<SEC-DOCUMENT>0001193125-20-021435.txt : 20200131
<SEC-HEADER>0001193125-20-021435.hdr.sgml : 20200131
<ACCEPTANCE-DATETIME>20200131164123
ACCESSION NUMBER:		0001193125-20-021435
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20200131
DATE AS OF CHANGE:		20200131

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INOVIO PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001055726
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				330969592
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-236202
		FILM NUMBER:		20565608

	BUSINESS ADDRESS:	
		STREET 1:		6769 MESA RIDGE RD.
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121
		BUSINESS PHONE:		8584103134

	MAIL ADDRESS:	
		STREET 1:		6769 MESA RIDGE RD.
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INOVIO BIOMEDICAL CORP
		DATE OF NAME CHANGE:	20050404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENETRONICS BIOMEDICAL CORP
		DATE OF NAME CHANGE:	20011116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENETRONICS BIOMEDICAL LTD
		DATE OF NAME CHANGE:	19980213
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>d875866ds3.htm
<DESCRIPTION>S-3
<TEXT>
<HTML><HEAD>
<TITLE>S-3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on January&nbsp;31, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="right"><B>Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:15pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-3</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Inovio Pharmaceuticals, Inc. </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">33-0969592</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>660 West Germantown Pike, Suite 110 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Plymouth Meeting, Pennsylvania 19462 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(877) <FONT STYLE="white-space:nowrap">446-6846</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code of registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>J. Joseph Kim, Ph.D. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>President and Chief Executive Officer </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Inovio Pharmaceuticals, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>660 West Germantown Pike, Suite 110 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Plymouth Meeting, Pennsylvania 19462 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(267) <FONT STYLE="white-space:nowrap">440-4200</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Brian F.
Leaf </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Jeffrey Libson </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Darah Protas </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Cooley LLP
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>11951 Freedom Drive </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Reston, VA 20190 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(703) <FONT
STYLE="white-space:nowrap">456-8000</FONT> </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>From time to
time after the effective date of this Registration Statement </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">(Approximate date of commencement of proposed sale to the public) </P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the
following box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis
pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box.&nbsp;&nbsp;&#9746; </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following
box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D.
filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
<FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company, or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting
company,&#148; and &#147;emerging growth company&#148; in Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="64%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title&nbsp;of&nbsp;each&nbsp;class&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>securities&nbsp;to&nbsp;be&nbsp;registered</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to&nbsp;be<BR>Registered&nbsp;(1)(2)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Proposed<BR>Maximum<BR>Offering&nbsp;Price<BR>Per&nbsp;Share&nbsp;(3)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed<BR>Maximum<BR>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering&nbsp;Price&nbsp;(3)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registration&nbsp;Fee</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Common Stock, par value $0.001 per share</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">8,014,201 shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$4.24</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$33,980,212.24</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$4,410.63</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Represents the initial maximum number of shares issuable upon conversion of convertible bonds acquired by the
selling stockholders named in this registration statement in private placement transactions. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 416 under the Securities Act of 1933, as amended, this registration statement also registers a
currently indeterminate number of additional shares of the registrant&#146;s common stock that may be issuable with respect to the shares being registered hereunder as a result of stock splits, stock dividends or similar transactions.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman; " ALIGN="left">Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under
the Securities Act of 1933, as amended. The calculation of the proposed maximum aggregate offering price of the common stock was based on the average of the high and low price for the common stock on January&nbsp;29, 2020, as reported on the Nasdaq
Global Select Market. </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:4%; font-size:8pt; font-family:Times New Roman"><B>The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment that specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act or until the registration statement shall become
effective on such date as the Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><FONT COLOR="#ff4338"><B>The information in this prospectus is not complete and may be changed. We may not sell
these securities or accept an offer to buy these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting offers to
buy these securities in any state where such offer or sale is not permitted. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#ff4338"><B>SUBJECT TO COMPLETION, DATED January&nbsp;31, 2020 </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875866g94r84.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>8,014,201 Shares of Common Stock </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus relates to the offer and resale of up to 8,014,201 shares of common stock of Inovio Pharmaceuticals, Inc. that may be issuable
upon the conversion of our 1.0% convertible bonds due 2024, or the bonds, sold to the selling stockholders identified in this prospectus. On August&nbsp;1, 2019 and December&nbsp;31, 2019, we sold bonds in an aggregate principal amount of
22.7&nbsp;billion Korean Won, or KRW, or approximately USD $19.2&nbsp;million based on the exchange rates on the respective dates of issuance. We sold the bonds in transactions exempt from the registration requirements of the Securities Act of 1933,
as amended, or the Securities Act, pursuant to Convertible Bonds Subscription Agreements. We are registering the resale of the common stock issuable upon conversion of the bonds as required by the registration rights agreements we entered into with
the selling stockholders concurrently with each of the subscription agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon conversion of the bonds, the selling stockholders
may sell the shares underlying the bonds through public or private transactions at market prices prevailing at the time of sale or at negotiated prices. We provide more information about how the selling stockholders may sell their shares of common
stock underlying the bonds in the section of this prospectus entitled &#147;Plan of Distribution.&#148; We are not selling any shares of common stock under this prospectus, and we will not receive any proceeds from the sale by the selling
stockholders of such shares. The selling stockholders will receive all of the proceeds from the sale of shares of our common stock in this offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are paying the cost of registering the shares of common stock covered by this prospectus as well as various related expenses. The selling
stockholders are responsible for all selling commissions, transfer taxes and other costs related to the offer and sale of their shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our common stock is listed on the Nasdaq Global Select Market under the symbol &#147;INO.&#148; On January&nbsp;29, 2020, the last reported
sale price of our common stock was $4.11 per share. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:12pt; font-family:Times New Roman"><B>Investing in
our securities involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading &#147;<A HREF="#rom875866_3">Risk Factors</A>&#148; contained in any applicable prospectus supplement and any related
free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus as described on page 5 of this prospectus. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The date of
this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020. </B></P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_1">ABOUT THIS PROSPECTUS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_2">SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_3">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_4">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_5">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_6">SELLING STOCKHOLDERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_7">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_8">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_9">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_10">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#rom875866_11">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_1"></A>ABOUT THIS PROSPECTUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither we nor the selling stockholders or the underwriters, if any, have authorized anyone to provide you with any information or to make
any representation other than as may be contained in or incorporated by reference into this prospectus, any prospectus supplement or in any free writing prospectus that we may file with the Securities and Exchange Commission, or the SEC. We do not,
and the selling stockholders or the underwriters, if any, do not, take any responsibility for, and can provide no assurances as to, the reliability of any information that others may provide you. This prospectus and any applicable prospectus
