Inovio Pharmaceuticals Inc

inovio.com

What Do They Do?

Develops DNA medicines and delivery devices to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases.

How Do They Make Money?

INOVIO earns revenue from license fees, milestone payments, and collaborative research and development agreements and contracts.

FY2025 revenue

Who Are Their Customers?

ApolloBio is a collaborator in China and the source of INOVIO’s FY2025 revenue; INOVIO also works with company and research collaborators on development programs.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 100% from one customer

Do Revenues Turn Into Profits?

No. It lost $84.9M in FY2025.

Operating income, FY2025

−132871% of revenue

▼ −23% (Loss) vs FY2024 (−$112.4M, −51617%)

Net income, FY2025

−130000% of revenue

▼ −21% (Loss) vs FY2024 (−$107.3M, −49254%)

Free cash flow, FY2025

−136074% of revenue

▼ −15% (Loss) vs FY2024 (−$104.6M, −48019%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: vs $0 in Q2 FY2025

Shrinking. Revenue fell 96% in 4 years, from $1.8M in FY2021 to $65.3K in FY2025, about 56% a year.

Who Do They Compete With?

Competes with AbbVie, AstraZeneca, BioNTech, Bristol-Myers Squibb, Gilead, GlaxoSmithKline, Merck, Moderna, Novartis, Pfizer, Roche, Sanofi-Aventis, Agenus, Barinthus Biotherapeutics, Dynavax, Nykode, Precigen, Novavax, Cytovation, and Iovance

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