Is Inovio Pharmaceuticals, Inc. overvalued or undervalued?

As of 9 November 2023, Inovio Pharmaceuticals, Inc. has seen its valuation grade change from risky to does not qualify, indicating a significant deterioration in its financial standing. The company is currently overvalued, as reflected by its Price to Book Value of 1.62 and negative ratios such as EV to EBIT at -0.16 and EV to EBITDA at -0.17. Additionally, the Return on Equity (ROE) stands at a staggering -204.32%, highlighting severe inefficiencies and losses.
When compared to peers, Inovio's valuation metrics are concerning. For instance, Mind Medicine (MindMed), Inc. and Talaris Therapeutics, Inc. also do not qualify, with EV to EBITDA ratios of -2.78 and -2.21, respectively, indicating similar struggles within the sector. Despite a year-to-date return of 5.46%, which is better than the S&P 500's 2.44%, the long-term performance is alarming, with a 1-year decline of 76.14% and a staggering 99.25% drop over the past five years. This further reinforces the conclusion that Inovio Pharmaceuticals is currently overvalued.