INOVIO PHARMACEUTICALS, INC. INO
This Annual Report includes trademarks and registered trademarks of INOVIO Pharmaceuticals, Inc. Products or service names of other companies mentioned in this Annual Report may be trademarks or registered trademarks of their respective owners. References herein to "we," "our," "us," "INOVIO" or the "Company" refer to INOVIO Pharmaceuticals, Inc. and its consolidated subsidiaries. References herein to "DNA medicines" refers to our product candidates in development for diseases associated with human papillomavirus (HPV), cancer, and infectious diseases.
Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows and prospects. These risks are discussed more fully in Part I, Item 1A., Risk Factors herein. These risk factors include, but are not limited to, the following:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.3K | $217.8K | $832.0K | $10.3M | $1.8M | $7.4M | $4.1M | $30.5M | $42.2M | $35.4M |
| R&D | $54.2M | $75.6M | $86.7M | $187.7M | $249.2M | $94.2M | $88.0M | $95.3M | $98.6M | $88.7M |
| SG&A | $32.7M | $37.0M | $47.6M | $90.2M | $53.8M | $37.2M | $27.2M | $29.3M | $28.3M | $23.9M |
| Total operating expenses | $86.9M | $112.6M | $144.8M | $277.8M | $303.0M | $131.5M | $115.2M | $124.6M | $125.9M | $111.6M |
| Operating income | -$86.8M | -$112.4M | -$143.9M | -$267.6M | -$301.2M | -$124.1M | -$111.1M | -$94.1M | -$83.6M | -$76.2M |
| Interest expense | $0 | $177.8K | $1.2M | $1.3M | $1.9M | $8.7M | $7.9M | $0 | $25.9K | — |
| Pre-tax income | -$84.9M | -$107.3M | -$135.1M | -$277.7M | -$303.2M | -$162.9M | -$120.8M | -$94.8M | -$88.2M | -$73.7M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $257.3K | $2.2M | $0 | $0 |
| Net income | -$85.0M | -$107.0M | -$135.0M | -$279.8M | -$303.7M | -$166.4M | -$119.4M | -$97.0M | -$88.2M | -$73.7M |
| EPS, basic | -1.81 | -3.95 | -6.09 | -14.07 | -17.45 | -1.07 | -1.21 | -1.05 | -1.08 | -1.01 |
| EPS, diluted | -1.81 | -3.95 | -6.09 | -14.07 | -17.45 | -1.07 | -1.21 | -1.05 | -1.09 | -1.01 |
| Shares, diluted (wtd. avg.) | $46.9M | $27.2M | $22.2M | $19.9M | $17.4M | $155.1M | $98.7M | $92.5M | $81.9M | $73.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $44.3M | $65.8M | $14.3M | $46.3M | $71.1M | $250.7M | $22.2M | $23.7M | $23.8M | $19.1M |
| Short-term investments | $14.2M | $28.3M | $131.0M | $206.7M | $330.2M | $160.9M | $67.3M | $57.5M | $103.6M | $85.6M |
| Receivables | $450 | $1.2M | $2.4M | $1.7M | $5.5M | $18.6M | $700.1K | $3.3M | $6.0M | $15.8M |
| Total current assets | $61.1M | $97.8M | $153.1M | $315.2M | $448.4M | $471.2M | $94.2M | $87.8M | $138.4M | $124.6M |
| Property, plant and equipment | $2.5M | $3.7M | $5.0M | $7.7M | $17.5M | $11.3M | $12.8M | $15.9M | $18.3M | $9.0M |
| Goodwill | — | — | $0 | $10.5M | $10.5M | $10.5M | $10.5M | $10.5M | $10.5M | $10.5M |
| Other intangibles | — | — | $0 | $2.1M | $2.6M | $3.1M | $3.7M | $4.8M | $6.0M | $7.6M |
| Total assets | $74.3M | $113.2M | $171.0M | $348.5M | $495.9M | $539.8M | $144.0M | $131.1M | $187.2M | $173.7M |
| Accounts payable | — | — | — | $79.7M | $47.6M | $21.2M | $18.2M | $23.1M | $23.3M | $19.6M |
| Total current liabilities | $43.7M | $35.3M | $42.6M | $96.9M | $65.7M | $41.7M | $32.0M | $35.3M | $35.4M | $43.8M |
| Total liabilities | $50.2M | $44.7M | $53.6M | $126.2M | $96.3M | $78.6M | $138.5M | $44.1M | $44.8M | $50.3M |
| Retained earnings | -$1.82B | -$1.73B | -$1.62B | -$1.49B | -$1.21B | -$906.2M | -$739.8M | -$620.4M | -$523.4M | -$434.8M |
| Total equity | $24.1M | $68.5M | $117.3M | $222.4M | $399.7M | $461.1M | $5.4M | $87.0M | $142.5M | $123.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$88.6M | -$104.1M | -$124.4M | -$216.2M | -$215.7M | -$178.0M | -$97.9M | -$73.6M | -$63.2M | -$62.6M |
| Depreciation and amortisation | $1.4M | $1.8M | $2.6M | $3.7M | $3.0M | $3.0M | $3.6M | $3.7M | $1.9M | $1.7M |
| Stock-based compensation | $3.8M | $6.6M | $11.1M | $22.6M | $26.3M | $15.6M | $10.9M | $10.7M | $13.1M | $10.5M |
| Capital expenditure | $285.7K | $487.8K | $320.9K | $969.2K | $1.2M | $1.5M | $987.9K | $2.1M | $10.3M | $2.7M |
| Investing cash flow | $14.0M | $104.1M | $87.4M | $109.6M | -$175.3M | -$58.8M | -$9.0M | $42.4M | -$27.8M | $16.3M |
| Financing cash flow | $53.1M | $51.5M | $5.0M | $81.8M | $211.5M | $465.3M | $105.4M | $31.0M | $95.7M | $7.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001055726-26-000011.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |