The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2015 and 2014 (unaudited):



	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
Consolidated Statements of Operations:
Revenue:
Revenue under collaborative research and development arrangements	$	1,820,643		$	16,475,083		$	4,335,236		$	4,245,571
Revenue under collaborative research and development arrangements with affiliated entity	375,000			125,000			166,667			112,500
Grants and miscellaneous revenue	3,739,919			7,583,151			784,775			808,566
Total revenues	5,935,562			24,183,234			5,286,678			5,166,637
Operating Expenses:
Research and development	15,601,891			16,075,201			16,688,511			9,426,320
General and administrative	4,860,086			4,377,616			4,718,260			4,107,928
Gain on sale of assets	—			—			(1,000,000		)	—
Total operating expenses	20,461,977			20,452,817			20,406,771			13,534,248
Income (Loss) from operations	(14,526,415		)	3,730,417			(15,120,093		)	(8,367,611		)
Interest and other income, net	(194,519		)	214,982			146,332			138,276
Change in fair value of common stock warrants	(290,316		)	518,877			(49,773		)	(1,227		)
Gain (Loss) from investment in affiliated entity	(3,249,315		)	(659,054		)	8,861,145			(2,352,309		)
Net income (loss) before income tax benefit	(18,260,565		)	3,805,222			(6,162,389		)	(10,582,871		)
Income tax benefit	308,520			1,789,246			—			—
Net income (loss)	(17,952,045		)	5,594,468			(6,162,389		)	(10,582,871		)
Net (income) loss attributable to non-controlling interest	—			—			(85,861		)	1,092
Net income (loss) attributable to Inovio Pharmaceuticals, Inc.	$	(17,952,045	)	$	5,594,468		$	(6,248,250	)	$	(10,581,779	)
Net income (loss) per common share attributable to Inovio Pharmaceuticals, Inc. stockholders
Basic	$	(0.25	)	$	0.08		$	(0.09	)	$	(0.17	)
Diluted	$	(0.25	)	$	0.07		$	(0.09	)	$	(0.18	)
Weighted average number of common shares outstanding used in per share calculations:
Basic	72,194,504			72,029,644			67,655,975			60,741,082
Diluted	72,194,504			73,961,237			67,838,738			60,913,423



	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
Consolidated Statements of Operations:
Revenue:
Revenue under collaborative research and development arrangements	$	1,758,108		$	1,114,952		$	3,107,781		$	1,435,727
Revenue under collaborative research and development arrangements with affiliated entity	112,500			112,500			137,500			116,964
Grants and miscellaneous revenue	586,500			612,901			556,381			804,952
Total revenues	2,457,108			1,840,353			3,801,662			2,357,643
Operating Expenses:
Research and development	9,244,473			7,017,805			9,607,281			8,225,480
General and administrative	4,224,429			3,153,714			4,347,327			4,132,218
Total operating expenses	13,468,902			10,171,519			13,954,608			12,357,698
Loss from operations	(11,011,794		)	(8,331,166		)	(10,152,946		)	(10,000,055		)
Interest and other income, net	113,212			97,174			68,999			52,076
Change in fair value of common stock warrants	143,659			(113,980		)	824,390			(505,926		)
Gain (Loss) from investment in affiliated entity	3,342,436			1,168,911			(1,458,160		)	(376,963		)
Net loss	(7,412,487		)	(7,179,061		)	(10,717,717		)	(10,830,868		)
Net loss attributable to non-controlling interest	1,083			1,486			6,443			9,408
Net loss attributable to Inovio Pharmaceuticals, Inc.	$	(7,411,404	)	$	(7,177,575	)	$	(10,711,274	)	$	(10,821,460	)
Net loss per common share attributable to Inovio Pharmaceuticals, Inc. stockholders
Basic	$	(0.12	)	$	(0.12	)	$	(0.18	)	$	(0.20	)
Diluted	$	(0.12	)	$	(0.12	)	$	(0.19	)	$	(0.20	)
Weighted average number of common shares outstanding used in per share calculations:
Basic	60,610,367			60,392,911			60,232,498			55,159,002
Diluted	60,805,871			60,602,831			60,474,859			55,159,002