Data, partnerships, reverse split, probably, dilution depends on the cash the partners bring in. Still, given the progress and the likelihood of approvals, it makes for a compelling company to own for the next decade.
Also if Inovio stays at these levels (closed at $2 even today) it will remain an outright steal. Even if their HPV fails, I would double down on the drop and just tuck it away for future reference.
The reverse spilt is designed for two things 1) drive the small investors out and 2) stabilize price movement and increase the PPS for the big boys to take control. So far it is working exactly that way.
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