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

J. Joseph Kim, Ph.D

President & CEO

Forward Looking Statement

2

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, 2015, our

Form 10-Q for the quarter ended March 31, 2016, and other

regulatory filings from time to time.

Inovio Highlights

3

VGX-3100

Phase II clinical proof of concept in pre-cancer

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

Published in The Lancet

Two pharma partnership deals

(~$1 billion in milestone payments)

Over $130M in non-dilutive grants/contracts in last six years

$146.8M in cash and short-term investments, Mar. 31

Highly experienced management team, board of directors, and

scientific advisory board

DNA-based immunotherapy and cancer vaccine technology

Cancers | Infectious Diseases

What We Do

Immune Activating Technology

• Genetic sequence encoded for specific

immune mechanism

• Activates target immune functions

directly in the body

• Highly optimized DNA plasmids

• Novel sequences patentable

Core Technology Leverages Synthetic Biology

5

Up-regulate

desirable immune

mechanisms

Optimize

manufacturing,

safety, with in vivo

mechanism

To fulfill unmet needs in:

CANCER | INFECTION

Multiple Immune Mechanisms, Products, Diseases. How?

In-vivo generation of immune components capable of fighting disease

6

Generate • SynCon®

antigens

• Monoclonal

antibodies

Activating • CD8+ killer T cells

• Polyclonal

antibodies

• Checkpoint

inhibition

• Tumor blocking

pathways

• Cytotoxicity

Products • Multi-antigen

• Monotherapies

• Combinations

• Prevention

• Treatment

Disease Targets • Cancer • Infectious

diseases

Driving synthetic biology

to achieve vital immune

activation outcomes

Encoded 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

What does an Effective T Cell Activating Immunotherapy

Need to Accomplish?

8

Target cell

T CellCytotoxic T lymphocyte

Must be CD8+ killer T cells

Induce significant T cells in vivo

Antigen-specific

Activated with killing function

Go to diseased tissue

Seek and destroy diseased cells

The Proof: VGX-3100 Phase II in HPV Cervical Dysplasia

9

Placebo-Controlled,

Randomized, Double Blind

• Targets: HPV 16/18 E6/E7

oncogenes

• 167 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

Best-in-Class Functional T Cell Responses

Activated In Vivo…

10

Phase II study of VGX-3100 HPV antigen generating

immunotherapy in high grade cervical dysplasia

*Statistically significant; bars are 95% Cl

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

* * * *

• 167 subjects

• Paper published in The Lancet September 2015

Phase II Achieves Endpoints: Clinically Significant Efficacy

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• Efficacy correlates to immune responses

• PP and mITT p-values equal

• 167 subjects

• Paper published in The Lancet September 2015

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

VGX-3100 Efficacy Visualized:

Lesion/HPV Clearance and Tumor Infiltrating T Cells

12

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

Significant increase

of infiltrating

CD8+ T Cells

Proof of Principle: Technology and VGX-3100 Product

- A “First Ever” Result

13

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)

Data Supports Advancing HPV Immunotherapy

• Potential as first non-surgical

treatment option for cervical dysplasia

• First-line therapy preceding surgery

Phase III

• Scaling biologic and

electroporation device

production

• End-of-phase-II FDA

meeting 1H 2016

• Market, pricing and

payor research

• Planned start 2016

• Targeting other HPV-caused

neoplasia indications

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EU: 15,000

HPV 16/18-Caused Pre-Cancer Annual Incidence

15

US: 195,000

EU: 233,000

US: 13,400

EU: 2,514

Annual incidences: US EU31

HIGH GRADE CERVICAL DYSPLASIA

(CIN2/3)

HIGH GRADE VULVAR NEOPLASIA

(VIN)

HIGH GRADE ANAL NEOPLASIA

(AIN)

Sources: Bruni L, Barrionuevo-Rosas L, Albero G, Aldea M, Serrano B, Valencia S, Brotons M, Mena M, Cosano

R, Muñoz J, Bosch FX, de Sanjosé S, Castellsagué X. ICO Information Centre on HPV and Cancer (HPV

Information Centre). Human Papillomavirus and Related Diseases in United States of America. Summary Report

2015-03-20., Henk et al J Low Genit Tract Dis (2010), Insigna et al, Am J Obs Gyn (2004), Hartwig et al.

Papillomavir. Res (2015), CDC, www.hpvcentre.net, WHO IARC

US: 23,000

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

16

Leveraging the encouraging results of checkpoint inhibitors and taking

immuno-oncology to the next level 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

17

Monotherapies | Single agent, multi-antigen T cell

activating immunotherapies targeting 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 | Combine Inovio antigen-

generating immunotherapies with proprietary checkpoint inhibitors

or other immuno-oncology products based on DNA-based

monoclonal antibodies (dMAbs). Keep product development, IP, and

downstream profit under one roof; strategic power/flexibility

3

Validating Immuno-Oncology Partnership

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ProductsINO-3112 HPV-driven cancer

+ 2 new R&D products

Upfront

Payment$27.5 million

Development

CostsAll development costs

Milestone

Payments$700 million

RoyaltiesUp 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 immuno-oncology molecules within its pipeline

Where Are We Going?

Antigen-Generating/T Cell Activating SynCon® Products

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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

Cervical and Head & Neck Cancer Therapeutic

Cervical Dysplasia Therapeutic

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

INO-5400 Cancer Target Therapeutic

ZikaPreventive/

TherapeuticGLS-5700

Multi-Antigen Products Position Inovio to be a Leader in

Immuno-Oncology

21

Develop multi-antigen

cancer immunotherapies

based on scientific rationale,

unmet need, and

commercial attractiveness

Create DNA plasmids for

multiple antigens to target

heterogeneous tumors

50+ well

characterized

antigens known to

have high levels of

over-expression in

cancer cells

Partnership with

MedImmune to develop

two new cancer products

Inovio will initiate a

new multi-antigen

cancer program in

2016

Plan strategic

checkpoint inhibitor

combinations

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

23

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

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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®

David B. Weiner, PhD

• “Executive VP, The

Wistar Institute;

Director, Vaccine

Center

Scientific Advisory Board

25

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”

• Executive VP, The

Wistar Institute;

Director, Vaccine

Center

Philip Greenberg, MD

• Expert in T cell

immunology

• Head, Immunology

Program, Fred

Hutchinson Cancer

Research Center

Financial Information

26

1May 20, 2016 2March 31, 2016

Cash & short-term investments2 $146.8 M

0 MDebt2

Shares outstanding2 72.3 M

Recent share price1 $10.45

Market cap1 $755.5 M

Value Drivers and Milestones

34

20

16

VGX-3100 End-of-phase II

FDA meeting

VGX-3100 phase III

study initiation

Report top-line Ebola vaccine

phase I immunogenicity and

safety data

27

INO-3112

Conduct checkpoint

inhibitor combo study

Report Zika large

animal data

Value Drivers and Milestones

34

20

16 Initiate clinical study for

INO-5400

Report INO-5150

prostate immunogenicity

data (interim)

Report INO-1400

hTERT immunogenicity

data (interim)

Initiate phase I study

for Zika vaccine

28

Report on MERS vaccine

phase I immunogenicity

and safety study

Publish Ebola clinical

data in peer-reviewed

manuscript

Value Drivers and Milestones

34

Additional corporate

development deals

Additional external

funding

BE

YO

ND

29

Investment Summary

30

Mono- & combo

therapy strategy

with DNA multi-

antigen & mAb

products

Best-in-class

efficacy data

from in vivo

immunotherapy

Missing link

to take T cell

therapies to

the next level

Multi billion dollar

potential across

all cancers

and infectious

diseases

Entering

phase III

3rd party

validation:

MedImmune,

Roche, DARPA,

NIAID, Lancet

Taking immunotherapy to the next level

Appendix

SynCon® Immune Control: Antigens and T Cells by Design

32

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

Perforin

Gra

nu

lys

in

Gra

nzym

e A

Gra

nzym

e B

• Lytic phenotype: patient PBMCs stimulated 120 hours in vitro with antigen. No co-

stimulation; no cytokine added at any time.

• Activation markers: CD38, CD69, CD137

• Lytic proteins: perforin, granzyme A, granzyme B, granulysin

INO-3112 Drives Antigen Specific CD8+ T Cells with Lytic

Phenotype in Patient with HPV16/18 Head & Neck Cancer

33

HPV 16/18

Specific CD8+

T Cell

Activation and

Expression of

Lytic Proteins

HPV 16/18

Specific

Binding

Antibody

Titers

10 of 10 patients show

cellular responses

to INO-3112

10 of 10 patients show

humoral responses

to INO-3112

Inovio Pharmaceuticals: Proprietary Data; Sardesai et al. Presentation at World Vaccine Congress, Washington DC (2015)

INO-3112 CD8+ Activation, Lytic Protein Synthesis, and Humoral Immune

Responses to HPV 16/18 Head & Neck Cancer Patient

34

dMAB™ Products: Development Milestones and Catalysts

35

> 6 new

publications

expected in the

next year

Two dMAb

scientific

publications

to date

Technology

development

fueled by two

DARPA grants

totaling $57M

Advance a

portfolio of over 30

dMAb products

(cancer, checkpoint

inhibitors, infectious

diseases, others)

First clinical

study planned for

2016

dMAbs™: Multiple Immune Mechanisms & Products

Inovio’s DNA-based monoclonal antibody products target:

36

Cancers Infectious Diseases

• 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 dMAb Data

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

influenza and antibiotic resistant bacteria

37

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%

CELLECTRA® 5PSP Electroporation Delivery Device

38