INO · Inovio Pharmaceuticals, Inc.

Inovio Pharmaceuticals reported its first quarter 2026 financial results, highlighting a net loss of $19.7 million, unchanged from the same period last year, but with a significantly improved diluted EPS of -$0.28 versus -$0.51 in Q1 2025, due to a lower share count. Total operating expenses decreased to $21.9 million from $25.1 million, driven by reductions in R&D and G&A costs. R&D expenses fell to $14.1 million from $16.1 million, primarily due to lower compensation and outside services. G&A expenses decreased to $7.9 million from $9.0 million. The company ended the quarter with $37.7 million in cash, equivalents, and short-term investments, down from $58.5 million at year-end 2025. Subsequent to quarter end, Inovio raised approximately $16.0 million in net proceeds from an underwritten public equity offering in April 2026. Management expects current cash to fund operations into the first quarter of 2027, beyond the target PDUFA date of October 30, 2026 for INO-3107. The BLA for INO-3107 is under active FDA review under the accelerated approval program, with a mid-cycle review completed. The company is advancing commercial readiness plans for a potential 2026 launch, including engaging key commercial partners. Additionally, Inovio announced a clinical trial collaboration with Akeso to evaluate INO-5412 in combination with cadonilimab for glioblastoma in a Dana-Farber Cancer Institute-sponsored trial. The company continues to focus on financial discipline and advancing its pipeline.