INO on Nasdaq

Inovio Pharmaceuticals

Logo: inovio.com5

American biotechnology company

Inovio Pharmaceuticals, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of synthetic DNA products for treating cancers and infectious diseases.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1983Founded1

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  • TickerINO on Nasdaq1
  • Industrybiotechnology1
  • HeadquartersPlymouth Meeting1
  • Websitewww.inovio.com
  • Incorporated inDE6
  • Business address660 W. Germantown Pike, Suite 110, Plymouth Meeting, Pa 194626
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI529900B9W875XDZXTM974
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 33571634

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Inovio Pharmaceuticals, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of synthetic DNA products for treating cancers and infectious diseases. In April 2020, Inovio was among some 100 companies, academic centers, or research organizations developing a vaccine candidate for treating people infected with COVID-19, with more than 170 total vaccine candidates in development (June 2020).3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-132871.3%Operating margin8
-130000.0%Net margin8
-70.0%Revenue growth, 20258
-352.5%Return on equity8
-$88.9MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development100¢$54.2M

Out of $65.3K in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$65.3K in 2025−98% since 2019
0$5.0M$10.0M$15.0M2019: $4.1M$4.1M20192020: $7.4M$7.4M2020+80%2021: $1.8M$1.8M2021−76%2022: $10.3M$10.3M2022+478%2023: $832.0K$832.0K2023−92%2024: $217.8K$217.8K2024−74%2025: $65.3K$65.3K2025−70%
Operating income91011128-$86.8M in 2025−22% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$111.1M-$111.1M20192020: -$124.1M-$124.1M2020+12%2021: -$301.2M-$301.2M2021+143%2022: -$267.6M-$267.6M2022−11%2023: -$143.9M-$143.9M2023−46%2024: -$112.4M-$112.4M2024−22%2025: -$86.8M-$86.8M2025−23%
Net income91011128-$84.9M in 2025−29% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$119.4M-$119.4M20192020: -$166.4M-$166.4M2020+39%2021: -$303.7M-$303.7M2021+82%2022: -$279.8M-$279.8M2022−8%2023: -$135.1M-$135.1M2023−52%2024: -$107.3M-$107.3M2024−21%2025: -$84.9M-$84.9M2025−21%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Revenue from collaborative arrangement$65.3K$217.8K
Research and development$54.2M$75.6M
General and administrative$32.7M$37.0M
Total operating expenses$86.9M$112.6M
Loss from operations-$86.8M-$112.4M
Interest income$2.4M$4.8M
Interest expense$0-$177.8K
Change in fair value of common stock warrant liabilities$493.2K$2.8M
Gain (loss) on investment in affiliated entity$489.8K-$1.2M
Net unrealized gain on available-for-sale equity securities$1.1M$2.1M
Other expense, net-$2.6M-$3.2M
Net loss-$84.9M-$107.3M
Basic (in USD per share)-$1.81-$3.95
Diluted (in USD per share)-$1.81-$3.95
Basic (in shares)46.9M shares27.2M shares
Diluted (in shares)46.9M shares27.2M shares

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The story

Inovio was formerly known as Electrofect, which was founded in Oslo, Norway in 1999. The company was renamed to Inovio in October 2001.

From Wikipedia’s article on Inovio Pharmaceuticals, shared under CC BY-SA 4.0.7

Leadership

Who has led Inovio Pharmaceuticals, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Avtar S. Dhillon2006–2008
  2. Jong Joseph Kim2009–2022
  3. Jacqueline Elizabeth Shea2022–now

Chair

  1. Avtar S. Dhillon2009–2011

President

  1. Avtar S. Dhillon2006–2009

Chief financial officer

  1. Peter Kies2006–now

Chief operating officer

  1. Niranjan Sardesai2012–2018
  2. Jacqueline Elizabeth Shea2019–2022
1990200020102020
Board members and other officers (34)

Products and brands

Technology

The Inovio technology is based on inserting engineered DNA into cells, where it becomes transcribed into mRNA and translated into proteins. The proteins encoded by the DNA elicit immune response to antigens from cancers and viruses, by stimulating the production of T cells and antibodies that aid recovery. The technology can be "targeted" to specific types of cancer and immune diseases, such as those produced by a virus.

