1. Revolutionizing
Vaccines
Dr. J. 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, 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 efficacy and immunogenicity data from lead drug
mid-year
• More cancer trials starting (cervical, head & neck, prostate,
breast, lung, pancreatic cancers)
• Additional pharma discussions on-going
Inovio: Global Leader in Active Immune Therapy

4. • Collaborating with a global leader in innovative cancer drugs
• Develop and commercialize Inovio’s prostate cancer (INO-5150)
and hepatitis B (INO-1800) immunotherapies
• $10 million up-front payment
• Roche funding all ongoing development costs as well as funded
research for new prostate cancer antigens
• $412.5 million milestone payments for certain development and
commercial events
• Roche may pay other development milestone payments if it
pursues other indications with INO-5150 or INO-1800
• Up to double-digit royalties on sales of a marketed product
Validating Partnership with Roche (September 2013)
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5. 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
5
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

6. • Are safe and tolerable
• Requires a directive
to attack
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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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)
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8. 8
Checkpoint Inhibitors Alone are Good but Not Good Enough
• Inovio cancer vaccines greatly
increase T cells
• Overwhelm cancer cells as
monotherapy
• Potential to combine with
checkpoint inhibitors to increase
efficacy
• Potential to improve safety
and tolerability
• Unprecedented efficacy
• Melanoma
• Lung cancer
• Validate potential of T cell active
immunotherapies
• Evidence suggests that non-
responders do not have sufficient
pre-existing T cell levels
• Concerns re: safety/tolerability
• Projected $24 billion market Source: Citi

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. Optimized DNA Plasmid + EP: Better Antigen Expression
Ref: Sardesai & Weiner Curr. Opin. Immunol. 2011
1000x enhancement
in cellular uptake and
antigen expression
Intramuscular Intradermal
12 EP = electroporation

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
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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

15. 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 on-going: high grade cervical pre-cancers
(CIN 2/3 dysplasia)
• Efficacy and immunogenicity data: mid-2014
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16. Inovio’s Lead Product Targets All HPV-caused Diseases
16 Source: CDC
Incidence rates
in the U.S.

17. 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
17
ELISpot Assay

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

19. HPV16-, HPV18-Specific CD107a, Granzyme B, Perforin
Bagarazzi, Yan, Morrow et al, Science Trans. Med. (2012)
CD8
cytolytic
phenotype
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20. 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-VGX3100 PBMC are targets, post-VGX3100 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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21. 21
VGX-3100 Phase II Study Design

22. Phase II Data Impact on Medical and Market Opportunities
• Efficacy data
• Path forward to phase III for CIN 2/3
• Expansion of product use to other HPV-related indications
(cervical cancer, head/neck cancer, and anogenital cancer)
• Seek orphan designation potential
• T cell and safety data
• Broader platform validation for all Inovio immunotherapy
products in the pipeline
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23. INO-1400: Potential Universal Cancer Therapy
Yan J et al., Cancer Immunol Res. (2013)23
Dharmapuri et al., Mol Ther. (2009)

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
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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
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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 investments3 $ 52.6 M
Debt3
0 M
Cash runway 4Q 2017
Shares outstanding2
239.6 M
Recent price1
$3.42
Market cap1 $ 819.4 M
NYSE MKT: INO
1Mar 17, 2014 3 Dec 31, 2013
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Additional cash after year
end4 $ 69.3 M
2Mar 7, 2014 4 Mar 14, 2014

28. INTERNALLYFUNDED EXTERNALLYFUNDED
Ino-5150
1H 2014
Initiate phase IProstatecancer
Vgx-3100
Mid-2014
Phase II study dataCervicaldysplasia
INO-3112
1H 2014
Initiate phase I/IIaHead&NeckCancer
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Upcoming Value Drivers
INO-3112
1H 2014
Initiate phase I/IIaCervicalCancer
Ino-1400
2H 2014
Initiate phase I/IIa
Breast/lung/
PancreaticCancer
PennVAX®
2H 2014
Initiate PENNVAX-GP phase IHIV
Ino-8000 2015
Report phase I data
Hepatitis C
Ino-1800
Early 2015
Initiate phase I/IIaHepatitis B
c

29. Investor Highlights
• 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
• Phase II efficacy data coming
• Validating partnership with Roche with
more deals in the works
The Opportunity
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