Inovio shareholders approve board nominees and proposals

PLYMOUTH MEETING, PA – Inovio Pharmaceuticals, Inc. (NASDAQ:INO), a biotechnology company with a market capitalization of $74.45 million, announced the results of its 2025 Annual Meeting of Stockholders, which took place on May 20, 2025. According to InvestingPro data, the company’s stock has experienced significant volatility, declining over 51% in the past six months. The meeting saw the approval of all four proposals put forward to Inovio’s shareholders.

The first proposal concerned the election of eight director nominees to serve until the 2026 Annual Meeting of Stockholders. All nominees were successfully elected, with a majority of votes for each nominee ranging from 7,316,456 to 8,421,250. Votes withheld were significantly lower, indicating strong shareholder support. Broker non-votes for each nominee totaled 10,956,881. InvestingPro analysis reveals that while the company holds more cash than debt on its balance sheet, it is quickly burning through its cash reserves.

The second proposal was the ratification of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal received overwhelming support with 19,263,636 votes for, 600,195 against, and 156,774 abstentions.

Proposal three sought a non-binding advisory approval of the compensation of the company’s named executive officers (NEOs). This proposal also passed, with 7,853,003 votes for, 1,058,436 against, and 152,285 abstentions, alongside 10,956,881 broker non-votes.

The final proposal, which was the approval of the amendment and restatement of the company’s 2023 Omnibus Incentive Plan, was approved with 7,764,469 votes for, 1,165,985 against, and 133,270 abstentions. Broker non-votes were again 10,956,881.

The results reflect a majority participation of shareholders, with over 54.59% of the eligible shares represented at the meeting. The company’s proxy statement, filed with the SEC on April 7, 2025, provided detailed information on each proposal.

Inovio Pharmaceuticals, Inc., headquartered at 660 W. Germantown Pike, Suite 110, Plymouth Meeting, PA, is a biotechnology company focused on the discovery, development, and commercialization of DNA-based immunotherapies and vaccines. The company’s fiscal year-end is December 31, and it is incorporated in Delaware.

The information disclosed in this article is based on the company’s recent SEC filing.

In other recent news, Inovio Pharmaceuticals reported a significant reduction in its net loss for the first quarter of 2025, narrowing it to $19.7 million from $30.5 million in the same period last year. This improvement was attributed to a 20% decrease in operating expenses, which totaled $25.1 million. The company ended the quarter with a cash balance of $68.4 million, projecting this to sustain operations into the first quarter of 2026. Oppenheimer adjusted its price target for Inovio, reducing it from $15 to $13, while maintaining an Outperform rating, reflecting updates to their financial model. JMP Securities also maintained a Market Outperform rating with a $12 price target, highlighting Inovio’s ongoing stability testing for its device array. The company is on track with its Biologics License Application for INO-3107, expected to begin rolling submissions in mid-2025. Analysts remain optimistic about INO-3107’s potential, with priority review anticipated due to its Breakthrough Therapy designation.

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