supplement or free writing prospectus do not constitute an offer to sell any securities in any jurisdiction where such offer and sale are not permitted. The information contained in or incorporated by reference into this prospectus or any prospectus
supplement, free writing prospectus or other offering material is accurate only as of the respective dates of those documents or information, regardless of the time of delivery of the documents or information or the time of any sale of the
securities. Neither the delivery of this prospectus or any applicable prospectus supplement nor any distribution of securities pursuant to such documents shall, under any circumstances, create any implication that there has been no change in the
information set forth in this prospectus or any applicable prospectus supplement or in our affairs since the date of this prospectus or any applicable prospectus supplement. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement that we filed with the SEC utilizing a shelf registration process or continuous offering
process. Under this shelf registration process, the selling stockholders may, from time to time, sell the securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities
that may be offered, from time to time, by the selling stockholders. Each time a selling stockholder sells securities, the selling stockholder may be required to provide you with this prospectus and, in certain cases, a prospectus supplement
containing specific information about the selling stockholder and the terms of the securities being offered. That prospectus supplement may include additional risk factors or other special considerations applicable to those securities. Any
prospectus supplement may also add, update, or change information in the prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement, you should rely on the information in that prospectus
supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should read this prospectus and any prospectus supplement for a specific offering of securities, together with additional
information described in the sections entitled &#147;Where You Can Find More Information&#148; and &#147;Incorporation of Certain Information by Reference&#148; below, before making an investment decision. You should rely only on the information
contained in or incorporated by reference into this prospectus, any accompanying prospectus supplement or any free writing prospectus prepared by or on behalf of us to which we have referred you. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_2"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights selected information from this prospectus and does not contain all of the information that you need to consider in
making your investment decision. You should carefully read the entire prospectus, any applicable prospectus supplement and any related free writing prospectus, including the risks of investing in our securities discussed under the heading &#147;Risk
Factors&#148; contained in the applicable prospectus supplement and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus. You should also carefully read the
information incorporated by reference into this prospectus, including our financial statements, and the exhibits to the registration statement of which this prospectus is a part. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Unless the context indicates otherwise, references in this prospectus to &#147;Inovio,&#148; &#147;company,&#148; &#147;we,&#148;
&#147;us&#148; and &#147;our&#148; refer to Inovio Pharmaceuticals, Inc. and its consolidated subsidiaries. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Company Overview
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an innovative clinical stage biotechnology company focused on the discovery, development, and commercialization of our
synthetic DNA technology targeted against cancers and infectious diseases. Our <FONT STYLE="white-space:nowrap">DNA-based</FONT> immunotherapies and vaccines, in combination with our proprietary, efficacy-enabling delivery devices, are intended to
generate robust immune responses, in particular functional CD8+ killer T cells and antibodies, to fight targeted diseases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our novel
SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> immunotherapy design has shown the ability to help break the immune system&#146;s tolerance of cancerous cells. Our SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>
product design approach is also intended to facilitate cross-strain protection against known and new unmatched strains of pathogens, such as influenza. Our CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> delivery system
facilitates optimized cellular uptake of the SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> immunotherapies, overcoming a key limitation of other <FONT STYLE="white-space:nowrap">DNA-based</FONT> immunotherapies. Human data to date
have shown a favorable safety profile of our SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> immunotherapies delivered using CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> in over 6,000 administrations across
almost 2,000 patients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We or our collaborators are currently conducting or planning clinical studies of our proprietary SynCon<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> immunotherapies for <FONT STYLE="white-space:nowrap">HPV-caused</FONT> <FONT STYLE="white-space:nowrap">pre-cancers,</FONT> including cervical, vulvar, and anal dysplasia; <FONT
STYLE="white-space:nowrap">HPV-caused</FONT> cancers, including head&nbsp;&amp; neck, cervical, anal, penile, vulvar, and vaginal; other <FONT STYLE="white-space:nowrap">HPV-caused</FONT> disorders, such as recurrent respiratory papillomatosis, or
RRP; glioblastoma multiforme, or GBM; prostate cancer; hepatitis B virus; hepatitis C virus; HIV; Ebola; Middle East Respiratory Syndrome, or MERS; Lassa fever; and Zika virus. We also recently announced our intention to accelerate the clinical
development of our <FONT STYLE="white-space:nowrap">DNA-encoded</FONT> <FONT STYLE="white-space:nowrap">bi-specific</FONT> T cell engagers, or dBTE, technology and build on recent advances observed with our
<FONT STYLE="white-space:nowrap">DNA-encoded</FONT> monoclonal antibody, or dMAb, technology. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our corporate strategy is to advance,
protect and exploit our differentiated immunotherapy platform. Through the use of our unique capabilities on both design and development, we continue to progress and validate an array of HPV related diseases, as well as cancer and infectious disease
immunotherapy and vaccine products. We aim to advance products through to commercialization and continue to leverage third-party resources through collaborations and partnerships, including product license agreements. Our partners and collaborators
include AstraZeneca, Regeneron Pharmaceuticals, Inc., F. <FONT STYLE="white-space:nowrap">Hoffmann-La</FONT> Roche AG/Genentech, Inc., ApolloBio Corporation, GeneOne Life Science Inc., The Bill and Melinda Gates Foundation, The Parker Institute for
Cancer Immunotherapy, Coalition for Epidemic Preparedness Innovations, Defense Advanced Research Projects Agency, National Institutes of Health, HIV Vaccines Trial Network, National Cancer Institute, Walter Reed Army Institute of Research, Medical
CBRN Defense Consortium,The Wistar Institute and the University of Pennsylvania. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of our product candidates are in the research and development phase. We have not
generated any revenues from the sale of any products, and we do not expect to generate any such revenues for at least the next several years. We earn revenue from license fees and milestone revenue and collaborative research and development
agreements. Our product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing. All product candidates that we advance to clinical testing will require regulatory
approval prior to commercial use, and will require significant costs for commercialization. We may not be successful in our research and development efforts, and we may never generate sufficient product revenue to be profitable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Corporate Information </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We
were incorporated under the laws of the State of Delaware in June 2001. Our principal executive offices are located at 660 W. Germantown Pike, Suite 110, Plymouth Meeting, Pennsylvania 19462. Our telephone number is (267) <FONT
STYLE="white-space:nowrap">440-4200.</FONT> Our common stock is listed on the Nasdaq Global Select Market under the symbol &#147;INO.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our internet website address is www.inovio.com. The information contained on our website is not incorporated by reference into this
prospectus, and you should not consider any information contained on, or that can be accessed through, our website as part of this prospectus or in deciding whether to purchase our securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have proprietary rights to a number of trademarks used in this prospectus which are important to our business, including SynCon<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> and the Inovio logo. Solely for convenience, the trademarks and trade names in this prospectus are referred to without the <SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> and<SUP STYLE="font-size:85%; vertical-align:top"> TM</SUP> symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest
extent under applicable law, their rights thereto. All other trademarks, trade names and service marks appearing in this prospectus are the property of their respective owners. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Convertible Bonds </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
July&nbsp;31, 2019 and December&nbsp;26, 2019, we entered into Convertible Bonds Subscription Agreements, or the Subscription Agreements, with the Korea-based institutional investors named therein, pursuant to which we agreed to sell and issue the
bonds. The bonds were issued on August&nbsp;1, 2019 and December&nbsp;31, 2019 and accrue interest at a coupon rate of 1.00% per annum, payable quarterly. The bonds will mature on July&nbsp;31, 2024 or December&nbsp;31, 2024, unless earlier
converted or repurchased. Commencing on August&nbsp;1, 2020 or December&nbsp;31, 2020, as applicable, the bonds will be convertible until the date that is one month prior to the respective maturity date. Upon conversion, we will deliver either
Korean Depositary Receipts, if we have any such securities listed on the KOSDAQ Market of the Korea Exchange at that time; otherwise we will issue shares of our common stock upon conversion. The initial conversion price is approximately USD $4.00
