Inovio Prices 58,747,235 Shares at $1.05, Expects Proceeds of About $75 Million

Key Facts

Inovio said on November 5, 2026, that it had priced an underwritten public offering of 58,747,235 common shares at $1.05 a share, and expects gross proceeds of about $75 million before underwriting commissions and offering expenses. The company said Inovio would sell the securities in the offering, which is expected to close on or about November 9, subject to customary closing conditions. The financing follows the U.S. Food and Drug Administration's approval on October 30 of VOCERYQ, a plasmid DNA-based immunotherapy for adults with recurrent respiratory papillomatosis. However, the reported 25% share-price decline in the November 6 session could not be confirmed from a reliable open source. INO shares closed at $1.45 on November 5, according to EL7 data.

Alongside the common shares, the offering includes pre-funded warrants to purchase 12,681,337 shares at $1.049 per warrant. The warrants are in addition to the shares offered, expanding the number of shares that could enter the market if they are exercised. The company also granted underwriters a 30-day option to buy up to 10,714,285 additional shares at the offering price, less underwriting commissions. These terms show that the potential size of the transaction is not limited to the common shares initially specified, as the underwriters' option and the warrants may be exercised under their terms. The company did not specify in its pricing announcement the net proceeds after commissions and expenses.

Expected gross proceeds of about $75 million indicate the financing's size before issuance costs, not the net cash the company will receive. The estimate also excludes proceeds from the exercise of the underwriters' option, according to Inovio's announcement. In the financing background, the company said in its second-quarter update that cash, cash equivalents and short-term investments totaled $36.7 million on June 30, 2026, excluding net proceeds of about $18.3 million from a July offering. At the time, it estimated that available liquidity would fund operations through late in the first quarter of 2027, including the potential launch of INO-3107 if approved. The new offering adds announced financing to those earlier estimates, while net proceeds remain subject to costs.

In its second-quarter 2026 results, Inovio reported a net loss of $6.0 million, compared with a loss of $23.5 million in the same period of 2025. The company attributed part of the improvement to a non-cash gain of $13.9 million from a change in the fair value of warrant liabilities. These figures provide financial context for the offering, but relate to the second quarter and do not represent the latest period's results. The company is scheduled to report third-quarter results after the market closes on November 10, 2026. After the results are released, it will host a live call and webcast at 4:30 p.m. Eastern Time.

The financing follows the U.S. Food and Drug Administration's accelerated approval of VOCERYQ on October 30, 2026. The agency described it as the first plasmid DNA-based immunotherapy to receive U.S. approval. Its safety and efficacy assessment was based on an open-label, multicenter trial involving 32 adults. Among 26 patients who had undergone three or more procedures before treatment, 7 did not require surgical intervention during the first year afterward. The approval remains contingent on confirmation of clinical benefit in a subsequent study; the agency's letter set December 30, 2026, as the deadline for submitting a draft study protocol, and June 30, 2027, for submitting the final protocol. Inovio said it expects the drug to be available for ordering and shipping about 60 days after the approval announcement, with its field force fully deployed during the first quarter of 2027.

Jefferies and Piper Sandler are acting as joint book-running managers, while H.C. Wainwright & Co. is acting as lead manager. The company's announcement set November 9 as the offering's expected closing date, subject to customary closing conditions. A day later, Inovio is scheduled to report third-quarter results after the market closes, followed by an investor call and webcast at 4:30 p.m. Eastern Time. This schedule places the financing close near the company's next financial disclosure. The expected commercial availability of VOCERYQ is targeted for about 60 days after approval, with a full field launch during the first quarter of 2027.