Revolutionizing the Fight

Against Cancers and

Infectious Diseases

Dr. J. Joseph KimPRESIDENT & CEO NASDAQ: INO

It’s All About the T-Cells

Forward Looking Statement

Our commentary and responses to your questions may containforward-looking statements, including comments concerningclinical trials and product development programs, evaluation ofpotential opportunities, the level of corporate expenditures,the assessment of Inovio’s technology by potential corporatepartners, capital market conditions, timing of events, cashconsumption and other subjects. Information concerningfactors that could cause actual results to differ materially fromthose set forth in our Annual Report on Form 10-K for the yearended December 31, 2014, our Form 10-Q for the quarterended March 31, 2015, and other regulatory filings from timeto time.

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A Compelling Weapon: T Cells

Cytotoxic T lymphocyte

T cell

Target cell

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A Compelling Weapon: T Cells

Cytotoxic T lymphocyte

T cell

Target cell

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• 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

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Is There an “Ideal” T Cell-Generating Immunotherapy?

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.

Effective, efficient, safe…

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, enabling them to produce antigen

T cells eliminate cells displaying disease-specific antigen

Immune system activates antigen-specific T cells

Effective, efficient, safe in vivo T cell activation

Cellular machinery uses the DNA code to produce one or more of the disease antigens coded by the DNA plasmid

ANTIGENIC PROTEINS

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• 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 infectionImmune 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

Broad Medical and Market Opportunities

Product Name

INTERNALLY FUNDED

OTHER Cancer Programs

Indication Preclinical Phase I Phase II

Vgx-3100

Ino-5150

Ino-1400

EXTERNALLY FUNDED

Infectious Disease Programs

Ino-3510

ino-1800

Phase III

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INO-3112

INO-3112

Hepatitis B Therapeutic

influenza

Breast/lung / Pancreatic

cancersTherapeutic

Prostate cancer Therapeutic

Head & Neck Cancer Therapeutic

Cervical Cancer Therapeutic

Cervical dysplasia Therapeutic

Preventive/

Therapeutic

Ebola

Aerodigestive Cancer TherapeuticINO-3106

INO-4212

Preventive

INTERNALLY FUNDED

HPV programs

Pennvax®- B hiv

Pennvax®-GP hiv

Preventive/

Therapeutic

Preventive/

Therapeutic

Ino-8000 Hepatitis C Therapeutic

INO-3112Cervical Cancer Therapeutic

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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

LOW GRADE

CERVICAL

DYSPLASIA

(CIN1)

US: 1,400,000

EU5: 1,300,000

HIGH GRADE

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

Phase II: Study Design

• 148 subjects: 18-55 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

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0

10

20

30

40

50

60

Phase II: Regression of Cervical Lesions to CIN 1 or Normal

Pre-Specified 1° Endpoint: HistopathologicRegression of CIN2/3 to CIN1 or Normal

30.6%(11/36)

Statistically significant difference(p=0.017; strata-adjusted)

Post-Hoc Analysis: Regression of CIN2/3 to Normal

0

10

20

30

40

50

60

40.2%(43/107)

16.7%(6/36)

Perc

ent

VGX-3100 Placebo VGX-3100 Placebo

Statistically significant difference(p=0.006; strata-adjusted)

Overall Histopathologic Regression Incidence

Per-Protocol Population (N=143)

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49.5%(53/107)

Perc

ent

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)

Perc

ent

VGX-3100 Placebo

Statistically significant difference(p=0.001; strata-adjusted)

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

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N=140

Regression of CIN3 to Normal and HPV Clearance Observed in VGX-3100 Treated Patient (via IHC) Over 36 Weeks

Wee

k 0

: CIN

3 p

ath

olo

gy

IHC Staining: HPV

Wee

k 3

6: N

o s

ign

ific

ant

pat

ho

logy

IHC Staining: CD814

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)

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VGX-3100: Next Steps

EXPANSION OF HPV PROGRAM TO RELATEDCANCERS 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

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• 126 women with cervical carcinoma• Safety & progression free survival at 18

months• INO-3112 administered during standard

chemo-radiotherapy (CRT) or during and after standard CRT as an adjuvant

• Funded by the EORTC

• 20 women with cervical carcinoma• Safety, tolerability, immunogenicity• Cervical histology • Treat after chemoradiation

