<SEC-DOCUMENT>0001193125-14-101497.txt : 20140317
<SEC-HEADER>0001193125-14-101497.hdr.sgml : 20140317
<ACCEPTANCE-DATETIME>20140317113906
ACCESSION NUMBER:		0001193125-14-101497
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140317
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140317
DATE AS OF CHANGE:		20140317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INOVIO PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0001055726
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				330024450
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14888
		FILM NUMBER:		14696608

	BUSINESS ADDRESS:	
		STREET 1:		11494 SORRENTO VALLEY ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121-1318
		BUSINESS PHONE:		858 597-6006

	MAIL ADDRESS:	
		STREET 1:		11494 SORRENTO VALLEY ROAD
		CITY:			SAN DIEGO
		STATE:			CA
		ZIP:			92121-1318

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INOVIO BIOMEDICAL CORP
		DATE OF NAME CHANGE:	20050404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENETRONICS BIOMEDICAL CORP
		DATE OF NAME CHANGE:	20011116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GENETRONICS BIOMEDICAL LTD
		DATE OF NAME CHANGE:	19980213
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d694046d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Date of
earliest event reported) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>March&nbsp;17, 2014 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>INOVIO
PHARMACEUTICALS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-14888</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>33-0969592</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1787 Sentry Parkway West</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Building 18, Suite 400</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Blue Bell,&nbsp;Pennsylvania</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>19422</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: <U>(267)&nbsp;440-4200</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or
former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B></B><U>Item&nbsp;2.02</U>.</TD>
<TD ALIGN="left" VALIGN="top"><U>Results of Operations and Financial Condition</U>.<B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;17, 2014, Inovio
Pharmaceuticals, Inc. (the &#147;Company&#148;) announced financial results for the quarter and year ended December&nbsp;31, 2013. A copy of the press release announcing the Company&#146;s results for the quarter and year ended December&nbsp;31,
2013 is attached hereto as Exhibit 99.1 and incorporated by reference herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B></B><U>Item&nbsp;9.01</U>.</TD>
<TD ALIGN="left" VALIGN="top"><U>Financial Statements and Exhibits</U>.<B> </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:23.50pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:62.75pt; font-size:8pt; font-family:Times New Roman">Exhibit Description</P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Press Release dated March 17, 2014.</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">INOVIO PHARMACEUTICALS, INC.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Peter Kies</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Peter Kies,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;17, 2014 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d694046dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g694046ex99_1.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B></B><B><I>NEWS RELEASE</I></B><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Immediate Release </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="83%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>CONTACTS:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Investors:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Bernie Hertel, Inovio Pharmaceuticals, 858-410-3101, <U>bhertel@inovio.com</U></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Media:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Jeff Richardson, Inovio Pharmaceuticals, 267-440-4211, <U>jrichardson@inovio.com</U></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Inovio Pharmaceuticals Reports 2013 Fourth Quarter </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and Year End Financial Results </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BLUE BELL,
PA &#150; March&nbsp;17, 2014 &#150; Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) today reported financial results for the fourth quarter and year ended December&nbsp;31, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total revenue was $1.7 million and $13.5 million for the quarter and year ended December&nbsp;31, 2013, as compared to $1.1 million and $4.1 million for the
same periods in 2012. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total operating expenses for the quarter and year and ended December&nbsp;31, 2013, were $9.7 million and $33.0 million as compared
to $7.4 million and $27.6 million for the same periods in 2012. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The loss from operations prior to other income (expenses) for the quarter and year ended
December&nbsp;31, 2013, was $8.0 million, or $0.04 per share, and $19.5 million, or $0.11 per share, as compared with $6.2 million, or $0.04 per share, and $23.5 million, or $0.17 per share, for the quarter and year ended December&nbsp;31, 2012.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The net loss attributable to common stockholders for the quarter and year ended December&nbsp;31, 2013, was $15.5 million, or $0.07 per share, and $66.0
million, or $0.36 per share, as compared with a net loss attributable to common stockholders of $659,000, or $0.00 per share, and $19.7 million, or $0.14 per share, for the quarter and year ended December&nbsp;31, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The $14.8 million and $46.4 million increase in net loss attributable to common stockholders for the quarter and year ended December&nbsp;31, 2013, compared
with the same periods in 2012, resulted primarily from a non-cash accounting expense related to the change in fair value of common stock warrants based on a required quarterly mark to market adjustment to reflect changes in the Company&#146;s stock
price, which increased significantly during the year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dr.&nbsp;J. Joseph Kim, Inovio&#146;s President and CEO, said, &#147;By all measures, 2013 was a
prolific year for Inovio. We reported data reinforcing our claim to best-in-class T cell immune responses among active immunotherapies. We concluded a valuable and technically validating partnership with a leading oncology company, Roche. We
announced multiple cancer and infectious disease product advancements. Subsequent to year end, we closed the largest financing in the company&#146;s history with highly respected institutional biotechnology investors, extending our operating runway
through 2017 and allowing us to proactively advance various product and technology programs. We look forward to the phase II efficacy and immune response data we will release mid-year. In terms of our technology, product pipeline, people, and
capital resources, we are well-positioned and our team is working hard to create another year of important strides.&#148; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Revenue </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
increase in revenue for the annual period was primarily due to $9.2 million of revenue recognized from our agreement with Roche. This revenue from Roche consisted of an amortized portion of their upfront payment plus development fees paid for work
conducted by Inovio in Q4. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Operating Expenses </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Research and development expenses for the quarter and year ended December&nbsp;31, 2013, were $6.4 million and $21.4 million as compared to $4.4 million and
$18.0 million for the same periods in 2012. General and administrative expenses for the quarter and year ended December&nbsp;31, 2013, were $4.3 million and $13.6 million, compared to $2.9 million and $10.8 million for the quarter and year ended
December&nbsp;31, 2012. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Capital Resources </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of
December&nbsp;31, 2013, cash and cash equivalents plus short-term investments were $52.6 million compared with $13.7 million as of December&nbsp;31, 2012. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;7, 2013, the Company closed an underwritten offering of 27,377,266 shares of common stock and warrants to purchase an aggregate of up to
13,688,633 shares of common stock. The shares and warrants were sold in units at a price of $0.55 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock at an exercise price of $0.7936
per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During the year ended December&nbsp;31, 2013, the Company sold 15,700,668 shares of common stock under its ATM common stock sales agreement
for net proceeds of $18.9 million, with an average price of $1.24 per share. We have exhausted all available proceeds under this ATM agreement and this agreement is now terminated. Warrants and stock options to purchase 23,090,211 shares of common
stock were exercised for total proceeds to the Company of $19.8 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of December&nbsp;31, 2013, the company had 210.3&nbsp;million shares
outstanding and 240.9&nbsp;million fully diluted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subsequent to the quarter, the exercise of warrants and stock options amounted to 7,519,039 shares,
with total proceeds to the Company of $10.1 million. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;4, 2014, the Company closed an underwritten public offering of 21,810,900 shares of
the Company&#146;s common stock, including 2,844,900 shares of common stock issued pursuant to the underwriter&#146;s exercise of its overallotment option, at a price of $2.90 per share. The gross proceeds of this offering were approximately $63.3
million. Net proceeds to the Company, after deducting the underwriter&#146;s discounts and commission and other estimated offering expenses payable by the Company, were approximately $59.2 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of March&nbsp;7, 2014, the company had 239.6&nbsp;million shares outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on management&#146;s projections and analysis, the Company believes that cash, cash equivalents and short-term investments are sufficient to meet its
planned working capital requirements through the end of 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio&#146;s balance sheet and statement of operations are provided below. Form 10-K
providing the complete 2013 annual financial report can be found at: <U>http://ir.inovio.com/secfilings</U>. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate Update </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Corporate Development </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In a major corporate
development&nbsp;for the Company, Roche and Inovio entered into an exclusive worldwide license agreement to research, develop and commercialize Inovio&#146;s highly-optimized, multi-antigen DNA vaccine products targeting prostate cancer and
hepatitis B. Roche licensed Inovio&#146;s therapeutic vaccines INO-5150 for prostate cancer and INO-1800 for hepatitis B as well as the use of Inovio&#146;s CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> electroporation
technology for delivery of these vaccines. Roche also obtained an option to license additional vaccine candidates for prostate cancer in connection with a funded collaborative research program. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Roche agreed to an upfront payment to Inovio of $10 million (paid in the fourth quarter), will pay all preclinical and clinical development costs for these
products, and will make milestone payments potentially up to $412.5 million upon reaching certain development and commercial milestones for INO-5150 and INO-1800. Additional development milestone payments could be made to us if Roche pursues other
indications with INO-5150 or INO-1800. Inovio is entitled to receive up to double-digit tiered royalties on product sales. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio has continuing
discussions with other large pharmaceutical companies interested in potential strategic partnerships to advance the development of Inovio&#146;s numerous SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> immunotherapy and vaccine
products. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio and the U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID) received a $3.5 million grant from the National Institute
of Allergy and Infectious Diseases (NIAID) to advance the development of Inovio&#146;s next generation DNA vaccine delivery device capable of simultaneously administering multiple synthetic vaccines via skin surface electroporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio was recognized with Vaccine Industry Excellence (ViE) Awards for &#147;Best Early Stage Biotech&#148; and &#147;Best Therapeutic Vaccine,&#148; for its
