Inovio Pharmaceuticals, Inc. (INO) 10-Year Financial Performance & Capital Metrics

INO •

HealthcareBiotechnologyVaccines and Infectious Disease

AboutInovio Pharmaceuticals, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus (HPV), cancer, and infectious diseases. Its DNA medicines platform uses precisely designed SynCon that identify and optimize the DNA sequence of the target antigen, as well as CELLECTRA smart devices technology that facilitates delivery of the DNA plasmids. The company engages in conducting and planning clinical studies of its DNA medicines for HPV-associated precancers, including cervical, vulvar, and anal dysplasia; HPV-associated cancers, such as head and neck, cervical, anal, penile, vulvar, and vaginal; other HPV-associated disorders, including recurrent respiratory papillomatosis; glioblastoma multiforme; prostate cancer; HIV; Ebola; Middle East Respiratory Syndrome (MERS); and Lassa fever. Its partners and collaborators include ApolloBio Corp., AstraZeneca, Beijing Advaccine Biotechnology Co., Ltd., The Bill & Melinda Gates Foundation, Coalition for Epidemic Preparedness Innovations (CEPI), Defense Advanced Research Projects Agency (DARPA), Department of Defense (DoD), HIV Vaccines Trial Network, International Vaccine Institute, Kaneka Eurogentec, Medical CBRN Defense Consortium (MCDC), National Cancer Institute, National Institutes of Health, National Institute of Allergy and Infectious Diseases, Ology Bioservices, the Parker Institute for Cancer Immunotherapy, Plumbline Life Sciences, Regeneron Pharmaceuticals, Thermo Fisher Scientific, University of Pennsylvania, Walter Reed Army Institute of Research, and The Wistar Institute. The company has an agreement with Richter-Helm BioLogics GmbH & Co. KG to support investigational DNA vaccine INO-4800 for COVID-19; and a partnership with International Vaccine Institute and Seoul National University Hospital. The company was founded in 1979 and is headquartered in Plymouth Meeting, Pennsylvania.Show more

Revenue $218K -73.8%
EBITDA -$109M +22.2%
Net Income -$107M +20.6%
EPS (Diluted) -3.95 +35.1%
Gross Margin 100%
EBITDA Margin -50179.5% -197.3%
Operating Margin -51616.91% -198.4%
Net Margin -49254.27% -203.3%
ROE -115.42% -45.1%
ROIC -114.07% -80.3%
Debt/Equity 0.17 -32.7%
Interest Coverage -632.05 -436.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Sales declining 44.4% over 5 years
✗Shares diluted 22.5% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-32.1%

