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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, our Form 10-Q for the quarter
ended June 30, 2015, and other regulatory
filings from time to time.
2
Inovio Highlights
• Powerful DNA-based immunotherapy and vaccine
platform
• Multi-antigen platform positions Inovio to be leader in
immuno-oncology revolution
• Clinical proof of concept in pre-cancerous condition.
Product to enter phase III in 2016
• Publication in The Lancet
• First to show CD8+ T cells generated in-vivo can clear
disease
• Two Big Pharma partnership deals in the last two
years
(~$1 billion in milestone payments)
• Over $130 M in non-dilutive grants and
contracts in the last six years
• $70M in the last 12 months
• Cash runway through 2018
3
SynCon® Immune Control Technology
• Highly optimized DNA plasmids
• Genetic sequences encoded for specific
targeted immune mechanism
• Generates target immune functional
components directly in the body
One Core Technology: Leveraging Synthetic Biology
5
Up-regulation of
desirable immune
mechanisms
Down-regulation or
inhibition of detrimental
immune mechanisms
To fulfill unmet needs in:
CANCER | INFECTION | INFLAMMATION
Multiple Immune Mechanisms, Products, Diseases. How?
In-vivo generation of immune functional components capable of fighting disease
6
Generate • Antigens • Monoclonal
antibodies
Activating • CD8+ killer T cells
• Polyclonal
antibodies
• Checkpoint
inhibition
• Tumor blocking
pathways
• Cytotoxicity
Products • Monotherapies
• Combination
therapies
• Prevention
• Treatment
Disease Targets • Cancer • Infectious
diseases
• Other
Driving synthetic biology
to achieve vital immune
activation/control
outcomes
SynCon®
DNA Plasmids
In-Vivo Killer T Cell Generation is a Key Missing Link
8
Target cell
T CellCytotoxic T lymphocyte
Just scratching the surface
Still notable unmet needs
Great strides in new
immuno-oncology therapy
technologies enabling T cells
to perform their function
CD8+ T cells: targeted
destroyer of cancer and
infected cells in the body
Best-in-Class Functional T Cell Responses
Activated In-Vivo…
9
Phase II study of VGX-3100 HPV antigen generating
immunotherapy in high grade cervical dysplasia
*Statistically significant; bars are 95% Cl. IFN = interferon
VGX-3100800
600
400
200
0
0 5 10 15 20 25 30 35 40
Placebo
Study Week
VG
X-3
10
0 S
pe
cif
ic T
Ce
lls
(SF
U/1
06
PB
MC
s A
bo
ve
Ba
se
lin
e)
Treatment at wks 0, 4, & 12
* * * *
Correlated to Clinically Relevant Efficacy
10
Phase II study of VGX-3100 HPV immunotherapy in high grade cervical
dysplasia meets primary and secondary endpoints
Ref: Trimble, C. et al The Lancet, Sep 2015
Implication: Broad Proof of Principle
11
Effective immune activating treatment
• Select and encode any antigen
• Simple injections into arm
• Generate antigen-specific CD8+ killer T cells
• Measurable in blood and observed in diseased tissue (tissue infiltrating T cells)
• Regress disease to normal
• Clear virus causing the disease
• Direct correlation between CD8+ T cells and efficacy
Immune system’s disease fighting
mechanisms are common across
all diseases
• Data supports utility of SynCon® products
across cancers and infectious diseases
Favorable safety profile
shown in over 600 treated
subjects (without serious
adverse events)
Strategic Implications for Immuno-Oncology
A minority of tumors have T cell responses that can respond to immune checkpoint
inhibition—and even against those tumors, checkpoint inhibitors are only realizing
20—40% response rates
12
Taking immuno-oncology to the next level, and leveraging the encouraging results
of checkpoint inhibitors, requires better T cell generation
“You can block all the
PD-L1 in the world but it
means nothing without
infiltrating T cells”
— Roy Herbst, Yale
“In the majority of patients,
T cells either need to be trafficked
to the tumor, T cells need to be
generated or both in order to see
higher response rates with the
checkpoints”
— Michael Atkins, Georgetown
Immuno-Oncology Clinical and Commercialization Strategy
13
Monotherapies | Single agent, multi-antigen T cell
activating immunotherapies: potential in specific scenarios such
as early stage or slowly progressing cancers1
Combination Therapies With Partners | Combine Inovio
antigen-generating immunotherapies with third party checkpoint
inhibitors or other immuno-oncology products2
Combination Therapies In-House Using DNA-Based
Monoclonal Antibodies (dMAbs) | Keep product
development, IP, and downstream profit under one roof; strategic
power/flexibility
3
Validating Immuno-Oncology Partnership
14
ProductsINO-3112 HPV-driven cancer
+ 2 new R&D products
Upfront
Payment$27.5 million
Milestone
Payments$700 million
Royalties
Up to double digit tiered royalties on INO-3112
+ royalties for additional cancer vaccine
products
AstraZeneca/MedImmune(August 2015)
MedImmune intends to study INO-3112 in combination with
selected immunotherapy molecules within its pipeline.
