Good afternoon, and welcome to the Inovio Second Quarter 2021 Financial Results Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Ben Matone, Senior Director of Investor Relations. Please go ahead.

Thank you, operator. Good afternoon, and thank you for joining the Inovio second quarter 2021 earnings conference call. Joining me on today's call are Dr. Joseph Kim, President and CEO; Mr. Peter Kies, CFO; Dr. Jackie Shea, Chief Operating Officer; Dr. Laurent Humeau, Chief Scientific Officer; Dr. Anza Mammen, Senior Vice President of Clinical Development; and Dr. Kate Broderick, Senior Vice President of Research and Development. For today's call, we will review our corporate and financial information for the second quarter ended June 30, 2021. We will discuss our COVID-19 vaccine development efforts and address both current and future variants of concern, as well as recent developments associated with Inovio's various therapeutic programs relating to our DNA Medicines platform. Among our recent updates, we'll address this morning's press release pertaining to the heterologous prime-boost clinical trials in China, as well as our company's global Phase 3 INNOVATE trial for our COVID-19 DNA vaccine candidate, INO-4800, with our partner Advaccine. Following prepared remarks, we will be conducting a question-and-answer segment reserved for equity research analysts. During the call, we will be making forward-looking statements regarding future events and the future performance of the company. These events relate to our business plans to develop Inovio's integrated platform, DNA Medicine, which include clinical and regulatory developments and timing of clinical data readouts, along with capital resources and strategic matters. All these statements are based on the beliefs and expectations of management as of today. Actual events or results could differ materially. We refer you to the documents we file from time to time with the SEC which identify important factors that could cause actual results to differ materially from those expressed by the company verbally and in writing today; including, without limitation, risks and uncertainties related to conducting clinical trials, compliance with applicable regulatory requirements, our dependence on collaborative partners, third party and the level of cost associated with discovery and business development activities to assist in potentially bringing our products to market. This call is being webcast live on our website, ir.inovio.com, and a replay will be made available shortly after this call has concluded. Now, I would like to turn the call over to Inovio's President and CEO, Dr. Joseph Kim.

