INO Stock: Inovio’s FDA BLA Milestone, New Equity Offerings and 2026 Catalyst – Latest News and Forecasts (December 7, 2025)

Published: December 7, 2025

Inovio Pharmaceuticals (NASDAQ: INO) has quietly turned 2025 into a make‑or‑break year. The small‑cap biotech has completed a Biologics License Application (BLA) for its lead DNA immunotherapy INO‑3107, raised fresh capital through two stock offerings, and attracted a flurry of new analyst ratings and algorithmic “Strong Buy” labels — all while still burning cash and generating minimal revenue. ^[1]

As of the last trading session on Friday, December 5, 2025, INO stock closed at $2.07, up about 2.5% on the day and roughly 19–20% over the past 10 trading sessions, with around 1 million shares changing hands. ^[2]

Below is a detailed look at the latest INO stock news, forecasts and analyses as of December 7, 2025.

INO stock today: price, range and technical backdrop

MarketBeat’s latest coverage highlights that Inovio shares are trading around $2.07, with: ^[3]

50‑day moving average: ~$2.22
200‑day moving average: ~$2.05
52‑week range:$1.30–$4.44
Market capitalization: about $138 million
Price/earnings ratio: roughly ‑0.8 (negative, reflecting losses)

A separate MarketBeat note published December 6 reports that INO stock moved above its 200‑day moving average of $2.05, trading as high as $2.08 with daily volume just under 1 million shares. ^[4]

Technical analytics platform Intellectia adds more color:

INO closed at $2.07 on December 5, up 2.48% from $2.02, with intraday trading between $1.99 and $2.08.
The stock has risen ~19.7% over the last 10 sessions, with only one down day in that span.
Their system classifies the near‑term trend as upward since November 20, 2025, with several bullish momentum and moving‑average signals but an equal number of bearish overbought indicators. ^[5]

Intellectia also notes a short‑sale ratio of about 34% of daily volume on December 5, suggesting that short sellers remain active even as the price climbs. ^[6]

In short, INO has shifted from a deep downtrend in 2023–2024 to a fragile positive trend in late 2025, with traders watching the 200‑day moving average as a key line in the sand.

Wall Street view: INO stock forecast and price targets

Different data providers paint slightly different pictures of consensus sentiment on INO, but they all agree on one thing: Wall Street models imply huge upside from current levels — with equally huge uncertainty.

MarketBeat: “Hold” consensus, big upside

A December 6 MarketBeat report says nine covering analysts collectively rate Inovio a “Hold”, broken down as:

1 Sell
3 Hold
5 Buy

The average 12‑month price target is $9.00, implying more than a three‑fold move from the roughly $2 share price. The article also notes:

Q3 EPS came in at about ‑$0.44, beating consensus by $0.07.
Analysts still model a full‑year EPS of roughly –4.23 for 2025. ^[7]

StockAnalysis: “Buy” consensus, $9 average target

StockAnalysis, which tracks a slightly narrower set of five analysts, lists: ^[8]

Consensus rating:“Buy”
Average 12‑month target: $9.00 (about +335% vs ~$2.07)
Target range:
- Low: $3
- Median: $6
- High: $18

The same dataset underscores how speculative the story is: revenue this year is modeled at about $84,600, down more than 60% year‑over‑year, with 2026 revenue forecast jumping to ~$18 million if the pipeline begins to commercialize. ^[9]

GuruFocus: $7.47 target, but “fair value” far lower

GuruFocus’ November analyst summary for INO reports: ^[10]

Average analyst target: $7.47 (high $13, low $1.80)
Consensus brokerage recommendation: 2.0 (“Outperform”) on a 1–5 scale (1 = Strong Buy, 5 = Sell).

However, the platform’s own intrinsic value model (“GF Value”) estimates fair value around $1.03, implying potential downside from the current ~$2 price even though analysts project upside. ^[11]

That split neatly captures the INO debate: traditional analyst models lean bullish on future catalysts, while some quantitative valuation screens emphasize weak fundamentals and bankruptcy‑type risk scores.

Quant and technical forecasts: algorithms like the short term, not the long term

Intellectia’s machine‑learning forecast page currently labels INO a “Strong Buy candidate” based on a blend of: ^[12]

Price momentum
Moving‑average crossovers (short‑term averages above longer‑term ones)
Pattern similarity to other stocks
Seasonality and short‑selling data

Their near‑term price path (as of December 7, 2025) is: ^[13]

1‑day prediction: ~$2.08
1‑week prediction: ~$2.00
1‑month prediction: ~$2.14

A separate “similar chart” model even suggests a possible 1‑month rise toward ~$2.42, based on historical analogues to other tickers with similar trading patterns. ^[14]

But the long‑term algorithmic forecasts are extremely pessimistic, with the site literally printing $0.00 as its modelled price for both 2026 and 2030 — less a realistic valuation than a reflection of how many small biotech names historically went to zero after failing catalysts. ^[15]

These kinds of AI forecasts should be treated as statistical curiosities, not destiny. They can highlight how volatile and binary pre‑revenue biotech can be, but they don’t “know” whether the FDA will eventually approve INO‑3107.

