<SEC-DOCUMENT>0000935836-25-000331.txt : 20250514
<SEC-HEADER>0000935836-25-000331.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514161004
ACCESSION NUMBER:		0000935836-25-000331
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INOVIO PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001055726
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				330969592
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-60487
		FILM NUMBER:		25945531

	BUSINESS ADDRESS:	
		STREET 1:		660 W. GERMANTOWN PIKE
		STREET 2:		SUITE 110
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462
		BUSINESS PHONE:		8584103134

	MAIL ADDRESS:	
		STREET 1:		660 W. GERMANTOWN PIKE
		STREET 2:		SUITE 110
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stonepine Capital Management, LLC
		CENTRAL INDEX KEY:			0001440771
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2900 NW CLEARWATER DRIVE
		STREET 2:		SUITE 100-11
		CITY:			BEND
		STATE:			OR
		ZIP:			97703
		BUSINESS PHONE:		541-647-5673

	MAIL ADDRESS:	
		STREET 1:		2900 NW CLEARWATER DRIVE
		STREET 2:		SUITE 100-11
		CITY:			BEND
		STATE:			OR
		ZIP:			97703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000935836-24-000779</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Stonepine Capital Management, LLC -->
          <cik>0001440771</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001055726</issuerCik>
        <issuerName>Inovio Pharmaceuticals, Inc.</issuerName>
        <issuerCusip>45773H409</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>660 W. Germantown Pike, Suite 110</com:street1>
          <com:city>Plymouth Meeting</com:city>
          <com:stateOrCountry>PA</com:stateOrCountry>
          <com:zipCode>19462</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1434997.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1434997.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1434997.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.8</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Percentage calculated based on (a) 518,331 shares of Common Stock beneficially owned by the reporting person, plus 916,666 shares of Common Stock underlying warrants beneficially owned by the reporting person, and (b) 36,667,221 shares of Common Stock outstanding on March 12, 2025, as reported in the Form 10-K filed by the Issuer for the fiscal year ended December 31, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1434997.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1434997.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1434997.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.8</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Percentage calculated based on (a) 518,331 shares of Common Stock beneficially owned by the reporting person, plus 916,666 shares of Common Stock underlying warrants beneficially owned by the reporting person, and (b) 36,667,221 shares of Common Stock outstanding on March 12, 2025, as reported in the Form 10-K filed by the Issuer for the fiscal year ended December 31, 2024</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1434997.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1434997.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1434997.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.8</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Percentage calculated based on (a) 518,331 shares of Common Stock beneficially owned by the reporting person, plus 916,666 shares of Common Stock underlying warrants beneficially owned by the reporting person, and (b) 36,667,221 shares of Common Stock outstanding on March 12, 2025, as reported in the Form 10-K filed by the Issuer for the fiscal year ended December 31, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1434997.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1434997.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1434997.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>3.8</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Percentage calculated based on (a) 518,331 shares of Common Stock beneficially owned by the reporting person, plus 916,666 shares of Common Stock underlying warrants beneficially owned by the reporting person, and (b) 36,667,221 shares of Common Stock outstanding on March 12, 2025, as reported in the Form 10-K filed by the Issuer for the fiscal year ended December 31, 2024.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Inovio Pharmaceuticals, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>660 W. Germantown Pike, Suite 110, Plymouth Meeting, PA 19462</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Stonepine Capital Management, LLC, a Delaware limited liability company ("Stonepine")

Stonepine Capital, L.P., a Delaware limited partnership (the "Partnership")

Stonepine GP, LLC, a Delaware limited liability company (the "General Partner")

Jon M. Plexico

Stonepine and the General Partner are the investment adviser and general partner, respectively, of the Partnership.  Mr. Plexico is the control person of Stonepine and the General Partner.  The reporting persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group.  Each reporting person also disclaims beneficial ownership of Common Stock except to the extent of that person's pecuniary interest therein.  In addition, the filing of this Schedule 13G on behalf of the Partnership should not be construed as an admission that it is, and it disclaims that it is, a beneficial owner, as defined in Rule 13d-3 under the Act, of any Common Stock covered by this Schedule 13G.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>2900 NW Clearwater Drive, Suite 100-11, Bend, OR  97703</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 of the cover sheet for each reporting person.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Stonepine:  1,434,997

Partnership:  1,434,997

General Partner:  1,434,997

Jon M. Plexico:  1,434,997</amountBeneficiallyOwned>
        <classPercent>Stonepine:  3.8%

Partnership:  3.8%

General Partner:  3.8%

Jon M. Plexico:  3.8%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Stonepine:  0

Partnership:  0

General Partner:  0

Jon M. Plexico:  0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Stonepine:  1,434,997

Partnership:  1,434,997

General Partner:  1,434,997

Jon M. Plexico:  1,434,997</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Stonepine:  0

Partnership:  0

General Partner:  0

Jon M. Plexico:  0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Stonepine:  1,434,997

Partnership:  1,434,997

General Partner:  1,434,997

Jon M. Plexico:  1,434,997</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Partnership holds Common Stock for the benefit of its investors and has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit 99 - Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M Plexico</signature>
        <title>Managing Member</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine Capital, L.P.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member of the General Partner, Stonepine GP, LLC</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Stonepine GP, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Managing Member</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Jon M. Plexico</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon M. Plexico</signature>
        <title>Reporting person</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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<DOCUMENT>
<TYPE>EX-99.1 AGREEMENT
<SEQUENCE>2
<FILENAME>ex991.htm
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">EXHIBIT 99</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AGREEMENT REGARDING JOINT FILING</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">OF STATEMENT ON SCHEDULE 13D OR 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The undersigned agree to file jointly with the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) any and all statements on Schedule 13D or Schedule 13G or Forms 3, 4 or 5(and any amendments
or supplements thereto) required under section 13(d) and 16(a) of the Securities Exchange Act of 1934, as amended, in connection with
purchases by the undersigned of the securities of any issuer. For that purpose, the undersigned hereby constitute and appoint Stonepine
Capital Management, LLC, a Delaware limited liability company, as their true and lawful agent and attorney-in-fact, with full power and
authority for and on behalf of the undersigned to prepare or cause to be prepared, sign, file with the SEC and furnish to any other person
all certificates, instruments, agreements and documents necessary to comply with section 13(d) and section 16(a) of the Securities Exchange
Act of 1934, as amended, in connection with said purchases, and to do and perform every act necessary and proper to be done incident to
the exercise of the foregoing power, as fully as the undersigned might or could do if personally present.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated:&#9;May 13, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STONEPINE CAPITAL MANAGEMENT, LLC</B><BR>
    <BR>
    <BR>
    By:&#9;<I><U>/s/ Oleg Nodelman&#9;</U></I><BR>
    Oleg Nodelman<BR>
    &#9;Managing Member</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STONEPINE CAPITAL, L.P.<BR>
    <BR>
    </B>By:&#9;Stonepine GP, LLC,<BR>
    &#9;General Partner<BR>
    <BR>
    By:&#9;<I><U>/s/ Oleg Nodelman&#9;</U></I><BR>
    Oleg Nodelman<BR>
    &#9;Managing Member</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>STONEPINE GP, LLC</B><BR>
    <BR>
    <BR>
    By:&#9;<I><U>/s/ Oleg Nodelman&#9;</U></I><BR>
    &#9;Oleg Nodelman<BR>
    &#9;Managing Member</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><I><U>/s/ Oleg Nodelman&#9;</U></I></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Oleg Nodelman</P></TD></TR>
  </TABLE>

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