5Y-44.44%

3Y-50.31%

TTM-10.36%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM4.24%

EPS CAGR

10Y-

5Y-

3Y-

TTM19%

ROCE

10Y Avg-68.28%

5Y Avg-73.76%

3Y Avg-87.74%

Latest-108.99%

Peer Comparison

Vaccines and Infectious Disease

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVACCureVac N.V.	1.05B	4.66	6.47	8.96%	37.93%	33.02%	7.95%	0.06
NVAXNovavax, Inc.	1.67B	10.14	3.93	64.69%	39.19%
SCNIScinai Immunotherapeutics Ltd.	3.03B	0.89	0.15		401.83%	58.65%		0.21
TNXPTonix Pharmaceuticals Holding Corp.	142.05M	13.97	-0.08	29.94%	-9.63%	-42.93%		0.04
INOInovio Pharmaceuticals, Inc.	65.34M	1.81	-0.46	-73.83%	-592.82%	-115.42%		0.17
IVVDInvivyd, Inc.	362.35M	1.69	-1.18		-119.63%	-64.32%		0.02
SPROSpero Therapeutics, Inc.	122.2M	2.17	-1.71	-53.77%	-122.56%	-165.46%		0.09
AVIRAtea Pharmaceuticals, Inc.	365.63M	4.68	-2.34			-46.56%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	40.57M	35.37M	42.22M	30.48M	4.11M	7.41M	1.77M	10.26M	832.01K	217.76K
Revenue Growth %	288%	-12.83%	19.37%	-27.8%	-86.51%	80.24%	-76.05%	478.23%	-91.89%	-73.83%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	40.57M	35.37M	42.22M	30.48M	4.11M	7.41M	1.77M	10.26M	832.01K	217.76K
Gross Margin %	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Gross Profit Growth %	288%	-12.83%	19.37%	-27.8%	-86.51%	80.24%	-76.05%	478.23%	-91.89%	-73.83%
Operating Expenses+	75.86M	112.6M	126.86M	124.57M	115.22M	131.49M	302.99M	277.84M	144.77M	112.62M
OpEx % of Revenue	186.97%	318.38%	300.48%	408.68%	2802.1%	1774.25%	17072.34%	2707.35%	17400.28%	51716.91%
Selling, General & Admin	18.06M	23.89M	28.29M	29.32M	27.2M	37.25M	53.75M	90.19M	47.58M	37M
SG&A % of Revenue	44.52%	67.55%	67.01%	96.17%	661.57%	502.59%	3028.71%	878.8%	5718.93%	16989.81%
Research & Development	57.79M	88.71M	98.57M	95.26M	88.02M	94.25M	249.24M	187.65M	86.68M	75.62M
R&D % of Revenue	142.44%	250.82%	233.47%	312.51%	2140.54%	1271.66%	14043.62%	1828.55%	10417.73%	34727.1%
Other Operating Expenses	177.56K	127.55K	806.82K	360.8K	0	0	0	0	10.51M	0
Operating Income+	-34.28M	-76.24M	-83.64M	-94.09M	-111.11M	-124.08M	-301.22M	-267.57M	-143.94M	-112.4M
Operating Margin %	-84.5%	-215.55%	-198.11%	-308.68%	-2702.1%	-1674.25%	-16972.34%	-2607.35%	-17300.28%	-51616.91%
Operating Income Growth %	13.2%	-122.37%	-9.72%	-12.49%	-18.09%	-11.68%	-142.76%	11.17%	46.21%	21.91%
EBITDA+	-32.37M	-73.15M	-80.17M	-89.09M	-105.59M	-119.45M	-296.49M	-262.08M	-140.44M	-109.27M
EBITDA Margin %	-79.77%	-206.82%	-189.9%	-292.29%	-2567.95%	-1611.8%	-16705.78%	-2553.8%	-16879.18%	-50179.5%
EBITDA Growth %	14.66%	-126.02%	-9.6%	-11.13%	-18.52%	-13.13%	-148.2%	11.61%	46.41%	22.19%
D&A (Non-Cash Add-back)	1.92M	3.09M	3.47M	5M	5.52M	4.63M	4.73M	5.5M	3.5M	3.13M
EBIT	-35.28M	-77.24M	-88.18M	-94.8M	-112.86M	-154.19M	-301.29M	-276.4M	-133.89M	-107.08M
Net Interest Income+	305.07K	1.26M	1.81M	2.26M	-5.34M	-5.39M	1.43M	3.53M	6.91M	4.59M
Interest Income	305.07K	1.4M	1.84M	2.26M	2.61M	3.31M	3.36M	4.78M	8.13M	4.77M
Interest Expense	0	139.25K	25.93K	0	7.95M	8.7M	1.94M	1.25M	1.22M	177.83K
Other Income/Expense	3.08M	2.5M	-4.56M	-706.88K	-9.7M	-43.39M	-2.44M	-12.24M	8.82M	5.14M
Pretax Income+	-31.2M	-73.74M	-88.21M	-94.8M	-120.81M	-167.47M	-303.66M	-279.82M	-135.12M	-107.25M
Pretax Margin %	-76.9%	-208.49%	-208.92%	-311%	-2938.01%	-2259.75%	-17109.87%	-2726.67%	-16239.87%	-49254.27%
Income Tax+	-2.1M	0	0	2.17M	-257.33K	0	0	0	0	0
Effective Tax Rate %	93.55%	100%	100%	102.29%	98.8%	99.36%	100%	100%	100%	100%
Net Income+	-29.19M	-73.74M	-88.21M	-96.97M	-119.36M	-166.41M	-303.66M	-279.82M	-135.12M	-107.25M
Net Margin %	-71.94%	-208.49%	-208.92%	-318.12%	-2902.75%	-2245.39%	-17109.87%	-2726.67%	-16239.87%	-49254.27%
Net Income Growth %	19.2%	-152.64%	-19.62%	-9.93%	-23.09%	-39.42%	-82.47%	7.85%	51.71%	20.62%
