Inovio Pharmaceuticals Inc (INO)

[fireopal]

"...ApolloBio License Agreement and the ApolloBio Equity Agreement requires corporate approval from various ApolloBio entities and PRC currency and regulatory approvals. Although ApolloBio has submitted much of the required information to the relevant regulatory bodies, it has not yet received currency or regulatory approval, nor has it attained corporate approval for the transactions.If ApolloBio is not able to secure such corporate or PRC currency and regulatory approvals, the transactions contemplated by the ApolloBio License Agreement and the ApolloBio Equity Agreement will not be consummated, in which case, we will not be entitled to receive the $15.0 million in upfront payments or the up to $20.0 million in milestone payments under the ApolloBio License Agreement or the up to $35.0 million in proceeds from the sale of our common stock under the ApolloBio Equity Agreement. The failure to receive such payments could harm our business prospects or require us to raise additional capital through other means. Additionally, if the closing conditions for the ApolloBio License Agreement and the ApolloBio Equity Agreement are not satisfied, we may not be able to market VGX-3100 in China, Hong Kong, Macau, Taiwan or South Korea without finding a new licensing partner, which may be costly and time-consuming..."

pg S-9 https://www.sec.gov/Archives/edgar/data/1055726/000119312517230282/d425857d424b5.htm