Thank you, Ben. Good afternoon, and thank you for taking the time to join us for today's call. With COVID-19 rates surging again globally and the increasing number of breakthrough infections, Inovio recognizes the need for additional safe and effective first-line vaccines, particularly those which could offer potential boosting capabilities to combat the spread of the virus and emerging variants, including the rapidly spreading Delta variant. As an organization, we are committed to realizing the potential that DNA medicines offer not only to address the present public health needs in response to the global pandemic but more broadly across therapeutic areas. In the short time we have today, I want to spend most of our call reviewing Inovio's strategy to advance INO-4800 as a vaccine to be used globally as both a first-line vaccine and potentially a booster to prevent COVID-19 by leveraging key advantages of INO-4800 and Inovio's DNA Medicines platform. Specifically, the key advantages of our DNA Medicines platform include the ability to generate robust T-cells alongside neutralizing antibodies, which we believe will be crucial in mitigating against rising variants of concern. Our DNA medicines also have shown favorable tolerability, transportability, and thermostability profiles. These differentiators, which have been further validated through some of our recent publications and preprints, are widely acknowledged to be essential for ensuring that vaccines can be made accessible globally; a key concern of regulators, countries, and vaccine supply initiatives. This morning's announcement is a wonderful example of that. Inovio and our partner Advaccine received regulatory allowance in China for two clinical trials investigating heterologous boosting with INO-4800. These trials, which are being done through trial sponsor Advaccine working together with Sinovac, will evaluate the safety, tolerability, and immunogenicity of heterologous prime-boost sequential immunizations using INO-4800 and CoronaVac, an inactivated COVID-19 vaccine developed by Sinovac and validated by the World Health Organization for emergency use. Both trials, which will be conducted in China, are anticipated to begin this fall and will involve healthy adult subjects 18 years of age or older. With the increased challenge of the highly contagious Delta variant and other variants of concern around the world, our work with Advaccine and Sinovac is more important than ever. If approved, we believe INO-4800 will be well-positioned to serve the vaccine needs of the global community as both a primary and a booster vaccine due to its tolerability, balanced cross-reactive immune responses, and strong thermostability profile that does not require cold or ultra-cold-chain transport. Helping to enable these trials, Inovio along with Advaccine and Sinovac recently completed cross-prime-boost preclinical animal tests that evaluated the immune-boosting abilities of INO-4800 and CoronaVac. Results demonstrated that the prime-boost strategy can stimulate high levels of antigen-specific binding antibodies, neutralizing antibodies by both live-virus neutralization assay and an ACE receptor-blocking assay, as well as antigen-specific T-cell immune responses. We're really excited to see the continued development of heterologous prime-boost strategies for COVID-19 vaccines with different mechanisms of action, as this is likely to become an important component of real-world vaccine use and may provide an efficient solution that synergistically enhances the immunogenicity of vaccines. We believe this concept will be a key factor in fighting against the current increasing global COVID-19 cases and variants of concern, and expanding the potential market for INO-4800. We're especially excited and proud to expand our partnership with Advaccine to explore heterologous prime-boosting using INO-4800 to potentially protect more people against COVID-19 by serving as a potentially safer and more immune-enhancing booster vaccine, not only to the inactivated vaccine but perhaps with other viral vector and mRNA vaccines. We look forward to sharing data from these trials in the future. Before we go further, I would like to reiterate Inovio's focus on starting and executing our global INNOVATE Phase 3 trials in countries outside the US. More specifically, our primary focus is getting this trial initiated next month to enroll healthy men and non-pregnant women 18 years and older across several countries, concentrating on Latin America and Asia, in addition to expanding the trial to Africa. As it relates to the United States, Inovio does not plan on enrolling any subjects in the US for the INNOVATE Phase 3 trial. We will engage the FDA on a formal lifting of the partial clinical hold as a part of our long-term plans to pursue a BLA approval in the US once INO-4800 efficacy is demonstrated in the global INNOVATE Phase 3 trial. Returning to the changing COVID pandemic landscape, in the second quarter, the company released preprint results showing that INO-4800 provided broad cross-reactive immune responses in humans against VOC. In particular, the study showed that the T-cell responses generated by INO-4800 vaccination were fully maintained against the Alpha, Beta, and Gamma variants when compared to the T-cell responses to the original wildtype strain. Subsequent to this published work, and something that Dr. Kate Broderick will discuss later, INO-4800 vaccination was also found to maintain a similar level of T-cell responses against the Delta variant when compared to the T-cell responses to the original wildtype strain, while it showed a similar level of reduced neutralizing antibody activity against the Delta variant by other vaccines. In parallel with INO-4800, Inovio is also developing a novel Pan-COVID second-generation vaccine candidate, INO-4802, which is specifically designed to protect against current and future variants of concern. INO-4802 could potentially offer broad boosting capabilities in addition to an initial vaccination regimen with INO-4800 and/or other first-generation vaccines, including both adenovirus and mRNA-based platforms. Both INO-4800 and INO-4802 are able to be used as a primary vaccine, as well as both homologous and heterologous boosting. With that, I'd like to turn the call now to Dr. Anza Mammen, who is leading our global Phase 3 trial for INO-4800, for an update on the progress. Anza?

Thank you, Joseph. I'm glad to be here with you on the call today. As Joseph mentioned in his opening remarks, we announced the expansion of our partnership with Advaccine to jointly conduct our global Phase 3 efficacy trial for INO-4800. This trial will be conducted at multiple sites across several countries, primarily in Asia and Latin America where virus transmission continues to be significant. We have recently been in discussions with countries in Africa to expand the INNOVATE Phase 3 trial as there remains a significant unmet need and limited access to the currently available emergency use authorized vaccines being administered globally. As a reminder, the Phase 3 INNOVATE study will evaluate the safety and efficacy of INO-4800 in a two-dose regimen using a dose of two milligrams administered one month apart in a two-to-one randomization in healthy men and non-pregnant women 18 years and older. The Phase 3 trial builds upon the recent Phase 2 clinical work and findings that we presented in the second quarter, where we found INO-4800 to be well-tolerated and immunogenic across all tested age groups. In particular, the geometric mean fold rise of binding and neutralizing antibody levels were statistically significant and greater in the two-milligram-dose group versus the one-milligram-dose group. Notably, the T-cell immune responses measured by the ELISpot assay were also higher in the two-milligram-dose group as compared to the one-milligram-dose group. Taking together everything that we've done to date, especially the data demonstrating the maintenance of T-cell activity, all of these results provide a comprehensive picture of cross-reactive cellular and humoral immune responses against SARS-CoV-2 variants for INO-4800 vaccinated individuals, conveying the potential of INO-4800 to combat emerging as well as future variants of concern. With that, I will now turn the call back over to Joseph.

