Inovio Pharmaceuticals Inc.
11/10/2025 | Press release | Distributed by Public on 11/10/2025 15:01
Quarterly Report for Quarter Ending SEPTEMBER 30, 2025 (Form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Quarterly Report contains forward-looking statements, as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially.
Although we believe that the expectations reflected in the forward-looking statements are reasonable based on our current expectations and projections, we cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. We are under no obligation to update any of the forward-looking statements after the filing of this Quarterly Report to conform such statements to actual results or to changes in our expectations.
The following discussion of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and the related notes and other financial information appearing elsewhere in this Quarterly Report and our audited consolidated financial statements and related notes for the year ended December 31, 2024 included in our Annual Report on Form 10-K, or 2024 Annual Report, filed with the U.S. Securities and Exchange Commission, or SEC, on March 18, 2025. Readers are also urged to carefully review and consider the various disclosures made by us that attempt to advise interested parties of the factors that affect our business, including without limitation the disclosures made in Item 1A of Part II of this Quarterly Report under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and the disclosures made in our 2024 Annual Report under the caption "Risk Factors" and in our audited consolidated financial statements and related notes.
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.
INOVIO, CELLECTRA, the INOVIO logo, and our other trademarks or service marks appearing in this Quarterly Report are our property. Solely for convenience, the trademarks and trade names in this report are referred to without the ® and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. Products or service names of other companies mentioned in this Quarterly Report may be trademarks, trade names or service marks of their respective owners.
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.
Overview
We are a clinical-stage biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated diseases, cancer and infectious diseases. Our platform harnesses the power of in vivo protein production, featuring optimized design and delivery of DNA medicines that teach the body to manufacture its own disease-fighting tools.
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
Table of Contents
CELLECTRA®devices are designed to deliver the plasmids into the body's cells for optimal effect, without the use of chemical adjuvants, lipid nanoparticles or viral vectors.
Our lead candidate is INO-3107 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 cause severe, sometimes life-threatening airway obstruction and respiratory complications. The standard of care for RRP is repeated invasive surgery.
In 2023, we received feedback from the U.S. Food and Drug Administration, or 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. As part of submitting our BLA under the accelerated program, we will need to satisfy all FDA filing requirements and initiate a confirmatory clinical trial prior to BLA submission. We previously expected to be able to submit our BLA by the end of 2024; however, during our device testing process we identified a manufacturing issue involving the single-use disposable administration component of the CELLECTRA 5PSP device that we plan to use in the confirmatory trial and that will be submitted for approval for commercial use. We resolved the manufacturing issue in the first quarter of 2025 and completed Design Verification (DV) testing in August 2025. 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, with the goal of receiving file acceptance by the FDA by the end of 2025. We have requested a priority review from the FDA, which, if granted, is expected to be completed within six months following the 60-day filing period.
During 2025, we have presented key data regarding INO-3107 at several scientific conferences. Highlights from the data include:
•81% (26/32) of patients experienced a reduction of one or more surgeries at Year 1 post-treatment
•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
•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)
•Clinical response was not dependent upon low viral loads, molecular subtype or other elements of the papilloma microenvironment
We are developing INO-3112, a DNA medicine 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 have 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, HPV16/18 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.
We are also developing INO-5401, an immunotherapy consisting of three DNA plasmids encoding for three tumor associated antigens, for the treatment of glioblastoma multiforme, or GBM, an aggressive type of brain cancer that accounts for more than 50% of all primary malignant brain tumors. GBM is one of the most complex, deadly, and treatment-resistant cancers.
In addition to our development efforts with the product candidates described above, we are actively developing or planning to develop DNA medicines for other indications, including HPV-related anal dysplasia; cancers in people with certain gene mutations; and a potential vaccine booster to protect against the Ebola virus. We are also working to identify partnership opportunities for our DPROT/DMAb research. We were previously conducting clinical trials of a DNA medicine 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, our collaborator ApolloBio Corporation continues to conduct a Phase 3 clinical trial of this candidate in China and plans to seek regulatory approval for and potentially commercialize the candidate in that jurisdiction.
