INOVIO PHARMACEUTICALS, INC.
INONasdaqHealthcare · Pharmaceutical Preparations · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $65,343 | $217,756 | $832,010 | $10.3M | $1.8M | $7.4M |
| Operating income | −$86.8M | −$112.4M | −$143.9M | −$267.6M | −$301.2M | −$124.1M |
| Net income | −$84.9M | −$107.3M | −$135.1M | −$279.8M | −$303.7M | −$166.4M |
| Total assets | $74.3M | $113.2M | $171.0M | $348.5M | $495.9M | $539.8M |
| Total liabilities | $50.2M | $44.7M | $53.6M | $126.2M | $96.3M | $78.6M |
| Equity | $24.1M | $68.5M | $117.3M | $222.4M | $399.7M | $461.1M |
| EPS (diluted) | $-1.81 | $-3.95 | $-6.09 | $-14.07 | $-17.45 | $-1.07 |
| Shares out. | 36.7M | 23.4M | 260.1M | 217.4M | 207.6M | 145.8M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −132871.3%
- Net margin
- −130000.0%
- Return on equity
- −352.5%
- Return on assets
- −114.3%
- Return on capital (ROCE)
- −283.3%
- Liabilities / assets
- 67.6%
- Debt / equity
- 2.08×
- Book value / share
- $0.66
- Revenue growth (YoY)
- −70.0%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -85.44distress
- Accruals / assets
- 5.0%clean
- Piotroski F-Score
- 0/9weak
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 2 severe● 4 warning● 1 good- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Revenue declined year-over-year
- Negative operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗Aug 17, 2009
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
Clinical trials
ClinicalTrials.gov · ongoing · next readout firstInterventional studies led by this company. “Readout” is the trial's primary-completion date — an estimate the sponsor reports, not a guarantee.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Highbridge Capital Management LlcPassive (13G)May 15, 2026
- Adage Capital Management, L.P.Passive (13G)May 13, 2026
- Fmr LlcPassive (13G)May 6, 2026
- Alyeska Investment Group, L.P.Passive (13G)Feb 17, 2026
- Vanguard Group IncPassive (13G)Jan 30, 2026
- Janus Henderson Group PlcPassive (13G)Dec 8, 2025
- Deep Track Capital, LpPassive (13G)Nov 14, 2025
- Blackrock, Inc.Passive (13G)Jul 17, 2025
- Stonepine Capital Management, LlcPassive (13G)May 14, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 16.0M | 3.2 | +12.3% |
| Apr 30, 2026 | 14.2M | 9.8 | +11.5% |
| Apr 15, 2026 | 12.8M | 2.7 | +29.2% |
| Mar 31, 2026 | 9.9M | 12.0 | -8.1% |
| Mar 13, 2026 | 10.8M | 14.8 | -1.9% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Amended charter or bylaws · Shareholder voteMay 20, 2026
- Results of operationsMay 13, 2026
- Entered a material agreement · Other material eventApr 6, 2026
- Other material eventApr 2, 2026
- Results of operationsMar 12, 2026
- Entered a material agreement · Modified shareholder rightsJan 27, 2026
- Regulation FD disclosure · Other material eventDec 29, 2025
- Entered a material agreement · Other material eventNov 12, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.