INONasdaqPharmaceutical PreparationsUS GAAP · USD

Inovio Pharmaceuticals, Inc

INOVIO Pharmaceuticals is a clinical-stage biotechnology company developing DNA medicines designed to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases. Its platform combines proprietary DNA constructs with the CELLECTRA delivery device to enable the body to produce disease-fighting proteins, but the company has not yet commercialized any approved product.

Kysy yhtiöstä
Liikevaihto0,1milj. USD
−70,0 %v/v
Liikevoitto (EBIT)−86,8milj. USD
+22,8 %v/v
EBIT-marginaali−132 871,3%
−81 254,4 %-yks.v/v
Nettotulos−84,9milj. USD
+20,8 %v/v
Vapaa kassavirta−88,9milj. USD
+15,0 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−400−300−200−1000100milj. USD2020: 7,4 milj. USD2020: EBIT −124 milj. USD20202021: 1,8 milj. USD2021: EBIT −301 milj. USD20212022: 10 milj. USD2022: EBIT −268 milj. USD20222023: 0,83 milj. USD2023: EBIT −144 milj. USD20232024: 0,22 milj. USD2024: EBIT −112 milj. USD20242025: 0,07 milj. USD2025: EBIT −87 milj. USD20250,07−87
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
DNA medicine candidates70 %

Clinical-stage DNA therapeutics and vaccines intended to treat or prevent HPV-related disease, cancer, and infections.

CELLECTRA device10 %

Proprietary electroporation delivery system used to administer the company's DNA medicines.

Collaborative research and licensing20 %

License fees, milestone payments, and research collaboration revenue from partners and government contracts.

Asiakkaat

The company does not yet have commercial product customers because it has no approved products and no sales organization. Current revenue comes mainly from collaboration partners, licensees, and government or research organizations that fund development work. If approved, its future customers would likely be specialty physicians, hospitals, and treatment centers in defined disease areas such as HPV-related disease, oncology, and infectious disease.

Collaborative partners and licensees

Biopharma and research partners that pay for access to technology, development work, milestones, or joint programs.

Government and public research organizations

Agencies and institutes that fund or co-develop programs through grants, contracts, and research collaborations.

Specialty physicians and treatment centers

Potential future buyers of approved DNA medicines for HPV-related disease, cancer, or infectious disease.

Hospitals and specialty clinics

Potential future sites of care that would administer approved products if commercialization succeeds.

Strategia

The company is concentrating resources on advancing INO-3107 toward potential U.S. approval and a possible launch in 2026 while extending cash runway. It is also prioritizing collaborations and third-party commercialization arrangements outside the United States to reduce the need to build a global sales force from scratch.

INO-3107 development and U.S. launch preparationLyhyt aikaväli

This is the company's most advanced candidate and the clearest path to first product revenue.

Cash runway extension and cost disciplineLyhyt aikaväli

The company expects continued losses and needs to preserve liquidity to reach key clinical and regulatory milestones.

Partnership-led commercializationKeskipitkä aikaväli

The company lacks a full sales force and intends to use third parties, especially outside the U.S., to commercialize approved products.

Maantiede

INOVIO is headquartered in the United States and manufactures its CELLECTRA device in San Diego. Its current business is largely U.S.-centric, but it also relies on foreign collaborators, foreign regulatory pathways, and key foreign markets for patent protection and future commercialization.

Riskit

INOVIO remains a pre-revenue biotechnology company with substantial execution, financing, and regulatory risk. Its future depends on successful clinical development, approval, manufacturing reliability, partner execution, and the ability to raise additional capital before cash is exhausted.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Need for additional capital1Going-concern uncertainty2Clinical and regulatory failure3China-related operational exposure4Manufacturing and supply concentration5Intellectual property disputes6
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Need for additional capitalVaikutus: KriittinenTodennäköisyys: Korkea

    The company expects continued operating losses and says current cash will not fund development and commercialization needs.

    Kohdistuu: Could dilute shareholders or constrain operations if financing is unavailable.

  2. Going-concern uncertaintyVaikutus: KriittinenTodennäköisyys: Korkea

    Management disclosed substantial doubt about the ability to continue as a going concern beyond the second quarter of 2026.

    Kohdistuu: Financial statement and operational continuity risk.

  3. Clinical and regulatory failureVaikutus: KorkeaTodennäköisyys: Korkea

    All candidates remain in R&D and require extensive testing and approval before any product sales.

    Kohdistuu: INO-3107 and other pipeline assets.

  4. China-related operational exposureVaikutus: KorkeaTodennäköisyys: Korkea

    The company has collaborations with Chinese companies and may rely on clinical materials manufactured in China.

    KohdistuuDevelopment timelinesSupply continuityRegulatory/geopolitical risk
  5. Manufacturing and supply concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company has single-source suppliers for certain molded plastic parts, machined metal parts, and PCBs.

    Kohdistuu: CELLECTRA device production and launch readiness.

  6. Intellectual property disputesVaikutus: KeskitasoTodennäköisyys: Matala

    Biotech competition and patent enforcement can be expensive and may limit freedom to operate.

    Kohdistuu: Platform technology and product candidates.

Kirjanpito

Harkinnanvaraiset erät
Collaboration and milestone revenue recognition

Revenue is derived from license fees, milestones, and collaborative R&D agreements, so recognition depends on contract terms and performance obligations.

Vaikutus: Can cause lumpy quarterly revenue and limited comparability.

Clinical trial accruals

R&D expenses require estimates for trial services received but not yet invoiced.

Vaikutus: Can materially shift reported operating losses between periods.

Going-concern assessment

Management disclosed substantial doubt about continuing operations beyond Q2 2026.

Vaikutus: Important for liquidity analysis and financial statement interpretation.

Purchase commitments and contract manufacturing obligations

The company disclosed minimum purchase obligations under supply agreements.

Vaikutus: Affects near-term cash needs and disclosure of contractual commitments.

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Päivitetty: 24.9.2026