Slides
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Third Quarter 2025 Financial Results November 2025
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Agenda Introduction Jennie Willson, Director, Communications CEO Perspective & Corporate Progress Jacqueline Shea, PhD, President & Chief Executive Officer INO-3107 Update Michael Sumner, MBBS, MBA, Chief Medical Officer Steve Egge, MBA, Chief Commercial Officer Financial Results Peter Kies, Chief Financial Officer 2
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Forward-Looking Statements 3 This presentation includes statements that are, or may be deemed, “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical facts, included in this presentation regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “anticipate,” “project,” “target,” “design,” “estimate,” “predict,” “opportunity,” “proposition,” “strategy,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Forward-looking statements include, but are not limited to, statements about: the timing and success of preclinical studies and clinical trials; the ability to obtain and maintain regulatory approval of our product candidates; our request for priority review by the FDA of our BLA submission for INO-3107 and our expectation that the FDA will accept the submission by the end of 2025; the scope, progress, expansion and costs of developing and commercializing our product candidates; our expectations regarding the amount and timing of our expenses and revenue; the sufficiency of our cash resources, plans for the use of our cash resources and needs for additional financing; our ability to adequately manufacture our product candidates; our ability to obtain and maintain intellectual property protection for our product candidates; our expectations regarding competition; the size and growth of the potential markets for our product candidates and the ability to serve those markets; the rate and degree of market acceptance of any of our product candidates; our anticipated growth strategies; the anticipated trends and challenges in our business and the market in which we operate; our ability to establish and maintain development partnerships; our ability to attract or retain key personnel; our expectations regarding federal, state and foreign regulatory requirements; regulatory developments in the United States and foreign countries and other factors that are described in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-Q for the quarter ended September 30, 2025, which has been filed with the Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov. In addition, the forward-looking statements included in this presentation represent INOVIO's views as of the date hereof. INOVIO anticipates that subsequent events and developments may cause its views to change. However, while INOVIO may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so, except as may be required by law. These forward-looking statements should not be relied upon as representing INOVIO's views as of any date subsequent to the date of this presentation. Third-party industry and market information included herein has been obtained from sources believed to be reliable, but the accuracy or completeness of such information has not been independently verified by, and should not be construed as a representation by, INOVIO. The information contained in this presentation is accurate only as of the date hereof. “INOVIO” and the INOVIO logo are trademarks and service marks of INOVIO. All other trademarks, service marks, trade names, logos and brand names identified in this presentation are the property of their respective owners.
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4 Update: 2025 Strategic Priorities Commercialization Preparations Next Generation DNA Medicine • Ongoing market research with physicians, patients and payors • Advancing go-to-market plans • Results from ongoing proof-of-concept Phase 1 trial with DMAb technology published in Nature Medicine • Presentation at World Federation of Hemophilia Global Forum - promising DPROT preclinical data • Completed rolling BLA submission, seeking accelerated approval • File acceptance expected EOY • Requested Priority Review; if granted, potential PDUFA in mid-2026 BLA for INO-3107
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Potentially transformational therapy under accelerated approval pathway INO-3107 for Recurrent Respiratory Papillomatosis (RRP) LEAD CANDIDATE:
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Regulatory Update: Next Milestones • Expect BLA file acceptance by EOY; If Priority Review granted, potential PDUFA date mid-2026 • Submit revised IND to initiate confirmatory trial - Have submitted a request for a Type D meeting with FDA to discuss options for trial design • Begin enrolling patients in confirmatory trial - FDA requires enrollment of a patient before approval and a timely plan for completion - Planned for 20+ US academic sites, significant progress with site initiation activities INO-3107 6
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• Designed to elicit an antigen-specific T cell response against HPV-6 & HPV-11 • Targeted T cells seek out and kill infected cells, preventing or slowing growth of new papilloma Foundational Strengths of RRP Program INO-3107 7 Designed with every surgery—and every patient—in mind Mechanism of Action • Clinical outcomes maintained or improved upon through year 2 and into year 3 with no additional dosing (published in The Laryngoscope) • Innovative administration technology key to simple patient and HCP-friendly treatment regimen Phase 1/2 Trial (RRP-001) Administration • Trial conducted in patients who had 2+ surgeries in year prior to treatment • Majority of patients (72%) saw a 50-100% reduction in surgery in Year 1 • Well tolerated with minimal adverse events • INO-3017 elicited antigen-specific T cell response correlated to clinical benefit (reduction in surgery) Unmet Medical Need • Debilitating rare disease caused primarily by HPV-6 & HPV-11, characterized by small, wart-like growths in respiratory tract • Current standard of care (repeat surgeries) does not address underlying disease Retrospective Trial (RRP-002)