per share, subject to adjustment upon the occurrence of certain events set forth in the Subscription Agreements. The conversion price is subject to reset periodically if the current market price is lower than the conversion price then in effect,
provided that the conversion price will not be reduced below approximately USD $2.40 per share, based on the current KRW/USD exchange rate. For purposes of this prospectus, we have assumed the issuance of the maximum number of shares of common stock
into which the bonds may be convertible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The bonds, and the shares of common stock into which the bonds may be convertible, are not
registered under the Securities Act or any state securities laws. We have relied on the exemption from the registration requirements of the Securities Act by virtue of Rule 506(b) of Regulation D promulgated under the Securities Act. In connection
with the purchasers&#146; execution of the Subscription Agreements, each purchaser represented to us that it is an &#147;accredited investor&#148; as defined in Regulation D and that the securities to be purchased by them will be acquired solely for
their own account and for investment purposes and not with a view to the future sale or distribution. </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the entry into the Subscription Agreements, we also entered into
Registration Rights Agreements with the purchasers, pursuant to which we agreed to file the registration statement of which this prospectus forms a part, to use our commercially reasonable efforts to have such registration statement declared
effective within the timeframe set forth in the Registration Rights Agreements, and to use our commercially reasonable efforts to keep such registration statement effective during the timeframes set forth in the Registration Rights Agreements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Offering </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Common stock offered by the selling stockholders </P></TD>
<TD>8,014,201 shares </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Terms of the offering </P></TD>
<TD>The selling stockholders, including their transferees, donees, pledgees, assignees or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">successors-in-interest,</FONT></FONT> may sell, transfer or otherwise dispose of any or all
of the shares of common stock offered by this prospectus from time to time on the Nasdaq Global Select Market or any other stock exchange, market or trading facility on which the shares are traded or in private transactions. The shares of common
stock may be sold at fixed prices, at prevailing market prices, at prices related to prevailing market prices or at negotiated prices. See &#147;Plan of Distribution&#148; on page&nbsp;12. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Use of proceeds </P></TD>
<TD>We will not receive any proceeds from the sale of the shares of common stock covered by this prospectus. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Risk factors </P></TD>
<TD>See &#147;Risk Factors&#148; beginning on page&nbsp;5, for a discussion of factors you should carefully consider before deciding to invest in our common stock. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE=" margin-top:0pt; margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Nasdaq Global Select Market symbol </P></TD>
<TD>INO </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Throughout this prospectus, when we refer to the shares of our common stock being registered on behalf of the selling stockholders
for offer and resale, we are referring to the shares of common stock into which the bonds issued to the selling stockholders in the private placement transactions described above are convertible. When we refer to the selling stockholders in this
prospectus, we are referring to the selling stockholders identified in this prospectus and, as applicable, their permitted transferees or other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">successors-in-interest</FONT></FONT>
that may be identified in a supplement to this prospectus or, if required, a post-effective amendment to the registration statement of which this prospectus is a part </P>
</div><br clear="All"></div><br clear="All">

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_3"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investing in our securities involves a high degree of risk. You should carefully review the risks and uncertainties described under the
heading &#147;Risk Factors&#148; contained in our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2018 and our Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the
quarter ended September&nbsp;30, 2019, each of which is incorporated by reference herein, as well as the other information contained or incorporated by reference in this prospectus or any prospectus supplement hereto before deciding whether to
purchase any of the securities being registered pursuant to the registration statement of which this prospectus is a part. Each of the risk factors could adversely affect our business, operating results and financial condition, as well as adversely
affect the value of an investment in our securities, and the occurrence of any of these risks might cause you to lose all or part of your investment. Additional risks not presently known to us or that we currently believe are immaterial may also
significantly impair our business operations. For more information, see the sections entitled &#147;Where You Can Find Additional Information&#148; and &#147;Special Note Regarding Forward-Looking Statements.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_4"></A>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus and the documents incorporated by reference contain forward-looking statements. These are based on our management&#146;s
current beliefs, expectations and assumptions about future events, conditions and results and on information currently available to us. Discussions containing these forward-looking statements may be found, among other places, in the sections
entitled &#147;Business,&#148; &#147;Risk Factors&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; incorporated by reference from our most recent Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> as well as any amendments thereto, filed with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statements in this prospectus, or incorporated herein, about our expectations, beliefs, plans, objectives, assumptions or future events or
performance are not historical facts and are forward-looking statements. Within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, these forward-looking
statements include statements regarding: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our history of losses; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our lack of products that have received regulatory approval; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">uncertainties inherent in clinical trials and product development programs, including but not limited to the fact
that <FONT STYLE="white-space:nowrap">pre-clinical</FONT> and clinical results may not be indicative of results achievable in other trials or for other indications, that results from one study may not necessarily be reflected or supported by the
results of other similar studies, that results from an animal study may not be indicative of results achievable in human studies, that clinical testing is expensive and can take many years to complete, that the outcome of any clinical trial is
uncertain and failure can occur at any time during the clinical trial process, and that our electroporation technology and DNA vaccines may fail to show the desired safety and efficacy traits in clinical trials; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the availability of funding; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the ability to manufacture vaccine candidates; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our ability to establish or maintain collaborations, licensing or other arrangements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the availability or potential availability of alternative therapies or treatments for the conditions we or our
collaborators target, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that we and our collaborators hope to develop; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">whether our proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of
others or can withstand claims of invalidity; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the impact of government healthcare legislation and proposals. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In some cases, you can identify forward-looking statements by the words &#147;may,&#148; &#147;might,&#148; &#147;can,&#148; &#147;will,&#148;
&#147;to be,&#148; &#147;could,&#148; &#147;would,&#148; &#147;should,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;objective,&#148; &#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;predict,&#148;
&#147;project,&#148; &#147;potential,&#148; &#147;likely,&#148; &#147;continue&#148; and &#147;ongoing,&#148; or the negative of these terms, or other comparable terminology intended to identify statements about the future, although not all
forward-looking statements contain these words. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the
information expressed or implied by these forward-looking statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should refer to the &#147;Risk Factors&#148; section contained
in any prospectus supplement hereto and any related free writing prospectus, and under similar headings in the other documents that are incorporated by reference into this prospectus, for a discussion of important factors that may cause our actual
results to differ materially from those expressed or implied by our forward-looking statements. Given these risks, uncertainties and other factors, many of which are beyond our control, we cannot assure you that the forward-looking
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
statements in this prospectus will prove to be accurate, and you should not place undue reliance on these forward-looking statements. Furthermore, if our forward-looking statements prove to be
inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our
objectives and plans in any specified time frame, or at all. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as required by law, we assume no obligation to update these
forward-looking statements publicly, or to revise any forward-looking statements to reflect events or developments occurring after the date of this prospectus, even if new information becomes available in the future. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_5"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The proceeds from the sale of the common stock offered pursuant to this prospectus are solely for the account of the selling stockholders.
