INO Stock — Inovio Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

Factors that could cause or contribute to such differences in results and outcomes include without limitation those discussed under the heading “Risk Factors” below, as well as those discussed elsewhere in this Annual Report. Readers are urged to carefully review and consider the various disclosures made in this Annual Report, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

Source: 10-K FY2025 via SEC EDGAR

Share price

$1.22

Market cap

$125.6M

Cash

$36.7M

Enterprise value

$88.9M

Balance sheet

Cash	$36.7M
Debt	$0.0M
Net cash	$36.7M
Enterprise value	$88.9M
Basic shares	103.4M shares
Fully diluted shares	158.1M shares
Fully diluted market cap	$192.9M
Cash per share	$0.35
Quarterly burn	$18.0M
Cash runway	2.0 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

103.4M

Pre-funded warrants

0.0M

Options

3.7M

RSUs

1.7M

Warrants

49.3M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.0M

FDSO

158.1M

Cap table as of 2026-06-30.

Price history

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Next catalyst

INO-5401 · Feb 11 - Mar 25 in 14 wks · Phase 1/2 · Glioblastoma

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 11 - Mar 25 in 14 wks	INO-5401	Phase 1/2	Glioblastoma	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

INO-3107

Phase 2 · Active Modality: DNA medicine (drug-device combination with electroporation)

Aliases PAPZIMEOS

Target HPV-6 and HPV-11

Indications

recurrent respiratory papillomatosis (RRP) (Phase 2)

Status note Lead candidate. Completed Phase 1/2 trial in HPV-6/HPV-11-associated RRP (81.3% of patients had reduced surgical interventions in the year post-treatment). Company believes INO-3107 meets criteria for accelerated approval; not planning to seek BLA under traditional pathway (which could require a Phase 3 trial).

VGX-3100

Phase 3 · Active Modality: DNA medicine

Target HPV

Partnerships ApolloBio Corporation (exclusive right to develop and commercialize in agreed territories; up to $20.0M in regulatory milestones; tiered low-to-mid-teens royalties)

Indications

HPV-related pre-cancers (Phase 3)

Status note ApolloBio continues to conduct a Phase 3 trial in China and plans to seek regulatory approval and commercialize there. INOVIO is not pursuing VGX-3100 development itself in the excerpts.

INO-3112

Phase 3 · Active Modality: DNA immunotherapy

Target HPV-16/-18 E6/E7 + IL-12

Partnerships Coherus BioSciences (clinical collaboration and supply agreement, Jan 2024; INO-3112 + LOQTORZI combo)

Indications

Oropharyngeal squamous cell carcinoma (HPV-16/-18 positive) (Phase 3)

Status note 10-K: "DNA immunotherapy consisting of two plasmids targeting HPV-16 and HPV-18 E6 and E7 antigens combined with a DNA plasmid encoding for the human IL-12 cytokine." Planned Phase 3 with FDA alignment on design; Coherus supplies LOQTORZI. Phase 1/2a data published 2019.

Per-asset detail extracted from the 10-Q filed 2026-08-12. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	INO-5401
Lead indication	Glioblastoma
Lead phase	Phase 2
Active trials	1
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT03491683	Phase 1/2	Active, not recruiting	Sponsor	Inovio Pharmaceuticals	—	Glioblastoma	—
NCT04367675	Phase 1	Active, not recruiting	Collaborator	Abramson Cancer Center at Penn Medicine	—	BRCA1/2 Mutation	—
NCT02772003	Phase 1	Active, not recruiting	Collaborator	National Cancer Institute (NCI)	—	Chronic Hepatitis; Hepatitis C Infection; Hepatocellular Carcinoma	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for Inovio Pharmaceuticals on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Boxer Capital	2,844,994	+474,872	0.24%	2026-08-14
ADAR1 Capital Management	2,143,910	+673,802	0.11%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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INO — Inovio Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

INO — Inovio Pharmaceuticals Inc.