Inovio Pharmaceuticals, Inc.

Inovio Pharmaceuticals, Inc. reported a net loss of $84.9 million for fiscal year 2025, driven by an operating loss of $86.8 million. The company generated minimal revenue of $65,000 from collaborative arrangements, while operating expenses totaled $86.9 million, primarily consisting of research and development ($54.2 million) and general and administrative expenses ($32.7 million). The company's cash position decreased by $21.5 million during the year, ending with $14.3 million in cash and cash equivalents. Total assets stood at $74.3 million, with current assets of $61.1 million, while total liabilities were $50.2 million, resulting in stockholders' equity of $24.1 million. The company's cash burn from operations was $88.6 million, partially offset by $14.0 million from investing activities and $53.1 million from financing activities, primarily from equity issuances.

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