Inovio Pharmaceuticals, Inc. ownership disclosure: Highbridge Capital Management LLC reports beneficial ownership of 6,190,475 shares of Common Stock issuable upon exercise of warrants, representing 8.2% of the class. The percentage is calculated using 69,091,956 shares outstanding as of March 12, 2026 and assumes the exercise of the warrants held by the Highbridge Funds.
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Insights
Highbridge reports an 8.2% stake based on warrant exercise assumptions.
Highbridge Capital Management LLC files an amended Schedule 13G/A stating it beneficially holds 6,190,475 shares issuable upon exercise of warrants. The filing ties the percentage to March 12, 2026 outstanding share count of 69,091,956.
The economic exposure depends on whether the warrants are exercised; cash‑flow treatment and exercise timing are not disclosed in the excerpt. Subsequent filings or issuer disclosures would specify actual post‑exercise transfers and any changes to ownership percentages.
Key Figures
Beneficially owned shares (warrant‑issued):6,190,475 sharesPercent of class:8.2%Shares outstanding used:69,091,956 shares
3 metrics
Beneficially owned shares (warrant‑issued)6,190,475 sharesAmount reported as issuable upon exercise of warrants held by Highbridge Funds
Percent of class8.2%Calculated assuming warrant exercise using outstanding shares as of March 12, 2026
Shares outstanding used69,091,956 sharesShares outstanding as of March 12, 2026 (source: issuer's Form 10‑K)
Key Terms
issuable upon exercise of warrants, beneficial ownership, Schedule 13G/A
3 terms
issuable upon exercise of warrantsfinancial
"Reflects shares of Common Stock issuable upon exercise of warrants."
beneficial ownershipregulatory
"The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Schedule 13G/Aregulatory
"This statement is filed by Highbridge Capital Management, LLC ... with respect to the common stock"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Inovio Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
45773H409
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
45773H409
1
Names of Reporting Persons
HIGHBRIDGE CAPITAL MANAGEMENT LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6,190,475.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
6,190,475.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,190,475.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
8.2 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Reflects shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of warrants.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Inovio Pharmaceuticals, Inc.
(b)
Address of issuer's principal executive offices:
660 W. Germantown Pike, Suite 110, Plymouth Meeting, PA 19462
Item 2.
(a)
Name of person filing:
This statement is filed by Highbridge Capital Management, LLC ("Highbridge" or the "Reporting Person"), a Delaware limited liability company and the investment adviser to certain funds and accounts (the "Highbridge Funds"), with respect to the common stock, par value $0.001 per share ("Common Stock") of Inovio Pharmaceuticals, Inc., a Delaware corporation (the "Issuer") issuable upon exercise of warrants, directly held by the Highbridge Funds;
The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the business office of the Reporting Person is 390 Madison Avenue, 28th Floor, New York, NY 10017.
(c)
Citizenship:
Highbridge is a Delaware limited liability company.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP No.:
45773H409
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 69,091,956 shares of Common Stock outstanding as of March 12, 2026, as reported in the Issuer's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 12, 2026, and assumes the exercise of the warrants held by the Highbridge Funds.
(b)
Percent of class:
8.2%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a). The Highbridge Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Common Stock reported herein. Highbridge Tactical Credit Master Fund, L.P., a Highbridge Fund, has the right to receive or the power to direct the receipt of dividends or the proceeds from the sale of more than 5% of the outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Highbridge reports beneficial ownership of 6,190,475 shares issuable upon exercise of warrants. This equals 8.2% of the class using 69,091,956 shares outstanding as of March 12, 2026, per the filing.
Does the 8.2% for INO reflect exercised warrants?
The 8.2% figure is calculated assuming the exercise of the warrants held by the Highbridge Funds. The filing explicitly ties the percentage to that assumption and the outstanding share count dated March 12, 2026.
Who filed the Schedule 13G/A for INO?
The filing was made by Highbridge Capital Management LLC, a Delaware limited liability company and advisor to the Highbridge Funds. The signature is by Kirk Rule, Executive Director, dated May 15, 2026.
How was the outstanding share base determined for INO's percentage?
The percentage uses 69,091,956 shares outstanding as reported in Inovio's Annual Report on Form 10‑K for the year ended December 31, 2025, filed on March 12, 2026, per the filing text.
Does Highbridge directly hold the common stock of INO?
Highbridge states the shares are issuable upon exercise of warrants and directly held by the Highbridge Funds; the filing notes this is reported on behalf of those funds and includes the exercise assumption.
