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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE QUARTERLY PERIOD ENDED MARCH 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFOR THE TRANSITION PERIOD FROM                     TO                     \n\nCOMMISSION FILE NO. 001-14888\n\n INOVIO PHARMACEUTICALS, INC.\n\n(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)\n\nDelaware 33-0969592\n\n(State or other jurisdiction of\nincorporation or organization) (I.R.S. Employer\nIdentification No.)\n\n660 W. Germantown Pike, Suite 110\n\nPlymouth Meeting, Pennsylvania\n19462\n\n(Address of principal executive offices)(Zip Code)\n\nREGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (267) 440-4200\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:\n\nTitle of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered\n\nCOMMON STOCK, $0.001 PAR VALUEINO\nNasdaq Capital Market\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒  No    ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and \"emerging growth company\" in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer\n☒\nSmaller reporting company\n☒\n\nEmerging growth company\n☐\n\nIf 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.  ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐  No  ☒\n\nThe number of shares outstanding of the Registrant’s Common Stock, $0.001 par value, was 82,273,237 as of May 12, 2026.\n\nINOVIO PHARMACEUTICALS, INC.\n\nFORM 10-Q\n\nFor the Quarterly Period Ended March 31, 2026\n\nINDEX\n\n \n\n[Part I. Financial Information](#ic1e691040a374fefb7d799d22dfe0d2c_13)\n\n[1](#ic1e691040a374fefb7d799d22dfe0d2c_13)\n\n[Item 1. Financial Statements](#ic1e691040a374fefb7d799d22dfe0d2c_13)\n\n[1](#ic1e691040a374fefb7d799d22dfe0d2c_13)\n\n[a) Condensed Consolidated Balance Sheets](#ic1e691040a374fefb7d799d22dfe0d2c_16)\n\n[2](#ic1e691040a374fefb7d799d22dfe0d2c_16)\n\n[b) Condensed Consolidated Statements of Operations](#ic1e691040a374fefb7d799d22dfe0d2c_19)\n\n[3](#ic1e691040a374fefb7d799d22dfe0d2c_19)\n\n[c) Condensed Consolidated Statements of Comprehensive Loss](#ic1e691040a374fefb7d799d22dfe0d2c_25)\n\n[4](#ic1e691040a374fefb7d799d22dfe0d2c_25)\n\n[d) Condensed Consolidated Statements of Stockholders’ Equity](#ic1e691040a374fefb7d799d22dfe0d2c_28)\n\n[5](#ic1e691040a374fefb7d799d22dfe0d2c_28)\n\n[e) Condensed Consolidated Statements of Cash Flows](#ic1e691040a374fefb7d799d22dfe0d2c_34)\n\n[6](#ic1e691040a374fefb7d799d22dfe0d2c_34)\n\n[f) Notes to Condensed Consolidated Financial Statements](#ic1e691040a374fefb7d799d22dfe0d2c_37)\n\n[7](#ic1e691040a374fefb7d799d22dfe0d2c_37)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ic1e691040a374fefb7d799d22dfe0d2c_115)\n\n[23](#ic1e691040a374fefb7d799d22dfe0d2c_115)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#ic1e691040a374fefb7d799d22dfe0d2c_133)\n\n[29](#ic1e691040a374fefb7d799d22dfe0d2c_133)\n\n[Item 4. Controls and Procedures](#ic1e691040a374fefb7d799d22dfe0d2c_136)\n\n[29](#ic1e691040a374fefb7d799d22dfe0d2c_136)\n\n[Part II. Other Information](#ic1e691040a374fefb7d799d22dfe0d2c_139)\n\n[30](#ic1e691040a374fefb7d799d22dfe0d2c_139)\n\n[Item 1. Legal Proceedings](#ic1e691040a374fefb7d799d22dfe0d2c_142)\n\n[30](#ic1e691040a374fefb7d799d22dfe0d2c_142)\n\n[Item 1A. Risk Factors](#ic1e691040a374fefb7d799d22dfe0d2c_145)\n\n[30](#ic1e691040a374fefb7d799d22dfe0d2c_145)\n\n[Item 5. Other Information](#ic1e691040a374fefb7d799d22dfe0d2c_151)\n\n[58](#ic1e691040a374fefb7d799d22dfe0d2c_151)\n\n[Item 6. Exhibits](#ic1e691040a374fefb7d799d22dfe0d2c_154)\n\n[58](#ic1e691040a374fefb7d799d22dfe0d2c_154)\n\n[Signatures](#ic1e691040a374fefb7d799d22dfe0d2c_157)\n\n[60](#ic1e691040a374fefb7d799d22dfe0d2c_157)\n\nSUMMARY OF THE MATERIAL RISKS ASSOCIATED WITH OUR BUSINESS\n\nOur business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows and prospects. These risks are discussed more fully in Item 1A. Risk Factors herein. These risk factors include, but are not limited to, the following:\n\n•In December 2025, the FDA accepted INOVIO’s BLA for INO-3107 for review under the accelerated approval program as a potential treatment for adults with Recurrent Respiratory Papillomatosis (RRP). The FDA denied INOVIO’s request for a priority review, which is typically 6 months, but assigned a standard 10-month review period with a Prescription Drug User Fee Act (PDUFA) target date of October 30, 2026. In the file acceptance letter the FDA noted as a potential review issue its preliminary conclusion that the company had not provided adequate information to justify eligibility for the accelerated approval pathway. In January 2026, INOVIO requested a meeting with the FDA to discuss maintaining eligibility for review under the accelerated approval program. The FDA agreed to an informal meeting and requested that INOVIO complete an assessment aid. INOVIO submitted the assessment aid in February 2026. In April 2026, the FDA completed its mid-cycle review of the BLA, where no new significant issues were raised. As a part of the mid-cycle review communications, the FDA reiterated their intention to schedule the previously agreed to informal meeting to discuss their preliminary commentary on eligibility for review under the accelerated approval program. INOVIO continues to believe that INO-3107 fulfills the criteria for accelerated approval, meeting a significant unmet need and providing a meaningful therapeutic benefit over existing treatments, however the FDA may not agree with INOVIO’s position and may decide INO-3107 is not eligible for review under the accelerated approval program. INOVIO is not currently planning to seek approval for its BLA for INO-3107 under the traditional pathway, which could potentially require INOVIO to conduct a Phase 3 trial, the design of which would need to be agreed with the FDA and would be at a substantial cost.