HPV vaccine, VGX-3100, at the World Vaccine Congress. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Clinical Development </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio previously reported that its SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> immunotherapy against HPV-caused pre-cancers and cancers
(VGX-3100), delivered with its CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> electroporation device, achieved best-in-class T-cell immune responses that generated a strong killing effect against cells targeted by this
therapeutic vaccine. Inovio has completed enrollment and treatment of patients in its double-blinded, placebo-controlled, randomized phase II clinical trial (HPV-003) focused on cervical dysplasia and expects to report unblinded efficacy and immune
response data in mid-2014. Inovio has initiated preparatory activities for a potential phase III study and also plans to initiate phase I/IIa studies of VGX-3100 against HPV-caused cervical cancer and head and neck cancer in 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In partnership with Roche, we intend to launch our prostate cancer immunotherapy (INO-5150) phase I in the first half of 2014. Preclinical results indicated
that this therapeutic vaccine induced potent antibody and T-cell responses in animal models, initial evidence that our concept for a DNA vaccine comprising a broader set of antigens delivered with electroporation may improve the breadth and
effectiveness of a prostate cancer immunotherapy. The start of this study will trigger the first milestone payment from Roche. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio and Roche are
conducting the preclinical work required to advance INO-1800, Inovio&#146;s hepatitis B therapeutic vaccine, into a phase I/IIa clinical trial in early 2015. Prior preclinical data showed that INO-1800 generated robust T-cell and antibody responses
that led to the elimination of targeted liver cells in mice, indicating the potential to treat human hepatitis B infection and prevent progression of the infection to liver cancer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Phase I data from Inovio&#146;s PENNVAX<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>-B preventive HIV DNA vaccine (in non-infected patients) was
published in the <I>Journal of Infectious Diseases</I>. The results showed best-in-class T-cell responses, with delivery with Inovio&#146;s optimized electroporation technology achieving a seven-fold increase (7% to 52%) in the response rate of
subjects with robust CD8+ killer T-cells compared to delivery without electroporation. We are analyzing the immune response data from a separate study in HIV-infected patients and will prepare a paper for submission to a peer-reviewed scientific
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
journal. Knowledge gained from these studies of this single-clade HIV vaccine has been incorporated into the Company&#146;s globally-oriented, multi-clade PENNVAX-GP, which is now Inovio&#146;s
primary preventive and therapeutic HIV DNA vaccine candidate. Inovio expects the phase I study for this new vaccine to begin in the second half of 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio and its partner VGX International announced that VGX initiated a phase I clinical trial of Inovio&#146;s highly optimized therapeutic hepatitis C (HCV)
DNA vaccine (INO-8000/VGX-6150), which includes Inovio&#146;s DNA-based IL-28 immune activator and is delivered with its CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> device. Published preclinical results from this
multi-antigen SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> HCV vaccine demonstrated robust T-cell responses in the liver as well as in the periphery. This study is being fully funded by VGX and is being conducted at multiple
study sites in Korea to test safety, tolerability, and immunogenicity. We are planning to launch a US clinical study in 2014, which would be dependent upon external funding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio&#146;s SynCon<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> universal H1N1 influenza vaccine generated antibody response rates with
protective equivalency relative to a conventional seasonal vaccine while uniquely possessing the advantage of generating protective immune responses against diverse unmatched strains. We are analyzing the data and preparing a paper for submission to
a peer-reviewed scientific journal. The Company is seeking additional grant funding and partnerships to further develop its potentially paradigm-changing flu products. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Preclinical Development </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio continues to
expand its cancer immunotherapy pipeline as its primary product focus. The next of several products to move from research into clinical development is INO-1400, Inovio&#146;s hTERT DNA-based cancer immunotherapy. INO-1400 generated robust and broad
immune responses that were 18-fold higher than the previous best results of a peer&#146;s hTERT therapeutic vaccine, broke the immune system&#146;s tolerance to its self-antigens, induced T-cells with a tumor-killing function, and increased the rate
of survival when delivered with Inovio&#146;s CELLECTRA<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> electroporation technology. Because high levels of hTERT expression are found in 85% of human cancers, this antigen has potential as
the basis of a &#147;universal&#148; cancer therapeutic. Inovio plans to initiate INO-1400 clinical trials to treat breast, lung and pancreatic cancers in the second half of 2014. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By year end 2014, we aim to have SynCon constructs designed for a priority set of cancer-associated antigens that we believe are the most promising targets in
the battle against cancer. These antigens will in aggregate encompass a variety of different cancer types and will provide Inovio with a rich cancer product portfolio to be internally developed or partnered, potentially in combination with
checkpoint inhibitors or other complementary technologies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In 2013, Inovio also reported the publishing in peer-reviewed scientific journals of multiple
papers highlighting positive preclinical immune response and efficacy data for DNA vaccines against malaria and Ebola and Marburg filoviruses. Similarly, we reported published data highlighting new technology developments for DNA-based monoclonal
antibodies and a gene therapy to stimulate blood vessel growth, limb function recovery, and survival from limb necrosis and amputation, which may be beneficial for the treatment of critical limb ischemia (CLI) and other forms of peripheral arterial
disease (PAD). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio has established a strong track record of publishing our research data and development progress in peer-reviewed
publications.&nbsp;We look forward to 2014 as another productive year for preclinical and clinical advancements. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Inovio Pharmaceuticals, Inc.
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Inovio is revolutionizing vaccines to prevent and treat today&#146;s cancers and challenging infectious diseases. Its SynCon<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> vaccines, in combination with its proprietary electroporation delivery, are generating best-in-class immune responses, with therapeutic T-cell responses exceeding other
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
technologies in terms of magnitude, breadth, and response rate. Human data to date have shown a favorable safety profile. Inovio&#146;s lead vaccine, a therapeutic against HPV-caused pre-cancers
and cancers, is in phase II. Other phase I and preclinical programs target prostate, breast, and lung cancers as well as HIV, influenza, malaria and hepatitis. Partners and collaborators include Roche, the University of Pennsylvania, NIH, HIV
Vaccines Trial Network, National Cancer Institute, U.S. Military HIV Research Program, University of Southampton, US Dept. of Homeland Security, University of Manitoba and PATH Malaria Vaccine Initiative. More information is available at
<U>www.inovio.com</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>This press
release contains certain forward-looking statements relating to our business, including our plans to develop electroporation-based drug and gene delivery technologies and DNA vaccines and our capital resources. Actual events or results may differ
from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials and product development programs (including, but not limited to, the fact that pre-clinical and
clinical results referenced in this release may not be indicative of results achievable in other trials or for other indications, that the studies or trials may not be successful or achieve the results desired, that pre-clinical studies and clinical
trials may not commence or be completed in the time periods anticipated, that results from one study may not necessarily be reflected or supported by the results of other similar studies and that results from an animal study may not be indicative of
results achievable in human studies), the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA vaccines, the adequacy
of our capital resources, the availability or potential availability of alternative therapies or treatments for the conditions targeted by the company or its collaborators, including alternatives that may be more efficacious or cost-effective than
any therapy or treatment that the company and its collaborators hope to develop, evaluation of potential opportunities, issues involving product liability, issues involving patents and whether they or licenses to them will provide the company with
meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether the company can
finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of the company&#146;s technology by potential corporate or other partners or collaborators,
capital market conditions, the impact of government healthcare proposals and other factors set forth in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2013, and other regulatory filings from time to time. There can be no
assurance that any product in Inovio&#146;s pipeline will be successfully developed or manufactured, that final results of clinical studies will be supportive of regulatory approvals required to market licensed products, or that any of the
forward-looking information provided herein will be proven accurate. </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Inovio Pharmaceuticals, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED BALANCE SHEETS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(Unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>ASSETS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current assets:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">33,719,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,646,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Short-term investments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18,905,608</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,034,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,301,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">830,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts receivable from affiliated entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36,234</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other current assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">637,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">471,328</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other current assets from affiliated entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,057,350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">887,167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax asset</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61,839</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,683,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15,967,912</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Restricted cash</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,762</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100,410</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed assets, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,886,545</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">363,021</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investment in affiliated entity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,664,587</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,703,332</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,718,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,489,315</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,113,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,113,371</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock