Revolutionizing the Fight Against Cancers and Infectious Diseases

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

2

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

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 journal 4

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

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

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

6

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

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

7

• 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

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

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.

Electroporation Delivery Plays a Vital Role

11

SynCon®+ Electroporation: Significant Antigen Expression

Ref: Sardesai & Weiner Curr. Opin. Immunol. 2011

1000x increase in cellular uptake and antigen production/ expression

Intramuscular Intradermal

12

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

PENNVAX®: Highest CD8+ T Cell Responses for HIV Vaccine

Ref: Kalams et al JID 2013 14

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 9 Dosing Schedule (Months)

Combined Cohorts Individual 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 9 Dosing Schedule (Months)

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

HPV16-, HPV18-Specific IFN-γ Production

Multi-parameter flow cytometry: CD4, CD8 activation phenotype

16

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

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

CD8 cytolytic phenotype

17

VGX-3100 Flow Cytometry – Functional Killing Assays

Inovio Confidential Bagarazzi, 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

18

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)

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

Inovio’s Lead Product Targets All HPV-caused Diseases

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

Incidence rates in the U.S. + EU5

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

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

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

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

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

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)

INTERNALLY FUNDED EXTERNALLY FUNDED

Ino-5150 3Q 2014 Initiate phase I Prostate cancer

Vgx-3100 Phase II meets efficacy endpoints Cervical dysplasia

INO-3112 2Q 2014 Initiated phase I/IIa

Head & Neck Cancer

28

Upcoming 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 Early 2015 Initiate phase I/IIa Hepatitis B

• 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

Revolutionizing the Fight Against Cancers and Infectious Diseases