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Inovio Pharmaceuticals

Logo: inovio.com5

American biotechnology company

Inovio Pharmaceuticals, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of synthetic DNA products for treating cancers and infectious diseases. In April 2020, Inovio was among some 100 companies, academic centers, or research organizations developing a vaccine candidate for treating people infected with COVID-19, with more than 170 total vaccine candidates in development (June 2020).3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1983Founded1

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  • TickerINO on Nasdaq1
  • Industrybiotechnology1
  • HeadquartersPlymouth Meeting1
  • Websitewww.inovio.com
  • Incorporated inDE6
  • Business address660 W. Germantown Pike, Suite 110, Plymouth Meeting, Pa 194626
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formCorporation4
  • LEI529900B9W875XDZXTM974
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 33571634

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Inovio Pharmaceuticals, Inc. is an American biotechnology company focused on the discovery, development, and commercialization of synthetic DNA products for treating cancers and infectious diseases. In April 2020, Inovio was among some 100 companies, academic centers, or research organizations developing a vaccine candidate for treating people infected with COVID-19, with more than 170 total vaccine candidates in development (June 2020).3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-132871.3%Operating margin8
-130000.0%Net margin8
-70.0%Revenue growth, 20258
-352.5%Return on equity8
-$88.9MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development100¢$54.2M

Out of $65.3K in revenue.8 The company lost money this year.

Financial statements

Revenue91011128$65.3K in 2025−98% since 2019
0$5.0M$10.0M$15.0M2019: $4.1M$4.1M20192020: $7.4M$7.4M2020+80%2021: $1.8M$1.8M2021−76%2022: $10.3M$10.3M2022+478%2023: $832.0K$832.0K2023−92%2024: $217.8K$217.8K2024−74%2025: $65.3K$65.3K2025−70%
Operating income91011128-$86.8M in 2025−22% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$111.1M-$111.1M20192020: -$124.1M-$124.1M2020+12%2021: -$301.2M-$301.2M2021+143%2022: -$267.6M-$267.6M2022−11%2023: -$143.9M-$143.9M2023−46%2024: -$112.4M-$112.4M2024−22%2025: -$86.8M-$86.8M2025−23%
Net income91011128-$84.9M in 2025−29% since 2019
-$400.0M-$300.0M-$200.0M-$100.0M02019: -$119.4M-$119.4M20192020: -$166.4M-$166.4M2020+39%2021: -$303.7M-$303.7M2021+82%2022: -$279.8M-$279.8M2022−8%2023: -$135.1M-$135.1M2023−52%2024: -$107.3M-$107.3M2024−21%2025: -$84.9M-$84.9M2025−21%

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Revenue from collaborative arrangement$65.3K$217.8K
Research and development$54.2M$75.6M
General and administrative$32.7M$37.0M
Total operating expenses$86.9M$112.6M
Loss from operations-$86.8M-$112.4M
Interest income$2.4M$4.8M
Interest expense$0-$177.8K
Change in fair value of common stock warrant liabilities$493.2K$2.8M
Gain (loss) on investment in affiliated entity$489.8K-$1.2M
Net unrealized gain on available-for-sale equity securities$1.1M$2.1M
Other expense, net-$2.6M-$3.2M
Net loss-$84.9M-$107.3M
Basic (in USD per share)-$1.81-$3.95
Diluted (in USD per share)-$1.81-$3.95
Basic (in shares)46.9M shares27.2M shares
Diluted (in shares)46.9M shares27.2M shares

Compare Inovio Pharmaceuticals with another company

Corporate structure

Inovio Pharmaceuticals sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Inovio Pharmaceuticals

  • Inovio Pharmaceuticals Plymouth Meeting, Pennsylvania, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Inovio Pharmaceuticals reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$19.9M8 Dec 31, 2025$20.1M8 Dec 31, 2024−0.9%
Accumulated depreciation$17.4M8 Dec 31, 2025$16.5M8 Dec 31, 2024+5.8%
Property and equipment, net$2.5M8 Dec 31, 2025$3.7M8 Dec 31, 2024−30.9%
Operating-lease assets (leased space)$6.5M8 Dec 31, 2025$8.1M8 Dec 31, 2024−19.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$44.3M8 Dec 31, 2025$65.8M8 Dec 31, 2024−32.7%
Marketable securities, current$14.2M8 Dec 31, 2025$28.3M8 Dec 31, 2024−49.7%
Debt securities available for sale$14.2M8 Dec 31, 2025$28.3M8 Dec 31, 2024−49.7%
Equity securities at fair value$2.1M8 Dec 31, 2025$1.6M8 Dec 31, 2024+30.4%

Properties, in its own words

We own no real property and have no plans to acquire any real property in the future.

