SCHEDULE: Deep Track Capital Discloses 2.41% Stake in INOVIO

Deep Track Capital, LP and affiliates reported a passive 2.41% beneficial ownership stake in INOVIO Pharmaceuticals, Inc. as of September 30, 2025.

Summary

• Deep Track Capital, LP, Deep Track Biotechnology Master Fund, Ltd., and David Kroin collectively reported beneficial ownership of 1,314,796 shares of INOVIO Pharmaceuticals, Inc. common stock.
• This ownership represents 2.41% of INOVIO's outstanding common stock.
• The reported stake includes 1,314,796 Pre-Funded Warrants exercisable into common stock, subject to a 9.99% maximum exercise limitation.
• The reporting persons certified 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 the issuer.
• The percentage of class was calculated using a total of 54,457,457 shares, comprising 53,142,661 common shares outstanding as of August 8, 2025, and the 1,314,796 convertible shares from the warrants.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of passive beneficial ownership, indicating a neutral sentiment. It neither provides positive operational news nor highlights negative issues for the company.

Positives

• A notable institutional investor, Deep Track Capital, maintains a significant, albeit passive, stake in INOVIO Pharmaceuticals, Inc.
• The stake includes pre-funded warrants, indicating a potential long-term interest in the company's equity.

Negatives

• The filing itself does not present any negative information regarding INOVIO Pharmaceuticals, Inc.

Risks

• The filing does not detail specific risks related to INOVIO Pharmaceuticals, Inc.'s operations or financial health. It only outlines the ownership structure and limitations.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not provide any forward-looking statements or guidance regarding INOVIO Pharmaceuticals, Inc.'s future operations or financial performance.

Management Comments

• The reporting persons certified 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 the issuer.

Industry Context

INOVIO Pharmaceuticals operates in the biotechnology sector, focusing on DNA medicines. The disclosure of an institutional investor's stake, even a passive one, can sometimes signal investor confidence in the long-term prospects of a biotech company, though this filing is purely a compliance update.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which may offer some level of confidence or insight into institutional interest.
• Company Management: Awareness of a significant passive investor holding warrants.

Key Dates

Keywords

INOVIO Pharmaceuticals, Deep Track Capital, Biotechnology, Common Stock, Beneficial Ownership, SEC Filing, Schedule 13G, Warrants, Institutional Investor