Rankings Pharma & medtech Inovio

Inovio

Pharma & medtech · United StatesRank 756 of 829Prices 19 Oct 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−14
Going concern−10
Regulatory binary risk−8

Strengths

Regulatory progress+1
Cost discipline+1

How the score is built

From 100 to 33, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

33Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 19 Oct 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 1.00 USD
Median analyst target: 3.00 USD
Upside to median: +200.0%
Analysts: 3
Target range: 2.50 – 4.00 USD
52-week change: −57%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−30 of −30

Margin
No revenue (USD 65k in 2025, 0 in 2026) and an operating loss of USD 79.3m TTM. Q2 2026: operating costs 18.6m (R&D 10.8, G&A 7.8). The net loss of 6.0m is only low because of a non-cash warrant gain of 13.9m.
sec.gov
−14
Quality of growth
Over 25 years without an approved product; former main projects (the COVID vaccine INO-4800 and VGX-3100 against cervical precancer) were abandoned. The entire value rests on one small orphan product, INO-3107 against RRP.
stockanalysis.com
−6
Capital allocation
Accumulated deficit USD 1.84bn and equity of only 4.4m. 1:12 reverse split in January 2024, and the share count has risen 92% over a year after four issues in 13 months (July 2025, Nov. 2025, April 2026, July 2026), most with warrants.
sec.gov
−7
Moat
Precigen's PAPZIMEOS received full FDA approval for RRP in August 2025 and sold 53.1m USD in Q2 2026 with over 200 patients treated and coverage for 315 million Americans. Inovio arrives at least a year too late in a small market with an established, effective competitor.
marketbeat.com
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−5 of −35

Multiples vs own history
P/B 21.9 vs 0.96–4.96 in 2021–2025, because equity is almost used up. EV approx. USD 73m pro forma (120 − 55 cash + 8 lease debt) vs −6 to 140m at the last four year-ends, so the price is not low relative to its own history.
stockanalysis.com
−3
Peers and absolute level
EV about USD 73m for one orphan product before approval; Precigen trades at about USD 3.1bn (EV/Sales 36 TTM) after approval and launch. Fully diluted (about 195m shares incl. 91m warrants) the value is about USD 225m, which already prices in part of the approval.
stockanalysis.com
−2

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−28 of −35

Going concern
10-Q for Q2 2026: 'substantial doubt' about the ability to continue operations after Q1 2027. Cash (approx. 55m including the July issue) only lasts to the end of Q1 2027, even with approval and launch.
sec.gov
−10
Dilution and warrants
91.4m outstanding warrants (42.1m at USD 1.10 from July 2026, 25m at 1.40, 14.3m at 1.75, 10m at 3.76) vs 103.4m shares. The 2024 ATM program has USD 56.8m unused (suspended 1/4-2026, but can be revived with a new prospectus). The July issue was at USD 0.95 with two warrants per share.
biospace.com
−7
Regulatory binary risk
BLA under accelerated approval with PDUFA 30/10-2026. The FDA has not commented on whether INO-3107 qualifies for accelerated approval at all, now that PAPZIMEOS is fully approved, and Inovio is not planning a traditional application (probably requires phase 3). A rejection removes the bulk of the value.
sec.gov
−8
Short interest
19.9m shares sold short = 20.8% of free float, 5.3 days to cover.
stockanalysis.com
−2
Nasdaq listing
The price is USD 1.16 and the July issue was at USD 0.95; a rejection on 30/10 sends the price well below USD 1 and starts a deficiency process (the company did a 1:12 reverse split as recently as 2024).
stockanalysis.com
−1

Plus

Only documented strengths. · 2 findings+2 of +15

Regulatory progress
FDA has completed mid-cycle and late-cycle meetings and all pre-approval inspections without disclosed issues; label negotiations were expected in September 2026.
sec.gov
+1
Cost discipline
Operating costs fell from USD 23.1 to 18.6m (−19%) from Q2 2025 to Q2 2026 alongside launch preparations (Syneos Health as sales partner).
sec.gov
+1

Caveats

What the score does not capture, or where the data is weak.

Price USD 1.16 (2/10-2026). Share count of 103.4m after the July issue (82.3m at 30/6 + 21.1m) gives a market cap of about USD 120m (about DKK 790m); Nordnet's DKK 756m is roughly consistent. Cash of 36.7m at 30/6 + 18.3m net from July = about 55m pro forma. The Q2 net loss (6.0m) is flattered by a non-cash warrant gain of 13.9m; real operating burn is about 18-20m per quarter. Analyst price targets (USD 2.50-4.00, avg. 3.17, +173%) date from 13/8-2026 and assume approval; they ignore the 91m warrants and the next issue. Going concern warning and ATM program (suspended 1/4-2026, 56.8m unused) are in the 10-Q. No Nasdaq notice as of the 10-Q. Insider trades (Form 4) not reviewed. Industry: DNA medicine = 'Medicine & medtech'.