Revolutionizing Vaccines

Dr. Joseph Kim President & CEO NYSE MKT: INO

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.

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Stimulating the Immune System: A Powerful Idea

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INFANT MORTALITY RATE

WORLDWIDE LIFE 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

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Introduction to the Immune System

B-CELL

Antibodies

T-CELL

• 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

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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

• 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)

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Broad Medical and Market Opportunities

Product Name

INTERNALLY FUNDED

Indication Preclinical Phase I Phase II

Vgx-3100

Ino-5150

Ino-1400

EXTERNALLY FUNDED

pennvax®

Ino-3510

Ino-8000

ino-1800

malaria MaV-12

Phase III

Preventive

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INO-3112

INO-3112

Preventive

Hepatitis C Therapeutic

Hepatitis B Therapeutic

influenza

Preventive

hiv

Preventive/Therapeutic

Breast/lung / Pancreatic cancers

Therapeutic

Prostate cancer Therapeutic

Head & Neck Cancer Therapeutic

Cervical Cancer Therapeutic

Cervical dysplasia

Therapeutic

Inovio’s Technology

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DNA Immunotherapies/Vaccines

Electroporation Delivery Device

• Best-in-class T cell

responses

• Favorable safety profile

• Over 500 patents

• 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)

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T Cells by Design: Antigen-Specific

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Selected one or more target antigen(s) from chosen strains/variants of the virus/cancer

Strain 1

Strain X

Strain 2

Antigen Y

Antigen Y Antigen Y

Designed to Break Tolerance or Provide Universal Protection

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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

Insert SynCon® gene sequence for selected antigen into DNA plasmid.

SYNCON® DNA

Antigen consensus

sequence

DNA Plasmid

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SynCon DNA plasmid ready to manufacture.

DNA Plasmid Optimized for Antigen Production

Electroporation Delivery Plays a Vital Role

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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

Best-in-Class CD8+ T Cell Responses

Ref: Kalams et al JID 2013 16

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

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

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Inovio’s Lead Product Targets All HPV-caused Diseases

18 Sources: CDC, www.hpvcentre.net; WHO IARC

Incidence rates in the U.S. + EU5

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

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Phase I 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. 2012 20

• 10/11 responders showed killing effect against target cells

Durable T Cell Responses and Killing Effect

HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin

Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)

CD8 cytolytic phenotype

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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

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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

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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

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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)

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

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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

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

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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

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

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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

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

INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-5150 1H 2014 Initiate phase I Prostate cancer

Vgx-3100 Mid-2014 Phase II study data Cervical dysplasia

INO-3112 1H 2014 Initiate phase I/IIa

Head & Neck Cancer

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Upcoming Value Drivers

INO-3112 1H 2014 Initiate phase I/IIa

Cervical Cancer

Ino-1400 2H 2014 Initiate phase I/IIa

Breast/lung/ Pancreatic Cancer

PennVAX®

2H 2014 Initiate PENNVAX -GP phase I HIV

Ino-8000 2015 Report phase I data

Hepatitis C

Ino-1800 Early 2015 Initiate phase I/IIa Hepatitis B

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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

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