INOVIO PHARMACEUTICALS, INC.
For the period ended Sep 30, 2026. Filed Nov 10, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 10, 2026
INO$1.45-4.0%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001055726-26-000023
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-10.
0001055726-26-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 101 previous paragraphs and 100 current paragraphs.
34 unchanged; 49 reworded; 13 added; 14 removed; 4 previous and 4 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
Recent Developments
Current report
On October 30, 2026, the FDA approved VOCERYQ under its accelerated approval program to reduce the frequency of surgery in adults with RRP. VOCERYQ was approved in combination with CELLECTRA. The approval was supported by data from our RRP-001 trial evaluating VOCERYQ in 32 adult patients with RRP who had two or more surgeries in the year prior to treatment, of whom 26 patients required three or more surgeries for papilloma excision in the 12 months prior to treatment and were included in the efficacy evaluation. Seven out of the 26 patients (27% [95% CI: 12; 48%]) demonstrated a complete response, defined as requiring no surgical excision of papillomas, after 12 months of follow-up, which is not expected as part of the natural history of the disease when untreated. VOCERYQ was found to be well tolerated, with the most common adverse reactions, each occurring in 5% or more of patients, including injection site reactions, headache, fatigue, hypertension, nausea and dizziness. The continued approval of VOCERYQ under accelerated approval for this indication may be contingent upon verification and description of clinical benefit in one or more confirmatory studies. We have agreed with the FDA that a confirmatory study should enroll at least 50 adult and pediatric patients with RRP requiring three or more surgical interventions, in the 12 months prior to treatment with VOCERYQ. Subject to further regulatory feedback, we expect a confirmatory study to evaluate the number of surgical interventions required over at least three years, following completion of treatment, and compare this to an appropriate external control group or scientifically justified threshold. We may also explore continued treatment in patients without a sustained complete response as part of a confirmatory study. We expect to submit a draft protocol for this confirmatory study by the end of 2026 as required by the FDA, with the goal of aligning on a final protocol by mid-2027.
Current report
Following FDA approval, we are proceeding with commercial launch activities for VOCERYQ. We have engaged Syneos Health to support the recruitment and deployment of our medical and commercial field teams. We have also engaged or identified key commercial partners, including a third-party logistics provider, Agency of Record, specialty distributor, specialty pharmacy, and patient HUB. We expect to make VOCERYQ available to order and ship in approximately 60 days from approval and anticipate full field deployment during the first quarter of 2027. We also expect insurers that cover approximately 80% of patients in the US to have policies in place for coverage within nine months of approval, based on our Payer research to date.
Current report
In addition to our U.S. regulatory activities, we plan to submit an application for conditional marketing authorization for VOCERYQ in Europe before the end of 2026.
Current report
As a rare disease, RRP is a concentrated market. An estimated 400 laryngologists treat the vast majority of RRP patients. About 80% of patients with RRP receive care in large Integrated Delivery Networks or academic institutions. There are about 100 of these institutions treating the majority of patients in this segment. The remaining 20% of RRP patients receive care in community hospitals and private group practices. Our field teams will aim to engage both of these customer segments, and overall, our field footprint will aim to cover about 90% of RRP patient potential. Our field organization is expected to include 20 territories with Key Account Managers, reimbursement specialists, and dedicated payer support capabilities deployed across those territories. We believe we have established the infrastructure needed to support a successful U.S. launch. We expect our device and plasmid manufacturing network to be prepared to meet anticipated demand, with current inventory and capacity available to support the first year of launch through at least 2027. We anticipate VOCERYQ to be priced at approximately $115,000 per dose, or $460,000 for the complete four-dose treatment series, which is consistent with the previously approved immunotherapy to treat adults with RRP.
Current report
Our Product Candidates in Development
Current report
•$730,000 in lower employee and consultant compensation, including stock-based compensation;
Current report
•$175,000 inlower contract labor; offset by
Current report
•$1.4 millionof lower expensed inventory;
Current report
•$405,000 in higher facilities related expenses.
Current report
Net cash provided by financing activities was $45.1 million and $25.9 million for the nine months ended September 30, 2026 and 2025, respectively. The increase was primarily attributable to $40.3 million of proceeds from the July and April 2026 Offerings (defined below), net of equity-related issuance costs, and $4.0 million of proceeds from the exercise of warrants during the nine months ended September 30, 2026. This compares to $24.2 million of proceeds from the July 2025 Offering (defined below), net of equity-related issuance costs, and $750,000 of proceeds from the exercise of warrants during the nine months ended September 30, 2025.
Current report
Offering of Common Stock and Pre-Funded Warrants
Current report
On November 9, 2026, we closed an underwritten public offering, or the November 2026 Offering, relating to the issuance and sale of 69,461,520 shares of our common stock, par value $0.001 per share, including 10,714,285 shares issued pursuant to the underwriters’ full exercise of their option to purchase additional shares at the initial closing, at a public offering price of $1.05 per share, and pre-funded warrants to purchase up to 12,681,337 shares of our common stock at a public offering price of $1.049 per pre-funded warrant. The net proceeds from the November 2026 Offering were approximately $80.5 million, after deducting the underwriting discounts and commissions and offering expenses payable by us. Each pre-funded warrant issued in the November 2026 Offering has an initial exercise price of $0.001 per share, subject to adjustment, and is exercisable at any time until exercised in full. Exercise is subject to beneficial ownership limitations set forth in the pre-funded warrants.