San Diego Leases

The rest of Item 2

We have entered into an office lease, or the First San Diego Lease, for other property in San Diego, California that we use for office, manufacturing and research and development purposes. The total space under the First San Diego Lease is approximately 51,000 square feet and the term continues through May 2027. We have also entered into a lease agreement, or the Second San Diego Lease, for research and development space in San Diego, California. The total space under the Second San Diego Lease is approximately 5,600 square feet and the initial term continues through June 2028.

Rent payments under both leases include base rent with an annual increase of approximately three percent, and additional monthly fees to cover our share of certain facility expenses, including utilities, property taxes, insurance and maintenance. In addition, we have paid a security deposit of $95,000 and $33,000 in connection with the First and Second San Diego Lease, respectively.

Plymouth Meeting Lease

We have entered into a lease, or the Plymouth Meeting Lease, for our corporate headquarters in Plymouth Meeting, Pennsylvania. We have amended the Plymouth Meeting Lease on multiple occasions to increase the total leased space to approximately 57,400 square feet and extend the lease term through December 31, 2029.

Rent payments under the Plymouth Meeting Lease include base rent with an annual increase of approximately two percent, and additional monthly fees to cover our share of certain facility expenses, including utilities, property taxes, insurance and maintenance. In addition, we have paid security deposits totaling $124,000.

We have entered into four agreements to sublease a total of approximately 25,000 square feet in our Plymouth Meeting headquarters, with two sublease terms through December 31, 2026, one through December 31, 2027 and one through December 31, 2029.

We believe our current and future planned facilities will be adequate to meet our operating needs for the foreseeable future. Should we need additional space, we believe we will be able to secure additional space at commercially reasonable rates.

Item 2 of the 10-K filed Mar 12, 2026.16

The story

Inovio was formerly known as Electrofect, which was founded in Oslo, Norway in 1999. The company was renamed to Inovio in October 2001.

From Wikipedia’s article on Inovio Pharmaceuticals, shared under CC BY-SA 4.0.7

Leadership

Who has led Inovio Pharmaceuticals, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Avtar S. Dhillon2006–2008
  2. Jong Joseph Kim2009–2022
  3. Jacqueline Elizabeth Shea2022–now

Chair

  1. Avtar S. Dhillon2009–2011

President

  1. Avtar S. Dhillon2006–2009

Chief financial officer

  1. Peter Kies2006–now

Chief operating officer

  1. Niranjan Sardesai2012–2018
  2. Jacqueline Elizabeth Shea2019–2022
1990200020102020
Board members and other officers (34)

Products and brands

Technology

The Inovio technology is based on inserting engineered DNA into cells, where it becomes transcribed into mRNA and translated into proteins. The proteins encoded by the DNA elicit immune response to antigens from cancers and viruses, by stimulating the production of T cells and antibodies that aid recovery. The technology can be "targeted" to specific types of cancer and immune diseases, such as those produced by a virus.

During a meeting of the White House Coronavirus Task Force in March 2020, CEO, Joseph Kim, said that Inovio scientists had designed a vaccine candidate (INO-4800) for the COVID-19 coronavirus in January, in three hours, after the virus' genetic sequence was first published.

Shareholders sued Inovio in August 2020, claiming it exaggerated evidence of its coronavirus vaccine's efficacy in order to boost its stock price.

License of electroporation device

In 2006, Inovio licensed "certain patented technology relating to the delivery of gene-based therapeutics into skin", as well as patents "involving the delivery of genes or drugs via ex vivo, intratumoral and intramuscular electroporation... The ex-vivo patents are relevant to the delivery of genes to dendritic and stem cells."

Read the full text

Licence of US7328064B2

Sometime after its publication in February 2008, Inovio was assigned a patent for "an apparatus [that provides] for injecting a fluid into body tissue, the apparatus comprising: a hollow needle; and a fluid delivery means, wherein the apparatus is adapted to actuate the fluid delivery means in use so as to automatically inject fluid into body tissue during insertion of the needle into the said body tissue."

