Markets

Inovio Stock Plunges 20.69% After Pricing $75 Million Share And Warrant Offering

The DNA-medicine developer priced common shares at $1.05 each and expects the offering to close Monday.

Inovio Pharmaceuticals, which develops DNA medicines, plunged 20.69% to $1.15 in Friday trading, as of 9:49 a.m. ET, erasing $31 million in market value. The decline followed Thursday's announcement that it had priced an offering of common shares and warrants expected to generate approximately $75 million before fees and expenses.

The company set the common-share price at $1.05 each. The offering also includes warrants that holders can exercise to receive additional shares.

The financing sits alongside Inovio's estimated liquidity of approximately $48.4 million at the end of September. The $75 million is expected proceeds, before fees and expenses, rather than money already received.

Inovio reported zero revenue and a net loss of $6 million for the second quarter.

DNA Medicines Still In Development

Inovio remains a clinical-stage biotechnology company. Its candidates address diseases associated with human papillomavirus, or HPV, as well as cancer and infectious diseases, according to its annual report for the fiscal year ended December 31, 2025.

Its lead candidate, INO-3107, targets recurrent respiratory papillomatosis, a rare condition that produces airway tumors. Other candidates target throat cancer and other cancers.

The medicines use small circles of DNA called plasmids to direct cells to produce specific proteins. Inovio's CELLECTRA devices use short electrical pulses to deliver that DNA into cells.

All candidates remain in research and development. Inovio has earned no product-sales revenue; its revenue sources are licensing, milestone payments and collaborative research arrangements. The annual report said its DNA medicines had been administered over 19,000 times to nearly 6,000 participants.

A Recovery Meets Another Sharp Drop

Friday's decline put INO shares on pace for their third drop of 10% or more this month. Inovio's market value stood at $118.91 million in Friday trading, as of 9:49 a.m. ET.

The stock had gained 26% over the previous month but remained down 17% for the year at Thursday's close. The S&P 500 had gained 8% over that year-to-date period.

Inovio expects the offering to close on or about Monday, when its next earnings report is also scheduled.