Our partners and collaborators include Advaccine Biopharmaceuticals Suzhou Co, ApolloBio Corporation, AstraZeneca, Coherus Biosciences, Defense Advanced Research Projects Agency (DARPA), HIV Vaccines Trial Network, International Vaccine Institute (IVI), 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.
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
Table of Contents
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 costs for commercialization. We may not be successful in our research and development efforts, and we may never generate sufficient product revenue to be profitable.
As of September 30, 2025, 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.
Critical Accounting Policies and Estimates
There have been no significant changes to our critical accounting estimates since December 31, 2024. For a description of our critical accounting estimates and significant judgments used in the preparation of our condensed consolidated financial statements, refer to Note 3 to our Condensed Consolidated Financial Statements included in this Quarterly Report, as well as Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report and Note 2 to our audited Consolidated Financial Statements contained in our 2024 Annual Report.
Results of Operations
Revenue. Total revenue was $0 and $65,000 for the three and nine months ended September 30, 2025, respectively, as compared to $0 and $101,000 for the three and nine months ended September 30, 2024, all of which was derived under the collaborative arrangement with ApolloBio.
Research and development expenses.Research and development expenses consist of expenses incurred in performing research and development activities, including compensation and benefits for full-time research and development employees, facilities expenses, overhead expenses, cost of laboratory supplies, clinical trial and related clinical manufacturing expenses, fees paid to contract research organizations and other consultants, and outside expenses. We utilize a labor reporting system to record employee compensation on a project-by-project basis. Unallocated research and development expenses include engineering and device-related expenses that are not allocable to a specific project, as well as stock-based compensation, other employee-related expenses that are not related to a specific project, and facilities and depreciation expenses.
Research and development costs are expensed as incurred. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
The following table summarizes our research and development expense by product candidate for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | |||||||||||||||||||
| INO-3107 | $ | 3,352 | $ | 7,009 | $ | (3,657) | (52) | % | |||||||||||||||
| INO-3112 and other Immuno-oncology | 1,575 | 1,727 | (152) | (9) | % | ||||||||||||||||||
| Other research and development programs (a) | 97 | (1,120) | 1,217 | (109) | % | ||||||||||||||||||
| Engineering and device-related | 4,324 | 5,603 | (1,279) | (23) | % | ||||||||||||||||||
| Stock-based compensation | 302 | 590 | (288) | (49) | % | ||||||||||||||||||
| Other unallocated expenses | 3,684 | 4,925 | (1,241) | (25) | % | ||||||||||||||||||
| Research and development expense | $ | 13,334 | $ | 18,734 | $ | (5,400) | (29) | % | |||||||||||||||
| Nine Months Ended September 30, | Increase (Decrease) | ||||||||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | $ | % | |||||||||||||||||||
| INO-3107 | $ | 10,789 | $ | 25,698 | $ | (14,909) | (58) | % | |||||||||||||||
| INO-3112 and other Immuno-oncology | 4,329 | 5,311 | (982) | (18) | % | ||||||||||||||||||
| Other research and development programs (a) | 357 | (293) | 650 | (222) | % | ||||||||||||||||||
| Engineering and device-related | 14,471 | 14,193 | 278 | 2 | % | ||||||||||||||||||
| Stock-based compensation | 1,177 | 2,240 | (1,063) | (47) | % | ||||||||||||||||||
| Other unallocated expenses (b) | 12,823 | 15,586 | (2,763) | (18) | % | ||||||||||||||||||
| Research and development expense | $ | 43,946 | $ | 62,735 | $ | (18,789) | (30) | % | |||||||||||||||
(a) Net of contributions received from grant agreements and recorded as contra-research and development expense.
