Revolutionizing the Fight Against Cancers and Infectious Diseases

Dr. Joseph Kim President & CEO NASDAQ: INO

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, 2013, our Form 10-Q for the quarter ended September 30, 2014, and other regulatory filings from time to time.

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Inovio: creating the path to an active immunotherapy with broad clinical utility

• Lead DNA immunotherapy product, VGX-3100, meets phase II efficacy endpoints; technology breakthrough for active immunotherapy field

• First clinically meaningful efficacy from T cells generated EXCLUSIVELY in vivo

• De-risking of pipeline products

• Best T cell responses in published clinical studies

• Favorable safety profile

• Validating partnerships

First-in-Class Efficacy from an Active Immunotherapy

Human Papillomavirus

Low Grade Cervical

Pre-cancer (CIN 1)

High Grade Cervical

Pre-cancer (CIN 2/3)

VGX-3100 Phase II Data: Building New Market Opportunity

• Treat HPV-associated pre-cancers and cancers • Phase II controlled trial regressed high grade

cervical pre-cancer and cleared HPV • Fulfill unmet need, providing non-surgical

alternative for pre-cancerous lesions • Potential elimination of residual HPV in

untreated tissue • Advance into phase III for cervical pre-cancer

(CIN 2/3) in 2016 • Dominate post-HPV infection therapeutic

markets • Advance other HPV-associated pre-cancers

(vulvar, vaginal and anogenital neoplasias) and cancers (cervical, head and neck, and anogenital)

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Disease Progression

Cervical Cancer

Phase II: Study Design

• 148 subjects: 19-55 year old females with high-grade cervical dysplasia (CIN2/3)

• HPV 16 and/or 18 positive • 6 mg VGX-3100 or placebo(IM followed by EP)

Placebo-controlled, Randomized, Double

Blind

• Regression of CIN2/3 to CIN1 or Normal at six months post third dose (Week 36) Primary Endpoint

• Regression of CIN2/3 to CIN1 or Normal and • Clearance of HPV 16 and/or 18 genotype

detected during screen Secondary Endpoint

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0

10

20

30

40

50

60

Phase II: Efficacy Data Meets Primary and Secondary Endpoints

Histopathologic Regression to CIN1 or Normal (n=143)

49.5% (53/107)

30.6% (11/36)

Statistically significant difference (p=0.017; strata-adjusted)

Perc

ent

Histopathologic Regression to CIN1 or Normal AND Virological Clearance (HPV16 or 18) Incidence

(n=143)

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30

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50

60

40.2% (43/107)

14.3% (5/35)

Perc

ent

VGX-3100 Placebo VGX-3100 Placebo Statistically significant difference

(p=0.001; strata-adjusted)

• Efficacy data meets primary and secondary efficacy endpoints • High level of complete CIN 2/3 clearance • Robust HPV-specific T cell responses in majority of treated subjects, as in phase I • Treatment well-tolerated with only administration site redness • Data being published • Expect to initiate phase III trial in 2016 6

VGX-3100: Next Steps

EXPANSION OF HPV PROGRAM TO RELATED CANCERS AND PRE-CANCERS • Cervical cancer (Ph I/IIa initiated) • Head & neck (Ph I/IIa initiated)

• Anogenital cancers • VIN, PIN

ANALYSIS OF PHASE II DATA IN PROGRESS • Immunological analysis to further characterize T cell subsets is also

in progress. Phase II data will add to Phase I data which has already been extensively characterized (Bagarazzi, et al. Sci Transl Med 2012)

• Manuscripts are in preparation

PHASE III DEVELOPMENT UNDERWAY • Clinical and regulatory • Commercial EP device development • Quantitative market research

• Supply chain strategy • Pricing & reimbursement

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T cell Antigen-specific killer T cell

Target cell

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It’s All About the T Cells

• Inovio immunotherapies display best-in-class T cells in HIV and HPV human studies:

o Magnitude o Durability (memory) o “Killing tools”: granzyme and

perforin o Functional killing effect

• A new paradigm for generating

clinically relevant immune responses and efficacy

• Safe and well tolerated

CIN 2/3

Immuno-oncology Strategy: CIN 2/3 & Beyond

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Broad Medical and Market Opportunities