Removed paragraphs (14)
Previous report
In August 2025, PAPZIMEOS, a gorilla adenoviral vector-based immunotherapy, was approved for the treatment of adults with RRP. PAPZIMEOS is administered as adjuvant treatment following surgical debulking. Unlike INO-3107, PAPZIMEOS requires additional surgery prior to its third and fourth doses if visible papilloma are present to maintain a state of minimal residual disease as part of its treatment regimen. In a single-arm, open-label Phase 1/2 study of PAPZIMEOS in patients with RRP requiring three or more surgical procedures per year, 24-month complete response rate was only 43%. Because of this difference and other advantages, we believe INO-3107 has the potential to become the preferred treatment of both patients and their healthcare providers based on clinical results and tolerability data to date, and the simplicity of its patient-centric treatment regimen, should it receive approval from the FDA.
Previous report
In 2023, we received feedback from the FDA that the data from our completed trial of INO-3107 could be used to support the submission of a Biologic License Application, or BLA, for review under the FDA’s accelerated approval program. Utilizing our breakthrough therapy designation, we requested rolling submission of our BLA in July 2025 and reported in November 2025 that we had completed the BLA submission.
Previous report
In December 2025, the FDA accepted our BLA for INO-3107 for review under the accelerated approval program as a potential treatment for adults with RRP and set the Prescription Drug User Fee Act (PDUFA) target date for October 30, 2026. We are now focused on advancing INO-3107 through the regulatory process, which will involve continuing to interact with the FDA as they complete their review of our BLA. That includes addressing the preliminary potential review issue they noted in their file acceptance letter regarding eligibility for the accelerated approval program. In January 2026, we requested a meeting with the FDA to discuss maintaining eligibility for review under the accelerated approval program. The FDA agreed to meet and requested that INOVIO complete an assessment aid, which we submitted in February 2026. By early August 2026, the FDA had completed its mid- and late-cycle review meetings for the BLA and all scheduled pre-licensure inspections. In July 2026, the FDA conducted the previously agreed to informal meeting, during which we presented the totality of data supporting INO-3107's safety and efficacy, its highly differentiated approach to treating RRP, and the rationale for accelerated approval eligibility. We also discussed the current standard of care and the ongoing need for additional therapeutic options. During the informal meeting, the FDA did not discuss its preliminary commentary in the file acceptance letter regarding accelerated approval eligibility. The FDA stated that feedback on the confirmatory trial design would be forthcoming. We continue to believe that INO-3107 fulfills the criteria for accelerated approval by meeting a significant unmet need and providing a meaningful therapeutic benefit over existing treatments, however the FDA may not agree with our position and may decide INO-3107 is not eligible for review under the accelerated approval program.
Previous report
In anticipation of a potential approval in 2026, we are preparing for commercial launch activities. Recently, we engaged Syneos Health to recruit and deploy Medical Science Liaisons (MSLs), and Syneos Health is also serving as our contract sales organization to support commercialization in the U.S. We have also engaged or identified key commercial partners, including a third-party logistics provider, Agency of Record, specialty distributor, specialty pharmacy, and patient HUB.
Previous report
We have presented key data regarding the development of INO-3107 at several scientific conferences. Highlights from the data include:
Previous report
•81% (26/32) of patients experienced a reduction of one or more surgeries at Year 1 post-treatment
Previous report
•72% (23/32) of patients in Year 1 saw a 50-100% reduction in surgeries
Previous report
•By the end of Year 2, 91% (21/23) of evaluable patients continued to experience a reduction of one or more surgeries. In Year 2, 86% (24/28) saw a 50-100% reduction in surgeries. Only two patients had not yet responded to treatment with INO-3107.
Previous report
•50% (14/28) required no surgery during Year 2 (complete response, CR), an increase from 28% (9/32) in Year 1 post-treatment
Previous report
•INO-3107 demonstrated continued clinical benefit, with a persistent decline in the mean number of surgeries through Year 2 post-therapy: A 78% reduction in mean annual surgeries was seen at Year 2 compared to the 1 year pre-treatment period (0.9, n=28 vs 4.1, n=32)
Previous report
•Clinical response was not dependent upon HPV viral loads, molecular subtype or other elements of the papilloma microenvironment
Previous report
•$1.1 millionof lower expensed inventory;
Previous report
•$386,000 in lower employee and consultant compensation, including stock-based compensation; offset by
Previous report
Net cash provided by financing activities was $18.1 million and $993,000 for the six months ended June 30, 2026 and 2025, respectively, were primarily related to net proceeds received from the April 2026 Offering (defined below) and the sale of common stock under the Sales Agreements (defined below) during the respective periods.
