INOVIO PHARMACEUTICALS, INC.

Listed Company

INOCIK 0001055726NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$65.3K

Net Income

$-84.90M

Total Assets

$74.31M

Equity

$24.10M

Shares Out

69.09M

Op. Cash Flow

$-88.63M

Business

INOVIO PHARMACEUTICALS, INC. is a clinical-stage biotechnology company developing DNA medicines and proprietary electroporation delivery devices to treat and prevent HPV-associated diseases, cancer and infectious diseases. It offers optimized DNA plasmid therapeutics, DNA-encoded monoclonal antibodies and the CELLECTRA® electroporation devices that facilitate cellular uptake of plasmids for intramuscular or intradermal administration. Its business is organized around product development programs in oncology (e.g., GBM, OPSCC), HPV-related diseases (e.g., RRP) and infectious-disease vaccines and DPROT/DMAb platforms, alongside device manufacturing and collaborative alliances. INOVIO conducts global clinical trials, relies on third-party manufacturers, pursues regulatory approvals, and seeks commercialization through direct efforts and partner licensing in the United States, Europe and other international markets.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue from collaborative arrangement	65,343	217,756	832,010	10	2
Research and development	54	76	87	188	249
General and administrative	33	37	48	90	54
Total operating expenses	87	113	145	278	303
Loss from operations	−87	−112	−144	−268	−301
Interest income	2	5	8	—	—
Interest expense	0	−177,833	−1	—	—
Change in fair value of common stock warrant liabilities	493,231	3	0	—	—
Gain (loss) on investment in affiliated entity	489,844	−1	773,145	−2	−553,570
Net unrealized gain on available-for-sale equity securities	1	2	6	−8	−3
Other expense, net	−3	−3	−5	−4	343,371
Net loss	−85	−107	−135	−280	−304
Basic (in USD per share)	−1.81	−3.95	−6.09	−14.07	−17.45
Diluted (in USD per share)	−1.81	−3.95	−6.09	−14.07	−17.45
Basic (in shares)	47	27	22	20	17
Diluted (in shares)	47	27	22	20	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	44	66	14	46	71
Short-term investments	14	28	131	207	330
Prepaid expenses and other current assets, including from affiliated entity	3	4	5	50	39
Total current assets	61	98	153	315	448
Fixed assets, net	3	4	5	8	17
Investments in affiliated entity	2	2	3	2	4
Operating lease right-of-use assets	7	8	9	10	12
Other assets	2	2	605,315	684,044	1
Total assets	74	113	171	349	496
Accrued clinical trial expenses	650,680	2	2	11	10
Common stock warrant liabilities	29	13	0	—	—
Operating lease liability	3	2	2	3	3
Total current liabilities	44	35	43	97	66
Operating lease liability, net of current portion	7	9	11	13	15
Total liabilities	50	45	54	126	96
Commitments and contingencies	—	—	—	—	—
Preferred stockpar value $0.001; Authorized shares: 10,000,000, issued and outstanding shares: 9 at December 31, 2025 and 2024	0	0	0	0	0
Common stockpar value $0.001; Authorized shares: 600,000,000 at December 31, 2024 and 2023, issued and outstanding: 36,099,991 at December 31, 2024 and 22,793,075 at December 31, 2023	68,997	36,099	22,792	21,090	217,382
Additional paid-in capital	1,840	1,799	1,741	1,711	1,610
Accumulated deficit	−1,800	−1,730	−1,623	−1,488	−1,210
Accumulated other comprehensive loss	−637,963	−675,667	−662,601	−698,741	−282,236
Total Inovio Pharmaceuticals, Inc. stockholders equity	24	69	117	222	400
Total liabilities and stockholders equity	74	113	171	349	496

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1	2	3	4	3
Amortization of operating lease right-of-use assets	2	1	736,472	1	1
Non-cash stock-based compensation	4	7	11	23	26
Non-cash interest on senior convertible notes	0	−355,654	155,814	186,977	858,644
Amortization of discounts on investments	−2,399	−2	−5	−1	2
Loss on sales of short-term investments	890,916	2	5	4	5,397
Net gain on disposal of fixed assets	0	−22,466	317,997	1	0
Prepaid expenses and other current assets, including from affiliated entity	1	3	39	−5	−6
Other assets	−32,821	38,900	78,729	741,750	25
Accounts payable and accrued expenses, including due to affiliated entity	−6	−3	−46	33	26
Accrued clinical trial expenses	−1	−343,522	−8	267,807	375,921
Operating lease right-of-use assets and liabilities, net	−2	−2	−2	−3	−2
Net cash used in operating activities	−89	−104	−124	−216	−216
Purchases of investments	−5	−54	−203	−249	−349
Proceeds from sale of investments	14	28	285	361	175
Proceeds from maturity of investments	5	131	—	—	—
Purchases of capital assets	−285,698	−487,832	−320,898	−969,153	−1
Proceeds from sale of capital assets	0	59,319	6	0	0
Net cash provided by investing activities	14	104	87	110	−175
Repayment of convertible senior notes	0	−16	0	—	—
Proceeds from issuance of common stock, net of issuance costs	35	36	5	83	209
Proceeds from warrant exercises	1	0	—	—	—
Proceeds from stock option exercises	1,000	68,000	0	—	—
Taxes paid related to net share settlement of equity awards	−110,783	−420,795	−466,646	−1	−5
Net cash provided by financing activities	53	51	5	82	211
Effect of exchange rate changes on cash and cash equivalents	0	32,403	−3,920	−25,556	−30,134
(Decrease) Increase in cash and cash equivalents	−22	52	−32	−25	−180
Interest paid	0	533,487	1	1	1

Filings

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