Accordingly, we will not receive any proceeds from the sale of the common stock offered pursuant to this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will bear the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs, expenses and fees incurred in connection with the registration of shares of our common stock to be sold by the selling stockholders pursuant to this
prospectus, including, without limitation, all registration and filing fees, Nasdaq Global Select Market listing fees and fees and expenses of our counsel and our accountants. The selling stockholders will bear underwriting discounts, commissions,
placement agent fees or other similar expenses payable with respect to their sales of shares of our common stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_6"></A>SELLING STOCKHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are registering the resale of up to 8,014,201 shares of common stock that may be issued upon conversion of the bonds held by the selling
stockholders identified below, to permit each of them, or their permitted transferees or other <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">successors-in-interest</FONT></FONT> that may be identified in a supplement to this
prospectus or, if required, a post-effective amendment to the registration statement of which this prospectus is a part, to resell or otherwise dispose of these shares in the manner contemplated under the section entitled &#147;Plan of
Distribution&#148; in this prospectus (as may be supplemented and amended). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders may sell some, all or none of their
shares in this offering. We do not know how long the selling stockholders will hold any shares before selling them, and we currently have no agreements, arrangements or understandings with the selling stockholders regarding the sale or other
disposition of any of the shares. The shares covered hereby may be offered from time to time by the selling stockholders upon the conversion of the bonds held by them. As a result, we cannot estimate the number of shares of common stock each of the
selling stockholders will beneficially own after termination of sales under this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table, which was prepared
based on information supplied to us by the selling stockholders that we have not sought to verify, sets forth the name and address of each of the selling stockholders, the number of shares of common stock beneficially owned by each of the selling
stockholders and the number of shares to be offered by each of the selling stockholders pursuant to this prospectus. The table also provides information regarding the beneficial ownership of our common stock by each of the selling stockholders as
adjusted to reflect the assumed sale of all of the shares of common stock offered under this prospectus. The ownership percentage indicated in the following table is based on 101,361,034 total outstanding shares of our common stock as of
December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have determined beneficial ownership in accordance with the rules of the SEC. Except as indicated by the
footnotes below, we believe, based on the information furnished to us, that the persons named in the table below have sole voting and investment power with respect to all shares of common stock that they beneficially own, subject to applicable
community property laws. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In computing the number of shares of common stock beneficially owned by each selling
stockholder and the percentage ownership of that person, we included outstanding shares of common stock issuable upon conversion of the bonds held by that person that are currently exercisable or exercisable within 60 days of December&nbsp;31, 2019.
None of the bonds held by the selling stockholders may be converted into shares of our common stock prior to August&nbsp;1, 2020; therefore, the selling stockholders do not have any beneficial ownership of the shares as of December&nbsp;31, 2019.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="59%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;Beneficially<BR>Owned&nbsp;Prior&nbsp;to<BR>the&nbsp;Offering</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number<BR>of&nbsp;Shares<BR>Being<BR>Registered<BR>for&nbsp;Resale<BR>(1)(2)</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;Beneficially<BR>Owned&nbsp;After<BR>the&nbsp;Offering</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name&nbsp;and&nbsp;Address&nbsp;of&nbsp;Selling&nbsp;Stockholder</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;(3)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percentage</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP <FONT STYLE="white-space:nowrap">Re-Up</FONT> Fund (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,517,658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Ace Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Beyond Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Core Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Dream Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Essence Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Future Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Growth Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">351,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP High Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Impact Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Joint Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KIP Key Fund (17) (4)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">175,882</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Samsung Securities Co., Ltd., in its capacity as the trustee of Timefolio The <FONT
STYLE="white-space:nowrap">Venture-G</FONT> Specialized Private Investment Trust (5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">422,118</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Samsung Securities Co., Ltd., in its capacity as the trustee of Timefolio Hedge-S Specialized
Private Investment Trust (5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">246,236</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shinhan Investment Corp., in its capacity as the trustee of Timefolio The <FONT
STYLE="white-space:nowrap">Venture-V</FONT> Specialized Private Investment Trust (5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shinhan Investment Corp., in its capacity as the trustee of Timefolio <FONT
STYLE="white-space:nowrap">Quant-I</FONT> Specialized Private Investment Trust (5)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">281,412</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Overseas Growth Fund I (6)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,682,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In addition to the shares set forth in the table, the number of shares to be sold includes an indeterminate
number of shares issuable upon conversion of the bonds, as such number may be adjusted as a result of stock splits, stock dividends and similar transactions in accordance with Rule 416 under the Securities Act. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This number is based on conversion of the bonds held by the selling stockholder at the maximum conversion rate
equal to 351.7658 shares of common stock per KRW1,000,000 principal amount of bonds (except for The Overseas Growth Fund I, which is based on the maximum conversion rate of 357.9611 shares of common stock per KRW1,000,000). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Assumes the sale of all shares offered pursuant to this prospectus. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">KIP <FONT STYLE="white-space:nowrap">Re-Up</FONT> Fund, KIP Ace Fund (17), KIP Beyond Fund (17), KIP Core Fund
(17), KIP Dream Fund (17), KIP Essence Fund (17), KIP Future Fund (17), KIP Growth Fund (17), KIP High Fund (17), KIP Impact Fund (17), KIP Joint Fund (17)&nbsp;and KIP Key Fund (17)&nbsp;are collectively referred to herein as the KIP Funds. Korea
Investment Partners Co. Ltd., or KIP GP, is the general partner of each of the KIP Funds. Man Soon Hwang serves as executive managing director of KIP GP, Jihoon Jung and Sangjoon Park serve as executive directors of KIP GP, Haksung Chang serves as
managing director of KIP GP and Sang Wook Suh serves as director of KIP GP. KIP GP and each of Man Soon Hwang, Jihoon Jung, Sangjoon Park, Haksung Chang </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
and Sang Wook Suh may be deemed to share voting and dispositive power with respect to the securities held by each of the KIP Funds. The KIP Funds and KIP GP have indicated that they may be deemed
to be affiliates of a broker-dealer. Each of the KIP Funds have represented that they acquired the securities in the ordinary course of business and, at the time of the acquisition of the securities had no agreements or understandings, directly or
indirectly, with any person to distribute the securities. The address of each KIP Fund is 10F Asem Tower, 517 Yeongdongdaero, Gangnam-gu, Seoul, Korea. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">TIMEFOLIO Asset Management Co., Ltd., or the GP, is the general partner of Timefolio The <FONT
STYLE="white-space:nowrap">Venture-G</FONT> Specialized Private Investment Trust, Timefolio <FONT STYLE="white-space:nowrap">Hedge-S</FONT> Specialized Private Investment Trust, Timefolio The <FONT STYLE="white-space:nowrap">Venture-V</FONT>
Specialized Private Investment Trust and Timefolio <FONT STYLE="white-space:nowrap">Quant-I</FONT> Specialized Private Investment Trust. Seung Woo Ahn is executive managing director of the GP, Joonghwan Park is managing director of the GP, Wonsuk
Lee is principal of the GP and Hyunwoo Park is associate of the GP. The GP and each of Seung Woo Ahn, Joonghwan Park, Wonsuk Lee and Hyunwoo Park may be deemed to share voting and dispositive power with respect to the securities held by
(i)&nbsp;Samsung Securities Co., Ltd. in its capacity as trustee of Timefolio The <FONT STYLE="white-space:nowrap">Venture-G</FONT> Specialized Private Investment Trust and Timefolio <FONT STYLE="white-space:nowrap">Hedge-S</FONT> Specialized
Private Investment Trust and (ii)&nbsp;Shinhan Investment Corp., in its capacity as trustee of Timefolio The <FONT STYLE="white-space:nowrap">Venture-V</FONT> Specialized Private Investment Trust and Timefolio
<FONT STYLE="white-space:nowrap">Quant-I</FONT> Specialized Private Investment Trust. Each of Samsung Securities Co., Ltd. and Shinhan Investment Corp. have indicated that they may be deemed to be broker-dealers, and may be deemed to be affiliates
of registered broker-dealers. Each of Samsung Securities Co., Ltd. and Shinhan Investment Corp. have represented that they acquired the securities in their capacities as trustees for the aforementioned trusts in the ordinary course of business and,