During a meeting of the White House Coronavirus Task Force in March 2020, CEO, Joseph Kim, said that Inovio scientists had designed a vaccine candidate (INO-4800) for the COVID-19 coronavirus in January, in three hours, after the virus' genetic sequence was first published.

Shareholders sued Inovio in August 2020, claiming it exaggerated evidence of its coronavirus vaccine's efficacy in order to boost its stock price.

License of electroporation device

In 2006, Inovio licensed "certain patented technology relating to the delivery of gene-based therapeutics into skin", as well as patents "involving the delivery of genes or drugs via ex vivo, intratumoral and intramuscular electroporation... The ex-vivo patents are relevant to the delivery of genes to dendritic and stem cells."

Read the full text

Licence of US7328064B2

Sometime after its publication in February 2008, Inovio was assigned a patent for "an apparatus [that provides] for injecting a fluid into body tissue, the apparatus comprising: a hollow needle; and a fluid delivery means, wherein the apparatus is adapted to actuate the fluid delivery means in use so as to automatically inject fluid into body tissue during insertion of the needle into the said body tissue."

Cellectra injection device

To facilitate use of its potential products, Inovio manufactures a proprietary injection device, called "Cellectra", which the company describes as providing a "brief electrical pulse to reversibly open small pores in the cell to allow the plasmids to enter, overcoming a key limitation of other DNA and other nucleic acid approaches, such as mRNA." The small device, which runs on "AA" batteries, is designed for use in the field under the difficult conditions of an epidemic.

In June 2020 – in anticipation of the Inovio COVID-19 vaccine candidate becoming successful – the US Department of Defense invested US$71 million to further develop Cellectra as a handheld device and to preorder an undisclosed number of the devices.

Clinical research

Inovio is collaborating with Beijing Advaccine Biotechnology Co., a Chinese biotech firm, in order to speed its acceptance by regulatory authorities in China, with plans to begin human clinical trials of a candidate vaccine in China during the first half of 2020. Inovio has partnerships with manufacturers to scale up production of a vaccine if preliminary efficacy trials are successful. In April 2020, the company began human Phase I safety studies of its lead vaccine (INO-4800) in the United States, and a Phase I-II trial in South Korea, to test for immunization against the COVID-19 virus. In April 2021, the US Department of Defense discontinued funding of future phase III trials of INO-4800. The company is planning to conduct phase III trials outside the United States.

On 9 July it decided to conduct phase 3 trials in partnership with Beijing-based Advaccine Pharmaceutical company.

In early June, Inovio partnered with the International Vaccine Institute and Seoul National University, South Korea, to advance human research on INO-4800 in a Phase I-II safety and efficacy trial to be conducted on 120 participants at Seoul National University Hospital beginning in June. The trial is funded by the Coalition for Epidemic Preparedness Innovations and supported by the Korea Centers for Disease Control and Prevention and the Korea National Institute of Health.

From Wikipedia’s article on Inovio Pharmaceuticals, shared under CC BY-SA 4.0.7

Former names

  • INOVIO BIOMEDICAL CORPApr 4, 2005 to May 11, 20106
  • GENETRONICS BIOMEDICAL CORPDec 4, 2001 to Apr 1, 20056
  • GENETRONICS BIOMEDICAL LTDSep 1, 1999 to Aug 3, 20016

Timeline

  1. May 11, 2022New chief executive Jacqueline Elizabeth Shea becomes CEO16
  2. Jun 3, 2009New chief executive Jong Joseph Kim becomes CEO17
  3. Mar 10, 2006New chief executive Avtar S. Dhillon becomes CEO18
  4. 1983Founded Founded1