Net Income (Continuing)	-29.1M	-73.74M	-88.21M	-96.97M	-120.55M	-167.47M	-303.66M	-279.82M	-135.12M	-107.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	245.83K	96.27K	96.27K	96.27K	1.97M	0	0	0	0	0
EPS (Diluted)+	-0.43	-1.01	-1.08	-1.05	-0.97	-1.07	-1.42	-14.07	-6.09	-3.95
EPS Growth %	29.51%	-134.88%	-6.93%	2.78%	7.62%	-10.31%	-32.71%	-890.85%	56.72%	35.14%
EPS (Basic)	-0.43	-1.01	-1.08	-1.05	-0.97	-1.07	-1.42	-14.07	-6.09	-3.95
Diluted Shares Outstanding	68.37M	73.21M	81.92M	92.54M	124.62M	169.87M	214.62M	19.89M	22.17M	27.16M
Basic Shares Outstanding	68.2M	73.01M	81.78M	92.35M	124.62M	165.36M	214.62M	19.89M	22.17M	27.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	171.85M	124.6M	138.36M	87.81M	94.2M	471.17M	448.44M	315.24M	153.11M	97.83M
Cash & Short-Term Investments	162.99M	104.77M	127.43M	81.23M	89.53M	411.64M	401.31M	253M	145.29M	94.11M
Cash Only	57.63M	19.14M	23.79M	23.69M	22.2M	250.73M	71.14M	46.33M	14.31M	65.81M
Short-Term Investments	105.36M	85.63M	103.64M	57.54M	67.34M	160.91M	330.17M	206.67M	130.98M	28.3M
Accounts Receivable	7.33M	16.57M	6.49M	4.05M	2.03M	19.06M	8.03M	11.74M	2.41M	1.2M
Days Sales Outstanding	65.97	171	56.11	48.56	180.38	938.88	1.65K	417.5	1.06K	2.01K
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	261.19K	30.38M	20.43K	0
Total Non-Current Assets+	41.99M	49.11M	48.88M	43.3M	49.75M	68.6M	47.5M	33.29M	17.84M	15.37M
Property, Plant & Equipment	7.31M	9.03M	18.32M	15.95M	26.56M	24.09M	29.02M	17.96M	14.45M	11.77M
Fixed Asset Turnover	5.55x	3.92x	2.30x	1.91x	0.15x	0.31x	0.06x	0.57x	0.06x	0.02x
Goodwill	10.11M	10.51M	10.51M	10.51M	10.51M	10.51M	10.51M	10.51M	0	0
Intangible Assets	3.91M	7.63M	6.01M	4.76M	3.69M	3.15M	2.63M	2.13M	0	0
Long-Term Investments	19.99M	19.83M	11.39M	9.41M	6.32M	4.89M	3.91M	2.01M	2.78M	1.61M
Other Non-Current Assets	676.8K	2.11M	2.64M	2.67M	2.67M	25.96M	1.43M	684.04K	605.32K	1.98M
Total Assets+	213.84M	173.71M	187.24M	131.11M	143.95M	539.77M	495.94M	348.53M	170.95M	113.2M
Asset Turnover	0.19x	0.20x	0.23x	0.23x	0.03x	0.01x	0.00x	0.03x	0.00x	0.00x
Asset Growth %	62.26%	-18.77%	7.79%	-29.98%	9.79%	274.97%	-8.12%	-29.72%	-50.95%	-33.78%
Total Current Liabilities+	31.47M	43.82M	35.41M	35.3M	31.99M	41.71M	65.74M	96.87M	42.57M	35.33M
Accounts Payable	4.46M	6.99M	8.49M	11.02M	7.65M	1.47M	27.97M	21.08M	4.65M	6.44M
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	0	16.77M	0
Deferred Revenue (Current)	13.95M	15.17M	1.35M	257.15K	124.13K	46.63K	21.63K	0	0	0
Other Current Liabilities	5.84M	8.15M	9.24M	14.73M	15.74M	20.66M	20.71M	15.14M	9.95M	23.26M
Current Ratio	5.46x	2.84x	3.91x	2.49x	2.94x	11.30x	6.82x	3.25x	3.60x	2.77x
Quick Ratio	5.46x	2.84x	3.91x	2.49x	2.94x	11.30x	6.82x	3.25x	3.60x	2.77x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	6.44M	6.51M	9.35M	8.78M	106.56M	36.93M	30.53M	29.3M	11.03M	9.37M
Long-Term Debt	0	0	0	0	77.02M	18.66M	14.96M	16.61M	0	0
Capital Lease Obligations	0	0	0	0	20.41M	18.06M	15.46M	12.66M	11.03M	9.37M
Deferred Tax Liabilities	175.64K	174.79K	24.77K	24.77K	32.05K	32.05K	32.05K	32.05K	0	0
Other Non-Current Liabilities	5.49M	5.93M	9.1M	8.61M	8.99M	95.16K	14.83K	0	0	0
Total Liabilities	37.91M	50.33M	44.75M	44.08M	138.55M	78.63M	96.27M	126.17M	53.6M	44.69M
Total Debt+	0	0	0	0	99.51M	39.05M	33.02M	32.07M	30.21M	11.87M
Net Debt	-57.63M	-19.14M	-23.79M	-23.69M	77.31M	-211.68M	-38.12M	-14.25M	15.9M	-53.95M
Debt / Equity	-	-	-	-	18.41x	0.08x	0.08x	0.14x	0.26x	0.17x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-547.48x	-3225.35x	-	-13.98x	-14.26x	-155.55x	-213.38x	-117.71x	-632.05x
Total Equity+	175.93M	123.38M	142.49M	87.03M	5.4M	461.14M	399.67M	222.36M	117.35M	68.5M
Equity Growth %	57.73%	-29.87%	15.49%	-38.92%	-93.79%	8431.97%	-13.33%	-44.36%	-47.23%	-41.62%
