Inovio Pharmaceuticals, Inc. Financial Ratios — GBM.F Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-26.03	-37.03	-98.97	-32.83	-16.89	-38.05	-48.87	-60.92	-86.79	-48.68	-58.64	-66.27	-52.02	-75.49	-90.61
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	-206.36	-549.93	-144.39	-362.7	-82.24	-209.65	-192.26	-292.29	-2,567.95	-1,611.8	-16,705.78	-2,553.8	-15,615.57	-50,179.5	-128,297.25
Operating Margin (%)	-226.9	-598.36	-159.97	-377.71	-86.97	-218.38	-200.48	-308.68	-2,702.1	-1,674.25	-16,972.34	-2,607.35	-16,036.67	-51,616.91	-132,871.32
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	-156.24	-478.63	-490.69	-345.61	-76.9	-208.49	-208.92	-311	-2,938.01	-2,197.89	-17,085.39	-2,705.57	-16,239.87	-49,254.27	-130,000
Profit Margin (%)	-155.72	-477.56	-490.29	-345.44	-71.94	-208.49	-208.92	-318.12	-2,902.75	-2,245.39	-17,109.87	-2,726.67	-16,239.87	-49,254.27	-130,000
Net Income to Common Margin (%)	-155.72	-477.56	-490.29	-345.44	-71.94	-208.49	-208.92	-318.12	-2,902.75	-2,245.39	-17,109.87	-2,726.67	-16,239.87	-49,254.27	-130,000
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	100	39	33	32	30	12	9
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	2	2	3	3	19	2	3
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	97	37	30	29	11	9	7
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	-0.94	-0.33	-0.11	-0.12	-0.23	-0.11	-0.11
Net Debt/EBITDA	0.86	0.25	1.73	1.07	1.73	0.26	0.29	0.27	-0.52	1.94	0.19	0.11	-0.02	0.6	0.53
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	-0.9	-0.31	-0.11	-0.12	-0.23	-0.11	-0.11
Net Debt/EBIT	0.78	0.23	1.57	1.03	1.63	0.25	0.28	0.25	-0.49	1.87	0.19	0.11	-0.02	0.59	0.51
EBITDA to Interest Expense	-589.58	- -	- -	- -	- -	- -	-3,130.14	- -	-13.28	-13.73	-153.11	-209	-106.25	-614.45	- -
EBITDA-CapEx/Interest Expense	-594.28	- -	- -	- -	- -	- -	-3,527.08	- -	-13.41	-13.9	-153.74	-209.77	-106.51	-617.19	- -
EBIT to Interest Expense	-648.26	- -	- -	- -	- -	- -	-3,263.91	- -	-13.98	-14.26	-155.55	-213.38	-109.12	-632.05	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	8	9	2	1	1	- -	- -
Common Equity/Total Assets	-343.59	-508.69	-334.97	-251.81	-168.83	-250.29	-279.46	-473.12	-513.84	-167.85	-243.91	-426.88	-949.36	-1,528.47	-2,442.6
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1,802.69	7.96	7.61	13.16	9.4	13.67	27.16
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-15.27	-4.24	-2.59	-2.01	-0.69	-0.55	-0.36
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	67.68	6.8	6.13	8.4	6.45	8.28	8.81
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1,841.08	8.47	8.26	14.42	25.74	17.32	38.88
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-15.59	-4.5	-2.81	-2.2	-1.9	-0.69	-0.52
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	69.13	7.23	6.66	9.2	17.67	10.48	12.61
Net Debt to Equity	-36.25	-16.2	-63.74	-36.35	-32.76	-15.51	-16.69	-27.22	1,014.4	-50.33	-14.06	-13.36	2.1	-96.07	-183.74
Net Debt/Capital (%)	7.65	2.41	10.25	10.9	13.77	4.22	4.35	3.68	-8.3	20.76	4.5	1.98	-0.15	3.69	2.39
EBITDA	-20	-23	-19	-38	-33	-74	-81	-89	-106	-119	-296	-262	-130	-109	-84
EBITDA-CapEx	-20	-23	-20	-39	-36	-78	-91	-91	-107	-121	-298	-263	-130	-110	-84
