NASDAQ: INO

Taking Immunotherapy

to the Next LevelI T ’ S A L L A B O U T T H E T - C E L L S

Forward Looking Statement

Our commentary and responses to your questions may contain

forward-looking statements, including comments concerning clinical

trials and product development programs, evaluation of potential

opportunities, the level of corporate expenditures, the assessment

of Inovio’s technology by potential corporate partners, capital

market conditions, timing of events, cash consumption and other

subjects. Information concerning factors that could cause

actual results to differ materially from those set forth in

our Annual Report on Form 10-K for the year ended

December 31, 2014, our Form 10-Q for the quarter

ended June 30, 2015, and other regulatory

filings from time to time.

2

Inovio Highlights

• Powerful DNA-based immunotherapy and vaccine

platform

• Multi-antigen platform positions Inovio to be leader in

immuno-oncology revolution

• Clinical proof of concept in pre-cancerous condition.

Product to enter phase III in 2016

• Publication in The Lancet

• First to show CD8+ T cells generated in-vivo can clear

disease

• Two Big Pharma partnership deals in the last two

years

(~$1 billion in milestone payments)

• Over $130 M in non-dilutive grants and

contracts in the last six years

• $70M in the last 12 months

• Cash runway through 2018

3

What We Do

SynCon® Immune Control Technology

• Highly optimized DNA plasmids

• Genetic sequences encoded for specific

targeted immune mechanism

• Generates target immune functional

components directly in the body

One Core Technology: Leveraging Synthetic Biology

5

Up-regulation of

desirable immune

mechanisms

Down-regulation or

inhibition of detrimental

immune mechanisms

To fulfill unmet needs in:

CANCER | INFECTION | INFLAMMATION

Multiple Immune Mechanisms, Products, Diseases. How?

In-vivo generation of immune functional components capable of fighting disease

6

Generate • Antigens • Monoclonal

antibodies

Activating • CD8+ killer T cells

• Polyclonal

antibodies

• Checkpoint

inhibition

• Tumor blocking

pathways

• Cytotoxicity

Products • Monotherapies

• Combination

therapies

• Prevention

• Treatment

Disease Targets • Cancer • Infectious

diseases

• Other

Driving synthetic biology

to achieve vital immune

activation/control

outcomes

SynCon®

DNA Plasmids

What Have We Accomplished?A N T I G E N G E N E R AT I O N / T C E L L A C T I VAT I O N

In-Vivo Killer T Cell Generation is a Key Missing Link

8

Target cell

T CellCytotoxic T lymphocyte

Just scratching the surface

Still notable unmet needs

Great strides in new

immuno-oncology therapy

technologies enabling T cells

to perform their function

CD8+ T cells: targeted

destroyer of cancer and

infected cells in the body

Best-in-Class Functional T Cell Responses

Activated In-Vivo…

9

Phase II study of VGX-3100 HPV antigen generating

immunotherapy in high grade cervical dysplasia

*Statistically significant; bars are 95% Cl. IFN = interferon

VGX-3100800

600

400

200

0

0 5 10 15 20 25 30 35 40

Placebo

Study Week

VG

X-3

10

0 S

pe

cif

ic T

Ce

lls

(SF

U/1

06

PB

MC

s A

bo

ve

Ba

se

lin

e)

Treatment at wks 0, 4, & 12

* * * *

Correlated to Clinically Relevant Efficacy

10

Phase II study of VGX-3100 HPV immunotherapy in high grade cervical

dysplasia meets primary and secondary endpoints

Ref: Trimble, C. et al The Lancet, Sep 2015

Implication: Broad Proof of Principle

11

Effective immune activating treatment

• Select and encode any antigen

• Simple injections into arm

• Generate antigen-specific CD8+ killer T cells

• Measurable in blood and observed in diseased tissue (tissue infiltrating T cells)

• Regress disease to normal

• Clear virus causing the disease

• Direct correlation between CD8+ T cells and efficacy

Immune system’s disease fighting

mechanisms are common across

all diseases

• Data supports utility of SynCon® products

across cancers and infectious diseases

Favorable safety profile

shown in over 600 treated

subjects (without serious

adverse events)

Strategic Implications for Immuno-Oncology

A minority of tumors have T cell responses that can respond to immune checkpoint

inhibition—and even against those tumors, checkpoint inhibitors are only realizing

20—40% response rates

12

Taking immuno-oncology to the next level, and leveraging the encouraging results

of checkpoint inhibitors, requires better T cell generation

“You can block all the

PD-L1 in the world but it

means nothing without

infiltrating T cells”

— Roy Herbst, Yale

“In the majority of patients,

T cells either need to be trafficked

to the tumor, T cells need to be

generated or both in order to see

higher response rates with the

checkpoints”

