Results & Analyst Call Summary

Conference date: March 12, 2026 @ 1:30 PM Pacific Time
for quarter ending: December 31, 2025 (Q4, fourth quarter)

Forward-looking statements

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

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 $3.8 million, up sequentially from negative $45.5 million, and down from negative $19/4 million year-earlier. Net income resulted from non-cash change in warrant liability.

EPS (earnings per share, diluted) was $0.06, down sequentially from negative $0.87, and up from negative $0.65 year-earlier.

Guidance:

Has cash runway into Q4 2026. Q1 estimated cash burn is $22 million.

Quarter Highlights:

Dr. Jacqueline [Jackie] Shea, Inovio's CEO said, "With our first BLA now under review by the FDA, we are focused on delivering INO-3107 to RRP patients who are desperate for treatment options that reduce reliance on surgery to control this rare and devastating disease. Our top priority is advancing INO-3107, and to do so, optimizing and extending our financial resources towards our target PDUFA date of October 30, 2026. We are excited about the opportunities ahead as we prepare to become a commercial-stage company and work to leverage the power of partnerships to advance other promising candidates in our pipeline. I look forward to providing more updates on our progress with these efforts in the coming months." If approved, INO-3107 would be Inovio's first commercial product and the first human 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. But FDA raised possible issue with accelerated approval status; Inovio will meet with FDA on the issue.

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.

Described why 3107 will be the preferred 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 surgery or scoping required. Negotiating with payers and HCPs.

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.

Also working on DPROT (DNA-encoded protein technology) for Factor VIII. Preclinical data was presented at the World Federation of Hemophilia Global Forum in November 2025. Is developing additional DPROT indications and is actively seeking partners to accelerate development of this promising program.

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.

INO-5412/INO-5401 for glioblastoma collaboration announced with Akeso. Will be combined with cadoilimab from Akeso, a PD-1/CTLA-4 bispecific antibody. The Phase 1/2 trial in combination with Libtayo and INO-9012 also continues. A Phase 1 trial at the University of Pennsylvania is evaluating INO-5401 combined with INO-9012 in cancers with BRCA mutations.

Focus on INO-3107 has led to lower cash run rate and a 15% reduction in personel.

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

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 $58 million, up sequentially from $51 million. No debt.

Q4 2024 R&D expense was $10 million. General and administrative expense was $7 million. Total operating expenses were $17.5 million. Operating profit negative $ million. Interest $ million. Change in fair value of stock warrant liability $21 million. Loss on investment $ million. Net unrealized gain on securities $ million. Other expense $ million.

For the full year 2025, net loss was $85 million or $1.81 per diluted share.

Q&A selective summary:

FDA meeting on accelerated approval? No new clinical data. But submitted a new assessment in February expanding on our rational for accelerated review. Waiting for FDA response.

Focus is on accelerated review, not priority review. We have selected commercial partners and can move quickly after an FDA approval.

Feedback from providers? We believe we have the preferred product based on efficacy. Survey showed physicians and patients preferred out results, especially the reduction in number of surgeries. Also can be administered in a doctor's office. The logistical chain is easier, and no minimal-residual disease (MRD) surgeries are necessary with INO-3107.

3112 plans? For head and neck cancer, we have a partnership. We hope to launch a Phase 3 trial, but are waiting for financial resources. Partnerships are going to be very important to us for further pipeline development.

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