INOVIO Pharmaceuticals Inc (Nasdaq:INO), a US-based biotechnology company involved in developing and commercialising DNA medicines to help treat and protect people from HPV-related diseases, cancer, and infectious diseases, announced on Thursday the pricing of a USD25m underwritten public offering.

The offering includes 14,285,715 shares of INOVIO's common stock and accompanying Series A warrants to purchase up to 14,285,715 shares of its common stock (or pre-funded warrants in lieu thereof) at an exercise price of USD1.75 per share of common stock and Series B warrants to purchase up to 14,285,715 shares of its common stock (or pre-funded warrants in lieu thereof) at an exercise price of USD1.75 per share of common stock, at a combined public offering price of USD1.75 per share of common stock and accompanying Series A and Series B warrants. All of the securities in the offering are being sold by INOVIO.

The offering is expected to close on or about 7 July 2025, subject to the satisfaction of customary closing conditions.

INOVIO has also granted the underwriters an option for a period of 30 days to purchase up to 2,142,857 additional shares of the company's common stock and Series A warrants to purchase up to 2,142,857 additional shares of its common stock and Series B warrants to purchase up to 2,142,857 additional shares of its common stock at the public offering price, less underwriting discounts and commissions.

Gross proceeds from the offering, before deducting the underwriting discounts and commissions and offering expenses payable by INOVIO, excluding any exercise of the underwriters' option to purchase additional securities and assuming no exercise of the accompanying Series A and Series B warrants, are expected to be approximately USD25m.

Piper Sandler & Co is acting as sole active book-running manager for the offering. Oppenheimer & Co Inc is acting as a passive bookrunner for the offering.