Download PDF

1. Company Snapshot

1.a. Company Description

Inovio Pharmaceuticals, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of DNA medicines to treat and protect people from diseases associated with human papillomavirus (HPV), cancer, and infectious diseases.Its DNA medicines platform uses precisely designed SynCon that identify and optimize the DNA sequence of the target antigen, as well as CELLECTRA smart devices technology that facilitates delivery of the DNA plasmids.The company engages in conducting and planning clinical studies of its DNA medicines for HPV-associated precancers, including cervical, vulvar, and anal dysplasia; HPV-associated cancers, such as head and neck, cervical, anal, penile, vulvar, and vaginal; other HPV-associated disorders, including recurrent respiratory papillomatosis; glioblastoma multiforme; prostate cancer; HIV; Ebola; Middle East Respiratory Syndrome (MERS); and Lassa fever.


Its partners and collaborators include ApolloBio Corp., AstraZeneca, Beijing Advaccine Biotechnology Co., Ltd., The Bill & Melinda Gates Foundation, Coalition for Epidemic Preparedness Innovations (CEPI), Defense Advanced Research Projects Agency (DARPA), Department of Defense (DoD), HIV Vaccines Trial Network, International Vaccine Institute, Kaneka Eurogentec, Medical CBRN Defense Consortium (MCDC), National Cancer Institute, National Institutes of Health, National Institute of Allergy and Infectious Diseases, Ology Bioservices, the Parker Institute for Cancer Immunotherapy, Plumbline Life Sciences, Regeneron Pharmaceuticals, Thermo Fisher Scientific, University of Pennsylvania, Walter Reed Army Institute of Research, and The Wistar Institute.The company has an agreement with Richter-Helm BioLogics GmbH & Co. KG to support investigational DNA vaccine INO-4800 for COVID-19; and a partnership with International Vaccine Institute and Seoul National University Hospital.The company was founded in 1979 and is headquartered in Plymouth Meeting, Pennsylvania.

Show Full description

1.b. Last Insights on INO

Inovio Pharmaceuticals' recent performance was negatively impacted by a manufacturing issue concerning the single-use array component of the CELLECTRA device, which was resolved in the fourth quarter of 2024. The company also faced a delay in the device design verification (DV) testing required for the Biologics License Application (BLA) submission for INO-3107, a potential treatment for recurrent respiratory papillomatosis (RRP). Additionally, the company's proof-of-concept Phase 1 trial of DNA-encoded monoclonal antibodies (DMAbs) was ongoing, but no significant updates were provided in the recent earnings release.

1.c. Company Highlights

2. Inovio's Q3 2025 Earnings: A Closer Look at Financials and Pipeline Progress

Inovio reported a net loss of $45.5 million for Q3 2025, with operating expenses decreasing by 22% to $21.2 million compared to Q3 2024. The actual EPS came out at -$0.44, beating estimates of -$0.51. The company's cash, cash equivalents, and short-term investments stood at $50.8 million, with an estimated cash runway into the second quarter of 2026. As per Peter Kies, Inovio's CFO, the reduction in operating expenses is a positive step towards managing costs.

Publication Date: Nov -19

📋 Highlights
  • BLA Submission & FDA Timeline:: Completed rolling BLA submission for INO-3107, aiming for FDA acceptance by year-end 2025 and potential PDUFA date mid-2026.
  • Financial Performance:: Operating expenses dropped 22% to $21.2M in Q3 2025 vs. Q3 2024, ending with $50.8M cash and a runway to Q2 2026.
  • Product Differentiation:: INO-3107 avoids surgical debulking (unlike Papzymeos) and offers a well-tolerated, patient-centric treatment approach.
  • Pipeline & Technology Advancements:: DMAb tech validated in Nature Medicine; INO-3107 expected to have a label similar to Papzymeos, with a potential 1 µg/mL expression level.
  • Commercial Readiness:: Preparing for mid-2026 launch with 18 sales territories, partnerships for distribution, and a confirmatory trial to secure full FDA approval.

Financial Performance and Valuation

Inovio's financial performance is characterized by a high P/S Ratio of 555.48, indicating that the stock price is high relative to its revenues. The P/B Ratio stands at 2.57, suggesting that the stock is trading above its book value. With an ROE of -80970.0% and ROIC of -244.59%, the company's profitability metrics are negative, reflecting its current loss-making stage. The Free Cash Flow Yield is also negative at -130384.99%, indicating that the company's cash flows are not sufficient to support its market value.

Pipeline Progress and Commercialization Plans

Inovio is making progress with its pipeline, particularly with INO-3107, a potential treatment for recurrent respiratory papillomatosis (RRP). The company has completed the rolling submission of its Biologics License Application (BLA) and expects FDA file acceptance by year-end. Dr. Michael Sumner highlighted the strengths of the RRP program, including a significant unmet need among adult RRP patients and a simple, effective treatment experience. The company is preparing for commercialization, with a focus on market research, pricing strategy, and partnerships with specialty distributors.

