In a recent development that has raised alarm among investors, the Law Offices of Frank R. Cruz announced the initiation of a class action lawsuit against Inovio Pharmaceuticals, Inc. (NASDAQ: INO). This lawsuit targets shareholders who acquired Inovio securities between October 10, 2023, and December 26, 2025, collectively referred to as the "Class Period." Investors have until April 7, 2026, to file a lead plaintiff motion, marking a critical deadline for those affected by the company's recent performance and disclosures.

2. Background: Recent Regulatory Challenges

Inovio Pharmaceuticals, known for its innovative treatments in the field of immunotherapy, faced significant setbacks that impacted its stock performance and investor confidence. The troubles began on August 8, 2024, when the company disclosed its second-quarter financial results. The announcement revealed a delay in the submission of the Biologics License Application (BLA) for its investigational treatment for recurrent respiratory papillomatosis (RPR), INO-3107. Initially projected for mid-2024, the submission was postponed to mid-2025 due to a manufacturing issue with CELLECTRA, Inovio's proprietary medical device. This news triggered a notable decline in Inovio’s stock, which fell by 3.1% to close at $8.44 per share on August 9, 2024.

The situation worsened on December 29, 2025, when Inovio announced that the FDA had accepted the INO-3107 BLA for standard review rather than the accelerated timeline the company had previously suggested. This shift not only dampened investor optimism but also resulted in a drastic 24.45% drop in stock price, closing at $1.73 per share. This sequence of events has led to allegations of securities fraud against the company.

3. Allegations in the Lawsuit

The class action lawsuit claims that Inovio and its executives made materially false and misleading statements regarding the company's operational capabilities and regulatory prospects. Key allegations include:

Manufacturing Deficiencies: The complaint asserts that Inovio failed to disclose deficiencies in the manufacturing process of the CELLECTRA device, which impacted the timeline for the INO-3107 BLA submission.

Regulatory Misrepresentation: The lawsuit contends that Inovio misrepresented its ability to submit the BLA on time, suggesting that the submission by mid-2024 was unlikely.

Lack of Justifiable Data for Approval: The complaint claims that the company lacked sufficient information to support claims of eligibility for FDA accelerated approval or priority review.

Overstated Prospects: The lawsuit argues that the overall regulatory and commercial prospects for INO-3107 were significantly overstated, misleading investors about the true state of the company's business.

As a result of these alleged misrepresentations, shareholders claim they were misled and suffered substantial financial losses as a direct consequence of the company's actions.

4. Next Steps for Investors

Shareholders who believe they were negatively impacted by these developments are encouraged to act promptly. Those who purchased Inovio securities during the specified Class Period should consider filing a claim to potentially recover their losses. The Law Offices of Frank R. Cruz are actively seeking participants in this action and are available for consultations regarding their legal rights.

5. Conclusion

The class action lawsuit against Inovio Pharmaceuticals underscores the volatility and risks associated with investing in biotech firms, particularly those navigating complex regulatory environments. As the situation unfolds, investors will be closely monitoring the company's responses and the implications of this legal action on its future operations and stock performance. The upcoming months will be crucial for Inovio as it works to regain investor trust and navigate the challenges ahead.

Original press release