INOVIO Announces Pricing of $25 Million Public Offering

Rhea-AI Summary

INOVIO (Nasdaq: INO) priced an underwritten public offering of 13,158,000 shares of common stock at $1.90 per share, with expected gross proceeds of approximately $25 million.

The company is selling all offered shares and granted the underwriters a 30-day option to purchase up to 1,973,700 additional shares at the public offering price less discounts and commissions. The offering is expected to close on or about November 12, 2025, subject to customary conditions, with Piper Sandler & Co. acting as sole manager.

A shelf registration was filed on November 9, 2023 and declared effective by the SEC on January 31, 2024. Final prospectus supplement will be available through the underwriter and the SEC EDGAR site.

Positive

• 13,158,000 new shares offered by the company
• Expected gross proceeds of approximately $25 million
• 30-day underwriter option for up to 1,973,700 additional shares
• Piper Sandler named sole manager for the offering

Negative

• Issuance of 13,158,000 shares will increase share count
• Underwriting discounts and commissions will reduce net proceeds

Insights

Capital Markets Analyst

INOVIO priced a common-stock offering to raise about $25 million, with closing expected on Nov 12, 2025.

INOVIO is selling 13,158,000 shares at $1.90 per share, generating gross proceeds of approximately $25 million; the underwriters have a 30‑day option to buy up to 1,973,700 additional shares at the offering price less fees. The sale comes from the company’s registered shelf; Piper Sandler & Co. is sole manager and the offering relies on a registration declared effective on Jan 31, 2024.

The mechanism is straightforward equity financing: the company issues new shares to raise cash immediately. Key operational effects disclosed are the gross proceeds amount and the potential share increase if the underwriter option is exercised; both are concrete, measurable inputs to capitalization and ownership percentages.

Principal risks noted in the disclosure are direct: issuance of new shares will dilute existing shareholders and closing remains subject to customary conditions. Monitor settlement around Nov 12, 2025, any exercise of the 30‑day option, and the final prospectus for underwriting discounts, commissions, and net proceeds details within the next 30 days.

PLYMOUTH MEETING, Pa., Nov. 11, 2025 /PRNewswire/ -- INOVIO Pharmaceuticals, Inc. (Nasdaq: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, today announced the pricing of an underwritten public offering of 13,158,000 shares of its common stock at a public offering price of $1.90 per share. All of the shares of common stock in the offering are being sold by INOVIO. The offering is expected to close on or about November 12, 2025, subject to the satisfaction of customary closing conditions. INOVIO also granted the underwriters an option for a period of 30 days to purchase up to 1,973,700 additional shares of the Company's common stock at the public offering price, less the underwriting discounts and commissions.

The gross proceeds from the offering, before deducting the underwriting discounts and commissions and offering expenses payable by INOVIO, excluding any exercise of the underwriters' option to purchase additional shares of common stock, are expected to be approximately $25 million.

Piper Sandler & Co. is acting as sole manager for the offering.

A shelf registration statement relating to the shares of common stock offered in the offering described above was filed with the Securities and Exchange Commission ("SEC") on November 9, 2023 and declared effective by the SEC on January 31, 2024. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering were filed with the SEC and are available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus, when available, may also be obtained by contacting: Piper Sandler & Co., Attention: Prospectus Department, 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401, or by telephone at (800) 747-3924, or by e-mail at prospectus@psc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About INOVIO

INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases. INOVIO's technology optimizes the design and delivery of innovative DNA medicines that teach the body to manufacture its own disease-fighting tools.

Forward-Looking Statements

This release contains or may imply "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include, but are not limited to, statements regarding the public offering of INOVIO's securities, including the timing of the closing of the offering, as well as the anticipated proceeds of the offering. Any forward-looking statements are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the proposed public offering. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in INOVIO's Annual Report on Form 10-K for the year ended December 31, 2024, INOVIO's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and in other filings that INOVIO makes with the SEC from time to time. There can be no assurance that any of the forward-looking information provided herein will be proven accurate. These forward-looking statements speak only as of the date hereof and INOVIO undertakes no obligation to update forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.

Contacts

Media: Jennie Willson (267) 429-8567 jennie.willson@inovio.com
Investors: Peter Vozzo, ICR Healthcare, 443-213-0505 peter.vozzo@icrhealthcare.com

 

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

What did INOVIO (INO) announce on November 11, 2025 about a public offering?

INOVIO priced an offering of 13,158,000 common shares at $1.90 per share, expected to raise about $25 million in gross proceeds.

When is the INOVIO (INO) offering expected to close?

The offering is expected to close on or about November 12, 2025, subject to customary closing conditions.

How many additional INOVIO (INO) shares can underwriters buy and for how long?

Underwriters have a 30-day option to purchase up to 1,973,700 additional shares at the public offering price minus discounts and commissions.

Who is managing the INOVIO (INO) public offering and where is the prospectus?

Piper Sandler & Co. is sole manager; the preliminary and final prospectus supplements are available on the SEC EDGAR site and from Piper Sandler.

Will INOVIO (INO) sell secondary shares or are these primary shares?

All of the offered shares are being sold by INOVIO, indicating they are primary issuance by the company.

Did INOVIO (INO) disclose the use of proceeds from the $25 million offering?

The announcement does not specify any use of proceeds.