warrants</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">717,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">267,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">402,075</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">134,193</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total assets</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,287,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,138,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Current liabilities:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable and accrued expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,444,508</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">3,181,574</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable and accrued expenses due to affiliated entity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">522,255</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">187,275</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued clinical trial expenses</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,446,180</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,405,896</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock warrants</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19,540,583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,859,899</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,624,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">353,391</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue from affiliated entity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">388,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">388,542</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total current liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28,966,456</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,376,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue, net of current portion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,997,333</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue from affiliated entity, net of current portion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,211,694</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,586,694</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred rent</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,013,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred tax liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">195,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">164,393</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,384,524</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,281,349</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Commitments and contingencies</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Inovio Pharmaceuticals, Inc. stockholders&#146; equity:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferred stock&#151;par value $0.001; Authorized shares: 10,000,000, issued and outstanding shares: 26 at both December&nbsp;31, 2013
and December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock&#151;par value $0.001; Authorized shares: 600,000,000 at December&nbsp;31, 2013 and 300,000,000 at December&nbsp;31, 2012,
issued and outstanding: 210,304,821 at December&nbsp;31, 2013 and 144,313,005 at December&nbsp;31, 2012</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">210,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional paid-in capital</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">348,109,661</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">263,897,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated deficit</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(295,788,577</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(229,760,129</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated other comprehensive (loss) income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(76,365</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73,362</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Inovio Pharmaceuticals, Inc. stockholders&#146; equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,455,024</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,354,662</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Non-controlling interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">447,659</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">502,743</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total stockholders&#146; equity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,902,683</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,857,405</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total liabilities and stockholders&#146; equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">88,287,207</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">45,138,754</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Inovio Pharmaceuticals, Inc. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSOLIDATED STATEMENTS OF OPERATIONS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="67%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the Year ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>(Unaudited)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenues:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue under collaborative research and development arrangements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">9,239,547</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">82,536</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">156,397</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revenue under collaborative research and development arrangements with affiliated entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">425,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">577,467</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">411,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Grants and miscellaneous revenue</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,802,799</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,458,649</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,227,401</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total revenues</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,467,346</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,118,652</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,795,257</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating expenses:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Research and development</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,368,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,984,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,032,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13,643,074</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,778,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,988,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gain on sale of assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,000,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,151,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(587,000</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total operating expenses</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33,011,678</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,612,184</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31,433,797</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss from operations</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,544,332</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(23,493,532</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(21,638,540</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other income (expense):</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and other income, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132,214</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">166,113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,285</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in fair value of common stock warrants</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(45,632,669</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,982,620</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,690,658</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Loss) Gain on investment in affiliated entity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,038,745</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,631,819</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,390,498</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(66,083,532</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(19,712,980</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(15,304,095</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net loss attributable to non-controlling interest</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44,025</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss attributable to Inovio Pharmaceuticals, Inc.</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(66,028,448</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(19,668,955</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(15,252,945</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Loss per common share&#151;basic and diluted:</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net loss per share attributable to Inovio Pharmaceuticals, Inc. stockholders</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.36</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.14</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.12</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Weighted average number of common shares outstanding&#151;basic and diluted</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">184,351,090</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">136,509,247</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">126,239,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g694046ex99_1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g694046ex99_1.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9`$0`P$1``(1`0,1`?_$`,$```("`04!`0``````
M```````*"`D'`0(%!@L$`P$!``$%`0$!``````````````D$!08'"`$#`A``
M``8"`0(#`@@)"`@'`````0(#!`4&!P@`$1(A$PDQ%$%1(A76EQA8<;46-G:V
M=S@*83(C,[35QE>1L4)2<B07-X&A8F,EA6<1``$#`@,%!04&!`4%`0`````!
M`@,$!1$&%A+2TY15(3&35`=!46$3"'&A(C)"%(%2@A618G(C-**R,W-T1/_:
M``P#`0`"$0,1`#\`?H#Q\`]H\`JGS!ZQNH&'\G2>,7"N0;TZKLJM"6JU4"O1
MLM4X.4:+"VD623U_.Q;R?6B7)#IN3,$%TBG(8A#J'`2@!9)CO(E*RS2*UDC'
M5A8VJDV^,2EZ]/1QCBV?LE3'3-U36(DX:NFSA(Z*Z"I"+-UTSIJ%*<I@`#NG
M`#@!P`X`<`.`'`#@!P`X`<`.`'`#@!P`X`<`.`'`#@!P"'.VV].!M,HR!6RM
M)34C9;45PM6J'3F#:6MDHP:'!)U,*MWCZ-CXJ$;N#`E[RZ<)%45ZD2!0Q3@4
M#?J5O+@?<V(G76*).9C['50;'L]#N#!O$6R(9O!%-I+$;-'LBPE(1RN0R8.F
MCA8B:H`17RSF*40)A\`.`'`#@!P`X`<`.`?,\;F=LWC0CA5H=TT<MB.T?ZYJ
M=P@=(CE+_P!U`QP.7^4.`(*YDU5V`PUE2>QA;\87U[8F\Z^:Q#^&JE@GHZ[-
M57JP1\]6I*,8/$)EM,I"58`3,99,YQ(J4BA3%`!N_P!,'!F0]>].Z!1<I-G,
M3<9"7M5T>UAXH!W=1:6R74D8ZO/`(HHF@_0:=J[I$H_T+EPHF/RBFX!8)P`X
M`<`.`'`#@!P`X`<`.`'`#@!P`X`<`.`'`#@!P`X`<`5X];K6G,DAF^N[`UZL
M62ZXVF*!!4U\[KT9(3IZ/.5M[,+G:2[&.1=.(Z)FT)0KA!T)`0,X!8AS%/V`
M<#Z?1"UIS'%YHM.P5CK%DI6-X['TS2HYQ8HR0@E+S-V*2A78(1+"11:N7\1!
M-X@RRSH""@#@Z1"&,;O[`&?N`'`#@!P`X`<`.`'`#@&X#&#P`Q@#X@$0X!MX
M`<`.`'`#@!P`X`<`.`'`#@!P`X`<`.`'`#@!P`X`<`.`'`-0$0]@B'X!Z<`!
M$1]HB/X1Z\`TX`<`.`'`#@!P`X`<`.`+2;5>L9LWA#8S-6(ZG3,,OJWCF]2U
M9A'DY`6MQ,.6#%)N=%6279V]DU5=&%4>XR:*91_W>`,`8"ODOE+!F'<EV!!@
MUGL@8SI5RF6T4DLA&-Y2QU]A*OD8]%RNZ<),DW#HP)E.JH<"``"81\>`=^M,
MHXA*O99IH1)1U#U^:E6I%RF,@=Q'1CIX@58I#IG,B95$`,`&`1+UZ"'`%@\0
M>MKM7?LHXKI,S2,&MHJ[Y"HM4EG#&O6Y!XWC;-9(N(D%V:SBZK-T7*+5Z<R9
MU"'(4P`)BB`"'`)#[N>M3^0=JG,6ZG1-=LLA7GKR(L>7K2@K+5I.58N#MWC&
MBP;9RU1GT6:R1B&DW*PLU#@((HK$`%A`JE/ZM._KB3-)$V!6(?S/,^;F]%QL
M6*+\KN\L&/Y*'$$@]G03B/3X>`6+:?\`K>VEU;H:C;>1=;/7)MXWCD,P5&+4
M@W%;=NCE00=72M(K.8UW`^<8//>,"ME&9!%0R"I`'M`92252<))+MU4ET%TD
MUD%T%"*HKHJD!1)9%5,3$5253,!BF*(@8!ZAP#].`'`."L]HK5)KLS;KE882
MIU2N1[B6L%EL<HRA8&$BVI!4<R$K+2*S=BP9H$#J914Y2A\?*FCHZNX5<=#0
M123ULKD:R.-JO>]R]R-:U%557W(A\*JJIJ*G?5UDC(J6-JN>][D:UK4[U<Y5
M1$1/>JE/F6O51R+9V;O[#NKMBS%7R'502V*SE+)8#UV7%,QR^_U%W<%(BX9/
MC!`H"5>/0:MUBCU264+X\W'1>E^6K#A+ZI7ZFMD^&*T5*G[NN3_+(V+;CIW?
M!ZN5/U-0U;5>H5^O.,?IY9JBX0XX?NYU_;4B]_XHUD5CYV^]6;*=N+5=VE4F
M2MY?6$E5W1T=I-,,7B8ZQBP&/X9"9!KX_);A,V2@WKS#%#P`WO0@(^(CS,J&
MY_2I;U2.6AO];A^N7:;C\=F.>'_M,1KK?]2=<BN@J['2(OZ68+AXD$W=_K4B
MU)^JCZRV&3FD9;+&/<NPC4!5=*-*%C*V1X)%'Y0ND*M!U2V-D@`.HG[$P`/:
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MN<J3Z'F&0G`KAD[20=MS_)43*/ASD*^V"]98N<EFO]-+2W.+\S)$P7#V.:O<
MYJ_I>U5:Y.U%5#J>SWJTY@M[+K9:B.IM\GY7L7%,?:BIWM<GZFN1'-7L5$4[
M)>QN1:5;3X[^9AOR=<F5:62Q(+N8!:T),%U(-O,HMG;!P:,<R)4TUA(LF<J9
MA$#`(<M!=!6H?71V\@IX8ZV8NPL@,)-C'VJ$2KMQ93"'S5(^ZV")147N2Y&D
MJE[NLB0QTSE36`!,4P`("`TQ2+C7\B4RIWZJ/4Y*LW6N0UI@'R9BF*YB9V/;
MR3%0>PQBE4\AP`'+UZE.`@/B'`.T<`^=V[:1[1T_?N$6;%BV7>/7;A0J3=JS
M:I'7<N5U3B!$T4$$S',81Z`4!'@"L>1_7;V`1OMU3Q?1<0N,<-K-,MJ*XL4!