Thanks, Anza. As I mentioned during my opening remarks, we're extremely focused on advancing INO-4800 through the Phase 3 efficacy trials, while in parallel also developing our second-generation Pan-COVID DNA vaccine candidate, INO-4802. I'll now ask Inovio's Senior VP of R&D, Dr. Kate Broderick, to speak in greater detail about our efforts with INO-4802, as well as our broader work in infectious diseases. Kate?

Thank you, Joseph, and hello to everybody who's on the call with us today. In parallel to the INO-4800 efforts outlined earlier in the call, we are also developing a second-generation Pan-COVID vaccine candidate, INO-4802. While other companies have developed matched-strains, INO-4802 is our strategy against current and future variants of concern. We anticipate additional viral shift, which makes INO-4802 an important asset in our portfolio. INO-4802 could potentially offer boosting capabilities in addition to an initial vaccination regimen with INO-4800 and/or other first-generation vaccines, including both adenovirus, inactivated, and mRNA-based platforms. In May 2021, Inovio published a manuscript as a preprint on the bioRxiv website entitled, Design and Immunogenicity of a Pan-SARS-CoV-2 Synthetic DNA Vaccine, which demonstrated cross-reactive immune responses against current and emerging viral variants using Inovio's next-generation Pan-COVID-19 vaccine candidate, INO-4802, as either a first-line vaccine or potentially as a booster for individuals previously immunized with various wildtype-matched vaccines. Specifically, INO-4802 induced potent neutralizing antibody and T-cell responses against the original wildtype strain, as well as against the variants. And in subsequent research, we've also found that we can fully protect animals vaccinated with 4802 against Alpha, Beta, Gamma, and also the all-important Delta variant. We look forward to sharing more details on our progress with INO-4802 to prepare for a Phase 1/2 clinical trial in the near future. Our COVID-19 program, both our late-stage advancements with INO-4800, as Anza just outlined earlier, as well as our preclinical work on INO-4802, builds on our deep roots in infectious diseases and our commitment to global public health. This last quarter, Inovio dosed the first subject in our Phase 2 clinical trial for INO-4700, our DNA vaccine candidate for Middle East Respiratory Syndrome, or MERS. There is currently no approved vaccine for MERS, which is also a coronavirus but the fatality rate is approximately 34% of those who are infected. This Phase 2 trial is being conducted at sites in Jordan and Lebanon, where MERS cases have been reported. The randomized, double-blinded, placebo-controlled, multicenter study, which is sponsored by Inovio and funded by the Coalition for Epidemic Preparedness Innovations, or CEPI, evaluates the safety, tolerability and immunogenicity of INO-4700 administered using Inovio's CELLECTRA smart device in approximately 500 healthy adult volunteers. Our pursuit of a MERS vaccine is funded by a previously announced $56 million grant from CEPI, under which Inovio will develop vaccine candidates through Phase 2 against MERS as well as Lassa Fever. It remains Inovio's and CEPI's goal to make a stockpile of MERS vaccines available for emergency use following successful completion of Phase 2 clinical testing. And now, I will turn the call back to you, Joseph.