— Michael Atkins, Georgetown

Immuno-Oncology Clinical and Commercialization Strategy

13

Monotherapies | Single agent, multi-antigen T cell

activating immunotherapies: potential in specific scenarios such

as early stage or slowly progressing cancers1

Combination Therapies With Partners | Combine Inovio

antigen-generating immunotherapies with third party checkpoint

inhibitors or other immuno-oncology products2

Combination Therapies In-House Using DNA-Based

Monoclonal Antibodies (dMAbs) | Keep product

development, IP, and downstream profit under one roof; strategic

power/flexibility

3

Validating Immuno-Oncology Partnership

14

ProductsINO-3112 HPV-driven cancer

+ 2 new R&D products

Upfront

Payment$27.5 million

Milestone

Payments$700 million

Royalties

Up to double digit tiered royalties on INO-3112

+ royalties for additional cancer vaccine

products

AstraZeneca/MedImmune(August 2015)

MedImmune intends to study INO-3112 in combination with

selected immunotherapy molecules within its pipeline.

What We Are Doing NowP R I M A R Y F O C U S : A N T I G E N / T C E L L

G E N E R AT I O N F O R I M M U N O - O N C O L O G Y

Antigen-Generating/T Cell Activating SynCon® Products

16

Product Name Indication Preclinical Phase I Phase II

VGX-3100

INO-5150

INO-1400

Phase III

INO-3112

Breast/Lung/Pancreatic Cancers

Therapeutic

Prostate Cancer Therapeutic

Head & Neck Cancer

Cervical and Head & Neck Cancer Therapeutic

Cervical Dysplasia Therapeutic

Aerodigestive Cancer TherapeuticINO-3106

INO-1800 Hepatitis B Therapeutic

EbolaINO-4212

Preventive

PENNVAX®-GP HIVPreventive/

Therapeutic

INO-8000 Hepatitis C Therapeutic

Preventive/

Therapeutic

EXTERNALLY FUNDED

Infectious Disease

Programs

INTERNALLY

FUNDED

Cancer Programs

EXTERNALLY

FUNDED

Cancer Programs

GLS-5300 MERSPreventive/

Therapeutic

VGX-3100 Phase II Study: HPV Cervical Dysplasia

17

Placebo-Controlled,

Randomized, Double Blind

• Targets: HPV 16/18 E6/E7

oncogenes

• 148 subjects

• 18-55 year old females

• High-grade cervical

dysplasia (CIN2/3)

• HPV 16 and/or

18 positive

• 3:1 randomization

Primary Endpoint

• Regression of CIN2/3

to CIN1 or normal

(6 months post third

dose: week 36)

Secondary Endpoint

• Regression of CIN2/3

to CIN1 or normal and

clearance of HPV

Phase II: Clinically Significant Efficacy; Achieves Endpoints

18

• Efficacy correlates to immune responses

• PP and mITT p-values equal

• Paper published in The Lancet

Regression High Grade

to Low Grade Cervical

Dysplasia or Normal

Dysplasia Regression

to Low or Normal AND

HPV Clearance

Lesion

Regression

to Normal

VGX-3100 49.5% 40.2% 40.2%

Control 30.6% 14.3% 16.7%

Difference 18.9% 25.9% 23.5%

P-Valuep=0.017strata-adjusted

p=0.001strata-adjusted

p=0.006strata-adjusted

Groups

Primary

Endpoint

Secondary

Endpoint

Primary –

Post Hoc

Data Supports Advancing HPV Immunotherapy

HPV Dysplasias

• Potential as first non-surgical

treatment option for cervical dysplasia

• First-line therapy to pre-empt surgery

Phase III

• Planned start 2016

• Scaling biologic and

electroporation device

production

• End-of-phase-II FDA

meeting by year end

• Market, pricing and

payor research

• Planning other HPV

anogenital dysplasia

studies

HPV Cancers

• MedImmune assumes development

of head & neck and cervical cancer

studies under strategic cancer

collaboration

19

US: 27,000

EU: 6,500

HPV-Caused Pre-Cancer Incidence

20

US: 220,000 – 270,000

EU: 260,000

US: 13,400

EU: 13,400

Annual incidences: US EU

HIGH GRADE CERVICAL DYSPLASIA

(CIN2/3)

HIGH GRADE VULVAR NEOPLASIA

(VIN)

HIGH GRADE ANAL NEOPLASIA

(AIN)

Cervical Dysplasia: Schiffman et al. Arch Pathol Lab Med (2003), Public Health England Cervical Cancer

Screening Programme, Stoler et al. Anatomic Path (2011), Castle et al. JNCI (2005), Mayrand et al. NEJM (2007)