Book Value per Share	2.57	1.69	1.74	0.94	0.04	2.71	1.86	11.18	5.29	2.52
Total Shareholders' Equity	175.69M	123.28M	142.39M	86.94M	3.44M	461.14M	399.67M	222.36M	117.35M	68.5M
Common Stock	72.22K	74.06K	90.36K	97.23K	101.36K	186.85K	217.38K	21.09K	22.79K	36.1K
Retained Earnings	-361.1M	-434.84M	-523.36M	-620.43M	-739.79M	-906.2M	-1.21B	-1.49B	-1.62B	-1.73B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.71M	1.33M	-117K	-528.87K	472.61K	-256.15K	-282.24K	-698.74K	-662.6K	-675.67K
Minority Interest	245.83K	96.27K	96.27K	96.27K	1.97M	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-12.44M	-62.56M	-63.21M	-73.55M	-97.85M	-177.98M	-215.71M	-216.22M	-124.37M	-104.08M
Operating CF Margin %	-30.66%	-176.87%	-149.71%	-241.29%	-2379.66%	-2401.48%	-12154.25%	-2106.9%	-14947.6%	-47795.03%
Operating CF Growth %	58.29%	-402.9%	-1.05%	-16.36%	-33.04%	-81.89%	-21.2%	-0.24%	42.48%	16.31%
Net Income	-29.1M	-73.74M	-88.21M	-96.97M	-120.55M	-167.47M	-303.66M	-279.82M	-135.12M	-107.25M
Depreciation & Amortization	1.92M	3.09M	3.47M	5M	5.52M	4.63M	4.73M	5.5M	3.5M	3.13M
Stock-Based Compensation	6.19M	10.48M	13.07M	10.65M	10.9M	15.65M	26.34M	22.56M	11.07M	6.6M
Deferred Taxes	-2.08M	-849	-150.03K	3.42M	-260.82K	37.93M	0	4.03M	-32.05K	0
Other Non-Cash Items	-3M	-1.83M	5.71M	-360.8K	10.09M	2.36M	6.53M	11.69M	6.47M	-3.88M
Working Capital Changes	13.64M	-546.16K	2.9M	4.71M	-3.54M	-71.07M	50.35M	19.83M	-10.26M	-2.66M
Change in Receivables	-4.53M	-9.24M	10.08M	2.43M	2.02M	-17.02M	11.03M	-3.71M	9.33M	1.21M
Change in Inventory	1.05M	592.02K	531.87K	-963.92K	935.79K	-55.15M	0	0	0	0
Change in Payables	6.59M	7.28M	2.68M	601.26K	-4.59M	3.25M	26.14M	32.61M	-45.99M	-3.37M
Cash from Investing+	-54.82M	16.27M	-27.83M	42.42M	-9.04M	-58.8M	-175.34M	109.59M	87.36M	104.07M
Capital Expenditures	-2.78M	-3.94M	-10.29M	-2.09M	-987.93K	-1.52M	-1.23M	-969.15K	-320.9K	0
CapEx % of Revenue	6.86%	11.14%	24.38%	6.84%	24.03%	20.52%	69.36%	9.44%	38.57%	224.03%
Acquisitions	0	-1.2M	0	2.78T	987.93B	38.73M	0	-2M	6.22M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1M	2.2M	1M	-2.78T	-987.93B	-2.77M	0	0	0	-428.51K
Cash from Financing+	84.35M	7.79M	95.69M	31.04M	105.4M	465.28M	211.5M	81.84M	5M	51.48M
Debt Issued (Net)	0	0	0	0	97.44M	171.62K	0	0	0	-16.41M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	2.45M	1.49M	1.34M	1.81M	-1.14M	10.62M	2.06M	-1.11M	-466.65K	31.86M
Net Change in Cash	17.09M	-38.5M	4.65M	-92.95K	-1.5M	228.53M	-179.58M	-24.81M	-32.02M	51.5M
Free Cash Flow+	-15.22M	-66.49M	-73.5M	-75.64M	-98.84M	-179.5M	-216.94M	-217.18M	-124.69M	-104.56M
FCF Margin %	-37.51%	-188%	-174.09%	-248.13%	-2403.69%	-2422%	-12223.61%	-2116.34%	-14986.17%	-48019.06%
FCF Growth %	51.22%	-336.87%	-10.54%	-2.9%	-30.68%	-81.61%	-20.86%	-0.11%	42.59%	16.14%
FCF per Share	-0.22	-0.91	-0.90	-0.82	-0.79	-1.06	-1.01	-10.92	-5.62	-3.85
FCF Conversion (FCF/Net Income)	0.43x	0.85x	0.72x	0.76x	0.82x	1.07x	0.71x	0.77x	0.92x	0.97x
Interest Paid	0	0	0	0	0	4.62M	1.08M	1.07M	0	0
Taxes Paid	0	0	0	0	2.72M	4.62M	1.08M	1.07M	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-20.31%	-49.27%	-66.35%	-84.5%	-258.25%	-71.34%	-70.55%	-89.97%	-79.55%	-115.42%
Return on Invested Capital (ROIC)	-27.17%	-51.39%	-56.28%	-77.53%	-114.11%	-56.03%	-73.95%	-70.46%	-63.25%	-114.07%
Gross Margin	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Net Margin	-71.94%	-208.49%	-208.92%	-318.12%	-2902.75%	-2245.39%	-17109.87%	-2726.67%	-16239.87%	-49254.27%
Debt / Equity	-	-	-	-	18.41x	0.08x	0.08x	0.14x	0.26x	0.17x
Interest Coverage	-	-547.48x	-3225.35x	-	-13.98x	-14.26x	-155.55x	-213.38x	-117.71x	-632.05x
FCF Conversion	0.43x	0.85x	0.72x	0.76x	0.82x	1.07x	0.71x	0.77x	0.92x	0.97x
Revenue Growth	288%	-12.83%	19.37%	-27.8%	-86.51%	80.24%	-76.05%	478.23%	-91.89%	-73.83%