M:WEA?U9J]5;PTA*J,;<Q;'?RC1(K@2)HD`GF@3H(AU$!D7`,UE&RX8QO9<U,
M("(RA9*M'6"W0M98OHV'@GLTG\Y-X-%I)OI)Z1U$,'*2#D3K'[G1%!#H7H``
M0(]4;>'+&E,%A:3Q7!46;<9%FKM'39+O&S$BDV0KD=`.V)HT(B;A3)*J*2J@
M*"H*@"`%Z`'0>H!Z7.\.6-UH+-,GE2"HL(OCJ:I,="$I$;,1R3E"QQU@=OC2
M02\W-&5434BDP2%,4P*`FZ@/4.@%JW``1``$1$```$1$1````#J(B(]````/
M$?@X!27M[ZTF)\,2TO0,`03/-][B7#B/E+0O(J,<5P4BW-Y2S9"38=\E=735
M8IB*%8B@SZAT!V)@$H`4WV_UB=]+,[4<,\I5NCM#J&.E&T_'U3;MD2B/4J8.
MK&QLDFJ!0\.IUQ$>`<Y0/6?WFJ#QJM.V^CY/C$E"F7C+E1(9H9TD`AWI%EJ8
M%9?H&.`>!^JG:/CVC[.`7JZ6^J]A+:N3BL=VABIAS,\ET0CJM-R*3ZK7!X5,
M!%O2K49)F5Q)+"4QB1SQ%L[,'R4?>!`1X!:GP`X`<`1!]0W]][:G]KEC_L[+
M@#ENG'[I.LG[!L5?J9$<`S%D+\P+U^AEI_$3_@'G4ME3((-UBJ&1,DBDH"I#
MF3.F)"%,"A3E$#$,3IU`0$!#@#3GIP^E-AZ.Q-3<V;(4UED;(&0(=A:X"D68
MBB]0HM:ED47T`F\KX&(UG+,_C3D<.C/051:^<"*:13IG5.!:'<](-0+]`.*W
M8M;L/?-RZ!D"K0=&@ZO+LP,3L*K'3M::14Q'N$O:11)<IBB`#P!/G?\`U1+I
M[L98,71CQ_*T68B6%UQS)2IB+22U1FUGC4L9*KIII(NY&!E8YRS46`I//(D1
M42E%02@`T%Z2>7Y?+^D.-EK`Z5?S>-Y">Q.\?+JF6<.F5/<(C6SKG.8QS*HU
M619(B8?$WE=?:/`+*N`0;SIZE>BVM=_+BW-6Q](IV0"^[?.%8(WL-E?P`/$P
M5;?E4:J0LXVJIED3%4`L@HV/Y1RG[>P0,.P\N^D_J+FRV?WBP6JHGMG;LR8Q
MQM?AV+\OYCV+)@N*8L1W:BIWI@8-??4O(N6K@EJO=R@AN"X8LP>]6X]J;?RV
MN1F*8+@]6]BHO<N)B_)C!+:B;K<W6#5O,U9;"QLN,6*CMK8,#UI-=,JT1DF2
M9(*+PF5;VLD;SF"[X',="%$"LVY70*O%+5_>+IE1D]DMK):"ZKC%52JU8ZI?
MYH&JN#Z>).Y[6;+YN^1RLV8TNG]KMN8GPW:M?'6VU-F2GC14?3]V+9E1,6S2
M+WL<_:9&GY&H_%Z]SC="JI9WJ=@SA;;'DN<,!!.S=OE4()H`=.C9DP3,5%)L
MB'R2%`.@`'0.@<Q'VJOM5<5^*^]3)3+:.EFLR#$\>7%-:,@<`[A.T3.KX?#Y
MABB;KP"-&8?2JURR$P<GJT6O1IPQ#F;/(L_:@5;H(D[TNG\SN_\`'GBHBI@O
M:@153M3O%2_4:],J^8$D9&?"(!54@+NVLU&(=(^T-$"B<Z+I-(H)HS94B]Q%
M.@"L(=A^HB4Q>H_0?UUN65[E3Y0S7.Z?*<[VQQ22+M/HWN7!F#E[5IU541S%
M7_;QVV8-1S5YN];/1:W9GMT^:,M0MAS1"Q9)&,1$;5,:F+D5J=B3HB8M>G_D
MPV'8JK7)#KTZ_4%REZ?F;8V]5=W(SN++"^8L<R8J%VH6(NE:!0$EY)BU.?W9
MA>:^W4.M%O@`#@H`H*B9NJH0>QO53TPL_J;E]]NK$9%>HFJM+48?BBD[T:J]
MZPO7!)&>[\3<'M:IR=Z8>I5V].[ZRIA<Z2SRN1M1!C^%[.[%$5<$D;BJL=V8
M+V+^%7(OI%4*\U;)M(J&1Z-+MI^FWNM0MNJTTT-U0DX&P1[>4BWA/'N3,JT<
ME$Q#=#)GZE,`"`AR*2Y6ZLM%PGM5Q8L=?32OBD8O>U['*UR?P5%[>Y>]"3>@
MKJ2Z4,-RH7I)15$39(W)W.8]$<U?XHJ"E'K-:T!A?9H,K0#(4*/L*W>6GJDF
M(-H_(L3[JVN\?W`':494KAK*$#VG4=+]/`@\HBK+,_0WV1"]X4M6NE@D!6LV
M%I`TW4DG"G<LZQI;'JJX(-P$.XZ58M*CA$WCT30>MB@'3IP"]#@%4OK!;)GP
M5JE*TV!D?<[YGITXQS#>2H=-ZSJ9VP.,@S"`IB`D*2#4+'@?_95D2"'B'`%[
MO2WUG^TEMC3&LO'$>8\Q/Y&4+Z59,IV3IO!.T@JM=7(80(J$_9_(`Z7CWLV[
MCP\.`.V"(B(B/M$>O`%WOX@;\T=6/TJRM^)*;P`_A^?S1VG_`$JQ3^)+EP!B
M#@"^OK1;R35%:-]2,5S2D7.VJ"0F<S3\:NJA)Q54E.HPM%9.T3IJ,G%I;D,Y
MD3$$%/FX4D@$"N3\`J]]/'TX;7NC+O+98Y*0HF!:K(C%S=KCT&YYRU3;<B"R
M]2I2;Q-5FFNU;KD%[(*IJH,@.4A4U53"4@#/6,?3OTMQ-$-XJO:]8\FE4D2)
M.)R^PC:_V&14*4"G<O92V$E#@JJ(=1*B5%(.O0I"AX<`ZEFCTP]+,U1+QH\P
MS7L>3BR0E96_$[5O1)R-6\1(L#6*1+7I,@&'J*3UDX3,'AT`?'@"J6[&E.2M
M(LG,ZY8'RL_2["HXE<79.C458Q.?;1BR"BS=TDBLH>`N->461%R@14>G<1=`
MXIF#M`9!])C=^3VEQ+)X\R5*%?YHPXWC&<K*+F_YZ\T=T3W2`N+KJ/\`3S+5
MPW,QE#E#^D7*DN;H9ST`"VO@!P!$'U#?WWMJ?VN6/^SLN`.6Z<?NDZR?L&Q5
M^ID1P#,60OS`O7Z&6G\1/^`>>MC6O$MUYQS4U"]R5IN=*K2Q?;W(3U@BXI<.
MGP]4G8\`]%)NU;L6[=BT1(W:,D$6;5!,H%30;-4RH((IE#P*1-),"@'P`'`/
MVX`KSZ_C1`F7=<GY2`#ESC6[LU5.@=QD&-IB5FY!'VB":D@J(?%W#P"7WH*N
M5E-8<LM3G$46N=7YT2>/0AG-%IIU>GCT^48@<`M1VAS;'ZW:Z9KSQ)))N$<5
M8WM-P:LUNOER,Q&QBYH&+/VF*;I*39V[?P'K_2<R+*-@DS3FBWY<B54=6U<4
M2K_*USD1[OZ6;3OX%BS/>H\N9=KK[(F*4E+)*B?S.:U5:W^IV#?XGEOVZV6.
