Sumner Michael John 4

What Happened
Michael Sumner, Chief Medical Officer of INOVIO Pharmaceuticals (INO), had 4,292 restricted stock units (RSUs) vest and convert into common shares on March 31, 2026. To satisfy tax withholding on the vesting, the issuer withheld 1,223 shares at $1.74 per share (total withholding ≈ $2,128). The RSUs converted with a $0 exercise price (i.e., no cash exercise cost), resulting in a net issuance of 3,069 shares to Sumner.

Key Details

• Transaction date: March 31, 2026; Form 4 filed April 1, 2026. No late-filing flag is indicated in the report.
• Actions reported: conversion/settlement of 4,292 RSUs (derivative exercise/conversion) and withholding of 1,223 shares for taxes (code F). A separate derivative row shows $0 exercise price for the conversion.
• Withholding details: 1,223 shares withheld × $1.74 = $2,128 (reported as the tax withholding payment).
• Net shares delivered to insider: 3,069 (4,292 vested − 1,223 withheld).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — each RSU is a contingent right to one common share; RSUs vested 100% on March 31, 2026. F2 — withheld shares satisfy the reporting person’s tax withholding obligations on vesting.

Context
This was an award vesting/settlement (RSUs), not an open‑market purchase or a motivated sale. Withholding shares to cover taxes is a routine, administrative step (a net or “cashless” settlement) and is common after awards vest; it does not necessarily signal a change in the insider’s view of the company.