at the time of the acquisition of the securities, had no agreements or understandings, directly or indirectly, with any person to distribute the securities. The address of Samsung Securities Co., Ltd. is 11 Seocho-daero <FONT
STYLE="white-space:nowrap">74-gil,</FONT> <FONT STYLE="white-space:nowrap">Seocho-gu,</FONT> Seoul, Korea. The address of Shinhan Investment Corp. is 70 Yeoui-daero, <FONT STYLE="white-space:nowrap">Yeongdeungpo-gu,</FONT> Seoul, Korea.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The general partners of The Overseas Growth Fund I are Acuon Capital Corporation, or Acuon, and Lakebridge
Equity Partners, LLC, or Lakebridge. Guenhwan Park is an investment manager of The Overseas Growth Fund I and senior manager of Acuon. Preston Seokjuhn Chang is an investment manager of The Overseas Growth Fund I and<B> </B>representative director
of Lakebridge. Acuon, Lakebridge, and Messrs. Park and Chang may be deemed to share voting and dispositive power with respect to the securities held by The Overseas Growth Fund I. The address of The Overseas Growth Fund I is <FONT
STYLE="white-space:nowrap">1102-2,</FONT> 11F, 527 Gangnam-daero, <FONT STYLE="white-space:nowrap">Seocho-gu,</FONT> Seoul, Korea, 06536. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_7"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders may, from time to time, sell any or all of their shares of common stock on any stock exchange, market or trading
facility on which the shares are traded or in private transactions. These sales may be at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or negotiated prices. The selling
stockholders may use any one or more of the following methods when selling shares: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a
portion of the block as principal to facilitate the transaction; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">purchases by a broker-dealer as principal and resale by the broker-dealer for its account; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">an exchange distribution in accordance with the rules of the applicable exchange; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">privately negotiated transactions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">short sales; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated
price per share; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a combination of any such methods of sale; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any other method permitted pursuant to applicable law. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders may also sell shares under Rule 144 under the Securities Act, if available, rather than under this prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Broker-dealers engaged by the selling stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved. Any
profits on the resale of shares of common stock by a broker-dealer acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. Discounts, concessions, commissions and similar selling expenses, if any,
attributable to the sale of shares will be borne by a selling stockholder. The selling stockholders may agree to indemnify any agent, dealer or broker-dealer that participates in transactions involving sales of the shares if liabilities are imposed
on that person under the Securities Act. In connection with sales of the shares of common stock or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares of
common stock in the course of hedging in positions they assume. The selling stockholders may also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions and to return borrowed
shares in connection with such short sales. The selling stockholders may also enter into option or other transactions with broker-dealers, who may then resell or otherwise transfer those shares. The selling stockholders may also loan or pledge
shares of common stock to broker-dealers that in turn may sell such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders may from time to time pledge or
grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock from time to
time under this prospectus after we have filed a supplement to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act supplementing or amending the list of selling stockholders to include the pledgee, transferee or
other successors in interest as selling stockholders under this prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders also may transfer the shares of common stock in other
circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus and may sell the shares of common stock from time to time under this prospectus after we
have filed a supplement to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act supplementing or amending the list of selling stockholders to include the pledgee, transferee or other successors in interest as
selling stockholders under this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders and any broker-dealers or agents that are involved in selling the
shares of common stock may be deemed to be &#147;underwriters&#148; within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the
shares of common stock purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the
securities laws of some states, the shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of common stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There can be no assurance that any selling stockholder will sell any or all of the shares of common stock registered pursuant to the shelf
registration statement, of which this prospectus forms a part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are required to pay all fees and expenses incident to the registration
of the shares of common stock. We have agreed to indemnify the selling stockholders and certain related persons against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling stockholders have advised us that they have not entered into any agreements, understandings or arrangements with any underwriters
or broker-dealers regarding the sale of their shares of common stock, nor is there an underwriter or coordinating broker acting in connection with a proposed sale of shares of common stock by any selling stockholder. If we are notified by any
selling stockholder that any material arrangement has been entered into with a broker-dealer for the sale of shares of common stock, if required, we will file a supplement to this prospectus. If the selling stockholders use this prospectus for any
sale of the shares of common stock, they will be subject to the prospectus delivery requirements of the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selling
stockholders and any other person participating in such distribution will be subject to applicable provisions of the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may
limit the timing of purchases and sales of any of the shares of common stock by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of common
stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities
with respect to the shares of common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Once sold under the shelf registration statement, of which this prospectus forms a part, the
shares of common stock will be freely tradable in the hands of persons other than our affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have agreed with the selling
stockholders to keep the registration statement of which this prospectus forms a part effective until the earlier of the 120th calendar day immediately following the maturity date of the bonds or the date upon which there are no longer any bonds
outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_8"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the shares of common stock offered pursuant to the registration statement of which this prospectus forms a part will be passed
upon for us by Cooley LLP, Reston, Virginia. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_9"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm, has audited our consolidated financial statements included in our
Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2018, and the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2018, as set forth in their reports, which
are incorporated by reference in this prospectus and elsewhere in the registration statement. Our financial statements are incorporated by reference in reliance on Ernst&nbsp;&amp; Young LLP&#146;s reports, given on their authority as experts in
accounting and auditing. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_10"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This prospectus is part of a registration statement we filed with the SEC. This prospectus does not contain all of the information set forth
in the registration statement and the exhibits to the registration statement. For further information with respect to us and the securities we are offering under this prospectus, we refer you to the registration statement and the exhibits and
schedules filed as a part of the registration statement. You should rely only on the information contained in this prospectus or incorporated by reference. We have not authorized anyone else to provide you with different information. We are not
making an offer of these securities in any state where the offer is not permitted. You should not assume that the information in this prospectus is accurate as of any date other than the date on the front page of this prospectus, regardless of the
time of delivery of this prospectus or any sale of the securities offered by this prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We file annual, quarterly and current
reports, proxy statements and other information with the SEC. Our SEC filings, including the registration statement and the exhibits and schedules thereto, are also available to the public from the SEC&#146;s website at http://www.sec.gov. You can
also access our SEC filings through our website at http://inovio.com. Information contained in or accessible through our website does not constitute a part of this prospectus. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="rom875866_11"></A>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC allows us to &#147;incorporate by reference&#148; information into this prospectus, which means that we can disclose important
information to you by referring you to another document filed separately with the SEC. The SEC file number for the documents incorporated by reference in this prospectus is <FONT STYLE="white-space:nowrap">001-14888.</FONT> The documents
incorporated by reference into this prospectus contain important information that you should read about us. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents are
