# EDGAR Filing Document

**Accession Number:** 0001055726
**File Stem:** 0001055726-25-000064
**Filing Date:** 2025-11
**Character Count:** 23758
**Document Hash:** 32029cf3a16a5413ad5275121a2ad58d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001055726-25-000064.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001055726-25-000064

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251110

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INOVIO PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001055726
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 330969592
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14888
- **FILM NUMBER:** 251466224

**BUSINESS ADDRESS:**
- **STREET 1:** 660 W. GERMANTOWN PIKE
- **STREET 2:** SUITE 110
- **CITY:** PLYMOUTH MEETING
- **STATE:** PA
- **ZIP:** 19462
- **BUSINESS PHONE:** 8584103134

**MAIL ADDRESS:**
- **STREET 1:** 660 W. GERMANTOWN PIKE
- **STREET 2:** SUITE 110
- **CITY:** PLYMOUTH MEETING
- **STATE:** PA
- **ZIP:** 19462

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INOVIO BIOMEDICAL CORP
- **DATE OF NAME CHANGE:** 20050404

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENETRONICS BIOMEDICAL CORP
- **DATE OF NAME CHANGE:** 20011116

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENETRONICS BIOMEDICAL LTD
- **DATE OF NAME CHANGE:** 19980213

?xml version='1.0' encoding='ASCII'? ino-20251110

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 10, 2025**

**Inovio Pharmaceuticals, Inc.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-14888** | **33-0969592** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| |
|:---|
| **660 W. Germantown Pike Suite 110** |
| **Plymouth Meeting, PA 19462** |
| **(Address of principal executive offices, including zip code)** |

---

**(267) 440-4200**

**(Registrant's telephone number, including area code)**

**N/A**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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 ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| **Common Stock, $0.001 par value** | **INO** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On November 10, 2025, Inovio Pharmaceuticals, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended September 30, 2025. A copy of this press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 and Exhibit 99.1 hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any incorporation language in such a filing, except as expressly set forth by specific reference in such a filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit Number** | |
| <u>[99.1](ino-93025x8kex991.htm)</u> | <u>[Press Release, dated November 10, 2025 (filed herewith)](ino-93025x8kex991.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

---

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **INOVIO PHARMACEUTICALS, INC.** | **INOVIO PHARMACEUTICALS, INC.** |
| Date: November 10, 2025 | By: | /s/ Peter Kies |
|  |  | Peter Kies |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![picture3a.jpg](picture3a.jpg)

**INOVIO Reports Third Quarter 2025 Financial Results and Recent Business Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Completed rolling Biologics License Application (BLA) submission seeking accelerated approval for lead candidate INO-3107; requested priority review* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Expect to receive file acceptance by year end 2025 with potential PDUFA date in mid-2026 if request for priority review granted*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Commercial preparations continuing for potential launch in mid-2026 if INO-3107 is approved by FDA* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Results from Phase 1 proof-of-concept trial evaluating INOVIO's next generation DNA-Encoded Monoclonal Antibody (DMAb*<sup>TM</sup>*) technology published in Nature Medicine*

PLYMOUTH MEETING, PA – November 10, 2025 – INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced its financial results for the third quarter of 2025 and provided an update on recent company developments.

"I'm very pleased to report that we've completed the rolling submission of our BLA for lead candidate INO-3107. We believe every patient deserves a treatment that reduces exposure to surgery and INO-3107 has the potential to meet that significant need in the RRP community. The majority of patients in our Phase 1/2 trial needed fewer surgeries after treatment and showed continued improvement through Year 2 without additional doses, and without surgical interventions during the treatment window to maintain minimal residual disease as required by other treatment modalities," said Dr. Jacqueline Shea, INOVIO's President and Chief Executive Officer. "As INOVIO works toward a potential approval for INO-3107 in mid-2026, we're also working to advance our next generation DNA medicine candidates. Landmark proof-of-concept data on our DMAb technology was recently published in Nature Medicine and we are preparing for an upcoming presentation of promising pre-clinical data from our DNA-encoded protein technology (DPROT) at the World Federation of Hemophilia Global Forum. We look forward to sharing more on the company's progress in the coming months."

**<u>Operational Highlights</u>**

**INO-3107 – Recurrent Respiratory Papillomatosis (RRP)**

INOVIO completed the rolling submission of its BLA for DNA immunotherapy candidate INO-3107 for the treatment of RRP in adults. INOVIO submitted the BLA under the FDA's accelerated approval program and has requested a priority review, which if granted, is expected to be completed within six months following file acceptance. Commercial preparations continue to advance for a potential launch in mid-2026. If approved, INO-3107 would be INOVIO's first commercial product and the first DNA medicine available in the United States.

INOVIO plans to conduct a confirmatory trial and expects to begin enrolling patients during the BLA review period. The trial is expected to be conducted at approximately 20 sites across the United States.