Product Name

INTERNALLY FUNDED

Indication Preclinical Phase I Phase II

Vgx-3100

Ino-5150

Ino-1400

EXTERNALLY FUNDED

pennvax®

Ino-3510

Ino-8000

ino-1800

Phase III

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INO-3112

INO-3112

Hepatitis C Therapeutic

Hepatitis B Therapeutic

influenza

Preventive

hiv

Preventive/ Therapeutic

Breast/lung / Pancreatic cancers

Therapeutic

Prostate cancer Therapeutic

Head & Neck Cancer Therapeutic

Cervical Cancer Therapeutic

Cervical dysplasia

Therapeutic

Preventive/ Therapeutic

Ebola

Aerodigestive Cancer Therapeutic

INO-3106

INO-4200

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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

LOW GRADE

CERVICAL DYSPLASIA

(CIN1)

US: ~1,400,000

EU5: ~1,300,000

HIGH GRADE

CERVICAL DYSPLASIA

(CIN2/3)

US: 270,800

EU5: 267,400

CERVICAL CANCER

US: 11,818

EU5: 14,043

OROPHARY-NGEAL

CANCER

US: 11,726

EU5: 13,932

Incident cases in the US and EU5:

HPV-Caused Pre-Cancers & Cancers: VGX-3100

HPV-Associated Cancer Treatments Already Enrolling

Phase I/IIa’s: INO-3112 (VGX-3100 + IL-12 DNA immune activator); HPV 16/ 18 related disease

Cervical Cancer • 20 women with cervical carcinoma • Safety, tolerability, immunogenicity • Cervical histology • Treated after chemoradiation

Head & Neck Squamous Cell Carcinoma • 20 men/women • Safety, tolerability, immunogenicity • Anti-tumor effects & progression free

survival • Arm #1: treated before/after tumor

resection • Arm #2: treated after chemoradiation

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hTERT-Associated Cancers: INO-1400

• Antigen: human telomerase reverse transcriptase (hTERT), an enzyme associated with cancer cell survival; overexpressed in 85% of cancers - potential “universal” cancer therapy

• (+/- IL-12 DNA immune activator)

• Phase I/IIa: 54 patients with breast, lung, or pancreatic cancers

• Safety, tolerability, immunogenicity

• Anti-tumor effects and progression free survival

• Trial launch: 4Q 2014

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anthrax Louis Pasteur

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

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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

Management

anthrax Louis Pasteur

J.Joseph Kim, PhD • President & CEO, Inovio

Adel Mahmoud, PhD • Professor, Princeton University

• Former President, Merck Vaccines

• Responsible for Gardasil®, Zostavax®, Proquad® and Rotateq®

Morton Collins, PhD • General Partner, Battelle Ventures and Innovations Valley Partners

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Simon X. Benito • Former Senior Vice President,

Merck Vaccine Division

Angel Cabrera, PhD • President, George Mason

University

• Former President, Thunderbird School of Global Management

Avtar Dhillon, MD Chairman, BOD

• Former President & CEO, Inovio Biomedical

Board of Directors

anthrax Louis Pasteur

Stanley A. Plotkin, MD • Developed rubella and rabies vaccines

• Oversaw Sanofi flu vaccine

• Emeritus Professor, Wistar Institute & University of Pennsylvania

Philip Greenberg, MD • Expert in T cell immunology

• Head, Immunology Program, Fred Hutchinson Cancer Research Center

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Thomas S. Edgington, MD • Founded multiple biotech companies;

extensively published

• Emeritus Professor, Scripps Research Institute

Anthony W. Ford-Hutchinson, PhD

• Former SVP, Vaccines R&D, Merck

• Oversaw development: Singulair®, Januvia®, Gardasil®, Zostavax®,

Proquad® and Rotateq®

David B. Weiner, PhD Chairman

•“Father of DNA vaccines”

• Dept. of Pathology & Laboratory Medicine, University of Pennsylvania

Scientific Advisory Board

Financial Information

Cash, cash equivalents & short-term investments2 $ 100.9 M

Debt2 0 M

Cash runway 4Q 2017

Shares outstanding2 60.5 M

Recent share price1 $9.44

Market cap1 $ 571.1 M

NASDAQ: INO

1Nov 19, 2014 2Sep 30, 2014

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Recent insider buying $2.75M

INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-5150 1H 2015 Initiate phase I

