Inovio Pharmaceuticals (INO) Q3 2026 earnings summary

Executive summary

• VOCERYQ received FDA accelerated approval on Oct. 30, 2026, to reduce surgery frequency in adults with recurrent respiratory papillomatosis (RRP); it is the first FDA-approved DNA medicine.

• Focus shifts to establishing VOCERYQ as a first-line RRP immunotherapy and advancing pipeline candidates through partnerships.

Financial highlights

• Q3 2026 revenue was $298,901 versus $0 in Q3 2025; 9M revenue was $298,901 versus $65,343, primarily from preclinical research services.

• Q3 operating expenses were $19.8M versus $21.2M; 9M expenses were $60.4M versus $69.4M. Q3 R&D fell to $10.6M from $13.3M, while SG&A rose to $9.2M from $7.9M.

• Q3 net loss was $49.2M versus $45.5M; 9M net loss was $74.9M versus $88.7M.

• Q3 loss per share was $0.50 versus $0.87; 9M loss per share was $0.90 versus $2.12.

Outlook and guidance

• VOCERYQ ordering and shipping are expected within ~60 days of approval, with full field deployment in Q1 2027; current inventory and capacity are expected to cover at least the first launch year.

• Confirmatory-study draft protocol is expected by year-end 2026 and final protocol alignment by mid-2027; planned enrollment is at least 50 adults and children, with at least 3 years of follow-up.

• A European conditional marketing authorization application is planned before year-end 2026; ex-U.S. partnering discussions are underway.

• VOCERYQ is expected to be priced at ~$115,000 per dose, or $460,000 for the four-dose course; insurers covering ~80% of U.S. patients are expected to have coverage policies within nine months of approval.

• Runway is projected into late Q4 2027, including offering proceeds and $10.9M in subsequent warrant exercises, with estimated Q4 2026 net cash burn of $21.0M; projection excludes VOCERYQ revenue and future financing.