Thank you, Kate. Before our CFO, Peter Kies, provides a financial summary for the quarter, I'd like to provide you with an update on our other important clinical programs. First, advancing our HPV-related disease treatment research, we continue to follow subjects in REVEAL 1, one of our two Phase 3 pivotal trials evaluating VGX-3100 for the treatment of cervical high-grade squamous intraepithelial lesions, or HSIL, caused by HPV 16 and/or HPV 18, for safety and durability of responses for 18 months following the last administration. We expect to present our findings from REVEAL 1 at a scientific meeting later this year, and anticipate full subject-level unblinding in the second half of 2021, which will facilitate detailed analysis of individual patient-level data. In addition, Inovio is co-developing a biomarker with QIAGEN to guide clinical decision-making for the use of VGX-3100 in cervical HSIL, and we anticipate reporting these findings later this year. REVEAL 2, our second Phase 3 pivotal trial, continues to enroll across 48 clinical sites globally, with projected total enrollment of approximately 198 adult women with histologically confirmed cervical HSIL. Among our immuno-oncology efforts, Inovio and our partners continue to evaluate findings from the Phase 1/2 novel combination of DNA medicines INO-5401 and INO-9012 in combination with the PD-1 checkpoint inhibitor Libtayo, which is being jointly developed by Regeneron and Sanofi in treating newly diagnosed GBM. We look forward to sharing two-year overall survival data at an oncology conference in the fourth quarter of this year. Next, I will turn the call over to Peter for our second quarter financial summary. Peter?

Thanks, Joseph. Good afternoon, everyone. We ended the second quarter with $443.7 million in cash, cash equivalents and short-term investments, providing us with multiple years of sufficient capital to support existing activities and programs. Our revenue for the second quarter of 2021 was $273,000, which compares to $267,000 for the same period in 2020. Our total operating expenses were $83.5 million, compared to $33.4 million for the same period in 2020. Inovio's net loss for the second quarter of 2021 was $82.1 million or $0.39 per share, basic and dilutive, which compares to a net loss of $128.7 million or $0.83 per share, basic and dilutive, for the quarter ended June 30, 2020. Our R&D expenses were $70.8 million for the second quarter of 2021, which compares to $22.4 million for the same period in 2020. The increase in R&D expenses was primarily attributable to manufacturing scale-up activities for INO-4800. These INO-4800 activities included the acquisition and installation of manufacturing equipment, drug manufacturing, outside services, and clinical study expense. Other increases included engineering services and equipment related to our CELLECTRA 3PSP device array automation project, also employee and contractor compensation and drug manufacturing expenses related to our RRP trial. These increases were offset by an increase in contra-research and development expenses recorded from grant agreements of $8.1 million, among other variances. Lastly, G&A expenses were $12.7 million for the second quarter of 2021 versus $11.1 million for the same period in 2020. These increases in G&A expenses were primarily related to an increase in employee compensation, which includes non-cash stock-based compensation. This was partially offset by lower expenses for work performed related to corporate marketing and communications, among other variances. And with that, I'll turn it back over to you, Joseph.

Thank you, Peter. Before we take analyst questions, I would like to acknowledge and extend my appreciation to the entire Inovio team as well as our partners, collaborators, funders, and patients for their support, hard work, and dedication across all of our programs and development. In closing, DNA medicines and vaccines offer what we believe are one of the best modern approaches to addressing unmet global health needs like fighting COVID-19 and other infectious diseases, as well as cancer and HPV-associated diseases. The benefits of DNA medicines broadly, as well as the ability to generate a functional T-cell and antibody response with tolerability and a strong thermostability profile, are meaningful differentiators in our ability to protect against evolving COVID-19 with INO-4800. We remain confident in and dedicated to our development efforts, and thank you for your continued support of Inovio. We will now open the call for your questions. Operator?

We will now begin the question-and-answer session. The first question comes from Geoff Meacham with Bank of America. Please go ahead.

Good afternoon. This is Alex on for Geoff Meacham. Thank you for taking our question. So, I'll have two from us. The first one is, how has the overall increase in COVID-19 cases and the rise in variants affected enrollment strategies and the overall timelines for your Phase 3 trial? And then moving to your immuno-oncology platform, can you expand on the data release for glioblastoma? And what is the regulatory path forward, can you speak to any of your discussions with the FDA? Thank you.

