INOVIO announces proposed public offering of common stock

PLYMOUTH MEETING, Pa. - INOVIO Pharmaceuticals, Inc. (NASDAQ:INO), a biotechnology company focused on DNA medicines with a current market capitalization of $78.5 million, announced Wednesday its intention to offer and sell shares of its common stock in an underwritten public offering. The announcement comes as the stock has declined nearly 76% over the past year, according to InvestingPro data.

The proposed offering will include common stock or pre-funded warrants, along with accompanying Series A and Series B warrants to purchase additional shares. All securities in the offering will be sold by INOVIO, according to a company press release. InvestingPro analysis shows the company maintains a healthy current ratio of 2.63, indicating sufficient liquid assets to meet short-term obligations, though it’s currently experiencing rapid cash burn.

Piper Sandler & Co. is acting as the sole book-running manager for the offering. INOVIO plans to grant the underwriter a 30-day option to purchase additional shares and/or accompanying warrants in an amount up to 15% of the securities offered under the same terms.

The company filed a shelf registration statement with the Securities and Exchange Commission on November 9, 2023, which was declared effective on January 31, 2024. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.

INOVIO noted that the proposed offering is subject to market conditions, with no assurance regarding its completion, timing, or final terms.

The biotechnology company develops DNA medicines targeting HPV-related diseases, cancer, and infectious diseases. Its technology focuses on designing and delivering DNA medicines that enable the body to produce disease-fighting tools.

The announcement comes as part of the company’s ongoing financing activities. The offering will be made only through a written prospectus and prospectus supplement that form part of the registration statement.

In other recent news, Inovio Pharmaceuticals reported a narrowed net loss of $19.7 million for the first quarter of 2025, a significant improvement from the $30.5 million loss in the same period last year. This was largely due to a 20% reduction in operating expenses, with the company maintaining a cash position of $68.4 million, expected to sustain operations into the first quarter of 2026. Additionally, Inovio announced plans for a public offering of its common stock and warrants, with Piper Sandler & Co. as the sole book-running manager. Shareholders recently approved all proposals at the 2025 Annual Meeting, including the election of directors and the ratification of Ernst & Young LLP as the accounting firm.

Oppenheimer adjusted its price target for Inovio to $13, down from $15, while maintaining an Outperform rating, reflecting updates to its financial model. Meanwhile, JMP Securities reaffirmed a Market Outperform rating with a $12 target, noting the company’s financial stability and progress with its Biologics License Application (BLA) for INO-3107. The company is on track to begin the rolling submission of the BLA in mid-2025, with completion expected in the second half of the year. Inovio’s diverse pipeline and ongoing projects, such as INO-3112 and INO-5401, continue to provide growth opportunities.

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