Inovio is a clinical-stage biotech developing DNA medicines — a platform that uses engineered DNA plasmids to instruct the body's cells to produce proteins that fight disease. Inovio has no approved products and no product revenue; it earns modest licensing and milestone income from a collaboration with ApolloBio. Inovio's lead candidate, INO-3107, targets recurrent respiratory papillomatosis (RRP), a rare chronic disease caused by HPV that produces tumors in the respiratory tract, forcing patients to undergo repeated surgeries. INO-3107 is designed to trigger a T cell immune response against HPV-6 and HPV-11, reducing the need for surgery. Phase 1/2 trial data showed mean annual surgeries fell from 4.1 pre-treatment to 0.9 in Year 2. Inovio submitted a BLA to the FDA in late 2025 under the accelerated approval program, with a PDUFA date of October 30, 2026, though the FDA has raised questions about accelerated approval eligibility. The platform's two core components are proprietary DNA plasmids (refrigerator-stable, optimized via Inovio's GOAL algorithm) and CELLECTRA electroporation devices, which use brief electrical pulses to drive DNA uptake into cells. Beyond INO-3107, Inovio's pipeline includes INO-3112 for HPV-positive throat cancer and INO-5401 for glioblastoma, both in combination with checkpoint inhibitors. If INO-3107 is approved, Inovio plans a focused U.S. commercial launch targeting the estimated 300-400 laryngologists who treat most RRP patients, with rare disease pricing and a re-dosing strategy that could extend per-patient revenue over time.