Inovio Pharmaceuticals, Inc. (INO) Income Statement
INO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINO revenue and net income
Where INO's revenue goes
2025Each bar shows an amount and its share of revenue. INO kept −130,000.0% of revenue as net income.
INO profit margins
INO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −70.0% | −81.5% | −61.2% | −47.4% |
| Gross profit | — | −81.5% | −61.2% | −47.4% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INO quarterly EPS vs estimates
Inovio Pharmaceuticals beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.20).
INO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65,343 | $217,756 | $832,010 | $10.3M | $1.8M | $7.4M | $4.1M | $30.5M | $42.2M | $35.4M |
| Cost of revenue | $3.0M | $3.1M | $3.5M | $5.5M | $4.7M | $94.2M | $88.0M | $95.3M | $98.6M | $88.7M |
| Gross profit | $65,343 | −$2.9M | $832,010 | $10.3M | $1.8M | $7.4M | $4.1M | $30.5M | $42.2M | $35.4M |
| Research & development | $54.2M | $75.6M | $86.7M | $187.7M | $249.2M | $94.2M | $88.0M | $95.3M | $98.6M | $88.7M |
| Sales, general & admin | $32.7M | $37.00B | $51.1M | $90.2M | $53.8M | $37.2M | $27.2M | $29.3M | $28.3M | $23.9M |
| Total operating expenses | $86.9M | $111.1M | $144.8M | $277.8M | $303.0M | $131.5M | $115.2M | $124.6M | $126.9M | $112.6M |
| Operating income | −$86.8M | −$112.4M | −$143.9M | −$267.6M | −$301.2M | −$124.1M | −$111.1M | −$94.1M | −$83.6M | −$76.2M |
| Interest income | $2.4M | $4.8M | $8.2M | $4.8M | $3.4M | $3.3M | $2.6M | $706,880 | $1.6M | $2.5M |
| Interest expense | $0 | $177,833 | $1.2M | $1.3M | $1.9M | $8.7M | $7.9M | $346,086 | $25,933 | $139,249 |
| Income before taxes | −$84.9M | −$107.3M | −$135.1M | −$279.8M | −$303.7M | −$167.5M | −$120.8M | −$94.8M | −$88.2M | −$73.7M |
| Income taxes | — | −$107.15B | $2 | $2.2M | $434,387 | $52.2M | −$257,335 | $2.2M | $1.8M | −$4.6M |
| Net income | −$84.9M | −$107.3M | −$135.1M | −$279.8M | −$303.7M | −$166.4M | −$119.4M | −$97.0M | −$88.2M | −$73.7M |
| EBITDA | −$82.0M | −$103.9M | −$130.4M | −$270.9M | −$296.6M | −$149.6M | −$107.3M | −$89.8M | −$84.7M | −$74.1M |
| EPS (diluted) | −$2.27 | −$3.99 | −$6.16 | −$11.85 | −$11.90 | −$15.98 | −$10.34 | −$8.75 | −$10.19 | −$8.15 |
| Gross margin | 100.0% | −1,337.4% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | −132,871.3% | −51,616.9% | −17,300.3% | −2,607.4% | −16,972.3% | −1,674.2% | −2,702.1% | −308.7% | −198.1% | −215.5% |
| Net margin | −130,000.0% | −49,254.3% | −16,239.9% | −2,726.7% | −17,109.9% | −2,245.4% | −2,902.8% | −318.1% | −208.9% | −208.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $65,343 | $116,994 | $0 | $100,762 | $0 | $102,651 | $388,446 |
| Cost of revenue | — | $745,464 | $754,054 | $749,656 | $741,670 | $0 | $775,829 | $765,858 | $828,625 | $759,730 | $175,227 | $1.0M |
| Gross profit | — | −$745,464 | −$754,054 | −$749,656 | −$741,670 | $65,343 | −$658,835 | −$765,858 | −$727,863 | −$759,730 | −$72,576 | $388,446 |
| Research & development | $10.8M | $13.8M | $10.3M | $13.3M | $14.2M | $16.09B | $12.9M | $18.7M | $23.1M | $20.9M | $17.3M | $15.5M |
| Sales, general & admin | $7.8M | $7.88B | $7.2M | $7.9M | $8.56B | $9.02B | $7.6M | $8.61B | $10.21B | $10.6M | $10.4M | $9.9M |