incorporated by reference into this document: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000105572619000012/ino-12312018x10k.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2018, filed with the SEC on March&nbsp;12, 2019; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarters ended March&nbsp;31,
2019, June&nbsp;30, 2019 and September&nbsp;30, 2019 as filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000105572619000029/ino-33119x10q.htm">May&nbsp;
9, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000105572619000052/ino-63019x10q.htm">August&nbsp;8, 2019</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000105572619000058/ino-93019x10q.htm">November&nbsp;
12, 2019</A>, respectively; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">our Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519001663/d679435d8k.htm">January&nbsp;3,
 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519037998/d670443d8k.htm">February&nbsp;13, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519045422/d695922d8k.htm">February&nbsp;
20, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519051968/d682976d8k.htm">February&nbsp;26, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519071917/d630823d8k.htm">March&nbsp;
12, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519085283/d683164d8k.htm">March&nbsp;25, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519144262/d758100d8k.htm">May&nbsp;
10, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519152325/d723596d8k.htm">May&nbsp;21, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519158298/d752204d8k.htm">May&nbsp;
28, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519164685/d758795d8k.htm">June&nbsp;4, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519194826/d773907d8k.htm">July&nbsp;
16, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519214088/d595826d8k.htm">August&nbsp;6, 2019</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312520000651/d863139d8k.htm">January&nbsp;
2, 2020</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312520008085/d874165d8k.htm">January&nbsp;15, 2020</A>, to the extent the information in such reports is filed and not furnished; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the description of our common stock contained in our Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312514340354/d787144d8a12b.htm">Form
 <FONT STYLE="white-space:nowrap">8-A</FONT></A>, filed with the SEC on September&nbsp;12, 2014, including any amendments or reports filed for the purposes of updating this description. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We also incorporate by reference into this prospectus all documents (other than current reports furnished under Item 2.02 or Item 7.01 of Form
<FONT STYLE="white-space:nowrap">8-K</FONT> and exhibits filed on such form that are related to such items) that are filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (i)&nbsp;after the date of the initial
filing of the registration statement of which this prospectus forms a part and prior to effectiveness of the registration statement, or (ii)&nbsp;after the date of this prospectus but prior to the termination of the offering. These documents include
periodic reports, such as Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> as well as
proxy statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We will provide to each person, including any beneficial owner, to whom a prospectus is delivered, without charge upon
written or oral request, a copy of any or all of the documents that are incorporated by reference into this prospectus but not delivered with the prospectus, including exhibits that are specifically incorporated by reference into such documents. You
should direct any requests for documents to Inovio Pharmaceuticals, Inc., Attn: Corporate Secretary, 660 West Germantown Pike, Suite 110, Plymouth Meeting, Pennsylvania 19462; telephone: (877) <FONT STYLE="white-space:nowrap">446-6846.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any statement contained herein or in a document incorporated or deemed to be incorporated by reference into this document will be deemed to be
modified or superseded for purposes of the document to the extent that a statement contained in this document or any other subsequently filed document that is deemed to be incorporated by reference into this document modifies or supersedes the
statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g875866g94r84.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:50pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>8,014,201 Shares of Common Stock </B></P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2020 </B></P>
<P STYLE="font-size:48pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:4.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN THE PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Expenses of Issuance and Distribution </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth the estimated costs and expenses, other than underwriting discounts and commissions, payable by us in connection
with the offering of the securities being registered. All the amounts shown are estimates, except for the SEC registration fee. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SEC registration fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">4,410.63</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounting fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal fees and expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miscellaneous</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,589.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">95,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Officers and Directors </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;145 of the Delaware General Corporation Law, or DGCL, we have broad powers to indemnify our directors and officers against
liabilities they may incur in such capacities, including liabilities under the Securities Act of 1933, as amended, or the Securities Act. Section&nbsp;145 of the DGCL generally provides that a Delaware corporation has the power to indemnify its
present and former directors, officers, employees and agents against expenses incurred by them in connection with any suit to which they are or are threatened to be made, a party by reason of their serving in such positions so long as they acted in
good faith and in a manner they reasonably believed to be in or not opposed to, the best interests of the corporation and, with respect to any criminal action, they had no reasonable cause to believe their conduct was unlawful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Certificate of Incorporation provides that, pursuant to the DGCL, our directors shall not be liable for monetary damages for breach of the
directors&#146; fiduciary duty of care to us and our stockholders. Our amended and restated bylaws provide that we will indemnify, to the fullest extent authorized by the DGCL, each person who was or is made a party or is threatened to be made a
party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director or officer of our company, whether the basis of such proceeding is alleged
action in an official capacity as a director or officer or in any other capacity while serving as a director or officer against all expenses, liability and loss reasonably incurred or suffered by such person in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that these provisions of our certificate of incorporation and amended and restated bylaws are necessary to attract and retain
qualified persons as directors and officers. These provisions do not eliminate our directors&#146; or officers&#146; duty of care, and, in appropriate circumstances, equitable remedies such as injunctive or other forms of <FONT
STYLE="white-space:nowrap">non-monetary</FONT> relief will remain available under the DGCL. In addition, each director will continue to be subject to liability pursuant to Section&nbsp;174 of the DGCL, for breach of such director&#146;s duty of
loyalty to us, for acts or omissions not in good faith or involving intentional misconduct, for knowing violations of law, for acts or omissions that such director believes to be contrary to our best interests or the best interests of our
stockholders, for any transaction from which such director derived an improper personal benefit, for acts or omissions involving a reckless disregard for such director&#146;s duty to us or to our stockholders when such director was aware or should
have been aware of a risk of serious injury to us or to our stockholders, for acts or omission that constitute an unexcused pattern of inattention that amounts to an abdication of such director&#146;s duty to us or to our stockholders, for improper
transactions between such director and us and for improper loans to directors and officers. These provisions also do not affect a director&#146;s responsibilities under any other law, such as the federal securities law or state or federal
environmental laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As permitted by Delaware law, we have entered into indemnification agreements with certain of our current directors
and officers pursuant to the foregoing provisions. We have an insurance policy covering our officers and directors with respect to certain liabilities, including liabilities arising under the Securities Act or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The underwriting agreement, if any, entered into with respect to an offering of securities
registered hereunder will provide for indemnification by any underwriters of any offering, our directors and officers who sign the registration statement and our controlling persons for some liabilities, including liabilities arising under the
Securities Act. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit <BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312514277137/d742468dex31.htm">Certificate of Incorporation with all amendments (incorporated by reference to Exhibit 3.1 to the registrant&#146;s registration statement on
 Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-197584),</FONT> filed with the SEC on July&nbsp;23, 2014). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000095012311076829/w84047exv3w2.htm">Amended and Restated Bylaws of Inovio Pharmaceuticals, Inc. dated August&nbsp;
10, 2011 (incorporated by reference to Exhibit 3.2 to the registrant&#146;s current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on August&nbsp;12, 2011). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Reference is made to Exhibits <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312514277137/d742468dex31.htm">3.1</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000095012311076829/w84047exv3w2.htm">3.2.