Cancers: CDC, www.hpvcentre.net, WHO IARC

Cancer Programs

21

INO-3112

VGX-3100 + IL-12

HPV 16 & 18 driven

cancers

Antigens: E6 and E7

• Two phase I/II trials against cervical and head and neck cancer

underway; planned phase II trial against cervical cancer

sponsored by EORTC

• Interim head & neck data: 3 of 4 patients w/ robust CD8+ T cell

responses

New cancer products

partnered by MedImmune

• Co-develop two additional DNA-based cancer vaccine products

• MedImmune: exclusive rights to develop and commercialize

INO-1400

Antigen: hTERT

(+/- IL-12)

• Human telomerase reverse transcriptase associated with cancer

cell survival

• Over-expressed in 85% of cancers—potential “universal” cancer

therapy

• Phase I trial in 54 patients with breast, lung, or pancreatic cancer

INO-5150

Prostate cancer

Antigens: PSA and PSMA

(+/- IL-12)

• Phase I trial in 60 men with biochemically relapsed prostate

cancer

Inte

rna

lly F

un

de

dP

art

ne

r F

un

de

d

Infectious Disease Programs

22

INO-1800

Hepatitis B

Antigens: Surface

and core (+/- IL-12)

• Phase I trial in 126 patients

• Safety, immunogenicity & efficacy biomarkers

• Roche paying all development costs plus milestones

INO-8000

Hepatitis C

Genotypes 1a and 1b

Antigens:NS3/4A, NS4B &

NS5A

• Phase I trial at multiple study sites in Korea; planning an

additional clinical study in the U.S.

• Chronically infected hepatitis C patients

PENNVAX®-GP

HIV

Global subtype coverage

Antigens: 2 env, gag & pol

• Initiated phase I in collaboration with HVTN

• $25M grant from NIAID completed; new $16M grant will allow

further optimization research

INO-4212

Ebola

Antigen: GP protein

• Phase I trial (~75 healthy patients)

• Research funded by $45M DARPA award as part of multi-

faceted approach to prevent and treat Ebola

GLS-5300

MERS

Antigen: Spike protein

• Induced 100% protection from live virus challenge in monkeys

• Three animal models, including camels, in preclinical study.

Inte

rnally F

un

ded

Part

ner

Fu

nd

ed

Where Are We Going?

Multi-Antigen Products Position Inovio to be a Leader in

Immuno-Oncology

24

Encode for multiple

antigens to target

heterogeneous

tumors

Activate the immune

system to generate

cancer killing T cells

50+ well

characterized

antigens known to

have high levels of

over-expression in

cancer cells

Developing multi-antigen

cancer immunotherapies

based on unmet need,

commercial attractiveness,

and scientific rationale

Inovio will initiate a

new multi-antigen

cancer program in

2016

Partnership with

MedImmune to

develop two new

cancer products

Others (6)

dMAbs™: Multiple Immune Mechanisms & Products

Inovio’s DNA-based monoclonal antibody products target:

25

• Alzheimer's

• Parkinson’s

• Other

Cancer (10) Infectious Diseases (14)

• Influenza A

• Influenza B

• Pseudomonas

• MRSA/Staph

• Ebola

• MERS

• Dengue

• CHIKV

• Other infectious

diseases

• Checkpoint Inhibitors

(CI)

• PD-1

• PD-L1

• 4 additional CIs

• Herceptin

• Anti-Tregs

• Other anti-cancer

pathways

DARPA funded programs

Promising Preclinical Data & Notable Third Party Support

DARPA awards $57M to advance dMAb application and develop products for Ebola,

influenza and antibiotic resistant bacteria

26

0%

20%

40%

60%

80%

100%

Tu

mo

r C

lea

ran

ce

(%

)

Cancer dMAbProstate cancer model in mice

(Unpublished data)

dMAb (7 of 10) Control (0 of 10)

70%

0%0%

20%

40%

60%

80%

100%

Pro

tec

tio

n in

Ch

all

en

ge w

ith

Den

gu

e

Vir

us

(%

)

Dengue dMAb(Nature Scientific Reports 2015)

dMAb (10 of 10) Control (0 of 10)

100%

0%

dMAB™ Products: Development Milestones and Catalysts

27

> 6 new

publications

expected in the

next year

Two dMAb

scientific

publications

to date

Technology

development

fueled by two

DARPA grants

totaling $57M

Developing an

arsenal of over 30

dMAb products

(cancer, checkpoint

inhibitors, infectious

diseases, others)

First clinical

study using

dMAb product

planned

in 2016

Management & Financials

Peter Kies

CFO

• Ernst & Young

• Experience with

growth companies

Mark L. Bagarazzi, MD

CMO

• Clinical research

experience incl.

