INO
Inovio Pharmaceuticals Inc
NASDAQ: INO · HEALTHCARE · BIOTECHNOLOGY
$1.36
-5.79% today
Updated 2026-06-03
Market cap
$88.03M
P/E ratio
—
P/S ratio
1,712.37x
EPS (TTM)
$-1.58
Dividend yield
—
52W range
$1 – $3
Volume
3.1M
Inovio Pharmaceuticals Inc (INO) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.47M | $4.81M | $2.10M | $9.12M | $6.14M | $9.80M | $4.12M | $13.47M | $10.46M | $40.57M | $35.37M | $42.22M | $30.48M | $4.11M | $7.41M | $1.77M | $10.26M | $832010.00 | $217756.00 | $65343.00 |
| Revenue growth (YoY) | — | +38.6% | -56.4% | +334.8% | -32.6% | +59.4% | -58.0% | +227.0% | -22.4% | +288.0% | -12.8% | +19.4% | -27.8% | -86.5% | +80.2% | -76.1% | +478.2% | -91.9% | -73.8% | -70.0% |
| Cost of revenue | $225000.00 | $19.36M | $14.83M | $20.12M | $23.18M | $29.98M | $26.74M | $32.88M | $48.35M | $57.79M | $88.71M | $98.57M | $95.26M | $88.02M | $94.25M | $4.73M | $5.50M | $3.50M | $3.13M | $2.99M |
| Gross profit | $3.24M | $4.81M | $2.10M | $9.12M | $6.14M | $9.80M | $4.12M | $13.47M | $10.46M | $40.57M | $35.37M | $42.22M | $30.48M | $4.11M | $7.41M | $1.77M | $10.26M | $832010.00 | $-2.91M | $65343.00 |
| Gross margin | 93.5% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -1337.4% | 100.0% |
| R&D | $8.51M | $9.63M | $5.75M | $9.41M | $13.26M | $20.03M | $17.98M | $21.37M | $34.10M | $57.79M | $88.71M | $98.57M | $95.26M | $88.02M | $94.25M | $249.24M | $187.65M | $86.68M | $75.62M | $54.21M |
| SG&A | $8.08M | $11.08M | $10.01M | $13.67M | $12.11M | $11.99M | $10.78M | $13.64M | $15.86M | $18.06M | $23.89M | $28.29M | $29.32M | $27.20M | $37.25M | $53.75M | $90.19M | $47.58M | $37.00B | $32.68M |
| Operating income | $-13.35M | $-15.90M | $-13.66M | $-13.96M | $-19.22M | $-21.64M | $-23.49M | $-19.54M | $-39.50M | $-34.28M | $-76.24M | $-83.64M | $-94.09M | $-111.11M | $-124.08M | $-301.22M | $-267.57M | $-143.94M | $-112.40M | $-86.82M |
| Operating margin | -384.8% | -330.7% | -651.1% | -153.0% | -312.8% | -220.9% | -570.4% | -145.1% | -377.7% | -84.5% | -215.5% | -198.1% | -308.7% | -2702.1% | -1674.2% | -16972.3% | -2607.4% | -17300.3% | -51616.9% | -132871.3% |
| EBITDA | $-12.43M | $-10.19M | $-11.97M | $-13.96M | $-17.11M | $-21.64M | $-22.65M | $-19.45M | $-37.93M | $-33.37M | $-74.15M | $-84.74M | $-89.80M | $-107.34M | $-149.56M | $-296.56M | $-270.90M | $-130.39M | $-103.95M | $-81.96M |
| EBITDA margin | -358.5% | -211.9% | -570.8% | -153.0% | -278.5% | -220.9% | -549.9% | -144.4% | -362.7% | -82.2% | -209.7% | -200.7% | -294.6% | -2610.6% | -2018.0% | -16709.7% | -2639.8% | -15671.8% | -47735.2% | -125425.9% |
| EBIT | $-13.35M | $-11.14M | $-12.97M | $-15.63M | $-19.22M | $-23.65M | $-24.64M | $-21.54M | $-39.50M | $-35.28M | $-77.24M | $-88.21M | $-94.80M | $-112.86M | $-154.19M | $-301.29M | $-276.40M | $-133.89M | $-107.08M | $-84.95M |
| Interest expense | $0.00 | $3.42M | $49006.00 | $10.50M | $1.51M | $34285.00 | $4.93M | $88.17M | $3.36M | $5.18M | $139249.00 | $25933.00 | $346086.00 | $7.95M | $8.70M | $1.94M | $1.25M | $1.22M | $177833.00 | $0.00 |
| Income tax | $-867070.00 | $-8.12M | $-741848.00 | $11.71M | $-4.08M | $-16.28M | $-8.11M | $88.12M | $-3.72M | $-2.10M | $-4.62M | $1.76M | $2.17M | $-257335.00 | $52.20M | $434387.00 | $2.17M | $2.00 | $-107.15B | — |
| Effective tax rate | 6.5% | 42.0% | 5.4% | -92.2% | 18.8% | 51.6% | 29.2% | 398.9% | 9.3% | 6.7% | 5.9% | -2.0% | -2.3% | 0.2% | -45.7% | -0.1% | -0.8% | -0.0% | 99.9% | 0.0% |
| Net income | $-12.48M | $-11.20M | $-12.97M | $-24.41M | $-17.61M | $-15.25M | $-19.67M | $-66.03M | $-36.12M | $-29.19M | $-73.74M | $-88.21M | $-96.97M | $-119.36M | $-166.41M | $-303.66M | $-279.82M | $-135.12M | $-107.25M | $-84.95M |
| Net income growth (YoY) | — | +10.2% | -15.7% | -88.3% | +27.8% | +13.4% | -29.0% | -235.7% | +45.3% | +19.2% | -152.6% | -19.6% | -9.9% | -23.1% | -39.4% | -82.5% | +7.9% | +51.7% | +20.6% | +20.8% |
| Profit margin | -359.8% | -233.1% | -618.1% | -267.7% | -286.6% | -155.7% | -477.6% | -490.3% | -345.4% | -71.9% | -208.5% | -208.9% | -318.1% | -2902.8% | -2245.4% | -17109.9% | -2726.7% | -16239.9% | -49254.3% | -130000.0% |
Frequently asked questions
How profitable is INO?
In its most recent fiscal year, INO ran a gross margin of 100.00%, an operating margin of -132,871.32%, and a net margin of -130,000.00%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does INO generate?
INO produced $-88.92M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is INO's balance sheet healthy?
INO holds $44.27M in cash and equivalents against — in long-term debt, on $24.10M of shareholder equity. That debt is best read against the cash flow the business throws off each year.