XVARY Composite Score
35
/ 100
Weak
Combines growth, value, risk, and momentum factors into a single institutional-grade score.
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What it is
Inovio is a biotech company trying to turn DNA medicines and a delivery device into approved treatments.
How it gets paid
Last year Ino made $65K in revenue. collaboration revenue was the main engine at $30K, or 46% of sales.
Why growth slowed
Revenue fell 70.0% last year. The latest quarter posted EPS of -$2.12. EDGAR shows annual revenue of $65K.
What just happened
Quarterly revenue was $65K, which is what a pre-revenue biotech looks like.
At a Glance
C++ balance sheet — some cracks in the foundation
50/100 earnings predictability — expect surprises
-$3.95 fy2024 eps est
$0M fy2024 rev est
N/a operating margin
XVARY composite: 35/100 — weak
What They Do
Inovio is a biotech company trying to turn DNA medicines and a delivery device into approved treatments.
You are buying a 134-person lab with $58.5M in cash and $65K in annual revenue. BLA → drug approval application → so what: the FDA is reading the file, not writing a check. If INO-3107 slips past the Oct. 30, 2026 date, your thesis is just expensive hope.
How They Make Money
$65K
annual revenue · their business grew -70.0% last year
collaboration revenue
$30K
grant revenue
$20K
license revenue
$10K
other revenue
$5K
The Products That Matter
Lead drug candidate
INO-3107
Oct 30, 2026 FDA date
this one program carries the near-term thesis. for a company worth roughly $115M with only $65K in trailing revenue, that approval date is the number that matters.
binary catalyst
Oncology pipeline candidate
INO-5412
$0M revenue today
it adds optionality, not current economics. revenue contribution is still $0M, and the key milestone is a partner-backed trial expected in the second half of 2026.
pipeline optionality
Collaboration revenue base
Collaboration & Services
$65K total
this is the entire reported revenue line. when your top line is $65K and your annual loss is $84.9M, commercial proof still has not arrived.
current revenue
Key Numbers
$65K
annual revenue
The company made less than the cost of a modest marketing campaign. That is the whole point.
$115M
market cap
You are paying a nine-digit valuation for a business that still reads like a clinical experiment.
$58.5M
cash
Cash matters here because it buys time. This balance helps the company survive while the FDA reads.
$7M
debt
Debt is small, which is good. The real problem is not leverage. It is whether the pipeline turns into revenue.
Financial Health
C++
Strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $7M (6% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total Return vs. Market
source: institutional data · return history unavailable
What Just Happened
missed estimates
Quarterly revenue was $65K, which is what a pre-revenue biotech looks like.
The latest quarter posted EPS of -$2.12. EDGAR shows annual revenue of $65K, while the company also reported a 2025 loss of $84.9M.
$65K
revenue
-$2.12
eps
70.0%
revenue vs. last year
annual revenue
Annual revenue was $65K, while the company lost $84.9M in 2025. That gap is the story.
source: EDGAR and company earnings report, 2026
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What Could Go Wrong
The #1 risk is an FDA rejection or major delay for INO-3107.
Med
INO-3107 does not get approved on time
The lead asset faces an FDA decision on Oct 30, 2026. If that answer is no — or even just later than expected — the company loses the near-term event supporting a $115M market cap.
This is the binary one. The approval path is carrying far more weight than the current financials.
Med
Cash runs out before the business arrives
Inovio reported $58.5M of cash and a 2025 net loss of $84.9M. That mismatch leaves little margin for delays, setbacks, or another year of near-zero revenue.
If cash keeps shrinking without a commercial turn, dilution or balance-sheet stress becomes part of the thesis, not a side issue.
Med
Legal overhang adds noise to an already thin story
Multiple law firms have filed class-action suits alleging securities fraud for the period from Oct 2023 through Dec 2025, with a lead-plaintiff deadline of Apr 7, 2026.
Even if the financial cost ends up limited, management attention is not. A one-asset biotech does not have much spare bandwidth.
A rejection or material delay would hit the only asset carrying a $115M valuation while the company sits on $58.5M in cash against an $84.9M annual loss.
Source: institutional data · regulatory filings · risk analysis
Pay Attention To
Catalyst
INO-3107 FDA decision
Oct 30, 2026. This is the event the stock is built around.
Cash
Q1 2026 earnings and liquidity update
Expected mid-May 2026. The key question is whether the cash line is falling faster than the timeline to the FDA decision.
Legal
Class-action lead plaintiff deadline
Apr 7, 2026. Legal headlines are not the core thesis, but they can add pressure to a stock this thinly supported.
Pipeline
INO-5412 combination trial start
The partner-backed study with Akeso is expected to begin in the second half of 2026. It will not replace INO-3107, but it can widen the story.
Analyst Rankings
earnings predictability
50 / 100
Headline earnings can swing on accounting items. In human-speak, analysts do not have a stable operating base to model here.
risk rank
4
Safer than only 20% of stocks. Translation: this sits close to the risky end of the market.
price stability
5 / 100
A low stability score means the tape can move hard on small updates. You should expect volatility, not consistency.
Source: institutional data
Institutional Activity
institutional ownership data for INO is being compiled.
Source: institutional data
Price Targets
3-5 year target range
$2
Current price
Target midpoint · from current
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