\n\n•Our product candidates are drug-device combination products comprising an electroporation device for delivery of a biologic, and additional time may be required to obtain regulatory approval for our product candidates because of the complexity involved with developing and manufacturing a drug-device combination product. If the FDA and comparable regulatory authorities in foreign jurisdictions do not provide marketing authorization for our CELLECTRA delivery devices, then we will not be able to bring to market our DNA medicines that rely on delivery by such devices.\n\n•We do not currently have sufficient working capital to fund our planned operations for the next twelve months and substantial doubt exists as to our ability to continue as a going concern.\n\n•We will need substantial additional capital to develop our DNA medicines and proprietary device technology, which may prove difficult or costly to obtain.\n\n•We have incurred significant losses in recent years, expect to incur significant net losses in the foreseeable future and may never become profitable.\n\n•We face intense and increasing competition and steps taken by our competitors, such as the full approval of PAPZIMEOS for the treatment of RRP or the introduction of other new, disruptive technology, may impede our ability to develop and commercialize our DNA medicines.\n\n•We currently have a small commercial organization and no in-house sales team. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our products, if approved, we may not be able to generate product revenues.\n\n•If products for which we receive regulatory approval do not achieve broad market acceptance, the revenues that we generate from their sales will be limited.\n\n•We are subject to uncertainty relating to coverage and reimbursement policies which, if not favorable to our DNA medicine candidates, could hinder or prevent our products' commercial success.\n\n•We have limited sources of revenue and our success is dependent on our ability to develop our DNA medicines and proprietary device technology.\n\n•DNA medicines are a novel approach to treating and preventing disease, and our CELLECTRA delivery devices are a novel approach to administering medicines. Negative perception of the efficacy, safety, or tolerability of any investigational medicines we develop or our devices could adversely affect our ability to conduct our business, advance our investigational medicines, or obtain regulatory approvals.\n\n•If we and the contract manufacturers upon whom we rely fail to produce our proprietary devices and DNA medicine candidates in the volumes that we require on a timely basis, or at all, or if these contractors fail to comply with their\n\nobligations to us or with stringent regulations, we may face delays in the development and commercialization of our proprietary devices and DNA medicine candidates.\n\n•If we lose or are unable to secure collaborators or partners, or if our collaborators or partners do not apply adequate resources to their relationships with us, our product development and potential for profitability will suffer.\n\n•We have agreements with government agencies that are subject to termination and uncertain future funding. Termination or cessation of funding could have a negative impact on our ability to develop some of the product candidates in our pipeline and/or require us to seek alternative funding sources to advance those candidates.\n\n•We are currently subject to litigation and may become subject to additional litigation, which could harm our business, financial condition and reputation.\n\n•We have entered into collaborations with Chinese companies and may rely on clinical materials and device components manufactured in China for our development efforts. Uncertainties regarding the interpretation and enforcement of Chinese laws, rules and regulations, a trade war, political unrest or unstable economic conditions in China could materially adversely affect our business, financial condition and results of operations.\n\n•It is difficult and costly to generate and protect our intellectual property and our proprietary technologies, and we may not be able to ensure their protection.\n\n•If we are sued for infringing intellectual property rights of third parties, it will be costly and time-consuming, and an unfavorable outcome in that litigation would have a material adverse effect on our business.\n\n•We are subject to stringent and evolving U.S. and foreign laws, regulations, and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.\n\nPart I. Financial Information"}