Revolutionizing the Fight Against Cancers and Infectious Diseases

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Inovio Pharmaceuticals, Inc. NYSE MKT: INO

Forward Looking Statement

This presentation 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 June 30, 2014, and other regulatory filings from time to time.

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Inovio is setting a new standard! • Game-changing milestone July 2014 - Lead product for HPV-related cervical

pre-cancer achieved : • Positive phase II efficacy data, a first in the active immunotherapy field • Advancing to phase III

• Best-in-class killer T cell responses published in peer reviewed journals,

Science-Translational Medicine and Journal of Infectious Diseases, for DNA immunotherapies targeting HPV (human papillomavirus) and HIV

• Multi-product potential for cancers and infectious diseases

• Focus on cancer: cervical, head & neck, breast, lung, pancreatic, prostate in current/near-term human studies

• Partnership with Roche (2013) for prostate cancer and hepatitis B therapies; $412M in milestones, plus development costs and royalties

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Global Leader in Active Immunotherapies

Guided by an Eminent Team of Experts

• Management • CEO and CMO: ex-Merck • CFO: ex-Ernst and Young • Extensive development, clinical

and growth company experience

• Board of Directors • Past president, Merck Vaccines • Venture capital and financial

management expertise

• Scientific Advisory Board • “Father” of the field of DNA-based

immunotherapies • Decades of experience and

accomplishment in vaccines and immunotherapies

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• Cancers and chronic infections: significant unmet medical needs

• Immunotherapies build on powerful concept proven by numerous successful vaccines: activate the immune system

• New immunotherapy technology opens door to powerful treatments

• Market forecasted to double in size

Immunotherapies: Large, Rapidly Growing Opportunity

Projected immunotherapy market 2018: $111.4B

Cancers

InfectiousDiseases

$43.5B

$67.9B

Immunotherapies will potentially become the backbone treatment in up to 60% of cancers over next 10 years − from less than 3% today (Citi Research)

Human Papillomavirus

Low Grade Cervical

Precancer

(CIN 1)

High Grade Cervical

Precancer

(CIN 2/3)

VGX-3100 Clinical Efficacy: Technology Breakthrough

• VGX-3100: designed to treat HPV (human papillomavirus)-associated precancers and cancers

• Phase II study achieved efficacy endpoints: high grade cervical precancer regression and clearance of HPV

• Unmet need: non-surgical alternative; ability to eliminate residual HPV in untreated tissue

• Advance phase III for cervical precancer (CIN 2/3) in 2016; final step to FDA approval

• De-risks product and business development strategy

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Disease Progression

Cervical Cancer

Inovio Technology: All About Activating T Cells

Disease/antigen- specific killer T cell

Target cell and disease-specific antigen(s)

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• Inovio immunotherapies activate disease/antigen-specific killer T cells to eliminate diseased cells

• Long-lasting immune memory

• Safe and well tolerated

Strain 1

Strain X

Strain 2

Antigen Y

Antigen Y Antigen Y

Inovio Products: Disease-Specific T Cells by Design

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Identify DNA code to target specific cancer or chronic infection

Synthetically create unique DNA sequence for target disease – PATENTABLE

SynCon® DNA immunotherapy ready to manufacture

VGX-3100: Multiple Multi-Billion Dollar Product Opportunities

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

Annual New Cases: U.S. + EU5

Project Highlights: VGX-3100

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VGX-3100, HPV Immunotherapy, Phase III Clinical Study

• High-grade cervical precancer

• Publish complete phase II study data in peer-reviewed journal in 2015

• End-of-study meeting with US Food & Drug Administration (FDA) to review phase II data and proposed phase III trial design: 2015

• Manufacture VGX-3100 immunotherapy and CELLECTRA® delivery devices: 2015

• Launch phase III study in 2016

• Potential regulatory approval and commercialization: 2019

• Potential $100M clinical trial cost

Project Highlights: INO-3112

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INO-3112, HPV Immunotherapy, Human Studies for Other Cancers

• VGX-3100 + immune activator

• Complete phase I/IIa cervical and head & neck cancer exploratory studies

• Design and launch phase II studies for INO-3112 for cervical and head & neck cancers

• Initiate other human studies for HPV-related precancers and cancers of the cervix, head & neck, and anogenital areas

• Potential regulatory approval and commercialization: 2019

• Potential $40M clinical trial cost in Phase II

INO-3112

Anogenital

Head + Neck

Cervical

Possible Project: MERS (Middle East Respiratory Syndrome)

• 838 cases, 293 deaths, primarily in Saudi Arabia, since Sept. 2012; Fatality rate: 35% (WHO, August 11 2014)

• Inovio’s MERS immunotherapy induced strong immune responses in animal study

• Opportunity, with government funding/support, to advance preclinical and clinical studies for potential MERS immune therapy

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INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-5150 2015 Initiate phase Ia/Ib Prostate cancer

Vgx-3100

2016 Initiate phase III Cervical dysplasia

INO-3112

2Q 2014 Initiated phase I/IIa

Head & Neck Cancer

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Strong Clinical Pipeline & Value Drivers

INO-3112

2Q 2014 Initiated phase I/IIa

Cervical Cancer

Ino-1400

2H 2014 Initiate phase I/IIa

Breast/lung/

Pancreatic Cancer

PennVAX®

4Q 2014 Initiate PENNVAX -GP phase I HIV

Ino-8000 2015 Report phase I data

Hepatitis C

Ino-1800 2015 Initiate phase I/IIa

Hepatitis B

Leading Global Patent Portfolio

SynCon® DNA-based immunotherapy DNA antigen sequences targeting specific cancers and infectious diseases

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Protected by over 500 global patents issued and pending:

CELLECTRA® electroporation delivery methods and devices

DNA immunotherapy

Electroporation device

Financial Information

Cash, cash equivalents & short-term investments2 $ 109.0 M

Debt2 0 M

Cash runway 4Q 2017

Shares outstanding2 60.3 M

Recent share price1 $10.75

Market cap1 $ 648.2 M

NYSE MKT: INO

1Aug 25, 2014 2Jun 30, 2014

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Recent insider buying $2.75M

• US-based publicly traded company: NYSE MKT: INO • Located in Plymouth Meeting, Pennsylvania, and San Diego, California • Staff: 85 people • Proposed investment structure: straight common equity investment into

corporate treasury • Investment size: flexible up to $100M; payable upfront • US tax and legal structure • Use of proceeds: research and clinical development for outlined projects • Investment returns and cash flow: guidance cannot be provided • Break-even cash flow due to product sales or royalties cannot be realized until

after approval and commercial launch of a first product in 2019 or later • Additional non-equity cash inflows may be realized through partner development

fees and milestone payments or other third party grants/contracts • Exit: publicly traded shares offer liquidity and exit as preferred by the investor,

without restriction

Other Financial & Corporate Details

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• Biotechnology: strategic industry providing globe-changing health and economic impacts

• Investment diversification: biotech not correlated with underlying economic drivers common to most industries

• Capital appreciation: potentially multiples of original investment over long term (i.e. five years)

• Potential to facilitate in-country clinical studies for therapies targeting devastating cancers and infectious diseases

• Low historical company market valuation relative to intrinsic asset value, based on recent accomplishments

• Equity investment into Inovio corporate treasury:

• Aligned with management and key shareholders

• Diversifies capital appreciation and risk across multiple products and technologies

Inovio Investment Merits

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