Inovio prices $80.5 million stock offering, expects close on Nov. 9

Inovio Pharmaceuticals entered an underwriting agreement on November 5, 2026 with Jefferies LLC and Piper Sandler & Co. as representatives of the underwriters, covering the issuance and sale of 58,747,235 shares of common stock at a public offering price of $1.05 per share, along with pre-funded warrants to purchase up to 12,681,337 shares at $1.049 per pre-funded warrant.¹

The company also granted the underwriters a 30-day option to buy additional shares. That option covered up to 10,714,285 additional shares at the public offering price less discounts and commissions, and on November 6, 2026 the underwriters exercised it in full.¹

Including the full exercise of that option, net proceeds to Inovio are expected to be approximately $80.5 million after underwriting discounts, commissions and estimated offering expenses.¹ The offering was expected to close on or about November 9, 2026, subject to customary closing conditions.¹

The offering was made under Inovio's Form S-3 registration statement, declared effective by the SEC on July 10, 2026, as supplemented by a prospectus supplement filed November 5, 2026.¹

On the warrant terms, each pre-funded warrant carries an initial exercise price of $0.001 per share, subject to adjustment, and may be exercised at any time until fully exercised.¹ Ownership caps limit a holder, together with affiliates, from exercising if it would result in beneficial ownership above 9.99% of outstanding common stock, a limit that can be adjusted up to 19.99% with 61 days' notice.¹

On use of proceeds, Inovio said the net proceeds from the offering, combined with its current cash, cash equivalents and short-term investments, are expected to fund operating expenses and capital expenditures into late fourth quarter 2027.¹