Intrinsic value of Inovio Pharmaceuticals - INO

Previous Close

$6.23

  Intrinsic Value

$0.31

stock screener

  Rating & Target

str. sell

-95%

Previous close

$6.23

 
Intrinsic value

$0.31

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of INO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -14.63
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  35
  56
  87
  129
  188
  265
  364
  489
  642
  826
  1,043
  1,295
  1,584
  1,909
  2,271
  2,670
  3,106
  3,578
  4,085
  4,627
  5,202
  5,810
  6,450
  7,122
  7,825
  8,560
  9,326
  10,123
  10,953
  11,816
  12,713
Variable operating expenses, $m
 
  102
  157
  234
  339
  477
  656
  880
  1,155
  1,486
  1,876
  2,328
  2,847
  3,431
  4,082
  4,800
  5,584
  6,432
  7,344
  8,317
  9,351
  10,444
  11,594
  12,802
  14,066
  15,387
  16,764
  18,198
  19,689
  21,241
  22,853
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  112
  102
  157
  234
  339
  477
  656
  880
  1,155
  1,486
  1,876
  2,328
  2,847
  3,431
  4,082
  4,800
  5,584
  6,432
  7,344
  8,317
  9,351
  10,444
  11,594
  12,802
  14,066
  15,387
  16,764
  18,198
  19,689
  21,241
  22,853
Operating income, $m
  -76
  -46
  -70
  -104
  -151
  -212
  -292
  -391
  -513
  -660
  -833
  -1,033
  -1,263
  -1,522
  -1,811
  -2,130
  -2,478
  -2,854
  -3,258
  -3,690
  -4,149
  -4,634
  -5,144
  -5,680
  -6,241
  -6,827
  -7,438
  -8,074
  -8,736
  -9,424
  -10,140
EBITDA, $m
  -73
  -42
  -65
  -97
  -141
  -198
  -273
  -366
  -481
  -618
  -781
  -970
  -1,186
  -1,429
  -1,701
  -2,000
  -2,326
  -2,679
  -3,059
  -3,465
  -3,895
  -4,350
  -4,830
  -5,333
  -5,859
  -6,409
  -6,983
  -7,580
  -8,202
  -8,848
  -9,520
Interest expense (income), $m
  0
  0
  1
  3
  5
  8
  12
  17
  23
  31
  40
  51
  64
  79
  96
  114
  134
  157
  181
  207
  234
  264
  295
  327
  362
  397
  435
  474
  515
  557
  601
Earnings before tax, $m
  -74
  -46
  -71
  -107
  -156
  -220
  -303
  -408
  -536
  -691
  -873
  -1,085
  -1,327
  -1,601
  -1,907
  -2,244
  -2,612
  -3,011
  -3,439
  -3,897
  -4,383
  -4,897
  -5,439
  -6,008
  -6,603
  -7,224
  -7,873
  -8,548
  -9,251
  -9,981
  -10,741
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -74
  -46
  -71
  -107
  -156
  -220
  -303
  -408
  -536
  -691
  -873
  -1,085
  -1,327
  -1,601
  -1,907
  -2,244
  -2,612
  -3,011
  -3,439
  -3,897
  -4,383
  -4,897
  -5,439
  -6,008
  -6,603
  -7,224
  -7,873
  -8,548
  -9,251
  -9,981
  -10,741