M^VJSWJX2CF;MESGYBU6>8>*'6=2D_//UY26?+*',8QCN'KDY@#K\D.@!X`')
MB:"AI;;10VVA8D=%!$V.-J=B-8Q$:U$^"(B$35QKZJZW":XUCUDJIY7/<Y>]
M7.5555^*JN*_$]$3T7*,]QSZ=F!ZK*BX/+-V=BF7YW0?+04MEFE[42,;B/R@
M9Q"4P5N0/9U3$0Z`/(G_`%BS+1YM]2KM>[>U&T3JA(F*GZVP,;!\Q?\`V+&K
MD^"H2@^E67JK*WI_;+/7.<ZL;`LCT5<=A9G.F^7_`$;:-7XHI:GS6AL$.`'`
M,&[$89K6<L6VBE6)@@Z%W&.CQS@Z1#+-'R:)SH*HG,41*('`.>*F*8'J+@N)
MYDFQ]#_Z7Y\S!CT"`F%1R!8X<J92]I4R(/U%")E+_LE3(J`!\'0.2\>E5VJ+
M[Z;6.ZU:JZJEML.VJ][G,;L*Y?BY6XK]I%7ZHVNGLOJ'>+=2(C::.OE5J)V(
MU'.5R-3X-QP3X(.__P`/)E.3R%Z=D'6)=\J]<8>RA?\`'T<*QA.=O75EX^Y0
M[0#F$1%%E^5:J*0>PB1"E#P`.<'?4_:8+9ZJS5$#4:E;1P3NP]K\'1.7^/RD
M5?>JJIV]].EUEN?IG#%,Y7.I*F6%,>U=G\,J)C\/FJB>Y$1/83@]1_6C[4.J
ME]J$3'D>W^HHAD3&@@4/>36JL(+KJPZ!^PQP_*>#5=QW;U`HJ."&'^8'.>3>
MHI-HML4YU<V?QEE-==5M6`E/R0R*V."A`5H=J50C;`=RC\DWF0*@(R1"F#J"
MS$H?'P!\-%9%TDBX:K).6[E--9LX1.11%P@L0JB*R*A!,11)5,P&*8!$!`>H
M<`2I]5K9(FP^VUO3AWWO-!PVFOBJH&(KW-'3F#>K'NL\D`#Y0C*6GSD2JA_6
M-&2`]>`,`>C_`*S_`/0?5:*NT]''9Y!SVJTR%.>\I>6\85,4%$<?0A@-\LB0
M0:PR1BCT$%I(X"'4O@!:UP!=_P#B!OS1U8_2K*WXDIO`#^'Y_-':?]*L4_B2
MY<`8B*'4Q0^,0Z_@^'_RX!Y^FS>1I7-FR&:LB*F.Z?7?*5H/$I&,=0"1R4RK
M!5:/2$PF'R6L.R:HD#K_`#2AP!Z#7/#L!@#!N+\05QHFT8TBH1$:[,0I2J2,
M\JV*\L<RZ$O]8]F9URX<JF'KU.IT]@!P#-/`#@%>OJD87BLSZ59A2<,$W-AQ
MK"*Y7ISWM(#F.EZ40\A)`@J)1.5*4K/OS14H"`'*MX^)0Z`+0>E!DUWC;>K"
M_D+'+&Y%6G,832!5#E3=-+5#N5HP%"E$`/[O8XMBJ7KUZ"7^7@#M/`#@"(/J
M&_OO;4_M<L?]G9<`<MTX_=)UD_8-BK]3(C@&8LA?F!>OT,M/XB?\`0+UM(53
M/VOB9PZD4S/B,A@`1#J4UYKP"'4/$.`>A*?^>;_B-_K'@&W@"P?K_?\`=#6O
M]G^0_P!9*YP"5OH)?NU9A_;FX_4.G\`S9ZWB[\OIJ;&,X\#B=]#UXCH""(&%
M@TN%>D'O7I[2%;M#"8/9V@/-L>A<T,'J[8GS*B-6L<U,?YG0RM;_`!5RHB?$
MUIZQQRR^F%Y;"BJ]*5'=G\K98W._P:BJOP//$KA&:ECKR<B8"1ZD]#)OSCT`
M",3R38KLQA'P`I6XF$?Y.2HW+YRVZH2G_P"1\B39_P!6P[9^_`C*M/R/[I3_
M`+K_`(WSF;7^G:3'[CU5</U&)HN,:36(1%%".C:[&$;E0*4J9B':IJ`H';X"
M"A3`(#\0\A6P<G8_\_M^WV_>3`JK57%GY/9]GL,D\'@<`.`<+9)^$JE=G[39
MI%M#UNM0DK/V"7>G!)G%PD.P<2$K(NE!\$V[)BW44./P%*//M34U16U$='2,
M62KE>UC&IWN>Y4:UJ?%7*B)]I\IYX:6!]54N1E-$Q7O<O8C6M3%SE7V(B(JK
M\#RR]D,H-LV;`YJRZQ240C<CY/N=NB$%@$JR,++SKQQ")+%'H)5DXD40.'P&
MZAR8C)-@7*N4+9EQRHLE%111.5.Y7M8FVJ?!7[2H1/9WOJ9FS=<;ZW'Y=55R
MO;CWHQSUV$7XHW!%^P=#_AQJC(UK26=DWS=1NG=,FV&SM0.`E!5J9&.A6JX`
M/M!9"&`P#\)1#D>/U-7B&Z^K%3!`Y',H:6"G7#V/1'2O3^E9<%^**=Z_3O:)
M;5Z84TL[5;)65$TZ(O?LJK8V+_4D>TGP5%&#`'H("'M`>O\`HYS^;Q$G?51U
MF3UPVPMI82.%ICO+Y'&4*24B)2,6BDT]6+<JVW`G]&4L'93*G(F']6S>-PZ=
M!X!:'A'U(2UGTH[1/.YX#9SQ$W;Z\UP'2YU9)_-6!DLAC*T%\`44"*II%USG
M$3=ZT&MW#X^(%+&B^N;O:G9_'&+G1'#JLC)FN62GQQ,H9.C5A="2L`.5C`<1
M7L3@R,:4QNHBL^`P]>@\`?`0;MVB"#5H@BU:-44FS5JW3(B@V;($*D@W023*
M5-)%%(@%*4H`!2@``'`/UX`N_P#Q`WYHZL?I5E;\24W@!_#\_FCM/^E6*?Q)
M<N`,1%`!'M'KT-U(/0>@]#`)1Z#\`^/`/.\N,<_QOEFUQ<JV.23H&3YYJ_:J
ME$JGO54N#HJZ1RF\0%0[`?;[>O`/0HKE@CK97:_:H=PF[B;-!Q%ABW2)@.DY
MCIJ/;R+)PD<O4ITUFSDIBB'@(#P#F>`'`(I;TW./H.G&RUEDSD*W3P]<X9`%
M!``6DK3%*U>(;%ZB'<HZE)A%,H>T1-X<`3^].&LR%GWDU?C(Y)192.R9&V1S
MY8=?*CJC'2-B?KG^)(C>,$!'_P!7`'KQ\1$?C'@&G`$0?4-_?>VI_:Y8_P"S
MLN`.6Z<?NDZR?L&Q5^ID1P#,60OS`O7Z&6G\1/\`@"!NM/[P.O/[:<1?KU7N
M`>A&?^>;_B-_K'@&W@"P?K_?]T-:_P!G^0_UDKG`)6^@E^[5F']N;C]0Z?P"
MP7?S%JF8=5,L4E-J+WYQKCT%692]YG*'DG*X2`OPB*(B(?$/*VVW"KM%QI[M
M0.V*ZEG9+&ON?&Y'M^]$Q^!27"AI;I03VRM;M4=3"^*1/>R1JM=]RKA\3S1,
MA468QU;9NG3R"J+N+=+H)J'(9,'C+S#D;/4NO3Y*Z9?'_<.!BCXE'DON1\XV
MK/F6*7,]H<BPSL3;9[8ID1/FPO3V.8[L^+=ER=CD4BGSKE*Y9&S-49?N3526
M%^+'8=DL2JORY6^]KV]OP7%J]J*AZ`OHS;[U?<G5BI5&9GF@9_P76X6CY0KC
ME<A)>7BH9NG$5;)3!N<WFOX>S1C9(KQ8@"#:5(LDH!0,B92.;UY]-:S(6<9J
MRGB=IFXRNEIY$3\+7.7:D@5?TNC<J[*>V/95,51R-D!]%O4*DSQE.&"61/[_
M`$4;8IV*OXG(U$:R9/>CT1-I4[I-I%P16JZX#FCC<0<`.`1<W6(Q>ZK9QK\D
M*9F5SQ_8:,NV%U[JZD2W&/7KWS7%"7N7<S,A[_Y35%$JBRJQ@`I##X<O&7ZJ
MYT%[I;E9V[=QI)V3L14Q:BPN23%_<B1ILXO551$;BJJA:[U2T%?::BW7-VS0
MU4+X7]N"JDK5CP;[=M=K!J(BJKL.Q3SXX/0RZR=Z;U,K^1<)J2Q8\&*%?>IS
MZA?/\KW=4AQ,R;K]O@90#'*`^(%'V<[,J_K!H_[0O[&RRIF%68)M3,6F:_#\
MZ*B)*]F/:C%:Q53L5R=YR13?2C/_`'='UEWC6QI)BJ-B<DZLQQV<%58VNP[%
M=M.1%[=E>X]`71S!J.O>N&/L>E9IL'+*(:*NFB9/+!L<R"92-Q#VB**90#Q\
M?#G$U?75=TKIKG7O66NJ)7RR/7O<][E<YR_:JK]G<=A45'2VZCBM]$Q(Z.")
