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Inovio Pharmaceuticals (INO) earnings and revenue breakdown
Latest: Q1 2025 · 10-Q filed May 13, 2025 · Inovio Pharmaceuticals (INO) Q1 2025 earnings results →
Inovio Pharmaceuticals made $65K in Q1 2025. Operating margin n/m, net loss $19.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed May 13, 2025.
Drawing the Sankey…
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What changed this quarter
Revenue was $65K in Q1 2025, down 44% from the previous quarter.
Operating costs exceeded revenue by $25.1M, an operating margin of -38337.0%. The quarter ended with a net loss of $19.7M, wider than the previous quarter's $19.4M loss. Non-operating items added $5.4M, -27% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$26.9M. Non-cash charges added back $371K of depreciation and $1.4M of share-based compensation. Working capital and other items used $9.0M. Capital expenditures of $59K exceeded it, leaving free cash flow of −$26.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2025 | 10-Q | May 13, 2025 | $65K | — | n/m | −$19.7M | −$26.9M |
| Q4 2024 | 10-K | Mar 18, 2025 | $117K | +14% | n/m | −$19.4M | −$19.7M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- ApolloBio Corporation — 29% of its revenue · Stated in 10-K (XBRL) · source
About Inovio Pharmaceuticals
This Annual Report on Form 10-K (including the following section regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations), or this Annual Report, contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Annual Report. Additionally, statements concerning future matters, including statements regarding our business, our financial position, the research and development of our products and other statements regarding matters that are not historical are forward-looking statements.
In its own words, from its 10-K, filed Mar 12, 2026.
Inovio Pharmaceuticals against its Pharmaceutical Preparations peers
The largest companies of the same SEC industry, each at its latest quarter.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| INO Inovio Pharmaceuticals | Q1 2025 | $65K | — | n/m |
| JNJ Johnson & Johnson | Q3 2026 | $25.4B | +6% | 0.1% |
| LLY ELI Lilly | Q3 2026 | $24.4B | +39% | 34.5% |
| MRK Merck | Q3 2026 | $18.1B | +5% | 30.7% |
| ABBV AbbVie | Q3 2026 | $17.4B | +10% | 36.0% |
| PFE Pfizer | Q3 2026 | $16.6B | -0.4% | 20.4% |
| BMY Bristol Myers Squibb | Q3 2026 | $13.1B | +7% | 19.4% |
| ABT Abbott Laboratories | Q3 2026 | $13.0B | +14% | 10.4% |
| REGN Regeneron Pharmaceuticals | Q3 2026 | $5.1B | +36% | 40.0% |
Source: Inovio Pharmaceuticals 10-Q on SEC EDGAR · CIK 1055726 · Pharmaceutical Preparations
13F: who owns INO and who is buying
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History
Every quarter: Q1 2025 results · Q4 2024 results