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  105
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  174
  110
  171
  255
  370
  522
  718
  964
  1,266
  1,629
  2,057
  2,555
  3,124
  3,765
  4,479
  5,267
  6,127
  7,058
  8,058
  9,126
  10,260
  11,459
  12,722
  14,047
  15,434
  16,883
  18,394
  19,967
  21,604
  23,306
  25,075
Adjusted assets (=assets-cash), $m
  69
  110
  171
  255
  370
  522
  718
  964
  1,266
  1,629
  2,057
  2,555
  3,124
  3,765
  4,479
  5,267
  6,127
  7,058
  8,058
  9,126
  10,260
  11,459
  12,722
  14,047
  15,434
  16,883
  18,394
  19,967
  21,604
  23,306
  25,075
Revenue / Adjusted assets
  0.507
  0.509
  0.509
  0.506
  0.508
  0.508
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
  0.507
Average production assets, $m
  14
  22
  35
  52
  75
  106
  146
  196
  257
  330
  417
  518
  633
  764
  908
  1,068
  1,243
  1,431
  1,634
  1,851
  2,081
  2,324
  2,580
  2,849
  3,130
  3,424
  3,730
  4,049
  4,381
  4,727
  5,085
Working capital, $m
  81
  -38
  -59
  -89
  -129
  -182
  -250
  -335
  -440
  -567
  -716
  -889
  -1,086
  -1,309
  -1,558
  -1,832
  -2,131
  -2,455
  -2,803
  -3,174
  -3,569
  -3,986
  -4,425
  -4,886
  -5,368
  -5,872
  -6,397
  -6,945
  -7,514
  -8,106
  -8,721
Total debt, $m
  0
  31
  75
  138
  223
  335
  480
  661
  884
  1,153
  1,469
  1,837
  2,257
  2,731
  3,259
  3,841
  4,477
  5,165
  5,904
  6,693
  7,531
  8,418
  9,351
  10,330
  11,355
  12,426
  13,542
  14,705
  15,915
  17,172
  18,480
Total liabilities, $m
  50
  82
  126
  189
  274
  386
  531
  712
  935
  1,204
  1,520
  1,888
  2,308
  2,782
  3,310
  3,892
  4,528
  5,216
  5,955
  6,744
  7,582
  8,469
  9,402
  10,381
  11,406
  12,477
  13,593
  14,756
  15,966
  17,223
  18,531
Total equity, $m
  123
  29
  45
  67
  97
  136
  187
  252
  330
  425
  537
  667
  815
  983
  1,169
  1,375
  1,599
  1,842
  2,103
  2,382
  2,678
  2,991
  3,320
  3,666
  4,028
  4,406
  4,801
  5,211
  5,639
  6,083
  6,545
Total liabilities and equity, $m
  173
  111
  171
  256
  371
  522
  718
  964
  1,265
  1,629
  2,057
  2,555
  3,123
  3,765
  4,479
  5,267
  6,127
  7,058
  8,058
  9,126
  10,260
  11,460
  12,722
  14,047
  15,434
  16,883
  18,394
  19,967
  21,605
  23,306
  25,076
Debt-to-equity ratio
  0.000
  1.060
  1.690
  2.070
  2.300
  2.460
  2.560
  2.630
  2.680
  2.710
  2.740
  2.750
  2.770
  2.780
  2.790
  2.790
  2.800
  2.800
  2.810
  2.810
  2.810
  2.810
  2.820
  2.820
  2.820
  2.820
  2.820
  2.820
  2.820
  2.820
  2.820
Adjusted equity ratio
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -46
  -71
  -107
  -156
  -220
  -303
  -408
  -536
  -691
  -873
  -1,085
  -1,327
  -1,601
  -1,907
  -2,244
  -2,612
  -3,011
  -3,439
  -3,897
  -4,383
  -4,897
  -5,439
  -6,008
  -6,603
  -7,224
  -7,873
  -8,548
  -9,251
  -9,981
  -10,741
Depreciation, amort., depletion, $m
  3
  4
  5
  7
  10
  14
  19
  25
  32
  41
  52
  63
  77
  93
  111
  130
  152
  175
  199
  226
  254
  283
  315
  347
  382
  418
  455
  494
  534
  576
  620
Funds from operations, $m
  -64
  -42
  -66
  -100
  -145
  -206
  -284
  -383
  -504
  -649
  -821
  -1,021
  -1,250
  -1,508
  -1,796
  -2,114
  -2,460
  -2,836
  -3,240
  -3,671
  -4,129
  -4,614
  -5,124
  -5,660
  -6,221
  -6,807
  -7,418
  -8,054
  -8,716
  -9,405
  -10,121
Change in working capital, $m
  -1
  -14
  -21
  -29
  -40
  -53
  -68
  -86
  -105
  -126
  -149
  -173
  -198
  -223
  -249
  -274
  -299
  -324
  -348
  -371
  -395
  -417
  -439
  -461
  -482
  -504
  -525
  -547
  -569
  -592
  -615
Cash from operations, $m
  -63
  -28
  -45
  -70
  -105
  -153
  -216
  -297
  -399
  -523
  -672
  -848
  -1,052
  -1,285
  -1,548
  -1,840
  -2,161
  -2,512
  -2,892
  -3,300
  -3,735
  -4,197
  -4,685
  -5,199
  -5,739
  -6,303
  -6,892
  -7,507
  -8,147
  -8,813
  -9,505
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -24
  -31
  -40
  -51
  -63
  -77
  -93
  -111
  -130
  -152
  -175
  -199
  -226
  -254
  -283
  -315
  -347
  -382
  -418
  -455
  -494
  -534
  -576
New CAPEX, $m
  -4
  -8
  -12
  -17
  -23
  -31
  -40
  -50
  -61
  -74
  -87
  -101
  -115
  -130
  -145
  -160
  -174
  -189
  -203
  -217
  -230
  -243
  -256
  -269
  -281
  -294
  -306
  -319
  -332
  -345
  -359
Cash from investing activities, $m
  16
  -10
  -15
  -21
  -29
  -40
  -53
  -68
  -85
  -105
  -127
  -152
  -178
  -207
  -238
  -271
  -304
  -341
  -378
  -416
  -456
  -497
  -539
  -584
  -628
  -676
  -724
  -774
  -826
  -879
  -935
Free cash flow, $m
  -47
  -38
  -60
  -91
  -135
  -193
  -269
  -365
  -484
  -628
  -800
  -1,000
  -1,231
  -1,493
  -1,786
  -2,110
  -2,466
  -2,853
  -3,269
  -3,716
  -4,191
  -4,694
  -5,225
  -5,783
  -6,367
  -6,979
  -7,616
  -8,281
  -8,973
  -9,692
  -10,440
Issuance/(repayment) of debt, $m
  0
  31
  44
  62
  85
  112
  145
  182
  223
  268
  317
  368
  420
  474
  528
  582
  635
  688
  739
  789
  838
  886
  933
  979
  1,025
  1,071
  1,116
  1,163
  1,210
  1,258
  1,307
Issuance/(repurchase) of shares, $m
  8
  57
  87
  129
  186
  260
  354
  472
  615
  785
  985
  1,214
  1,476
  1,769
  2,093
  2,449
  2,836
  3,254
  3,700
  4,176
  4,679
  5,210
  5,769
  6,353
  6,965
  7,603
  8,267
  8,959
  9,678
  10,426
  11,202
Cash from financing (excl. dividends), $m  
  8
  88
  131
  191
  271
  372
  499
  654
  838
  1,053
  1,302
  1,582
  1,896
  2,243
  2,621
  3,031
  3,471
  3,942
  4,439
  4,965
  5,517
  6,096
  6,702
  7,332
  7,990
  8,674
  9,383
  10,122
  10,888
  11,684
  12,509
Total cash flow (excl. dividends), $m
  -39
  50
  72
  100
  136
  179
  230
  289
  354
  426
  502
  582
  665
  750
  836
  921
  1,006
  1,089
  1,170
  1,249
  1,327
  1,403
  1,477
  1,550
  1,623
  1,695
  1,767
  1,840
  1,915
  1,991
  2,069
Retained Cash Flow (-), $m
  53
  -57
  -87
  -129
  -186
  -260
  -354
  -472
  -615
  -785
  -985
  -1,214
  -1,476
  -1,769
  -2,093
  -2,449
  -2,836
  -3,254
  -3,700
  -4,176
  -4,679
  -5,210
  -5,769
  -6,353
  -6,965
  -7,603
  -8,267
  -8,959
  -9,678
  -10,426
  -11,202
Prev. year cash balance distribution, $m
 
