--- title: "Inovio Pharma | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286309609.md" datetime: "2026-05-13T20:09:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286309609.md) - [en](https://longbridge.com/en/news/286309609.md) - [zh-HK](https://longbridge.com/zh-HK/news/286309609.md) --- # Inovio Pharma | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.28, beating the estimate of USD -0.35. EBIT: As of FY2026 Q1, the actual value is USD -22.39 M. Inovio Pharmaceuticals, Inc. operates as one reportable segment in the United States, focusing on the development and commercialization of DNA medicines. #### Revenue Total revenue was $0 for the three months ended March 31, 2026, compared to $65,000 for the same period in 2025, derived from a collaborative arrangement with ApolloBio. #### Operating Expenses - **Research and Development (R&D) Expenses**: R&D expenses decreased by $2.021 million, or -13%, to $14.070 million for the three months ended March 31, 2026, from $16.091 million for the same period in 2025. - INO-3107 expenses increased by $0.498 million, or 14%, to $4.005 million in 2026 from $3.507 million in 2025. - INO-3112 and other Immuno-oncology expenses decreased by $0.320 million, or -47%, to $0.365 million in 2026 from $0.685 million in 2025. - Other research and development programs expenses increased by $0.345 million, or 47%, to $1.083 million in 2026 from $0.738 million in 2025. - Engineering and device-related expenses decreased by $1.021 million, or -20%, to $4.041 million in 2026 from $5.062 million in 2025. - Stock-based compensation (allocated to R&D) decreased by $0.276 million, or -50%, to $0.277 million in 2026 from $0.553 million in 2025. - Other unallocated expenses decreased by $1.247 million, or -22%, to $4.299 million in 2026 from $5.546 million in 2025. - The overall decrease in R&D was primarily due to lower employee and consultant compensation (-$0.953 million), lower engineering professional and outside services related to device development (-$0.571 million), lower expensed inventory (-$0.544 million), lower contract labor (-$0.334 million), and lower engineering and lab supplies (-$0.245 million), partially offset by higher severance expense (+$0.910 million) and higher outside services related to INO-3107 (+$0.431 million). - Contra-research and development expense from grant agreements was $51,000 in 2026, down from $286,000 in 2025. - **General and Administrative (G&A) Expenses**: G&A expenses decreased to $7.9 million for the three months ended March 31, 2026, from $9.0 million for the same period in 2025, primarily due to $0.762 million in lower property taxes and $0.424 million in lower employee and consultant stock-based compensation. - **Total Operating Expenses**: Total operating expenses were $21.950 million in 2026, down from $25.116 million in 2025. #### Other Income (Expense) - **Interest Income**: Interest income decreased to $0.440 million in 2026 from $0.808 million in 2025, primarily due to a lower short-term investment balance. - **Change in Fair Value of Common Stock Warrant Liabilities**: A gain of $4.1 million was recorded in 2026, compared to $3.7 million in 2025, due to the revaluation of warrant liabilities. - **(Loss) Gain on Investment in Affiliated Entity**: A loss of -$2.104 million was recorded in 2026, compared to a gain of $0.695 million in 2025, reflecting the change in fair value of the investment in Plumbline Life Sciences, Inc. (PLS). - **Net Unrealized Gain on Available-for-Sale Equity Securities**: A gain of $79,000 was recorded in 2026, compared to $140,000 in 2025. - **Other Expense, Net**: Other expense, net, was -$285,000 in 2026, compared to -$482 in 2025. #### Net Loss Net loss was -$19.683 million for the three months ended March 31, 2026, compared to -$19.695 million for the same period in 2025. #### Cash Flows - **Net Cash Used in Operating Activities**: Net cash used in operating activities was -$21.6 million for the three months ended March 31, 2026, compared to -$26.9 million for the same period in 2025, primarily due to timing and changes in working capital balances, offset by decreased operating expenses. - **Net Cash Provided by (Used in) Investing Activities**: Net cash provided by investing activities was $2.6 million in 2026, compared to net cash used of -$52,000 in 2025, primarily due to timing differences in short-term investment purchases, sales, and maturities. - **Net Cash Provided by Financing Activities**: Net cash provided by financing activities was $1.0 million in both 2026 and 2025, primarily from the sale of common stock under Sales Agreements. #### Liquidity and Capital Resources As of March 31, 2026, Inovio Pharmaceuticals, Inc. had cash, cash equivalents, and short-term investments of $37.7 million and working capital of $1.5 million. The company expects its cash, cash equivalents, and short-term investments, combined with $16.0 million net proceeds from the April 2026 Offering, to fund planned operations into the first quarter of 2027. Management believes there is substantial doubt about Inovio Pharmaceuticals, Inc.’s ability to continue as a going concern beyond the late fourth quarter of 2026 without securing additional financing. #### Outlook and Strategy Inovio Pharmaceuticals, Inc. is focused on advancing INO-3107 through the regulatory process, including addressing FDA comments on accelerated approval eligibility, and is not currently planning to seek approval via the traditional pathway. The company continues to believe INO-3107 meets accelerated approval criteria due to unmet need and therapeutic benefit over existing treatments. While prioritizing INO-3107, Inovio Pharmaceuticals, Inc. also advances other pipeline candidates through partnerships, such as a collaboration with Akeso Inc. for INO-5412 in glioblastoma and alignment with the FDA for a planned Phase 3 trial of INO-3112 in OPSCC. ### Related Stocks - [INO.US](https://longbridge.com/en/quote/INO.US.md) ## Related News & Research - [Inovio Pharmaceuticals posts flat Q1 net loss](https://longbridge.com/en/news/286312081.md) - [INOVIO to Participate in Upcoming Scientific Conferences | INO Stock News](https://longbridge.com/en/news/285721077.md) - [What Madrigal Pharmaceuticals (MDGL)'s Wider Q1 Losses and Rezdiffra Revenue Momentum Mean For Shareholders](https://longbridge.com/en/news/286674743.md) - [How Strong UGN-103 Phase 3 Durability Data At UroGen Pharma (URGN) Has Changed Its Investment Story](https://longbridge.com/en/news/286658162.md) - [Corbus Pharmaceuticals (CRBP) Receives a Buy from LifeSci Capital](https://longbridge.com/en/news/286648720.md)