What We Are Doing NowP R I M A R Y F O C U S : A N T I G E N / T C E L L
G E N E R AT I O N F O R I M M U N O - O N C O L O G Y
Antigen-Generating/T Cell Activating SynCon® Products
16
Product Name Indication Preclinical Phase I Phase II
VGX-3100
INO-5150
INO-1400
Phase III
INO-3112
Breast/Lung/Pancreatic Cancers
Therapeutic
Prostate Cancer Therapeutic
Head & Neck Cancer
Cervical and Head & Neck Cancer Therapeutic
Cervical Dysplasia Therapeutic
Aerodigestive Cancer TherapeuticINO-3106
INO-1800 Hepatitis B Therapeutic
EbolaINO-4212
Preventive
PENNVAX®-GP HIVPreventive/
Therapeutic
INO-8000 Hepatitis C Therapeutic
Preventive/
Therapeutic
EXTERNALLY FUNDED
Infectious Disease
Programs
INTERNALLY
FUNDED
Cancer Programs
EXTERNALLY
FUNDED
Cancer Programs
GLS-5300 MERSPreventive/
Therapeutic
VGX-3100 Phase II Study: HPV Cervical Dysplasia
17
Placebo-Controlled,
Randomized, Double Blind
• Targets: HPV 16/18 E6/E7
oncogenes
• 148 subjects
• 18-55 year old females
• High-grade cervical
dysplasia (CIN2/3)
• HPV 16 and/or
18 positive
• 3:1 randomization
Primary Endpoint
• Regression of CIN2/3
to CIN1 or normal
(6 months post third
dose: week 36)
Secondary Endpoint
• Regression of CIN2/3
to CIN1 or normal and
clearance of HPV
Phase II: Clinically Significant Efficacy; Achieves Endpoints
18
• Efficacy correlates to immune responses
• PP and mITT p-values equal
• Paper published in The Lancet
Regression High Grade
to Low Grade Cervical
Dysplasia or Normal
Dysplasia Regression
to Low or Normal AND
HPV Clearance
Lesion
Regression
to Normal
VGX-3100 49.5% 40.2% 40.2%
Control 30.6% 14.3% 16.7%
Difference 18.9% 25.9% 23.5%
P-Valuep=0.017strata-adjusted
p=0.001strata-adjusted
p=0.006strata-adjusted
Groups
Primary
Endpoint
Secondary
Endpoint
Primary –
Post Hoc
Data Supports Advancing HPV Immunotherapy
HPV Dysplasias
• Potential as first non-surgical
treatment option for cervical dysplasia
• First-line therapy to pre-empt surgery
Phase III
• Planned start 2016
• Scaling biologic and
electroporation device
production
• End-of-phase-II FDA
meeting by year end
• Market, pricing and
payor research
• Planning other HPV
anogenital dysplasia
studies
HPV Cancers
• MedImmune assumes development
of head & neck and cervical cancer
studies under strategic cancer
collaboration
19
US: 27,000
EU: 6,500
HPV-Caused Pre-Cancer Incidence
20
US: 220,000 – 270,000
EU: 260,000
US: 13,400
EU: 13,400
Annual incidences: US EU
HIGH GRADE CERVICAL DYSPLASIA
(CIN2/3)
HIGH GRADE VULVAR NEOPLASIA
(VIN)
HIGH GRADE ANAL NEOPLASIA
(AIN)
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
Cancer Programs
21
INO-3112
VGX-3100 + IL-12
HPV 16 & 18 driven
cancers
Antigens: E6 and E7
• Two phase I/II trials against cervical and head and neck cancer
underway; planned phase II trial against cervical cancer
sponsored by EORTC
• Interim head & neck data: 3 of 4 patients w/ robust CD8+ T cell
responses
New cancer products
partnered by MedImmune
• Co-develop two additional DNA-based cancer vaccine products
• MedImmune: exclusive rights to develop and commercialize
INO-1400
Antigen: hTERT
(+/- IL-12)
• Human telomerase reverse transcriptase associated with cancer
cell survival
• Over-expressed in 85% of cancers—potential “universal” cancer
therapy
• Phase I trial in 54 patients with breast, lung, or pancreatic cancer
