Revolutionizing the Fight Against Cancers and Infectious Diseases

Dr. J. Joseph Kim PRESIDENT & CEO NASDAQ: INO

It’s All About the T-Cells

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 and other regulatory filings from time to time.

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A Highly Compelling Weapon: T Cells

Cytotoxic T lymphocyte

T cell

Target cell

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A Highly Compelling Weapon: T Cells

Cytotoxic T lymphocyte

T cell

Target cell

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• T cells: vital to fighting disease

But… • Can we help T cells

recognize evasive cancers or mutating infectious diseases?

• Can we enhance their targeting, speed and magnitude?

• Great strides in new immunotherapy technology

• Just scratching the surface

Is There an “Ideal” T Cell-Generating Immunotherapy?

Effective, efficient, safe…

Attributes • Well-targeted, antigen-specific • Not dependent upon being patient specific • Functional, with “killing tools” granzyme and perforin • Robust in magnitude • Persistent and durable over time • No unwanted immune response against a vector • No toxic inflammatory response • Capable of breaking tolerance

The ideal T cell generator would be an active immunotherapy. Does not bypass the immune system’s inherent capabilities and controls.

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Inovio Active DNA Immunotherapies: It’s All About the T Cells

IT’S ALL ABOUT THE T CELLS

Identify pertinent disease-specific antigen(s)

Encode DNA plasmid with genetic code for antigen

Deliver plasmids into cells in the body (in vivo), enabling them to produce antigen

T cells eliminate cells displaying disease-specific antigen

Immune system activates antigen-specific T cells

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Effective, efficient, safe in vivo T cell activation

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• Activate disease-specific CD8+ killer T cells and antibodies

Antigen targeting immunotherapies &

vaccines

• Enhance immune response activation • Impact durability of immune responses • Drive immune responses to sites of infection

Immune activators

• Simplified design, product stability, better manufacturing, dosing, and cost effectiveness

• Rapidly activates sufficient quantities of specific antibodies

Monoclonal antibodies

(DNA-based)

DNA Immunotherapy Platform: Multiple Applications

Broad Medical and Market Opportunities

Product Name

INTERNALLY FUNDED OTHER Cancer Programs

Indication Preclinical Phase I Phase II

Vgx-3100

Ino-5150

Ino-1400

EXTERNALLY FUNDED Infectious Disease Programs

Ino-3510

ino-1800

Phase III

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INO-3112

INO-3112

Hepatitis B Therapeutic

influenza

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-4212

Preventive

INTERNALLY FUNDED HPV programs

Pennvax®- B hiv

Pennvax®-GP hiv

Preventive/ Therapeutic Preventive/ Therapeutic

Ino-8000 Hepatitis C Therapeutic

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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

ORO-PHARYNGEAL

CANCER

US: 11,726

EU5: 13,932

Anogenital cancer

Annual incidences: US and EU5

HPV-Caused Pre-Cancers & Cancers

US: 9,530

EU5: 15,288

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Normal Cervical Intraepithelial Neoplasia

(CIN3) Invasive Cancer

If untreated, moderate/severe cervical dysplasia (CIN2/3) may progress to invasive cancer

Preventing Cervical Cancers: New Market Opportunity

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Non-Surgical Treatment of Cervical Dysplasia Desired

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

• LEEP (Loop Electrosurgical Excision Procedure) uses high-voltage electrical arc at 100oC to vaporize a plane through the cervix • Invasive; associated with pre-term births; does not clear HPV in untreated tissue

• Market research: patient and physician desire for non-surgical first-line alternative • Non-invasive; eliminate HPV in untreated tissue; avoid potential risks to birthing

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)

at weeks 0, 4, and 12

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: Regression of Cervical Lesions to CIN 1 or Normal

Pre-Specified 1° Endpoint: Histopathologic Regression to CIN1 or Normal

30.6% (11/36)

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

Post-Hoc Analysis: Regression to Normal

0

10

20

30

40

50

60

40.2% (43/107)

16.7% (6/36)

Perc

ent

VGX-3100 Placebo VGX-3100 Placebo Statistically significant difference

(p=0.006; strata-adjusted)

Overall Histopathologic Regression Incidence Per-Protocol Population (N=143)

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49.5% (53/107)

