Inovio Pharmaceuticals, Inc. (NASDAQ: INO)

INOVIO Pharmaceuticals, Inc. is a clinical-stage biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated diseases, cancer and infectious diseases. The company uses a proprietary platform that combines optimized DNA plasmids with its CELLECTRA electroporation delivery devices to enable in vivo protein production without chemical adjuvants, lipid nanoparticles or viral vectors.

INOVIO Pharmaceuticals, Inc. generates revenue primarily from license fees, milestone payments and collaborative research and development agreements. During the years ended December 31, 2025 and 2024, the company derived 100% of its revenue from ApolloBio Corporation under a collaboration agreement for its VGX-3100 product candidate. Revenue is also received from other collaborators including AstraZeneca, Coherus Biosciences and various government agencies.

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INOVIO Pharmaceuticals, Inc. operates in a highly competitive biotechnology landscape where it faces large established pharmaceutical companies such as AbbVie, AstraZeneca, BioNTech, Bristol-Myers Squibb, Gilead, GlaxoSmithKline, Janssen Pharmaceuticals, Merck, Moderna, Novartis, Pfizer, Roche and Sanofi-Aventis, as well as numerous development-stage biotechs working on immunotherapy and vaccine technologies. In the recurrent respiratory papillomatosis space, Precigen’s PAPZIMEOS has received traditional approval, positioning INOVIO as a potential second entrant if its INO-3107 gains approval. The company’s competitive advantages stem from its extensive experience with electroporation based delivery, a broad product line of CELLECTRA devices, a proactive patent strategy and collaborations with institutions such as the National Institutes of Health and the Wistar Institute.

INOVIO Pharmaceuticals, Inc. serves collaborators and partners that include ApolloBio Corporation, AstraZeneca, Coherus Biosciences, Defense Advanced Research Projects Agency (DARPA), HIV Vaccines Trial Network, Kaneka Eurogentec, National Institutes of Health (NIH), National Institute of Allergy and Infectious Diseases (NIAID), Plumbline Life Sciences, Regeneron Pharmaceuticals, Richter BioLogics, the University of Pennsylvania and the Wistar Institute. These relationships provide license fees, milestone payments and research funding that constitute the company’s current revenue base.