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For RRP Patients, Every Surgery Matters INO-3107 8 *Complete data not available for all patients; median Year 3 available data: 0.8 years Alternative treatment use: Year 1: One patient received intravenous (IV) bevacizumab; Year 2: Three patients received IV bevacizumab, one patient received intralesional (IL) bevacizumab, one patient received IV pembrolizumab; Year 3: One patient received IL bevacizumab. 0.8 0.9 1.7 4.1 Year 3* (N=28) Year 2 (N=28) Year 1 (N=32) Year -1 (N=32)PRE-TREATMENT POST-TREATMENT ↓47% (Year 1 to Year 2) ↓78% (Year -1 to Year 2) MEAN SURGERIES PER YEAR
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Surgery Should Be a Last Resort, Not a First-line Treatment INO-3107 9 4 Doses of INO-3107 Patients Enrolled N=32 Completed Study - Initial Surgery: up to 14 days before first dose - Efficacy: All surgeries performed after Day 0 counted against the efficacy endpoint through week 52 N=32 INO-3107: RRP-001 PHASE 1/2 OPEN-LABEL STUDY AT 8 SITES PATIENTS WITH 2+ SURGERIES IN YR PRIOR TO TREATMENT Baseline: DAY 0 WEEK 52 Day 0. Weeks 3, 6, 9 PAPZIMEOS: PHASE 1/2 OPEN-LABEL STUDY AT 1 SITE* PATIENTS WITH 3+ SURGERIES IN YR PRIOR TO TREATMENT *Source: package insert Efficacy Assessment Begins: Week 12 4 Doses of PAPZIMEOS Patients Enrolled N=35* Completed Study N=35 Baseline: DAY 0 WEEK 64 Day 0. Weeks 2, 6, 12 - Initial surgery: prior to first dose of PAPZIMEOS, a surgical debulking of visible papilloma performed to establish minimal residual disease (MRD) - Prior to third and fourth doses: remove visible papilloma, if present, to maintain MRD during treatment with PAPZIMEOS - Efficacy: Surgeries conducted between Day 0 and Week 12 not included against efficacy endpoint
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Improving response over time • Overall Response Rate (50% to 100% reduction in surgeries): 72% in year 1; 86% in year 2* • Complete response (no surgeries): 28% in year 1; 50% in year 2* INO-3107 10 The complete response rate of 50% is good... but a 50-100% reduction in surgeries in ~8 out if 10 patients,that’s the most compelling. The vast majority see significant benefit from treatment." – Laryngologist, manages ~50 RRP patients The tolerability profile looks good – 31% with pain, fatigue 9%. This suggests patients can go back to work… this is important, especially when patients receive multiple doses over a relatively short timeframe." – Laryngologist, manages ~15 RRP patients Market Research Continues to Support Preferred Product Profile Well tolerated • 41% (13/32) reported treatment- related AEs grade 2 or lower • Most common AEs: transient injection site pain (31%) and fatigue (9%) • No discontinuations TOLERABILITY Patient-centric treatment • Office-based administration that leaves doctor in control • CELLECTRA device easy to use by HCPs • No requirement for scoping/surgeries during dosing window Sending my patientson a referral is not always the best thing. You’re defeating yourself by handing off care. I prefer to treat patients in my clinic, so I can maintain control." – Laryngologist, manages ~30 RRP patients SIMPLICITY *YR 1 = first 12-month treatment period, YR 2 = second 12-month treatment period EFFICACY
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Key Market Research and Planning: • Continued critical research with payers • Developed initial pricing strategy with price optimization research ongoing • Completed targeting, segmentation and product positioning work - supporting positive differentiation Operational: • Finalizing contracts with our specialty distributor, specialty pharmacy, HUB (patient services) and Agency of Record partners • Finalizing GTM model and advancing build-out of commercial organization Advancing Launch Preparations INO-3107 11 300-400 laryngologists treat the majority of RRP patients
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2Q25 Financial Update
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Achieving Strategic Goals While Reducing Costs 13 THREE MONTHS ENDED SEPT 30 (UNAUDITED) NINE MONTHS ENDED SEPT 30 (UNAUDITED) 2025 2024 % CHANGE 2025 2024 % CHANGE Operating expenses $21.2 $27.3 (22%) $69.4 $92.1 (25%) Net loss* ($45.5) ($25.2) 81% $(88.7) ($87.9) 1% Net loss per share ($0.87) ($.89) (2%) ($2.12) ($3.35) (37%) Operational loss per share Prior to other income & expense items ($.41) ($.97) (58%) ($1.66) ($3.51) (53%) Select Financial Results. Amounts presented in millions ($US) except per share amounts. • $50.8M in cash, cash equivalents and short-term investments at September 30, 2025; no debt • Cash runway projected into 2Q 2026 *For three and nine months ended September 30, 2025, includes non-cash loss on fair value adjustment of common stock warrant liabilities of $22.5M and $20.7M, respectively.
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Pipeline Update
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PRECLINICAL PHASE 1 PHASE 2 PHASE 3 REGISTRATION OUT-LICENSED HPV-RELATED DISEASES IMMUNO-ONCOLOGY INFECTIOUS DISEASES *Rolling submission of BLA completed in October 2025, seeking accelerated approval from FDA ** VGX-3100 to ApolloBio for China DMAbs Various Targets DLNPs Various targets INO-5401 BRCA 1/2 Mutation INO-4201 Ebola Booster INO-6172 HIV INO-6160 HIV DMAbs COVID-19 INO-5401 Glioblastoma VGX-3100 ** Cervical Dysplasia (HSIL) VGX-3100 Anal Dysplasia INO-3107 * RRP INO-3112 Head & Neck Cancer INOVIO Pipeline 15 DPROTs Various targets VARIOUS DISEASE TARGETS
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Q&A
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Upcoming Key Catalysts • File acceptance by EOY , potential PDUFA date in mid-2026 • Finalize confirmatory trial design and enroll patient prior to approval • Submit longer-term therapy trial design for sBLA to FDA after BLA submission • Continue to present/ publish data Next Gen Candidates • Complete Phase 1 DMAb trial • Identify partnership opportunities for DPROT/DMAb research INO-3112 for OPSCC • Finalize protocol for Phase 3 • Complete manufacture of drug supply for trial INO-5401 for GBM • Finalize protocol for Phase 2 • Complete manufacture of drug supply for trial 17 • Be ready to launch quickly and efficiently if approved • Continue to build on market research • Finalize planning for go-to-market strategy • Complete plans for commercial organization INO-3107 Commercialization Pipeline
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18 Every patient deserves a therapy that works for them. I believe we are now one step closer to surgery being a last resort for the treatment of this disease.” “ Kim McClellan, President of the RRP Foundation, on the completed BLA submission for INO-3107
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Contact: investor.relations@inovio.com