Operating Income (Loss)	-22	-25	-22	-39	-35	-77	-85	-94	-111	-124	-301	-268	-133	-112	-87

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	2.74	1.63	1.82	6.65	5.18	2.39	3.6	2.3	2.8	9.87	6.1	2.61	3.41	2.66	1.34
Current Ratio	2.89	1.91	2.03	7.02	5.46	2.84	3.91	2.49	2.94	11.3	6.82	3.25	3.6	2.77	1.4
Quick Ratio	2.78	1.74	1.93	6.85	5.41	2.77	3.78	2.42	2.86	10.33	6.23	2.73	3.47	2.7	1.34
CFO/Avg Current Liab	-2.26	-2.3	-0.82	-1.39	-0.55	-1.66	-1.6	-2.08	-2.91	-4.83	-4.02	-2.66	-1.78	-2.67	-2.24
Common Equity/Total Assets	-343.59	-508.69	-334.97	-251.81	-168.83	-250.29	-279.46	-473.12	-513.84	-167.85	-243.91	-426.88	-949.36	-1,528.47	-2,442.6
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1,802.69	7.96	7.61	13.16	9.4	13.67	27.16
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-15.27	-4.24	-2.59	-2.01	-0.69	-0.55	-0.36
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	67.68	6.8	6.13	8.4	6.45	8.28	8.81
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	1,841.08	8.47	8.26	14.42	25.74	17.32	38.88
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-15.59	-4.5	-2.81	-2.2	-1.9	-0.69	-0.52
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	69.13	7.23	6.66	9.2	17.67	10.48	12.61
CFO/Total Liabilities	-149.16	-216.96	-43.47	-147.3	-32.81	-124.29	-141.25	-166.85	-70.63	-226.35	-224.06	-171.37	-232.02	-232.87	-176.5
CFO/CapEx	-122.56	-92.56	-86.94	-21.61	-4.47	-15.88	-6.14	-35.28	-99.05	-117.04	-175.23	-223.1	-387.55	-213.35	-310.22
Altman's Z-Score	-5.71	-10.6	2.73	11.84	5.43	1.24	-0.55	-4.46	-8.81	8.28	2.05	-6.27	-13.57	-23.34	-36.84

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	32.04	6	6.46	3.43	8	2.96	3.66	5.78	1.35	0.7	0.13	1.04	0.12	0.12	0.11
Days Sales Outstanding	11.39	60.84	56.48	106.56	45.6	123.34	99.68	63.13	270.16	519.48	2,786.29	351.59	3,102.34	3,020.73	3,350.17
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	50	61	516	539	474	498	329	361	321	1,373	1,069	368	135	50	78
- Cash & Cash Equivalents	17	6	34	41	58	19	24	24	22	251	71	46	14	66	44
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	1	1	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	100	39	33	32	30	12	9
Enterprise Value	20	48	464	445	311	393	202	280	333	1,000	701	147	20	-32	29
Total Capital	-209	-229	-295	-332	-361	-435	-523	-620	-638	-867	-1,177	-1,456	-1,593	-1,718	-1,806
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	-15.59	-4.5	-2.81	-2.2	-1.9	-0.69	-0.52
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.3	0.04	0.05	0.22	1.49	-0.37	0.33
EV/Sales	2.08	11.6	34.45	42.6	7.66	11.13	4.78	9.18	80.87	134.98	394.93	14.3	24.35	- -	436.48
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	50	61	516	541	475	498	330	361	321	1,373	1,069	368	135	50	78
Diluted Enterprise Value	33	56	483	501	417	479	306	337	400	1,161	1,031	353	151	-4	43
EV per Share	7.76	16.81	120.8	90.4	54.7	64.49	29.59	36.29	40.42	77.39	40.28	7.38	0.91	- -	0.61
TTM Sales	10	4	13	10	41	35	42	30	4	7	2	10	1	- -	- -
TTM EBITDA	-20	-23	-19	-38	-33	-74	-81	-89	-106	-119	-296	-262	-130	-109	-84
TTM Operating Income	-22	-25	-22	-39	-35	-77	-85	-94	-111	-124	-301	-268	-133	-112	-87
