INO · Inovio Pharmaceuticals, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $65.3K | $217.8K | $832.0K | $10.26M | $1.77M | $7.41M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $54.21M | $75.62M | $86.68M | $187.65M | $249.24M | $94.25M |
| SG&A | $32.68M | $37.00M | $47.58M | $90.19M | $53.75M | $37.25M |
| Total Operating Expenses | $86.89M | $112.62M | $144.77M | $277.84M | $302.99M | $131.49M |
| D&A | $1.42M | $1.75M | $2.62M | $3.66M | $3.04M | $3.04M |
| Operating Income | ($86.82M) | ($112.40M) | ($143.94M) | ($267.57M) | ($301.22M) | ($124.08M) |
| Interest Expense | $0 | $177.8K | $1.22M | $1.25M | $1.94M | $8.70M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | ($84.95M) | ($107.25M) | ($135.12M) | ($279.82M) | ($303.66M) | ($166.41M) |
| EPS - Basic | ($1.81) | ($3.95) | ($6.09) | ($14.04) | ($12.84) | - |
| EPS - Diluted | ($1.81) | ($3.95) | ($6.09) | ($14.04) | ($12.84) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $44.27M | $65.81M | $14.31M | $46.33M | $71.14M | $250.73M |
| Accounts Receivable | $450 | $1.20M | - | $1.70M | $5.47M | $18.56M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | $61.12M | $97.83M | $153.11M | $315.24M | $448.44M | $471.17M |
| Total Assets | $74.31M | $113.20M | $170.95M | $348.53M | $495.94M | $539.77M |
| Current Liabilities | $43.67M | $35.33M | $42.57M | $96.87M | $65.74M | $41.71M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $50.21M | $44.69M | $53.60M | $126.17M | $96.27M | $78.63M |
| Stockholders' Equity | $24.10M | $68.50M | $117.35M | $222.36M | $399.67M | $461.14M |
| Retained Earnings | ($1.82B) | ($1.73B) | ($1.62B) | ($1.49B) | ($1.21B) | ($906.20M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($88.63M) | ($104.08M) | ($124.37M) | ($216.22M) | ($215.71M) | ($177.98M) |
| Investing Cash Flow | $14.04M | $104.07M | $87.36M | $109.59M | ($175.34M) | ($58.80M) |
| Financing Cash Flow | $53.05M | $51.48M | $5.00M | $81.84M | $211.50M | $465.28M |
| CapEx | $285.7K | $487.8K | $320.9K | $969.2K | $1.23M | $1.52M |
| Free Cash Flow | ($88.92M) | ($104.56M) | ($124.69M) | ($217.18M) | ($216.94M) | ($179.50M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | -132871.3% | -51616.9% | -17300.3% | -2607.4% | -16972.3% | -1674.2% |
| EBITDA margin | -130701.4% | -50812.3% | -16985.2% | -2571.7% | -16801.0% | -1633.2% |
| Net margin | -130000.0% | -49254.3% | -16239.9% | -2726.7% | -17109.9% | -2245.4% |
| Free cash flow margin | -136074.5% | -48019.1% | -14986.2% | -2116.3% | -12223.6% | -2422.0% |
| FCF / Net income | 1.05 | 0.97 | 0.92 | 0.78 | 0.71 | 1.08 |
| R&D / Revenue | 82957.4% | 34727.1% | 10417.7% | 1828.5% | 14043.6% | 1271.7% |
| SG&A / Revenue | 50013.9% | 16989.8% | 5718.9% | 878.8% | 3028.7% | 502.6% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -114.3% | -94.7% | -79.0% | -80.3% | -61.2% | -30.8% |
| Return on equity | -352.5% | -156.6% | -115.1% | -125.8% | -76.0% | -36.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.40 | 2.77 | 3.60 | 3.25 | 6.82 | 11.30 |
| Quick ratio | 1.40 | 2.77 | 3.60 | 3.25 | 6.82 | 11.30 |
| Cash ratio | 1.01 | 1.86 | 0.34 | 0.48 | 1.08 | 6.01 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | -632.0x | -117.7x | -213.4x | -155.6x | -14.3x |
| Equity multiplier | 3.08 | 1.65 | 1.46 | 1.57 | 1.24 | 1.17 |
| Liabilities / Assets | 0.68 | 0.39 | 0.31 | 0.36 | 0.19 | 0.15 |
| Efficiency | ||||||
| Asset turnover | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.01 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 3d | 2010d | - | 61d | 1124d | 914d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 3.4x | 0.7x | 1.2x | 20.1x | 23.2x | - |
| P / S | 1248.5x | 228.3x | 163.1x | 435.3x | 5234.0x | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -70.0% | -73.8% | -91.9% | 478.2% | -76.1% | 80.2% |
| Revenue CAGR (3y) | -81.5% | -50.3% | -51.8% | 35.6% | -63.1% | -44.0% |
| Revenue CAGR (5y) | -61.2% | -44.4% | -52.8% | -24.6% | -45.0% | -28.8% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 22.8% | 21.9% | 46.2% | 11.2% | -142.8% | -11.7% |
| Net income growth (YoY) | 20.8% | 20.6% | 51.7% | 7.9% | -82.5% | -39.4% |
| EPS growth (YoY) | 54.2% | 35.1% | 56.6% | -9.3% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 15.0% | 16.1% | 42.6% | -0.1% | -20.9% | -81.6% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -64.8% | -41.6% | -47.2% | -44.4% | -13.3% | 13324.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$65.3K totalReportable Segments$65.3K · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-23.95
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
0/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing INOVIO PHARMACEUTICALS against the 5 most active filers in the same SIC group.