INOVIO Pharmaceuticals Inc. (NASDAQ:INO) shares fell 10% in early trading after the biotech company announced the pricing of a $25 million underwritten public offering at $1.90 per share, a discount compared to Monday’s closing price of $2.15.

The offering includes 13,158,000 shares of common stock, all of which will be sold by INOVIO. The company also granted underwriters a 30-day option to purchase up to an additional 1,973,700 shares at the same public offering price, excluding underwriting fees and commissions.

INOVIO expects to raise approximately $25 million in gross proceeds from the sale, before deducting underwriting discounts, commissions, and other transaction-related expenses. The offering is expected to close around November 12, 2025, subject to customary conditions.

Piper Sandler & Co. is acting as the sole book-running manager for the offering.

The company, which specializes in DNA-based medicines targeting HPV-related diseases, cancers, and infectious diseases, did not specify the intended use of proceeds from the capital raise in its announcement.

The discounted pricing reflects the company’s effort to bolster liquidity amid ongoing research and development expenses, a common move among early-stage biotech firms seeking to advance clinical programs.

Inovio Pharmaceuticals stock price

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