Reworded paragraphs (49)
Previous wording
Risk factors that could cause actual results to differ from those contained in the forward-looking statements include but are not limited to: our history of losses; our lack of products that have received regulatory approval; uncertainties inherent in clinical trials and product development programs, including but not limited to the fact that preclinical and clinical results may not be indicative of results achievable in other trials or for other indications, that the studies or trials may not be successful or achieve desired results, that preclinical studies and clinical trials may not commence, have sufficient enrollment or be completed in the time periods anticipated, that results from one study may not necessarily be reflected or supported by the results of other similar studies, that results from an animal study may not be indicative of results achievable in human studies, that clinical testing is expensive and can take many years to complete, that the outcome of any clinical trial is uncertain and failure can occur at any time during the clinical trial process, and that our proprietary device technology and DNA medicine candidates may fail to show the desired safety and efficacy traits in clinical trials; the availability of funding; the ability to manufacture our DNA medicine candidates; the availability or potential availability of alternative therapies or treatments for the conditions targeted by us or our collaborators, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that we and our collaborators hope to develop; our ability to receive development, regulatory and commercialization event-based payments under our collaborative agreements; whether our proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity; and the impact of government healthcare laws and proposals.
Current wording
Risk factors that could cause actual results to differ from those contained in the forward-looking statements include but are not limited to: our history of losses; our ability to successfully commercialize VOCERYQ and maintain its regulatory approval; uncertainties inherent in clinical trials and product development programs, including but not limited to the fact that preclinical and clinical results may not be indicative of results achievable in other trials or for other indications, that the studies or trials may not be successful or achieve desired results, that preclinical studies and clinical trials may not commence, have sufficient enrollment or be completed in the time periods anticipated, that results from one study may not necessarily be reflected or supported by the results of other similar studies, that results from an animal study may not be indicative of results achievable in human studies, that clinical testing is expensive and can take many years to complete, that the outcome of any clinical trial is uncertain and failure can occur at any time during the clinical trial process, and that our proprietary device technology and DNA medicine candidates may fail to show the desired safety and efficacy traits in clinical trials; the availability of funding; the ability to manufacture VOCERYQ and our DNA medicine candidates; the availability or potential availability of alternative therapies or treatments for the conditions targeted by us or our collaborators, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that we and our collaborators commercialize or hope to develop; our ability to receive development, regulatory and commercialization event-based payments under our collaborative agreements; whether our proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity; and the impact of government healthcare laws and proposals.
Previous wording
References herein to “we,” “our,” “us,” “INOVIO” or the “Company” refer to INOVIO Pharmaceuticals, Inc. and its consolidated subsidiaries. References herein to “DNA medicines” refers to our product candidates in development for diseases associated with human papillomavirus (HPV), cancer, and infectious diseases.
Current wording
References herein to “we,” “our,” “us,” “INOVIO” or the “Company” refer to INOVIO Pharmaceuticals, Inc. and its consolidated subsidiaries. References herein to “DNA medicines” refer to VOCERYQ and our product candidates in development for diseases associated with human papillomavirus (HPV), cancer, and infectious diseases.
Previous wording
We use proprietary technology to design DNA plasmids, which are small circular DNA molecules that work like software the body’s cells can download to produce specific proteins to target and fight disease. Our proprietary investigational
Current wording
We use proprietary technology to design DNA plasmids, which are small circular DNA molecules that work like software the body’s cells can download to produce specific proteins to target and fight disease. Our proprietary investigational and medical CELLECTRA® delivery devices are designed to deliver the DNA medicines into the body’s cells for optimal effect, without the use of chemical adjuvants, lipid nanoparticles or viral vectors.
Previous wording
Our lead candidate is INO-3107, an investigational DNA medicine developed for the treatment of recurrent respiratory papillomatosis, or RRP, a chronic, rare and debilitating disease characterized by the growth of small tumors, or papillomas, in the respiratory tract primarily caused by HPV-6 and/or HPV-11 genotypes. Although mostly benign, these papillomas can extend into the lungs, carrying a higher risk of respiratory complications and malignant transformation. The current standard of care for RRP is repeated invasive surgery, which comes with its own significant risks and costs to patients. INO-3107 is designed to elicit an antigen-specific T cell response against both HPV-6 and HPV-11 proteins. These targeted T cells seek out and kill HPV-6 and HPV-11 infected cells, with the aim of potentially preventing or slowing the growth of new papillomas and reducing the need for surgery.
Current wording
Our first commercial-stage product is VOCERYQ (doruxapapogene ralaplasmid and lalikinogene sifuplasmid-gxfd), formerly referred to as INO-3107, a plasmid DNA-based immunotherapy delivered by our CELLECTRA 5PSP medical device. The U.S. Food and Drug Administration, or FDA, approved VOCERYQ under its accelerated approval program to reduce the frequency of surgery in adults with recurrent respiratory papillomatosis, or RRP, a chronic, rare and debilitating disease characterized by the growth of small tumors, or papillomas, in the respiratory tract primarily caused by HPV-6 and/or HPV-11 genotypes. Based on our ongoing analysis of claims data, we believe there currently is a prevalent population of at least 25,000 patients with RRP in the United States. Although mostly benign, the papillomas caused by RRP can extend into the lungs, carrying a higher risk of respiratory complications and malignant transformation. The current standard of care for RRP is repeated invasive surgery, which comes with its own significant risks and costs to patients. VOCERYQ is designed to elicit an antigen-specific T cell response against both HPV-6 and HPV-11 proteins. These targeted T cells seek out and kill HPV-6 and HPV-11 infected cells, with the aim of reducing the need for surgery. Following a standard-of-care surgical debulking of visible papilloma prior to the initial administration of VOCERYQ, no additional scoping or surgical intervention is required as part of the nine-week dosing regimen.
