January 15 2015

1. Revolutionizing the Fight
Against Cancers and
Infectious Diseases
Dr. J. Joseph Kim
PRESIDENT & CEO NASDAQ: 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, our Form 10-Q for the quarter
ended September 30, 2014, and other regulatory filings from
time to time.
2

3. 3
• Industry first: clinically significant efficacy
from killer T cells generated in the body
• Lead DNA immunotherapy product meets
phase II endpoints
• Favorable safety profile
First-in-Class Efficacy from an Active Immunotherapy

4. T-cells: Inovio Commands the Body’s SWAT Team
Cytotoxic T lymphocyte
T cell
Target cell
• Best-in-class T cell generation
in vivo:
o Antigen-specific
o Robust
o Functional, with “killing
tools” granzyme and
perforin
o Durable
o No unwanted immune
response against vector
o No toxic inflammatory
response
4

5. DNA Immunotherapies: Disease-Specific T Cells by Design
IT’S ALL ABOUT THE T CELLS
Identify pertinent
disease-specific
antigen(s)
Encode DNA plasmid
with genetic code
for antigen
Deliver plasmids into
cells in the body (in
vivo), enabling them
to produce antigen
T cells eliminate cells displaying
disease-specific antigen
Immune system activates
antigen-specific T cells
5

6. 6
• 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 infection
Immune activators
• Simplified design, product stability, better
manufacturing, dosing, and cost effectiveness
• Rapidly activates sufficient quantities of specific
antibodies
Monoclonal
antibodies
(DNA-based)
DNA Immunotherapy Platform: Multiple Applications

7. Broad Medical and Market Opportunities
Product Name
INTERNALLYFUNDED
OTHERCancerPrograms
Indication Preclinical Phase I Phase II
Vgx-3100
Ino-5150
Ino-1400
EXTERNALLYFUNDED
InfectiousDiseasePrograms
Pennvax®-B
Ino-3510
Ino-8000
ino-1800
Phase III
7
INO-3112
INO-3112
HepatitisC Therapeutic
HepatitisB Therapeutic
influenza
Preventive
hiv
Preventive/
Therapeutic
Breast/lung/Pancreatic
cancers
Therapeutic
Prostatecancer Therapeutic
Head&NeckCancer Therapeutic
CervicalCancer Therapeutic
Cervicaldysplasia Therapeutic
Preventive/
Therapeutic
Ebola
AerodigestiveCancer Therapeutic
INO-3106
INO-4200
Pennvax®-GP hiv
Preventive/
Therapeutic
Preventive/
Therapeutic
Preventive
INTERNALLYFUNDED
HPVprograms

8. 8
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
LOWGRADE
CERVICAL
DYSPLASIA
(CIN1)
US:
1,400,000
EU5:
1,300,000
HIGHGRADE
CERVICAL
DYSPLASIA
(CIN2/3)
US:
270,800
EU5:
267,400
CERVICAL
CANCER
US:
11,818
EU5:
14,043
ORO-
PHARYNGEAL
CANCER
US:
11,726
EU5:
13,932
Anogenital
cancer
Annual incidences: US and EU5
HPV-Caused Pre-Cancers & Cancers
US:
9,530
EU5:
15,288

9. Human
Papillomavirus
Low Grade
Cervical
Pre-cancer
(CIN 1)
High Grade
Cervical
Pre-cancer
(CIN 2/3)
Preventing Cervical Cancers: New Market Opportunity
• Treat HPV-associated cervical pre-cancers
• Standard of care (LEEP): invasive, associated
with pre-term births, does not fully clear HPV
• Patient and physician desire for non-surgical
first-line alternative
• non-invasive
• eliminate HPV in untreated tissue
9
Disease
Progression
Cervical
Cancer

10. Phase II: Study Design
• 148 subjects: 19-55 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)
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
10

11. 0
10
20
30
40
50
60
Phase II: Clinically Significant Efficacy; Achieves Endpoints
Histopathologic Regression from CIN2/3
to CIN1 or Normal (n=143)
49.5%
(53/107)
30.6%
(11/36)
Statistically significant difference
(p=0.017; strata-adjusted)
Percent
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)
Percent
VGX-3100 Placebo VGX-3100 Placebo
Statistically significant difference
(p=0.001; strata-adjusted)
• Efficacy: high level of complete CIN2/3 clearance
• Robust HPV-specific CD8+ killer T cells in majority of treated subjects, as in phase I
• Well-tolerated with only administration site redness
11

12. VGX-3100: Next Steps
EXPANSION OF HPV PROGRAM TO RELATED
CANCERS AND PRE-CANCERS
• Cervical cancer (Ph I/IIa initiated)
• Head & neck (Ph I/IIa initiated)
• Anogenital cancers
• VIN, PIN
PREPARING SCIENTIFIC PAPER FOR PEER REVIEW
• Completing 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 being prepared for submission
PHASE III PLANNING FOR EARLY 2016 LAUNCH
• Clinical and regulatory
• Scale up immunotherapy production
• Market research
• Supply chain strategy
• EP device production
• Pricing & reimbursement
12

13. HPV-Associated Cancer Studies Enrolling: INO-3112
Phase I/IIa’s:
INO-3112 (VGX-3100 + IL-12 DNA immune
activator); HPV 16/ 18 related disease
Cervical Cancer
• 20 women with cervical carcinoma
• Safety, tolerability, immunogenicity
• Cervical histology
• Treat after chemoradiation
Head & Neck Squamous Cell Carcinoma
• 20 men/women
• Safety, tolerability, immunogenicity
• Anti-tumor effects & progression free
survival
• Arm #1: treat before/after tumor resection
• Arm #2: treat after chemoradiation
13

