INO-4800: A vaccine for the prevention

of COVID-19Sept 2020

:INO

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Forward-Looking Statements

This presentation includes statements that are, or may be deemed, “forward-looking statement,” within the meaning of Section 27A of the Securities Act of 1933, as amended. All statements, other

than statements of historical facts, included in this presentation regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of

management are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,”

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expressions intended to identify forward-looking statements.

You should not place undue reliance on these forward-looking statements. Forward-looking statements include, but are not limited to, statements about: the timing and success of preclinical studies

and clinical trials; the ability to obtain and maintain regulatory approval of our product candidates; the scope, progress, expansion and costs of developing and commercializing our product

candidates; our expectations regarding the amount and timing of our expenses and revenue; the sufficiency of our cash resources, plans for the use of our cash resources and needs for additional

financing; our ability to adequately manufacture our product candidates; our ability to obtain and maintain intellectual property protection for our product candidates; our expectations regarding

competition; the size and growth of the potential markets for our product candidates and the ability to serve those markets; the rate and degree of market acceptance of any of our product

candidates; our anticipated growth strategies; the anticipated trends and challenges in our business and the market in which we operate; our ability to establish and maintain development

partnerships; our ability to attract or retain key personnel; our expectations regarding federal, state and foreign regulatory requirements; regulatory developments in the United States and foreign

countries and other factors that are described in the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on

Form 10-K for the year ended December 31, 2019 and Form 10-Q for the quarter ended March 31, 2020, which have been filed with the Securities and Exchange Commission (SEC) and are

available on the SEC's website at www.sec.gov.

In addition, the forward-looking statements included in this presentation represent INOVIO's views as of the date hereof. INOVIO anticipates that subsequent events and developments may cause

its views to change. However, while INOVIO may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so, except as

may be required by law. These forward-looking statements should not be relied upon as representing INOVIO's views as of any date subsequent to the date of this presentation.

Third-party industry and market information included herein has been obtained from sources believed to be reliable, but the accuracy or completeness of such information has not been

independently verified by, and should not be construed as a representation by, INOVIO. The information contained in this presentation is accurate only as of the date hereof. “Inovio” and the Inovio

logo are trademarks and service marks of INOVIO. All other trademarks, service marks, trade names, logos and brand names identified in this presentation are the property of their

respective owners.

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FIRST to Show Complete

Response in Phase 1 w/2 PD-1s

for Head and Neck Cancer (MEDI0457)

FIRST dMAb™ Plasmid in Phase 1 for Zika (INO-A002)

FIRST to Show Clearance of

High-Risk HPV 16/18 in Phase 2b Trial (VGX-3100)

FIRST DNA Medicine in Phase 3

Clinical Trials (VGX-3100 for Precancerous Cervical Dysplasia)

In Vivo Immune Responses for “Off-the-Shelf” Speed, Efficiency

Extensive Patent PortfolioProtecting Technology Platform

Safe and Robust Immune Responses in More Than 2,000 Patients

Precisely Designed Plasmids Delivered Through Proprietary Smart Device

INOVIO is at the forefront of a new decade of DNA Medicines

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EFFICACY

• Generation of broad and robust immune

responses B and Killer T cell responses

• Generation of neutralizing antibodies

• Generate immune responses in an elderly

population

• Multi-antigen immunotherapy/protection offered

in a single vial

• First to demonstrate clinical efficacy of a DNA

vaccine combined with delivery technology

• Multiple published reports of protection

(MERS, Lassa, Influenza, Ebola, Zika) in

preclinical animal studies

• No Anti-Vector immunity generated, unlike viral

vector vaccines

• May serve as a universal booster

• Stable at room temperature (25°C) for >1 year

and at 37°C for >2 months

• Favorable cold chain needs for vaccine

transportation vs competitive MoAs

• DNA product stored in optimized buffer for > 5

years refrigerated storage (2-8°C)