Cellectra injection device

To facilitate use of its potential products, Inovio manufactures a proprietary injection device, called "Cellectra", which the company describes as providing a "brief electrical pulse to reversibly open small pores in the cell to allow the plasmids to enter, overcoming a key limitation of other DNA and other nucleic acid approaches, such as mRNA." The small device, which runs on "AA" batteries, is designed for use in the field under the difficult conditions of an epidemic.

In June 2020 – in anticipation of the Inovio COVID-19 vaccine candidate becoming successful – the US Department of Defense invested US$71 million to further develop Cellectra as a handheld device and to preorder an undisclosed number of the devices.

Clinical research

Inovio is collaborating with Beijing Advaccine Biotechnology Co., a Chinese biotech firm, in order to speed its acceptance by regulatory authorities in China, with plans to begin human clinical trials of a candidate vaccine in China during the first half of 2020. Inovio has partnerships with manufacturers to scale up production of a vaccine if preliminary efficacy trials are successful. In April 2020, the company began human Phase I safety studies of its lead vaccine (INO-4800) in the United States, and a Phase I-II trial in South Korea, to test for immunization against the COVID-19 virus. In April 2021, the US Department of Defense discontinued funding of future phase III trials of INO-4800. The company is planning to conduct phase III trials outside the United States.

On 9 July it decided to conduct phase 3 trials in partnership with Beijing-based Advaccine Pharmaceutical company.

In early June, Inovio partnered with the International Vaccine Institute and Seoul National University, South Korea, to advance human research on INO-4800 in a Phase I-II safety and efficacy trial to be conducted on 120 participants at Seoul National University Hospital beginning in June. The trial is funded by the Coalition for Epidemic Preparedness Innovations and supported by the Korea Centers for Disease Control and Prevention and the Korea National Institute of Health.

From Wikipedia’s article on Inovio Pharmaceuticals, shared under CC BY-SA 4.0.7

Former names

  • INOVIO BIOMEDICAL CORPApr 4, 2005 to May 11, 20106
  • GENETRONICS BIOMEDICAL CORPDec 4, 2001 to Apr 1, 20056
  • GENETRONICS BIOMEDICAL LTDSep 1, 1999 to Aug 3, 20016

Timeline

  1. Oct 6, 20268-K Bylaws or fiscal year changed56
  2. Aug 12, 20268-K Results of operations57
  3. Jul 31, 20268-K Entered a material agreement; Other events58
  4. Jul 29, 20268-K Results of operations59
  5. May 20, 20268-K Bylaws or fiscal year changed; Shareholder vote60
  6. May 13, 20268-K Results of operations61
  7. Apr 6, 20268-K Entered a material agreement; Other events62
  8. Apr 2, 20268-K Other events63
  9. Mar 12, 20268-K Results of operations64
  10. Jan 27, 20268-K Entered a material agreement; Change to shareholders' rights65
  11. Dec 29, 20258-K Regulation FD disclosure; Other events66
  12. Nov 12, 20258-K Entered a material agreement; Other events67
  13. May 11, 2022New chief executive Jacqueline Elizabeth Shea becomes CEO17
  14. Jun 3, 2009New chief executive Jong Joseph Kim becomes CEO18
  15. Mar 10, 2006New chief executive Avtar S. Dhillon becomes CEO19
  16. 1983Founded Founded1

Calendar

Coming up

  1. Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.44) a share, on Nov 10, 2025.68

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results57
  2. Jul 29, 2026Reported quarterly or annual results59
  3. May 13, 2026Reported quarterly or annual results61
  4. Mar 12, 2026Reported quarterly or annual results64
  5. Nov 10, 2025Reported quarterly or annual results69
  6. Aug 12, 2025Reported quarterly or annual results70
  7. May 13, 2025Reported quarterly or annual results71
  8. Mar 18, 2025Reported quarterly or annual results72

Drug trials and FDA: coming up

  1. Dec 31, 2026Phase 1/2 trial readout expected Phase 1/2 trial of INO-5401, INO-9012 and others in Glioblastoma: primary completion expected Dec 31, 2026 (ClinicalTrials.gov NCT03491683).73