HPV-Associated Cervical Cancer Studies: INO-3112

Two clinical trials for cervical cancer: INO-3112 (VGX-3100 + IL-12 DNA immune activator)

HPV 16/ 18 related disease

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Phase I/II Cervical Cancer Phase II Cervical Cancer

• 20 men/women • Safety, tolerability, immunogenicity • Anti-tumor effects & progression free survival• Arm #1: treat before/after tumor resection• Arm #2: treat after chemoradiation

HPV-Associated Head & Neck Cancer Studies: INO-3112

Phase I/IIa clinical trialINO-3112 (VGX-3100 + IL-12 DNA immune activator)

HPV 16/ 18 related disease

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Head & Neck Squamous Cell Carcinoma

Phase I: INO-1400 +/- IL-12 DNA immune activator

Human telomerase reverse transcriptase (hTERT), associated with cancer cell survival

hTERT-Associated Cancers Study: INO-1400

• hTERT overexpressed in 85% of cancers - potential “universal” cancer therapy • 54 patients• Safety, tolerability, immunogenicity• Anti-tumor effects and progression free survival • Trial launched: 4Q 2014

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Breast, Lung, or Pancreatic Cancers

• 126 patients• Safety, tolerability, immunogenicity • Trial started: 2Q 2015• Roche paying all development costs plus milestones• 240M+ global market opportunity

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Hepatitis B Study: INO-1800

Phase I: INO-1800 +/- IL-12 DNA immune activator

Multi-antigen: HBV pan-clade surface antigens & core antigens

Chronic Hepatitis B Virus

Louis Pasteur

Peter KiesCFO• Ernst & Young

• Experience with growth companies

Mark L. Bagarazzi, MDCMO• Clinical research experience incl. Merck

• Led clinical/regulatory for shingles and rotavirus vaccines; DNA vaccine expert

J.Joseph Kim, PhDPresident & CEO

• Decades of biotechnology/ pharma management

• Merck: hepatitis A and B vaccines manufacturing; HIV

vaccine (Ad5) R&D

Niranjan Y. Sardesai, PhDCOO

• Extensive biotech management and product development

experience

• Led diagnostics development for mesothelioma, bladder

cancer, and ovarian cancer for Fujirebio Diagnostics

Management

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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

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Nancy Wysenski , MBA• Former COO of Endo

Pharmaceuticals and Vertex Pharmaceuticals

Louis PasteurStanley 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

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Anthony W. Ford-Hutchinson, PhD

• Former SVP, Vaccines R&D, Merck

• Oversaw development: Singulair®, Januvia®, Gardasil®, Zostavax®,

Proquad® and Rotateq®

David B. Weiner, PhDChairman

•“Father of DNA vaccines”

• Dept. of Pathology & Laboratory Medicine, University of Pennsylvania

Scientific Advisory Board

Financial Information

Cash, cash equivalents & short-term investments3 $ 81.0 M

Debt3 0 M

Cash runway 4Q 2018

Shares outstanding2 71.8 M

Recent share price1 $7.23

Market cap1 $ 519.1 M

NASDAQ: INO

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1July 23, 2015 2May 8, 2015 3 March 31, 2015 4 May 5, 2015

Net cash from financing4 $ 82.1 M

INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-14002016Report interim data

Breast, Lung, And

Pancreatic Cancer

Vgx-31002015 Publish data in med journalEarly 2016 Initiate phase IIICervical dysplasia

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Value Drivers

INO-31122H 2015Report interim data

Head & Neck and

Cervical Cancer

Ino-80002015Report interim phase I data

Hepatitis C

Ino-18002Q 2015Initiated phase I

Hepatitis B

Ebola2Q 2015Initiated phase I

INO-4212

Ino-51503Q 2015Initiated phase I

Prostate cancer

PennVAX® 3Q 2015 Initiate PENNVAX-GP phase I

HIV

INO-3112December 2015Initiate phase II Cervical Cancer

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

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