Yes. Thank you, Alex. I'm going to address the second question briefly, and then I'll ask Dr. Anza Mammen to address your first question, which is the changing landscape on the impact on enrollment for Phase 3. The glioblastoma trial, we're still tracking the patients. We will have the OS24 data that will be reported as a presentation at a conference in the fourth quarter, and we look forward to sharing those data at that time and additional updates on our thoughts on further developing this program from the regulators. So, Anza, I'd like to ask you to address the first part of our 4800 enrollment strategy in the changing landscape.

Yes. Thank you, Joseph. So with regards to INNOVATE Phase 3, as you know the overall study design is to administer two doses of INO-4800 and to begin to follow subjects for the development of biomarkers with confirmed COVID-19. And initially we've embarked on a two-region strategy involving Latin America and Asia-Pacific. And in light of the changing landscape with regards to vaccination rates and also the rapidly changing virus epidemiology in these countries, we've now recently adopted an approach to bring on the African continent as well, especially in light of the still relatively low vaccination rates and the continued virus transmission within that region. So, we are taking the approach of really understanding in real-time the vaccination rates as well as the virus cases that are being reported in these countries, to be able to take an approach of preparing to enroll in multiple countries across these three regions and to be able to shift our enrollment focus as real-time data comes in with regards to the virus epidemiology. So in this way, we maintain our optionality as to where to enroll to be able to bring in, optimally, the necessary COVID-19 cases. So hopefully, this answers your question.

For sure. Thank you so much for the color.

The next question is from Hartaj Singh with Oppenheimer. Please go ahead.

Great. Thanks for the progress update, and a couple of questions. One is just following up with the previous question on your Phase 3 that you're going to be conducting in various parts of the world. Some companies, not necessarily DNA medicines-based, Joe, have run trials where they seem to have been more variants and have reported a lesser vaccine efficacy. They're not many, but a few of those have cropped up from time to time. What are your thoughts in that regard? I mean, last year, the previous trials were all ran against the Wuhan strain and you had a certain efficacy there. How to think about the other variants that would be likely included in your Phase 3, so that's on the one. Number two in HSIL, we did a KOL call where a lady physician indicated to us that younger women really are very uncomfortable with surgery against these surgical excisions. They try to avoid them. And then also having a biomarker kind of be a strategy could increase uptake there. Can you address that, specifically with your HSIL strategy VGX-3100? Again, thanks for the questions.

Yes, thank you, Hartaj. I’ll address this briefly. Anza and Kate both mentioned our overall strategy, but to clarify, INO-4800 Phase 3 is set to occur in the second half of 2021. The vaccine was initially designed for the wildtype strain, commonly referred to as the Wuhan strain. However, in various studies, including challenge studies, we discovered that INO-4800 provides strong protection, neutralization, and T-cell responses against several variants. We're encouraged by these supportive findings. As Anza pointed out, we are gathering data from three continents—Latin America, Asia, and Africa—which helps us make enrollment decisions based on real-time information for the efficient execution of the INNOVATE Phase 3 trial. We are fortunate to have a dedicated team of employees, partners, and collaborators to assist us with this project. We are very optimistic about the potential of INO-4800 and the INNOVATE trial, and we anticipate data becoming available in the first half of next year, including an interim efficacy readout. Regarding cervical HSIL, I completely agree with the KOL you mentioned. Younger and even older women currently have to choose between different surgical options for HSIL, which can greatly affect their ability to have future pregnancies. The LEEP procedure, for example, is quite traumatic, and you can find videos illustrating this online. What INO, specifically VGX-3100, offers is the potential to be the first non-surgical immunotherapy-based treatment that not only addresses the disease but also eliminates the HPV 16 or 18 viruses that cause it. We expect to have the complete data set from REVEAL 1 this year and REVEAL 2 data next year. VGX-3100 represents an option for women who currently face a choice between surgery and the risk of developing cancer. This treatment aims to provide a solution without the need to remove layers of the cervix, thereby preserving their chances of future pregnancies. Thank you for your question.

Great. Thank you, Joe.

The next question is from Gregory Renza with RBC Capital. Please go ahead.