Drug trials and FDA: recently

  1. May 9, 2025Phase 1/2 trial completed Phase 1/2 trial of INO-5401, INO-9012 and others in Urothelial Carcinoma: primary completion May 9, 2025, results posted Sep 2, 2026 (ClinicalTrials.gov NCT03502785).74
  2. Jan 19, 2023Phase 2 trial completed Phase 2 trial of INO-4700 in Middle East Respiratory Syndrome Coronavirus (MERS-CoV): primary completion Jan 19, 2023, results posted Jan 22, 2026 (ClinicalTrials.gov NCT04588428).75
  3. Dec 15, 2022Phase 1/2 trial completed Phase 1/2 trial of INO-3107 in Respiratory Papillomatosis: primary completion Dec 15, 2022, results posted Apr 14, 2026 (ClinicalTrials.gov NCT04398433).76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

278 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 131 insider forms, 37 large holders, 46 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Aug 12, 20268-K EDGAR
  3. Aug 12, 202610-Q EDGAR
  4. Aug 12, 2026SCHEDULE 13G/A EDGAR
  5. Aug 7, 2026SCHEDULE 13G EDGAR
  6. Aug 6, 2026SCHEDULE 13G/A EDGAR
  7. Jul 31, 2026SCHEDULE 13G EDGAR
  8. Jul 31, 20268-K EDGAR
  9. Jul 30, 2026424B5 EDGAR
  10. Jul 29, 20268-K EDGAR
  11. Jul 29, 2026424B5 EDGAR
  12. Jul 10, 2026EFFECT EDGAR
  13. Jul 2, 2026S-3 EDGAR
  14. May 26, 2026S-8 EDGAR
  15. May 21, 20264 EDGAR
  16. May 21, 20264 EDGAR
  17. May 21, 20264 EDGAR
  18. May 21, 20264 EDGAR
  19. May 21, 20264 EDGAR
  20. May 21, 20264 EDGAR

The 278 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 0 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 5, 2023Zoth Lota S.DirectorSale5,700$0.56$3.2KForm 4
Mar 13, 2023Weiner David B.DirectorSale5,833$1.15$6.7KForm 4
Feb 27, 2023Weiner David B.DirectorSale11,668$1.28$14.9KForm 4
Aug 11, 2022Weiner David B.DirectorSale11,875$2.66$31.6KForm 4
Jul 20, 2022BENITO SIMON XDirectorSale2,000$2.25$4.5KForm 4
May 16, 2022Weiner David B.DirectorSale9,000$1.95$17.6KForm 4
May 16, 2022Zoth Lota S.DirectorSale3,600$1.98$7.1KForm 4
Mar 16, 2022BENITO SIMON XDirectorSale2,000$3.16$6.3KForm 4
Mar 14, 2022Weiner David B.DirectorSale4,083$3.20$13.1KForm 4
Mar 9, 2022Weiner David B.DirectorSale4,083$3.33$13.6KForm 4
Jan 19, 2022BENITO SIMON XDirectorSale2,000$4.27$8.5KForm 4
Jan 5, 2022Zoth Lota S.DirectorSale961$5.01$4.8KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jacqueline E. Shea, Ph.D.President and Chief Executive Officer60$728.0K$1.6M89
2025Michael Sumner, M.D.Chief Medical Officer and Head of Development60$548.7K$910.6K89
2025Peter D. KiesChief Financial Officer62$514.6K$833.7K89
2024Jacqueline E. Shea, Ph.D.President and Chief Executive Officer60$728.0K$2.1M89
2024Michael Sumner, M.D.Chief Medical Officer and Head of Development60$532.0K$1.0M89
2024Peter D. KiesChief Financial Officer62$506.8K$940.1K89