BREADTH OF

IMMUNE RESPONSESTABILITY OF PRODUCT

SAFETY PROFILE DURATION OF RESPONSE SPEED TO MARKET

• Immune responses detected 3 years post

immunization

• Demonstration of protection 12 months+

following immunization in preclinical studies

• Over 2,000 subjects treated in the clinic with

INOVIO DNA + delivery technology, resulting in

over 6,000 doses of DNA delivered

• Agile design of vaccine candidate

• Rapid and scalable manufacturing

• Harness established regulatory platform

• 100M 1mg doses in 2021, target of 200M+ in

2022

INOVIO’s DNA Medicines Platform is uniquely positioned to address

COVID-19

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OPTIMIZED PLASMID DESIGN AND DELIVERY TECHNOLOGY

PRECISELY

DESIGNED PLASMIDS(SynCon®)

PROPRIETARY

SMART DEVICE(CELLECTRA®)

IN VIVO

Precision medicine designed to identify and

optimize the specific DNA antigen combatting

the virus or tumor

Triggers natural production of T-cells

and immune response within the

patient's own cells

Enables enhanced cellular delivery overcoming

a key limitation of other approaches such as

mRNA

Our proprietary technology is optimized through plasmid design and

delivery technology

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6.Protective antibodies and killer T

cells produced by immune system

against diverse strains of a virus

or cancer

INOVIO DNA medicines power a patient’s immune system to generate functional

antibodies and killer T cells in vivo to fight cancer and infectious disease

DNA

Medicine

Sequence 1 EMEKIVLLFAIV…SL

Sequence 2 AMESIVLLFAIV…SL

AMEKIVILLFAIV…SK

AMEKIVILLFAIV…SL

Sequence X

Consensus

4.Insert SynCon sequence for each

selected antigen into a separate

precisely designed plasmid

5.Manufacture DNA medicine

and deliver into muscle or skin

using CELLECTRA® proprietary

smart device

Antigen

Y

Antigen Y

Strain X

Strain 2

Antigen

Y

Strain 1

3.Create optimal Consensus

Sequence for the selected

antigen

1.Identify diverse

strains/variants of a

target virus or cancer

2.Assess gene sequence

of selected antigen(s) from

chosen strains/variants of

the virus or cancer

DNA

Medicine

The technology powers a potent antigen specific immune response

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Our technology has been leveraged across various therapeutic areas

in 15 clinical programs

INTERNALLY FUNDED EXTERNALLY FUNDED

PRODUCT INDICATION ANTIGEN PRECLINICAL PHASE 1 PHASE 2 PHASE 3 PARTNER/COLLABORATOR/FUNDER

VGX-3100

Precancerous Cervical Dysplasia (HSIL)

HPV 16 E6, E7/

HPV 18 E6, E7(China; INOVIO maintains global rights)

Precancerous Vulvar Dysplasia (HSIL)

Precancerous Anal Dysplasia (HSIL)

INO-3107 Recurrent Respiratory Papillomatosis (RRP)HPV 16 E6, E7/

HPV 11 E6, E7

MEDIO457Head & Neck Cancer HPV 16 E6, E7/

HPV 18 E6, E7Cervical, Anal, Penile, Vulvar Cancers

HPV-TARGETED

IMMUNO-ONCOLOGY (NON HPV-ASSOCIATED)

INO-5401 Glioblastoma Multiforme (GBM)

INO-5151 Prostate Cancer

PENNVAX-GP HIV Gag, pol, env

INO-4201 Ebola Glycoprotein

INO-4700 (GLS-5300) MERS Spike

INO-4600 (GLS-5700) Zika Glycoprotein

INO-4500 Lassa Fever Glycoprotein

INO-4800 COVID-19 (Coronavirus) Spike

INFECTIOUS DISEASES (NON HPV-ASSOCIATED)

dMAbTM (DNA-ENCODED MONOCLONAL ANTIBODIES)

INO-A002 Zika Glycoprotein

INO-4800: A DNA vaccine in response to the COVID-

19 outbreak

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Inovio has engaged with multiple partners to rapidly accelerate

access to a COVID vaccine, including:

Scale

We are part of a global effort to advance the development of a COVID

vaccine

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Building on Prior Experience

