Inovio Pharmaceuticals Inc reported that its shares fell 30.8% in Thursday premarket trading after the company announced the pricing of an underwritten public offering intended to raise about $20 million in gross proceeds before fees and expenses.
The company said it had set a combined public offering price of $0.95 per unit, each unit consisting of one share of common stock and a warrant to purchase up to two shares of common stock. The offering covers 21,052,632 shares of common stock together with accompanying warrants to purchase up to 42,105,264 shares at the combined public offering price of $0.95 per share and warrant. The warrants carry an exercise price of $1.10 per share.
Inovio also granted the underwriter a 30-day option to acquire up to 3,157,894 additional shares and warrants to purchase up to 6,315,788 additional shares at the public offering price, less underwriting discounts and commissions. The company stated the gross proceeds from the offering, prior to deductions for underwriting discounts, commissions and offering expenses, are expected to be approximately $20 million, excluding any exercise of the underwriter's option and assuming no exercise of the accompanying warrants.
Piper Sandler is acting as sole manager for the offering. The company indicated the offering is expected to close on or about July 31, 2026, subject to customary closing conditions.
Inovio develops and commercializes DNA-based medicines aimed at treating and protecting people from HPV-related diseases, cancer and infectious diseases. The firm did not provide additional commentary in the filing beyond the terms of the offering and the closing timetable.
Context and market reaction
The premarket decline occurred immediately after the pricing announcement. The company’s statement sets out the structure of the offering, the number of shares and warrants involved, the exercise price for the warrants, and the potential for the underwriter to increase the size of the offering within a 30-day option period. The stated gross proceeds figure assumes neither the underwriter’s option nor the exercise of the warrants.
Closing details and conditions
The offering is being managed exclusively by Piper Sandler and is scheduled to close on or about July 31, 2026, contingent on customary closing conditions. No further operational or strategic plans tied to the proceeds were provided in the announcement.