INOVIO — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net loss for the three months ended September 30, 2026, was $49.2 million ($0.50 per share), compared to a net loss of $45.5 million ($0.87 per share) in the same period in 2025.
• The increase in net loss was primarily driven by a $26.9 million non-cash loss on fair value adjustment related to warrant liabilities, compared to a $22.5 million loss in the prior year period.
• Research and Development (R&D) expenses decreased to $10.6 million from $13.3 million in the prior year period, attributed to lower engineering outside services and reduced employee/consultant compensation.
• Selling, General and Administrative (SG&A) expenses increased to $9.2 million from $7.9 million in the prior year period, driven by costs associated with the anticipated VOCERYQ launch.
• Total operating expenses decreased to $19.8 million from $21.2 million in the prior year period.
• Revenue from collaborative arrangements for the three months ended September 30, 2026, was $298,901, compared to $0 in the prior year period.
• Cash, cash equivalents, and short-term investments stood at $48.4 million as of September 30, 2026, excluding net proceeds from the November 2026 offering.
• Common stock warrant liabilities increased to $70.0 million as of September 30, 2026, from $29.1 million as of December 31, 2025.
• Deferred revenue was recorded at $651,505 as of September 30, 2026, compared to $0 as of December 31, 2025.

Guidance and Future Outlook:

• VOCERYQ is expected to be available to order and ship approximately 60 days from the October 30, 2026 approval date, with a full commercial launch anticipated in the first quarter of 2027.
• Current inventory and capacity are expected to support at least the first year of launch through 2027.
• INOVIO estimates current cash resources, including $80.5 million from the November 2026 public offering and $10.9 million in warrant exercise proceeds, will support operations into late fourth quarter 2027.
• The company expects to submit a draft protocol for a confirmatory study to the FDA by the end of 2026, with alignment on a final protocol expected by mid-2027.
• An application for conditional marketing authorization for VOCERYQ in Europe is planned for submission before the end of 2026.
• Revenue contributions from VOCERYQ sales are not included in the current cash runway projections and are expected to commence in 2027.
• Operational net cash burn is estimated at approximately $21.0 million for the fourth quarter of 2026.

Business Segments and Product Lines:

• VOCERYQ (doruxapapogene ralaplasmid and lalikinogene sifuplasmid-gxfd) received accelerated FDA approval on October 30, 2026, to reduce the frequency of surgery in adults with Recurrent Respiratory Papillomatosis (RRP).
• VOCERYQ is the first FDA-approved DNA medicine, validating INOVIO's novel platform technology.
• The approval was granted under the accelerated approval program based on a complete response (no surgical intervention required in 12 months) in the RRP-001 study of 32 adult patients.
• VOCERYQ is approved in combination with CELLECTRA® 5PSP, INOVIO's proprietary DNA medicine delivery device.
• INOVIO has engaged Syneos Health to support the recruitment and deployment of medical and commercial field teams.
• Next-generation DNA-Encoded Protein (DPROT) programs were presented at the Soft Bones Third International Meeting on Hypophosphatasia in November 2026, with a focus on rare diseases including Hemophilia A, Fabry Disease, and HPP.
• INOVIO is actively seeking partnerships to accelerate the development of other pipeline candidates.

Market and Competitive Landscape:

• RRP is a rare disease caused primarily by HPV-6 and/or HPV-11, with an estimated prevalent population of at least 25,000 patients in the United States.
• Surgery is the current standard of care for RRP, but papillomas often recur, posing risks of permanent vocal cord damage and significant costs to patients.
• VOCERYQ targets the root cause of RRP by generating an immune response using DNA plasmids encoding for HPV-6 and HPV-11 antigens.
• The FDA previously granted VOCERYQ Orphan Drug and Breakthrough Therapy designations, and the European Commission granted Orphan Drug designation.

Risks and Challenges:

• Continued approval for VOCERYQ may be contingent upon the verification and description of clinical benefit in confirmatory study(ies).
• The fair value of warrant liabilities fluctuates with share price and market inputs, causing significant variability in reported net loss.
• Commercialization success depends on market acceptance, coverage and reimbursement, manufacturing and supply, and reliance on third parties like Syneos Health.
• Risks include the availability of funding, the adequacy of capital resources, and the possibility that actual expenditures and revenues may differ from estimates.
• Potential competition includes alternative therapies or treatments that may be more efficacious or cost-effective.
• Intellectual property risks involve the enforceability, defensibility, and validity of patents and licenses.

Management Commentary and Tone:

• Dr. Jacqueline Shea, President and CEO, described the VOCERYQ approval as a "groundbreaking therapy" that fights RRP at its source rather than just symptoms.
• Management expressed delight with the approval, noting it validates the DNA medicine platform and positions INOVIO as a commercial-stage company.
• The primary goal is to establish VOCERYQ as the preferred first-line immunotherapy for RRP patients.
• Management highlighted that the recently completed public offering provides additional financial resources to support a successful launch.
• The tone indicates confidence in the platform's validation and active pursuit of partnerships to accelerate pipeline development.

Other Key Points:

• INOVIO completed a public offering in November 2026 with net proceeds of approximately $80.5 million.
• The company hosted a conference call and webcast on November 10, 2026, to discuss the results.
• Clinical data for VOCERYQ was published in Nature in 2025 and further analyzed in The Laryngoscope in October 2026.
• The company has a weighted average number of common shares of 98,633,024 for the three months ended September 30, 2026.
• Total assets decreased to $60.1 million as of September 30, 2026, from $74.3 million as of December 31, 2025.
• Total liabilities increased to $94.1 million as of September 30, 2026, from $50.2 million as of December 31, 2025.
• Stockholders' equity turned negative to $(33.9) million as of September 30, 2026, from positive $24.1 million as of December 31, 2025.