This document provides an overview of Inovio Pharmaceuticals' DNA immunotherapy platform and clinical programs. It summarizes Inovio's lead product VGX-3100 for treating HPV-related cervical dysplasia and cancers. Phase II clinical trial results showed VGX-3100 significantly reduced cervical lesions and cleared HPV infections compared to placebo. The document discusses Inovio's expansion of HPV programs to other cancers and pre-cancers, as well as clinical trials in head and neck cancer and cervical cancer. It also summarizes Inovio's programs in hepatitis B and telomerase-associated cancers. The document positions Inovio's active DNA immunotherapy approach and T cell-generating platform technology as potentially addressing major

1. Revolutionizing the Fight
Against Cancers and
Infectious Diseases
Dr. J. Joseph Kim
PRESIDENT & CEO NASDAQ: INO
It’s All About the T-Cells

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, 2014 and other regulatory filings from
time to time.
2

3. A Highly Compelling Weapon: T Cells
Cytotoxic T lymphocyte
T cell
Target cell
3

4. A Highly Compelling Weapon: T Cells
Cytotoxic T lymphocyte
T cell
Target cell
4
• T cells: vital to fighting
disease
But…
• Can we help T cells
recognize evasive cancers
or mutating infectious
diseases?
• Can we enhance their
targeting, speed and
magnitude?
• Great strides in new
immunotherapy technology
• Just scratching the surface

5. Is There an “Ideal” T Cell-Generating Immunotherapy?
Effective, efficient, safe…
Attributes
• Well-targeted, antigen-specific
• Not dependent upon being patient specific
• Functional, with “killing tools” granzyme and perforin
• Robust in magnitude
• Persistent and durable over time
• No unwanted immune response against a vector
• No toxic inflammatory response
• Capable of breaking tolerance
The ideal T cell generator would be an active immunotherapy. Does not bypass the
immune system’s inherent capabilities and controls.
5

6. Inovio Active DNA Immunotherapies: It’s All About the T Cells
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
6
Effective, efficient, safe in vivo T cell activation

7. 7
• 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

8. Broad Medical and Market Opportunities
Product Name
INTERNALLYFUNDED
OTHERCancerPrograms
Indication Preclinical Phase I Phase II
Vgx-3100
Ino-5150
Ino-1400
EXTERNALLYFUNDED
InfectiousDiseasePrograms
Ino-3510
ino-1800
Phase III
8
INO-3112
INO-3112
HepatitisB Therapeutic
influenza
Breast/lung/Pancreatic
cancers
Therapeutic
Prostatecancer Therapeutic
Head&NeckCancer Therapeutic
CervicalCancer Therapeutic
Cervicaldysplasia Therapeutic
Preventive/
Therapeutic
Ebola
AerodigestiveCancer Therapeutic
INO-3106
INO-4212
Preventive
INTERNALLYFUNDED
HPVprograms
Pennvax®-B hiv
Pennvax®-GP hiv
Preventive/
Therapeutic
Preventive/
Therapeutic
Ino-8000 HepatitisC Therapeutic

9. 9
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

10. 10
Normal
Cervical Intraepithelial Neoplasia
(CIN3)
Invasive Cancer
If untreated, moderate/severe cervical dysplasia (CIN2/3) may
progress to invasive cancer
Preventing Cervical Cancers: New Market Opportunity

11. 11
Non-Surgical Treatment of Cervical Dysplasia Desired
IARC Monograph 2003: Edited by J.W. Sellors and R. Sankaranarayanan
• LEEP (Loop Electrosurgical Excision Procedure) uses high-voltage electrical arc at 100oC to
vaporize a plane through the cervix
• Invasive; associated with pre-term births; does not clear HPV in untreated tissue
• Market research: patient and physician desire for non-surgical first-line alternative
• Non-invasive; eliminate HPV in untreated tissue; avoid potential risks to birthing

12. 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)
at weeks 0, 4, and 12
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
12