Previous wording
While the majority of our resources are focused on INO-3107, we continue to advance other pipeline candidates through partnerships and other strategic relationships. Toward this goal, in early 2026 we announced a collaboration with Akeso Inc. to evaluate INO-5412 in combination with their novel PD-1/CTLA-4 checkpoint inhibitor as a potential treatment for glioblastoma, one of the most complex, deadly, and treatment-resistant cancers, in a Phase 2 adaptive platform trial sponsored by the Dana-Farber Cancer Institute. INO-5412 is an investigational DNA medicine that combines INO-5401 and INO-9012 into a single vial as a potentially powerful cancer immunotherapy particularly when given in combination with checkpoint inhibitors. INO-5401 plus INO-9012 has been previously investigated as a potential therapeutic treatment targeting a number of cancers, including GBM and cancers exhibiting BRCA1 and BRCA2 mutations. Data from an ongoing Phase 2 trial in newly diagnosed GBM patients, highlighted in a 2022 oral presentation at the American Society of Clinical Oncology (ASCO), demonstrated that INO-5401 plus INO-9012 in combination with a PD-1 checkpoint inhibitor elicited robust immune responses that potentially correlated with enhanced survival. (Reardon D. et al, ASCO 2022). INO-5401 encodes for INOVIO’s SynCon® antigens for hTERT, WT1, and PSMA, which are antigens the National Cancer Institute has highlighted as important targets and designated as high priorities for cancer immunotherapy development. These three antigens have been reported to be over-expressed and often mutated in a variety of human cancers, including GBM. INO-9012 encodes for IL-12, which is a T cell immune activator.
Current wording
While the majority of our resources are focused on VOCERYQ, we continue to advance other pipeline candidates through partnerships and other strategic relationships. Toward this goal, in early 2026 we announced a collaboration with Akeso Inc. to evaluate INO-5412 in combination with their novel PD-1/CTLA-4 checkpoint inhibitor as a potential treatment for glioblastoma, or GBM, one of the most complex, deadly, and treatment-resistant cancers, in a Phase 2 adaptive platform trial sponsored by the Dana-Farber Cancer Institute. INO-5412 is an investigational DNA medicine that combines INO-5401 and INO-9012 into a single vial as a potentially powerful cancer immunotherapy particularly when given in combination with checkpoint inhibitors. INO-5401 plus INO-9012 has been previously investigated as a potential therapeutic treatment targeting a number of cancers, including GBM and cancers exhibiting BRCA1 and BRCA2 mutations. Data from an ongoing Phase 2 trial in newly diagnosed GBM patients, highlighted in a 2022 oral presentation at the American Society of Clinical Oncology, demonstrated that INO-5401 plus INO-9012 in combination with a PD-1 checkpoint inhibitor elicited robust immune responses that potentially correlated with enhanced survival. INO-5401 encodes for our Synthetic Consensus antigens of hTERT, WT1, and PSMA, which are antigens the National Cancer Institute has highlighted as important targets and designated as high priorities for cancer immunotherapy development. These three antigens have been reported to be over-expressed and often mutated in a variety of human cancers, including GBM. INO-9012 encodes for IL-12, which is a T cell immune activator.
Previous wording
Other products in our development pipeline include INO-3112, a DNA immunotherapy candidate targeting HPV-16/-18 combined with a DNA plasmid encoding for human IL-12 as an immune activator, for the treatment of oropharyngeal squamous cell carcinoma, or OPSCC, a type of head and neck cancer commonly known as throat cancer. We entered into a clinical collaboration and supply agreement with Coherus BioSciences, Inc. to evaluate the combination of INO-3112 and LOQTORZI (toripalimab-tpzi) in a clinical trial for patients with locoregionally advanced, high-risk, HPV-16/-18 positive OPSCC. Under the terms of the supply agreement, Coherus will provide LOQTORZI for a planned Phase 3 clinical trial. We have also gained alignment with FDA on the design of the planned Phase 3 trial in the United States and received initial feedback from European regulatory authorities on the proposed design of the trial in Europe.
Current wording
Other products in our development pipeline include INO-3112, a DNA immunotherapy candidate targeting HPV-16/-18 combined with a DNA plasmid encoding for human IL-12 as an immune activator, for the treatment of oropharyngeal squamous cell carcinoma, or OPSCC, a type of head and neck cancer commonly known as throat cancer. We entered into a clinical collaboration and supply agreement with Coherus BioSciences, Inc., or Coherus, to evaluate the combination of INO-3112 and LOQTORZI (toripalimab-tpzi) in a clinical trial for patients with locoregionally advanced, high-risk, HPV-16/-18 positive OPSCC. Under the terms of the supply agreement, Coherus will provide LOQTORZI for a planned Phase 3 clinical trial. We have also gained alignment with FDA on the design of the planned Phase 3 trial in the United States and received initial feedback from European regulatory authorities on the proposed design of the trial in Europe.
