Inovio prices $25 million public offering of common stock and warrants

PLYMOUTH MEETING, Pa. - INOVIO Pharmaceuticals, Inc. (NASDAQ:INO) has priced an underwritten public offering of 14,285,715 shares of its common stock along with accompanying warrants at $1.75 per share, according to a press release statement issued Thursday. InvestingPro data shows the company holds more cash than debt on its balance sheet, though it’s currently burning through cash reserves rapidly.

The biotechnology company, which develops DNA medicines for HPV-related diseases, cancer, and infectious diseases, is offering Series A and Series B warrants to purchase up to 14,285,715 shares each, with both warrant series having an exercise price of $1.75 per share. With a current market capitalization of approximately $78.5 million and a healthy current ratio of 2.63, the company maintains strong short-term liquidity despite operational challenges.

The gross proceeds from the offering are expected to be approximately $25 million before deducting underwriting discounts, commissions, and other offering expenses. INOVIO has also granted underwriters a 30-day option to purchase up to an additional 2,142,857 shares and corresponding warrants.

Piper Sandler & Co. is serving as the sole active book-running manager for the offering, with Oppenheimer & Co. Inc. acting as passive bookrunner.

The offering is expected to close around July 7, 2025, subject to customary closing conditions. The securities are being offered pursuant to a shelf registration statement filed with the Securities and Exchange Commission that was declared effective on January 31, 2024. For deeper insights into INOVIO’s financial health and detailed valuation analysis, investors can access comprehensive research through InvestingPro, which offers exclusive access to over 13 key financial metrics and expert analysis.

All securities in the offering are being sold by INOVIO, with no indication provided regarding the specific use of proceeds.

The offering comes as INOVIO continues its focus on developing DNA medicines that teach the body to manufacture its own disease-fighting tools, according to the company’s description in the press release.

In other recent news, Inovio Pharmaceuticals announced a proposed public offering of its common stock, which will include pre-funded warrants and accompanying Series A and Series B warrants. Piper Sandler & Co. is managing the offering, and Inovio has granted a 30-day option to purchase additional shares and/or warrants. The company has not disclosed the intended use of the proceeds from this offering. Inovio’s shareholders recently approved all proposals at the company’s 2025 Annual Meeting, including the election of board nominees and the ratification of Ernst & Young LLP as the independent auditor. In the realm of analyst activity, Oppenheimer reduced its price target for Inovio to $13 from $15, maintaining an Outperform rating, while JMP Securities reaffirmed a $12 price target with a Market Outperform rating. Inovio’s first-quarter results for 2025 slightly exceeded expectations due to lower-than-anticipated expenses, with the company holding $68 million in cash. The ongoing development of INO-3107, a treatment for recurrent respiratory papillomatosis, continues with plans for a Biologics License Application submission by the end of the year.

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