ML<;4[FL8U&M1/L1$)=<I"I*M?5TUG/L!JE-V2OQP/<@X+7<Y*K?DH^8^?5UJ
MT%*_5]N8#`;M>P"?OI2``^8YCD2@'4>`)FD<K"V%N1PM[FLJBZ,W*LI[JJND
MFLFW<G0`WDG721<J%(<0$Q2J&`!`##U`;!]$+6D,;X(G=@;%&^1;LYO"MZVH
MX2`KECBZMN548LR(CT523M,][R],'0`5;HM#^(`'`+N^`'`%W_X@;\T=6/TJ
MRM^)*;P`_A^?S1VG_2K%/XDN7`&(.`*"^LOJU*8=V.>YNA8]<^-\_N!FE'R2
M)A:0F3&K1)*TP;Q8H>6BK/I-RRK;NZ"L*KD"]?),/`)Q^D7ZB]./1Z_JEG.S
MM*U9*KTBL.W"PO4FL-9ZXJL(Q]"?RCHQ$8^QP!U11C06.";UEY:!!!9$"*@,
M,"`A[0Z?%_+_`"@/L$.`?.[=M6#1T_?NFS%@R;K.GKYXNDU9LVK=,RJ[ETZ7
M.F@W;HI$$QSG,!2E`1$>G`%4_5T]0RL9[58ZY8.G"SF,*O.(S>0+O&K=T/?+
M1&`8(F"@%BE`9"KUER<RZKH!%!Z_*F*0&3;E55`R[Z%VK,J><MVV]JCEFD.V
MC9+'.)P=(F3^=WCU9#\M[4S$_:)V,>BU+%(*E`2*+*NR]>J7B`RMP`X`CSO]
MC#)LMNCL_)1.-<B2L:]RO85V4C&4:TR#!Z@=!F!%V;UI$K-G2)Q#P.F8Q1^/
M@#?NH;-Y'ZIZVL)!HZ8/V6#<7M7C%\V69O6;I"GQ*:[9VT<D2<-G*"A1*=,Y
M2G*8!`0`>`9=OR:BM$NZ22:BJJM/LZ:221#**J*'@WQ2)IID`QSJ',(````B
M(CT#@"(^N6*<JL\\X!=O,79*9M&F8\3N';IU0;:V;-6[>[P"KAPY<+0Y$6Z"
M"1!,<YQ`I"@(B(`'`'YC_P`\W_$;_6/`-O`%J/7AI=SM62]<UZM3K;9T&=#O
MZ3Q:MUF;GD6BJUBKQT4G2L2Q=D;**D(82E.)1,`"(>P>`2C]"^LV6KZY9;9V
MBMV"LO'&;'#ENSL<)*03M=L-&J20.4&TJU:++-Q53,7O*42]Q1#KU`>`76N6
MR#QNNT<IE6;N4E$%TC@`E425*)#D,`^`@8H\`4U]5STL%1EY7)5*A73ZM2*[
MF0*[A6?FR=6>N#'6<`9(G@ZBEC^*B)N@?[11*;QYLOTS]5,R>E]U6LM"I-:Y
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MWN8B=A8@A_$+>F8LQ*Z-D/)J#HY.X(A7#UQ-)=X].B`"W;KQYE1$>@='`E$?
MAYJYWTP>K39-A*6D5F/YDJ8MG[>U4=A_2;*;]0_IBYFW^YJ$=AW?MY,?LQ1%
M;_U8?$^AOZN5VS<@)=0--<K6&$<$,0,Y;//HW7C!4*`@'_RBK]<UEM%O:HE'
MN]SBVX/5O`"@`B(A05OI%8,GHLOJ+F.WTTK?_P`E#C6UC_\`*C?]MD2K_-(N
MPGM+A2>IEZS.OR\C6*MGC=V?N:Q4I:5N*8[>U_N.D1/:UB(]<4P3OPRU@2O9
M&RM;D[ODC(*V<,A-Q<E"\-*XO3,%XE:/DE&KZ#P'CEVY?KHR#IFL=N[L\PY?
MV!\B)DRK-6QS-N:^O^9[?44ZV7*=&MNRZN&WM/\`F554K5Q1U5.B-16HJ(YM
M/$UD#%P79>]$>9K9<OUT,R77,E4E=?.W9V6K'34^*8*VFA555%P7!TTCG3.3
MLQ8U=DL%A\*8MA9%&;:4FN_/J0%$TP,6U]]55*'RES*>7U\PYO'K[>869694
M``````Z`'@`!X``![``.`'`/S611<(JMW**3ANX240<-UTRJHKH+$,FLBLD<
M#$4253,)3%$!`0'H/`$O<R^GY8(KU&4M2*JT>,*CDFXM;12I8B"BB<7AN=,Z
MGIJ02.!>BI:/',9&/[AZ`9=D0!Z>87J`Y35ZU!TNM5ZGUE@E%URJ0<57(&-0
M#HDPAX1BA'1K1/X1*@T;$+U'Q'IU'QX!SO`#@"__`*]%2MEJJFL2=5JMFM"C
M&SY14>IUNOR\\=D1>&J!4#O"1+-X9J1<R9@()P*!A*(!UZ#P`]!>I6RJU39X
MEJJMGJYWMHQ<=D2R5^7@#O2(0UO*N=F269LS.B(F4*!Q3[@*)@`>G4.`,`<`
MQ9FC"^.=@L;63%&5:^C8Z=:&I47;8QA;OH]Z@;S8Z<@Y`@"O%3L0Z`%FSA/Y
M1#AT$#$,8I@%&MNO2<V,USE)*8HT#+YUQ$)UW#&U4Z(5?VJ$8%%10K>[4Q@#
MB1;+M$2_+>LB.&*G3O$4!'RB@1=HF[^WV'6"-5IVQ.4JQ%Q1!:-JU*383+2)
M(F/:+1M%7!I+_-9$A#H":94P)TZ``<`XF^[0[5[(^53[QF/+&5D)!PF5&D-)
M)^[CI%R)@*D0*=56S5A(J]PAV@9JH/7V<`L=TK]'#+F7)>(NVRL9*X?Q0U<-
MWAZ<]`663KRW3.)AC@C@-YU&B'`$`JSEV!7XIF$$4"B(+$`:SJE4K=%K,#3*
M="1U;JM7BF4'7X&);E:QT3%1Z)6[-DT0)X%322('B(B8QNIC")A$1`[!P#@+
M3;*K1J_)VR[V:O4VJPJ2;B9LUKFHVNUZ(06<)-$EY.:EW+.-8(JNG":13*JD
M`RARE#Q,`#54=%6W&I916^&6>MD7!L<;'/>Y4155&L:BN5<$5>Q.Y%4IZNKI
M*"G=5UTL<-(Q,7/D<C&-Q7!-ISE1$Q543M7O5$,'_;,U!^]EK5]?&+OI5S(M
M!9ZZ+=N3J.&6#6^3.KVOFH.(;?ME:?CXCMAK2(_MWQ=]*>-!9ZZ+=N3J.&-;
MY,ZO:^:@X@?;*T_^]AK3]>^+OI3QH+/71;MR=1PQK?)G5[7S4'$-WVS=0?O9
M:U?7QB_Z5<:"SUT6[<G4<,:WR9U>U\U!Q#;]LK3[[V&M'U[XN^E/&@L]=%NW
M)U'#&M\F=7M?-0<0/ME:??>PUH^O?%WTIXT%GKHMVY.HX8UODSJ]KYJ#B&H;
MF:@![-L=:@_!GC%P?XJXT%GKHMVY.HX8UODSJ]KYJ#B`.Y>H`^W;'6D?PYWQ
M</\`BKC06>NBW;DZCAC6^3.KVOFH.(:?;*T^^]AK1]>^+OI3QH+/71;MR=1P
MQK?)G5[7S4'$/CD-N=,)5HNPDMI-8'S)RF9)=JZSEBM9%5,X"4Q3IGM`E$!`
M>-!9ZZ+=N3J.&-;Y,ZO:^:@XA6?GK7OTPLNNGDU7]IM;:)8'1CK'<1.=<6@T
M.J8>O<9N%J*4OC\7/%R!GER8+9+MA_\`'4<,)GC)B+BEXMB+_P#7!Q"NBR:1
M8-9.55:_NOI9:6Q3&%!*UY3PE+=Q.H]I#DF)UX`^'+U;[+ZN6=NS:J3,M*SW
M0QUL:?X,1$^XM5=>O2^Z.VKE59?J'^^62C>O^+U5?O,CXSP'0*D=L9AN%Z?=
M%.00`TE6+-KBRF$`[A$#MW[%\BZ3.7V@)3`(#RHK:#UFNC%BN,.:9XE[VR,K
MW(OVHY,%/A1U_I+;7(^WS9;@>G<L;Z)JI]BM7%"?6.Z5I(R>-9K,>^.$\LRK
M82'(TFMAL;!$)F)T$"%9!;_*%(H^PO3IS'M`YZ3NLEVY.HX9?5SODQ>^\6OF
MH.(3[@]K-)JW'(1,%L]J[%1S8A4T6C/..*D$2%*'0`[26@.H_AXT%GKHMVY.