US Stock Screener

...

Inovio Pharmaceuticals, Inc. (INO) 10-Year Financial Performance & Capital Metrics

INO •

HealthcareBiotechnologyVaccines and Infectious Disease

Revenue $218K -73.8%
EBITDA -$109M +22.2%
Net Income -$107M +20.6%
EPS (Diluted) -3.95 +35.1%
Gross Margin 100%
EBITDA Margin -50179.5% -197.3%
Operating Margin -51616.91% -198.4%
Net Margin -49254.27% -203.3%
ROE -115.42% -45.1%
ROIC -114.07% -80.3%
Debt/Equity 0.17 -32.7%
Interest Coverage -632.05 -436.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.7x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Sales declining 44.4% over 5 years
✗Shares diluted 22.5% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-32.1%

5Y-44.44%

3Y-50.31%

TTM-10.36%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM4.24%

EPS CAGR

10Y-

5Y-

3Y-

TTM19%

ROCE

10Y Avg-68.28%

5Y Avg-73.76%

3Y Avg-87.74%

Latest-108.99%

Peer Comparison

Vaccines and Infectious Disease

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CVACCureVac N.V.	1.05B	4.66	6.47	8.96%	37.93%	33.02%	7.95%	0.06
NVAXNovavax, Inc.	1.67B	10.14	3.93	64.69%	39.19%
SCNIScinai Immunotherapeutics Ltd.	3.03B	0.89	0.15		401.83%	58.65%		0.21
TNXPTonix Pharmaceuticals Holding Corp.	142.05M	13.97	-0.08	29.94%	-9.63%	-42.93%		0.04
INOInovio Pharmaceuticals, Inc.	65.34M	1.81	-0.46	-73.83%	-592.82%	-115.42%		0.17
IVVDInvivyd, Inc.	362.35M	1.69	-1.18		-119.63%	-64.32%		0.02
SPROSpero Therapeutics, Inc.	122.2M	2.17	-1.71	-53.77%	-122.56%	-165.46%		0.09
AVIRAtea Pharmaceuticals, Inc.	365.63M	4.68	-2.34			-46.56%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	40.57M	35.37M	42.22M	30.48M	4.11M	7.41M	1.77M	10.26M	832.01K	217.76K
Revenue Growth %	288%	-12.83%	19.37%	-27.8%	-86.51%	80.24%	-76.05%	478.23%	-91.89%	-73.83%
Cost of Goods Sold+	0	0	0	0	0	0	0	0	0	0
COGS % of Revenue	-	-	-	-	-	-	-	-	-	-
Gross Profit+	40.57M	35.37M	42.22M	30.48M	4.11M	7.41M	1.77M	10.26M	832.01K	217.76K
Gross Margin %	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Gross Profit Growth %	288%	-12.83%	19.37%	-27.8%	-86.51%	80.24%	-76.05%	478.23%	-91.89%	-73.83%
Operating Expenses+	75.86M	112.6M	126.86M	124.57M	115.22M	131.49M	302.99M	277.84M	144.77M	112.62M
OpEx % of Revenue	186.97%	318.38%	300.48%	408.68%	2802.1%	1774.25%	17072.34%	2707.35%	17400.28%	51716.91%
Selling, General & Admin	18.06M	23.89M	28.29M	29.32M	27.2M	37.25M	53.75M	90.19M	47.58M	37M
SG&A % of Revenue	44.52%	67.55%	67.01%	96.17%	661.57%	502.59%	3028.71%	878.8%	5718.93%	16989.81%
Research & Development	57.79M	88.71M	98.57M	95.26M	88.02M	94.25M	249.24M	187.65M	86.68M	75.62M
R&D % of Revenue	142.44%	250.82%	233.47%	312.51%	2140.54%	1271.66%	14043.62%	1828.55%	10417.73%	34727.1%
Other Operating Expenses	177.56K	127.55K	806.82K	360.8K	0	0	0	0	10.51M	0
Operating Income+	-34.28M	-76.24M	-83.64M	-94.09M	-111.11M	-124.08M	-301.22M	-267.57M	-143.94M	-112.4M
Operating Margin %	-84.5%	-215.55%	-198.11%	-308.68%	-2702.1%	-1674.25%	-16972.34%	-2607.35%	-17300.28%	-51616.91%
Operating Income Growth %	13.2%	-122.37%	-9.72%	-12.49%	-18.09%	-11.68%	-142.76%	11.17%	46.21%	21.91%
