3672.4%	-$35K-100.1%	$1.0M+109.0%	$29.1M+1485.5%	$661K-5.4%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

INO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

INO quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	-132871.3%	-51616.9%	-17300.3%	-2607.3%	-16972.3%	-1674.3%	-2702.1%	-308.7%	-198.1%	-215.6%	-84.5%	-377.7%	-145.1%	-570.4%	-220.9%
Net Margin	-130082.8%	-49137.6%	-16225.8%	-2726.7%	-17109.9%	-2245.4%	-2902.8%	-318.1%	-208.9%	-208.5%	-71.9%	-345.4%	-490.3%	-477.6%	-155.7%
Return on Equity	-352.8%-196.5pp	-156.2%-41.2pp	-115.0%+10.8pp	-125.8%-49.9pp	-76.0%-39.9pp	-36.1%+3438.6pp	-3474.7%-3363.2pp	-111.5%-49.6pp	-62.0%-2.1pp	-59.8%-43.2pp	-16.6%+15.9pp	-32.5%+93.4pp	-125.9%-68.6pp	-57.3%-25.0pp	-32.2%
Return on Assets	-114.4%-19.9pp	-94.5%-15.6pp	-79.0%+1.3pp	-80.3%-19.1pp	-61.2%-30.4pp	-30.8%+52.1pp	-82.9%-9.0pp	-74.0%-26.9pp	-47.1%-4.7pp	-42.4%-28.8pp	-13.7%+13.8pp	-27.4%+47.4pp	-74.8%-31.2pp	-43.6%-18.6pp	-25.0%
Current Ratio	1.40-1.4x	2.77-0.8x	3.60+0.3x	3.25-3.6x	6.82-4.5x	11.30+8.4x	2.94+0.5x	2.49-1.4x	3.91+1.1x	2.84-2.6x	5.46-1.6x	7.02+5.0x	2.03+0.1x	1.91-1.0x	2.89
Debt-to-Equity	2.08+1.4x	0.65+0.2x	0.46-0.1x	0.57+0.3x	0.24+0.1x	0.17-40.2x	40.33+40.3x	0.00-0.3x	0.31-0.1x	0.41+0.2x	0.220.0x	0.18-0.5x	0.67+0.4x	0.300.0x	0.28
Asset Turnover	0.000.0x	0.000.0x	0.000.0x	0.030.0x	0.000.0x	0.010.0x	0.03-0.2x	0.230.0x	0.230.0x	0.200.0x	0.19+0.1x	0.08-0.1x	0.15+0.1x	0.09-0.1x	0.16
FCF Margin	-136074.5%	-48019.1%	-14986.2%	-2116.3%	-12223.6%	-2422.0%	-2403.7%	-248.1%	-174.1%	-184.6%	-37.5%	-298.4%	-115.5%	-547.5%	-203.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	N/A	N/A	N/A	N/A	N/A	-38337.0%	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	-30140.5%	N/A	N/A
Return on Equity	-137.5%-55.1pp	-324.4%-285.9pp	N/A	N/A	-82.4%-49.1pp	-38.4%-6.2pp	N/A	-34.2%-9.7pp
Return on Assets	-12.2%+22.3pp	-39.5%-17.0pp	N/A	-65.6%-42.1pp	-34.5%-10.4pp	-22.6%+1.0pp	N/A	-23.5%-5.9pp
Current Ratio	1.00-0.7x	1.04-1.6x	1.40-1.4x	0.79-3.1x	1.66-2.8x	2.63-2.1x	2.77-0.8x	3.88-0.1x
Debt-to-Equity	10.30+8.9x	7.20+6.5x	2.08+1.4x	N/A	1.39+1.0x	0.70+0.3x	0.65+0.2x	0.46+0.1x
Asset Turnover	0.000.0x	0.000.0x	N/A	0.000.0x	0.000.0x	0.000.0x	N/A	0.000.0x
FCF Margin	N/A	N/A	N/A	N/A	N/A	-41218.5%	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Inovio Pharmaceu INO	FY2025	$65K	-$85.0M	N/A	$136.5M	—
Protalix Biother PLX	FY2025	$52.7M	-$6.6M	-12.5%	$213.5M	39/100
Nkarta, Inc. NKTX	FY2025	$0	-$104.1M	N/A	$231.3M	—
Actuate Therapeutics Inc ACTU	FY2025	N/A	-$22.2M	N/A	$32.9M	—

Where Inovio Pharmaceu Ranks

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 70.0% year-over-year, from $218K to $65K in fiscal year 2025.

Is Inovio Pharmaceu profitable?

No, Inovio Pharmaceu (INO) reported a net income of -$85.0M in fiscal year 2025.

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 return on equity (ROE)?

Inovio Pharmaceu (INO) has a return on equity of -352.8% 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) recorded an outflow of $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) recorded an outflow of $88.6M in operating cash flow during fiscal year 2025, representing cash used by 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 -114.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Inovio Pharmaceu's P/E ratio?

Inovio Pharmaceu (INO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $136.5M as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Inovio Pharmaceu's price-to-sales ratio?

Inovio Pharmaceu (INO) has no price-to-sales ratio at the moment: outside the range published as a multiple (on $65K revenue, FY2025). The market capitalization is $136.5M as of Sep 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Inovio Pharmaceu's liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Inovio Pharmaceu (INO) held $58.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $88.6M over that year. Dividing the one by the other, the reported balance equals about 8 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Inovio Pharmaceu's Altman Z-Score?

Inovio Pharmaceu (INO) has an Altman Z-Score of -36.14, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Inovio Pharmaceu's Piotroski F-Score?

Inovio Pharmaceu (INO) has a Piotroski F-Score of 0 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $85.0M while operations used $88.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.