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC8,454,797$9.3M0.0%−884,817
Jupiter Topco LLC5,171,053$5.7M0.0%New
Vanguard Capital Management LLC3,650,562$4.0M0.0%+749,354
Boxer Capital Management, LLC2,844,994$3.1M0.2%+474,872
ADAR1 Capital Management, LLC2,143,910$2.4M0.1%+673,802
D. E. Shaw & Co., Inc.1,351,656$1.5M0.0%−861,163
Two Sigma Investments, LP1,239,778$1.4M0.0%+849,394
Eversept Partners, LP1,035,360$1.1M0.1%No change
Geode Capital Management, LLC802,751$883.7K0.0%+1,247
Millennium Management LLC796,107$875.7K0.0%−614,738
BlackRock, Inc.779,057$857.0K0.0%+116,876
Vanguard Fiduciary Trust Co480,769$528.8K0.0%+88,703
Caption Management, LLC478,950$526.8K0.0%New
Renaissance Technologies LLC361,339$397.5K0.0%−282,438
State Street Corp336,610$370.3K0.0%+40,300
UBS Group AG262,320$288.6K0.0%+12,670
Quadrature Capital Ltd258,928$284.8K0.0%New
Citadel Advisors LLC241,775$266.0K0.0%−44,577
Northern Trust Corp174,394$191.8K0.0%−124,476
Bridgeway Capital Management, LLC173,000$190.3K0.0%No change
Nomura Holdings Inc150,000$165.0K0.0%New
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main133,648$147.0K0.0%New
GMT Capital Corp126,119$138.7K0.0%No change
Jane Street Group, LLC124,525$137.0K0.0%+93,834
XTX Topco Ltd105,833$116.4K0.0%−106,844

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Sep 8, 2020Christopher L. Jacobs, HouseSale$1,001 - $15,000+230.7%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Inovio Pharmaceuticals is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARINOVIO PHARMACEUTICALS, INC.2
  • CIK0001055726
  • Employer ID (EIN)33-096959216
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company16
  • Incorporated inDelaware16
  • Fiscal year endsDecember 312
  • Industry code (SIC)2834 Pharmaceutical Preparations2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address660 W. Germantown Pike, Suite 110, Plymouth Meeting, PA 194622
  • Phone85841031342
  • Shares outstanding103,397,518 as of Aug 10, 202614
  • Public float$74.3M as of Jun 30, 202516
  • AuditorErnst & Young LLP, San Diego, California PCAOB ID 42; no auditor attestation of internal control over financial reporting16
  • On EDGAR sinceJun 29, 19992
  • Filings1,290 in all: 4 (550), 8-K (211), 10-Q (82), SC 13G/A (45), 424B5 (41), 3 (35), DEF 14A (29), S-8 (26)2
    All 54 form types

    10-K (25), SC 13G (23), S-3 (22), UPLOAD (22), CORRESP (20), EFFECT (16), S-3/A (14), SCHEDULE 13G/A (14), 424B3 (10), 425 (10), 8-K/A (10), SCHEDULE 13G (9), PRE 14A (8), CT ORDER (6), 4/A (5), 10-K405/A (4), ARS (4), S-4/A (4), 10-K405 (3), 424B2 (3), DEFA14A (3), NT 10-Q (3), POS AM (3), D (2), DEFM14A (2), PREM14A (2), REGDEX (2), S-4 (2), S-8 POS (2), SC 13D (2), 10-K/A (1), 10-Q/A (1), 144 (1), 25 (1), 3/A (1), 424A (1), 5 (1), 8-A12B (1), CERTNAS (1), DEL AM (1), NO ACT (1), POS EX (1), POSASR (1), REGDEX/A (1), S-1 (1), S-3ASR (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 7, 2026
    Latest 8-K (8-K) Oct 6, 2026

Securities registered for trading

ClassSymbolExchange
COMMON STOCK, $0.001 PAR VALUEINONasdaq

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks Inovio Pharmaceuticals names in Item 1A of its 10-K filed Mar 12, 2026: 59 risks under these headings, as written.16

