The company's revenue trajectory remains non-existent, with quarterly figures frequently hitting zero while R&D costs consistently exceed $10 million, resulting in persistent operating losses.
| 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 |
|---|
| Sales/Revenue | 0 | 65.34K | 217.76K | 832.01K | 10.26M | 1.77M | 7.41M | 4.11M | 30.48M | 42.22M | 35.37M | 40.57M | 10.46M | 13.47M | 4.12M | 9.8M | 6.14M | 9.12M | 2.1M | 4.81M | 3.47M | 5.47M | 1.17M | 80.53K | 189.52K | 4.45M | 5.08M | 8.3M |
| Revenue Growth % | -100% | -69.99% | -73.83% | -91.89% | 478.23% | -76.05% | 80.24% | -86.51% | -27.8% | 19.37% | -12.83% | 288% | -22.35% | 226.98% | -57.95% | 59.41% | -32.62% | 334.78% | -56.37% | 38.62% | -36.56% | 368.45% | 1349.29% | -57.51% | -95.74% | -12.3% | -38.83% | - |
| Cost of Goods Sold | 2.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 225K | 206.25K | 0 | 0 | 0 | 1.93M | 1.46M | 1.2M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6.49% | 3.77% | - | - | - | 43.23% | 28.71% | 14.46% |
| Gross Profit | -2.24M | 65.34K | 217.76K | 832.01K | 10.26M | 1.77M | 7.41M | 4.11M | 30.48M | 42.22M | 35.37M | 40.57M | 10.46M | 13.47M | 4.12M | 9.8M | 6.14M | 9.12M | 2.1M | 4.81M | 3.24M | 5.26M | 1.17M | 80.53K | 189.52K | 2.53M | 3.62M | 7.1M |
| Gross Margin % | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 93.51% | 96.23% | 100% | 100% | 100% | 56.77% | 71.29% | 85.54% |
| Gross Profit Growth % | - | -69.99% | -73.83% | -91.89% | 478.23% | -76.05% | 80.24% | -86.51% | -27.8% | 19.37% | -12.83% | 288% | -22.35% | 226.98% | -57.95% | 59.41% | -32.62% | 334.78% | -56.37% | 48.24% | -38.35% | 350.78% | 1349.29% | -57.51% | -92.5% | -30.17% | -49.02% | - |
| Operating Expenses | 81.48M | 86.89M | 112.62M | 144.77M | 277.84M | 302.99M | 131.49M | 115.22M | 124.57M | 126.86M | 112.6M | 75.86M | 49.95M | 35.01M | 28.76M | 32.02M | 25.36M | 23.08M | 15.76M | 20.71M | 16.81M | 17.64M | 12.68M | 6.71M | 6.12M | 7.08M | 13.15M | 14M |
| OpEx % of Revenue | - | 132971.32% | 51716.91% | 17400.28% | 2707.35% | 17072.34% | 1774.25% | 2802.1% | 408.68% | 300.48% | 318.38% | 186.97% | 477.71% | 259.97% | 698.36% | 326.9% | 412.79% | 253.04% | 751.14% | 430.68% | 484.82% | 322.69% | 1086.27% | 8337.11% | 3231.53% | 159.06% | 259.08% | 168.67% |
| Selling, General & Admin | 16.46B | 32.68M | 37M | 47.58M | 90.19M | 53.75M | 37.25M | 27.2M | 29.32M | 28.29M | 23.89M | 18.06M | 15.86M | 13.64M | 10.78M | 11.99M | 12.11M | 13.67M | 10.01M | 11.08M | 8.08M | 5.98M | 6.13M | 4.57M | 3.66M | 6.62M | 5.61M | 5.5M |
| SG&A % of Revenue | - | 50013.89% | 16989.81% | 5718.93% | 878.8% | 3028.71% | 502.59% | 661.57% | 96.17% | 67.01% | 67.55% | 44.52% | 151.65% | 101.3% | 261.7% | 122.39% | 197.05% | 149.88% | 477% | 230.47% | 232.96% | 109.4% | 525.16% | 5671.1% | 1930.29% | 148.74% | 110.51% | 66.27% |
| Research & Development | 51.51M | 54.21M | 75.62M | 86.68M | 187.65M | 249.24M | 94.25M | 88.02M | 95.26M | 98.57M | 88.71M | 57.79M | 34.1M | 21.37M | 17.98M | 20.03M | 13.26M | 9.41M | 5.75M | 9.63M | 8.51M | 11.45M | 6.55M | 2.15M | 2.47M | 459.71K | 6.98M | 8.1M |
| R&D % of Revenue | - | 82957.43% | 34727.1% | 10417.73% | 1828.55% | 14043.62% | 1271.66% | 2140.54% | 312.51% | 233.47% | 250.82% | 142.44% | 326.06% | 158.67% | 436.67% | 204.51% | 215.74% | 103.16% | 274.14% | 200.22% | 245.37% | 209.52% | 561.1% | 2666.01% | 1301.24% | 10.32% | 137.42% | 97.59% |