------

Peer-reviewed data from a retrospective study (RRP-002) investigating the long-term clinical and safety response of patients treated with INO-3107 were <u>published online in The Laryngoscope</u>. The data demonstrate that a majority of patients experienced continued improvement beyond the initial 12-month study period of the previously published Phase 1/2 trial (RRP-001), as measured by the number of surgical procedures needed after treatment with INO-3107. Since our last report, INOVIO has also presented key data at several scientific conferences, including the American Academy of Otolaryngology – Head and Neck Surgery Annual Meeting, the European Society for Medical Oncology Annual Congress, and the 37th International Papillomavirus Society Conference. Highlights from the data include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 81% (26/32) of patients experienced a reduction of one or more surgeries at Year 1 post-treatment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By the end of Year 2, 91% (21/23) of evaluable patients continued to experience a reduction of one or more surgeries. Only two patients had not yet responded to treatment with INO-3107

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clinical response was not dependent upon low viral loads, molecular subtype or other elements of the papilloma microenvironment

**Next Generation DNA Medicine Candidates**

Results from a Phase 1 proof-of-concept trial evaluating next generation DMAbs for COVID-19 were published online in <u>Nature</u> <u>Medicine</u>, demonstrating the technology's potential as a long-acting, scalable and tolerable alternative to traditional monoclonal antibody therapies. Interim pharmacokinetic results were previously available as a preprint on Research Square. The study is being led by The Wistar Institute in collaboration with INOVIO, AstraZeneca, and clinical investigators at the Perelman School of Medicine at the University of Pennsylvania.

This was the first demonstration that monoclonal antibodies, complex proteins, can be durably and tolerably expressed in humans. INOVIO is building on this research to evaluate in vivo therapeutic protein production and will be presenting promising preclinical data from its DPROT program at the upcoming World Federation of Hemophilia Global Forum. This technology aims to address some of the shortcomings of conventional therapeutic protein replacement treatments including gene therapy approaches.

**General Corporate**

INOVIO remains focused on financial discipline and directing resources to advance the INO-3107 program towards commercialization and a potential launch date in mid-2026.

**<u>Third Quarter 2025 Financial Results</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Research and Development (R&D) Expenses:** R&D expenses for the three months ended September 30, 2025, decreased to $13.3 million from $18.7 million for the same period in 2024. The decrease was primarily the result of lower drug manufacturing, clinical study and other expenses related to INO-3107 and lower expensed inventory, among other variances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **General and Administrative (G&A) Expenses:** G&A expenses decreased to $7.9 million for the three months ended September 30, 2025, from $8.6 million for the same period in 2024. The decrease was primarily related to a decrease in employee and consultant compensation, including stock-based compensation, among other variances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Total Operating Expenses:** Total operating expenses decreased to $21.2 million for the three months ended September 30, 2025, from $27.3 million for the same period in 2024.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net Loss:** Net loss for the three months ended September 30, 2025, increased to $45.5 million, or $0.87 per basic and diluted share, from a net loss of $25.2 million, or $0.89 per basic and diluted share, for the three months ended September 30, 2024.

The increase in net loss for the period was primarily driven by a $22.5 million non-cash loss on fair value adjustment related to our warrant liabilities. As the fair value of the warrants fluctuates with our share price and other market inputs, this adjustment can result in significant variability in our reported net loss.

The loss from operations prior to other income (expenses) for the quarter ended September 30, 2025, was $21.2 million, or $0.41 per share, as compared with $27.3 million, or $0.97 per share, for the quarter ended September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Shares Outstanding:** As of September 30, 2025, INOVIO had 53.6 million common shares outstanding and 94.5 million common shares outstanding on a fully diluted basis, after giving effect to the exercise, vesting, and conversion, as applicable, of its outstanding common stock warrants, stock options, restricted stock units and convertible preferred stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cash, Cash Equivalents and Short-term Investments**: As of September 30, 2025, cash, cash equivalents and short-term investments were $50.8 million, compared to $94.1 million as of December 31, 2024.

INOVIO's balance sheet and statement of operations are provided below. Additional information is included in INOVIO's quarterly report on Form 10-Q for the quarter ended September 30, 2025, which can be accessed at: http://ir.inovio.com/financials/default.aspx.

**<u>Cash Guidance</u>**

INOVIO estimates its current cash, cash equivalents and short-term investments balances will support the company's operations into the second quarter of 2026. This projection includes an operational net cash burn estimate of approximately $22 million for the fourth quarter of 2025. These projections do not include any further capital-raising activities that INOVIO may undertake.

**Conference Call / Webcast Information**

INOVIO's management will host a live conference call and webcast with slides at 4:30 p.m. ET today to discuss INOVIO's financial results and provide a general business update. The live webcast and replay may be accessed by visiting INOVIO's website at <u>http://ir.inovio.com/events-and-presentations/default.aspx.</u>

**About INOVIO's DNA Medicines Platform**

INOVIO's DNA medicines platform has two innovative components: precisely designed DNA plasmids, delivered by INOVIO's proprietary investigational medical device, CELLECTRA. INOVIO uses proprietary technology to design its 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. INOVIO's proprietary CELLECTRA delivery devices are designed to optimally deliver its DNA medicines to the body's cells without requiring chemical adjuvants or lipid nanoparticles and without the risk of the anti-vector response historically seen with viral vector platforms.