EBITDA+	-32.37M	-73.15M	-80.17M	-89.09M	-105.59M	-119.45M	-296.49M	-262.08M	-140.44M	-109.27M
EBITDA Margin %	-79.77%	-206.82%	-189.9%	-292.29%	-2567.95%	-1611.8%	-16705.78%	-2553.8%	-16879.18%	-50179.5%
EBITDA Growth %	14.66%	-126.02%	-9.6%	-11.13%	-18.52%	-13.13%	-148.2%	11.61%	46.41%	22.19%
D&A (Non-Cash Add-back)	1.92M	3.09M	3.47M	5M	5.52M	4.63M	4.73M	5.5M	3.5M	3.13M
EBIT	-35.28M	-77.24M	-88.18M	-94.8M	-112.86M	-154.19M	-301.29M	-276.4M	-133.89M	-107.08M
Net Interest Income+	305.07K	1.26M	1.81M	2.26M	-5.34M	-5.39M	1.43M	3.53M	6.91M	4.59M
Interest Income	305.07K	1.4M	1.84M	2.26M	2.61M	3.31M	3.36M	4.78M	8.13M	4.77M
Interest Expense	0	139.25K	25.93K	0	7.95M	8.7M	1.94M	1.25M	1.22M	177.83K
Other Income/Expense	3.08M	2.5M	-4.56M	-706.88K	-9.7M	-43.39M	-2.44M	-12.24M	8.82M	5.14M
Pretax Income+	-31.2M	-73.74M	-88.21M	-94.8M	-120.81M	-167.47M	-303.66M	-279.82M	-135.12M	-107.25M
Pretax Margin %	-76.9%	-208.49%	-208.92%	-311%	-2938.01%	-2259.75%	-17109.87%	-2726.67%	-16239.87%	-49254.27%
Income Tax+	-2.1M	0	0	2.17M	-257.33K	0	0	0	0	0
Effective Tax Rate %	93.55%	100%	100%	102.29%	98.8%	99.36%	100%	100%	100%	100%
Net Income+	-29.19M	-73.74M	-88.21M	-96.97M	-119.36M	-166.41M	-303.66M	-279.82M	-135.12M	-107.25M
Net Margin %	-71.94%	-208.49%	-208.92%	-318.12%	-2902.75%	-2245.39%	-17109.87%	-2726.67%	-16239.87%	-49254.27%
Net Income Growth %	19.2%	-152.64%	-19.62%	-9.93%	-23.09%	-39.42%	-82.47%	7.85%	51.71%	20.62%
Net Income (Continuing)	-29.1M	-73.74M	-88.21M	-96.97M	-120.55M	-167.47M	-303.66M	-279.82M	-135.12M	-107.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	245.83K	96.27K	96.27K	96.27K	1.97M	0	0	0	0	0
EPS (Diluted)+	-0.43	-1.01	-1.08	-1.05	-0.97	-1.07	-1.42	-14.07	-6.09	-3.95
EPS Growth %	29.51%	-134.88%	-6.93%	2.78%	7.62%	-10.31%	-32.71%	-890.85%	56.72%	35.14%
EPS (Basic)	-0.43	-1.01	-1.08	-1.05	-0.97	-1.07	-1.42	-14.07	-6.09	-3.95
Diluted Shares Outstanding	68.37M	73.21M	81.92M	92.54M	124.62M	169.87M	214.62M	19.89M	22.17M	27.16M
Basic Shares Outstanding	68.2M	73.01M	81.78M	92.35M	124.62M	165.36M	214.62M	19.89M	22.17M	27.16M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	171.85M	124.6M	138.36M	87.81M	94.2M	471.17M	448.44M	315.24M	153.11M	97.83M
Cash & Short-Term Investments	162.99M	104.77M	127.43M	81.23M	89.53M	411.64M	401.31M	253M	145.29M	94.11M
Cash Only	57.63M	19.14M	23.79M	23.69M	22.2M	250.73M	71.14M	46.33M	14.31M	65.81M
Short-Term Investments	105.36M	85.63M	103.64M	57.54M	67.34M	160.91M	330.17M	206.67M	130.98M	28.3M
Accounts Receivable	7.33M	16.57M	6.49M	4.05M	2.03M	19.06M	8.03M	11.74M	2.41M	1.2M
Days Sales Outstanding	65.97	171	56.11	48.56	180.38	938.88	1.65K	417.5	1.06K	2.01K
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	0	0	261.19K	30.38M	20.43K	0
Total Non-Current Assets+	41.99M	49.11M	48.88M	43.3M	49.75M	68.6M	47.5M	33.29M	17.84M	15.37M
Property, Plant & Equipment	7.31M	9.03M	18.32M	15.95M	26.56M	24.09M	29.02M	17.96M	14.45M	11.77M
Fixed Asset Turnover	5.55x	3.92x	2.30x	1.91x	0.15x	0.31x	0.06x	0.57x	0.06x	0.02x
Goodwill	10.11M	10.51M	10.51M	10.51M	10.51M	10.51M	10.51M	10.51M	0	0
Intangible Assets	3.91M	7.63M	6.01M	4.76M	3.69M	3.15M	2.63M	2.13M	0	0
