Free cash flow remains deeply negative with quarterly outflows consistently exceeding $20 million, leaving the firm with a precarious liquidity profile and a current ratio that has compressed to 1.04.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -83.35M | -88.63M | -104.08M | -124.37M | -216.22M | -215.71M | -177.98M | -97.85M | -73.55M | -63.21M | -62.56M | -12.44M | -29.82M | -15.38M | -22.31M | -19.76M | -11.94M | -14.08M | -11.13M | -11.51M | -7.04M | -12.34M | -6.8M | -2.75M | -4.96M | -8.37M | -8.79M | -6.3M |
| Operating CF Margin % | - | -135637.22% | -47795.03% | -14947.6% | -2106.9% | -12154.25% | -2401.48% | -2379.66% | -241.29% | -149.71% | -176.87% | -30.66% | -285.21% | -114.21% | -541.6% | -201.69% | -194.27% | -154.39% | -530.43% | -239.48% | -203.08% | -225.68% | -582.68% | -3412.95% | -2616.92% | -187.98% | -173.14% | -75.9% |
| Operating CF Growth % | 68.76% | 14.84% | 16.31% | 42.48% | -0.24% | -21.2% | -81.89% | -33.04% | -16.36% | -1.05% | -402.9% | 58.29% | -93.89% | 31.05% | -12.91% | -65.49% | 15.22% | -26.55% | 3.36% | -63.47% | 42.92% | -81.43% | -147.43% | 44.58% | 40.75% | 4.78% | -39.54% | - |
| Net Income | -84.93M | -84.95M | -107.25M | -135.12M | -279.82M | -303.66M | -167.47M | -120.55M | -96.97M | -88.21M | -73.74M | -29.1M | -36.14M | -66.08M | -19.71M | -15.3M | -17.64M | -24.46M | -12.97M | -11.2M | -12.48M | -15.3M | -11.26M | -6.59M | -5.96M | -8.64M | -9.6M | -6.6M |
| Depreciation & Amortization | 2.99M | 2.99M | 3.13M | 3.5M | 5.5M | 4.73M | 4.63M | 5.52M | 5M | 3.47M | 3.09M | 1.92M | 1.57M | 2.1M | 1.99M | 2.01M | 2.11M | 1.68M | 993.03K | 954.64K | 911.64K | 799.32K | 573.04K | 584.41K | 619.34K | 655.5K | 566.36K | 400K |
| Stock-Based Compensation | 2.36M | 3.76M | 6.6M | 11.07M | 22.56M | 26.34M | 15.65M | 10.9M | 10.65M | 13.07M | 10.48M | 6.19M | 5.43M | 1.87M | 1.35M | 1.65M | 1.17M | 2.16M | 1.14M | 1.7T | 1.4M | 116.38K | 413.32K | 170.96K | 105.41K | 226K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -32.05K | 4.03M | 0 | 37.93M | -260.82K | 3.42M | -150.03K | -849 | -2.08M | 27.54K | 32.27K | 22.81K | 53.19K | 53.19K | -887.25K | -63B | -63B | -63K | -57.75K | -413.32K | -170.96K | 5.86M | -226K | 0 | 0 |
| Other Non-Cash Items | 2.2M | -1.21M | -3.88M | 6.47M | 11.69M | 6.53M | 2.36M | 10.09M | -360.8K | 5.71M | -1.83M | -3M | -2.88M | 45.03M | -4.77M | -6.89M | -1.28M | 11.1M | 63B | -1.64T | 238.97K | 3.36M | 647.65K | 3.22M | -5.81M | -49.56K | 109.18K | 100K |
| Working Capital Changes | -5.96M | -9.22M | -2.66M | -10.26M | 19.83M | 50.35M | -71.07M | -3.54M | 4.71M | 2.9M | -546.16K | 13.64M | 2.17M | 1.67M | -1.19M | -1.28M | 3.65M | -3.67M | -187.02K | -640.54K | 2.95M | -1.26M | 3.24M | 38.91K | 232.7K | -336.09K | 133.67K | -200K |
| Change in Receivables | 331.65K | 0 | 1.21M | 9.33M | -3.71M | 11.03M | -17.02M | 2.02M | 2.43M | 10.08M | -9.24M | -4.53M | 497.36K | -2.43M | -360.35K | 33.74K | 213.02K | 1.39M | 464.82K | -726.88B | -57.63K | 152.47K | -249.16K | -99.41K | 88.64K | 229.81K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -55.15M | 935.79K | -963.92K | 531.87K | 592.02K | 1.05M | 441.94K | -1.6M | -97.19K | -410K | 718.29K | 177.97K | 583.84B | 1.05T | -400.42K | -121.9K | -2.7M | 304.7K | -223.06K | -253.42K | -21.36K | -300K |
| Change in Payables | -4.12M | -6.42M | -3.37M | -45.99M | 32.61M | 26.14M | 3.25M | -4.59M | 601.26K | 2.68M | 7.28M | 6.59M | 993.22K | 2.5M | -623.91K | -156.07K | -156.07K | 428.35K | -583.84B | -321.08B | -233.89K | -1.26M | 2.95M | -205.28K | 279.48K | -113.05K | 0 | 0 |