Hey, Joseph and team. Thank you for the update and for addressing my questions. I would like to discuss cervical HSIL. Joseph, could you provide more details on the REVEAL 2 enrollment and the expected trial results? Is it anticipated for early 2022 as previously suggested, or are there any design changes or insights from REVEAL 1 that might influence the progress? Additionally, do you have any updates regarding the device side, specifically about your target for a BLA filing once the data is gathered and disclosed? Thank you.

Yes. Thanks, Greg. So, REVEAL 2 is enrolling now. We expect to fully enroll before the end of the year. We haven't made any adjustments based on the REVEAL 1 interim look. We will have the full REVEAL 1 dataset also before the end of the year, and we're going to have a very eventful second half of this year as we will also have a readout of the biomarker data from REVEAL 1 as well. So, a lot of this information will go a long way in positioning the full dataset for our REVEAL program for VGX-3100. So in terms of the devices, our CELLECTRA 5PSP commercial intramuscular delivery system is currently being used to conduct the Phase 3 REVEAL 1 and REVEAL 2 trials, and we are very confident that the device will be ready for commercialization as we move forward for BLA application once we have all of the clinical data at hand. So, we're very confident in our CELLECTRA 5PSP device.

Great, thank you. And last one from me, maybe for Peter. Peter, you mentioned just the multiple years across multiple programs for a cash runway in the context of the spend for this quarter, I'm just curious if you could provide maybe some color around the trajectory that we would anticipate over these quarters to come, and then maybe just some thoughts about how that allocation spreads across certainly the COVID vax programs, as well as the other programs in your portfolio. Thank you very much again, guys.

Yes. Most of the increase was due to the acquisition and installation of manufacturing equipment for the launch of INO-4800, as well as device scale-up. We expect to see this reflected in the upcoming quarters. The significant expense this quarter was largely attributed to purchases made last summer, which are now being accounted for as the facility is completed and starts early production. Going forward, we anticipate a burn rate of around $20 million for our existing operations.

Per month?

Per month, yes.

Great. Thanks, Peter. Any more questions? Okay, sorry.

Next question is from Yi Chen with H.C. Wainwright. Please go ahead.

Hey, this is on behalf of Yi Chen. I have two questions. The first one is, when could the Phase 2 study of MERS vaccine report top-line results? What is the target number of enrollment? The second question is, when do Advaccine and Sinovac plan to start the heterologous boosting trials in China and how many subjects will be enrolled? And the last one, I know you spoke about it previously just a little while ago, but when do you expect the REVEAL 2 study to complete enrollment? Thank you.

Yes. In reverse order; REVEAL 2 enrollment, before the end of this year, data in '22; the Phase 2 MERS trial is around 500 people, we expect to have immune responses and safety data in the second half of 2022; and then the prime-boost study, as it was mentioned in the prepared remarks, we expect the first part of the trials to start this fall and the data readout in early first half of 2022.

Thank you so much.

Yes, thanks.

The next question is from Jason McCarthy with Maxim Group. Please go ahead.

Hey, everyone. It's Jason here. Thanks for taking my question. I was wondering if you could provide more details on the specific regions and regulators you've been in contact with in Asia, Africa, and Latin America regarding the INO-4800 platform.

Yes. So, we're not specifically stating these different countries until they are approved in those regions, just to not to influence those impacts. But certainly in Latin America, you've seen some publicly floated presentations from various governments or some of the governments that they're evaluating our Phase 3 proposal of course in Asia, and Africa is the other region. So, each of the countries are similar in many ways in how regulators approach to make sure you have the highest quality standards when you're executing these trials, but also there are different in each country. So, this has been a significant effort by our dedicated Inovio team to execute on these efforts, along with our consultants and collaborators. So, we're very pleased with the efforts that we've been making and the results, and you should soon see some of these results of our hard work come to fruition. And launching the INNOVATE Phase 3 trial, we expect the first initiation to be next month in September. So, we're very excited about our progress.

Thank you for the additional information. Based on what you've shared about the INO-4800 platform, specifically its compatibility with non-cold chain storage and your partnership with Sinovac, I am assuming that you have some sort of agreement or potential opportunity to participate in the COVAX program. Am I correct in this assumption?