Perc

ent

Phase II: Clinically Significant Efficacy; Achieves Endpoints

49.5% (53/107)

30.6% (11/36)

Histopathologic Regression to CIN1 or Normal AND Virological Clearance (HPV16 or 18) (n=143)

0

10

20

30

40

50

60

40.2% (43/107)

14.3% (5/35)

Perc

ent

VGX-3100 Placebo

Statistically significant difference (p=0.001; strata-adjusted)

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VGX-3100 Generates HPV-16 and HPV-18 T Cell Responses

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Regression of CIN3 to Normal and HPV Clearance Observed in VGX-3100 Treated Patient (via IHC) Over 36 Weeks

Wee

k 0:

CIN

3 pa

thol

ogy

IHC Staining: HPV

Wee

k 36

: No

sign

ifica

nt

path

olog

y

IHC Staining: CD8 16

Powerful Impact of VGX-3100 Phase II Efficacy Data

• Non-surgical option for the treatment of CIN2/3

• Simple 3 monthly injections generated CD8 killer T cells

• Measured in blood

• Observed in cervical tissue (tissue infiltrating T cells)

• Direct correlation found between CD8 T cells and efficacy

• Demonstrated phase II efficacy and safety

• Regressed disease to normal

• Cleared virus which caused the disease

• Disease regression: expand into other HPV-caused diseases

• Advance other anti-cancer therapies (lung, breast, pancreas, prostate)

• Virus (HPV) clearance supports other antiviral therapies (HBV, HCV, HIV)

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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

PREPARED SCIENTIFIC PAPER FOR PEER REVIEW • Completed immunological analysis to characterize T cell subsets.

Phase II data adds to phase I data, which was extensively characterized (Bagarazzi, et al. Sci Transl Med 2012)

• Manuscript prepared for submission

PHASE III PLANNING FOR EARLY 2016 LAUNCH • Clinical and regulatory • Scale up immunotherapy production • Market research

• Supply chain strategy • EP device production • Pricing & reimbursement

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HPV-Associated Cancer Studies Enrolling: INO-3112

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 • Treat after chemoradiation

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

survival • Arm #1: treat before/after tumor resection • Arm #2: treat after chemoradiation

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hTERT-Associated Cancers: INO-1400

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

• +/- IL-12 DNA immune activator

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

• Safety, tolerability, immunogenicity

• Anti-tumor effects and progression free survival

• Trial launched: 4Q 2014

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• Multi-antigen: HBV clades A & C surface antigens & HBV core antigens

• +/- IL-12 DNA immune activator • Phase I: patients with chronic HBV

infection • Safety, tolerability, immunogenicity • Trial initiation: 1H 2015 • Roche paying all development costs plus

milestones

• 350M+ global market opportunity

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Hepatitis B: INO-1800

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

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

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anthrax 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

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

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Nancy Wysenski , MBA • Founder & Board Member,

Research Triangle Park Chapter of the Healthcare Businesswomen's

Association

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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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 $ 93.6 M

Debt2 0 M

Cash runway 4Q 2017

Shares outstanding2 60.7 M

Recent share price1 $8.42

Market cap1 $ 511.1 M

NASDAQ: INO

1Mar 16, 2015 2Dec 31, 2014 3 From Q3 20142

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Insider buying3 > $2.75M

INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-1400 4Q 2014 Initiated phase I

Breast, Lung, And Pancreatic Cancer

Vgx-3100 2016 Initiate phase III Cervical dysplasia

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Value Drivers

INO-3112 2H 2015 Report interim data

Head & Neck and Cervical Cancer

Ino-8000 2015 Report interim phase I data

Hepatitis C

Ino-1800 1H 2015 Initiate phase I

Hepatitis B

Ebola 1H 2015 Initiate phase I INO-4212

Ino-5150 1H 2015 Initiate phase I

Prostate cancer

PennVAX®

1H 2015 Initiate PENNVAX-GP phase I HIV

Best-in-class immune

responses to fight cancers

and infectious diseases

Targeting broad range of billion dollar disease

markets

Breakthrough in vivo T cell generating technology

Validating partnership with Roche

Lead product achieved phase

II efficacy endpoints

Investor Highlights

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Revolutionizing the Fight Against Cancers and Infectious Diseases

It’s All About the T-Cells

It’s All About the T-Cells