Results & Analyst Call Summary

Conference date: November 10, 2025 @ 1:30 PM Pacific Time
for quarter ending: September 30, 2025 (Q3, third quarter)

Forward-looking statements

Overview: Completed the BLA for INO-3107 for RRP.

Basic data (GAAP):

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

Net income was negative $45.5 million, down sequentially from negative $23.5 million, and down from negative $25.2 million year-earlier.

EPS (earnings per share, diluted) was negative $0.87, down sequentially from negative $0.64, and up from negative $0.89 year-earlier. Share count increase substantially y/y, near doubling.

Guidance:

Has cash runway into Q2 2026.

Quarter Highlights:

Dr. Jacqueline [Jackie] Shea, Inovio's CEO said, "I'm very pleased to report that we've completed the rolling submission of our BLA for lead candidate INO-3107. We believe every patient deserves a treatment that reduces exposure to surgery and INO-3107 has the potential to meet that significant need in the RRP community. The majority of patients in our Phase 1/2 trial needed fewer surgeries after treatment and showed continued improvement through Year 2 without additional doses, and without surgical interventions during the treatment window to maintain minimal residual disease as required by other treatment modalities. As Inovio works toward a potential approval for INO-3107 in mid-2026, we're also working to advance our next generation DNA medicine candidates. Landmark proof-of-concept data on our DMAb technology was recently published in Nature Medicine and we are preparing for an upcoming presentation of promising pre-clinical data from our DNA-encoded protein technology (DPROT) at the World Federation of Hemophilia Global Forum." If approved, INO-3107 would be Inovio's first commercial product and the first DNA medicine available in the United States. However, would be second to the RRP market (after Precigen's Papzimeos); believes 3107 is the superior product based on the data.

Completed the rolling submition the BLA for INO-3107 for RRP (Recurrent Respiratory Papillomatosis) in Q4 2025, including the device component. Expects FDA acceptance by end of year with a potential PDUFA date in mid-2026 if priority review is granted. Must also start the Phase 3 trial, which is likely by end of year. Pricing will be in line with rare disease pricing, feedback from payers is good. Will build field teams in 2026. In Q2 2025 head released new data in The Laryngoscope showing 3107 if effective in reducing surgeries as long as 3 years after treatment. By the end of Year 2, 91% (21/23) of evaluable patients continued to experience a reduction of one or more surgeries. Mean number of surgeries was reduced from 4.1 in the 52 week pre-treatment period to 1.7 for Year 1, then to 0.9 for Year 2. Half of patients required no surgeries at all. 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.

Emphasized progress in the DMAb (DNA-encoded monoclonal antibody) technology. New Phase 1 data was released in Q4 2025 in Nature Medicine. Announced interim data from the proof-of-concept DMAb Phase 1 clinical trial (for Covid 19). 100% (24/24) of participants who reached week 72 maintained biologically relevant levels of DMAbs. Believes can address multiple diseases and is searching for partners for development.

In Q4 2025 is preparing for the upcoming presentation of pre-clinical data from our DNA-encoded protein technology (DPROT) at the World Federation of Hemophilia Global Forum.

In July 2025 Inovio raised $22.5 million with a public stock and warrant offering.

Described why 3107 will be the prefered treatment for RRP, even though competitor got FDA approval first. More tolerable, safe and effective. Regimen can be done in physician's office and no survery or scoping required. Negotiating with payers and HCPs.

Gaap net loss in Q3 2025 was negatively impacted by the change in fair value of warrants of $22.5 million.

Inovio continues working to advance its oncology product candidate INO-5401 glioblastoma (GBM). 5401 Phase 1/2 data is being finalized. The next step will be a placebo-controlled Phase 2 trial. 5401 is also being studied at the Basser Center in a Phase 1 trial to prevent cancer in people with BRCA mutations.

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 $51 million, up sequentially from $47.5 million. A $22.5 million raise came in Q3. No debt.

Q4 2024 R&D expense was $13.3 million. General and administrative expense was $7.9 million. Total operating expenses were $21.2 million. Operating profit negative $21.2 million. Interest $0.5 million. Change in fair value of stock warrant liability negative $22.5 million. Loss on investment $0.6 million. Net unrealized gain on securities $0.2 million. Other expense $2 million.

Q&A selective summary:

Has Papzimeos been launched yet? How much first advantage? It became available on October 21. If we are approved in mid 2026 we expect their penetration to be relatively low. The vast majority of the opportunity will remain, and we will deliver a superior product.

How will the 3107 label differ? We studied a broader population, demonstrated efficacy across the range. So we think a broader label for 3107 could be merited. The requirement for MRD surgeries for Papzimeos will be a negative for them.

Phase 3 trial? We are waiting for FDA final design approval. It should help with the European filing.

Any switching problems from Papzimeos? There should be no cross-reactivity issues. But it would be important to get the entire 3107 treatment regimen.

Program prioritization for DMAb and DPROT technologies? Our dosing proof of concept seems good. Later this week will disclose a preclinical haemophilia target. We are waiting for partnerships or additional financial resources.

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