INO-5150
Prostate cancer
Antigens: PSA and PSMA
(+/- IL-12)
• Phase I trial in 60 men with biochemically relapsed prostate
cancer
Inte
rna
lly F
un
de
dP
art
ne
r F
un
de
d
Infectious Disease Programs
22
INO-1800
Hepatitis B
Antigens: Surface
and core (+/- IL-12)
• Phase I trial in 126 patients
• Safety, immunogenicity & efficacy biomarkers
• Roche paying all development costs plus milestones
INO-8000
Hepatitis C
Genotypes 1a and 1b
Antigens:NS3/4A, NS4B &
NS5A
• Phase I trial at multiple study sites in Korea; planning an
additional clinical study in the U.S.
• Chronically infected hepatitis C patients
PENNVAX®-GP
HIV
Global subtype coverage
Antigens: 2 env, gag & pol
• Initiated phase I in collaboration with HVTN
• $25M grant from NIAID completed; new $16M grant will allow
further optimization research
INO-4212
Ebola
Antigen: GP protein
• Phase I trial (~75 healthy patients)
• Research funded by $45M DARPA award as part of multi-
faceted approach to prevent and treat Ebola
GLS-5300
MERS
Antigen: Spike protein
• Induced 100% protection from live virus challenge in monkeys
• Three animal models, including camels, in preclinical study.
Inte
rnally F
un
ded
Part
ner
Fu
nd
ed
Multi-Antigen Products Position Inovio to be a Leader in
Immuno-Oncology
24
Encode for multiple
antigens to target
heterogeneous
tumors
Activate the immune
system to generate
cancer killing T cells
50+ well
characterized
antigens known to
have high levels of
over-expression in
cancer cells
Developing multi-antigen
cancer immunotherapies
based on unmet need,
commercial attractiveness,
and scientific rationale
Inovio will initiate a
new multi-antigen
cancer program in
2016
Partnership with
MedImmune to
develop two new
cancer products
Others (6)
dMAbs™: Multiple Immune Mechanisms & Products
Inovio’s DNA-based monoclonal antibody products target:
25
• Alzheimer's
• Parkinson’s
• Other
Cancer (10) Infectious Diseases (14)
• Influenza A
• Influenza B
• Pseudomonas
• MRSA/Staph
• Ebola
• MERS
• Dengue
• CHIKV
• Other infectious
diseases
• Checkpoint Inhibitors
(CI)
• PD-1
• PD-L1
• 4 additional CIs
• Herceptin
• Anti-Tregs
• Other anti-cancer
pathways
DARPA funded programs
Promising Preclinical Data & Notable Third Party Support
DARPA awards $57M to advance dMAb application and develop products for Ebola,
influenza and antibiotic resistant bacteria
26
0%
20%
40%
60%
80%
100%
Tu
mo
r C
lea
ran
ce
(%
)
Cancer dMAbProstate cancer model in mice
(Unpublished data)
dMAb (7 of 10) Control (0 of 10)
70%
0%0%
20%
40%
60%
80%
100%
Pro
tec
tio
n in
Ch
all
en
ge w
ith
Den
gu
e
Vir
us
(%
)
Dengue dMAb(Nature Scientific Reports 2015)
dMAb (10 of 10) Control (0 of 10)
100%
0%
dMAB™ Products: Development Milestones and Catalysts
27
> 6 new
publications
expected in the
next year
Two dMAb
scientific
publications
to date
Technology
development
fueled by two
DARPA grants
totaling $57M
Developing an
arsenal of over 30
dMAb products
(cancer, checkpoint
inhibitors, infectious
diseases, others)
First clinical
study using
dMAb product
planned
in 2016
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
Management
29
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
Board of Directors
30
Nancy Wysenski, MBA
• Former COO of Endo
Pharmaceuticals and
Vertex Pharmaceuticals
