Inovio Pharmaceuticals (NASDAQ: INO) is a clinical-stage biopharmaceutical company focused on developing DNA-based immunotherapies and vaccines. Revenue is generated almost entirely through collaborative arrangements, with $65,343 recognized in FY2025 and $217,756 in FY2024, both derived exclusively from an agreement with ApolloBio. The company has no approved commercial products and funds operations primarily through equity issuances and investment income. As of December 31, 2025, Inovio carried an accumulated deficit of $1.8 billion and reported a net loss of $84.9 million for FY2025, down from a net loss of $107.3 million in FY2024. Research and development expenses were $54.2 million in FY2025, and general and administrative expenses were $32.7 million. The company does not pay dividends and has stated it expects to continue operating at a loss for the near term. Authorized share capital stands at 600 million common shares and 10 million preferred shares as of the 10-K filed March 12, 2026.

Revenue model

Collaborative arrangement revenue, sourced entirely from ApolloBio: $65,343 in FY2025 and $217,756 in FY2024. Supplemental funding comes from at-the-market equity sales and warrant exercises. No product sales revenue is reported.

Products and services

DNA-based immunotherapies and vaccine candidates in clinical development. All product candidates require further clinical testing and regulatory approval before commercial sale.

Customers and end markets

ApolloBio is the sole revenue-generating counterparty as of FY2025 and FY2024. End markets are in biopharmaceutical drug development, with products targeting infectious disease and oncology indications subject to FDA and foreign regulatory approval.

Value-chain role

Clinical-stage drug developer. Conducts research, preclinical work, and clinical trials using internal staff and contract research organizations. Has no commercial manufacturing or sales infrastructure disclosed in the filing.

Geographic exposure

Incorporated and headquartered in the United States. Collaborative revenue is derived from ApolloBio, a non-U.S. partner. Subject to FDA regulation domestically and applicable foreign regulatory authority oversight internationally.

Source: SEC 10-K, filed 2026-03-12

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