MHX9YK?)G5[7S4'$.7^V5I]][#6CZ]\7?2GC06>NBW;DZCAC6^3.KVOFH.('V
MRM/OO8:T?7OB[Z4\:"SUT6[<G4<,:WR9U>U\U!Q`^V5I]][#6CZ]\7?2GC06
M>NBW;DZCAC6^3.KVOFH.('VRM/OO8:T?7OB[Z4\:"SUT6[<G4<,:WR9U>U\U
M!Q#I3S830A_D*#RJ\V.U9<9!K=5GJ3"6=3.>+AD(^LV61B)69C$3?E5V>6[?
M0B!NX0$Y`[RE$`44`S06>NBW;DZCAC6^3.KVOFH.(=U^V5I]][#6CZ]\7?2G
MC06>NBW;DZCAC6^3.KVOFH.('VRM/OO8:T?7OB[Z4\:"SUT6[<G4<,:WR9U>
MU\U!Q`^V5I]][#6CZ]\7?2GC06>NBW;DZCAC6^3.KVOFH.(:AN7J`'LVQUI#
M\&=\7!_BKC06>NBW;DZCAC6^3.KVOFH.(`[EZ@#[=L=:1_#G?%P_XJXT%GKH
MMVY.HX8UODSJ]KYJ#B&GVRM/OO8:T?7OB[Z4\:"SUT6[<G4<,:WR9U>U\U!Q
M`^V5I]][#6CZ]\7?2GC06>NBW;DZCAC6^3.KVOFH.(:AN7I^'B&V&M(#_)G?
M%P?XIXT%GKHMVY.HX8UODSJ]KYJ#B&/+1F[TY[PY%[=<OZ1W!X;VN[3?\#S[
MH1#IT$7$K+.UA'P_WN-!9ZZ+=N3J.&-;Y,ZO:^:@XAR%5V$]/NB`<*/G+3.F
M`H42'"IY,PA7>\@^TIAB)IF)BCT]@\:"SUT6[<G4<,:WR9U>U\U!Q#N7VRM/
M_O8:T_7OB[Z4\:"SUT6[<G4<,:WR9U>U\U!Q`^V5I]][#6CZ]\7?2GC06>NB
MW;DZCAC6^3.KVOFH.(9WKEEKEQ@HNT5&P0EJK,XT3?PMCK<JPG(&88+=?*?1
M4Q%KNH^19J]![545#D-T\!YC=5255#4/HZZ*2&KC=LO9(U6/:J=Z.:Y$5J_!
M4Q,@IJFFK(&U5'(R6F>F+7L<CFN3WM<U514^**?I.P$%:(E[`6:$B+'`R29$
MI&$GHUE,1$@DFJFNFD^C)%!RR=ID72(<I5"&`#E`P>(`//*:IJ:.=M51R/BJ
M6+BU['*US5PP['-5%3L7#L7N/U/!!51.@J6,D@=WM<B.:OM[47%%[?>50)[1
MZ$)Y=M>+Y?4>1K];IFQT9J5.Y^E-:L9+8$9[`SR-1"M4%Y:(9[+6F%"RRU]A
MHMC*2,(RAU9610:BZ*HH4!O.K,T]3N',3;Y:].9>\A1^!%NEB`ZY:]!X#@7"
MW4/_`,KHO]P\:LS3U.X<Q-OC3F7O(4?@1;IAK%,/J%F2U9XI].P%C0LMKIEM
M/"V0CS&&*$P9*7-3&^/LJ`:NN21;D96'+5\EQH"X,5$P.O-3[.A`,9JS-/4[
MAS$V^-.9>\A1^!%NGSZY,=/=I,*4//F,<!8U3HF1F$E(UXEHPQ086>*WBIZ5
MKKH)&,3C'Y&BOSC#+=H`J?N3[3>'7H#5F:>IW#F)M\:<R]Y"C\"+=,KS^$=7
MZK!3=HLN&\#P-<K4/)V"P3DMC6@,HN%@X9DO(RTM)/5X,B#2/CF#91994X@1
M-,@F$0`.-69IZG<.8FWQIS+WD*/P(MTPWK"XT@V_P3CW8S!^'\1SF,\EQCN1
M@',KAFF0DXR7BY5_`S<'8H)Y`^^0=A@)R+<,WK1;HH@NB8H_&+5F:>IW#F)M
M\:<R]Y"C\"+=,U2^!M<(2)E)I]@;#0,H>-?2KP4<44517W6.:JO''E)_,1?,
M5\E$W:7J'4?#KQJS-/4[AS$V^-.9>\A1^!%ND(-6\^:.;52U)K\%J,[Q+.Y4
MPRWV&Q!'YOUKQQ5$<MX745JB+N\T&=K:]RK,DE"FOD&:0C7#UK,LDIAJHLS*
MFIW`U9FGJ=PYB;?&G,O>0H_`BW2=_P!G+7K_`"%PM]5=%_N'C5F:>IW#F)M\
M:<R]Y"C\"+=,#X5<:-;`RV<H/&.+,(S,MKCFBR8#RVQ6Q30FSBM9&JT-`STF
MR.F,,<RL::,L;<Z3KH":ARJD\#HJ%*U9FGJ=PYB;?&G,O>0H_`BW3?K:KHWM
MKB&$SK@G%N$;EC"R6'(-<@+*ABBAIMY9UC3(5HQI8'C,`A5/,C'%AJ+H[-7J
M'O#,R2H``'``:LS3U.X<Q-OC3F7O(4?@1;IG4-<M>A\`P+A;J/\`^5T7^X>-
M69IZG<.8FWQIS+WD*/P(MTC;KG:M`-KC9F)@W'6#K@.`\T6W`N2?*Q+1VX1U
M_IA&*DK\VBI!C\\5IW[]T8RB'<R?&16!$Y_*/T:LS3U.X<Q-OC3F7O(4?@1;
MI)+[.6O7^0N%OJKHO]P\:LS3U.X<Q-OC3F7O(4?@1;I!JU9DU(:W>_43$&BE
MJVC>XFF'-8RM8=?-<,-2]&H=R8((.Y:AKW7(UBQI7;E?:^V=)#*0U87G)"+6
M4*W=I(NOZ#C5F:>IW#F)M\:<R]Y"C\"+=)>4?$&M=]IM6N\9KICJ&C[9`Q=@
M9P]RP/7*=;8I"4:).RQMFJE@J[&<KD\Q\SRG;)VBFNW6*8AR@(<:LS3U.X<Q
M-OC3F7O(4?@1;I'G8JUZK:[W3#V-CZ6*9HR)G%#(SVCTS"6"L)S<M\UXJ85J
M1N<M-.;S/8^A(UBQ0MK$$_\`FU%5CJ"!2#VCQJS-/4[AS$V^-.9>\A1^!%NF
M?L?X>P->:;7[;(:GTG'#V<9>^.*/D/$6)V=UKA_.51]PL+6L&M4`B^$$@4Z-
M9%VGY9RCW]1$H-69IZG<.8FWQIS+WD*/P(MTZADN"U$Q1;\%4BU8#QB::V'R
M?(8DQ^,5AJA/F1+7&XSO^6')K`X-%MS143^2N-I$"KE(L(NA13[`!3O*U9FG
MJ=PYB;?&G,O>0H_`BW0:P6HCO8"=UK2P'C'_`*CUW#=3SI('/AJA%K8TBYW6
MY4&'(WE_FL5%9PL]17PK-O(`J:`I'`XB?M*U9FGJ=PYB;?&G,O>0H_`BW3OE
MQPG@.IU2Q6=GJYCV\.X"'?RS>GTO$F+G5MLRS)`ZY(6N-Y]*O0BTQ(&)Y:!7
M3YH@)Q#O5('4>-69IZG<.8FWQIS+WD*/P(MTB=JMDS5_;*9O<95]`[5C*,QS
M9KS0[-;LQ8#U\@*PED;&]E0JERQ\S6JEWNTP[L<1*J*]3E9!&JIME3)NC="`
M=JS-/4[AS$V^-.9>\A1^!%NDH\BXLU>Q?CV^9,LV!,2&K>.J9:;W82QF(J&\
MDC0=0@W]AE@CF9H9`KM\,?'*>2D)R`HIT+W!UZ@U9FGJ=PYB;?&G,O>0H_`B
MW33'&+M7<I8\H63JQ@3$A:UD>E56^UTLIB*ALI,L%<()A8H@)%F6&7*T?A'R
M*?G)`H<$U.I0,;IU%JS-/4[AS$V^-.9>\A1^!%NF)M@)33#74:3#V77FEWC)
M.4I*4B<487Q/@*G7K+62GD`T2D;*XKE8:P[-JRKE3C5TW$Q.2SN-@8E-5$';
MU$ZZ!56K,T]3N',3;XTYE[R%'X$6Z?7@^.P'F5U;HF9T0EL#6*F_,JKV!SEK
MSB6'),,)\L@+"2J-OH4GD/'5L024C%2/$&,RJ]CCBE[V@B"R(J-69IZG<.8F
MWQIS+WD*/P(MTD#]G/7K_(7"WU5T7^X>-69IZG<.8FWQIS+WD*/P(MTC;B^T
MZ!YDSML/K=C['&$)O+6KCJAM,OP!<2T9-"*5R)`JS\(,._&$,WGDV":!VDF+
M?N^;9$@M5^Q;Y/&K,T]3N',3;XTYE[R%'X$6Z22^SGKU_D+A;ZJZ+_</&K,T
M]3N',3;XTYE[R%'X$6Z8?QU!:AY0OV><;UG`>,2V/7._UO&V0QD\-4)E''L5
MJQ;1<O19JZ[+%KFEHX*ED./!54Q$1([!5+M$"`<S5F:>IW#F)M\:<R]Y"C\"
M+=,PAKEKT(@`8%PMU$>G_:NB_#_]#QJS-/4[AS$V^-.9>\A1^!%ND*,+98U!
