SCHEDULE: Adage Capital Discloses 9.99% Stake in Inovio Pharma

Adage Capital Management, L.P. and its principals have reported a 9.99% beneficial ownership stake in Inovio Pharmaceuticals, Inc., including shares from warrant exercises.

Summary

• Adage Capital Management, L.P., Robert Atchinson, and Phillip Gross (collectively, the "Reporting Persons") have filed a Schedule 13G indicating beneficial ownership of Inovio Pharmaceuticals, Inc. common stock.
• The Reporting Persons collectively beneficially own 5,517,650 shares of Inovio Pharmaceuticals, Inc. Common Stock.
• This ownership represents 9.99% of the class of securities outstanding.
• The total beneficial ownership includes 2,089,079 shares of Common Stock issuable upon the exercise of warrants.
• The percentage of class is calculated based on 53,142,661 shares of Common Stock outstanding as of August 8, 2025, as reported in Inovio's Quarterly Report on Form 10-Q for the period ended June 30, 2025.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Inovio Pharmaceuticals, Inc.

Sentiment

Score: 7

Explanation: The disclosure of a significant stake by a prominent institutional investor like Adage Capital Management is generally viewed as a positive signal, indicating confidence in the company's value or future prospects.

Positives

• A significant institutional investor, Adage Capital Management, L.P., has taken a substantial 9.99% stake in Inovio Pharmaceuticals, Inc., which can be interpreted as a vote of confidence in the company's future prospects.
• The investment includes a notable portion from warrant exercises, indicating a commitment to increasing their equity position.

Risks

• The Reporting Persons certify that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Inovio Pharmaceuticals, Inc., mitigating potential risks associated with activist investor intentions.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Inovio Pharmaceuticals, Inc. or the Reporting Persons regarding the company's future performance or strategic direction.

Industry Context

Adage Capital Management, L.P. is a well-known hedge fund, and their significant investment in Inovio Pharmaceuticals, a company in the biotechnology sector, highlights continued institutional interest in life sciences and pharmaceutical innovation. Such investments can signal confidence in a company's pipeline or market position within the broader industry.

Stakeholder Impact

• Shareholders may view this as a positive development, potentially boosting investor confidence due to the backing of a major institutional fund.
• The increased institutional ownership could lead to greater scrutiny and engagement from the investment community.

Key Dates

Keywords

Inovio Pharmaceuticals, Adage Capital Management, Schedule 13G, Beneficial Ownership, Institutional Investment, Common Stock, Warrants, Biotechnology, Pharmaceuticals