Funding rationale: Inovio's cash burn will accelerate as it scales manufacturing, device validation and a confirmatory Phase 3 trial for INO-3107. The offering—despite undisclosed size—should extend runway beyond the anticipated FDA file-acceptance target (YE-2025) and reduce financing overhang. Structural observations: Coupling shares/pre-funded warrants with two warrant tranches provides investors leverage but caps near-term dilution (Series A's short life) while offering longer-dated upside (Series B). The unusual trigger for Series A expiry—30 days post-BLA acceptance—aligns investor incentives with a key catalyst. Valuation impact: Lack of concrete pricing keeps the raise's EPS effect indeterminate; however, even a mid-single-digit million share issuance would be material given only ~36.7 m shares outstanding.