| Other Operating Expenses | -2.75M | 0 | 0 | 10.51M | 0 | 0 | 0 | 0 | 360.8K | 806.82K | 127.55K | 177.56K | 348.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 225K | 206.25K | 0 | 0 | 0 | 0 | 566.36K | 400K |
| Operating Income | -83.72M | -86.82M | -112.4M | -143.94M | -267.57M | -301.22M | -124.08M | -111.11M | -94.09M | -83.64M | -76.24M | -34.28M | -39.5M | -19.54M | -23.49M | -21.64M | -19.22M | -13.96M | -13.66M | -15.9M | -13.35M | -15.51M | -11.51M | -6.63M | -5.93M | -5.58M | -9.53M | -6.9M |
| Operating Margin % | - | -132871.32% | -51616.91% | -17300.28% | -2607.35% | -16972.34% | -1674.25% | -2702.1% | -308.68% | -198.11% | -215.55% | -84.5% | -377.71% | -145.12% | -570.42% | -220.91% | -312.79% | -153.04% | -651.14% | -330.68% | -384.82% | -283.63% | -986.27% | -8237.11% | -3131.53% | -125.22% | -187.79% | -83.13% |
| Operating Income Growth % | - | 22.76% | 21.91% | 46.21% | 11.17% | -142.76% | -11.68% | -18.09% | -12.49% | -9.72% | -122.37% | 13.2% | -102.08% | 16.81% | -8.57% | -12.58% | -37.7% | -2.19% | 14.09% | -19.12% | 13.93% | -34.72% | -73.53% | -11.77% | -6.44% | 41.52% | -38.18% | - |
| EBITDA | -80.73M | -83.83M | -109.27M | -140.44M | -262.08M | -296.49M | -119.45M | -105.59M | -89.09M | -80.17M | -73.15M | -32.37M | -37.93M | -17.45M | -21.5M | -19.63M | -17.11M | -12.28M | -12.67M | -14.94M | -12.43M | -14.71M | -10.94M | -6.05M | -5.32M | -5.58M | -8.97M | -6.5M |
| EBITDA Margin % | - | -128297.25% | -50179.5% | -16879.18% | -2553.8% | -16705.78% | -1611.8% | -2567.95% | -292.29% | -189.9% | -206.82% | -79.77% | -362.7% | -129.54% | -521.98% | -200.37% | -278.48% | -134.66% | -603.8% | -310.83% | -358.53% | -269.01% | -937.17% | -7511.39% | -2804.74% | -125.22% | -176.63% | -78.31% |
| EBITDA Growth % | 21.51% | 23.28% | 22.19% | 46.41% | 11.61% | -148.2% | -13.13% | -18.52% | -11.13% | -9.6% | -126.02% | 14.66% | -117.41% | 18.86% | -9.54% | -14.7% | -39.34% | 3.04% | 15.25% | -20.18% | 15.46% | -34.47% | -80.82% | -13.79% | 4.67% | 37.82% | -37.97% | - |
| D&A (Non-Cash Add-back) | 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 | 0 | 566.36K | 400K |
| EBIT | -87.2M | -84.95M | -107.08M | -133.89M | -276.4M | -301.29M | -154.19M | -112.86M | -94.8M | -88.18M | -77.24M | -35.28M | -39.5M | -21.54M | -24.64M | -22.23M | -19.22M | -13.96M | -13.66M | -15.9M | -13.35M | -12.17M | -11.51M | -6.63M | -5.9M | -8.89M | -5.29M | -9.53M |
| Net Interest Income | 553.61M | 2.42M | 4.59M | 6.91M | 3.53M | 1.43M | -5.39M | -5.34M | 2.26M | 1.81M | 1.26M | 305.07K | 331.46K | 132.21K | 166.11K | 34.28K | 147.41K | 2.29K | 643.84K | 1.27M | 867.07K | 207.68K | 247.56K | 45.02K | 26.87K | 464.01K | 423.25K | 531.85K |
| Interest Income | 553.61M | 2.42M | 4.77M | 8.13M | 4.78M | 3.36M | 3.31M | 2.61M | 2.26M | 1.84M | 1.4M | 305.07K | 331.46K | 132.21K | 166.11K | 0 | 147.41K | 0 | 643.84K | 1.27M | 867.07K | 207.68K | 247.56K | 65.5K | 32.32K | 443.63K | 556.19K | 556.19K |
| Interest Expense | 0 | 0 | 177.83K | 1.22M | 1.25M | 1.94M | 8.7M | 7.95M | 0 | 25.93K | 139.25K | 0 | 0 | 0 | 0 | 34.28K | 0 | 10.5M | 0 | 0 | 0 | 0 | 0 | 20.48K | 5.45K | -20.38K | 24.34K | 24.34K |
| Other Income/Expense | -1.21M | 1.88M | 5.14M | 8.82M | -12.24M | -2.44M | -43.39M | -9.7M | -706.88K | -4.56M | 2.5M | 3.08M | 3.36M | -46.54M | 3.78M | 6.33M | 1.51M | -10.5M | 692.84K | 3.42M | 867.07K | 2.44K | 247.56K | 6.63M | 26.87K | -3.29M | -597.18K | 2.93M |
