Pennsylvania-based Inovio Pharmaceuticals (Nasdaq: INO) announced the pricing of a USD 20 million underwritten public offering on July 29, 2026. The financing comes as the company awaits a pivotal FDA decision on its first-ever Biologics License Application (BLA), with a PDUFA target action date of October 30, 2026 for lead asset INO-3107.
The offering comprises 21,052,632 shares of common stock at a combined public offering price of USD 0.95 per share, each accompanied by warrants to purchase two shares of common stock at an exercise price of USD 1.10 per share. Inovio also granted the sole underwriter, Piper Sandler, a 30-day option to purchase up to 3,157,894 additional shares and corresponding warrants. The offering was expected to close on or about July 31, 2026, subject to customary closing conditions. The USD 20 million figure excludes any proceeds from warrant exercises or exercise of the overallotment option.
The raise follows a pattern of recurring equity financings as Inovio manages its cash runway. Building on a USD 17.5 million offering priced in April 2026 at USD 1.40 per share — also managed by Piper Sandler — the July offering was priced at a 32% discount to that level, reflecting the stock's decline over the intervening months. The warrant coverage of two shares per share sold is structurally more dilutive than the April transaction, which carried one-for-one Series A and Series B warrant coverage.
INO-3107 is a DNA immunotherapy targeting HPV types 6 and 11 in adults with recurrent respiratory papillomatosis (RRP), a rare HPV-driven condition causing wart-like growths in the respiratory tract that requires repeated surgical intervention. Inovio submitted a BLA under the FDA's Accelerated Approval Program, which was accepted for review in December 2025. The FDA has flagged a question regarding accelerated approval eligibility and a meeting has been agreed to discuss this point; the PDUFA goal date of October 30, 2026 remains in place. INO-3107 holds FDA Breakthrough Therapy designation and Orphan Drug designation. Phase I/II data demonstrated that 72% of patients achieved a 50–100% reduction in the number of surgeries needed in Year 1, with an overall response rate of 86% and a complete response rate of 54% reported at Years 2–3 in retrospective follow-up.