| Cash from Investing | 16.73M | 14.04M | 104.07M | 87.36M | 109.59M | -175.34M | -58.8M | -9.04M | 42.42M | -27.83M | 16.27M | -54.82M | -35.81M | -9.24M | 5.28M | -10.9M | 11.44M | 1.45M | 2.92M | -2.85M | -16.07M | -3.08M | -439.12K | -340.12K | -389.15K | -3.39M | -785.09K | -800K |
| Capital Expenditures | -226.32K | -285.7K | -487.83K | -320.9K | -969.15K | -1.23M | -1.52M | -987.93K | -2.09M | -10.29M | -3.94M | -2.78M | -1.38M | -176.93K | -240.99K | -161.19K | -306.63K | -164.94K | -583.8K | -645.73K | -1.37M | -286.91K | -102.36K | -59.62K | -408.71K | -263.97K | -289.51K | -500K |
| CapEx % of Revenue | - | 437.23% | 224.03% | 38.57% | 9.44% | 69.36% | 20.52% | 24.03% | 6.84% | 24.38% | 11.14% | 6.86% | 13.2% | 1.31% | 5.85% | 1.65% | 4.99% | 1.81% | 27.83% | 13.43% | 39.36% | 5.25% | 8.77% | 74.03% | 215.66% | 5.93% | 5.7% | 6.02% |
| Acquisitions | 0 | 0 | 0 | 6.22M | -2M | 0 | 38.73M | 987.93B | 2.78T | 0 | -1.2M | 0 | 1.38M | 0 | 0 | 0 | -124.98K | 1.61M | -7.42T | 645.73B | 1.37M | -2.34M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 59.32K | 0 | 0 | 0 | -2.77M | -987.93B | -2.78T | 1M | 2.2M | 1M | -1.38M | 2M | 650K | 350K | 157.48K | 1.45M | 7.42T | -645.73B | -1.37M | -447.76K | -336.75K | -280.5K | 19.56K | -320.59K | -495.58K | -300K |
| Cash from Financing | 52.98M | 53.05M | 51.48M | 5M | 81.84M | 211.5M | 465.28M | 105.4M | 31.04M | 95.69M | 7.79M | 84.35M | 72.46M | 52.69M | 5.33M | 28.01M | -9.69M | 28.6M | 12.16M | 16.3M | 14.19M | 14.69M | 11.67M | 15.67M | 4.59M | 5.74M | 13.13M | 6.9M |
| Debt Issued (Net) | 0 | 0 | -16.41M | 0 | 0 | 0 | 171.62K | 97.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.18M | -160.84K | 12.11M | 36.03K | 0 | 0 | 0 | -20.64K | -27.48K | 0 | -58.33K | -45.89K |
| Equity Issued (Net) | 53.14M | 53.16M | 68.31M | 5.46M | 82.96M | 209.44M | 454.49M | 9.09M | 29.23M | 94.35M | 6.3M | 81.9M | 59.21M | 32.88M | 5.33M | 27.99M | 2.31M | 28.41M | 1.09K | 16.29M | 14.33M | 15.3M | 11.95M | 15.69M | 698.79K | 0 | 5.8M | 2.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23.34K | -132.34K | -613.93K | -276.31K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -166.8K | -110.78K | -420.8K | -466.65K | -1.11M | 2.06M | 10.62M | -1.14M | 1.81M | 1.34M | 1.49M | 2.45M | 13.25M | 19.81M | 0 | 15.93K | 168.66K | 358.74K | 50K | 0 | 0 | 0 | 0 | 0 | 3.92M | 5.74M | 7.39M | 4.93M |
| Net Change in Cash | -13.64M | -21.54M | 51.5M | -32.02M | -24.81M | -179.58M | 228.53M | -1.5M | -92.95K | 4.65M | -38.5M | 17.09M | 6.82M | 28.07M | -11.7M | -2.65M | -10.3M | 16.18M | 3.86M | 1.93M | -8.84M | -723.23K | 4.43M | 12.59M | -937.66K | -6.02M | 3.55M | -300K |
| Free Cash Flow | -83.57M | -88.92M | -104.56M | -124.69M | -217.18M | -216.94M | -179.5M | -98.84M | -75.64M | -73.5M | -66.49M | -15.22M | -31.2M | -15.56M | -22.55M | -19.92M | -12.24M | -14.25M | -11.71M | -12.16M | -8.41M | -12.63M | -6.9M | -2.81M | -5.37M | -8.63M | -9.08M | -6.8M |
| FCF Margin % | - | -136074.45% | -48019.06% | -14986.17% | -2116.34% | -12223.61% | -2422% | -2403.69% | -248.13% | -174.09% | -188% | -37.51% | -298.41% | -115.53% | -547.46% | -203.33% | -199.26% | -156.19% | -558.26% | -252.92% | -242.44% | -230.92% | -591.45% | -3486.98% | -2832.58% | -193.91% | -178.84% | -81.93% |
| FCF Growth % | 18.63% | 14.97% | 16.14% | 42.59% | -0.11% | -20.86% | -81.61% | -30.68% | -2.9% | -10.54% | -336.87% | 51.22% | -100.56% | 31% | -13.21% | -62.66% | 14.05% | -21.65% | 3.69% | -44.61% | 33.4% | -82.9% | -145.83% | 47.69% | 37.83% | 4.91% | -33.53% | - |