  105
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  98
  -15
  -29
  -50
  -81
  -124
  -183
  -261
  -360
  -483
  -632
  -811
  -1,019
  -1,258
  -1,528
  -1,831
  -2,165
  -2,530
  -2,926
  -3,352
  -3,808
  -4,292
  -4,803
  -5,342
  -5,908
  -6,500
  -7,118
  -7,763
  -8,435
  -9,133
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  94
  -14
  -25
  -41
  -63
  -90
  -124
  -163
  -207
  -253
  -300
  -346
  -387
  -422
  -449
  -465
  -471
  -466
  -451
  -426
  -394
  -356
  -315
  -272
  -230
  -190
  -153
  -120
  -92
  -69
Current shareholders' claim on cash, %
  100
  59.2
  35.7
  21.9
  13.6
  8.5
  5.4
  3.5
  2.3
  1.5
  1.0
  0.7
  0.5
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Inovio Pharmaceuticals, Inc. (Inovio) is a clinical-stage pharmaceutical company, which is involved in developing deoxyribonucleic acid (DNA) immunotherapies and vaccines focused on treating and preventing cancers and infectious diseases. The Company's DNA-based immunotherapies, in combination with its electroporation delivery devices, generates immune responses, in particular T cells, in the body to fight target diseases. It has completed, current or planned clinical programs of its SynCon immunotherapies for human papillomavirus (HPV)-caused pre-cancers and cancers, influenza, prostate cancer, breast/lung/pancreatic cancer, hepatitis C virus (HCV), hepatitis B virus (HBV), human immunodeficiency virus (HIV), Ebola, Middle East Respiratory Syndrome (MERS) and Zika virus. With its immunotherapy platform, as well as with its CELLECTRA electroporation delivery technology, it has a pipeline of pre-clinical and clinical stage products that have generated in vivo immune responses.

