Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -0.07, beating the estimate of USD -0.2167.

EBIT: As of FY2026 Q2, the actual value is USD -18.26 M.

Research and Development (R&D) Expenses

Research and Development expenses for Inovio Pharmaceuticals, Inc. decreased to $10.8 million for the three months ended June 30, 2026, from $14.5 million for the same period in 2025. This decrease was primarily due to lower employee and consultant compensation, reduced engineering outside services related to device development, and lower inventory expenses. For the six months ended June 30, 2026, R&D expenses were $24,896,656, down from $30,612,309 for the same period in 2025.

General and Administrative (G&A) Expenses

General and Administrative expenses decreased to $7.8 million for the three months ended June 30, 2026, compared to $8.6 million for the same period in 2025. For the six months ended June 30, 2026, G&A expenses totaled $15,677,859, a decrease from $17,588,082 in the prior year period.

Total Operating Expenses

Total operating expenses for the three months ended June 30, 2026, were $18.6 million, a decrease from $23.1 million for the same period in 2025. For the six months ended June 30, 2026, total operating expenses were $40,574,515, down from $48,200,391 for the same period in 2025.

Net Loss

Inovio Pharmaceuticals, Inc. reported a net loss of - $6.0 million, or - $0.07 per basic and diluted share, for the three months ended June 30, 2026. This compares to a net loss of - $23.5 million, or - $0.61 per basic and diluted share, for the three months ended June 30, 2025. The decrease in net loss was primarily driven by a $13.9 million non-cash gain on fair value adjustment related to warrant liabilities. For the six months ended June 30, 2026, the net loss was - $25,695,256, or - $0.34 per basic and diluted share, compared to - $43,214,109, or - $1.12 per basic and diluted share, for the same period in 2025.

Cash, Cash Equivalents and Short-term Investments

As of June 30, 2026, cash, cash equivalents, and short-term investments totaled $36.7 million, excluding net proceeds from a July 2026 public offering. This is a decrease from $58.5 million as of December 31, 2025. The net proceeds from the July 2026 public offering were approximately $18.3 million after deducting underwriting discounts, commissions, and offering expenses.

Other Financial Data

• Revenue from collaborative arrangement: $0 for the three and six months ended June 30, 2026, compared to $0 and $65,343 for the respective periods in 2025.
• Interest income: $363,847 for Q2 2026 and $803,440 for the six months ended June 30, 2026.
• Change in fair value of common stock warrant liabilities: A gain of $13,868,616 for Q2 2026 and $18,006,319 for the six months ended June 30, 2026.
• Total assets: $49,389,494 as of June 30, 2026, down from $74,310,035 as of December 31, 2025.
• Total liabilities: $45,018,411 as of June 30, 2026, down from $50,213,759 as of December 31, 2025.
• Total Inovio Pharmaceuticals, Inc. stockholders’ equity: $4,371,083 as of June 30, 2026, down from $24,096,276 as of December 31, 2025.

Operational Highlights

INO-3107 – Recurrent Respiratory Papillomatosis (RRP): The U.S. Food and Drug Administration (FDA) review of the Biologics License Application (BLA) for INO-3107 is progressing under the accelerated approval program, with a target Prescription Drug User Fee Act (PDUFA) date of October 30, 2026. Regulatory progress includes the completion of the late-cycle review meeting and all scheduled pre-licensure inspections. Inovio Pharmaceuticals, Inc. also conducted an informal clinical meeting with the FDA, presenting data supporting INO-3107’s safety and efficacy and its rationale for accelerated approval eligibility. Commercial preparations are underway, with Inovio Pharmaceuticals, Inc. engaging Syneos Health for Medical Science Liaisons and contract sales organization services, and identifying other key commercial partners.

VGX-3100 – Cervical Dysplasia: In May 2026, ApolloBio, Inovio Pharmaceuticals, Inc.’s partner in China, announced positive topline results from its pivotal Phase 3 trial of VGX-3100 for cervical dysplasia, meeting its primary efficacy endpoint and demonstrating a favorable safety profile. ApolloBio plans to use these results to support a future regulatory approval filing in China.

Next-Generation DNA Medicine Candidates: Inovio Pharmaceuticals, Inc. presented promising preclinical data from its next-generation DNA-Encoded Monoclonal Antibody (DMAb™) and DNA-Encoded Protein (DPROT) programs at scientific conferences in May and June 2026, specifically highlighting positive data on Factor VIII production for Hemophilia A. The company is discussing with potential partners to accelerate the development of this platform for additional DPROT indications in rare diseases, including Fabry Disease and Hypophosphatasia (HPP).

Outlook / Guidance

Inovio Pharmaceuticals, Inc. anticipates that its current cash, cash equivalents, and short-term investments will fund operations into the late first quarter of 2027, including through a potential launch of INO-3107 if approved. This projection incorporates approximately $18.3 million net proceeds from the July 2026 public offering and an estimated operational net cash burn of approximately $18 million for the third quarter of 2026. This cash runway guidance does not include any further capital-raising activities Inovio Pharmaceuticals, Inc. may undertake.