
	Three Months Ended March 31,
	2026		2025

Revenue from collaborative arrangement	$	—	$	65,343
Less:
Research and development:
INO-3107	4,005,292		3,507,342
INO-3112 and other Immuno-oncology	365,228		684,449
Other research and development programs (a)	1,083,283		738,060
Engineering and device-related	4,041,116		5,061,810
Stock-based compensation	276,912		553,394
Other unallocated expenses	4,298,276		5,545,847
General and administrative	7,879,886		9,024,970


Total operating expenses	21,949,993		25,115,872
Interest income	439,593		808,077

Change in fair value of common stock warrant liabilities	4,137,703		3,712,872
(Loss) gain on investment in affiliated entity	(2,103,688)		695,131
Net unrealized gain on available-for-sale equity securities	79,077		140,234
Other expense, net	(285,490)		(482)
Net loss	$	(19,682,798)	$	(19,694,697)

(a) Includes DMAb, DPROT and other research and development programs, net of contributions received from grant agreements and recorded as contra-research and development expense.