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This decision means that Inovio Pharmaceuticals will temporarily be unable to flexibly issue new shares and raise funds in the open market through the ATM financing mechanism. The ATM issuance model typically allows listed companies to issue shares opportunistically based on market conditions as needed, serving as a flexible and efficient financing tool. The termination of this plan may reflect an adjustment in the company’s current financing strategy or considerations regarding the market environment. Market participants will closely monitor the potential impact of this move on the company’s future funding status and the progress of its research and development pipeline.

This target range highlights the company's confidence in the growth potential of the insurtech market, while also providing investors with a clear anchor for performance expectations.

According to monitoring by 1M AI News, Axios published an analysis article stating that the AI race is looking less like a competition between models and more like a capital allocation problem. Computing power procurement needs to be locked in one to two years in advance: buy too much and you risk going bankrupt, buy too little and you lose all your customers. Anthropic CEO Dario Amodei said on the Dwarkesh Podcast: if you purchase at a tenfold annual growth rate, but the actual growth is only fivefold or is delayed by a year, “there’s no hedge in the world that can prevent bankruptcy.” While the unit cost of computing power is indeed falling, usage is increasing even faster, and total expenditure continues to rise—this is the classic Jevons paradox.The article notes that so far, no one has solved this problem. Anthropic has chosen to be restrained, preferring to cap traffic and lose some clients rather than overspend, and they schedule training tasks to avoid peak user times; OpenAI has gone the aggressive route, making massive investments in computing power. Each approach comes at a cost: Anthropic’s paying users frequently hit rate limits and face interruptions, and semiconductor analysis firm SemiAnalysis’s Dylan Patel warned that Anthropic may be forced to turn to lower-quality computing power; OpenAI’s spending discipline is reflected in the secondary market, with investors shifting from OpenAI toward Anthropic. This year, hyperscale cloud providers are expected to spend nearly $700 billion on AI capital expenditures, and even at this record level, the industry’s computing power supply still cannot keep up with demand. The closer the companies get to IPO, the harder it is to keep their strategies hidden.