| Pretax Income | -84.93M | -84.95M | -107.25M | -135.12M | -279.82M | -303.66M | -167.47M | -120.81M | -94.8M | -88.21M | -73.74M | -31.2M | -36.14M | -66.08M | -19.71M | -12.95M | -17.71M | -24.46M | -13.61M | -12.48M | -14.48M | -15.5M | 0 | 0 | -5.91M | -8.87M | -10.13M | -6.6M |
| Pretax Margin % | - | -130000% | -49254.27% | -16239.87% | -2726.67% | -17109.87% | -2259.75% | -2938.01% | -311% | -208.92% | -208.49% | -76.9% | -345.61% | -490.69% | -478.63% | -132.19% | -288.27% | -268.21% | -648.8% | -259.52% | -417.65% | -283.59% | - | - | -3117.36% | -199.11% | -199.55% | -79.52% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -257.33K | 2.17M | 0 | 0 | -2.1M | 0 | 0 | 0 | -16.28M | -4.08M | 11.71M | -741.85K | -8.12M | -867.07K | 6.45M | -537.76K | -1.99M | 56.78K | 0 | 638.17K | -600K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.21% | -2.29% | 0% | 0% | 6.72% | 0% | 0% | 0% | 125.77% | 23.05% | -47.88% | 5.45% | 65.04% | 5.99% | -41.61% | - | - | -0.96% | 0% | -6.3% | 9.09% |
| Net Income | -84.93M | -84.95M | -107.25M | -135.12M | -279.82M | -303.66M | -166.41M | -119.36M | -96.97M | -88.21M | -73.74M | -29.19M | -36.12M | -66.03M | -19.67M | -15.25M | -17.61M | -24.41M | -12.97M | -11.2M | -12.48M | -15.3M | -10.97M | -4.66M | -5.96M | -8.87M | -9.6M | -6.6M |
| Net Margin % | - | -130000% | -49254.27% | -16239.87% | -2726.67% | -17109.87% | -2245.39% | -2902.75% | -318.12% | -208.92% | -208.49% | -71.94% | -345.44% | -490.29% | -477.56% | -155.72% | -286.65% | -267.67% | -618.11% | -233.05% | -359.82% | -279.79% | -940.19% | -5792.83% | -3147.32% | -199.11% | -189.07% | -79.52% |
| Net Income Growth % | 11.97% | 20.8% | 20.62% | 51.71% | 7.85% | -82.47% | -39.42% | -23.09% | -9.93% | -19.62% | -152.64% | 19.2% | 45.29% | -235.7% | -28.95% | 13.4% | 27.85% | -88.28% | -15.72% | 10.21% | 18.42% | -39.41% | -135.22% | 21.79% | 32.73% | 7.64% | -45.45% | - |
| Net Income (Continuing) | -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 | -12.34M | -15.3M | -11.26M | -6.59M | -5.91M | -8.87M | -4.94M | -9.6M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.97M | 96.27K | 96.27K | 96.27K | 245.83K | 310.62K | 447.66K | 502.74K | 546.77K | 597.92K | 622.87K | 0 | 0 | 5.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.12 | -1.81 | -3.95 | -6.09 | -14.07 | -1.42 | -1.07 | -0.97 | -1.05 | -1.08 | -1.01 | -0.43 | -0.61 | -1.43 | -0.58 | -0.48 | -0.68 | -1.31 | -1.18 | -1.08 | -1.58 | -3.22 | -2.49 | -1.40 | -2.35 | -5.13 | -6.80 | -5.21 |
| EPS Growth % | 99.89% | 54.18% | 35.14% | 56.72% | -890.85% | -32.71% | -10.31% | 7.62% | 2.78% | -6.93% | -134.88% | 29.51% | 57.34% | -146.55% | -20.83% | 29.41% | 48.09% | -11.02% | -9.26% | 31.65% | 50.93% | -29.32% | -77.86% | 40.43% | 54.19% | 24.56% | -30.52% | - |
| EPS (Basic) | - | -1.81 | -3.95 | -6.09 | -14.07 | -1.42 | -1.07 | -0.97 | -1.05 | -1.08 | -1.01 | -0.43 | -0.61 | -1.43 | -0.58 | -0.48 | -0.68 | -1.31 | -1.18 | -1.08 | -1.58 | -3.22 | -2.49 | -1.40 | -2.35 | -5.13 | -6.80 | -5.21 |
| Diluted Shares Outstanding | 691.02M | 468.86M | 27.16M | 22.17M | 19.89M | 214.62M | 169.87M | 124.62M | 92.54M | 81.92M | 73.21M | 68.37M | 59.41M | 46.09M | 34.13M | 31.56M | 25.8M | 18.68M | 10.98M | 10.37M | 7.88M | 4.75M | 4.41M | 3.33M | 2.54M | 1.73M | 1.41M | 1.27M |
| Basic Shares Outstanding | 691.02M | 468.86M | 27.16M | 22.17M | 19.89M | 214.62M | 165.36M | 124.62M | 92.35M | 81.78M | 73.01M | 68.2M | 59.13M | 46.09M | 33.91M | 31.56M | 25.8M | 18.68M | 10.98M | 10.37M | 7.88M | 4.75M | 4.41M | 3.33M | 2.54M | 1.73M | 1.41M | 1.27M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and commercialization failure
