Inovio Pharmaceuticals completed a $25 million public offering of 13,158,000 common shares at $1.90 each, with an option to purchase an additional 1,973,700 shares. The offering closed on November 12, 2025, and the proceeds will bolster the company’s cash balance, extending its runway into the second quarter of 2026.
The offering follows a Q3 2025 earnings report that highlighted a GAAP net loss of $45.5 million, up from a $25.2 million loss in the same quarter a year earlier. The widening loss is largely attributable to a $22.5 million non‑cash fair‑value adjustment of warrant liabilities, which did not affect cash flow but increased reported expenses.
Inovio’s cash and cash equivalents stood at $50.8 million as of September 30, 2025. With the new capital, the company expects to maintain operations and continue development of its lead DNA‑medicine candidate, INO‑3107, while funding other pipeline assets such as DMAb and DPROT. The company’s management emphasized that the capital raise is a strategic move to sustain progress toward regulatory milestones.
The market reaction to the announcement was muted, with analysts noting that the dilution from the offering and the continued net losses weigh on investor sentiment. The company’s CEO, Dr. Jacqueline Shea, highlighted the completion of the rolling BLA submission for INO‑3107 and expressed confidence that the drug could receive priority review, potentially accelerating a mid‑2026 launch.
Despite the infusion of capital, Inovio remains in a high‑burn phase, with operating expenses of $21.2 million in Q3 2025 versus $27.3 million a year earlier. The reduction in R&D and G&A costs reflects disciplined spending, but the company’s lack of revenue and ongoing losses underscore the need for additional financing to reach commercial viability.
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