Prostate cancer

Vgx-3100 2016 Initiate phase III Cervical dysplasia

INO-3112 2Q 2014 Initiated phase I/IIa

Head & Neck Cancer

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Value Drivers

INO-3112 2Q 2014 Initiated phase I/IIa

Cervical Cancer

Ino-1400 4Q 2014 Initiate phase I/IIa

Breast/lung/ Pancreatic Cancer

PennVAX®

1Q 2015 Initiate PENNVAX-GP phase I HIV

Ino-8000 2015 Report interim phase I data Hepatitis C

Ino-1800 2015 Initiate phase I/IIa Hepatitis B

Ebola 1H 2015 Initiate phase I

INO-3106 3Q 2014 Initiated phase I

Aerodigestive Cancer

INO-4200

Best-in-class T cells to prevent, treat and cure

cancers and infectious diseases

Targeting broad range of

diseases and numerous

billion dollar markets

Breakthrough active immune

therapy technology with potential to save

lives

Validating partnership with Roche;

working toward more

deals

Phase II data shows clinically

significant efficacy

Investor Highlights

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Revolutionizing the Fight Against Cancers and Infectious Diseases

Strain 1

Strain X

Strain 2

Antigen Y

Antigen Y Antigen Y

T Cells by Design: Antigen-Specific, Optimized, Best-in-Class

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Identify gene sequence of selected antigen(s) from chosen strains/variants of the virus/cancer

Synthetically create optimal consensus gene sequence for the selected antigen – PATENTABLE

Insert SynCon® gene sequence for selected antigen into DNA plasmid.

SYNCON® DNA

Antigen consensus

sequence

DNA Plasmid

Designed to Break Tolerance or Provide Universal Protection

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SynCon DNA plasmid ready to manufacture.

Electroporation Delivery Plays a Vital Role

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DNA Immunotherapies: Disease-Specific T Cells by Design

It’s all about the T cells!

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SynCon®+ Electroporation: Significant Antigen Expression

Ref: Sardesai & Weiner Curr. Opin. Immunol. 2011

• 1000x increase in cellular uptake and antigen production/ expression

• >500 patents globally

Intramuscular Intradermal

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PENNVAX®: Highest CD8+ T Cell Responses for HIV Vaccine

Ref: Kalams et al JID 2013 26

A: 3X vaccination without EP B: 4X vaccination without EP C: 2x vaccination with EP (month 2) D: 3x vaccination with EP (month 4) E: Memory response (month 9)

A B C D E

• Best CD8+ T cell response in HIV clinical studies

• Durable T cell memory responses • Safe and well tolerated

0 1 2 3 4 5 6 7 8 9 Dosing Schedule (Months)

Inovio Beats Previous Gold Standard for T Cell Generation DNA/Electroporation vs Merck Ad5 Viral Vector (Non-Human Primates)

SIV Model: UPenn/Merck/Inovio Assay: Data Co-Published

T Cell ELISpot Assay T Cell Proliferation Assay

DNA + EP Ad5 DNA + EP Ad5

Ref: Hirao et al. Molecular Therapy, August 2010

Flow Cytometry Assay

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Ad5 DNA + EP Ad5 DNA + EP

Combined Cohorts Individual Dose Cohorts

VGX-3100 Induces Robust and Durable T Cell Responses

Bagarazzi, Yan, Morrow et al. Sci Transl Med 4, 155ra138 (2012)

• 14/18 (78%) subjects responded to at least one antigen • 13/18 (72%) responded to at least two antigens • 9/18 (50%) responded to all four antigens

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ELISpot Assay

0 1 2 3 4 5 6 7 8 9 Dosing Schedule (Months)

Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)

HPV16-, HPV18-Specific IFN-γ Production

Multi-parameter flow cytometry: CD4, CD8 activation phenotype

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HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin

Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)

CD8 cytolytic phenotype

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VGX-3100 Flow Cytometry – Functional Killing Assays

Inovio Confidential Bagarazzi, Yan, Morrow et al. Sci Transl Med 4, 155ra138 (2012)

Quantitative Assay

Qualitative Assay

• Patient pre-VGX-3100 PBMC are targets, post-VGX-3100 PBMC are effectors • Quantitative - PBMC added irrespective of Ag-specific CD8 frequency • Qualitative - PBMC normalized to account for Ag-specific CD8 frequency • Measure granzyme B delivery to targets

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Surgical Standard of Care for CIN2/3: LEEP

• High-voltage electrical arc at 100oC vaporizes a plane through the cervix, then fulguration using a cautery

• Black, particulate “coffee ground” discharge for weeks

IARC monograph 2003:Edited by J.W. Sellors and R. Sankaranarayanan 32

INO-1400: Potential Universal Cancer Therapy Targeting hTERT (overexpressed in 85% of cancers)

Yan J et al., Cancer Immunol Res. (2013) 33

Dharmapuri et al., Mol Ther. (2009)

T-cell generation: older generation DNA vaccine and electroporation device

SynCon® T-cell generation with CELLECTRA® electroporation device