  • Risks Related to Our Financial Position and Need for Additional Capital
  • We do not currently have sufficient working capital to fund our planned operations for the next twelve months and substantial doubt exists as to our ability to continue as a going concern.
  • We will need substantial additional capital to develop our DNA medicines and proprietary device technology, which may prove difficult or costly to obtain.
  • We have incurred significant losses in recent years, expect to incur significant net losses in the foreseeable future and may never become profitable.
  • We have limited sources of revenue and our success is dependent on our ability to develop our DNA medicines and proprietary device technology.
  • A small number of licensing partners and government contracts have accounted for a substantial portion of our revenue.
  • Risks Related to Product Development, Manufacturing and Regulatory Approval
  • Our product candidates are drug-device combination products comprising an electroporation device for delivery of a biologic, and additional time may be required to obtain regulatory approval for our product candidates because of the complexity involved with developing and manufacturing a drug-device combination product. If the FDA and comparable regulatory authorities in foreign jurisdictions do not provide marketing authorization for our CELLECTRA delivery devices, then we will not be able to bring to market our DNA medicines that rely on delivery by such devices.
  • Pursuing accelerated approval for INO-3107 or any of our other product candidates may not lead to a faster development or regulatory review or approval process and does not increase the likelihood that our product candidates will receive marketing approval.
  • Even if our products receive regulatory approval in the United States, we may never receive approval or commercialize our products outside of the United States, and the same risk applies for products approved outside the United States, with respect to regulatory approval in the United States.
  • Clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.
  • Delays in the commencement, conduct or completion of clinical testing could result in increased costs to us and delay or limit our ability to generate revenues.
The other 49 risks
  • None of our DNA medicine candidates have been approved for sale, and we may never develop commercially successful DNA medicine products.
  • DNA medicines are a novel approach to treating and preventing disease, and our CELLECTRA delivery devices are a novel approach to administering medicines. Adverse events or negative perceptions of the efficacy, safety, or tolerability of any investigational medicines we develop or our devices could adversely affect our ability to conduct our business, advance our investigational medicines, or obtain regulatory approvals.
  • If we and the contract manufacturers upon whom we rely fail to produce our proprietary devices and DNA medicine candidates in the volumes that we require on a timely basis, or at all, or if these contractors fail to comply with their
  • obligations to us or with stringent regulations, we may face delays in the development and commercialization of our proprietary device and DNA medicine candidates.
  • We are dependent on single-source suppliers for some of the components and materials used in, and the processes required to develop, our proprietary device and DNA medicine candidates.
  • Even if our product candidates receive regulatory approval, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with any of our product candidates.
  • We are developing some of our investigational DNA medicines using new endpoints or methodologies for the treatment of diseases in which there is little clinical experience. As a result, the FDA or other regulatory authorities may not consider the endpoints of our clinical trials to provide clinically meaningful results.
  • As part of our business strategy, we may seek Orphan Drug Designation for our DNA medicine candidates, and we may be unsuccessful in obtaining new designations or may be unable to obtain or maintain the benefits associated with Orphan Drug Designation, including the potential for orphan drug exclusivity.
  • A breakthrough therapy designation or fast track designation by the FDA for a drug may not lead to a faster development or regulatory review or approval process, and it would not increase the likelihood that the drug will receive marketing approval.
  • Risks Related to Reliance on Third Parties
  • If we lose or are unable to secure collaborators or partners, or if our collaborators or partners do not apply adequate resources to their relationships with us, our product development and potential for profitability will suffer.
  • We have agreements with government agencies that are subject to termination and uncertain future funding. Termination or cessation of funding could have a negative impact on our ability to develop some of the product candidates in our pipeline and/or require us to seek alternative funding sources to advance those candidates.
  • We and our collaborators rely on third parties to conduct our clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we and our collaborators may not be able to obtain regulatory approval for or commercialize our DNA medicine candidates.
  • We enter into various contracts in the normal course of our business in which we agree to indemnify the other party to the contract. In the event we have to perform under these indemnification provisions, it could have a material adverse effect on our business, financial condition and results of operations.
  • Risks Related to Commercialization of Our DNA Medicine Candidates
  • We currently have only a small marketing and sales organization. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our products, if approved, we may not be able to generate product revenues.
  • If products for which we receive regulatory approval do not achieve broad market acceptance, the revenues that we generate from their sales will be limited.
  • We are subject to uncertainty relating to coverage and reimbursement policies which, if not favorable to our DNA medicine candidates, could hinder or prevent our products' commercial success.
  • Risks Related to Employee and Operational Matters
  • We face intense and increasing competition and steps taken by our competitors, such as the approval of PAPZIMEOS for the treatment of RRP or the introduction of other new, disruptive technology, may impede our ability to develop and commercialize our DNA medicines.
  • We are currently subject to litigation and may become subject to additional litigation, which could harm our business, financial condition and reputation.
  • We have entered into collaborations with Chinese companies and may rely on clinical materials manufactured in China for our development efforts. Uncertainties regarding the interpretation and enforcement of Chinese laws, rules and regulations, a trade war, political unrest or unstable economic conditions in China could materially adversely affect our business, financial condition and results of operations.
  • We depend upon key personnel who may terminate their employment with us at any time and we may need to hire additional qualified personnel in order to obtain financing, pursue collaborations or develop or market our DNA medicine candidates.
  • Our business could be adversely affected by the effects of health epidemics.
  • Our failure to successfully acquire, develop and market additional product candidates or approved products would impair our ability to grow.
  • Changes in funding for the FDA and other government agencies could prevent new products from being developed or commercialized in a timely manner, which could negatively impact our business.
  • If our information technology systems, or those of third parties with whom we work, or our data, are or were to be compromised, we could experience material adverse consequences resulting from such compromise.
  • We face potential product liability exposure and, if successful claims are brought against us, we may incur substantial liability.
  • Healthcare reform measures could hinder or prevent our products' commercial success.
  • If we fail to comply with applicable healthcare regulations, we could face substantial penalties and our business, operations and financial condition could be adversely affected.
  • Our business involves the use of hazardous materials and we and our third-party manufacturers must comply with environmental laws and regulations, which can be expensive and restrict how we do business.
  • International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.
  • Our employees, principal investigators, and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Employee litigation and unfavorable publicity could negatively affect our future business.
  • Risks Related to Our Intellectual Property
  • It is difficult and costly to generate and protect our intellectual property and our proprietary technologies, and we may not be able to ensure their protection.
  • If we are sued for infringing intellectual property rights of third parties, it will be costly and time-consuming, and an unfavorable outcome in that litigation would have a material adverse effect on our business.
  • We have not yet registered our trademarks in all of our potential markets, and failure to secure those registrations could adversely affect our business.
  • Risks Related to an Investment in Our Common Stock
  • An active trading market for our common stock may not be sustained.
  • The price of our common stock has been and may continue to be volatile, and an investment in our common stock could decline substantially in value.
  • We have broad discretion in the use of our cash, cash equivalents, and investments, and may not use them effectively.
  • Anti-takeover provisions under our charter documents and Delaware law could delay or prevent a change of control which could limit the market price of our common stock.
  • We have never paid cash dividends on our common stock and we do not anticipate paying dividends in the foreseeable future.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • General Risk Factors
  • We are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.
  • Our quarterly operating results may fluctuate significantly.
  • Our results of operations and liquidity needs could be materially affected by market fluctuations and general economic conditions.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, could adversely impact our business, financial condition and results of operations.
  • If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our stock price and trading volume could decline.
  • The issuance of additional stock in connection with financings, acquisitions, investments, our stock incentive plans or otherwise will dilute all other stockholders.
  • We incur significant costs and demands upon management as a result of being a public company.
  • Changes in tax laws could adversely affect our business and financial condition.
  • The increasing use of social media platforms presents new risks and challenges.

