INOVIO Pharmaceuticals Inc. (NASDAQ: INO) announced the pricing of an underwritten public offering of 12.5 million shares of common stock and accompanying warrants at $1.40 per share.

The biotechnology company expects to raise approximately $17.5 million in gross proceeds before deducting underwriting discounts, commissions and offering expenses. The offering includes Series A and Series B warrants to purchase up to 12.5 million shares each at an exercise price of $1.40 per share.

The offering is expected to close on or about April 6, 2026, subject to customary closing conditions. INOVIO granted the underwriter a 30-day option to purchase up to 1.875 million additional shares and corresponding warrants at the public offering price, minus underwriting discounts and commissions.

Piper Sandler is serving as sole manager for the offering. The securities are being offered under a shelf registration statement filed with the Securities and Exchange Commission on November 9, 2023, which was declared effective on January 31, 2024.

INOVIO focuses on developing DNA medicines to treat and protect against HPV-related diseases, cancer and infectious diseases. The company's technology aims to optimize the design and delivery of DNA medicines that enable the body to manufacture disease-fighting tools.