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Inovio: Adrift At A Bargain Price But No Near-Term Catalyst

Apr. 04, 2023 7:37 AM ETInovio Pharmaceuticals, Inc. (INO)10 Comments
Out of Ignorance profile picture
Out of Ignorance


  • With its shares at historic lows, whether Inovio stock is a buying opportunity or a falling knife is a tough nut to crack.
  • It has had a series of disappointing readouts that are putting it in serious data crunching mode.
  • Lead therapy switcheroo is a salutary development albeit of dubious impact.
  • Inovio's finances vary considerably from year to year but it anticipates its cash runway taking it to 2025.
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DavidMSchrader/iStock via Getty Images

This is my sixth Inovio (NASDAQ:INO) article, the second since the pandemic following 07/2022's "Inovio: After All These Years" ("These Years").

In this article I will examine Inovio's recent Q4, 2022 earnings call (the "Call") as reported on 03/01/2023. The Call has been disastrous for

This article was written by

Out of Ignorance profile picture
Writing under the pseudonym "out of ignorance", I very much regard investing as a learning process. Investing failures are tuition paid. Investing successes enter the trove of lessons learned. In my Seeking Alpha articles I share my experience from decades of investing and from ~5 years of focused research on a variety of stocks, in recent years with a primary emphasis on healthcare stocks. I greatly appreciate those who take the time to share their reactions to articles, particularly those who share relevant anecdotes and experiences.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (10)

Chihawk Research profile picture
I hated INO at it's top and I still hate it. They always had a BS way of presenting data that is hard to compare or fully define. They almost hide behind the lack of DNA science. To me the issue is transparency. If you have innovative science, your first goal is to prove why, apples to apples, it is better. I never want an innovative biotech that insists on apples to oranges compares or uses new measurements that I can't be confident about. There is too much of that with Inovio. It's like a greenfield miner with no metallurgy showing me a mountain with nothing to sell. Ultimately, they sell you a stock instead of building a company. You buy the pump and then find out the pump is the only product.
What a long, slow death of a trash company that has wasted billions of dollars and helped only the management team and the few investors who timed INO's rising and falling (mostly the latter) stock price. And to think that, only a couple of years ago, one would find some number of now absent shills pumping a pipeline that has produced mostly toxicity.

Now, as of this morning, the price has dipped below $.75. Perhaps God will finally put it out of our misery. If only the infamous Dr. Kim and his ilk would be held accountable for their malfeasance ...
Out of Ignorance profile picture
Thanks for reading and for your pungent comment. I see no near term likelihood of a coup de grace. Management can go on milking this cow for years to come.
At least 4 significant big catalysts on the horizon.First INO 5401 /Regeneron update for GBM.2nd INO 3107 reported world class results so expect a fast track approval process especially since it has Orphan Drug status.Third Advaccine went public in China with INO 4800 Covid 19 Vaccine as its lead product....Also the Ebola Booster had game changing results so additional news pending.....Yes news will flow
Out of Ignorance profile picture
Thanks for reading and commenting.
On its latest slide deck Inovio lists the folowing as to 1, 2 and 4 , as for 3 crickets:
1. INO-5401 – Glioblastoma (GBM)
• Next milestone: Provide update for clinical development plan
2. INO 3107 — Initiate Phase 3 (registrational) trial
3. Third Advaccine went public in China with INO 4800 Covid 19 Vaccine as its lead product — Inovio does not think enough of this China situation to mention it in the Call, the Transcript or the Presentation;
4. INO-4201 – Ebola • Completed: Announced positive Phase 1 data for INO-4201 as a booster for rVSV-ZEBOV (Ervebo®)
• Next milestone: Submit data for publication in peer-reviewed journal and determine next steps with partners
I do not consider any as near term catalysts. 3107 may well find its way to a registrational trial in 2023. However that is a long way from a sure thing. I expect the FDA to be unimpressed by its data to data. We shall see.
@Out of Ignorance INO 3107 produced superb data....CASE CLOSED
Out of Ignorance profile picture
HMMM ...post hoc analysis showed:
"...we saw 81%, or 26 out of 32 showed a reduction in surgeries compared to the prior year."
Without data comparing this to a placebo group it is meaningless.
PS The FDA is the only one with power to close the case.
Train wreck of a company, never gets to the finish line… and if they do, they will just dilute shareholders anyway.

Classic case of early stage biotech with zero regard for shareholders…
Out of Ignorance profile picture
Thanks for reading and commenting. It pretty much sums up my view on Inovio.
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