Previous wording
Other pipeline candidates include those targeting HPV-related anal dysplasia; cancers associated with certain gene mutations; and a potential vaccine booster to protect against the Ebola virus. We are also working to identify partnership opportunities to advance our DNA-Encoded Protein (DPROT) and DNA-Encoded Monoclonal Antibody (DMAb) technology, with a focus on developing additional DPROT indications in the rare disease space, including Fabry Disease and Hypophosphatasia (HPP). This technology has shown great potential across multiple disease targets through the production of monoclonal antibodies within the body.
Current wording
Other pipeline candidates include those targeting HPV-related anal dysplasia; cancers associated with certain gene mutations; and a potential vaccine booster to protect against the Ebola virus. We are also working to identify partnership opportunities to advance our DNA-Encoded Protein (DPROT) and DNA-Encoded Monoclonal Antibody technology (DMAbTM), with a focus on developing additional DPROT indications in the rare disease space, including Hemophilia A, Fabry Disease and Hypophosphatasia (HPP). This technology has shown great potential across multiple disease targets through the production of monoclonal antibodies within the body.
Previous wording
We previously conducted clinical trials of a DNA immunotherapy candidate for the treatment of HPV-related cervical high-grade squamous intraepithelial lesions, or HSIL, but announced in 2023 that we were ceasing development for this indication in the United States. However, in May 2026, our collaborator ApolloBio Corporation announced positive topline results from their ongoing Phase 3 clinical trial of this candidate in China. ApolloBio continues to advance the program and plans to use these results to seek regulatory approval for the product candidate and if approved, potentially commercialize it in that jurisdiction.
Current wording
We previously conducted clinical trials of a DNA immunotherapy candidate for the treatment of HPV-related cervical high-grade squamous intraepithelial lesions, but announced in 2023 that we were ceasing development for this indication in the United States. However, in May 2026, our collaborator ApolloBio Corporation, or ApolloBio, announced positive topline results from their ongoing Phase 3 clinical trial of this product candidate in China. ApolloBio continues to advance the program and plans to use these results to seek regulatory approval for the product candidate and, if approved, potentially commercialize it in that jurisdiction.
Previous wording
All of our DNA medicine candidates are in the research and development phase. We have not generated any revenues from the sale of any products, and we do not expect to generate any material revenues unless and until we obtain marketing approval for and successfully commercialize INO-3107 and our other product candidates. We earn revenue from license fees and milestone revenue and collaborative research and development agreements and contracts. Our DNA medicine candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing. All DNA medicine candidates that we advance to clinical testing will require regulatory approval prior to commercial use, and will require significant funding for commercialization. We may not be successful in our research and development efforts, and we may never generate sufficient product revenue to be profitable.
Current wording
Besides VOCERYQ, all of our DNA medicine candidates are in the research and development phase. We have not generated any revenues from the sale of any products, and we do not expect to generate any material revenues until we successfully commercialize VOCERYQ. We earn revenue from license fees and milestone revenue and collaborative research and development agreements and contracts. Our DNA medicine candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing. All DNA medicine candidates that we advance to clinical testing will require regulatory approval prior to commercial use, and will require significant funding for commercialization. We may not be successful in our research and development efforts, and we may never generate sufficient product revenue to be profitable.
Previous wording
Our partners and collaborators include Akeso, ApolloBio Corporation, AstraZeneca, Coherus Biosciences, Dana-Farber Cancer Institute, Defense Advanced Research Projects Agency (DARPA), HIV Vaccines Trial Network, Kaneka Eurogentec, National Institutes of Health (NIH), National Institute of Allergy and Infectious Diseases (NIAID), Plumbline Life Sciences, Regeneron Pharmaceuticals, Richter BioLogics, the University of Pennsylvania and The Wistar Institute.
Current wording
Our partners and collaborators include Akeso, Alliance Medical Products, Inc. (dba Siegried Irvine), ApolloBio, AstraZeneca, Coherus, Dana-Farber Cancer Institute, Defense Advanced Research Projects Agency (DARPA), HIV Vaccines Trial Network, Kaneka Eurogentec, National Institutes of Health (NIH), National Institute of Allergy and Infectious Diseases (NIAID), Plumbline Life Sciences, Regeneron Pharmaceuticals, Richter BioLogics, the University of Pennsylvania and The Wistar Institute.
Previous wording
As of June 30, 2026, we had an accumulated deficit of $1.8 billion. We expect to continue to incur substantial operating losses in the future due to our commitment to our research and development programs, the funding of preclinical studies, clinical trials and regulatory activities and the costs of general and administrative activities.
Current wording
As of September 30, 2026, we had an accumulated deficit of $1.9 billion. We expect to continue to incur substantial operating losses in the future due to our commitment to our research and development programs, the funding of preclinical studies, clinical trials and regulatory activities and the costs of selling, general and administrative activities.