The decrease in research and development expenses for the three-month period year over year was primarily the result of:
•$3.6 million in lower drug manufacturing, clinical study and otherexpensesrelated to INO-3107;
•$1.0 million of lower expensed inventory;
•$726,000 inlower employee and consultant compensation, including stock-based compensation;
•$548,000 in lower engineering professional and outside services related to our device development; and
•$535,000 in lower contract labor; offset by
•$1.5 million of lower contra-research and development expense recorded fromgrant agreements.
The decrease in research and development expenses for the nine-month period year over year was primarily the result of:
•$12.0 million in lower drug manufacturing, clinical study and otherexpensesrelated to INO-3107;
•$2.4 million in lower contract labor;
•$2.0 million of lower expensed inventory;
•$1.2 million in lower outside services related to the collaborative research agreements with Wistar; and
•$1.1 million inlower employee and consultant stock-based compensation; offset by
•$1.1 million of lower contra-research and development expense recorded from grant agreements.
Contributions received from current grant agreements and recorded as contra-research and development expense were $256,000 and $856,000 for the three and nine months ended September 30, 2025, respectively, as compared to $1.8 million and $1.9 million for the three and nine months ended September 30, 2024, respectively. The decrease for the three and nine-month periods year over year was primarily due to funding received from the close-out of the CEPI grants in 2024; offset by the increase in expenses earned under the sub-grants through Wistar, among other variances.
General and administrative expenses. General and administrative expenses, which include commercial, business development expenses and patent expenses, were $7.9 million and $25.5 million for the three and nine months ended September 30, 2025, respectively, as compared to $8.6 million and $29.4 million for the three and nine months ended September 30, 2024, respectively. Decreases for the three-month period year over year included:
•$741,000 inlower employee and consultant compensation, including stock-based compensation; and
•$170,000 in lower rent and facilities related expenses; offset by
•$376,000 in higher legal expenses.
Decreases for the nine-month period year over year included:
•$1.5 million inlower employee and consultant compensation, including stock-based compensation;
•$535,000 in lower contract labor;
•$518,000 in lower employee severance expenses;
•$530,000 in lower rent and facilities related expenses; and
•$401,000 in lower legal expenses due to a decrease in litigation activity.
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, 2025 was $742,000 and $2.9 million, respectively, of which $300,000 and $1,200,000, respectively, was included in research and development expenses, and $442,000 and $1.7 million, 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 nine months ended September 30, 2024 was $1.2 million and $5.1 million, respectively, of which $581,000 and $2.2 million, respectively, was included in research and development expenses, and $619,000 and $2.9 million, respectively, was included in general and administrative expenses. The decrease was due to a lower weighted average grant date fair value for the awards granted during 2025.
Interest income. Interest income for the three and nine months ended September 30, 2025 was $552,000 and $2.0 million, respectively, as compared to $1.1 million and $3.9 million for the three and nine months ended September 30, 2024,
respectively. The decrease for the three and nine-month periods year over year was primarily due to a lower short-term investment balance.
Interest expense. Interest expense for both the three and nine months ended September 30, 2025 was $0, as compared to $0 and $178,000 for the three and nine months ended September 30, 2024, respectively. The prior year interest expense related to our senior convertible promissory notes that were repaid in full on March 1, 2024.
Change in Fair Value of Common Stock Warrant Liabilities. The change in fair value of our common stock warrant liabilities of $(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 2024 and 2025 Warrants, as defined below, which we issued in December 2024 and July 2025, respectively. We record the fair value of these 2024 and 2025 Warrants at each balance sheet date and will record gain or loss on the statement of operations for changes in fair value between balance sheet dates.
