INOVIO PHARMACEUTICALS, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $65,343 | $217,756 | $832,010 | $10.3M | $1.8M |
| Research and development | $54.2M | $75.6M | $86.7M | $187.7M | $249.2M |
| Operating expenses | $86.9M | $112.6M | $144.8M | $277.8M | $303.0M |
| Operating income | -$86.8M | -$112.4M | -$143.9M | -$267.6M | -$301.2M |
| Interest expense | $0 | $177,833 | $1.2M | $1.3M | $1.9M |
| Pretax income | -$84.9M | -$107.3M | -$135.1M | -$277.7M | -$303.2M |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$84.9M | -$107.3M | -$135.1M | -$279.8M | -$303.7M |
| Balance Sheet | |||||
| Cash and equivalents | $44.3M | $65.8M | $14.3M | $46.3M | $71.1M |
| Current assets | $61.1M | $97.8M | $153.1M | $315.2M | $448.4M |
| Total assets | $74.3M | $113.2M | $171.0M | $348.5M | $495.9M |
| Current liabilities | $43.7M | $35.3M | $42.6M | $96.9M | $65.7M |
| Total liabilities | $50.2M | $44.7M | $53.6M | $126.2M | $96.3M |
| Stockholders' equity | $24.1M | $68.5M | $117.3M | $222.4M | $399.7M |
| Cash Flow Statement | |||||
| Cash from operations | -$88.6M | -$104.1M | -$124.4M | -$216.2M | -$215.7M |
| Depreciation and amortization | $1.4M | $1.8M | $2.6M | $3.7M | $3.0M |
| Stock-based compensation | $3.8M | $6.6M | $11.1M | $22.6M | $26.3M |
| Capital expenditure | $285,698 | $487,832 | $320,898 | $969,153 | $1.2M |
| Free cash flow | -$88.9M | -$104.6M | -$124.7M | -$217.2M | -$216.9M |
| Impairments | — | $0 | $10.5M | $0 | $0 |
Shares outstanding 82.3M · Free float 98.6%
Annual filing data through FY ended December 31, 2025; float as of July 12, 2026.