ino-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NO. 001-14888

INOVIO PHARMACEUTICALS, INC.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


Delaware						33-0969592
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

660 W. Germantown Pike, Suite 110 Plymouth Meeting, Pennsylvania						19462
(Address of principal executive offices)						(Zip Code)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (267) 440-4200

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
COMMON STOCK, $0.001 PAR VALUE	INO	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares outstanding of the Registrant’s Common Stock, $0.001 par value, was 36,674,436 as of May 9, 2025.

INOVIO PHARMACEUTICALS, INC.

FORM 10-Q

For the Quarterly Period Ended March 31, 2025

INDEX


Part I. Financial Information			1
Item 1. Financial Statements			1
a) Condensed Consolidated Balance Sheets			2
b) Condensed Consolidated Statements of Operations			3
c) Condensed Consolidated Statements of Comprehensive Loss			4
d) Condensed Consolidated Statements of Stockholders' Equity			5
e) Condensed Consolidated Statements of Cash Flows			6
f) Notes to Condensed Consolidated Financial Statements			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures About Market Risk			27
Item 4. Controls and Procedures			27

Part II. Other Information			29
Item 1. Legal Proceedings			29
Item 1A. Risk Factors			29



Item 5. Other Information			57
Item 6. Exhibits			57
Signatures			59

SUMMARY OF THE MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows and prospects. These risks are discussed more fully in Item 1A. Risk Factors herein. These risk factors include, but are not limited to, the following:

•We have incurred significant losses in recent years, expect to incur significant net losses in the foreseeable future and may never become profitable.

•We have limited sources of revenue and our success is dependent on our ability to develop our DNA medicines and proprietary device technology.

•We will need substantial additional capital to develop our DNA medicines and proprietary device technology, which may prove difficult or costly to obtain.

•If we are unable to obtain FDA approval of our proprietary devices and DNA medicine candidates, we will not be able to commercialize them in the United States. In particular, because our product candidates are drug-device combination products comprising an electroporation device for delivery of a biologic, additional time may be required to obtain regulatory approval for our product candidates because of the complexity involved with developing and manufacturing a drug-device combination product. In addition, if the FDA and similar regulatory agencies do not provide marketing authorization for our CELLECTRA delivery devices, then we will not be able to bring to market our DNA medicines that rely on delivery by such a device.

•DNA medicines are a novel approach to treating and preventing disease, and our CELLECTRA delivery devices are a novel approach to administering medicines, and negative perception of the efficacy, safety, or tolerability of any investigational medicines we develop or our devices could adversely affect our ability to conduct our business, advance our investigational medicines, or obtain regulatory approvals.

•If we and the contract manufacturers upon whom we rely fail to produce our proprietary devices and DNA medicine candidates in the volumes that we require on a timely basis, or at all, or if these contractors fail to comply with their obligations to us or with stringent regulations, we may face delays in the development and commercialization of our proprietary devices and DNA medicine candidates.

•If we lose or are unable to secure collaborators or partners, or if our collaborators or partners do not apply adequate resources to their relationships with us, our product development and potential for profitability will suffer.

•We have agreements with government agencies that are subject to termination and uncertain future funding. Termination or cessation of funding could have a negative impact on our ability to develop some of the product candidates in our pipeline and/or require us to seek alternative funding sources to advance those candidates.

•We are currently subject to litigation and may become subject to additional litigation, which could harm our business, financial condition and reputation.

•We face intense and increasing competition and steps taken by our competitors, such as the introduction of a new, disruptive technology may impede our ability to develop and commercialize our DNA medicines.

•We have entered into collaborations with Chinese companies and may rely on clinical materials manufactured in China for our development efforts. Uncertainties regarding the interpretation and enforcement of Chinese laws, rules and regulations, a trade war, political unrest or unstable economic conditions in China could materially adversely affect our business, financial condition and results of operations.

•It is difficult and costly to generate and protect our intellectual property and our proprietary technologies, and we may not be able to ensure their protection.

•If we are sued for infringing intellectual property rights of third parties, it will be costly and time-consuming, and an unfavorable outcome in that litigation would have a material adverse effect on our business.

•We are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure, or the failure of third parties with whom we work, to comply with such obligations could lead to material adverse business consequences.

