Quarterly Financial Information (Unaudited)

The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2016 and 2015 (unaudited):



	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Consolidated Statements of Operations:
Revenue:
Revenue under collaborative research and development arrangements	$	476,586		$	2,327,316		$	1,889,988		$	1,796,857
Revenue under collaborative research and development arrangements with affiliated entity	189,278			574,596			499,720			137,000
Grants and miscellaneous revenue	7,735,428			9,410,648			3,814,083			6,176,298
Grants and miscellaneous revenue from affiliated entity	112,660			227,903			—			—
Total revenues	8,513,952			12,540,463			6,203,791			8,110,155
Operating Expenses:
Research and development	23,911,731			26,980,343			19,630,801			18,189,160
General and administrative	6,965,517			5,755,603			5,799,530			5,371,613
Gain on sale of assets	—			—			(1,000,000		)	—
Total operating expenses	30,877,248			32,735,946			24,430,331			23,560,773
Loss from operations	(22,363,296		)	(20,195,483		)	(18,226,540		)	(15,450,618		)
Interest and other income, net	191,460			391,596			341,131			333,070
Change in fair value of common stock warrants	644,888			2,690			(113,775		)	(406,249		)
Gain (Loss) from investment in affiliated entity	(4,706,522		)	(958,141		)	(705,527		)	7,480,977
Net loss attributable to Inovio Pharmaceuticals, Inc.	$	(26,233,470	)	$	(20,759,338	)	$	(18,704,711	)	$	(8,042,820	)
Net loss per common share attributable to Inovio Pharmaceuticals, Inc. stockholders
Basic	$	(0.35	)	$	(0.28	)	$	(0.26	)	$	(0.11	)
Diluted	$	(0.36	)	$	(0.28	)	$	(0.26	)	$	(0.11	)



	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	)