Filings

276 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 131 insider forms, 35 large holders, 46 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Aug 12, 20268-K EDGAR
  3. Aug 12, 202610-Q EDGAR
  4. Aug 12, 2026SCHEDULE 13G/A EDGAR
  5. Aug 7, 2026SCHEDULE 13G EDGAR
  6. Aug 6, 2026SCHEDULE 13G/A EDGAR
  7. Jul 31, 2026SCHEDULE 13G EDGAR
  8. Jul 31, 20268-K EDGAR
  9. Jul 30, 2026424B5 EDGAR
  10. Jul 29, 20268-K EDGAR
  11. Jul 29, 2026424B5 EDGAR
  12. Jul 10, 2026EFFECT EDGAR
  13. Jul 2, 2026S-3 EDGAR
  14. May 26, 2026S-8 EDGAR
  15. May 21, 20264 EDGAR
  16. May 21, 20264 EDGAR
  17. May 21, 20264 EDGAR
  18. May 21, 20264 EDGAR
  19. May 21, 20264 EDGAR
  20. May 21, 20264 EDGAR

The 276 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 0 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2023Zoth Lota S.DirectorSale5,700$0.56$3.2KForm 4
Mar 13, 2023Weiner David B.DirectorSale5,833$1.15$6.7KForm 4
Feb 27, 2023Weiner David B.DirectorSale11,668$1.28$14.9KForm 4
Aug 11, 2022Weiner David B.DirectorSale11,875$2.66$31.6KForm 4
Jul 20, 2022BENITO SIMON XDirectorSale2,000$2.25$4.5KForm 4
May 16, 2022Weiner David B.DirectorSale9,000$1.95$17.6KForm 4
May 16, 2022Zoth Lota S.DirectorSale3,600$1.98$7.1KForm 4
Mar 16, 2022BENITO SIMON XDirectorSale2,000$3.16$6.3KForm 4
Mar 14, 2022Weiner David B.DirectorSale4,083$3.20$13.1KForm 4
Mar 9, 2022Weiner David B.DirectorSale4,083$3.33$13.6KForm 4
Jan 19, 2022BENITO SIMON XDirectorSale2,000$4.27$8.5KForm 4
Jan 5, 2022Zoth Lota S.DirectorSale961$5.01$4.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC8,454,797$9.3M0.0%−884,817
Jupiter Topco LLC5,171,053$5.7M0.0%New
Vanguard Capital Management LLC3,650,562$4.0M0.0%+749,354
Boxer Capital Management, LLC2,844,994$3.1M0.2%+474,872
ADAR1 Capital Management, LLC2,143,910$2.4M0.1%+673,802
D. E. Shaw & Co., Inc.1,351,656$1.5M0.0%−861,163
Two Sigma Investments, LP1,239,778$1.4M0.0%+849,394
Eversept Partners, LP1,035,360$1.1M0.1%No change
Geode Capital Management, LLC802,751$883.7K0.0%+1,247
Millennium Management LLC796,107$875.7K0.0%−614,738
BlackRock, Inc.779,057$857.0K0.0%+116,876
Vanguard Fiduciary Trust Co480,769$528.8K0.0%+88,703
Caption Management, LLC478,950$526.8K0.0%New
Renaissance Technologies LLC361,339$397.5K0.0%−282,438
State Street Corp336,610$370.3K0.0%+40,300
UBS Group AG262,320$288.6K0.0%+12,670
Quadrature Capital Ltd258,928$284.8K0.0%New
Citadel Advisors LLC241,775$266.0K0.0%−44,577
Northern Trust Corp174,394$191.8K0.0%−124,476
Bridgeway Capital Management, LLC173,000$190.3K0.0%No change
Nomura Holdings Inc150,000$165.0K0.0%New
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main133,648$147.0K0.0%New
GMT Capital Corp126,119$138.7K0.0%No change
Jane Street Group, LLC124,525$137.0K0.0%+93,834
XTX Topco Ltd105,833$116.4K0.0%−106,844

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 8, 2020Christopher L. Jacobs, HouseSale$1,001 - $15,000+230.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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