Inovio Pharmaceuticals Inc. Common Stock (INO)

FairStock Score: 57/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable businesses, honest accounting, and a margin of safety. Inovio does not yet fit that mold. Its DNA medicines platform and CELLECTRA delivery technology may be scientifically interesting, and INO-3107 gives it a shot at a real product. But the financial record shows a company still searching for commercial traction. Revenue fell from $832,010 in fiscal 2023 to $217,756 in fiscal 2024 and then to $65,343 in fiscal 2025. Losses remain large: $135.1M in fiscal 2023, $107.3M in fiscal 2024, and $84.9M in fiscal 2025. The latest filed quarters show a net loss of $19.7M in fiscal Q1 2026 (quarter ended 2026-03-31) and a smaller $6.0M loss in fiscal Q2 2026 (quarter ended 2026-06-30), with diluted EPS of -$0.07 in the latter. That sequential improvement is welcome, but free cash flow is still deeply negative at -$80.8M over trailing twelve months; FairStock calculates the FCF yield as -78.1%. At the $1.00 close on 2026-10-13, the market cap is $103.4M. FairStock's calculations put P/B at 20.00 and P/E at -0.97, while ROE is -409.87%, ROCE is -84.23%, debt-to-equity is 1.83, Piotroski is 2/9, and Altman Z is -52.48. The Lynch category is none because of losses in each of the last four years. Without profits, the valuation rests almost entirely on future clinical success. I see no margin of safety in the current numbers.

In plain English: Inovio is a small healthcare company trying to develop DNA-based medicines for HPV, cancer, and infectious diseases. It brings in very little revenue, loses money every year, and spends much more cash than it receives, so the business looks weak today. At $1.00 a share it does not look cheap based on current sales, earnings, or assets, though the value could change a lot if its experimental treatments succeed.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer