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The document clearly states that all funds involved in this share sale will go entirely to the selling shareholders, and the company itself will not receive any financial proceeds from it. This arrangement means that Tempest Therapeutics’s financial position will not be directly affected by this equity change.

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.