Results & Analyst Call Summary

Conference date: August 12, 2026 @ 1:30 PM Pacific Time
for quarter ending: June 30, 2026 (Q2, second quarter)

Forward-looking statements

Overview: INO-3107 for RRP PDUFA is October 30, 2026.

Basic data (GAAP):

Revenue was $0 thousand, flat sequentially from $0 thousand, and down from $0 million in the year-earlier quarter.

Net income was negative $6.0 million, up sequentially from negative $20 million, and up from negative $23/5 million year-earlier.

EPS (earnings per share, diluted) was negative $0.07, up sequentially from negative $0.28, and up from negative $0.61 year-earlier.

Guidance:

Cash runway into Q1 2027. Expects about $18 million cash burn in Q3.

Quarter Highlights:

Dr. Jacqueline [Jackie] Shea, Inovio's CEO said, "As the FDA's review of our BLA for INO-3107 continues to advance, we are pleased to have held the informal clinical meeting with the FDA, where we presented the totality of data supporting INO-3107's safety and efficacy and highly differentiated approach in treating RRP, and our rationale for accelerated approval eligibility. We are confident in INO-3107's potential to become the preferred product among patients, healthcare providers and payers, if approved, and are committed to ensuring that all patients have access to therapeutic options that work for them in reducing the need for surgery to control their disease. We look forward to the final stages of the review process and further advancing our commercial preparations." FDA review meeting and all scheduled inspections were completed.

There was a strangely long and detailed Forward Looking Statements reading.

[WM: What about orphan drug status for RRP by Precigen, for Papzimeos?] Spoke about Accelerated Approval despite competitor receiving full approval, citing efficacy, safety, and differentiated mechanism of action. Believes if 3107 is approved, it would also receive 7 years of orphan drug protection.

In early Q3 "An informal clinical meeting was conducted, where INOVIO presented the totality of data supporting INO-3107's safety and efficacy and highly differentiated approach in treating RRP, along with the company's rationale for accelerated approval eligibility. During the informal meeting, the FDA did not discuss its preliminary comment in the file acceptance letter regarding accelerated approval eligibility. In addition, the FDA stated that feedback on the confirmatory trial design would be forthcoming."

The FDA accepted the BLA for INO-3107 for RRP (Recurrent Respiratory Papillomatosis) in Q4 2025, including the device component. PDUFA date is October 30, 2026. Must also start the Phase 3 trial. Pricing will be in line with rare disease pricing, feedback from payers is good. Will build field teams in 2026. Believes there are about 14 thousand active RRP cases in the U.S. and similar prevalence in the EU. Working towards applying for authorization in EU, which will require the Phase 3 data. In February updated the IND for the Phase 3 trial. Still in discussions with FDA about an accelerate approval program issue, since Inovio strongly believes that "INO-3107 fulfills the criteria for accelerated approval by meeting a significant unmet need and providing a meaningful therapeutic benefit over existing treatments."

In May 2026 ApolloBio, the China partners, reported positive Phase 3 data for VGX-3100 for cervical dysplasia. Results planned for use for filing for China. There is potential for Inovio to receive regulatory and sales-based milestone payments.

In March 2026, Inovio announced a collaboration and supply agreement with Akeso Inc. to evaluate INO-5412 (INO-5401 plus INO-9012 in a single vial) in combination with cadonilimab, Akeso's first-in-class PD-1/CTLA-4 bispecific antibody, for the potential treatment of glioblastoma (GBM). This will be part of a Phase 2 adaptive platform trial sponsored by the Dana-Farber Cancer Institute and conducted by Mass General Brigham Cancer Care. The novel combination builds on Inovio's previous promising research in GBM and could potentially benefit patients by providing additional checkpoint inhibition through CTLA-4 binding.

Emphasized progress in the DMAb (DNA-encoded monoclonal antibody) technology. Believes can address multiple diseases and is in discussion with potential partners for development. In discussions with potential DMAb and DPROT (DNA-Encoded Protein) partners. Both are preclinical, with DPROT data released for Hemophilia A and Fabry disease.

Inovio also has a variety of other vaccines in clinical or preclinical study. See the Inovio Pipeline for an overview.

Cash and equivalents balance ended at $36.7 million, down sequentially from $38 million. In Q2 2026 raised $16 million with a public equity offering. In Q3 (July) raised another $18.3 million in another public equity offering. No debt, but $25 million in common stock warrant liabilities.

Q4 2024 R&D expense was $11 million. General and administrative expense was $8 million. Total operating expenses were $19 million. Operating profit negative $19 million. Interest $0.3 million. Change in fair value of stock warrant liability $14 million. Other expense $2 million.

Q&A selective summary:

3107 FDA informal meeting questions? Pleased they met with us. FDA was not in a position to comment on the eligibility question.

Initiation following approval? Waiting on FDA comments.

Another capital raise? Funded through late Q1. Inventory build expenses are built in.

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