FINANCIAL RATIOS  of  Inovio Pharmaceuticals (INO)

Valuation Ratios
P/E Ratio -6.2
Price to Sales 13.2
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow -7.3
Price to Free Cash Flow -6.9
Growth Rates
Sales Growth Rate -14.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -38.1%
Ret/ On Assets - 3 Yr. Avg. -29.2%
Return On Total Capital -49.5%
Ret/ On T. Cap. - 3 Yr. Avg. -38%
Return On Equity -49.5%
Return On Equity - 3 Yr. Avg. -38%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -202.9%
EBITDA Margin - 3 Yr. Avg. -204.5%
Operating Margin -220%
Oper. Margin - 3 Yr. Avg. -234.3%
Pre-Tax Margin -211.4%
Pre-Tax Margin - 3 Yr. Avg. -215.7%
Net Profit Margin -211.4%
Net Profit Margin - 3 Yr. Avg. -214.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.2%
Payout Ratio 0%

INO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INO stock intrinsic value calculation we used $35 million for the last fiscal year's total revenue generated by Inovio Pharmaceuticals. The default revenue input number comes from 2016 income statement of Inovio Pharmaceuticals. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our INO stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for INO is calculated based on our internal credit rating of Inovio Pharmaceuticals, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Inovio Pharmaceuticals.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of INO stock the variable cost ratio is equal to 182.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for INO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Inovio Pharmaceuticals.

Corporate tax rate of 27% is the nominal tax rate for Inovio Pharmaceuticals. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the INO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for INO are equal to 40%.

Life of production assets of 8.2 years is the average useful life of capital assets used in Inovio Pharmaceuticals operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for INO is equal to -68.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $123 million for Inovio Pharmaceuticals - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 90.228 million for Inovio Pharmaceuticals is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Inovio Pharmaceuticals at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Zika vaccine shows promise in early human trial   [Oct-04-17 05:00PM  Reuters]
▶ Is Inovio Pharmaceuticals Stock Poised for a Rebound?   [Aug-29-17 08:04AM  Motley Fool]
▶ Where Does Zika Virus Vaccine Research Stand Now?   [Aug-12-17 02:51PM  Benzinga]
▶ Inovio reports 2Q loss   [Aug-09-17 10:32PM  Associated Press]
▶ Analysts Recommendations for Regeneron in July 2017   [Aug-01-17 10:38AM  Market Realist]
▶ Biotech Movers: Sarepta, Inovio, Mylan   [09:38AM  TheStreet.com]
▶ Inovio Announces Pricing of Public Offering of Common Stock   [Jul-19-17 10:10PM  GlobeNewswire]
▶ Inovio Announces Proposed Public Offering of Common Stock   [Jul-18-17 04:01PM  GlobeNewswire]
▶ Biotech Movers: Exelixis, Omeros, Inovio   [Jul-10-17 09:40AM  TheStreet.com]
▶ Inovio Announces Leadership Appointments   [Jun-28-17 08:00AM  GlobeNewswire]
▶ 3 Stocks That Could Put Amazon's Returns to Shame   [Jun-13-17 05:26PM  Motley Fool]
▶ Biotech Movers: NewLink, Inovio, Juno   [09:20AM  TheStreet.com]
▶ These Stocks Have Changed Direction   [12:00PM  TheStreet.com]
▶ Where Might Inovio Shares Land Post-Breakout?   [May-24-17 04:27PM  Investopedia]
▶ Biotech Movers: Inovio, Neurocrine, Alnylam   [09:29AM  TheStreet.com]
▶ Inovio reports 1Q loss   [May-10-17 04:22PM  Associated Press]
▶ Biotech Movers: Horizon, OncoMed, Inovio   [May-08-17 09:29AM  TheStreet.com]
▶ Inovio Pharmaceuticals Stock History: From A to Zika   [Apr-18-17 04:24PM  Motley Fool]
Financial statements of INO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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