13. 0
10
20
30
40
50
60
Phase II: Regression of Cervical Lesions to CIN 1 or Normal
Pre-Specified 1° Endpoint: Histopathologic
Regression to CIN1 or Normal
30.6%
(11/36)
Statistically significant difference
(p=0.017; strata-adjusted)
Post-Hoc Analysis: Regression to Normal
0
10
20
30
40
50
60
40.2%
(43/107)
16.7%
(6/36)
Percent
VGX-3100 Placebo VGX-3100 Placebo
Statistically significant difference
(p=0.006; strata-adjusted)
Overall Histopathologic Regression Incidence
Per-Protocol Population (N=143)
13
49.5%
(53/107)
Percent

14. Phase II: Clinically Significant Efficacy; Achieves Endpoints
49.5%
(53/107)
30.6%
(11/36)
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
Statistically significant difference
(p=0.001; strata-adjusted)
14

15. VGX-3100 Generates HPV-16 and HPV-18 T Cell Responses
15

16. Regression of CIN3 to Normal and HPV Clearance Observed in
VGX-3100 Treated Patient (via IHC) Over 36 WeeksWeek0:CIN3pathology
IHC Staining: HPV
Week36:Nosignificant
pathology
IHC Staining: CD816

17. Powerful Impact of VGX-3100 Phase II Efficacy Data
• Non-surgical option for the treatment of CIN2/3
• Simple 3 monthly injections generated CD8 killer T cells
• Measured in blood
• Observed in cervical tissue (tissue infiltrating T cells)
• Direct correlation found between CD8 T cells and efficacy
• Demonstrated phase II efficacy and safety
• Regressed disease to normal
• Cleared virus which caused the disease
• Disease regression: expand into other HPV-caused diseases
• Advance other anti-cancer therapies (lung, breast, pancreas, prostate)
• Virus (HPV) clearance supports other antiviral therapies (HBV, HCV, HIV)
17

18. 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
PREPARED SCIENTIFIC PAPER FOR PEER REVIEW
• Completed 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 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
18

19. 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
19

20. 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
20

21. • Multi-antigen: HBV clades A & C surface
antigens & HBV core antigens
• +/- IL-12 DNA immune activator
• Phase I: patients with chronic HBV
infection
• Safety, tolerability, immunogenicity
• Trial initiation: 1H 2015
• Roche paying all development costs plus
milestones
• 350M+ global market opportunity
21
Hepatitis B: INO-1800

22. 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
22

23. 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
23
Nancy Wysenski , MBA
• Founder & Board Member,
Research Triangle Park Chapter of
the Healthcare Businesswomen's
Association

24. 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
24
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

25. Financial Information
Cash, cash equivalents
& short-term investments2 $ 93.6 M
Debt2 0 M
Cash runway 4Q 2017
Shares outstanding2
60.7 M
Recent share price1
$8.42
Market cap1
$ 511.1 M
NASDAQ: INO
1Mar 16, 2015 2Dec 31, 2014 3 From Q3 20142
25
Insider buying3 > $2.75M

26. INTERNALLYFUNDED EXTERNALLYFUNDED
Ino-1400 4Q 2014
Initiated phase I
Breast,Lung,And
PancreaticCancer
Vgx-3100
2016
Initiate phase IIICervicaldysplasia
26
Value Drivers
INO-3112
2H 2015
Report interim data
Head&Neck and
Cervical Cancer
Ino-8000 2015
Report interim phase I data
Hepatitis C
Ino-1800 1H 2015
Initiate phase I
Hepatitis B
Ebola
1H 2015
Initiate phase I
INO-4212
Ino-5150 1H 2015
Initiate phase I
Prostatecancer
PennVAX® 1H 2015
Initiate PENNVAX-GP phase I
HIV

27. 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
technology
Validating
partnership
with Roche
Lead product
achieved phase
II efficacy
endpoints
Investor Highlights
27

28. Revolutionizing the Fight
Against Cancers and
Infectious Diseases
It’s All About the T-Cells
It’s All About the T-Cells