Fundamental update: Q3 2025 results, cash runway and fresh dilution

On November 10, 2025, Inovio reported its third‑quarter 2025 financial results and recent business highlights, anchored by progress on INO‑3107. ^[16]

Operating results and net loss

A detailed summary of the quarter from StockTitan and the associated 8‑K filing shows: ^[17]

R&D expense: about $13.3 million
G&A expense: about $7.9 million
Total operating expenses: roughly $21.2 million
Net loss: about $45.5 million, or –$0.87 per share, driven largely by a $22.5 million non‑cash warrant fair‑value loss

MarketBeat’s earnings summary, likely focusing on adjusted metrics, notes that reported EPS of about –$0.44 beat the consensus estimate of –$0.51 by $0.07. ^[18]

Either way, the message is clear: Inovio remains deeply unprofitable, with quarterly spending far outstripping negligible current revenue.

Cash position and runway

The same Q3 recap indicates that Inovio ended the quarter with approximately $50.8 million in cash, cash equivalents and short‑term investments, down from $94.1 million at December 31, 2024. Management and third‑party summaries estimate this provides runway into the second quarter of 2026, assuming current burn levels. ^[19]

That runway, however, explicitly incorporates subsequent capital raises, not just the Q3 balance.

July 2025: $25 million equity + warrant financing

Back on July 3, 2025, Inovio announced the pricing of a $25 million public offering consisting of 14,285,715 shares of common stock at $1.75 per share and accompanying Series A and Series B warrants to purchase up to an additional 28.6 million shares at the same exercise price. ^[20]

The deal was expected to close around July 7, 2025, with Piper Sandler as the active bookrunner and Oppenheimer serving as passive bookrunner. ^[21]

This transaction strengthened the balance sheet but added substantial future dilution, since the warrants could ultimately expand the share count if exercised.

November 2025: follow‑on offering at $1.90 per share

On November 11, 2025, GuruFocus reported that Inovio launched another underwritten public offering of 13,158,000 shares at $1.90 per share, with Piper Sandler again acting as sole manager. ^[22]

The article notes: ^[23]

Market cap around $114 million at the time
Sharp multi‑year revenue declines
Extremely negative operating and net margins
An Altman Z‑score deep in the traditional “distress” zone

Taken together, the July + November offerings significantly extend Inovio’s cash runway but underscore a core reality of the INO equity story: the company has depended heavily on capital markets and may need to do so again if commercial uptake or partnerships lag.

Core growth catalyst: INO‑3107 BLA for recurrent respiratory papillomatosis

The central driver of INO’s 2025 narrative is INO‑3107, a DNA immunotherapy designed to train the immune system to target HPV‑6 and HPV‑11, the strains responsible for recurrent respiratory papillomatosis (RRP) — a rare disease characterized by benign, wart‑like growths in the airway that often require repeated surgeries. ^[24]

From rolling submission to completed BLA

In late summer 2025, Inovio began a rolling BLA submission to the U.S. FDA for INO‑3107 in adult RRP, a process that lets companies file sections of their application as they become ready. ^[25]

On November 3, 2025, the company announced it had completed the rolling BLA submission, seeking accelerated approval and requesting priority review for INO‑3107 as a treatment for adults with RRP. ^[26]

Inovio’s November 10 earnings release and subsequent summaries reiterate that: ^[27]

The BLA has been submitted under the FDA’s accelerated approval pathway.
The company has requested priority review.
If the FDA accepts the filing and grants priority review, Inovio expects a potential PDUFA decision in mid‑2026.
Commercial preparations are underway for a potential INO‑3107 launch in mid‑2026 if approved.

The company also plans to run a confirmatory trial during the BLA review period at roughly 20 U.S. sites, as required under accelerated approval frameworks. ^[28]

Clinical data behind the BLA

Inovio’s own pipeline page and earlier publications summarize the clinical case for INO‑3107: ^[29]

In a Phase 1/2 trial (RRP‑001), about 72% of patients experienced a 50–100% reduction in the number of surgeries needed in the first year after starting treatment.
A retrospective follow‑up study (RRP‑002) involving 28 of those patients showed that the proportion with a 50–100% reduction in surgeries rose to 86% in the second year, without additional dosing; roughly half of patients needed no surgeries at all.
Immunology data indicate that INO‑3107 induced targeted cytotoxic T‑cells that migrated to airway tissue and correlated with reduced need for surgery.

If approved, INO‑3107 would be Inovio’s first commercial product and the first DNA medicine approved in the United States, according to company communications and third‑party vaccine trackers. ^[30]

The drug also holds multiple regulatory advantages: Breakthrough Therapy and Orphan Drug designations in the U.S., plus Orphan status in Europe and an Innovation Passport in the UK. ^[31]

For investors, that combination — first‑in‑class modality, rare disease, and expedited review tools — is the core of the INO bull case.

