Inovio Pharmaceuticals (INO) Operating Expenses (2010 - 2026)
Inovio Pharmaceuticals (INO) posted Operating Expenses of $21.9 million for Q1 2026, up 25.6% sequentially from $17.5 million in Q4 2025, and down 12.61% YoY from $25.1 million in Q1 2025.
Inovio Pharmaceuticals (INO) Operating Expenses (2010 - 2026) Analysis & Trends
Inovio Pharmaceuticals has reported Operating Expenses for 17 years, with the latest figure at $21.9 million in Q1 2026.
- Quarterly Operating Expenses fell 12.61% year-over-year to $21.9 million in Q1 2026, while the trailing twelve-month figure through Mar 2026 was $83.7 million (down 21.2% YoY) and the FY2025 annual result came in at $86.9 million, down 22.85% from the prior year.
- Operating Expenses improved to $21.9 million in Q1 2026 per INO's latest filing, from $17.5 million in the prior quarter.
- Over five years, Operating Expenses peaked at $104.9 million in Q2 2022 and troughed at $17.5 million in Q4 2025.
- A 5-year average of $37.9 million and a median of $31.5 million in 2024 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2022 and 2023: Operating Expenses surged 35.91% in 2022, then slumped 64.48% in 2023.
- Over 5 years, Operating Expenses stood at $56.1 million in 2022, then tumbled by 50.96% to $27.5 million in 2023, then declined by 25.49% to $20.5 million in 2024, then dropped by 14.69% to $17.5 million in 2025, then climbed by 25.6% to $21.9 million in 2026.
- According to Business Quant data, Operating Expenses over the past three periods registered $21.9 million, $17.5 million, and $21.2 million for Q1 2026, Q4 2025, and Q3 2025 respectively.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 139.90 Bn | 132.05 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 86.70 Bn | 78.71 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 65.73 Bn | 60.55 Bn | 1.37 Bn | 2.89 Bn |
| 4 | Moderna | 58.33 Bn | 53.19 Bn | 52.00 Mn | 960.00 Mn |
| 5 | BeOne Medicines | 42.16 Bn | 37.07 Bn | 1.53 Bn | 1.21 Bn |
| 6 | Alnylam Pharmaceuticals | 31.72 Bn | 28.42 Bn | 992.69 Mn | 1.06 Bn |
| 7 | BioNTech SE | 28.27 Bn | 9.88 Bn | 668.28 Mn | -784.57 Mn |
| 8 | Insmed | 27.61 Bn | 26.45 Bn | 358.27 Mn | 427.03 Mn |
| 9 | Royalty Pharma | 27.25 Bn | 26.41 Bn | - | 541.02 Mn |
| 10 | Inovio Pharmaceuticals | 95.90 Mn | 95.90 Mn | - | 18.62 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 18.62 Mn |
| Mar 31, 2026 | 21.95 Mn |
| Dec 31, 2025 | 17.48 Mn |
| Sep 30, 2025 | 21.21 Mn |
| Jun 30, 2025 | 23.08 Mn |
| Mar 31, 2025 | 25.12 Mn |
| Dec 31, 2024 | 20.49 Mn |
| Sep 30, 2024 | 27.35 Mn |
| Jun 30, 2024 | 33.30 Mn |
| Mar 31, 2024 | 31.48 Mn |
| Dec 31, 2023 | 27.50 Mn |
| Sep 30, 2023 | 35.94 Mn |
| Jun 30, 2023 | 37.27 Mn |
| Mar 31, 2023 | 44.07 Mn |
| Dec 31, 2022 | 56.07 Mn |
| Sep 30, 2022 | 44.91 Mn |
| Jun 30, 2022 | 104.92 Mn |
| Mar 31, 2022 | 71.93 Mn |
| Dec 31, 2021 | 106.35 Mn |
| Sep 30, 2021 | 60.24 Mn |