INOVIO Announces Pricing of Approximately $75 Million Public Offering

The financing includes common shares and pre-funded warrants, with a 30-day option for underwriters to purchase additional shares.

Rhea-AI Summary

INOVIO Pharmaceuticals (Nasdaq: INO) priced an underwritten public offering expected to raise approximately $75 million in gross proceeds.

The offering includes 58,747,235 common shares at $1.05 each and pre-funded warrants to purchase 12,681,337 shares at $1.049 per warrant, before underwriting discounts and commissions. Underwriters have a 30-day option to purchase up to 10,714,285 additional shares. INOVIO expects closing on or about November 9, 2026, subject to customary closing conditions. Expected gross proceeds exclude offering expenses, underwriting discounts and commissions, and any exercise of the additional-share option.

1 point · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Offering proceeds are expected to provide approximately $75 million gross, excluding any exercise of the underwriters' option. 50% of market cap

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.58,747,235 common shares at $1.05 each will dilute existing holders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pre-funded warrants at $1.049 each to purchase 12,681,337 common shares add potential dilution.
• Minor point. Forward-looking: it has not happened yet and may not happen.Underwriters' 30-day option for up to 10,714,285 additional shares creates potential further dilution.
• Minor point. Forward-looking: it has not happened yet and may not happen.Underwriting discounts, commissions and offering expenses will reduce proceeds available to INOVIO.

News Explained

At the second-quarter operating cash-use rate, the $75 million gross offering equals 378.2 days of reported use, before underwriting discounts and expenses.

INOVIO has priced, but not yet closed, a sale of common shares and pre-funded warrants; the company is selling all the securities, so it receives the proceeds.

If completed, issuing the common shares—and any shares upon warrant exercise—would increase the share count and reduce existing holders’ ownership percentages, absent offsetting changes.

The shelf filed on July 2 and effective on July 10 is the framework for this offering: an S-3 shelf permits future registered sales but does not itself sell securities.

At the second-quarter reported operating cash-use rate, the $75 million gross offering amount equals 378.2 days of that use, a historical comparison rather than a runway forecast.

Sources and calculations

• INOVIO Announces Pricing of Approximately $75 Million Public Offering (2026-11-05)
• Dilution definition (version supplied)
• Pre-funded warrant definition (version supplied)
• Form S-3 purpose (version supplied)
• INOVIO active shelf registration record (2026-07-02)
• INOVIO second-quarter 2026 fundamentals (2026Q2)

• Offering gross against the last reported quarterly operating outflow, in days at that rate $75,000,000 / ($18,047,227 / 91) = 378.2 days

Key Figures

Common shares offered: 58,747,235 shares Common share price: $1.05 per share Pre-funded warrants: 12,681,337 warrants at $1.049 each +3 more

Common shares offered

58,747,235 shares

Public offering

Common share price

$1.05 per share

Before underwriting discounts and commissions

Pre-funded warrants

12,681,337 warrants at $1.049 each

Each warrant to purchase one share; before underwriting discounts and commissions

Underwriters' option

Up to 10,714,285 additional shares

Exercisable for 30 days at the public offering price, less discounts and commissions

Expected gross proceeds

Approximately $75 million

Before discounts, commissions and offering expenses; excludes exercise of the underwriters' option

Expected closing

On or about November 9, 2026

Subject to customary closing conditions

Previous Offering Reports

3 past events · Latest: Jul 29

Same Type 3 events

1. Jul 29

   Public offering

   24h Move

   -36.9%

   Priced a $20.0 million offering of common shares and accompanying warrants.

2. Apr 02

   Public offering

   24h Move

   -35.1%

   Priced a $17.5 million offering of shares with accompanying warrants.

3. Nov 11

   Public offering

   24h Move

   -7.0%

   Priced a $25 million offering of common shares.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pre-funded warrants, underwritten public offering, shelf registration statement, underwriting discounts and commissions

4 terms

pre-funded warrants financial

"pre-funded warrants to purchase 12,681,337 shares of common stock"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

underwritten public offering financial

"pricing of an underwritten public offering"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

shelf registration statement regulatory

"A shelf registration statement relating to the securities offered"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

underwriting discounts and commissions financial

"before underwriting discounts and commissions"

Underwriting discounts and commissions are fees paid to financial institutions that help sell new securities to investors. They act like a commission for their role in connecting companies with buyers, often reducing the amount of money the issuing company raises. For investors, understanding these costs helps gauge how much of their investment is going toward the actual securities versus fees paid to middlemen.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PLYMOUTH MEETING, Pa., Nov. 5, 2026 /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 58,747,235 shares of its common stock at a public offering price of $1.05 per share of common stock and pre-funded warrants to purchase 12,681,337 shares of common stock at an offering price of $1.049 per pre-funded warrant, in each case before underwriting discounts and commissions. INOVIO also granted the underwriters an option for a period of 30 days to purchase up to 10,714,285 additional shares of the Company's common stock at the public offering price, less the underwriting discounts and commissions. All of the securities in the offering are being sold by INOVIO. The offering is expected to close on or about November 9, 2026, subject to the satisfaction of customary closing conditions.

The gross proceeds from the offering, before deducting the underwriting discounts and commissions and offering expenses payable by INOVIO, and excluding any exercise of the underwriter's option to purchase additional shares of common stock, are expected to be approximately $75 million.

Jefferies and Piper Sandler are acting as joint book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering.

A shelf registration statement relating to the securities offered in the offering described above was filed with the Securities and Exchange Commission ("SEC") on July 2, 2026 and declared effective by the SEC on July 10, 2026. 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: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or Piper Sandler & Co., 350 North 5th Street, Suite 1000, Minneapolis, Minnesota 55401, Attention: Prospectus Department, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 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: Josephine Galatioto – ICR Healthcare, inoviopr@icrhealthcare.com  
Investors: Peter Vozzo – ICR Healthcare, (443) 213-0505, peter.vozzo@icrhealthcare.com 

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SOURCE INOVIO Pharmaceuticals, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the prices and securities in INOVIO's public offering?

INOVIO priced 58,747,235 common shares at $1.05 each and pre-funded warrants to purchase 12,681,337 common shares at $1.049 per warrant. These prices are before underwriting discounts and commissions. All securities in the offering are being sold by INOVIO.

When is INOVIO's public offering expected to close?

INOVIO expects the offering to close on or about November 9, 2026, subject to the satisfaction of customary closing conditions.