| FCF per Share | -0.12 | -0.19 | -3.85 | -5.62 | -10.92 | -1.01 | -1.06 | -0.79 | -0.82 | -0.90 | -0.91 | -0.22 | -0.53 | -0.34 | -0.66 | -0.63 | -0.47 | -0.76 | -1.07 | -1.17 | -1.07 | -2.66 | -1.57 | -0.84 | -2.12 | -5.00 | -6.43 | -5.37 |
| FCF Conversion (FCF/Net Income) | 0.98x | 1.04x | 0.97x | 0.92x | 0.77x | 0.71x | 1.07x | 0.82x | 0.76x | 0.72x | 0.85x | 0.43x | 0.83x | 0.23x | 1.13x | 1.30x | 0.68x | 0.58x | 0.86x | 1.03x | 0.56x | 0.81x | 0.62x | 0.59x | 0.83x | 0.94x | 0.92x | 0.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 1.07M | 1.08M | 4.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 66.69K | 0 | 0 | 0 | 1.07M | 1.08M | 4.62M | 2.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and commercialization failure
According to the provided cash flow data, Inovio consistently reports operating cash outflows that mirror its net losses, with an OCF/NI ratio frequently hovering near 1.0, confirming that the company lacks any meaningful non-cash accruals to bridge the gap between accounting losses and actual cash consumption.
The tight correlation between net income and operating cash flow suggests that the company's losses are almost entirely cash-based rather than driven by non-cash accounting charges. This indicates that the firm's burn rate is a direct reflection of its operational spending, leaving little room for accounting-based relief.
As reported in financial statements, Inovio’s free cash flow trajectory remains deeply negative, with quarterly outflows consistently exceeding $20 million, illustrating a structural inability to generate self-sustaining cash flow while the company remains entirely dependent on external capital to fund its ongoing clinical development pipeline.
The absence of positive free cash flow margins highlights the firm's status as a capital-consuming entity rather than a commercial enterprise. Investors should monitor the consistency of these outflows, as they represent the primary driver of the company's ongoing liquidity risk.
Based on reported figures, working capital changes have been erratic, with a notable $4.8 million outflow in 2025Q1, suggesting that the company's cash position is susceptible to timing differences in payables and receivables that further complicate an already strained liquidity profile during critical clinical trial phases.
The frequent negative working capital adjustments indicate that the company is not effectively utilizing its payables to manage cash outflows. This volatility adds an unnecessary layer of uncertainty to the firm's already precarious cash runway.
Analysis of the cash flow statement reveals that stock-based compensation, which reached as high as $2.5 million in 2024Q1, serves as a significant non-cash expense that effectively masks the true economic cost of talent retention while simultaneously diluting existing shareholders to preserve limited cash reserves.
While SBC is a standard tool in biotech, its reliance here suggests that the company is attempting to conserve cash by substituting equity for salary. This practice warrants further investigation as it may lead to significant future dilution if the company fails to reach commercialization milestones.
Quick answers to the most common questions about buying INO stock.
Inovio Pharmaceuticals, Inc. (INO) generated $-88.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Inovio Pharmaceuticals, Inc. (INO) reported negative free cash flow of $88.9M in 2025, indicating capital requirements exceeded cash from operations.
Inovio Pharmaceuticals, Inc. (INO) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.