Corporate Presentation - July 2014

1. Revolutionizing
the Fight Against Cancers
and Infectious Diseases
Dr. Joseph Kim
President & CEO
NYSE MKT: INO

2. 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, our Form 10-Q for the quarter
ended March 31, 2014, and other regulatory filings from time
to time.
2

3. 3
2013: Dynamic Year
• Best T cell responses in published clinical studies
• Validating license deal with Roche in 2013
2014: Transformative Year
• Phase II meets efficacy endpoints: breakthrough for active
immunotherapy field
• More cancer trials starting (cervical, head & neck, prostate,
breast, lung, pancreatic cancers)
• Working toward additional pharma partnerships
Inovio: Global Leader in Active Immune Therapy

4. Phase II Data: Meets Efficacy Endpoints With Robust T Cells
• Efficacy data meets primary and secondary efficacy endpoints
• Induces regression of a cervical intraepithelial neoplastic process
• Eliminates HPV
• Robust HPV-specific T cell responses in majority of treated
subjects, as in phase I study
• Treatment well-tolerated; administration site redness
• Detailed data will be submitted for publication in
peer-reviewed journal4
VGX-3100 Placebo P Value
CIN 2/3 Regression to
CIN 1 or No Disease
49.5%
53 of 107
30.6%
11 of 36
<0.025
HPV Clearance AND
CIN 2/3 Regression to
CIN 1 or No Disease
40.2%
43 of 107
14.3%
5 of 35
<0.025

5. Phase II Data: Clinical and Technology Validation
• Significant step toward providing women and physicians a non-
surgical treatment for pre-cancerous lesions
• Advance VGX-3100 for precancerous dysplasias and HPV-
associated cervical, head and neck, and anogenital cancers
• SynCon® immunotherapy technology can activate immune
system to fight chronic infections, pre-cancers — and ultimately
cancers
• De-risk product and business development strategy for VGX-3100
and broad pipeline of SynCon® active immune therapy products
5

6. Broad Medical and Market Opportunities
Product Name
INTERNALLYFUNDED
Indication Preclinical Phase I Phase II
Vgx-3100
Ino-5150
Ino-1400
EXTERNALLYFUNDED
pennvax®
Ino-3510
Ino-8000
ino-1800
malariaMaV-12
Phase III
Preventive
6
INO-3112
INO-3112
Preventive
HepatitisC Therapeutic
HepatitisB Therapeutic
influenza Preventive
hiv Preventive/
Therapeutic
Breast/lung/
Pancreaticcancers
Therapeutic
Prostatecancer Therapeutic
Head&NeckCancer Therapeutic
CervicalCancer Therapeutic
Cervicaldysplasia Therapeutic

7. T cells: Inovio Commands the Body’s SWAT Team
T cell
Cytotoxic T lymphocyte
Target cell
Provided by Dr. Philip Greenberg
Hutchinson Cancer Research Center
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8. • 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)
8

9. Strain 1
Strain X
Strain 2
Antigen Y
Antigen Y
Antigen Y
T Cells by Design: Antigen-Specific, Optimized, Best-in-Class
9
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

10. Insert SynCon® gene
sequence for selected
antigen into DNA plasmid.
SYNCON®
DNA
Antigen
consensus
sequence
DNA
Plasmid
Designed to Break Tolerance or Provide Universal Protection
10
SynCon DNA plasmid ready
to manufacture.

11. Electroporation Delivery Plays a Vital Role
11

12. SynCon®+ Electroporation: Significant Antigen Expression
Ref: Sardesai & Weiner Curr. Opin. Immunol. 2011
1000x increase in
cellular uptake and
antigen production/
expression
Intramuscular Intradermal
12

13. Inovio DNA/EP Beats Previous Gold Standard (Merck Ad5 Viral
Vector) for T Cell Generation (Non-Human Primates)
SIV Model: UPenn/Merck/Inovio Assay: Data Co-Published
T Cell ELISpot Assay T Cell Proliferation Assay
DNA + EP Ad5 DNA + EP Ad5
Ref: Hirao et al. Molecular Therapy, August 2010
Flow Cytometry Assay
13
Ad5 DNA + EP Ad5 DNA + EP

