Inovio is developing DNA-based immunotherapies and vaccines to treat cancers and infectious diseases. Their lead product, VGX-3100, met its primary and secondary efficacy endpoints in a Phase II clinical trial for treating cervical dysplasia caused by HPV infection. The trial showed VGX-3100 significantly reduced cervical lesions and cleared HPV infection compared to the placebo. Inovio is also developing DNA vaccines and immunotherapies for HPV-related cancers, hepatitis B, hepatitis C, HIV, Ebola, and others. Their proprietary SynCon® technology allows for optimized antigen design and electroporation enhances antigen expression and immune responses. Inovio aims to be the best-in-class

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, 2013, our Form 10-Q for the quarter
ended September 30, 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

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. Do not bypass but
enhances the immune system’s inherent strengths 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-4200
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 a high-voltage electrical arc at 100oC
to vaporize a plane through the cervix
• invasive, associated with pre-term births, does not fully clear HPV
• Market Research: Patient and physician desire for non-surgical first-line alternative
• non-invasive; eliminate HPV in untreated tissue

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. *Statistically significant; bars are 95% CI.
IFN = interferon.
.
IFN-γ ELISpot Analysis
VGX-3100 Generates HPV-16 and HPV-18 T Cell Responses
15
800
600
400
200
0
0 5 10 15 20 25 30 35 40
Study Week
VGX-3100SpecificTCells
(SFU/106PBMCsAboveBaseline)
* * * *
VGX-3100
Placebo
Treatment at wks 0, 4 & 12
N= 140
.

16. CD8 T Cells Clear Virus and Lesions in Cervical Tissue: Placebo
Week0:CIN3pathology
IHC Staining: HPV
Week36:CIN3pathology
IHC Staining: CD816

17. CD8 T Cells Clear Virus and Lesions in Cervical Tissue:
VGX-3100 Treated Patients
Week0:CIN3pathology
IHC Staining: HPV
Week36:Nosignificant
pathology
IHC Staining: CD817

18. Powerful Impact of Successful VGX-3100 Phase II Efficacy
Data
 VGX-3100 is a non-surgical option for the treatment of CIN2/3
 Simple 3 monthly injections generated CD8 Killer T cells
 Measured in blood
 Observed in cervical tissues (tissue infiltrating T cells)
 Direct correlation found between CD8 T cells and efficacy
 Demonstrated phase 2 efficacy and safety
 Regressed disease to normal
 Cleared virus which caused the disease
 Disease regression - expand into other HPV-caused diseases
 Other anti-cancer therapies (lung, breast, pancreas, prostate)
 HPV clearance – antiviral therapies (HBV, HCV, HIV)
18

19. 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
19

20. 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
20

21. 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
21

22. • Multi-antigen: HBV clades A & C surface
antigens & HBV core antigens
• +/- IL-12 DNA immune activator
• Phase I/IIa: patients with chronic HBV
infection
• Safety, tolerability, immunogenicity
• Trial initiation: 1H 2015
• Trial initiation will trigger milestone
payment from Roche
22
Hepatitis B: INO-1800

23. 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
23

24. 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
24

25. 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
25
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

26. 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
$8.23
Market cap1
$ 497.9 M
NASDAQ: INO
1Feb 5, 2015 2Sep 30, 2014 3 From Q3 20142
26
Insider buying3 > $2.75M

27. INTERNALLYFUNDED EXTERNALLYFUNDED
Ino-1400 4Q 2014
Initiated phase I
Breast,Lung,And
PancreaticCancer
Vgx-3100
2016
Initiate phase IIICervicaldysplasia
27
Value Drivers
INO-3112
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/IIa
Hepatitis B
Ebola
1H 2015
Initiate phase I
INO-4200
Ino-5150 1H 2015
Initiate phase I
Prostatecancer
PennVAX® 1H 2015
Initiate PENNVAX-GP phase I
HIV

28. 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
28

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

30. Strain 1
Strain X
Strain 2
Antigen Y
Antigen Y
Antigen Y
T Cells by Design: Antigen-Specific, Optimized, Best-in-Class
30
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

31. 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
31
SynCon DNA plasmid
ready to manufacture.

32. Electroporation Delivery Plays a Vital Role
32

33. 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
33

34. 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
34
Ad5 DNA + EP Ad5 DNA + EP

35. PENNVAX®: Highest CD8+ T Cell Responses for HIV Vaccine
Ref: Kalams et al JID 201335
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)
35

36. VGX-3100 is a non-surgical option for the treatment of
HPV-specific high-grade cervical dysplasia (CIN2/3)
Combination HPV16/18 E6/E7 DNA immunotherapy (two DNA plasmids
delivered simultaneously via IM injection followed by short electrical pulses)
Capitalizes on Inovio’s ability to drive the body’s own immune system to
seek and destroy pre-cancerous cells
Treatment with VGX-3100 results in histopathological regression of CIN2/3
and clearance of HPV in a placebo-controlled Phase II study
Opportunity to position VGX-3100 in the gynecologist’s office in lieu of
watchful waiting or LEEP
Estimated potential market of $600 MM
36

37. HPV 16 E6 HPV 16 E7
VGX-3100: HPV16,18 E6/E7 Immunotherapy
37
*Deletions or mutations important for
p53 binding and degradation
Mutations in Rb binding site
pCon18E6E7
IgELS
Endoproteolytic
cleavage site
* **  
pCon16E6E7
HPV 18 E6 HPV 18 E7
IgELS
Endoproteolytic
cleavage site
* **  

38. Phase I summary: VGX-3100 is safe, tolerable and generates
antigen-specific cellular responses
Bagarazzi et al., Sci Transl Med. (2012)
Safety: IM injection of VGX-3100 + CELLECTRA® EP
– Well tolerated
– No discontinuations, related SAEs, or grade 3 or 4 AEs
Tolerability: Measured by visual analog scale (VAS)
– Moderate pain (mean VAS score of 6 out of 10) experienced immediately after
injection; dissipates rapidly after 10 minutes
Immunogenicity:
– High titers of antibody against all four antigens (ELISA, Western Blot)
– Antigen-specific cellular responses to HPV 16 and 18 E6/E7 (IFN-γ ELISpot)
– Cytotoxic T-lymphocyte (CTL) phenotype (Granzyme B/perforin release assay)
– No effect of pre-existing Treg cells
– Primarily effector memory phenotype
38

39. 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
39
ELISpot Assay
0 1 2 3 4 5 6 7 8 9Dosing Schedule
(Months)

40. Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
HPV16-, HPV18-Specific IFN-γ Production
Multi-parameter flow
cytometry: CD4, CD8
activation phenotype
40

41. HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin
Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
CD8
cytolytic
phenotype
41

42. 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
42

43. Phase II: Study Timeline
Wk 6-10
weeks to
-1day
(begins at
initial
biopsy)
S
Wk 2
Day 0
E
Wk 4 Wk 12
Wk 14 Wk 24 Wk 62 Wk 88
DC
Wk 36
Histopathology
Wk 40
21-month protocol
• 3-month (0, 4, 12 week) regimen
• +6 months to primary endpoint
• +12 months long-term follow-up
DC = discharge; E = enrollment; S = screening; Wk = week.
Data on file, Inovio.
43

44. INO-1400: Potential Universal Cancer Therapy Targeting
hTERT (overexpressed in 85% of cancers)
Yan J et al., Cancer Immunol Res. (2013)44
Dharmapuri et al., Mol Ther. (2009)
T-cell generation: older generation
DNA vaccine and electroporation
device
SynCon® T-cell generation with
CELLECTRA® electroporation device