As reported in financial statements, Inovio’s revenue trajectory remains effectively non-existent, with quarterly figures frequently hitting zero or negligible levels, underscoring the firm's total reliance on sporadic grant funding rather than any sustainable commercial product sales or recurring revenue streams from its DNA-based platform.
The lack of consistent top-line growth suggests that the company has yet to transition from a research-oriented entity to a commercial enterprise. Investors should monitor the absence of revenue as a primary indicator that the firm remains entirely dependent on external capital to fund its ongoing clinical development.
Based on the company's reported income statements, the cost structure is dominated by persistent R&D expenditures, which have consistently exceeded $10 million per quarter, highlighting a high fixed-cost base that continues to erode the firm's limited cash reserves without generating any offsetting commercial revenue.
The heavy concentration of spending in R&D reflects the capital-intensive nature of clinical-stage biotechnology, yet the lack of expense discipline relative to revenue generation appears concerning. This cost structure suggests that the company is highly sensitive to any delays in its regulatory pipeline, as there is no operational cushion to absorb extended development timelines.
According to recent SEC filings, Inovio’s operating losses have remained consistently elevated, with quarterly operating income frequently falling below -$20 million, indicating that the firm lacks the necessary scale to achieve operating leverage while it continues to prioritize clinical trial execution over cost-efficient infrastructure management.
The inability to scale operating income relative to gross profit suggests that the company's current business model is not yet optimized for profitability. Analysts should interpret these persistent losses as a sign that the firm remains in a high-risk phase where operational efficiency is secondary to the binary outcome of its lead clinical candidates.
As indicated by the provided financial data, the company's cash position of $44.3 million against recurring quarterly operating losses suggests a precarious liquidity profile that may necessitate further dilutive financing, potentially undermining shareholder value if the firm fails to reach critical clinical milestones in the near term.
The disparity between the current cash burn and the lack of commercial revenue warrants significant caution regarding the company's ability to maintain its status as a going concern. Investors should consider the high probability of equity dilution as a primary risk factor that could offset any potential upside from the firm's proprietary electroporation technology.
Quick answers to the most common questions about buying INO stock.
For fiscal year 2025, Inovio Pharmaceuticals, Inc. (INO) reported total revenue of $0.1M. This represents a 99.2% decline compared to $8.3M in 1999.
Inovio Pharmaceuticals, Inc. (INO) reported a net loss of $84.9M for the fiscal year ending 2025.
Inovio Pharmaceuticals, Inc. (INO) reported an operating income of $-86.8M, resulting in an operating profit margin of -132871.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Inovio Pharmaceuticals, Inc. (INO) generated $0.1M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.