14. PENNVAX®: Highest CD8+ T Cell Responses for HIV Vaccine
Ref: Kalams et al JID 201314
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
• Best CD8+ T cell response in HIV
clinical studies
• Durable T cell memory
responses
• Safe and well tolerated
0 1 2 3 4 5 6 7 8 9Dosing Schedule
(Months)

15. Combined CohortsIndividual Dose Cohorts
VGX-3100 Induces Robust and Durable T Cell Responses
Bagarazzi, Yan, Morrow et al. Sci Transl Med 4, 155ra138 (2012)
• 14/18 (78%) subjects responded to at least one antigen
• 13/18 (72%) responded to at least two antigens
• 9/18 (50%) responded to all four antigens
15
ELISpot Assay
0 1 2 3 4 5 6 7 8 9Dosing Schedule
(Months)

16. Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
HPV16-, HPV18-Specific IFN-γ Production
Multi-parameter
flow cytometry:
CD4, CD8
activation
phenotype
16

17. HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin
Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
CD8
cytolytic
phenotype
17

18. VGX-3100 Flow Cytometry – Functional Killing Assays
Inovio ConfidentialBagarazzi, Yan, Morrow et al. Sci Transl Med 4, 155ra138 (2012)
Quantitative Assay
Qualitative Assay
• Patient pre-VGX-3100 PBMC are targets, post-VGX-3100 PBMC are effectors
• Quantitative - PBMC added irrespective of Ag-specific CD8 frequency
• Qualitative - PBMC normalized to account for Ag-specific CD8 frequency
• Measure granzyme B delivery to targets
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19. 19
Checkpoint Inhibitors: T Cell Validation; Combination Potential
• 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)

20. Inovio’s Lead Program
VGX-3100:
• Capitalizes on Inovio’s ability to generate T cells
• Immunotherapy for pre-cancers and cancers caused by
human papillomavirus (HPV)
• Targeting E6/E7 oncogenes
• Phase II completed: high grade cervical pre-cancers
(CIN 2/3 dysplasia)
• Top-line efficacy data reported
• In-depth data to be submitted to peer-reviewed journal
20

21. Inovio’s Lead Product Targets All HPV-caused Diseases
21
Sources: CDC, www.hpvcentre.net;
WHO IARC
Incidence rates
in the U.S. + EU5

22. 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 no disease
• Secondary endpoints
• Clearance of HPV 16 or 18 AND CIN 2/3 regression
• Immunogenicity
• Safety
22

23. INO-1400: Potential Universal Cancer Therapy Targeting
hTERT (overexpressed in 85% of cancers)
Yan J et al., Cancer Immunol Res. (2013)23
Dharmapuri et al., Mol Ther. (2009)
T-cell generation: older generation
DNA vaccine and electroporation
device
SynCon® T-cell generation with
CELLECTRA® electroporation device

24. 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
24
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

25. 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
25
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

26. 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
26
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

27. Financial Information
Cash, cash equivalents
& short-term investments2 $ 116.8 M
Debt2
0 M
Cash runway 4Q 2017
Shares outstanding3
60.0 M
Recent price1
$11.14
Market cap1 $ 668.4 M
NYSE MKT: INO
1July 22, 2014
27
2Mar 31, 2014 3March 31 (reflecting
June 6th 1:4 reverse
split)

28. INTERNALLYFUNDED EXTERNALLYFUNDED
Ino-5150
3Q 2014
Initiate phase IProstatecancer
Vgx-3100
Phase II meets efficacy
endpointsCervicaldysplasia
INO-3112
2Q 2014
Initiated phase I/IIaHead&NeckCancer
28
Upcoming Value Drivers
INO-3112
2Q 2014
Initiated phase I/IIaCervicalCancer
Ino-1400
2H 2014
Initiate phase I/IIa
Breast/lung/
PancreaticCancer
PennVAX®
4Q 2014
Initiate PENNVAX-GP phase IHIV
Ino-8000 2015
Report phase I data
Hepatitis C
Ino-1800
Early 2015
Initiate phase I/IIa
Hepatitis B

29. • Phase II data meets efficacy endpoints
• 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
• Validating partnership with Roche with
more deals in the works
Investor Highlights
29

30. 30
Revolutionizing
the Fight Against Cancers
and Infectious Diseases