Revolutionizing the Fight

Against Cancers and

Infectious Diseases

Dr. J. Joseph KimPRESIDENT & CEO NASDAQ: INO

It’s All About the T-Cells

Forward Looking Statement

Our commentary and responses to your questions may containforward-looking statements, including comments concerningclinical trials and product development programs, evaluation ofpotential opportunities, the level of corporate expenditures,the assessment of Inovio’s technology by potential corporatepartners, capital market conditions, timing of events, cashconsumption and other subjects. Information concerningfactors that could cause actual results to differ materially fromthose set forth in our Annual Report on Form 10-K for the yearended December 31, 2014, our Form 10-Q for the quarterended June 30, 2015, and other regulatory filings from time totime.

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Licensing agreement and R&D collaboration • MedImmune acquired the rights to INO-3112

• Inovio retains the rights to VGX-3100• INO-3112 will be evaluated in combination with immune-oncology

molecules• Joint research on two additional DNA-based cancer vaccine products not in

Inovio’s pipeline

Financial Terms:• Upfront payment of $27.5 million• Development and commercial milestone payments amounting to $700

million• Up to double-digit tiered royalties on INO-3112 product sales• MedImmune will pay all developments costs

Further validation of the potential of Inovio’s DNA immunotherapies to fight cancer

Validating Partnership with MedImmune

Vital Weapon for Fighting Cancer and Infections: T Cells

Cytotoxic T lymphocyte

T cell

Target cell

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• Targeted destroyer of

unhealthy cells

• Great strides in new

immuno-oncology therapy

technologies enabling T

cells to perform their

function

• Still unmet needs

• Just scratching the surface

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An “Ideal” T Cell-Generating Immunotherapy?

Attributes

• Activate targeted, antigen-specific T cells

• Functional, with “killing tools” granzyme and perforin

• Robust in magnitude

• Persistent and durable over time

• In vivo (in the body) rather than ex vivo production

• No unwanted immune response against a vector

• No toxic inflammatory response

• Capable of breaking immune system tolerance to a

cancer

Inovio DNA Immunotherapies: T Cells by Design

IT’S ALL ABOUT THE

T CELLS

Identify pertinent disease-specific antigen(s)

Encode one or more DNA plasmids with genetic code for individual antigens

Deliver plasmids into cells, enabling them to produce antigen(s)

T cells eliminate cells displaying disease-specific antigen

Immune system responds to antigens; activates antigen-specific T cells

Effective, efficient, safe in vivo T cell activation

Cellular machinery uses DNA code to produce encoded disease antigens

ANTIGENIC PROTEINS

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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 infectionImmune activators

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

• Rapidly activates robust antibody responses

• Target infections or cancers (checkpoint inhibitors)

DNA-Based Monoclonal Antibodies

(dMAbs)

DNA Immunotherapy Platform: Multiple Applications

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Immuno-Oncology Development Strategy

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Monotherapy• Single agent T cell activating immunotherapies: potential in

specific scenarios (e.g. early stage or slowly progressing cancers)

Combination Therapies With Partners• Checkpoint inhibitors achieving 20-40% response rates; missing link

is robust T cell presence • Inovio immunotherapy: best-in-class T cells• MedImmune partners with Inovio; pursue combos

Combination Therapies In-House Using dMAbs• Inovio’s dMAb application encodes for checkpoint inhibitors to

overcome cancer detection avoidance• Brings all IP under one roof; strategic power/flexibility

Inovio Immuno-Oncology Pipeline

Product Name Indication Preclinical Phase I Phase II

Vgx-3100

Ino-5150

Ino-1400

Phase III

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INO-3112

INO-3112

Breast/lung / Pancreatic

cancers

Prostate cancer

Head & Neck Cancer

Cervical Cancer

Cervical dysplasia

Aerodigestive CancerINO-3106

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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

HIGH GRADE

CERVICAL

DYSPLASIA

(CIN2/3)

US:220,000 –270,000

EU5:

260,000

High Grade

Vulvar

Neoplasia

(VIN)

US:4,400 -27,000

EU5:6,500

High grade

Anal

Neoplasia

(AIN)

US:13,400

EU5:13,400

ORO-

PHARYNGEAL

CANCER

US:14,410

EU5:33,330

CERVICAL

CANCER

Annual incidences: US and EU5

HPV-Caused Pre-Cancers & Cancers

US: 12,900

EU5: 43,670

HPV driven cancers

Phase II: Study Design

• 148 subjects: 18-55 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: HistopathologicRegression of CIN2/3 to CIN1 or Normal

30.6%(11/36)

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

Post-Hoc Analysis: Regression of CIN2/3 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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N=140

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

Wee

k 0

: CIN

3 p

ath

olo

gy

IHC Staining: HPV

Wee

k 3

6: N

o s

ign

ific

ant

pat

ho

logy

IHC Staining: CD815

Powerful Impact of VGX-3100 Phase II T Cell & Efficacy Data

• Simple 3 monthly injections generated antigen-specific 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

• Non-surgical option for the treatment of CIN2/3 • Proof of principle regarding all HPV-related antigens and diseases • Advance other anti-cancer therapies (lung, breast, pancreas, prostate)• Virus (HPV) clearance supports other anti-viral therapies (HBV, HCV, HIV)