Part I. Financial Information

Item 1. Financial Statements

INOVIO PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31, 2025		December 31, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	39,915,447	$	65,813,297
Short-term investments	28,447,097		28,300,232

Accounts receivable from affiliated entity	1,310,237		1,199,056
Prepaid expenses and other current assets	2,221,668		2,517,465


Total current assets	71,894,449		97,830,050
Fixed assets, net	3,347,824		3,659,818
Investments in affiliated entity	2,308,975		1,613,844



Operating lease right-of-use assets	7,741,757		8,113,840
Other assets	1,979,654		1,979,654
Total assets	$	87,272,659	$	113,197,206
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	12,919,788	$	16,200,013
Accounts payable and accrued expenses due to affiliated entity	469,637		1,351,163
Accrued clinical trial expenses	1,819,237		2,021,860
Common stock warrant liability	9,542,316		13,255,188
Operating lease liability	2,575,902		2,497,360




Total current liabilities	27,326,880		35,325,584
Operating lease liability, net of current portion	8,695,055		9,367,827







Total liabilities	36,021,935		44,693,411
Stockholders’ equity:
Preferred stock	—		—
Common stock	36,674		36,099
Additional paid-in capital	1,801,789,329		1,799,362,625
Accumulated deficit	(1,749,913,959)		(1,730,219,262)
Accumulated other comprehensive loss	(661,320)		(675,667)
Total Inovio Pharmaceuticals, Inc. stockholders’ equity	51,250,724		68,503,795


Total liabilities and stockholders’ equity	$	87,272,659	$	113,197,206

See accompanying notes to unaudited condensed consolidated financial statements.

INOVIO PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Revenues:






Revenue from collaborative arrangements	$	65,343	$	—
Operating expenses:
Research and development	16,090,902		20,913,790
General and administrative	9,024,970		10,571,179

Total operating expenses	25,115,872		31,484,969
Loss from operations	(25,050,529)		(31,484,969)
Other income (expense):
Interest income	808,077		1,500,290
Interest expense	—		(177,833)
Change in fair value of common stock warrant liability	3,712,872		—
Gain (loss) on investment in affiliated entity	695,131		(126,018)
Net unrealized gain on available-for-sale equity securities	140,234		500,877
Other expense, net	(482)		(682,218)







Net loss	$	(19,694,697)	$	(30,469,871)


Net loss per share
Basic and diluted	$	(0.51)	$	(1.31)

Weighted average number of common shares used to compute net loss per share
Basic and diluted	38,613,653		23,291,512

See accompanying notes to unaudited condensed consolidated financial statements.

INOVIO PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)


	Three Months Ended March 31,
	2025		2024
Net loss	$	(19,694,697)	$	(30,469,871)
Other comprehensive loss:

Foreign currency translation	—		32,403
Unrealized gain (loss) on short-term investments, net of tax	14,347		(46,016)


Comprehensive loss	$	(19,680,350)	$	(30,483,484)

See accompanying notes to unaudited condensed consolidated financial statements.

INOVIO PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)


	Three Months Ended March 31, 2025
	Preferred stock			Common stock
	Number of shares	Amount		Number of shares	Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total stockholders’ equity
Balance at December 31, 2024	9	$	—	36,099,991	$	36,099	$	1,799,362,625	$	(1,730,219,262)	$	(675,667)	$	68,503,795
Issuance of common stock for cash, net of financing costs	—	—		518,670	519		1,101,630		—		—		1,102,149
Vesting of RSUs, net of tax payments	—	—		55,694	56		(74,275)		—		—		(74,219)
Stock-based compensation	—	—		—	—		1,399,349		—		—		1,399,349
Net loss	—	—		—	—		—		(19,694,697)		—		(19,694,697)
Unrealized gain on short-term investments, net of tax	—	—		—	—		—		—		14,347		14,347
Balance at March 31, 2025	9	$	—	36,674,355	$	36,674	$	1,801,789,329	$	(1,749,913,959)	$	(661,320)	$	51,250,724


	Three Months Ended March 31, 2024
	Preferred stock			Common stock
	Number of shares	Amount		Number of shares	Amount		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss		Total stockholders’ equity
Balance at December 31, 2023	9	$	—	22,793,075	$	22,792	$	1,740,954,074	$	(1,622,965,136)	$	(662,601)	$	117,349,129
Issuance of common stock for cash, net of financing costs	—	—		543,620	544		5,224,589		—		—		5,225,133
Vesting of RSUs, net of tax payments	—	—		34,558	34		(174,282)		—		—		(174,248)
Stock-based compensation	—	—		—	—		2,525,433		—		—		2,525,433
Net loss	—	—		—	—		—		(30,469,871)		—		(30,469,871)
Unrealized loss on short-term investments, net of tax	—	—		—	—		—		—		(46,016)		(46,016)
Foreign currency translation	—	—		—	—		—		—		32,403		32,403
Balance at March 31, 2024	9	$	—	23,371,253	$	23,370	$	1,748,529,814	$	(1,653,435,007)	$	(676,214)	$	94,441,963

See accompanying notes to unaudited condensed consolidated financial statements.

INOVIO PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

SEC Form 10-Q filed by Inovio Pharmaceuticals Inc.