(Loss) gain on investment in affiliated entity. The (loss) gain resulted from the change in the fair market value of our investment in Plumbline Life Sciences, Inc. (PLS) of $(590,000) and $882,000 for the three and nine months ended September 30, 2025, respectively, as compared to $324,000 and $(136,000) for the three and nine months ended September 30, 2024, respectively. We record our investment in PLS at its market value based on the closing price of the shares on the Korea New Exchange Market at each balance sheet date, with changes in fair value reflected in the condensed consolidated statements of operations.
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, 2025 of $205,000 and $1.1 million, respectively, as compared to $1.3 million and $1.8 million for the three and nine months ended September 30, 2024, respectively, resulted from a change in the fair market value of the investments.
Other expense, net. Other expense, net, for the three and nine months ended September 30, 2025 of $1.9 million and $2.6 million, respectively, as compared to $580,000 and $1.3 million for the three and nine months ended September 30, 2024, respectively, related primarily to financing costs incurred in connection with the issuance of the Common Stock Warrants in July 2025, as well as the realized loss on short-term investments sold during the periods.
Liquidity and Capital Resources
Historically, our primary uses of cash have been to finance research and development activities including clinical trial activities for the advancement of DNA medicine candidates. Since inception, we have satisfied our cash requirements principally from proceeds from the sale of equity securities, indebtedness and grants and government contracts.
Working Capital and Liquidity
As of September 30, 2025, we had cash, cash equivalents and short-term investments of $50.8 million and working capital of $(14.6) million, as compared to $94.1 million and $62.5 million, respectively, as of December 31, 2024.
Cash Flows
Operating Activities
Net cash used in operating activities was $69.3 million and $84.4 million for the nine months ended September 30, 2025 and 2024, respectively. The variance was primarily due to the timing and changes in working capital balances, offset by decreased operating expenses.
Investing Activities
Net cash provided by investing activities was $14.1 million and $69.4 million for the nine months ended September 30, 2025 and 2024, respectively. The variance was primarily the result of timing differences and overall decrease in short-term investment purchases, sales and maturities.
Financing Activities
Net cash provided by financing activities was $25.9 million and $22.3 million for the nine months ended September 30, 2025 and 2024, respectively. The variance was primarily due to net proceeds from the July 2025 Offering (defined below) of $22.4 million and $1.1 million received from the sale of common stock under the Sales Agreements (defined below) during the nine months ended September 30, 2025, compared to net proceeds from the April 2024 Offering (defined below) of $33.2 million and net proceeds of $5.9 million from the sale of common stock under the Sales Agreements (defined below) during the nine months ended September 30, 2024, offset by the repayment of our convertible senior notes of $16.4 million in March 2024.
Offering of Common Stock and Warrants
On July 7, 2025, we closed an underwritten public offering, or the July 2025 Offering, relating to the issuance and sale of
14,285,715 shares of our common stock and accompanying Series A warrants to purchase up to 14,285,715 shares of our common stock (or pre-funded warrants, each representing the right to purchase one share of common stock at an exercise price of $0.001, or the Pre-Funded Warrants, in lieu thereof) at an exercise price of $1.75 per share of common stock (or $1.749 per Pre-Funded Warrant), or the Series A Warrants, and Series B warrants to purchase up to 14,285,715 shares of our common stock (or Pre-Funded Warrants in lieu thereof) at an exercise price of $1.75 per share of Common Stock (or $1.749 per Pre-Funded Warrant), or the Series B Warrants, and, together with the Series A Warrants, the 2025 Warrants, at a combined public offering price of $1.75 per share of common stock and accompanying 2025 Warrants. The net proceeds to us from the July 2025 Offering were $22.4 million, after deducting the underwriting discounts and commissions and offering expenses paid and payable by us.
On December 16, 2024, we closed an underwritten public offering, or the December 2024 Offering, relating to the issuance and sale of 10,000,000 shares of the common stock, and accompanying warrants to purchase 10,000,000 shares of common stock, or the 2024 Warrants, at an offering price of $3.00 per share and accompanying Warrant. The net proceeds from the December 2024 Offering were $27.6 million, after deducting the underwriting discounts and commissions and offering expenses paid by us.