Previous wording
Revenue. Total revenue was $0 for both the three and six months ended June 30, 2026, as compared to $0 and $65,000 for the three and six months ended June 30, 2025, respectively, all of which was derived under the collaborative arrangement with ApolloBio.
Current wording
Revenue. Total revenue was $299,000 for both the three and nine months ended September 30, 2026, as compared to $0 and $65,000 for the three and nine months ended September 30, 2025, respectively. Revenue recognized during the 2026 period primarily relates to preclinical research services performed under a research agreement.
Previous wording
The following table summarizes our research and development expense by product candidate for the three and six months ended June 30, 2026 and 2025:
Current wording
The following table summarizes our research and development expense by product candidate for the three and nine months ended September 30, 2026 and 2025:
Previous wording
•$2.0 millionin lower engineering professional and outside services related to our device development;
Current wording
•$1.6 millionin lower engineering professional and outside services related to our device development;
Previous wording
•$556,000 of lower expensed inventory.
Current wording
•$285,000 of lower expensed inventory; and
Previous wording
•$470,000 in higher outside services related to INO-3107.
Current wording
•$257,000 in higher outside services related to INO-3107.
Previous wording
The decrease in research and development expenses for the six-month period year over year was primarily the result of:
Current wording
The decrease in research and development expenses for the nine-month period year over year was primarily the result of:
Previous wording
•$1.4 millionin lower engineering professional and outside services related to our device development; and
Current wording
•$4.0 millionin lower engineering professional and outside services related to our device development;
Previous wording
•$1.5 million in lower employee and consultant compensation, including stock-based compensation;
Current wording
•$3.2 million in lower employee and consultant compensation, including stock-based compensation;
Previous wording
•$507,000 in lower contract labor; and
Current wording
•$682,000 in lower contract labor; and
Previous wording
•$275,000 in lower engineering and lab supplies.
Current wording
•$365,000 in lower engineering and lab supplies.
Previous wording
Contributions received from current grant agreements and recorded as contra-research and development expense were $171,000 and $222,000 for the three and six months ended June 30, 2026, respectively, as compared to $315,000 and $601,000 for the three and six months ended June 30, 2025, respectively. The decrease was primarily due to a decrease in expenses earned under the sub-grants through Wistar.
Current wording
Contributions received from current grant agreements and recorded as contra-research and development expense were $92,000 and $314,000 for the three and nine months ended September 30, 2026, respectively, as compared to $256,000 and $856,000 for the three and nine months ended September 30, 2025, respectively. The decrease was primarily due to reduced research and development activities eligible for reimbursement under the sub-grants through Wistar.
Previous wording
General and administrative expenses. General and administrative expenses, which include commercial, business development expenses and patent expenses, were $7.8 million and $15.7 million for the three and six months ended June 30, 2026, respectively, as compared to $8.6 million and $17.6 million for the three and six months ended June 30, 2025, respectively. Decreases for the three-month period year over year included:
Current wording
Selling, general and administrative expenses. Selling, general and administrative expenses, which include commercial, business development expenses and patent expenses, were $9.2 million and $24.9 million for the three and nine months ended September 30, 2026, respectively, as compared to $7.9 million and $25.5 million for the three and nine months ended September 30, 2025, respectively. Increases for the three-month period year over year included:
Previous wording
•$320,000 in higher outside services related to commercial development and the planned commercial launch.
Current wording
•$1.1 million in higher outside services related to commercial development and the planned commercial launch;
Previous wording
•$752,000 in lower employee and consultant compensation, including stock-based compensation; and
Current wording
•$374,000 in higher employee and consultant compensation, including stock-based compensation; and
Previous wording
•$902,000 in lower legal expenses due to a decrease in litigation activity; and
Current wording
•$483,000 in lower legal expenses due to a decrease in litigation activity.
Previous wording
Decreases for the six-month period year over year included:
Current wording
Decreases for the nine-month period year over year included:
Previous wording
•$1.2 millionin lower legal expenses due to a decrease in litigation activity;
Current wording
•$1.7 millionin lower legal expenses due to a decrease in litigation activity; and
Previous wording
•$740,000 in lower property taxes due to disputed payment made in the prior year which was subsequently refunded in the fourth quarter 2025; offset by
Current wording
•$741,000 in lower property taxes due to disputed payment made in the prior year which was subsequently refunded in the fourth quarter 2025; offset by
Previous wording
•$308,000 in higher outside services related to commercial development and the planned commercial launch.
Current wording
•$1.4 million in higher outside services related to commercial development and the planned commercial launch; and
Previous wording
Stock-based compensation. Employee stock-based compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite vesting period. Total employee and director stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 was $753,000 and $1.4 million, respectively, of which $299,000 and $574,000, respectively, was included in research and development expenses, and $454,000 and $866,000, respectively, was included in general and administrative expenses. Total employee and director stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2025 was $819,000 and $2.2 million, respectively, of which $319,000 and $866,000, respectively, was included in research and development expenses, and $500,000 and $1.3 million, respectively, was included in general and administrative expenses. The decrease was primarily due to a lower weighted average grant date fair value of equity awards, affecting both current and prior period awards.