TTM Cash Flow to Firm	-20	-22	-15	-30	-12	-63	-63	-74	-90	-169	-214	-215	-123	-104	-89
TTM Free Cash Flow to Firm	-20	-22	-15	-28	-10	-59	-53	-71	-89	-168	-213	-214	-123	-103	-88

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	-2.56	-2.76	-33.95	-19.03	-49.16	-8.5	-6.23	-5.05	-3.31	-7.78	-4.99	-1.71	-1.09	-0.49	-0.88
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	20	48	464	445	311	393	202	280	333	1,000	701	147	20	-32	29
Low Price	15.87	17.82	21.97	95.95	66.55	56.37	48.27	45.94	23.15	34.93	61.41	16.72	4.01	1.83	1.29
EV/Sales	2.08	11.6	34.45	42.6	7.66	11.13	4.78	9.18	80.87	134.98	394.93	14.3	24.35	- -	436.48
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	-6.58	-3.66	-3.5	-17.23	-17.8	-8.21	-5.78	-4.45	-2.54	-10.93	-5.87	-2.14	-1.46	-2.02	-1.1
Price/Earnings High	-12.99	-5.4	-8.61	-25.52	-25.09	-11.69	-9.4	-5.72	-4.27	-34.71	-13.58	-4.59	-3.77	-3.31	-1.61
Price/Earnings Low	-2.74	-2.58	-1.28	-13.09	-12.96	-4.66	-3.73	-3.65	-1.6	-2.71	-3.52	-1.19	-0.66	-0.46	-0.71
Price/Book Value	-0.24	-0.27	-1.75	-1.62	-1.31	-1.15	-0.63	-0.58	-0.43	-1.52	-0.88	-0.25	-0.08	-0.03	-0.04
Price/Book Value Average	-0.48	-0.31	-0.78	-1.88	-1.44	-1.39	-0.97	-0.7	-0.41	-2.01	-1.47	-0.4	-0.12	-0.13	-0.05
Price/Book Value High	-0.94	-0.46	-1.92	-2.78	-2.03	-1.98	-1.58	-0.89	-0.69	-6.38	-3.41	-0.86	-0.31	-0.21	-0.08
Price/Book Value Low	-0.2	-0.22	-0.29	-1.42	-1.05	-0.79	-0.63	-0.57	-0.26	-0.5	-0.88	-0.22	-0.05	-0.03	-0.03
Price/Tangible Book Value	1.76	3.53	13.92	5.57	2.93	4.73	2.61	5.03	-36.42	3.07	2.77	1.75	1.15	0.73	3.22
Price/Tangible Book Value Average	3.53	4.18	6.23	6.44	3.21	5.75	4.05	6.01	-34.5	4.06	4.61	2.86	1.68	3.16	3.88
Price/Tangible Book Value High	6.97	6.16	15.34	9.54	4.52	8.19	6.58	7.74	-57.94	12.91	10.67	6.12	4.34	5.18	5.68
Price/Tangible Book Value Low	1.47	2.94	2.28	4.89	2.34	3.27	2.61	4.94	-21.63	1.01	2.76	1.59	0.76	0.72	2.51
Price/Sales	5.11	14.8	38.32	51.52	11.67	14.08	7.79	11.84	77.97	185.26	602.44	35.83	162.67	231.04	1,188.59
Price/Sales Average	10.25	17.49	17.14	59.54	12.8	17.12	12.08	14.15	73.85	245.38	1,003.54	58.45	236.63	994.32	1,430.37
Price/Sales High	20.22	25.8	42.23	88.16	18.05	24.38	19.64	18.21	124.03	779.44	2,324.04	125.16	611.69	1,630.71	2,093.29
Price/Sales Low	4.26	12.3	6.26	45.21	9.32	9.72	7.79	11.62	46.31	60.94	602.11	32.41	106.84	227.65	927.23
Price/Cash Flow	-2.53	-2.73	-33.55	-18.06	-38.08	-7.96	-5.2	-4.91	-3.28	-7.71	-4.96	-1.7	-1.09	-0.48	-0.88
Price/Cash Flow Average	-5.08	-3.23	-15.01	-20.87	-41.77	-9.68	-8.07	-5.87	-3.1	-10.22	-8.26	-2.77	-1.58	-2.08	-1.05
Price/Cash Flow High	-10.03	-4.76	-36.97	-30.91	-58.88	-13.78	-13.12	-7.55	-5.21	-32.46	-19.12	-5.94	-4.09	-3.41	-1.54
Price/Cash Flow Low	-2.11	-2.27	-5.48	-15.85	-30.41	-5.5	-5.2	-4.82	-1.95	-2.54	-4.95	-1.54	-0.71	-0.48	-0.68
Price/Free Cash Flow Average	-5.12	-3.27	-15.18	-21.99	-53.93	-10.33	-9.65	-6.04	-3.14	-10.31	-8.3	-2.79	-1.59	-2.09	-1.06
Price/Free Cash Flow High	-10.11	-4.82	-37.4	-32.57	-76.03	-14.71	-15.7	-7.77	-5.27	-32.74	-19.23	-5.97	-4.1	-3.43	-1.55
Price/Free Cash Flow Low	-2.13	-2.3	-5.55	-16.7	-39.26	-5.87	-6.23	-4.96	-1.97	-2.56	-4.98	-1.55	-0.72	-0.48	-0.69