**About INOVIO**

INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools. For more information, visit <u>www.inovio.com</u>.

------

**Forward-Looking Statements**

This press release contains certain forward-looking statements relating to our business, including the planned initiation and conduct of pre-clinical studies and clinical trials and the availability and timing of data from those studies and trials, the completion of the FDA-required device verification testing, the BLA submission and request for priority review and goal of FDA's acceptance of the submission by the end of 2025, the potential commercial launch of INO-3107 if regulatory approval is obtained and timing thereof, the potential benefits of our product candidates, expectations regarding sufficiency of our cash resources into the second quarter of 2026 and expected cash burn for the fourth quarter of 2025. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials, product development programs and commercialization activities and outcomes, the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA medicines, our ability to support our pipeline of DNA medicine products, the ability of our collaborators to attain development and commercial milestones for products we license and product sales that will enable us to receive future payments and royalties, the adequacy of our capital resources, the availability or potential availability of alternative therapies or treatments for the conditions targeted by us or collaborators, including alternatives that may be more efficacious or cost effective than any therapy or treatment that we and our collaborators hope to develop, issues involving product liability, issues involving patents and whether they or licenses to them will provide us with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether we can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of our technology by potential corporate or other partners or collaborators, capital market conditions, the impact of government healthcare proposals and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and other filings we make from time to time with the Securities and Exchange Commission. There can be no assurance that any product candidate in our pipeline will be successfully developed, manufactured, or commercialized, that the results of clinical trials will be supportive of regulatory approvals required to market products, or that any of the forward-looking information provided herein will be proven accurate. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise these statements, except as may be required by law.

**Contacts**

Media: Jennie Willson, (267) 429-8567, communications@inovio.com

Investors: Peter Vozzo - ICR Healthcare, (443) 213-0505, investor.relations@inovio.com

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**Inovio Pharmaceuticals, Inc.**

**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (Unaudited) | |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash and cash equivalents | $36567420 | $65813297 |
| Short-term investments | 14235770 | 28300232 |
| Accounts receivable from affiliated entity | 978590 | 1199056 |
| Prepaid expenses and other current assets | 3398534 | 2517465 |
| **Total current assets** | 55180314 | 97830050 |
| Fixed assets, net | 2740356 | 3659818 |
| Investments in affiliated entity | 2495730 | 1613844 |
| Operating lease right-of-use assets | 6956780 | 8113840 |
| Other assets | 2012476 | 1979654 |
| **Total assets** | $69385656 | $113197206 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Accounts payable and accrued expenses | $15323520 | $16200013 |
| Accounts payable and accrued expenses due to affiliated entity | 379721 | 1351163 |
| Accrued clinical trial expenses | 955970 | 2021860 |
| Common stock warrant liabilities | 50384043 | 13255188 |
| Operating lease liability | 2738490 | 2497360 |
| Grant funding liability from affiliated entity | 42152 |  |
| **Total current liabilities** | 69823896 | 35325584 |
| Operating lease liability, net of current portion | 7281737 | 9367827 |
| **Total liabilities** | 77105633 | 44693411 |
| **Stockholders' equity:** |  |  |
| Preferred stock |  |  |
| Common stock | 53572 | 36099 |
| Additional paid-in capital | 1811803850 | 1799362625 |
| Accumulated deficit | (1818930043) | (1730219262) |
| Accumulated other comprehensive loss | (647356) | (675667) |
| **Total Inovio Pharmaceuticals, Inc. stockholders' equity** | (7719977) | 68503795 |
| **Total liabilities and stockholders' equity** | $69385656 | $113197206 |

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**Inovio Pharmaceuticals, Inc.**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| Revenue from collaborative arrangement  | $— | $— | $65343 | $100762 |
| **Operating expenses:** |  |  |  |  |
| Research and development | 13333329 | 18733584 | 43945638 | 62734891 |
| General and administrative | 7877126 | 8613895 | 25465208 | 29395232 |
| **Total operating expenses** | 21210455 | 27347479 | 69410846 | 92130123 |
| **Loss from operations** | (21210455) | (27347479) | (69345503) | (92029361) |
| **Other income (expense):** |  |  |  |  |
| Interest income | 552108 | 1106758 | 1970823 | 3914406 |
| Interest expense |  |  |  | (177833) |
| Change in fair value of common stock warrant liabilities | (22515730) |  | (20680868) |  |
| (Loss) gain on investment in affiliated entity | (589618) | 324251 | 881886 | (136061) |
| Net unrealized gain on available-for-sale equity securities | 205259 | 1330811 | 1104782 | 1810868 |
| Other expense, net | (1938236) | (579819) | (2641901) | (1254466) |
| **Net loss** | (45496672) | (25165478) | (88710781) | (87872447) |
| **Net loss per share**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $(0.87) | $(0.89) | $(2.12) | $(3.35) |
| **Weighted average number of common shares used to compute net loss per share**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | 52168694 | 28140497 | 41837956 | 26216983 |

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