Inovio Pharmaceuticals, Inc. (INO) Financials
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 Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.
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 Pharmaceuticals, Inc. (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).
The numbers describe a development-stage company whose research spending still vastly exceeds reported revenue, funded increasingly against a thinning balance sheet.
From FY2023 to FY2025, reported revenue fell from$832K to$65K while R&D remained the dominant expense. In FY2025, R&D was$54.2M beside operating cash outflow of$88.6M , showing that lower reported activity has not yet translated into self-funding operations.
Assets fell from
FY2025 net loss was
Financial Health Signals
Inovio Pharmaceuticals, Inc. 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.
Inovio Pharmaceuticals, Inc. scores -36.66, below the 1.81 distress threshold. The score is pulled down most by an accumulated deficit of $1.8B against total assets of $74.3M. 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.
Inovio Pharmaceuticals, Inc. 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), the one computable operating efficiency signal (asset turnover improving) does not pass.
Inovio Pharmaceuticals, Inc. reported a net loss of $84.9M while operations used $88.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Inovio Pharmaceuticals, Inc. generated $0 in revenue in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Inovio Pharmaceuticals, Inc.'s EBITDA was -$18.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Inovio Pharmaceuticals, Inc. reported a net loss of $6.0M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Inovio Pharmaceuticals, Inc. earned -$0.07 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
Inovio Pharmaceuticals, Inc. recorded an outflow of $18.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Inovio Pharmaceuticals, Inc. held $31.5M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
Inovio Pharmaceuticals, Inc.'s quarterly ROE was -137.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized. 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.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Inovio Pharmaceuticals, Inc. 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%.
Inovio Pharmaceuticals, Inc. reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
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.
| 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 | $0n/m | $0-100.0% | N/A | $0n/m | $0-100.0% | $65Kn/m | 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 | -$18.6Mn/m | -$21.9Mn/m | N/A | -$21.2Mn/m | -$23.1Mn/m | -$25.1Mn/m | N/A | -$27.3Mn/m |
| EBITDA | -$18.3Mn/m | -$21.6Mn/m | N/A | -$20.9Mn/m | -$22.7Mn/m | -$24.7Mn/m | N/A | -$26.9Mn/m |
| Interest Expense | N/A | N/A | N/A | $0n/m | $0n/m | $0-100.0% | N/A | $0-100.0% |
| Net Income | -$6.0Mn/m | -$19.7Mn/m | N/A | -$45.5Mn/m | -$23.5Mn/m | -$19.7Mn/m | N/A | -$25.2Mn/m |
| EPS (Basic) | -$0.07 | -$0.28 | $0.31 | -$0.87 | -$0.61 | -$0.51 | -$0.60n/m | -$0.89 |
| EPS (Diluted) | -$0.07 | -$0.28 | $0.31 | -$0.87 | -$0.61 | -$0.51 | -$0.60n/m | -$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
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.
| 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 |
| 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 | -$1.8Bn/m | -$1.8Bn/m | -$1.8Bn/m | -$1.8Bn/m | -$1.8Bn/m | -$1.7Bn/m | -$1.7Bn/m | -$1.7Bn/m |
Not reported in any period shown, so not listed: Inventory, Long-Term Investments, Goodwill, Long-Term Debt.
INO Cash Flow 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.
| 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 | -$18.0Mn/m | -$21.6Mn/m | -$19.4Mn/m | -$21.6Mn/m | -$20.8Mn/m | -$26.9Mn/m | -$19.7Mn/m | -$27.4Mn/m |
| 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% | $127Kn/m | $68Kn/m | $31K-93.2% | $59K+66.9% | $0n/m | $0n/m |
| Free Cash Flow | -$18.0Mn/m | -$21.6Mn/m | -$19.5Mn/m | -$21.6Mn/m | -$20.8Mn/m | -$26.9Mn/m | -$19.7Mn/m | -$27.4Mn/m |
| Investing Cash Flow | $6.1M+16.4% | $2.6Mn/m | -$58K-100.2% | $8.9M-37.0% | $5.3M-47.0% | -$52K-100.1% | $34.6M+73.7% | $14.1Mn/m |
| Financing Cash Flow | $17.2Mn/m | $954K-7.2% | $27.1M-6.9% | $24.9M+3672.4% | -$35K-100.1% | $1.0Mn/m | $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.
| 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 |
| Liabilities-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, Debt-to-Equity.
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 Pharmaceuticals, Inc. INO | FY2025 | $65K | -$84.9M | N/A | $92.8M | — |
| Protalix BioTherapeutics, Inc. PLX | FY2025 | $52.7M | -$6.6M | -12.5% | $205.5M | 40/100 |
| Nkarta, Inc. NKTX | FY2025 | $0 | -$104.1M | N/A | $128.2M | — |
| Actuate Therapeutics, Inc. ACTU | FY2025 | N/A | -$22.2M | N/A | $11.4M | — |
Where Inovio Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
What is Inovio Pharmaceuticals, Inc.'s annual revenue?
Inovio Pharmaceuticals, Inc. (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 Pharmaceuticals, Inc.'s revenue growing?
Inovio Pharmaceuticals, Inc. (INO) revenue declined by 70.0% year-over-year, from $218K to $65K in fiscal year 2025.
Is Inovio Pharmaceuticals, Inc. profitable?
No, Inovio Pharmaceuticals, Inc. (INO) reported a net loss of $84.9M in fiscal year 2025.
What is Inovio Pharmaceuticals, Inc.'s EBITDA?
Inovio Pharmaceuticals, Inc. (INO) had EBITDA of -$85.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Inovio Pharmaceuticals, Inc.'s return on equity (ROE)?
Inovio Pharmaceuticals, Inc. (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 Pharmaceuticals, Inc.'s free cash flow?
Inovio Pharmaceuticals, Inc. (INO) recorded an outflow of $88.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Pharmaceuticals, Inc.'s operating cash flow?
Inovio Pharmaceuticals, Inc. (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 Pharmaceuticals, Inc.'s total assets?
Inovio Pharmaceuticals, Inc. (INO) had $74.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Inovio Pharmaceuticals, Inc.'s capital expenditures?
Inovio Pharmaceuticals, Inc. (INO) invested $286K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Inovio Pharmaceuticals, Inc. spend on research and development?
Inovio Pharmaceuticals, Inc. (INO) invested $54.2M in research and development during fiscal year 2025.
What is Inovio Pharmaceuticals, Inc.'s current ratio?
Inovio Pharmaceuticals, Inc. (INO) had a current ratio of 1.40 as of fiscal year 2025, which is considered adequate.
What is Inovio Pharmaceuticals, Inc.'s liabilities-to-equity ratio?
Inovio Pharmaceuticals, Inc. (INO) had a liabilities-to-equity ratio of 2.08 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Inovio Pharmaceuticals, Inc.'s return on assets (ROA)?
Inovio Pharmaceuticals, Inc. (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 Pharmaceuticals, Inc.'s P/E ratio?
Inovio Pharmaceuticals, Inc. (INO) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $92.8M as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Inovio Pharmaceuticals, Inc.'s price-to-sales ratio?
Inovio Pharmaceuticals, Inc. (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 $92.8M as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Inovio Pharmaceuticals, Inc.'s Altman Z-Score?
Inovio Pharmaceuticals, Inc. (INO) has an Altman Z-Score of -36.66, 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 Pharmaceuticals, Inc.'s Piotroski F-Score?
Inovio Pharmaceuticals, Inc. (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 Pharmaceuticals, Inc.'s earnings high quality?
Inovio Pharmaceuticals, Inc. (INO) reported a net loss of $84.9M 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.