Legal proceedings

VGXI Litigation

On June 3, 2020, the Company filed a complaint in the Court of Common Pleas of Montgomery County, Pennsylvania against VGXI, Inc. and GeneOne Life Science, Inc., or GeneOne, collectively referred to as “VGXI”, alleging that VGXI materially breached the Company’s supply agreement. The complaint seeks declaratory judgments, specific performance of the agreement, injunctive relief, an accounting, damages, attorneys’ fees, interest, costs and other relief from VGXI. On July 7, 2020, VGXI filed an answer, new matter and counterclaims against the Company, alleging that the Company breached the supply agreement, as well as misappropriation of trade secrets and unjust enrichment. The counterclaims seek injunctive relief, damages, attorneys’ fees, interest, costs and other relief from the Company. On July 27, 2020, the Company filed an answer to VGXI’s counterclaims, disputing the allegations and the claims raised in VGXI’s filing. All discovery is closed and the parties are waiting for a trial date. The Company intends to aggressively prosecute the claims in the complaint and defend the counterclaims.

Securities Litigation

On February 6, 2026, a purported shareholder class action complaint, Carlson v. Inovio Pharmaceuticals, Inc., Jacqueline Shea, and Peter Kies, was filed in the United States District Court for the Eastern District of Pennsylvania, naming the Company, Jacqueline Shea, the Company’s Chief Executive Officer, and Peter Kies, the Company’s Chief Financial Officer, as defendants. The lawsuit alleges that the Company made materially false and misleading statements regarding its submission to the FDA and the FDA’s review timeline for the Biologics License Application for INO-3107 in its public disclosures in violation of certain federal securities laws. The plaintiff seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including reasonable attorneys’ fees.

The opening of Item 3, Legal Proceedings.16

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