| Total operating expenses | $18.6M | $21.2M | $16.7M | $21.2M | $22.3M | $25.12B | $19.7M | $27.3M | $32.5M | $31.5M | $27.3M | $35.9M |
| Operating income | −$18.6M | −$21.9M | −$17.5M | −$21.2M | −$23.1M | −$25.1M | −$20.4M | −$27.3M | −$33.2M | −$31.5M | −$27.4M | −$35.6M |
| Interest income | $363,847 | $439,593 | $449,337 | $552,108 | $610,638 | $808,077 | $852,587 | $1.1M | $1.3M | $1.5M | $1.8M | $1.9M |
| Interest expense | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $177,833 | $282,325 | $313,488 |
| Income before taxes | −$6.0M | −$19.7M | $3.8M | −$45.5M | −$23.5M | −$19.7M | −$19.4M | −$25.2M | −$32.2M | −$30.5M | −$25.0M | −$33.9M |
| Income taxes | — | — | — | — | — | — | −$716,454 | — | $5 | $716,454 | $3 | −$1.0M |
| Net income | −$6.0M | −$19.7M | $3.8M | −$45.5M | −$23.5M | −$19.7M | −$19.4M | −$25.2M | −$32.2M | −$30.5M | −$25.0M | −$33.9M |
| EBITDA | −$5.2M | −$18.9M | $4.5M | −$44.7M | −$22.8M | −$25.05B | −$18.6M | −$24.4M | −$31.4M | −$29.5M | −$24.5M | −$32.6M |
| EPS (diluted) | −$0.07 | −$0.31 | −$0.28 | −$0.87 | −$0.61 | −$0.51 | −$0.60 | −$0.89 | −$1.19 | −$1.31 | −$1.12 | −$1.56 |
| Gross margin | — | — | — | — | — | 100.0% | −563.1% | — | −722.4% | — | −70.7% | 100.0% |
| Operating margin | — | — | — | — | — | −38,337.0% | −17,410.8% | — | −32,945.9% | — | −26,686.3% | −9,152.6% |
| Net margin | — | — | — | — | — | −30,140.5% | −16,566.4% | — | −31,993.3% | — | −24,357.9% | −8,734.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INO's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INO financial results
In fiscal year 2025 (ended December 31, 2025), Inovio Pharmaceuticals reported revenue of $0.1 million, down 70.0% from the year before. It had a net loss of $84.9 million, a net profit margin of −130,000.0%. Diluted earnings per share came to −$2.27. Over five years revenue grew at an average rate of −61.2% a year.
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INO income statement FAQ
What is Inovio Pharmaceuticals's annual revenue?
Inovio Pharmaceuticals reported total revenue of $0.1 million for fiscal year 2025, which ended on December 31, 2025. That was down 70.0% from $0.2 million the previous year.
Is Inovio Pharmaceuticals profitable?
No. Inovio Pharmaceuticals reported a net loss of $84.9 million in fiscal 2025, a net profit margin of −130,000.0%; its operating margin was −132,871.3%.
What is Inovio Pharmaceuticals's gross margin?
Inovio Pharmaceuticals's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Inovio Pharmaceuticals kept $100 after the direct cost of its products and services.
How much does Inovio Pharmaceuticals spend on research and development?
Inovio Pharmaceuticals spent $54.2 million on research and development in fiscal 2025, 82,957.4% of revenue.
How fast is Inovio Pharmaceuticals growing?
Revenue grew −61.2% a year on average over the last five fiscal years, from $7.4 million to $0.1 million.
What are Inovio Pharmaceuticals's earnings per share?
Inovio Pharmaceuticals earned $-2.27 per diluted share in fiscal 2025, compared with $-3.99 a year earlier.
When will Inovio Pharmaceuticals report its next earnings?
Inovio Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does Inovio Pharmaceuticals's fiscal year end?
Inovio Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.