Merck

• Led

clinical/regulatory for

shingles and

rotavirus vaccines;

DNA vaccine expert

Management

29

J.Joseph Kim, PhD

President & CEO

• Decades of

biotechnology/

pharma

management

• Merck: hepatitis A

and B vaccines

manufacturing;

HIV vaccine (Ad5)

R&D

Niranjan Y. Sardesai,

PhD; COO

• Extensive biotech

management and

product development

experience

• Led diagnostics

development for

mesothelioma, bladder

cancer, and ovarian

cancer for Fujirebio

Diagnostics

Board of Directors

30

Nancy Wysenski, MBA

• Former COO of Endo

Pharmaceuticals and

Vertex Pharmaceuticals

Simon X. Benito

• Former Senior Vice

President, Merck

Vaccine Division

Avtar Dhillon, MD

Chairman, BOD

• Former President

& CEO, Inovio

Biomedical

Morton Collins, PhD

• General Partner,

Battelle Ventures and

Innovations Valley

Partners

Angel Cabrera, PhD

• President, George

Mason University

• Former President,

Thunderbird School of

Global Management

J. Joseph Kim, PhD

• President & CEO,

Inovio

Adel Mahmoud, PhD

• Professor, Princeton University

• Former President, Merck

Vaccines

• Responsible for Gardasil®,

Zostavax®, Proquad® and

Rotateq®

Scientific Advisory Board

31

Anthony W. Ford-

Hutchinson, PhD

• Former SVP,

Vaccines R&D, Merck

• Oversaw

development:

Singulair®, Januvia®,

Gardasil®,Zostavax®,

Proquad® and

Rotateq®

Stanley A. Plotkin, MD

• Developed rubella and

rabies vaccines

• Oversaw Sanofi

flu vaccine

• Emeritus Professor,

Wistar Institute

& University of

Pennsylvania

David B. Weiner, PhD

Chairman

• “Father of DNA

vaccines”

• Dept. of Pathology

& Laboratory

Medicine, University

of Pennsylvania

Philip Greenberg, MD

• Expert in T cell

immunology

• Head, Immunology

Program, Fred

Hutchinson Cancer

Research Center

Financial Information

32

1October 20, 2015 2June 30, 2015 3 Payable in Q3, 2015

Cash & short-term investments2 $154.6 M

Debt2 0 M

Cash runway 4Q 2018

Shares outstanding2 71.8 M

Recent share price1 $6.28

Market cap1 $450.9 M

Upfront payment: MedImmune 3 $27.5 M

Value Drivers and Milestones

34

20

15

/Earl

y

20

16

Report Ebola

vaccine phase I

immunogenicity and

safety data

End-of-phase II

FDA meeting

Published VGX-3100 HPV

phase II paper in

The Lancet

Launch MERS vaccine

phase I immunogenicity

and safety study

Report interim data

from phase I hepatitis C

trial

32

Value Drivers and Milestones

34

INO-3112 cervical cancer

phase II study initiation

with MEDI and EORTC

Initiate first dMAb

phase I trial

VGX-3100 phase III

study initiation

Report INO-1400

hTERT immunogenicity

data (interim)

Report INO-5150

prostate immunogenicity

data (interim)

20

16

Initiate clinical

studies for new

cancer targets

33

Value Drivers and Milestones

34

Additional corporate

development deals

Additional grant funding

BE

YO

ND

Investment Summary

36

Mono- & combo

therapy strategy

with DNA-based

antigens & mAbs

Best-in-class

efficacy data

from in vivo

immunotherapy

Missing link

to take T cell

therapies to

the next level

Entering

phase III

Applicable

to all cancers

and infectious

diseases

Validating

partnerships

with MedImmune

and Roche

Taking immunotherapy to the next level

Appendix

VGX-3100 Efficacy Visualized Through Tissue Stain

38

Wee

k 0

: C

IN3 p

ath

olo

gy

IHC Staining: Lesion/HPV

Wee

k 3

6: N

o s

ign

ific

an

t p

ath

olo

gy

IHC Staining: CD8 +

Regression: CIN3 HPV to Normal Persistent Presence of Killer CD8s

SynCon® Immune Control: Antigens and mAbs by Design

39

Identify pertinent disease-specific

antigens for target disease

Encode a DNA plasmid with genetic

code for each targeted antigen

T cells eliminate cells displaying

disease-specific antigen(s)

Immune system recognizes

“foreign” antigens; activates antigen-

specific T cells and antibodies

Effective, efficient, safe in-vivo T cell and antibody activation

Cellular machinery uses genetic code

to produce encoded disease antigens

ANTIGENIC

PROTEINS

Deliver plasmids into human

cells using electroporation

CELLECTRA® 5PSP Electroporation Delivery Device