MS[>T:YCK26Q/L=2EIR92:ML>ZUAQR3`=MM&(YF<KMU8QUA9.7]R@XU&P5B28
ML):;@HF&EW;(R3)VN91N"S5F:>IW#F)M\:<R]Y"C\"+=+*8>&AZ[%L8.OQ,9
M!0D6W(TC(>%8-(N*CFB?7RVK".8HH,V;<G4>A$R%*'7V<LD]1/53.J:I[Y*A
MZXN<]RN<Y5]JN5555^*J76&&&GB;!3L:R%J8(UJ(UJ)[D1,$1/L.2Y\CZ%/F
MMWIXQ3[.>V68=CJ_D5V63]0VU;%X)Q])Y=LJV$Y1C$8^PXVQMF9UARN6C\AI
M.WP]LKK]5BK.,E7C1ZP0=`B15%JL4"X/@%0F(O3MK%NV&W_RIL!5\O0@9:VP
MC;AB>0I&SN><60]HQFQUIU\II)X]4PCF*H0B;LMVJTRS,M),4Y14K4O<)FX-
MQX!(#TN,+9"UUT$ULPGE:M.:??\`'E2GH6P5M[+L9]Y%&4O=KDHU)U-1TE,-
M91PM#/FZIU@=+G.9014.*G=P#@_4;PKG7:K'U#U+Q2K^16.,W6Q539C-3^.A
M[)"4W"M`00M3K&2U)<V:M3=Q=[!VE".K+QLU53;DK"TR9PND86Y%@.HZ@:^[
M0:L;.YX@+O:(+-6OVS3(-@B7VG4"OX?A<.[)Q'Y/T?(E.-C=&ZVN1-"YRJ;>
M+LB3]HJJ@%BC)E1R1%5^D98"R"Z,7DI3;=&1Z'O+^2JUACV+;N(7WAX]B'C9
MJAW*F(D7SEU2EZF$"AU\1`.`4A^EEI7GC4"TX:+G&IW_`"H,]I1B.E5K*M\R
MH2Z673*S5BF8[0S+IZC5E;(I6&N(;9<:VVFJW/5AHX=JK1RL7,KK-V4*X.!>
M^HH**:BP)*KBDF=4J"($%98R9!.5%(%#II^8J8.TO<8H=1\1`/'@"SU0]-S=
M"GXCQA)8P6:8SRWOM%9"QEZJ0+62.1F*+6,W9FR)L+(YQJ+N(=O(N<S=AZIW
MRU8RC%V;A;S26F.<`H*$(B8H%JVA&O$]JE,;>81B<<L:%KJUV.2R/JN6#7B$
MZR&-,DXAQE(W*J0<&P?+/J^E3<SQMC(9%T@W\TKLBJ0J%.)^`9DW1-L0\UZN
M-/U5C3&SADYQ"8KJMW5>1C.+PHPR#*-ZY:\]RY9&2CE)-##E3>/9UK'M`<.Y
M.3:-6I$A*L<Y`*\-=-$]D-$MB]>;;CZZU?.F"YS#E3TQS=3:1B6O81D:+CG%
M45:+1K_G^:!SDVQ%R=8:3:GLG7YMP`A,.6%O.Z\MS[IVD`NY`>@@/Q"`_P"@
M>`5)Z]$V`T!IEEURD-4\O[)8\CLN9IO.%,QZ^S6'I*0M5:S7EFYYD-!9MK>5
M<HXLF*=DFJSM]<QKR61^<X::;MDY`73=PLNS1`M%IDM8YZHUF;M]35H=JEX*
M,D;#27$Y%V5Q4I=XT27?5US8(0QX69<Q"YQ04<M#';*G((I'.3M,(%6'J.8,
ML>2]A=(,D*8!S_G[%>)HW:)AD2'ULRDWQ1DB"E\CUK%K"AOBSA,Z:_3+N"=N
M:X_(Z1:S9T^I""L@<.P0`L:P.RCXW#]`CXJC9+QI&LH%-LRH>8[.I=,GUE!)
MRY*2/N=J6O\`E-:=F!Z>8+@]AEC&34*`KB("4H$:MW\<94GY74?,^)J"YRQ)
MZL[-%S%:\6PT]7:Y<KI09W!^9L+V-+'[ZX2,'47MSKILIH2S:/DI*+;22+%9
MN5VDL=+N`ZUKY6LMY.W)R[M]=\,W/`-!E]:L/:YX\I.59.CN,J6E]2LF9=R3
M;[U.5W'EKO4!3*T12_,HZ+;N)5:3>G;N7"S=JEY'F@6+![0_"'`(0Z,XHR!B
M2N;+L<AUU6N.KYO'MKEJII*OHQ]\[X]R1E62L5*L1#1CQZ1LE-PZY%BH+"FZ
M1`>U5,AOD\`S;LW4[!?=;-AJ+4HXTQ:[K@S+=2K$21=LU/*V*R4"P0T)&D<O
M5F[-N=])/4D@46432()NIS%*`B`&S6"I6&@:T:[4.W1QH>V4G!.(JA:(@Z[5
MT>*L5:Q]7H6;C3NF2SEDY,QDV2J0J(J*)'$G4AC%$!$",.PF,,S4+;O%6[>'
M\=*9XCH#`E_UKR[AF(GJQ6LFMZ7:K[3<GPF1L+2%XEZY2)>?B[!4#,YR!DI:
M(++L%FRS=T+F/3:N0)*80S%?<OGLSZS:X9=P!7(DL0E6U\T26,$;3<WSHTE\
M^&:5#&]^R*>`B(,C9L!'$D\;+O5')@3;@1(5#@<]G^UY2H^%,FVK!^.39<S)
M$U&5/BW')I6*@F=IOKI(&-79S4W-2$7'Q-:;2[I)Q*.16!5&.17,B158")'`
MI<QGZ=.XFF=IU1SG2<V5C:"V8DM5RIVP-*A<-5_%5^S9C';K(T=;]F;O-9-E
MLG/T[O9Z+EQ5KD.,:O6[$54HIVQ:BF9V#=0!@,?:/0>H=?`?9U_EX!6GK^PR
MWBO=[>..LFOF6G&.]D<YXZR;C_/,.XQ6\Q,SKU6U&PECF3;VE-QDYED^+EAN
MN.I!@DDC6G29SG04%0$3F4(!97X_`/0?@$>O0!^`1Z=1Z=>`4?8QQ1L"RV>Q
M;:<0:HY2TKL3S,]GMF\CECF*E6O1G-%!?P]R"9F<:X]C;P^?6'+V2K:O#2S"
MP-:/2YUDJ9X:=74$#M7@%X/`#@!P`X`<`.`'`#@!P`X`<`.`'`#@!P`X`<`.
?`'`#@!P`X`<`.`'`#@!P`X`<`.`'`#@!P`X`<`__V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