Well, so let me just unlayer your question and make a correction. Our partnership is with Advaccine and we're doing a prime-boost trial, we meaning Advaccine and Inovio, with Sinovac in two different studies in China, and that's what was reported this morning. And certainly what you said about the lack of cold chain requirement of INO-4800 being a very important factor for many of the global supply vaccine entities like COVAX, WHO, and others, I think you're absolutely correct. That's one key attribute of 4800 not requiring these deep freezers to store or transport. But certainly what's also important is the safety profile and tolerability profile that INO-4800 along with all of our full pipeline program of candidates have been generating. It's one of the most favorable safety profile-generating platforms out there. So, in the case of either primary vaccine schemes or boosting regimens, we think having the real favorable safety, tolerability profile along with the ability to generate T-cells and antibody responses on top of our temperature stability advantage really puts us above many of the other platforms. So, we're very excited about that. Obviously, first things first, we have to execute and demonstrate the efficacy of 4800. We would do that with our INNOVATE Phase 3 trial. We're looking forward to starting that next month and getting the data in the first half of next year. But we have a lot of these other efforts going to test the other aspects, including the boostability through our prime-boost regimens that we announced with Advaccine and Sinovac today. So, a lot of exciting data and information to come in the coming months.

Okay, thanks for the additional color. I appreciate it.

Yes, thank you.

The next question is from Kelechi Chikere with Jefferies. Please go ahead.

Yes, thank you for the detailed update. I might have missed it, but have you shared an updated timeline for when 4802 will enter the clinic? And I guess, more importantly?

Coverage durability for an unknown variant is a very interesting profile for potential for this vaccine.

I guess just to put a finer point on this?

Yes, please go ahead, Kelechi.

I was going to just ask you about when it could potentially enter the clinic, if you don't mind.

Yes, we're sorry, go ahead.

We're working very hard to get it into the clinic as soon as possible, and we'll be able to provide a more firm update on that incoming calls.

Yes. And I would just give a little more color on that. Right now, we're all-in in standing up INNOVATE Phase 3 trials for 4800, and we talked about the nearness of this. And we think starting and fully enrolling this trial is extremely important in demonstrating the efficacy of 4800, but also setting up this efficacy data for the full platform, and it would have also a positive impact on 4802 development strategies going forward. So, our primary focus is on the 4800 INNOVATE Phase 3 trial. That being said, we're very excited to bring 4802 to the clinic, and we'll bring out a little more information in the future calls. But I think the 4800 is our primary focus, our global trial, but 4802 is right behind that.

Thank you for taking the questions.

Hi, Aydin.

Hi, Joseph. So, I have a question about DNA vaccine. There's an India-based company, Zydus, they reported 67% efficacy of their DNA vaccine on 30,000 patients. So, how do you think INO-4800 compares to this vaccine of Zydus, and do you think the efficacy number that they reported is the kind of expected ballpark for the DNA vaccine efficacy? Thank you.

Thank you for the question. It's impressive that Zydus demonstrated around 66% efficacy during the peak of the Delta variant spread in India, and we commend them for this achievement, as it marks an important milestone for the DNA vaccine field. There are notable differences between Inovio's INO-4800 and Zydus' vaccine. Zydus uses a three-dose regimen, whereas Inovio's is a two-dose regimen. Additionally, Zydus employs a jet injector, while Inovio utilizes the CELLECTRA in vivo electroporation system. We, along with others, have published on the more efficient delivery capabilities of in vivo electroporation systems like CELLECTRA compared to other DNA plasmid delivery methods. We are very optimistic and encouraged by Zydus' results, and we are looking forward to the possibility of achieving even better outcomes. We'll need to show that in our trial, but it adds urgency for us to initiate and execute our Phase 3 trial to obtain data, as we believe INO-4800 has numerous advantages over not only Zydus' DNA vaccine but also other platforms. We commend Zydus for reaching that level of efficacy and are hopeful to exceed it as we progress.

Okay, thank you.

Yes. Thanks, Aydin.

This concludes the question-and-answer session. I would like to turn the conference back over to Joseph Kim for any closing remarks.

Yes. Thank you very much for listening to our both prepared remarks and the Q&A. We look forward to a great third quarter, and we look forward to sharing those updates in the next call. Thank you very much.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.