14. hTERT-Associated Cancers: INO-1400
• Antigen: human telomerase reverse
transcriptase (hTERT), associated with cancer
cell survival; overexpressed in 85% of cancers
- potential “universal” cancer therapy
• +/- IL-12 DNA immune activator
• Phase I: 54 patients with breast, lung, or
pancreatic cancers
• Safety, tolerability, immunogenicity
• Anti-tumor effects and progression free
survival
• Trial launched: 4Q 2014
14

15. 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
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
Management
15

16. anthrax 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
16

17. 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
17
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

18. Financial Information
Cash, cash equivalents
& short-term investments2 $ 100.9 M
Debt2 0 M
Cash runway 4Q 2017
Shares outstanding2
60.5 M
Recent share price1
$9.28
Market cap1
$ 561.4 M
NASDAQ: INO
1Jan 5, 2015 2Sep 30, 2014 3 From Q3 20142
18
Insider buying3 > $2.75M

19. INTERNALLYFUNDED EXTERNALLYFUNDED
Ino-1400 4Q 2014
Initiated phase I
Breast,Lung,And
PancreaticCancer
Vgx-3100
2016
Initiate phase IIICervicaldysplasia
19
Value Drivers
INO-3112
2015
Report interim data
Head&Neck and
Cervical Cancer
PennVAX® 1H 2015
Initiate PENNVAX-GP phase I
HIV
Ino-8000 2015
Report interim phase I data
Hepatitis C
Ino-1800 1H 2015
Initiate phase I/IIa
Hepatitis B
Ebola
1H 2015
Initiate phase I
INO-4200
Ino-5150 1H 2015
Initiate phase I
Prostatecancer

20. 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
platform
Validating
partnership
with Roche
Lead product
met phase II
efficacy
endpoints
Investor Highlights
20

21. Revolutionizing the Fight
Against Cancers and
Infectious Diseases

22. Strain 1
Strain X
Strain 2
Antigen Y
Antigen Y
Antigen Y
T Cells by Design: Antigen-Specific, Optimized, Best-in-Class
22
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

23. Insert SynCon® gene
sequence for selected
antigen into DNA plasmid.
SYNCON®
DNA
Antigen
consensus
sequence
DNA
Plasmid
Designed to Break Tolerance or Provide Universal Protection
23
SynCon DNA plasmid
ready to manufacture.

24. Electroporation Delivery Plays a Vital Role
24

25. SynCon®+ Electroporation: Significant Antigen Expression
Ref: Sardesai & Weiner Curr. Opin. Immunol. 2011
• 1000x increase in cellular
uptake and antigen
production/ expression
• >500 patents globally
Intramuscular Intradermal
25

26. CIN 2/3
Immuno-oncology Strategy: CIN 2/3 & Beyond
26

27. PENNVAX®: Highest CD8+ T Cell Responses for HIV Vaccine
Ref: Kalams et al JID 201327
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
• Best CD8+ T cell response in HIV clinical
studies
• Durable T cell memory responses
• Safe and well tolerated
0 1 2 3 4 5 6 7 8 9Dosing Schedule
(Months)

28. Inovio Beats Previous Gold Standard for T Cell Generation
DNA/Electroporation vs Merck Ad5 Viral Vector (Non-Human Primates)
SIV Model: UPenn/Merck/Inovio Assay: Data Co-Published
T Cell ELISpot Assay T Cell Proliferation Assay
DNA + EP Ad5 DNA + EP Ad5
Ref: Hirao et al. Molecular Therapy, August 2010
Flow Cytometry Assay
28
Ad5 DNA + EP Ad5 DNA + EP

29. Combined CohortsIndividual Dose Cohorts
VGX-3100 Induces Robust and Durable T Cell Responses
Bagarazzi, Yan, Morrow et al. Sci Transl Med 4, 155ra138 (2012)
• 14/18 (78%) subjects responded to at least one antigen
• 13/18 (72%) responded to at least two antigens
• 9/18 (50%) responded to all four antigens
29
ELISpot Assay
0 1 2 3 4 5 6 7 8 9Dosing Schedule
(Months)

30. Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
HPV16-, HPV18-Specific IFN-γ Production
Multi-parameter flow
cytometry: CD4, CD8
activation phenotype
30

31. HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin
Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
CD8
cytolytic
phenotype
31

32. VGX-3100 Flow Cytometry – Functional Killing Assays
Inovio ConfidentialBagarazzi, Yan, Morrow et al. Sci Transl Med 4, 155ra138 (2012)
Quantitative Assay
Qualitative Assay
• Patient pre-VGX-3100 PBMC are targets, post-VGX-3100 PBMC are effectors
• Quantitative - PBMC added irrespective of Ag-specific CD8 frequency
• Qualitative - PBMC normalized to account for Ag-specific CD8 frequency
• Measure granzyme B delivery to targets
32

33. Surgical Standard of Care for CIN2/3: LEEP
• High-voltage electrical arc at 100oC vaporizes a plane through the cervix, then
fulguration using a cautery
• Black, particulate “coffee ground” discharge for weeks
IARC monograph 2003:Edited by J.W. Sellors and R. Sankaranarayanan33

34. INO-1400: Potential Universal Cancer Therapy Targeting
hTERT (overexpressed in 85% of cancers)
Yan J et al., Cancer Immunol Res. (2013)34
Dharmapuri et al., Mol Ther. (2009)
T-cell generation: older generation
DNA vaccine and electroporation
device
SynCon® T-cell generation with
CELLECTRA® electroporation device