Leveraging experience in developing

a MERS Vaccine

Acting on promise of INO-4800

Robust and rapid response in early

preclinical and clinical studies

Addressing EUA and Expanded Use

INO-4800 target profile meets EUA and

expanded use regulatory requirements

INOVIO’s development is founded on promising early data, regulatory

agency engagement, and prior experience

• Robust and rapid humoral and T cell responses

in animal studies

• Protection demonstrated in murine and NHP

challenge studies. ACE-2 blocking, pseudovirus

neutralization, and IgG detected in BAL

• 100% of Phase 1 trial participants demonstrated

overall immunological response rates based on

preliminary data assessing humoral (binding and

neutralizing) and T cell immune responses

• INO-4800 was generally safe and well-tolerated

in all participants in both cohorts through week 8

of Phase 1 trial

• Targeting at least 70% efficacy defined as the

absence of confirmed symptomatic COVID-19

disease

• Generation of antigen specific memory immune

responses to vaccine (CD4+/CD8+ T cells,

Bab/Nab titers), expected to meet EUA

requirements

• Immune system response for earlier strain of

virus as well as the mutant variant (D614G) that

has emerged

• Duration of response target > 1 year

Preclinical

• 100% protection from clinical disease in primate

model after 2 immunizations

• 75% protection after a single immunization

• Strong cellular and humoral responses after 1 or 2

doses (NHP, camels and mice)

Clinical

• Phase 1 (US) and Phase 2 (Korea) data generated

• 76% seroconversion after single immunization

• Over 80% seroconversion after two immunizations

• Strong and broad cellular responses noted at

all time points

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Preclinical PackageCompleted Phase I and Rapid Advancement

into Phase 2 / 3

Generating preclinical (immunogenicity &

neutralization assay) package along with animal

challenge data that supports the clinical

program and enables potential EUA

Completed human Phase I studies to demonstrate

safety, tolerability, and immunogenicity

and rapidly advanced into Phase 2/3 clinical

studies in 2020

Achieve INO-4800 licensure using dual strategy of emergency use authorization (EUA) and traditional approval

pathway through:

We have set forth an accelerated strategy for our COVID-19 Program

Manufacturing Capacity Global Partnerships

Expanding manufacturing capacity aimed at

delivering 100M 1mg doses in 2021, target of

200M+ in 2022

Expanding global partnerships to enable further

manufacturing scale up and Generate additional Phase

1 supportive data outside of the US (Korea & China)

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Rapid design of INO-4800

Isolation of virus

Virus sequence

published

Zhu, N et al.

2020 NEJM

Control INO-4800

Gene Optimization Algorithm

Spike protein

Cloned into expression vector

Spike protein is the main target of

neutralizing antibodies

• Considered a key component for

vaccines

• Codon and RNA optimized

INOVIO completed rapid DNA vaccine targeting of SARS-CoV-2 Spike

Protein to develop INO-4800

INO-4800 instructs expression of Spike protein

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DECEMBER 2019 JANUARY 10/11, 2020JANUARY 10 -

JANUARY 23, 2020JANUARY 23, 2020 MARCH 2020 MARCH 12, 2020

INOVIO coronavirus experts

learn about a novel

coronavirus (SARS-CoV-2)

which caused an outbreak of

respiratory disease in Wuhan,

China now referred to as

COVID-19

INOVIO designs DNA vaccine

INO-4800 in three hours

after receiving the genetic

sequence late in the evening

on 1/10 using its proprietary

DNA medicines platform

technology.

INOVIO coronavirus experts

race to manufacture INO-

4800 and begin preclinical

testing and clinical trial

design

INOVIO receives a grant of up

to $9 million from the

Coalition for Epidemic

Preparedness Innovations

(CEPI) to fund ongoing

preclinical and initial clinical

development of INO-4800

Ongoing preclinical studies,

including challenge studies;

human trial doses prepared

for clinical trials in the U.S.,

China and South Korea;

large-scale manufacturing

plans developed.

INOVIO announces $5

million grant from the Bill &

Melinda Gates Foundation

to accelerate the testing and

scale up of the INOVIO’s

proprietary smart device

CELLECTRA® 3PSP

MARCH 26, 2020APRIL 6 - APRIL 23,

2020MAY 20, 2020 JUNE 2020 SEPTEMBER 2020 ONGOING

INOVIO announces the

Department of Defense (DoD)

awarded Ology Bioservices

an $11.9 million contract

INOVIO announces initiation

of Phase 1 human clinical

trial in the U.S.

U.S. study fully enrolled 40

healthy volunteers; study sites

are the University of

Pennsylvania and a clinic in

Kansas City, MO

Preclinical data (in mice and

guinea pigs) published in

peer-reviewed journal

Nature Communications

Phase 1 trail expanded with

80 additional participants

INOVIO receives $71 million

from DOD to scale up

manufacture of CELLECTRA

INOVIO announces positive

interim Phase 1 data for INO-

4800 (6/30)

Human clinical trials begin in

South Korea

Phase 2/3 trials expected to

begin*

Human clinical trials expected

to begin in China*

INO-4800 COVID-19 DNA

vaccine production and

scale up underway*, with

100M 1mg doses in 2021,

target of 200M+ in 2022

Our COVID-19 DNA Vaccine INO-4800 development timeline began in

December 2019

Clinical trials and preclinical challenges studies continue

*Pending appropriate guidance and external funding

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Outbreak Setting (EUA) Long Term Use

Product

Description

INO-4800 consists of a DNA plasmid that encodes for SARS-CoV-2 Spike glycoprotein in combination with CELLECTRA® intradermal Delivery Device

Preservative-free, use within 6 hours of opening; 2-8˚C –shelf-life 5 years; Room Temp (15-25˚C) – shelf-life 1 year, and compliant with WHO multi-dose policy on multiple

ingress. Anticipated VVM30 designation. Long term storage of SSC formulated bulk at 2-8C.

Use & Indication Active immunization of at-risk persons in an area of an on-going outbreak to curtail an

outbreak

Active immunization of at-risk persons in affected areas of the world extended to

populations to prevent symptomatic disease caused by SARS-Cov2 infection

Target Population Civilian health care and frontline workers in epidemic regions

Military including health care and front line personnel and other high risk populations

At risk elderly population (>65year old)

Outbreak population and:

At-risk population 18 years and older

Pediatric population

Target countries Countries at risk for COVID-19 transmission

Efficacy Outbreak & LT: 70% efficacy^ defined as the absence of confirmed symptomatic COVID-19 disease (primary endpoint).

Generation of antigen specific memory immune responses to vaccine (persistent memory CD4+/CD8+ T cells; persistent Bab/Nab titers)

Immune system response generated for earlier strain of virus as well as the mutant variant (D614G) that has emerged with greater infectivity

Onset of immune

response

70% or greater overall immune response rate at 2 or 4 weeks following completion of primary vaccination series

Duration of protective response: Target > 1 year

Dosing & schedule One 1.0 mg Intradermal (ID) injection of INO-4800 followed by electroporation (EP) at Day 0 and Week 4 using the CELLECTRA ® 3PSP device

Drug Product delivered via ID injection (i.e. Mantoux) followed by in vivo ID- EP.

Safety/Tolerability Local reaction: local pain, mild swelling, tenderness, redness immediately after dosing; mild tenderness for several days.

No systemic and related serious adverse events.

Safe for use in both SARs-CoV-2 seronegative and seropositive populations

Inovio’s DNA COVID-19 vaccine (INO-4800) target profile meets both

EUA and expanded use requirements

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Rapid Initiation of Clinical Trial: 83 days from plasmid design

to clinical testing and completing enrollment (17 working days)

• An open label study design - 40 healthy volunteers – to

gain preliminary assessment on safety, tolerability and

immunogenicity

• Utilize historical experience with clinical trial sites to

quickly complete start-up activities

• Front load preparatory activities at the operational level for

subjects to be dosed as soon as the clinical investigational

product is available

• Motivated study sites and volunteers

• Supportive DSMB members to make rapid decisions

We rapidly initiated our Phase 1 clinical trial with 40

healthy volunteers in April

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• INO-4800 was generally safe and well-tolerated in all

participants in both cohorts through week 8

• All eleven reported adverse events (AEs) were grade

1 in severity, and most were local injection site

redness. There were no reported serious adverse

events (SAEs)

• No Anti-Vector immunity generated; potential for use

as universal booster

Excellent Safety Profile Robust Complete Immune System Response

• 100% of Phase 1 trial participants demonstrated

overall immunological response rates

• Provided protection in both mouse and NHP

challenge studies

• The only vaccine to demonstrate long-term

protection in non-human primates challenged with

SARS-CoV-2 virus 13 weeks from vaccination

• NHP vaccination generated antibodies neutralizing

both the earlier strain of virus as well as the mutant

variant

• Memory T and B cell responses resulted in reduced

viral loads and faster viral clearance in macaques'

lungs and nasal passages

...and successfully demonstrated an excellent safety profile and

immune system response in both clinical and preclinical data

&

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We are working towards rapidly kicking off our Phase 2 / 3 study to further substantiate immune response and safety

PHASE 2/3 STUDY

Rapid start to strive for interim efficacy

results in July 2021

Study protocol being developed to assess the efficacy

for prevention of COVID-19 in healthy adults over 18

with high risk of exposure to SARS-CoV2 with expected

start in September and full data read out in July 2022

BUILD ON POSITIVE PH1 DATA

Publication of Phase 1 full data set

anticipated August 2020

Phase 1 trial is ongoing with the following

data anticipated:

● Safety and immunogenicity of 0.5mg

dose in a 2-dose regimen (Days 0,

28) at age groups of 18-50, 51-64

and 65+ years

● Safety and immunogenicity of 1.0

and 2.0mg doses in expanded age

groups of 51-64 and 65+ years

EX-US STUDIES

Robust expansion of trials to

address global needs

Collaborations formed with Advaccine in

China, as well as IVI in Korea to a build

global consortium for joint clinical

development. CEPI to support Korean

Phase 1/2a trial, Korean IND okay to

proceed and a Phase 1 study in China

planned to start in August 2020.

Inovio is working closely with the FDA and other partners to rapidly kick off late stage human

trials to further substantiate immune response and safety

1

2

3Clinical Development Strategy for INO-4800

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Hypothesis

INO-4800 delivered ID followed by EP using CELLECTRA® 2000 in healthy volunteers will be well tolerated, exhibit an acceptable safety profile and result in

generation of immune responses to SARS-CoV-2.

Primary Objectives Primary Endpoints

• Safety and tolerability

• Cellular and humoral immune

response

• Optimal dose selection

Primary Safety Endpoints:

• All adverse events (AEs), Administration site reactions, AEs of special interest (AESIs)

Primary Immunogenicity Endpoints:

• Antigen-specific antibody titers by binding assays, Antigen-specific cellular immune response

Exploratory Objectives Exploratory Endpoints

Expanded immunological profile of T

and B cell immune response

• Additional assessment of T and B cell numbers

• Neutralization response

• Assessment of T and B cell molecular changes by measuring immunologic proteins and mRNA levels of genes of

interest at all weeks as determined by sample availability

Phase 1 trial is ongoing with the below data anticipated

• Safety and immunogenicity of 0.5mg dose in a 2-dose regimen (Days 0, 28) at age groups of 18-50, 51-64 and 65+ years

• Safety and immunogenicity of 1.0 and 2.0mg doses in expanded age groups of 51-64 and 65+ years

• Only small of grade 1 safety events observed after both doses

Publication of Phase 1 full data set anticipated August/September 2020

Overview, objectives, and status of the Phase 1 in human study for

INO-4800

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3PSP design

Development supported in part by

MCDC DoD funding and from CEPI

3 mm

GFP expression appearing in multiple skin-resident cell

types following ID delivery with EP

INO-4800 leverages Inovio’s proprietary dermal DNA delivery system

CELLECTRA® 3PSP

3PSP - CELLECTRA-3P technology in a hand-held

portable device

• Light weight

• Simple two button user interface

• Audio- Visual indication of device and treatment status

• Designed for ease of deployment

• Suitable for stockpiling

• Uses rechargeable AA batteries as a power source for ease of

shipping and charging

• 100 treatments on a single charge

• Single use disposable array with safety cap

Demonstrated robust humoral and cellular

immune responses in the clinic

• Ebola synDNA vaccine (EBOV-001)

• Zika synDNA vaccine (ZIKA-001)

• HIV synDNA vaccine (HVTN 080/098)

• MERS Vaccine (INO-4700)

• Lassa Vaccine (INO-4500)