Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INOVIO PHARMACEUTICALS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
35.4
42.2
30.5
4.11
7.41
1.77
10.3
0.83
0.22
0.07
Research and development
88.7
98.6
95.3
88
94.2
249
188
86.7
75.6
54.2
General and administrative
23.9
28.3
29.3
27.2
37.2
53.8
90.2
47.6
37
32.7
Operating expenses
112
126
125
115
131
303
278
145
113
86.9
Operating income
-76.2
-83.6
-94.1
-111
-124
-301
-268
-144
-112
-86.8
Interest expense
0.03
0
7.95
8.7
1.94
1.25
1.22
0.18
0
Interest income
8.13
4.77
2.42
Other non-operating income
-0.2
-1.34
0.5
-0.7
0.34
-3.86
-4.71
-3.16
-2.64
Pre-tax income
-73.7
-88.2
-94.8
-121
-163
-303
-278
-135
-107
-84.9
Income tax
0
0
2.17
-0.26
0
0
0
0
0
0
Net income to minority interests
0
0
0
-1.19
-1.06
0
0
Net income
-73.7
-88.2
-97
-119
-166
-304
-280
-135
-107
-84.9
EBITDA
-74.5
-81.8
-90.3
-108
-121
-298
-264
-141
-111
-85.4
EPS, basic
-12.15
-13.00
-12.64
-14.56
-12.88
-17.45
-14.07
-6.09
-3.95
-1.81
EPS, diluted
-12.15
-13.12
-12.64
-14.56
-12.88
-17.45
-14.07
-6.09
-3.95
-1.81
Shares, basic (weighted)
6.08
6.8
7.69
8.2
12.9
17.4
19.9
22.2
27.2
46.9
Shares, diluted (weighted)
6.08
6.81
7.69
8.2
12.9
17.4
19.9
22.2
27.2
46.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
19.1
23.8
23.7
22.2
251
71.1
46.3
14.3
65.8
44.3
Short-term investments
85.6
104
57.5
67.3
161
330
207
131
28.3
14.2
Receivables
15.8
6
3.32
0.7
18.6
5.47
1.7
2.41
1.2
0
Other current assets
1.75
2.6
1.41
1.58
40.4
38.8
50.1
5.41
3.72
2.61
Total current assets
125
138
87.8
94.2
471
448
315
153
97.8
61.1
Property, plant and equipment
9.03
18.3
15.9
12.8
11.3
17.5
7.73
4.96
3.66
2.53
Lease right-of-use assets
13.8
12.7
11.6
10.2
9.49
8.11
6.54
Goodwill
10.5
10.5
10.5
10.5
10.5
10.5
10.5
0
Intangible assets
7.63
6.01
4.76
3.69
3.15
2.63
2.13
0
Long-term investments
9.4
Other non-current assets
2.11
2.64
2.67
2.67
26
1.43
0.68
0.61
1.98
2.01
Total assets
174
187
131
144
540
496
349
171
113
74.3
Accounts payable
19.6
23.3
23.1
18.2
21.2
47.6
79.7
Accrued liabilities
6.37
8.61
5.67
Deferred revenue
14.8
1.18
0.22
0.09
0.05
0.02
0
Total current liabilities
43.8
35.4
35.3
32
41.7
65.7
96.9
42.6
35.3
43.7
Lease liabilities
20.4
18.1
15.5
12.7
11
9.37
6.55
Other non-current liabilities
0
0.09
0.04
0.06
0.01
0
Total liabilities
50.3
44.8
44.1
139
78.6
96.3
126
53.6
44.7
50.2
Total debt
0
Paid-in capital
557
666
708
743
1,367
1,610
1,711
1,741
1,799
1,840
Retained earnings
-435
-523
-620
-740
-906
-1,210
-1,488
-1,623
-1,730
-1,815
Other comprehensive income
1.33
-0.12
-0.53
0.47
-0.26
-0.28
-0.7
-0.66
-0.68
-0.64
Shareholders' equity
123
142
86.9
3.44
461
400
222
117
68.5
24.1
Minority interests
0.1
0.1
0.1
1.97
0
Total equity
123
142
87
5.4
461
400
222
117
68.5
24.1
Total liabilities and equity
174
187
131
144
540
496
349
171
113
74.3
Shares outstanding
6.15
7.51
8.08
8.42
15.5
217
21.1
22.8
36.1
69
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-73.7
-88.2
-97
-121
-167
-304
-280
-135
-107
-84.9
Depreciation and amortization
1.71
1.85
3.75
3.6
3.04
3.04
3.66
2.62
1.75
1.42
Stock-based compensation
10.5
13.1
10.7
10.9
15.6
26.3
22.6
11.1
6.6
3.76
Deferred income tax
0
0
0
-0.26
0
0
0
-0.03
0
Change in receivables
-8.52
9.82
2.69
2.62
-17
11
-3.71
9.33
1.21
Change in payables
6.37
2.83
0.55
-4.34
3.25
26.1
32.6
-46
-3.48
-6.42
Cash from operations
-62.6
-63.2
-73.6
-97.9
-178
-216
-216
-124
-104
-88.6
Capital expenditures
-2.74
-10.3
-2.09
-0.99
-1.52
-1.23
-0.97
-0.32
-0.49
-0.29
Purchases of investments
-57.3
-95.7
-88.2
-101
-156
-349
-249
-203
-54.1
-4.95
Cash from investing
16.3
-27.8
42.4
-9.04
-58.8
-175
110
87.4
104
14
Debt issued
0
0
97.4
0
0
Stock issued
6.3
94.3
29.2
9.09
454
209
83
5.46
36
34.9
Cash from financing
7.79
95.7
31
105
465
211
81.8
5
51.5
53.1
Exchange rate effect
0
0
0
0
0.03
-0.03
-0.03
-0
0.03
0
Net change in cash
-38.5
4.65
-0.09
-1.5
229
-180
-24.8
-32
51.5
-21.5
Free cash flow
-65.3
-73.5
-75.6
-98.8
-179
-217
-217
-125
-105
-88.9
Interest paid
0
0
2.72
4.62
1.08
1.07
1.07
0.53
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.18 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-1,543.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-136.5%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-70.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-81.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-61.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-64.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-52.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-44.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-34.4%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-40.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-32.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
72.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
33.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
29.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.00x
Current assets / current liabilities.
Quick ratio
0.92x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.92x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.00
Revenue / diluted weighted shares.
FCF per share
-$0.99
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.99
Cash from operations / diluted weighted shares.
Book value per share
$0.05
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
27.9x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
27.9x
Market cap / tangible book value, when positive.
FCF yield
-66.2%
Free cash flow / market cap.
Earnings yield
-55.3%
Net income / market cap (the inverse of P/E).
What was INOVIO PHARMACEUTICALS, INC.'s revenue in fiscal 2025?
INOVIO PHARMACEUTICALS, INC. reported revenue of $65.3K for fiscal 2025, 70% lower than the year before.
Was INOVIO PHARMACEUTICALS, INC. profitable in fiscal 2025?
No. It reported a net loss of $84.9M.
How much free cash flow did INOVIO PHARMACEUTICALS, INC. generate in fiscal 2025?
Cash from operations of $88.6M minus capital expenditures of $285.7K left free cash flow of -$88.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.