Market opportunity: niche but meaningful

RRP is a rare but serious disease. Inovio estimates that: ^[32]

Around 14,000 people in the U.S. live with RRP.
Annual incidence is roughly 1.8 cases per 100,000, though real prevalence may be under‑recognized.
The current standard of care is repeated surgery, which can damage vocal cords and doesn’t change the underlying disease biology.

As usual with rare disease launches, revenue potential depends more on pricing and penetration than on raw patient counts. Analysts modeling a jump from tens of thousands of dollars in revenue in 2025 to ~$18 million in 2026 are implicitly assuming a gradual launch curve, with further upside hinging on broader adoption or label expansion. ^[33]

The addressable market is not enormous, but a successful launch could still be transformative relative to Inovio’s current micro‑cap valuation.

Sentiment reset: from “falling knife” to cautious optimism

Earlier in 2025, outside commentators were far more skeptical. A Seeking Alpha article described Inovio as the “dangerous allure of a falling knife,” pointing to a shrinking market cap (from around $150 million to under $100 million) and years of pipeline resets, trial disappointments and dilution. ^[34]

A July 3 piece on StocksToTrade chronicled a single‑day drop of more than 30% in INO shares after the company announced its July public offering, framing investor reaction as a response to yet another round of dilution layered on top of weak fundamentals. ^[35]

Fast‑forward to December, and the tone from many sources is more balanced:

MarketBeat and GuruFocus highlight the consensus price targets in the $7–9 range, albeit paired with continued losses and negative profitability metrics. ^[36]
Intellectia calls the stock a “Strong Buy candidate” in the near term based on trend and momentum, even while its long‑term numerical projections collapse to zero. ^[37]

The result is an unusual split: traders and quant systems see a speculative momentum play, while fundamental and credit‑style screens still treat Inovio as distressed.

Near‑term catalysts for INO stock

Several upcoming events could move INO shares over the next 6–18 months:

FDA BLA file acceptance and review designation (expected late 2025 / early 2026)
Inovio says it anticipates formal acceptance of the INO‑3107 BLA by the end of 2025. Investors will also be watching closely to see whether the FDA grants priority review, which would set up a target decision date (PDUFA) in mid‑2026. ^[38]
Potential mid‑2026 PDUFA decision
If priority review is granted, the market will immediately begin handicapping the odds of approval versus requests for additional data. A positive decision would, in all likelihood, be transformational for the company, while a rejection or onerous delay would likely force new financing at distressed prices. ^[39]
Confirmatory trial launch
Inovio plans to begin enrolling a confirmatory trial in RRP during the review period. The trial design — endpoints, size, timing and geographic mix — will matter for both regulatory comfort and long‑term revenue durability under an accelerated approval label. ^[40]
December 2025 investor conferences
Inovio will be presenting at the Piper Sandler 37th Annual Healthcare Conference (fireside chat on December 2) and the Oppenheimer Movers in Rare Disease Summit (panel on December 11), with one‑on‑one investor meetings around both events. ^[41]
These venues give management a platform to refine its commercial narrative, discuss pricing philosophy and update investors on FDA interactions.
Future financing or partnership announcements
Given the cash runway into Q2 2026 and the capital intensity of launching a first‑in‑class therapy plus running confirmatory trials, investors will be alert for additional equity, debt or partnership deals. The terms and timing of any such transactions will influence both dilution and perceived bargaining power. ^[42]

Key risks to the INO thesis

Even with a potentially near‑term FDA decision, INO remains high‑risk, high‑volatility:

Regulatory risk: Accelerated approval is not guaranteed, and even if granted, the FDA could impose restrictive labeling or demand rapid confirmatory data. Any safety signal or CMC (manufacturing) issue could derail timelines. ^[43]
Commercial risk: RRP is a small, specialized market, and uptake will depend on physician education, procedure‑based reimbursement dynamics and patient access. Revenue forecasts are still highly speculative. ^[44]
Financing and dilution: Inovio has repeatedly relied on dilutive equity offerings to fund operations and now has outstanding warrants that could further expand the share count. ^[45]
Balance sheet fragility: Altman Z‑score and other credit metrics flagged by GuruFocus keep Inovio in a classic “distress” zone, consistent with a substantial risk of future financial pressure if its lead program stumbles. ^[46]

For these reasons, INO is generally viewed as a speculative biotech name, appropriate only for investors who fully understand the regulatory, financing and binary‑event nature of pre‑revenue drug developers.

Bottom line: how INO stock looks as of December 7, 2025

Putting it all together:

The science and regulatory story has never been stronger for Inovio: the INO‑3107 BLA is complete, priority review is requested, and mid‑2026 could see the first FDA decision on a DNA medicine in the U.S. ^[47]
The balance sheet is still fragile but temporarily fortified by two 2025 equity offerings and a cash runway projected into Q2 2026. ^[48]
Analysts and algorithms largely agree that upside is huge if things go right, with typical 12‑month targets three to four times the current share price — but quantitative distress metrics and INO’s long history of dilution emphasize how much can go wrong. ^[49]

For now, INO sits at the intersection of regulatory hope and financial strain, a classic small‑cap biotech setup where a single FDA letter could justify either today’s deep discount — or erase it entirely.