Simon X. Benito
• Former Senior Vice
President, Merck
Vaccine Division
Avtar Dhillon, MD
Chairman, BOD
• Former President
& CEO, Inovio
Biomedical
Morton Collins, PhD
• General Partner,
Battelle Ventures and
Innovations Valley
Partners
Angel Cabrera, PhD
• President, George
Mason University
• Former President,
Thunderbird School of
Global Management
J. Joseph Kim, PhD
• President & CEO,
Inovio
Adel Mahmoud, PhD
• Professor, Princeton University
• Former President, Merck
Vaccines
• Responsible for Gardasil®,
Zostavax®, Proquad® and
Rotateq®
Scientific Advisory Board
31
Anthony W. Ford-
Hutchinson, PhD
• Former SVP,
Vaccines R&D, Merck
• Oversaw
development:
Singulair®, Januvia®,
Gardasil®,Zostavax®,
Proquad® and
Rotateq®
Stanley A. Plotkin, MD
• Developed rubella and
rabies vaccines
• Oversaw Sanofi
flu vaccine
• Emeritus Professor,
Wistar Institute
& University of
Pennsylvania
David B. Weiner, PhD
Chairman
• “Father of DNA
vaccines”
• Dept. of Pathology
& Laboratory
Medicine, University
of Pennsylvania
Philip Greenberg, MD
• Expert in T cell
immunology
• Head, Immunology
Program, Fred
Hutchinson Cancer
Research Center
Financial Information
32
1October 20, 2015 2June 30, 2015 3 Payable in Q3, 2015
Cash & short-term investments2 $154.6 M
Debt2 0 M
Cash runway 4Q 2018
Shares outstanding2 71.8 M
Recent share price1 $6.28
Market cap1 $450.9 M
Upfront payment: MedImmune 3 $27.5 M
Value Drivers and Milestones
34
20
15
/Earl
y
20
16
Report Ebola
vaccine phase I
immunogenicity and
safety data
End-of-phase II
FDA meeting
Published VGX-3100 HPV
phase II paper in
The Lancet
Launch MERS vaccine
phase I immunogenicity
and safety study
Report interim data
from phase I hepatitis C
trial
32
Value Drivers and Milestones
34
INO-3112 cervical cancer
phase II study initiation
with MEDI and EORTC
Initiate first dMAb
phase I trial
VGX-3100 phase III
study initiation
Report INO-1400
hTERT immunogenicity
data (interim)
Report INO-5150
prostate immunogenicity
data (interim)
20
16
Initiate clinical
studies for new
cancer targets
33
Value Drivers and Milestones
34
Additional corporate
development deals
Additional grant funding
BE
YO
ND
Investment Summary
36
Mono- & combo
therapy strategy
with DNA-based
antigens & mAbs
Best-in-class
efficacy data
from in vivo
immunotherapy
Missing link
to take T cell
therapies to
the next level
Entering
phase III
Applicable
to all cancers
and infectious
diseases
Validating
partnerships
with MedImmune
and Roche
Taking immunotherapy to the next level
VGX-3100 Efficacy Visualized Through Tissue Stain
38
Wee
k 0
: C
IN3 p
ath
olo
gy
IHC Staining: Lesion/HPV
Wee
k 3
6: N
o s
ign
ific
an
t p
ath
olo
gy
IHC Staining: CD8 +
Regression: CIN3 HPV to Normal Persistent Presence of Killer CD8s
SynCon® Immune Control: Antigens and mAbs by Design
39
Identify pertinent disease-specific
antigens for target disease
Encode a DNA plasmid with genetic
code for each targeted antigen
T cells eliminate cells displaying
disease-specific antigen(s)
Immune system recognizes
“foreign” antigens; activates antigen-
specific T cells and antibodies
Effective, efficient, safe in-vivo T cell and antibody activation
Cellular machinery uses genetic code
to produce encoded disease antigens
ANTIGENIC
PROTEINS
Deliver plasmids into human
cells using electroporation