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312520000651/d863139dex41.htm">Convertible Bonds Subscription Agreement, dated December&nbsp;
26, 2019, by and between the registrant and the Purchaser (incorporated by reference to Exhibit 4.1 to the registrant&#146;s current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on January&nbsp;2, 2020).
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312520000651/d863139dex41.htm#exhibita">Form of Bond representing the registrant&#146;s 1% Convertible Bonds due 2024 (included as Exhibit A to the Convertible Bonds Subscription
 Agreement filed as Exhibit 4.2). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312520000651/d863139dex101.htm">Registration Rights Agreement, dated December&nbsp;
26, 2019, by and between the registrant and the Purchaser (incorporated by reference to Exhibit 10.1 to the registrant&#146;s current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on January&nbsp;2, 2020).
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519214088/d595826dex41.htm">Convertible Bonds Subscription Agreement, dated July&nbsp;
31, 2019, by and among the Company and the Purchasers (incorporated by reference to Exhibit 4.1 to the registrant&#146;s current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on August&nbsp;6, 2019). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519214088/d595826dex41.htm">Form of Bond representing the Company&#146;s 1% Convertible Bonds due 2024 (included as Exhibit A to the Convertible Bonds Subscription Agreement
 filed as Exhibit 4.5). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1055726/000119312519214088/d595826dex991.htm">Registration Rights Agreement, dated July&nbsp;
31, 2019, by and among the Company and the Purchasers (incorporated by reference to Exhibit 99.1 to the registrant&#146;s current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on August&nbsp;6, 2019). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d875866dex51.htm">Opinion of Cooley LLP.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d875866dex231.htm">Consent of Independent Registered Public Accounting Firm. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d875866dex51.htm">Consent of Cooley LLP (included in Exhibit 5.1).</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#sig">Power of Attorney (included on signature page). </A></TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned registrant hereby undertakes: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a post-effective amendment to this registration
statement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after
the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20&nbsp;percent change in the maximum aggregate offering price set
forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the
registration statement or any material change to such information in the registration statement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided, however</I>, that the undertakings set
forth in paragraphs (1)(i), (1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to
Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are incorporated by reference in this registration statement or are contained in a form of prospectus filed pursuant to Rule 424(b)
that is part of this registration statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide
</I>offering thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining
liability under the Securities Act to any purchaser: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;&nbsp;&nbsp;&nbsp;Each prospectus filed by the registrant pursuant to Rule
424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by Section&nbsp;10(a) of the Securities Act shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule
430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that
prospectus relates, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however</I>, that no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to
such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;&nbsp;&nbsp;&nbsp;That, for purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s
annual report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form <FONT STYLE="white-space:nowrap">S-3</FONT> and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Plymouth Meeting, Commonwealth of Pennsylvania,
on the 31<SUP STYLE="font-size:85%; vertical-align:top">st</SUP> day of January, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>INOVIO PHARMACEUTICALS, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. Joseph Kim</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">J. Joseph Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints J. Joseph Kim
and Peter Kies, and each of them, his or her true and lawful agent, proxy and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> with full power of substitution and resubstitution, for him or her and in
his or her name, place and stead, in any and all capacities, to (i)&nbsp;act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all
schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii)&nbsp;act on, sign and file such certificates,
instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii)&nbsp;act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent
registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv)&nbsp;take any and all actions which may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or
could do in person, hereby approving, ratifying and confirming all that such agent, proxy and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> or any of his substitutes may lawfully do or cause to be
done by virtue thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ J. Joseph Kim</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J. Joseph Kim</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President, Chief Executive Officer and Director (Principal Executive Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Simon X. Benito</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Simon X. Benito</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman of the Board of Directors</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Peter Kies</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Peter Kies</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer (Principal Accounting Officer and Principal Financial Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Angel Cabrera</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Angel Cabrera</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Ann C. Miller</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Ann C. Miller</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jay Shepard</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Jay Shepard</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ David B. Weiner</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>David B. Weiner</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Wendy L. Yarno</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wendy L. Yarno</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31, 2020</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/&nbsp;Lota&nbsp;S.&nbsp;Zoth</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Lota S. Zoth</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">January&nbsp;31,&nbsp;2020</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-6 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d875866dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g875866g0130131819019.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brian F. Leaf </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(703) <FONT
