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Inovio Pharmaceuticals cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$18.0M in Q2 2026 · −$80.8M over twelve months

Operating cash flow−$18.0M
Free cash flow−$18.0M

Analysis

In Q2 2026, Inovio Pharmaceuticals generated −$18.0M of operating cash flow. That is $2.8M more than in Q2 2025 (−$20.8M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$80.6M; the largest uses were operating cash flow ($80.6M), capital spending ($195K); besides operations, cash came from shares issued ($38.1M), other financing ($32.0M); the cash balance rose by $7.2M.

Operating cash flow was −$18.0M against net income of −$6.0M. The largest differences: payables +$2.4M, prepaid and other assets −$1.5M, stock-based pay +$768K.

Free cash flow

Inovio Pharmaceuticals: free cash flow by quarterInovio Pharmaceuticals: free cash flow by quarter−$27.4MQ3 2024−$19.7MQ4 2024−$26.9MQ1 2025−$20.8MQ2 2025−$21.6MQ3 2025−$19.5MQ4 2025−$21.6MQ1 2026−$18.0MQ2 2026
Operating cash flow less capital spending.
Inovio Pharmaceuticals: operating cash flow against capital spendingInovio Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$27.4M$0Q3 2024−$19.7M$0Q4 2024−$26.9M$59KQ1 2025−$20.8M$31KQ2 2025−$21.6M$68KQ3 2025−$19.4M$127KQ4 2025−$21.6M$0Q1 2026−$18.0M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$18.0M, Capital spending $0.

Capital allocation, year by year

Inovio Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearInovio Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$216MFY2021: Shares issued $216MFY2021: Capital spending −$1.2M$216MFY2021FY2022: Operating cash flow −$216MFY2022: Shares issued $83.2MFY2022: Capital spending −$969K$83.2MFY2022FY2023: Operating cash flow −$124MFY2023: Shares issued $5.5MFY2023: Asset sales $6.2MFY2023: Capital spending −$321K$11.7MFY2023FY2024: Operating cash flow −$104MFY2024: Net borrowing −$16.4MFY2024: Shares issued $36.1MFY2024: Asset sales $59KFY2024: Capital spending −$488K$36.2MFY2024FY2025: Operating cash flow −$88.6MFY2025: Shares issued $34.9MFY2025: Capital spending −$286K$34.9MFY2025
Over these 5 years operating cash flow totalled −$749M; the largest uses were operating cash flow ($749M) and net borrowing ($16.4M). Cash-flow statements as filed.

Where the cash came from and went

Inovio Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Inovio Pharmaceuticals: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$18.0MOther financing$13.9MOther investing$6.1MCash drawn (+) / kept (−)−$5.3MShares issued$3.2M
Inovio Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Inovio Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$80.6MShares issued$38.1MOther financing$32.0MOther investing$17.8MCash drawn (+) / kept (−)−$7.2MCapital spending−$195K

From profit to cash

Inovio Pharmaceuticals: net income to operating cash flow, Q2 2026Inovio Pharmaceuticals: net income to operating cash flow, Q2 2026Net income−$6.0MDepreciation & amortization$322KStock-based pay$768KPayables$2.4MPrepaid and other assets−$1.5MOperating cash flow−$18.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$18.0M—$3.2M−$5.3M−$18.0M
Q1 2026−$21.6M—$1.1M$18.0M−$21.6M
Q4 2025−$19.4M−$127K$26.6M−$7.7M−$19.5M
Q3 2025−$21.6M−$68K$7.2M−$12.2M−$21.6M
Q2 2025−$20.8M−$31K—$15.6M−$20.8M
Q1 2025−$26.9M−$59K$1.1M$25.9M−$26.9M
Q4 2024−$19.7M—$13.1M−$44.1M−$19.7M
Q3 2024−$27.4M—$667K$12.7M−$27.4M

Inovio Pharmaceuticals: income statement and cash flow

Inovio Pharmaceuticals, Q1 2025: revenue $65K. The chart follows the revenue to costs, profit and cash.

Inovio Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.