$INO To buy or not to buy? Investing in biotech stocks can be a risky proposition. Investing in clinical-stage biotech stocks is even riskier. Inovio certainly has plenty of pipeline candidates that could be successful down the road. However, there's no guarantee that any of them will pan out. Also, Inovio's cash position stood at $93.8 million at the end of September 2019. That's not even enough to fund operations for a full year at the company's current rate of spending. It seems very likely that Inovio will have to raise additional capital, which could mean a dilution-causing stock offering. The company isn't in the lead position in the race to develop a coronavirus vaccine. Its top candidate is still more than years away from possibly winning regulatory approval. I think that investors are better off holding off on buying Inovio stock right now.