Long-Term Investments	19.99M	19.83M	11.39M	9.41M	6.32M	4.89M	3.91M	2.01M	2.78M	1.61M
Other Non-Current Assets	676.8K	2.11M	2.64M	2.67M	2.67M	25.96M	1.43M	684.04K	605.32K	1.98M
Total Assets+	213.84M	173.71M	187.24M	131.11M	143.95M	539.77M	495.94M	348.53M	170.95M	113.2M
Asset Turnover	0.19x	0.20x	0.23x	0.23x	0.03x	0.01x	0.00x	0.03x	0.00x	0.00x
Asset Growth %	62.26%	-18.77%	7.79%	-29.98%	9.79%	274.97%	-8.12%	-29.72%	-50.95%	-33.78%
Total Current Liabilities+	31.47M	43.82M	35.41M	35.3M	31.99M	41.71M	65.74M	96.87M	42.57M	35.33M
Accounts Payable	4.46M	6.99M	8.49M	11.02M	7.65M	1.47M	27.97M	21.08M	4.65M	6.44M
Days Payables Outstanding	-	-	-	-	-	-	-	-	-	-
Short-Term Debt	0	0	0	0	0	0	0	0	16.77M	0
Deferred Revenue (Current)	13.95M	15.17M	1.35M	257.15K	124.13K	46.63K	21.63K	0	0	0
Other Current Liabilities	5.84M	8.15M	9.24M	14.73M	15.74M	20.66M	20.71M	15.14M	9.95M	23.26M
Current Ratio	5.46x	2.84x	3.91x	2.49x	2.94x	11.30x	6.82x	3.25x	3.60x	2.77x
Quick Ratio	5.46x	2.84x	3.91x	2.49x	2.94x	11.30x	6.82x	3.25x	3.60x	2.77x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	6.44M	6.51M	9.35M	8.78M	106.56M	36.93M	30.53M	29.3M	11.03M	9.37M
Long-Term Debt	0	0	0	0	77.02M	18.66M	14.96M	16.61M	0	0
Capital Lease Obligations	0	0	0	0	20.41M	18.06M	15.46M	12.66M	11.03M	9.37M
Deferred Tax Liabilities	175.64K	174.79K	24.77K	24.77K	32.05K	32.05K	32.05K	32.05K	0	0
Other Non-Current Liabilities	5.49M	5.93M	9.1M	8.61M	8.99M	95.16K	14.83K	0	0	0
Total Liabilities	37.91M	50.33M	44.75M	44.08M	138.55M	78.63M	96.27M	126.17M	53.6M	44.69M
Total Debt+	0	0	0	0	99.51M	39.05M	33.02M	32.07M	30.21M	11.87M
Net Debt	-57.63M	-19.14M	-23.79M	-23.69M	77.31M	-211.68M	-38.12M	-14.25M	15.9M	-53.95M
Debt / Equity	-	-	-	-	18.41x	0.08x	0.08x	0.14x	0.26x	0.17x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-547.48x	-3225.35x	-	-13.98x	-14.26x	-155.55x	-213.38x	-117.71x	-632.05x
Total Equity+	175.93M	123.38M	142.49M	87.03M	5.4M	461.14M	399.67M	222.36M	117.35M	68.5M
Equity Growth %	57.73%	-29.87%	15.49%	-38.92%	-93.79%	8431.97%	-13.33%	-44.36%	-47.23%	-41.62%
Book Value per Share	2.57	1.69	1.74	0.94	0.04	2.71	1.86	11.18	5.29	2.52
Total Shareholders' Equity	175.69M	123.28M	142.39M	86.94M	3.44M	461.14M	399.67M	222.36M	117.35M	68.5M
Common Stock	72.22K	74.06K	90.36K	97.23K	101.36K	186.85K	217.38K	21.09K	22.79K	36.1K
Retained Earnings	-361.1M	-434.84M	-523.36M	-620.43M	-739.79M	-906.2M	-1.21B	-1.49B	-1.62B	-1.73B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.71M	1.33M	-117K	-528.87K	472.61K	-256.15K	-282.24K	-698.74K	-662.6K	-675.67K
Minority Interest	245.83K	96.27K	96.27K	96.27K	1.97M	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-12.44M	-62.56M	-63.21M	-73.55M	-97.85M	-177.98M	-215.71M	-216.22M	-124.37M	-104.08M
Operating CF Margin %	-30.66%	-176.87%	-149.71%	-241.29%	-2379.66%	-2401.48%	-12154.25%	-2106.9%	-14947.6%	-47795.03%
Operating CF Growth %	58.29%	-402.9%	-1.05%	-16.36%	-33.04%	-81.89%	-21.2%	-0.24%	42.48%	16.31%
Net Income	-29.1M	-73.74M	-88.21M	-96.97M	-120.55M	-167.47M	-303.66M	-279.82M	-135.12M	-107.25M
Depreciation & Amortization	1.92M	3.09M	3.47M	5M	5.52M	4.63M	4.73M	5.5M	3.5M	3.13M
