Inovio prices $1.05-a-share stock offering, expects to settle November 9

Inovio Pharmaceuticals priced a common stock offering in a prospectus supplement dated November 5, 2026, moving past the blank terms disclosed in its preliminary filing from the same date. The company is offering 58,747,235 shares of common stock, par value $0.001 per share, and, in lieu of common stock to investors who so choose, pre-funded warrants to purchase up to 12,681,337 shares of common stock.¹

The public offering price for each share of common stock is $1.05 and the public offering price for each pre-funded warrant is $1.049.¹ On November 5, 2026, the last reported sale price of our common stock on the Nasdaq Capital Market was $1.45 per share.¹ Delivery of the shares of common stock and pre-funded warrants is expected to be made on or about November 9, 2026.¹ Inovio has granted the underwriters an option for a period of 30 days from the date of this prospectus supplement to purchase up to 10,714,285 additional shares of our common stock at the public offering price, less underwriting discounts and commissions.¹ Jefferies and Piper Sandler are serving as joint book-running managers, with H.C. Wainwright & Co. as lead manager.¹

Inovio estimates net proceeds of approximately $70.0 million from this offering, or approximately $80.5 million if the underwriters exercise in full their option to purchase up to 10,714,285 additional shares of common stock.¹ The company said it currently intends to use the net proceeds from this offering primarily to fund the commercial launch of VOCERYQ, for the development of its clinical pipeline and for general corporate purposes.¹

On October 30, 2026, the FDA approved VOCERYQ under its accelerated approval program to reduce the frequency of surgery in adults with RRP, in combination with CELLECTRA.¹

As of September 30, 2026, Inovio estimated its cash, cash equivalents and short-term investments were approximately $48.4 million.¹ The company disclosed that it does not currently have sufficient working capital to fund its planned operations for the next twelve months and substantial doubt exists as to its ability to continue as a going concern.¹ In connection with this offering, Inovio has agreed to restrictions on issuing certain securities for 90 days, and its executive officers and directors have entered into lock-up agreements for a period of 90 days following this offering.¹