Inovio: All Eyes On INO-3107 As Binary FDA Decision Looms

Inovio Pharmaceuticals remains a high-risk, event-driven play, with the investment case dominated by the binary FDA decision for INO-3107 in October. Cost discipline has improved, with operating expenses down to $21.9M and cash projected to fund operations into 1Q27, reducing near-term dilution risk. INO-3107 offers a differentiated, patient-friendly profile versus PAPZIMEOS, targeting a potentially larger-than-expected RRP population and non-responders.