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Phase II results facilitate strategic cancer vaccine collaboration and license with MedImmune and support advancement into phase III HPV precancer trial

VGX-3100: Next Steps

EXPANSION OF HPV PROGRAM TO RELATEDCANCERS AND PRE-CANCERS• HPV cancers licensed to MedImmune for use in combination therapies• Inovio to pursue HPV pre-cancers

SCIENTIFIC PAPER IN PEER REVIEWED JOURNAL• 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 accepted in top-tier journal

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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• 20 men/women • Safety, tolerability, immunogenicity • Anti-tumor effects & progression free survival• Arm #1: treat before/after tumor resection• Arm #2: treat after chemoradiation

HPV-Associated Head & Neck Cancer Studies: INO-3112

Phase I/IIa clinical trialINO-3112 (VGX-3100 + IL-12 DNA immune activator)

HPV 16/ 18 related disease

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Head & Neck Squamous Cell Carcinoma

Being advanced as part of MedImmune’s license and combination strategy development plan with Inovio

• 126 women with cervical carcinoma• Safety & progression free survival at 18

months• INO-3112 administered during standard

chemo-radiotherapy (CRT) or during and after standard CRT as an adjuvant

• Funded by the EORTC

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

HPV-Associated Cervical Cancer Studies: INO-3112

Two clinical trials for cervical cancer: INO-3112 (VGX-3100 + IL-12 DNA immune activator)

HPV 16/ 18 related disease

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Phase I/II Cervical Cancer Phase II Cervical Cancer

Being advanced as part of MedImmune’s license and combination strategy development plan with Inovio

Phase I: INO-1400 +/- IL-12 DNA immune activator

Human telomerase reverse transcriptase (hTERT), associated with cancer cell survival

hTERT-Associated Cancers Study: INO-1400

• hTERT overexpressed in 85% of cancers - potential “universal” cancer therapy • 54 patients• Safety, tolerability, immunogenicity• Anti-tumor effects and progression free survival • Trial launched: 4Q 2014

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Breast, Lung, or Pancreatic Cancers

• Men with biochemically relapsed prostate cancer• Safety, tolerability, and immunogenicity of INO-5150 alone or in combination with

DNA-based IL-12 immune activator• Evaluating changes in PSA levels • Study initiated 3Q 2015

Prostate Cancer Study: INO-5150

Phase I clinical trialINO-5150 or INO-5150 + IL-12

Targeting PSA & PSMAProstate cancer

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Prostate Cancer

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Ino-3510

ino-1800Hepatitis B Therapeutic

influenza

EbolaINO-4212

Preventive

Pennvax®- B hiv

Pennvax®-GP hiv

Preventive/

Therapeutic

Preventive/

Therapeutic

Ino-8000 Hepatitis C Therapeutic

Product Name Indication Preclinical Phase I Phase II Phase III

Broad Medical/Market Opportunities: Infectious Diseases

Preventive/

Therapeutic

• 126 patients• Safety, tolerability, immunogenicity • Trial started: 2Q 2015• Roche paying all development costs plus milestones• 240M+ global market opportunity

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Hepatitis B Study: INO-1800

Phase I: INO-1800 +/- IL-12 DNA immune activator

Multi-antigen: HBV pan-clade surface antigens & core antigens

Chronic Hepatitis B Virus

Louis Pasteur

Peter KiesCFO• Ernst & Young

• Experience with growth companies

Mark L. Bagarazzi, MDCMO• Clinical research experience incl. Merck

• Led clinical/regulatory for shingles and rotavirus vaccines; DNA vaccine expert

J.Joseph Kim, PhDPresident & CEO

• Decades of biotechnology/ pharma management

• Merck: hepatitis A and B vaccines manufacturing; HIV

vaccine (Ad5) R&D

Niranjan Y. Sardesai, PhDCOO

• 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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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• Former COO of Endo

Pharmaceuticals and Vertex Pharmaceuticals

Louis PasteurStanley 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, PhDChairman

•“Father of DNA vaccines”

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

Scientific Advisory Board

Financial Information

Cash & short-term investments2 $ 154.6 M

Debt2 0 M

Cash runway 4Q 2018

Shares outstanding2 71.8 M

Recent share price1 $8.19

Market cap1 $ 588.0 M

NASDAQ: INO

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1Aug 10, 2015 2June 30, 2015 3 Payable in Q3, 2015

Upfront payment: MedImmune 3 $ 27.5 M

INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-14002016Report interim data

Breast, Lung, And

Pancreatic Cancer

Vgx-31002015 Publish data in med journalEarly 2016 Initiate phase IIICervical dysplasia

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Value Drivers

INO-3112 Phase I/II studies progressingHead & Neck and

Cervical Cancer

Ino-80002015Report interim phase I data

Hepatitis C

Ino-18002Q 2015Initiated phase I

Hepatitis B

Ebola2Q 2015Initiated phase I

INO-4212

Ino-51503Q 2015Initiated phase I

Prostate cancer

PennVAX® 3Q 2015 Initiate PENNVAX-GP phase I

HIV

INO-31122016Initiate phase II with EORTCCervical Cancer

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

partnerships with

MedImmune & Roche

Lead product achieved phase

II efficacy endpoints

Investor Highlights

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