INO-3107's Competitive Advantage

INO-3107 has a positively differentiated product profile, with a more patient-centric approach and no requirement for minimum residual disease surgeries during the treatment window. Steve Egge, the Chief Commercial Officer, noted that INO-3107 does not require debulking, which could present logistical challenges for competing products like Papzymeos. The company's DNA-based medicine approach also differentiates it from virus-based treatments.

Future Plans and Growth Prospects

Analysts estimate next year's revenue growth at 17979.9%, indicating a significant potential upside. Inovio plans to advance its pipeline, including INO-3112 for head and neck cancer and INO-5401 for glioblastoma, and is exploring opportunities to partner and develop these candidates. The company is also prioritizing its DMAb and DPROT technologies, with Factor VIII for hemophilia A being a target for preclinical development. Partnerships or additional financial resources will be sought to advance these programs.

3. NewsRoom

Card image cap

Inovio Pharmaceuticals, Inc. (INO) Presents at Piper Sandler 37th Annual Healthcare Conference Transcript

Dec -02

Source: seekingalpha.com

Card image cap

INOVIO to Participate in December Investor Conferences

Nov -18

Source: prnewswire.com

Card image cap

Inovio (INO) Upgraded to Buy: Here's Why

Nov -14

Source: zacks.com

Card image cap

Inovio 3Q25 Review: EPS Miss, $25M Offering, And INO-3107 Progress

Nov -12

Source: seekingalpha.com

Card image cap

INOVIO Announces Pricing of $25 Million Public Offering

Nov -11

Source: prnewswire.com

Card image cap

Inovio Pharmaceuticals, Inc. (INO) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

Card image cap

INOVIO Announces Proposed Public Offering

Nov -10

Source: prnewswire.com

Card image cap

INOVIO Reports Third Quarter 2025 Financial Results and Recent Business Highlights

Nov -10

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.37%)

6. Segments

DNA Medicines

Expected Growth: 11.37%

Inovio Pharmaceuticals' DNA Medicines segment growth of 11.37% is driven by increasing demand for its proprietary electroporation-based DNA delivery technology, expansion into new therapeutic areas such as infectious diseases and cancer, and strategic partnerships with biotech and pharma companies.

7. Detailed Products

Electroporation Delivery Devices

Inovio's electroporation delivery devices are designed to enhance the potency of DNA-based vaccines and therapies by using controlled electrical pulses to create temporary pores in the cell membrane, allowing for more efficient uptake of the DNA.

DNA-Based Vaccines

Inovio's DNA-based vaccines use a proprietary plasmid design to stimulate an immune response, providing protection against various diseases and infections.

Immuno-Oncology Therapies

Inovio's immuno-oncology therapies are designed to stimulate the immune system to attack and destroy cancer cells, providing a potential treatment for various types of cancer.

SynCon® Vaccines

Inovio's SynCon vaccines are designed to provide broad protection against multiple strains of a virus, providing a potential solution for rapidly mutating viruses.

CELLECTRA® 3PSP

Inovio's CELLECTRA 3PSP is a proprietary electroporation device designed to enhance the potency of DNA-based vaccines and therapies.

8. Inovio Pharmaceuticals, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Inovio Pharmaceuticals, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and vaccines for infectious diseases.

Bargaining Power Of Customers

Inovio Pharmaceuticals, Inc. has a low bargaining power of customers due to the lack of negotiating power of individual customers.

Bargaining Power Of Suppliers

Inovio Pharmaceuticals, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials and equipment.

Threat Of New Entrants

Inovio Pharmaceuticals, Inc. has a high threat of new entrants due to the attractiveness of the biotechnology industry and the ease of entry for new companies.

Intensity Of Rivalry

Inovio Pharmaceuticals, Inc. operates in a highly competitive industry with many established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 20.47%
Debt Cost 4.05%
Equity Weight 79.53%
Equity Cost 9.76%
WACC 8.59%
Leverage 25.74%

11. Quality Control: Inovio Pharmaceuticals, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Revance Therapeutics

A-Score: 4.2/10

Value: 9.0

Growth: 6.1

Quality: 6.2

Yield: 0.0

Momentum: 1.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
TRACON Pharmaceuticals

A-Score: 3.7/10

Value: 9.6

Growth: 6.9

Quality: 5.2

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Unicycive Therapeutics

A-Score: 3.6/10

Value: 6.4

Growth: 4.6

Quality: 3.6

Yield: 0.0

Momentum: 6.5

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Vericel

A-Score: 3.4/10

Value: 1.0

Growth: 7.9

Quality: 6.1

Yield: 0.0

Momentum: 2.0

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Matinas BioPharma

A-Score: 2.8/10

Value: 7.8

Growth: 4.2

Quality: 3.2

Yield: 0.0

Momentum: 1.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
Inovio Pharmaceuticals

A-Score: 1.9/10

Value: 6.4

Growth: 0.3

Quality: 3.2

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.05$

Current Price

2.05$

Potential

-0.00%

Expected Cash-Flows