For the quarter ending 2026-03-31, INO had -$18,001,669 decrease in cash & cash equivalents over the period. -$21,591,316 in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -19,682,798 | 3,764,880 | -88,710,781 | - |
| Depreciation | 316,844 | 340,197 | 350,198 | 727,518 |
| Amortization of operating lease right-of-use assets | 428,620 | 413,857 | 399,458 | 757,602 |
| Change in fair value of common stock warrant liabilities | -4,137,703 | -21,174,099 | 20,680,868 | - |
| Non-cash stock-based compensation | 698,744 | 764,561 | 757,086 | 2,234,141 |
| Non-cash interest on senior convertible notes | - | 0 | 0 | 0 |
| Net gain on disposal of fixed assets | - | 0 | 0 | 0 |
| Amortization of discounts on investments | 10,062 | 53,266 | -63,870 | 13,003 |
| Loss on sales of short-term investments | -284,690 | -28 | -182,904 | -707,984 |
| Loss (gain) on equity investment in affiliated entity | -2,103,688 | -392,042 | 881,886 | - |
| Other assets | - | -1 | 0 | 32,822 |
| Net unrealized gain on available-for-sale equity securities | 79,077 | 9,999 | 1,104,782 | - |
| Accounts receivable from affiliated entity | - | - | 138,278 | -358,744 |
| Prepaid expenses and other current assets, including from affiliated entity | -852,534 | -1,986,708 | -908,843 | 1,789,912 |
| Accounts payable and accrued expenses, including due to affiliated entity | -1,860,676 | -4,575,150 | -350,130 | -1,497,805 |
| Grant funding liability, including from affiliated entity | - | - | 42,152 | 0 |
| Accrued clinical trial expenses | 166,651 | -305,290 | -555,014 | -510,876 |
| Operating lease right-of-use assets and liabilities, net | -672,771 | -652,401 | -638,001 | -1,206,959 |
| Net cash used in operating activities | -21,591,316 | -19,370,549 | -21,573,495 | -47,685,386 |
| Purchases of investments | 2,976,627 | 0 | 0 | 4,946,073 |
| Proceeds from sale of investments | 4,612,484 | -4,930,745 | 8,935,184 | 10,266,689 |
| Proceeds from maturity of investments | 1,000,000 | 5,000,000 | - | - |
| Purchases of capital assets | 0 | 127,444 | 67,951 | 90,303 |
| Proceeds from sale of capital assets | - | 0 | - | - |
| Net cash provided by (used in) investing activities | 2,635,857 | -58,189 | 8,867,233 | 5,230,313 |
| Proceeds from issuance of warrants, net of issuance costs-Warrant | - | 0 | 16,986,830 | - |
| Repayment of convertible senior notes | - | 0 | 0 | 0 |
| Proceeds from warrant exercises | - | 512,498 | 752,134 | - |
| Proceeds from stock option exercises | - | 823 | 0 | 0 |
| Proceeds from issuance of pre-funded warrants, net of issuance costs | - | - | - | 0 |
| Proceeds from issuance of warrants, net of issuance costs-Pre Funded Warrants | - | 0 | 0 | - |
| Proceeds from issuance of common stock, net of issuance costs | 1,084,027 | 26,621,316 | 7,185,128 | 1,102,149 |
| Taxes paid related to net share settlement of equity awards | -130,237 | 0 | -1,787 | -108,996 |
| Net cash provided by financing activities | 953,790 | 27,134,637 | 24,922,305 | 993,153 |
| Effect of exchange rate changes on cash and cash equivalents | - | 0 | 0 | 0 |
| Decrease in cash and cash equivalents | -18,001,669 | 7,705,899 | 12,216,043 | -41,461,920 |
| Cash and cash equivalents, beginning of period | 44,273,319 | 36,567,420 | 65,813,297 | - |
| Cash and cash equivalents, end of period | 26,271,650 | 44,273,319 | 36,567,420 | - |
INOVIO PHARMACEUTICALS, INC. (INO)
INOVIO PHARMACEUTICALS, INC. (INO)