INOVIO PHARMACEUTICALS, INC. Segments Disclosure
| Year Ended December 31, | |||||||||||
| 2024 | 2023 | ||||||||||
| Revenue from collaborative arrangements and other contracts, including affiliated entity | $ | 217,756 | $ | 832,010 | |||||||
| Less: | |||||||||||
| INO-3107 | 29,930,344 | 17,840,728 | |||||||||
| INO-5401 and other Immuno-oncology | 6,293,401 | 11,758,935 | |||||||||
| Other programs (a) | (77,955) | 18,701,675 | |||||||||
| Engineering and device-related | 19,393,929 | 8,863,170 | |||||||||
| Stock-based compensation | 2,821,226 | 4,606,341 | |||||||||
| Other unallocated expenses (b) | 17,259,395 | 24,905,714 | |||||||||
| General and administrative | 36,996,338 | 47,582,104 | |||||||||
| Impairment of goodwill | — | 10,513,371 | |||||||||
| Total operating expenses | 112,616,678 | 144,772,038 | |||||||||
| Interest income | 4,766,993 | 8,133,290 | |||||||||
| Interest expense | (177,833) | (1,222,789) | |||||||||
| Change in fair value of common stock warrant liability | 2,808,608 | — | |||||||||
| (Loss) gain on investment in affiliated entity | (1,166,443) | 773,145 | |||||||||
| Net unrealized gain on available-for-sale equity securities | 2,077,182 | 5,850,626 | |||||||||
| Other expense, net | (3,163,711) | (4,711,596) | |||||||||
| Net loss | $ | (107,254,126) | $ | (135,117,352) | |||||||
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.