Home Earnings Analysis Healthcare  Summary Inovio Pharmaceuticals remains a high-risk, event-driven play, with the investment case dominated by the binary FDA decision for INO-3107 in October. Cost discipline has improved, with operating expenses down to $21.9M and cash projected to fund operations into 1Q27, reducing near-term dilution risk. INO-3107 offers a differentiated, patient-friendly profile versus PAPZIMEOS, targeting a potentially larger-than-expected RRP population and non-responders. I maintain a hold rating on INO stock, as risk-reward is finely balanced pending regulatory clarity, with valuation reflecting restrained expectations and binary outcome sensitivity. Morsa Images/DigitalVision via Getty Images Thesis Inovio Pharmaceuticals, Inc. ( INO ) has reported a 1Q26 GAAP EPS figure of -$0.28, which actually beat expectations by about $0.07. We saw much lower operating expenses and also some improved cost control.…