Current wording
Stock-based compensation. Employee stock-based compensation expense is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite vesting period. Total employee and director stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2026 was $842,000 and $2.3 million, respectively, of which $310,000 and $885,000, respectively, was included in research and development expenses, and $532,000 and $1.4 million, respectively, was included in selling, general and administrative expenses. Total employee and director stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and nine months ended September 30, 2025 was $742,000 and $2.9 million, respectively, of which $300,000 and $1.2 million, respectively, was included in research and development expenses, and $442,000 and $1.7 million, respectively, was included in selling, general and administrative expenses. The decrease for the nine-month period year over year was primarily due to a lower weighted average grant date fair value of equity awards, affecting both current and prior period awards.
Previous wording
Interest income. Interest income for the three and six months ended June 30, 2026 was $364,000 and $803,000, respectively, as compared to $611,000 and $1.4 million for the three and six months ended June 30, 2025, respectively. The decrease for the three and six-month periods year over year was primarily due to a lower short-term investment balance.
Current wording
Interest income. Interest income for the three and nine months ended September 30, 2026 was $356,000 and $1.2 million, respectively, as compared to $552,000 and $2.0 million for the three and nine months ended September 30, 2025, respectively. The decrease for the three and nine-month periods year over year was primarily due to a lower short-term investment balance.
Previous wording
Change in Fair Value of Common Stock Warrant Liabilities. The change in fair value of our common stock warrant liabilities of $13.9 million and $18.0 million for the three and six months ended June 30, 2026, respectively, as compared to $(1.9) million and $1.8 million for the three and six months ended June 30, 2025, respectively, is related to the revaluation of the liability associated with the December 2024 Warrants, July 2025 Warrants and April 2026 Warrants, as defined below. We record the fair value of these December 2024 Warrants, July 2025 Warrants and April 2026 Warrants at each balance sheet date and will record gain or loss on the consolidated statement of operations for changes in fair value between balance sheet dates. During the three months ended March 31, 2026, the July 2025 Series A Warrants expired unexercised, and the remaining warrant liability was recognized as a gain in the condensed consolidated statement of operations, with no subsequent fair value remeasurement.
Current wording
Change in Fair Value of Common Stock Warrant Liabilities. The change in fair value of our common stock warrant liabilities of $(26.9) million and $(8.9) million for the three and nine months ended September 30, 2026, respectively, as compared to $(22.5) million and $(20.7) million for the three and nine months ended September 30, 2025, respectively, is related to the revaluation of the liability associated with the December 2024 Warrants, July 2025 Warrants, April 2026 Warrants and July 2026 Warrants, as defined below. We record the fair value of these December 2024 Warrants, July 2025 Warrants, April 2026 Warrants and July 2026 Warrants at each balance sheet date and will record gain or loss on the consolidated statement of operations for changes in fair value between balance sheet dates. During the three months ended
Previous wording
(Loss) gain on investment in affiliated entity. The (loss) gain reflects the change in the fair value of our investment in Plumbline Life Sciences, Inc. (PLS), which was of $0 and $(2.1) million for the three and six months ended June 30, 2026, respectively, as compared to $776,000 and $1.5 million for the three and six months ended June 30, 2025, respectively. As of December 31, 2025, we measured our investment in PLS based on the quoted market price of its common stock on the Korea New Exchange Market. During the three months ended March 31, 2026, trading of PLS’s common stock was suspended, and we determined that the market for the security was not active. Accordingly, we reclassified the investment from Level 1 to
Current wording
(Loss) gain on investment in affiliated entity. The (loss) gain reflects the change in the fair value of our investment in Plumbline Life Sciences, Inc. (PLS), which was $0 and $(2.1) million for the three and nine months ended September 30, 2026, respectively, as compared to $(590,000) and $882,000 for the three and nine months ended September 30, 2025, respectively. As of December 31, 2025, we measured our investment in PLS based on the quoted market price of its common stock on the Korea New Exchange Market. During the three months ended March 31, 2026, trading of PLS’s common stock was suspended, and we determined that the market for the security was not active. Accordingly, we reclassified the investment from Level 1 to Level 3 within the fair value hierarchy and estimated fair value using unobservable inputs. Based on our evaluation of PLS’s financial condition and the absence of observable market transactions, we determined that the fair value of our investment in PLS was $0 as of September 30, 2026.
Previous wording
Net unrealized gain on available-for-sale equity securities. The net unrealized gain on available-for-sale equity securities for the three and six months ended June 30, 2026 of $94,000 and $173,000, respectively, as compared to $759,000 and $900,000 for the three and six months ended June 30, 2025, respectively, resulted from a change in the fair market value of the investments.
Current wording
Net unrealized gain on available-for-sale equity securities. The net unrealized gain on available-for-sale equity securities for the three and nine months ended September 30, 2026 of $129,000 and $303,000, respectively, as compared to $205,000 and $1.1 million for the three and nine months ended September 30, 2025, respectively, resulted from a change in the fair market value of the investments.