EV/Sales Average	8.54	16.25	14.67	55.69	11.39	16.58	11.51	13.38	93.14	216.82	982.06	57.06	255.73	746.57	896.18
EV/Sales High	18.51	24.55	39.76	84.32	16.64	23.84	19.08	17.44	143.31	750.88	2,302.56	123.77	630.8	1,382.96	1,559.1
EV/Sales Low	2.54	11.05	3.79	41.36	7.91	9.19	7.23	10.85	65.59	32.37	580.63	31.02	125.94	- -	393.04
EV/EBITDA Average	-4.14	-2.95	-10.16	-15.35	-13.85	-7.91	-5.99	-4.58	-3.63	-13.45	-5.88	-2.23	-1.64	-1.49	-0.7
EV/EBITDA High	-8.97	-4.46	-27.53	-23.25	-20.23	-11.37	-9.93	-5.97	-5.58	-46.59	-13.78	-4.85	-4.04	-2.76	-1.22
EV/EBITDA Low	-1.23	-2.01	-2.63	-11.4	-9.62	-4.38	-3.76	-3.71	-2.55	-2.01	-3.48	-1.21	-0.81	0.04	-0.31
EV/EBIT Average	-3.76	-2.72	-9.17	-14.74	-13.1	-7.59	-5.74	-4.33	-3.45	-12.95	-5.79	-2.19	-1.59	-1.45	-0.67
EV/EBIT High	-8.16	-4.1	-24.85	-22.32	-19.13	-10.92	-9.52	-5.65	-5.3	-44.85	-13.57	-4.75	-3.93	-2.68	-1.17
EV/EBIT Low	-1.12	-1.85	-2.37	-10.95	-9.09	-4.21	-3.61	-3.51	-2.43	-1.93	-3.42	-1.19	-0.79	0.04	-0.3
Last Price	19.04	21.44	134.38	109.34	83.34	81.65	48.27	46.81	38.97	106.21	61.44	18.49	6.1	1.85	1.66
High Price	75.31	37.36	148.07	187.1	128.88	141.31	121.7	71.98	62	446.85	237.01	64.59	22.95	13.07	2.92
Enterprise Value Average	84	67	198	582	462	586	486	408	383	1,607	1,743	586	213	163	59
Enterprise Value High	181	101	535	882	675	843	806	532	589	5,565	4,086	1,270	525	301	102
Enterprise Value Low	25	46	51	433	321	325	305	331	270	240	1,030	318	105	-4	26

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	3	3	4	5	6	6	8	8	8	16	18	21	23	36	69
Diluted Weighted Avg Shares	3	3	4	5	6	6	7	8	8	13	17	20	22	27	47
Basic Weighted Avg Shares	3	3	4	5	6	6	7	8	8	13	17	20	22	27	47
Revenue per Share	3.72	1.45	3.51	2.12	7.14	5.8	6.2	3.95	0.5	0.57	0.1	0.52	0.04	0.01	- -
EBITDA per Share	-7.69	-7.96	-5.06	-7.7	-5.87	-12.15	-11.91	-11.55	-12.84	-9.24	-17.04	-13.18	-5.86	-4.02	-1.79
Operating Income per Share	-8.45	-8.67	-5.61	-8.02	-6.21	-12.66	-12.42	-12.2	-13.51	-9.6	-17.31	-13.46	-6.02	-4.14	-1.85
Basic EPS, GAAP	-5.8	-6.92	-17.19	-7.33	-5.14	-12.09	-12.94	-12.57	-14.51	-12.87	-17.45	-14.07	-6.09	-3.95	-1.81
Basic EPS from Cont Ops	-5.82	-6.93	-17.21	-7.33	-5.12	-12.09	-12.94	-12.57	-14.65	-12.96	-17.45	-14.07	-6.09	-3.95	-1.81
Diluted EPS, GAAP	-5.8	-6.92	-17.19	-7.3	-5.12	-12.09	-12.92	-12.57	-14.51	-12.87	-17.45	-14.07	-6.09	-3.95	-1.81
Diluted EPS from Cont Ops	-5.82	-6.93	-17.21	-7.3	-5.11	-12.09	-12.92	-12.57	-14.65	-12.96	-17.45	-14.07	-6.09	-3.95	-1.81
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	-7.51	-7.84	-4	-6.05	-2.19	-10.25	-9.28	-9.54	-11.89	-13.77	-12.4	-10.87	-5.61	-3.83	-1.89
Free Cash Flow per Basic Share	-7.57	-7.93	-4.05	-6.33	-2.68	-10.9	-10.79	-9.81	-12.01	-13.89	-12.47	-10.92	-5.62	-3.85	-1.9
Cash & Equivalents per Share	11.49	4.81	13.7	19	28.68	17.17	18.7	10.53	10.88	31.84	23.06	12.72	6.55	3.47	1.25
Book Value per Share	-79.83	-80.74	-77	-67.35	-63.53	-71.26	-76.78	-80.44	-89.91	-70.09	-69.51	-74.82	-73.19	-63.7	-38.71
Tangible Book Value per Share	10.81	6.07	9.65	19.61	28.49	17.25	18.48	9.31	-1.07	34.62	22.21	10.55	5.29	2.52	0.51

Inovio Pharmaceuticals, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)