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

Net income was negative $ million, down sequentially from negative $20 million, and flat from negative $ million year-earlier.

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

Guidance:

Cash runway into Q1 2027.

Quarter Highlights:

Dr. Jacqueline [Jackie] Shea, Inovio's CEO said, ""

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 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.

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 $ million, down sequentially from $38 million. In Q2 2026 raised $16 million with a public equity offering. No debt, but $25 million in common stock warrant liabilities.

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

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