Previous wording
Other expense, net. Other expense, net, for the three and six months ended June 30, 2026 of $1.7 million and $2.0 million, respectively, as compared to $703,000 and $704,000 for the three and six months ended June 30, 2025, respectively, related primarily to financing costs incurred in connection with the issuance of the Common Stock Warrants in April 2026, as well as the realized loss on short-term investments sold during the respective periods.
Current wording
Other expense, net. Other expense, net, for the three and nine months ended September 30, 2026 was $3.2 million and $5.2 million, respectively, as compared to $1.9 million and $2.6 million for the three and nine months ended September 30, 2025, respectively. Other expense increased primarily due to the issuance of liability-classified warrants in July 2026. Upon issuance, the fair value of the warrant liability exceeded the gross proceeds received, resulting in the recognition of a non-cash charge of approximately $1.1 million. In addition, financing costs incurred in connection with the issuance of the Common Stock Warrants in July 2026, April 2026 and July 2025 were recorded in other expense, as well as the realized loss on short-term investments sold during the respective periods.
Previous wording
As of June 30, 2026, we had cash, cash equivalents and short-term investments of $36.7 million and working capital deficit of $(2,000), as compared to $58.5 million and $17.5 million, respectively, as of December 31, 2025.
Current wording
As of September 30, 2026, we had cash, cash equivalents and short-term investments of $48.4 million and a working capital deficit of $38.0 million, compared with cash, cash equivalents and short-term investments of $58.5 million and positive working capital of $17.5 million as of December 31, 2025.
Previous wording
Net cash used in operating activities was $39.6 million and $47.7 million for the six months ended June 30, 2026 and 2025, respectively. The variance was primarily due to the timing and changes in working capital balances, offset by decreased operating expenses.
Current wording
Net cash used in operating activities was $54.9 million and $69.3 million for the nine months ended September 30, 2026 and 2025, respectively. The variance was primarily due to the timing and changes in working capital balances, offset by decreased operating expenses.
Previous wording
Net cash provided by investing activities was $8.8 million and $5.2 million for the six months ended June 30, 2026 and 2025, respectively. The variance was primarily the result of timing differences in short-term investment purchases, sales and maturities.
Current wording
Net cash provided by investing activities was $12.5 million and $14.1 million for the nine months ended September 30, 2026 and 2025, respectively. The variance was primarily the result of timing differences in short-term investment purchases, sales and maturities.
Previous wording
On July 31, 2026, we closed an underwritten public offering, or the July 2026 Offering, relating to the issuance and sale of 21,052,632 shares of our common stock, par value $0.001 per share, and accompanying warrants, or the July 2026 Warrants, to purchase 42,105,264 shares of its common stock (or pre-funded warrants in lieu thereof, or the Pre-Funded Warrants) at an exercise price of $1.10 per share of common stock (or 1.099 per Pre-Funded Warrant), at a combined public offering price of $0.95 per share of common stock and accompanying July 2026 Warrant.
Current wording
On July 31, 2026, we closed an underwritten public offering, or the July 2026 Offering, relating to the issuance and sale of 21,052,632 shares of our common stock, par value $0.001 per share, and accompanying warrants, or the July 2026 Warrants, to purchase 42,105,264 shares of our common stock (or pre-funded warrants in lieu thereof, or the Pre-Funded Warrants) at an exercise price of $1.10 per share of common stock (or $1.099 per Pre-Funded Warrant), at a combined public offering price of $0.95 per share of common stock and accompanying July 2026 Warrant.
Showing the first 40 of 49 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•$727,000 in higher outside services related to INO-3107.
Current report — wording carried from elsewhere
•$210,000 in higher severance expense; offset by
Current report — wording carried from elsewhere
March 31, 2026, the July 2025 Series A Warrants expired unexercised, and the remaining warrant liability was recognized as a gain in the condensed consolidated statement of operations, with no subsequent fair value remeasurement.
Current report — wording carried from elsewhere
On August 13, 2024, we entered into an Equity Distribution Agreement, or the 2024 Sales Agreement, with an outside sales agent, or Sales Agent, for the offer and sale of our common stock for an aggregate offering price of up to $60.0 million.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
CELLECTRA® devices are designed to deliver the DNA medicines into the body’s cells for optimal effect, without the use of chemical adjuvants, lipid nanoparticles or viral vectors.
Previous report — wording carried elsewhere
•$2.5 million in lower employee and consultant compensation, including stock-based compensation;
Previous report — wording carried elsewhere
Level 3 within the fair value hierarchy and estimated fair value using unobservable inputs. Based on our evaluation of PLS’s financial condition and the absence of observable market transactions, we determined that the fair value of our investment in PLS was $0 as of June 30, 2026.
Previous report — wording carried elsewhere
12,500,000 shares of our common stock (or Pre-Funded Warrants in lieu thereof) at an exercise price of $1.40 per share of common stock (or $1.399 per Pre-Funded Warrant), or the 2026 Series B Warrants, and, together with the Series A Warrants, or the 2026 Warrants, at a combined public offering price of $1.40 per share of common stock and accompanying 2026 Warrants. The net proceeds to us from the April 2026 Offering were $16.1 million, after deducting the underwriting discounts and commissions and offering expenses paid by us.