Inovio prices offering: 13,158,000 shares at $1.90

Inovio Pharmaceuticals entered an underwriting agreement for a public offering of 13,158,000 shares of common stock at $1.90 per share.

Rhea-AI Filing Summary

Inovio Pharmaceuticals entered an underwriting agreement for a public offering of 13,158,000 shares of common stock at $1.90 per share. The underwriters exercised in full their 30‑day option to buy up to 1,973,700 additional shares on the same terms. All shares are being sold by the company.

Including the option shares, net proceeds to Inovio are expected to be approximately $26.5 million after underwriting discounts and estimated expenses. The closing is expected on or about November 12, 2025, subject to customary conditions. The transaction is being conducted under an effective Form S‑3 shelf, supplemented by a prospectus filed pursuant to Rule 424(b).

Insights

Capital markets and biotech financing

Primary equity raise adds cash; dilution and use depend on future execution.

Inovio priced a fully underwritten common stock offering, with the overallotment option exercised. Gross share issuance increases equity while adding liquidity. The filing states expected net proceeds of $26.5 million, with all shares sold by the company.

As a shelf takedown under Form S‑3, terms were set at $1.90 per share, and closing is expected on November 12, 2025, subject to customary conditions. Proceeds, timing, and scale are explicitly described in the excerpt.

Investor impact will hinge on how proceeds are allocated across programs and operating needs. Subsequent disclosures may provide details on deployment and any effects on runway or R&D pacing.

8-K Event Classification

3 items: 1.01, 8.01, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did INO announce in this 8-K?

Inovio entered an underwriting agreement for a public offering of common stock, with all shares sold by the company.

How many INO shares are being sold and at what price?

The company is selling 13,158,000 shares at $1.90 per share.

Was the underwriters' option exercised for INO's offering?

Yes. The underwriters exercised in full their option to purchase up to 1,973,700 additional shares.

How much net cash does INO expect to receive?

Net proceeds are expected to be approximately $26.5 million after underwriting discounts and estimated expenses.

When is the INO offering expected to close?

Closing is expected on or about November 12, 2025, subject to customary conditions.

Under what registration is the INO offering being made?

It is made under an effective Form S-3 shelf (File No. 333-275445), supplemented by a Rule 424(b) prospectus.

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

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Accepted by SEC EDGAR 11/12/2025 - 06:16 AM Learn about SEC filing dates

false 0001055726 0001055726 2025-11-11 2025-11-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 11, 2025

Inovio Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-14888		33-0969592
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

660 W. Germantown Pike, Suite 110

Plymouth Meeting, PA 19462

(Address of principal executive offices, including zip code)

(267) 440-4200

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		INO		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On November 11, 2025, Inovio Pharmaceuticals, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Piper Sandler & Co., as representative of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale by the Company in a public offering of 13,158,000 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a public offering price of $1.90 per Share (the “Offering”).

The Company 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 underwriting discounts and commissions, which was exercised in full by the Underwriters on November 11, 2025.

The net proceeds to the Company from the Offering, including the full exercise by the Underwriters of their option to purchase additional shares of Common Stock, are expected to be approximately $26.5 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. All of the shares of Common Stock are being sold by the Company. The closing of the Offering is expected to occur on or about November 12, 2025, subject to the satisfaction of customary closing conditions.

The Offering was made pursuant to the Company’s registration statement on Form S-3 (File No. 333-275445), which was declared effective by the Securities and Exchange Commission (the “SEC”) on January 31, 2024, as supplemented by a prospectus supplement filed with the SEC pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”).

The Underwriting Agreement contains customary representations, warranties, covenants and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.

The foregoing description of the terms of the Underwriting Agreement is qualified in its entirety by reference to the Underwriting Agreement, which is attached as Exhibit 1.1 and incorporated by reference herein.

A copy of the legal opinion of Cooley LLP relating to the validity of the issuance and sale of the securities in the Offering is attached as Exhibit 5.1 hereto.

Item 8.01 Other Events

On November 10, 2025 and November 11, 2025, the Company issued press releases announcing the launch and pricing of the Offering, respectively, copies of which are filed as Exhibit 99.1 and Exhibit 99.2 to this Current Report on Form 8-K and are incorporated herein by reference.

Forward-Looking Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “projects,” “plans,” and “future” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements concerning the Offering, such as the expected net proceeds and anticipated closing date. Forward-looking statements are based on management’s current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding the Company’s business are described in detail in its SEC filings, including in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which are available on the SEC’s website at www.sec.gov. Additional

information will be made available in other filings that the Company makes from time to time with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these statements except as may be required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Exhibit Description
1.1		Underwriting Agreement, dated November 11, 2025, by and between Inovio Pharmaceuticals, Inc. and Piper Sandler & Co.
5.1		Opinion of Cooley LLP.
23.1		Consent of Cooley LLP (included in Exhibit 5.1).
99.1		Press Release.
99.2		Press Release.
104		Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						INOVIO PHARMACEUTICALS, INC.
Date: November 12, 2025						/s/ Peter Kies
						Peter Kies
						Chief Financial Officer