Inovio Pharmaceuticals, Inc.

For the second quarter of 2026, Inovio reported a net loss of $6 million, or $0.07 per share basic and dilutive, versus a net loss of $23.5 million, or $0.61 per share basic and dilutive, in the second quarter of 2025. Operating expenses were $18.6 million, down from $23.1 million a year ago, a 19% decrease; for the first six months of 2026, operating expenses were down 16% year over year. Cash, cash equivalents and short-term investments were $36.7 million at June 30, 2026, versus $58.5 million at December 31, 2025. The company said its July public offering generated $18.3 million in net proceeds and that estimated operational net cash burn is $18 million for the third quarter of 2026. Management said current cash resources are expected to last into late first quarter 2027 and through a potential launch of INO-3107, with prelaunch inventory build and launch marketing spend included in that projection. No revenue figure or gross margin figure was stated in the call.

CEO Jacqueline Shea framed the quarter around regulatory momentum for INO-3107 and said the company is now on track for the October 30 PDUFA date. She emphasized the unmet need in RRP, the need to reduce repeat surgeries, and management’s view that INO-3107’s efficacy, tolerability, and patient-centric profile could make it a new standard of care if approved. She also highlighted launch preparations, the July financing, and continued progress from partners and on the DPROT platform.

CFO Peter Kies focused on liquidity, spending discipline, and launch readiness. He said the company ended Q2 with $36.7 million in cash, cash equivalents and short-term investments, after $58.5 million at year-end 2025, and that the July offering brought in $18.3 million net. He also said operating expenses fell to $18.6 million from $23.1 million year over year, and that the company expects $18 million of operational net cash burn in Q3 2026, with runway into late first quarter 2027 and through a potential launch.

On FDA feedback, analysts asked what was covered in the informal clinical meeting and whether any new efficacy, safety, or CMC questions were raised. Management said the FDA had already seen the full dataset, did not disagree with Inovio’s efficacy and safety positioning, and did not comment on accelerated-approval eligibility because the file remains under active review. On the confirmatory trial, management said they are still waiting for FDA comments on the submitted protocol and do not believe the trial timeline will affect approvability or the PDUFA date. In response to questions about funding, management said no additional capital raise is expected before PDUFA because current resources fund the company through late first quarter 2027, including prelaunch inventory and marketing spend.