Offering of Common Stock and Pre-Funded Warrants
On April 18, 2024, we closed an underwritten registered direct offering, or the April 2024 Offering, relating to the issuance and sale of 2,536,258 shares of common stock at a price of $7.693 per share and pre-funded warrants to purchase up to 2,135,477 shares of common stock, or the Pre-Funded Warrants, at a price of $7.692 per Pre-Funded Warrant, which represents the per share price for the shares less the $0.001 per share exercise price for each Pre-Funded Warrant. The net proceeds from the April 2024 Offering were $33.2 million, after deducting the underwriting discounts and commissions and offering expenses paid by us. In July 2025, all of the 2,135,477 Pre-Funded Warrants were exercised in full with proceeds to us of $2,000.
At-The-Market Sales Agreements
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. The 2024 Sales Agreement provides that the Sales Agent is entitled to compensation in an amount equal to up to 3.0% of the gross sales proceeds of any common stock sold through the Sales Agent under the 2024 Sales Agreement, and we have provided the Sales Agent with certain indemnification rights.
During the nine months ended September 30, 2025, we sold 518,670 shares of common stock under the 2024
Sales Agreement. The sales were made at a weighted average price of $2.16 per share, resulting in aggregate net proceeds of
$1.1 million. During the year ended December 31, 2024, we sold 133,900 shares of common stock under the 2024 Sales Agreement. The sales were made at a weighted average price of $7.02 per share, resulting in aggregate net proceeds of $925,000. As of September 30, 2025, there was $57.9 million of remaining capacity under the 2024 Sales Agreement.
Other Issuances of Common Stock
During the nine months ended September 30, 2025, warrants to purchase 428,571 shares of common stock were exercised for aggregate net proceeds to us of $750,000, no stock options were exercised and tax payments of $111,000 were made related to net share settlement of RSU awards. During the nine months ended September 30, 2024, stock options to purchase 8,159shares of common stock were exercised for aggregate net proceeds to us of $68,000, which proceeds were offset by tax payments made related to net share settlement of RSU awards of $421,000.
Funding Requirements
As of September 30, 2025, we had an accumulated deficit of $1.8 billion, and we expect to continue to operate at a loss for the near term. The amount of our accumulated deficit will continue to increase, as it will be expensive to continue research and development efforts. Our current cash resources will not be sufficient to complete the clinical development of our product candidates beyond INO-3107, and we anticipate that additional financing will be required in order to complete the development of and to commercialize and generate revenues from the sale of INO-3107 or any other product candidates that may receive regulatory approval. If these activities are successful and if we receive approval from the FDA to market our DNA medicine candidates, then we will need to raise additional funding to market and sell the approved products and equipment. In addition to the potential issuance of equity or debt securities in order to raise capital, we are also evaluating potential collaborations as an additional way to fund our operations.We expect our cash runway to extend into the second quarter of 2026, without giving effect to any further capital raising activities that we may undertake.
Our ability to continue operations is dependent upon our ability to obtain additional capital in the future and achieve profitable operations. We expect to continue to rely on outside sources of financing to meet our capital needs and we may never achieve positive cash flow. In light of these factors, management believes that there is substantial doubt about our ability to continue as a going concern beyond the second quarter of 2026. The condensed consolidated financial statements as of and for
the three and nine months ended September 30, 2025 do not include any adjustments that might result from the outcome of this uncertainty.
We have existing supply agreements with contract manufacturers to manufacture drug substance. At September 30, 2025, we had approximately $355,000 in minimum purchase obligations in connection with these agreements. We expect to satisfy these obligations from existing cash over the next twelve months.
During the nine months ended September 30, 2025, there have been no significant changes to our contractual obligations and commitments described under Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Annual Report.
Inovio Pharmaceuticals Inc. published this content on November 10, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 10, 2025 at 21:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]