Inovio prices $20 million public offering of stock and warrants

Inovio Pharmaceuticals priced an underwritten public offering on July 29, 2026, entering into an underwriting agreement with Piper Sandler & Co. as sole underwriter. The offering consists of 21,052,632 shares of common stock and accompanying warrants to purchase up to 42,105,264 shares of common stock at an exercise price of $1.10 per share, with a combined public offering price of $0.95 per share and accompanying warrant.¹

Inovio also granted the underwriter a 30-day option to purchase up to 3,157,894 additional shares and/or warrants to purchase up to 6,315,788 additional shares, and the underwriter exercised that option with respect to the additional warrants the same day.¹ Net proceeds, including exercise of the warrant option, are expected to be approximately $18.3 million after underwriting discounts and estimated expenses, assuming no exercise of the option on additional shares.¹ The offering is expected to close on or about July 31, 2026, subject to customary closing conditions.¹

Each warrant carries a right to purchase two shares of common stock at $1.10 per share, is immediately exercisable, and expires five years from issuance.¹

The company said it plans to use proceeds toward commercial preparation for its lead candidate INO-3107 pending FDA review, a possible confirmatory trial, and general pipeline development, according to the related prospectus supplement. Separately, that prospectus supplement disclosed as one of several general risk factors that Inovio does not currently have sufficient working capital to fund its planned operations for the next twelve months and that substantial doubt exists as to its ability to continue as a going concern.² The filing does not tie this risk factor specifically to the outcome of this offering.

As of June 30, 2026, the company estimated cash and cash equivalents of approximately $36.7 million,² based on preliminary, unaudited figures.