INOVIO PHARMACEUTICALS, INC.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
INO$1.45-4.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Year ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss | $(84,945,901) | $(107,254,126) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 1,417,913 | 1,752,147 |
| Amortization of operating lease right-of-use assets | 1,570,917 | 1,377,895 |
| Change in fair value of common stock warrant liabilities | (493,231) | (2,808,608) |
| Non-cash stock-based compensation | 3,755,788 | 6,595,108 |
| Non-cash interest on senior convertible notes | — | (355,654) |
| Amortization of discounts on investments | (2,399) | (1,690,527) |
| Loss on sales of short-term investments | 890,916 | 1,905,369 |
| Net gain on disposal of fixed assets | — | (22,466) |
| (Gain) loss on equity investment in affiliated entity | (489,844) | 1,166,443 |
| Net unrealized gain on available-for-sale equity securities | (1,114,781) | (2,077,182) |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets, including from affiliated entity | 1,105,639 | 2,689,565 |
| Other assets | (32,821) | 38,900 |
| Accounts payable and accrued expenses, including due to affiliated entity | (6,423,085) | (3,476,494) |
| Accrued clinical trial expenses | (1,371,180) | (343,522) |
| Operating lease right-of-use assets and liabilities, net | (2,497,361) | (1,573,401) |
| Net cash used in operating activities | (88,629,430) | (104,076,553) |
| Cash flows from investing activities: | ||
| Purchases of investments | (4,946,073) | (54,138,026) |
| Proceeds from sale of investments | 14,271,128 | 27,637,578 |
| Proceeds from maturity of investments | 5,000,000 | 131,000,000 |
| Purchases of capital assets | (285,698) | (487,832) |
| Proceeds from sale of capital assets | — | 59,319 |
| Net cash provided by investing activities | 14,039,357 | 104,071,039 |
| Cash flows from financing activities: | ||
| Repayment of convertible senior notes | — | (16,415,000) |
| Proceeds from issuance of pre-funded warrants, net of issuance costs | — | 16,146,397 |
| Proceeds from issuance of common stock, net of issuance costs | 34,908,593 | 36,033,473 |
| Proceeds from issuance of warrants, net of issuance costs | 16,986,830 | 16,063,796 |
| Proceeds from exercise of warrants and pre-funded warrants | 1,264,632 | — |
| Proceeds from stock option exercises | 823 | 67,675 |
| Taxes paid related to net share settlement of equity awards | (110,783) | (420,795) |
| Net cash provided by financing activities | 53,050,095 | 51,475,546 |
| Effect of exchange rate changes on cash and cash equivalents | — | 32,403 |
| (Decrease) Increase in cash and cash equivalents | (21,539,978) | 51,502,435 |
| Cash and cash equivalents, beginning of period | 65,813,297 | 14,310,862 |
| Cash and cash equivalents, end of period | $44,273,319 | $65,813,297 |
| Supplemental disclosure: | ||
| Interest paid | $— | $533,487 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.