STYLE="white-space:nowrap">456-8053</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">bleaf@cooley.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;31, 2020 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Inovio Pharmaceuticals,
Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">660 W. Germantown Pike, Suite 110 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Plymouth Meeting,
Pennsylvania 19462 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We have represented Inovio Pharmaceuticals, Inc., a Delaware corporation (the &#147;Company&#148;), in connection with
the filing by the Company of a Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (the &#147;Registration Statement&#148;) with the Securities and Exchange Commission, including a related prospectus filed with the
Registration Statement (the &#147;Prospectus&#148;), relating to the resale of up to 8,014,201 shares of the Company&#146;s common stock, par value $0.001 per share (the &#147;Shares&#148;), issuable upon conversion of the Company&#146;s 1.0%
convertible bonds due 2024 (the &#147;Bonds&#148;) issued pursuant to a series of convertible bonds subscription agreements entered into by and among the Company and the investors named therein on July&nbsp;31, 2019 and December&nbsp;26, 2019 (the
&#147;Subscription Agreements&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with this opinion, we have examined and relied upon (a)&nbsp;the Registration
Statement and the related prospectus, (b)&nbsp;the Company&#146;s Certificate of Incorporation, as amended, and Amended and Restated Bylaws, each as currently in effect, (c)&nbsp;the Subscription Agreements and the forms of Bond included in each
Subscription Agreement and (d)&nbsp;the originals or copies certified to our satisfaction of such records, documents, certificates, memoranda and other instruments as in our judgment are necessary or appropriate to enable us to render the opinion
expressed below. We have assumed the genuineness and authenticity of all documents submitted to us as originals, and the conformity to originals of all documents submitted to us as copies thereof (except that such assumption is not made with respect
to the due execution and delivery of documents by the Company). As to certain factual matters, we have relied upon a certificate of officers of the Company and have not sought to independently verify such matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our opinion is expressed only with respect to the General Corporation Law of the State of Delaware. We express no opinion to the extent that
any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance as to compliance with any federal or state securities law, rule or regulation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On the basis of the foregoing, and in reliance thereon, we are of the opinion that the Shares, when issued and sold upon conversion of the
Bonds in accordance with the terms of the applicable Subscription Agreements and Bonds, will be validly issued, fully paid and nonassessable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We consent to the reference to our firm under the caption &#147;Legal Matters&#148; in the Prospectus and to the filing of this opinion as an
exhibit to the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Sincerely, </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cooley LLP </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Brian F. Leaf</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brian F. Leaf</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ONE FREEDOM SQUARE, RESTON TOWN CENTER, 11951 FREEDOM DRIVE, RESTON, VA 20190-5640 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T: (703) <FONT STYLE="white-space:nowrap">456-8000&nbsp;&nbsp;&nbsp;&nbsp;F:</FONT> (703)
<FONT STYLE="white-space:nowrap">456-8100&nbsp;&nbsp;&nbsp;&nbsp;WWW.COOLEY.COM</FONT> </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>d875866dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Consent of Independent Registered Public Accounting Firm </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the reference to our firm under the caption &#147;Experts&#148; in the Registration Statement (Form <FONT STYLE="white-space:nowrap">S-3)</FONT>
and related Prospectus of Inovio Pharmaceuticals, Inc. for the registration of 8,014,201<B> </B>shares of its common stock and to the incorporation by reference therein of our reports dated March&nbsp;12, 2019, with respect to the consolidated
financial statements of Inovio Pharmaceuticals, Inc., and the effectiveness of internal control over financial reporting of Inovio Pharmaceuticals, Inc, included in its Annual Report (Form <FONT STYLE="white-space:nowrap">10-K)</FONT> for the year
ended December&nbsp;31, 2018, filed with the Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">/s/ Ernst&nbsp;&amp; Young LLP </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">San Diego, California </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">January&nbsp;31, 2020 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g875866g0130131819019.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g875866g0130131819019.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  M (D# 2(  A$! Q$!_\0
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M+;\ ,>WX#%=?S[4*2>P5<-4HQC*:MS*Z]#Q;P)(NE_$%[>[.QV,L&6_OY_\
MK5[77F/Q \&W+7AUW248OPT\:?>##^,?UIFB_%3R8%@UFUD:5./-C'7ZCUK"
M$E3;C(]W'8>691CBL-J[6:ZIGJ-<C\2-0EL/",ODL5:>1821V!R3_*L74/BQ
M;>64TVQEDF/"F3@?EUK6GTV]\5?#V.*[R+Z1?-7<,?.,X'Y<5<IJ:<8G%1P5
M3"5:=;$JT>9;D'PWT&SM_#T6HO$DES<Y)=AG:,\ 5K^+]!LM5T"Z,D*+-#&T
MD<@ !! S7">%/&;^%(GT?6;:98XV)0A>4]1CTJYXG^(L&IZ?)INC0S/)<#89
M"N.#V J%."IV9VUL%CI8_P!K&]KW4NEO^&)OAGJLR>'M3A8EEM 9(\]N,X_,
M5E_#S38=?\07NIZ@HF:([U5^?F)ZUUO@/PS)I/AZ5;U-L]YDNAZJI& *XRWE
MOOASXHF,UN\EC,<9 X9<\$'U%39Q47+8Z%4A6JXJ&&?ORM;SMO8];N=.L[RV
M:WGMHGB88*E17E7A@-X>^)D^EP.3;N[1$9ZCJ/RKHKSXJZ0EF6M(IY;@CY49
M< 'W-97@#1K[4M?F\2:@C*I)9-PQO8^GL*N<E*2Y=SEPE"MA<-6>)5HM62?5
M^14\>?\ )1;+_=B_G5WXM7T@?3[!6;RVS(ZCN1@"J7CS_DHME_NQ?SKH?B5X
M?N-2L8-1LT+S6A.Y%')4]_PQ4--J=CKI3A">#=3;E?W]#(TWQU<:780VEMX:
MF2.-0O"-S[]*Y_7-4N]6UNUU.UT:>RN(B"S)&WS$'@]*[#1/B?IHL(XM666&
MYC4*Q5"P;'?BIK#X@SZQXFALM+T]IK(\.YX8?[7L*':22Y@A[6A4G46&LU>[
M<G9_?HQ_Q"T4ZQX9BU*)/])M4$N,<E"/F']?PJ/PIXQB'@:>>[?,^FIL8$\N
M/X/\/PKO'19$9' *L,$'N*\ \1://H_B6ZTBV9C',Z^6BG[RDY4'Z'^575O"
M7.NIR98J>.HO"5=.5\R].J.M^&>F2ZGK%YXBO/G96948]Y&Y8_@#^M>IUF^'
M])30]#M;!,;HT^<C^)SR3^=:5:TX\L;'EYCBOK.(E-;;+T0M9%]X7T34I#)=
MZ;!(YY+ ;2?KC%:U&:II/<Y(5)TW>#:?D9%CX5T/391+::;!'(.C$%B/IG-;
M%)FC-"26P5*LZCO-MOS,_4M"TO5\?;[**<CHS#!_,<U%I_AG1=*E\VRTZ&*3
MLW+$?3.:U<T9HY5>]BE7JJ'(I.W:[L+4%W96M_ 8+N".:,_PNN:FS1FF9IN+
MNC"A\%^'+>82QZ5"'!R"2Q'Y$XK=5510J@*H&  .!1FC-))+8NI6J5?XDF_5
MW*5SHVFWETMU<V<4LZXQ(PY&.E7J3-&:=B7.4DDWL8MYX0T"_G,]SI<+R'JP
MRN?R(J_I^E6&E1>58VL4"GKL')^IZFK>:,TE%)WL7*O5E'DE)M=KLAO+J*QL
MIKJ9ML4*%V/L!7EG@>UE\3^,[OQ!=J3'"^]0>1N/"C\!_(5W/C'3Y=6T7[#'
M=&V65QYC!-V0.<=1WQ4OA31(= T&*TB?S&8EY)-N-Q/M],"LY1<IKLCT,/6I
5X?!SE%^_/3T77[S<I*,T5J>4?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g875866g94r84.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g875866g94r84.jpg
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M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!_\  $0@
M, #- P$1  (1 0,1 ?_$ !T  0 " @,! 0            D " 8' @4*! /_
MQ  Y$  !! (! @,%!@0%!0     % @,$!@$'"  )$1(3%!46(7@7(C$S.+<Y
M<[&R&",E*+4D0U%QD?_$ !L! 0 " P$!               &!P,$!0$(_\0
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MP=ZG]WZVUK0ZM/?TOL.FU\;$7K@6%P'KS%#*UFM!KK2K%L)\:4FZCJAJ":3
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MQ)*)V*-\E\MT_)K*C9JNH@C6:(YJ52U67B8BGOM<Y3L,GD=:CDS!B6K2L4%
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IYU7[.ZJ4-Q"C8CQ1T\F%=<RZ,@C($:OARN9)O#]E.O1C\1SEOZ<[_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
