MeritValue

INOVIO PHARMACEUTICALS, INC.

INOdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

INOVIO PHARMACEUTICALS, INC. earns about -862% on invested capital, but has diluted owners by 169% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.77M1$10.3M1$832,0102$217,7563$65,3433
Net income−$303.7M4−$279.8M4−$135.1M5−$107.3M6−$84.9M6
Operating cash flow−$215.7M7−$216.2M7−$124.4M8−$104.1M9−$88.6M9
Capital expenditure$1.23M10$969,15310$320,89811$487,83212$285,69812
Free cash flow (derived)−$216.9M7−$217.2M7−$124.7M8−$104.6M9−$88.9M9
Total debt—————
Cash & equivalents$71.1M13$46.3M14$14.3M15$65.8M16$44.3M16
Diluted shares17.4M19.9M22.2M27.2M46.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$5.14
your share of equity
Profit it earned you last year
−$18.12
Free cash flow it threw off
−$18.96
Debt you’d be carrying
—

10 shares is a claim on $5.14 of net worth that earned you −$18.12 and generated −$18.96 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-862% avg · 5y
FY21 -72%FY22 -124%FY23 -103%FY24 -3149%FY25 —

It earned an average -862% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+169% shares · 5y

Share count is up 169% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001055726-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001055726-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001055726-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001055726-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001055726-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001055726-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001055726-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001055726-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001055726-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001055726-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001055726-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001055726-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001055726-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001055726-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001055726-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001055726-26-000008 (CashAndCashEquivalentsAtCarryingValue)