Stock-Based Compensation	6.19M	10.48M	13.07M	10.65M	10.9M	15.65M	26.34M	22.56M	11.07M	6.6M
Deferred Taxes	-2.08M	-849	-150.03K	3.42M	-260.82K	37.93M	0	4.03M	-32.05K	0
Other Non-Cash Items	-3M	-1.83M	5.71M	-360.8K	10.09M	2.36M	6.53M	11.69M	6.47M	-3.88M
Working Capital Changes	13.64M	-546.16K	2.9M	4.71M	-3.54M	-71.07M	50.35M	19.83M	-10.26M	-2.66M
Change in Receivables	-4.53M	-9.24M	10.08M	2.43M	2.02M	-17.02M	11.03M	-3.71M	9.33M	1.21M
Change in Inventory	1.05M	592.02K	531.87K	-963.92K	935.79K	-55.15M	0	0	0	0
Change in Payables	6.59M	7.28M	2.68M	601.26K	-4.59M	3.25M	26.14M	32.61M	-45.99M	-3.37M
Cash from Investing+	-54.82M	16.27M	-27.83M	42.42M	-9.04M	-58.8M	-175.34M	109.59M	87.36M	104.07M
Capital Expenditures	-2.78M	-3.94M	-10.29M	-2.09M	-987.93K	-1.52M	-1.23M	-969.15K	-320.9K	0
CapEx % of Revenue	6.86%	11.14%	24.38%	6.84%	24.03%	20.52%	69.36%	9.44%	38.57%	224.03%
Acquisitions	0	-1.2M	0	2.78T	987.93B	38.73M	0	-2M	6.22M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1M	2.2M	1M	-2.78T	-987.93B	-2.77M	0	0	0	-428.51K
Cash from Financing+	84.35M	7.79M	95.69M	31.04M	105.4M	465.28M	211.5M	81.84M	5M	51.48M
Debt Issued (Net)	0	0	0	0	97.44M	171.62K	0	0	0	-16.41M
Equity Issued (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	2.45M	1.49M	1.34M	1.81M	-1.14M	10.62M	2.06M	-1.11M	-466.65K	31.86M
Net Change in Cash	17.09M	-38.5M	4.65M	-92.95K	-1.5M	228.53M	-179.58M	-24.81M	-32.02M	51.5M
Free Cash Flow+	-15.22M	-66.49M	-73.5M	-75.64M	-98.84M	-179.5M	-216.94M	-217.18M	-124.69M	-104.56M
FCF Margin %	-37.51%	-188%	-174.09%	-248.13%	-2403.69%	-2422%	-12223.61%	-2116.34%	-14986.17%	-48019.06%
FCF Growth %	51.22%	-336.87%	-10.54%	-2.9%	-30.68%	-81.61%	-20.86%	-0.11%	42.59%	16.14%
FCF per Share	-0.22	-0.91	-0.90	-0.82	-0.79	-1.06	-1.01	-10.92	-5.62	-3.85
FCF Conversion (FCF/Net Income)	0.43x	0.85x	0.72x	0.76x	0.82x	1.07x	0.71x	0.77x	0.92x	0.97x
Interest Paid	0	0	0	0	0	4.62M	1.08M	1.07M	0	0
Taxes Paid	0	0	0	0	2.72M	4.62M	1.08M	1.07M	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-20.31%	-49.27%	-66.35%	-84.5%	-258.25%	-71.34%	-70.55%	-89.97%	-79.55%	-115.42%
Return on Invested Capital (ROIC)	-27.17%	-51.39%	-56.28%	-77.53%	-114.11%	-56.03%	-73.95%	-70.46%	-63.25%	-114.07%
Gross Margin	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Net Margin	-71.94%	-208.49%	-208.92%	-318.12%	-2902.75%	-2245.39%	-17109.87%	-2726.67%	-16239.87%	-49254.27%
Debt / Equity	-	-	-	-	18.41x	0.08x	0.08x	0.14x	0.26x	0.17x
Interest Coverage	-	-547.48x	-3225.35x	-	-13.98x	-14.26x	-155.55x	-213.38x	-117.71x	-632.05x
FCF Conversion	0.43x	0.85x	0.72x	0.76x	0.82x	1.07x	0.71x	0.77x	0.92x	0.97x
Revenue Growth	288%	-12.83%	19.37%	-27.8%	-86.51%	80.24%	-76.05%	478.23%	-91.89%	-73.83%

Inovio Pharmaceuticals, Inc. (INO) 10-Year Financial Performance & Capital Metrics

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Revenue History

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Inovio Pharmaceuticals, Inc. (INO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare INO vs Peers

vs BNTX

vs MRNA

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios