1. Revolutionizing
Vaccines
Dr. Joseph Kim
President & CEO
NYSE MKT: INO

2. 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, 2013, and other regulatory filings from
time to time.
2

3. Stimulating the Immune System: A Powerful Idea
3
INFANT MORTALITY RATE
WORLDWIDELIFE EXPECTANCY
Conventional vaccines
• Protected billions
from sickness and
death
• But preventive only
• Cannot tackle many
remaining diseases
• Potential to TREAT
cancers and
challenging
infectious diseases
by helping immune
system

4. 4
Introduction to the Immune System
B-CELL
Antibodies
T-CELL

5. • Tremendous
potential
• New technology
required
• Encouraging data
emerging
Holy Grail: T Cells
T cell
Cytotoxic T lymphocyte
Target cell
Provided by Dr. Philip Greenberg
Hutchinson Cancer Research Center
5

6. 6
2013: Dynamic Year
• Best T cell responses in published clinical studies
• Validating license deal with Roche in 2013
2014: Transformative Year
• Phase II efficacy and immunogenicity data from lead drug
mid-year
• More cancer trials starting (cervical, head & neck, prostate,
breast, lung, pancreatic cancers)
• Additional pharma discussions on-going
Inovio: Global Leader in Active Immune Therapy

7. • Collaborating with a global leader in innovative cancer drugs
• Develop and commercialize Inovio’s prostate cancer (INO-5150)
and hepatitis B (INO-1800) immunotherapies
• $10 million up-front payment
• Roche funding all ongoing development costs as well as funded
research for new prostate cancer antigens
• $412.5 million milestone payments for certain development and
commercial events
• Roche may pay other development milestone payments if it
pursues other indications with INO-5150 or INO-1800
• Up to double-digit royalties on sales of a marketed product
Validating Partnership with Roche (September 2013)
7

8. Broad Medical and Market Opportunities
Product Name
INTERNALLYFUNDED
Indication Preclinical Phase I Phase II
Vgx-3100
Ino-5150
Ino-1400
EXTERNALLYFUNDED
pennvax®
Ino-3510
Ino-8000
ino-1800
malariaMaV-12
Phase III
Preventive
8
INO-3112
INO-3112
Preventive
HepatitisC Therapeutic
HepatitisB Therapeutic
influenza Preventive
hiv Preventive/
Therapeutic
Breast/lung/
Pancreaticcancers
Therapeutic
Prostatecancer Therapeutic
Head&NeckCancer Therapeutic
CervicalCancer Therapeutic
Cervicaldysplasia Therapeutic

9. Inovio’s Technology
9
DNA Immunotherapies/Vaccines
Electroporation Delivery Device
• Best-in-class T cell
responses
• Favorable safety
profile
• Over 500 patents

10. • T cells are vital to
clearing cancerous or
infected cells
• Active immuno-
therapies: harnessing
the power of T cells
• Inovio’s DNA
immunotherapies
displaying best-in-class
T cells
• Functional killing effect
• Safe and well tolerated
• >400 patents globally
T cells: Inovio Commands the Body’s SWAT Team
Antigen-specific T cell
Cytotoxic T lymphocyte
CD8+ T cells
Target cell and
antigen(s)
10

11. T Cells by Design: Antigen-Specific
11
Selected one or more target
antigen(s) from
chosen strains/variants of
the virus/cancer

12. Strain 1
Strain X
Strain 2
Antigen Y
Antigen Y
Antigen Y
Designed to Break Tolerance or Provide Universal Protection
12
Identify gene sequence
of selected antigen(s) from
chosen strains/variants of
the virus/cancer
Synthetically create optimal
consensus gene sequence for
the selected antigen – PATENTABLE

13. Insert SynCon® gene
sequence for selected
antigen into DNA plasmid.
SYNCON®
DNA
Antigen
consensus
sequence
DNA
Plasmid
13
SynCon DNA plasmid ready
to manufacture.
DNA Plasmid Optimized for Antigen Production

14. Electroporation Delivery Plays a Vital Role
14

15. SynCon®+ Electroporation: Significant Antigen Expression
Ref: Sardesai & Weiner Curr. Opin. Immunol. 2011
1000x increase in
cellular uptake and
antigen expression
Intramuscular Intradermal
15 EP = electroporation

16. Best-in-Class CD8+ T Cell Responses
Ref: Kalams et al JID 201316
A: 3X vaccination without EP
B: 4X vaccination without EP
C: 2x vaccination with EP (month 2)
D: 3x vaccination with EP (month 4)
E: Memory response (month 9)
A B C D E
• PENNVAX®: Best CD8+ T cell
response in HIV clinical studies
• Durable T cell memory
responses
• Safe and well tolerated

17. Inovio’s Lead Program
VGX-3100:
• Capitalizes on Inovio’s ability to generate T cells
• Immunotherapy for precancers and cancers caused by
human papillomavirus (HPV) types 16 and 18 (high risk)
• Targeting E6/E7 oncogenes
• Phase II on-going: high grade cervical pre-cancers
(CIN 2/3 dysplasia)
• Efficacy and immunogenicity data: mid-2014
17

18. Inovio’s Lead Product Targets All HPV-caused Diseases
18
Sources: CDC, www.hpvcentre.net;
WHO IARC
Incidence rates
in the U.S. + EU5

19. VGX-3100: Phase I Study Data
• Strong T-cells in 78% (14 of 18)
of subjects across all dose levels
• 83% response rate in highest
dose group
*Immunotherapy against HPV16/18 generates potent TH1 and cytotoxic cellular immune responses.
Sci Transl Med. 2012 Oct; 4:155ra13. dOI:10.1126/scitranslmed.3004414
Significant T Cell Magnitude & Response Rate
19

20. PhaseI trial results for vgx-3100
• 9 month durability of
robust T cell response
in 12/14 responders
• Safe & well tolerated
Source: Science Translational Medicine Oct. 201220
• 10/11 responders
showed killing effect against
target cells
Durable T Cell Responses and Killing Effect

21. HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin
Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
CD8
cytolytic
phenotype
21

22. VGX-3100 Phase II Study
• Placebo-controlled, randomized, doubled blind
• 148+ subjects: females 18-55
• Histologically confirmed HPV16 or 18-associated CIN 2/3 or 3
• 3:1 VGX-3100/electroporation vs. placebo/electroporation
• Two plasmids: Type 16 and Type 18, each encoded for E6/E7
antigens; 3 mg/ml per plasmid; treatment at months 0, 1, 3
• Primary endpoint month 9
• Regression of CIN 2/3 to CIN 1 or less
• 80% powered for 27%  relative to natural regression (25%
assumption) in placebo group
• Secondary endpoints
• Clearance of HPV 16 or 18
• Immunogenicity
• Safety
22

23. Phase II Data Impact on Medical and Market Opportunities
• Efficacy data
• Path forward to phase III for CIN 2/3
• Expansion of product use to other HPV-related indications
(cervical cancer, head/neck cancers, and anogenital cancers)
• Seek orphan designation potential
• T cell and safety data
• Broader platform validation for all Inovio immunotherapy
products in the pipeline
23

24. INO-1400: Potential Universal Cancer Therapy Targeting
hTERT
Yan J et al., Cancer Immunol Res. (2013)24
Dharmapuri et al., Mol Ther. (2009)
T cell generation: older generation
DNA vaccine and electroporation
device
T cell generation with Cellectra® electroporation device

25. 25
Checkpoint Inhibitors: Validation and Complementary
• Inovio cancer vaccines greatly
increase T cells
• Potential to overwhelm cancer
cells as monotherapy
• Potential to combine with
checkpoint inhibitors to increase
efficacy
• Unprecedented efficacy
• Melanoma, lung cancer
• Validate potential to enhance T
cell capabilities
• Evidence suggests non-responders
do not have sufficient pre-existing
T cells
• Projected $24 billion market (Citi)

26. 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
26
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 development of diagnostics for
mesothelioma, bladder cancer, and ovarian
cancer for Fujirebio Diagnostics
Management

27. anthrax
Louis Pasteur
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
27
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

28. 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
28
Thomas S. Edgington, MD
• Founded multiple biotech companies;
extensively published
• Emeritus Professor, Scripps
Research Institute
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

29. Financial Information
Cash, cash equivalents
& short-term investments3 $ 52.6 M
Debt3
0 M
Cash runway 4Q 2017
Shares outstanding2
239.6 M
Recent price1
$2.57
Market cap1 $ 615.8 M
NYSE MKT: INO
1Apr 21, 2014 3 Dec 31, 2013
29
Additional cash after year
end4 $ 69.3 M
2Mar 7, 2014 4 Mar 14, 2014

30. INTERNALLYFUNDED EXTERNALLYFUNDED
Ino-5150
1H 2014
Initiate phase IProstatecancer
Vgx-3100
Mid-2014
Phase II study dataCervicaldysplasia
INO-3112
1H 2014
Initiate phase I/IIaHead&NeckCancer
30
Upcoming Value Drivers
INO-3112
1H 2014
Initiate phase I/IIaCervicalCancer
Ino-1400
2H 2014
Initiate phase I/IIa
Breast/lung/
PancreaticCancer
PennVAX®
2H 2014
Initiate PENNVAX-GP phase IHIV
Ino-8000 2015
Report phase I data
Hepatitis C
Ino-1800
Early 2015
Initiate phase I/IIa
Hepatitis B
c

31. Investor Highlights
• Break-through active immune therapy with the
power to save lives and maximize shareholder
value
• Targeting broad range of diseases and
billion dollar markets
• Best-in-class T cells to prevent, treat & cure
cancers and infectious diseases
• Phase II efficacy data coming
• Validating partnership with Roche with
more deals in the works
The Opportunity
31