The following is a summary of the quarterly results of operations of the Company for the years ended December 31, 2019 and 2018 (unaudited):



	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Consolidated Statements of Operations:
Revenues:
Revenue under collaborative research and development arrangements	$	184,523		$	617,427		$	64,283		$	2,770,712
Revenue under collaborative research and development arrangements with affiliated entities	55,665			53,014			71,390			55,579
Miscellaneous revenue, including from affiliated entities	39,300			196,422			—			3,614
Total revenues	279,488			866,863			135,673			2,829,905
Operating Expenses:
Research and development	22,003,955			19,137,209			22,486,266			24,389,888
General and administrative	8,696,586			5,681,441			5,850,101			6,975,029
Total operating expenses	30,700,541			24,818,650			28,336,367			31,364,917
Loss from operations	(30,421,053		)	(23,951,787		)	(28,200,694		)	(28,535,012		)
Interest income	587,679			637,438			755,330			625,535
Interest expense	(2,668,837		)	(2,428,671		)	(2,194,783		)	(656,248		)
Change in fair value of derivative liability	(4,315,105		)	2,551,453			—			—
Loss on investment in affiliated entities	(1,681,401		)	(485,841		)	(173,212		)	(750,103		)
Other income (expense), net	263,571			140,956			127,512			(35,839		)
Net loss before income tax benefit	$	(38,235,146	)	$	(23,536,452	)	$	(29,685,847	)	$	(29,351,667	)
Income tax benefit	87,764			—			106,771			62,800
Net loss	$	(38,147,382	)	$	(23,536,452	)	$	(29,579,076	)	$	(29,288,867	)
Net loss attributable to non-controlling interest	485,344			445,759			191,850			69,605
Net loss attributable to Inovio Pharmaceuticals, Inc.	$	(37,662,038	)	$	(23,090,693	)	$	(29,387,226	)	$	(29,219,262	)
Net loss per share
Basic	$	(0.38	)	$	(0.23	)	$	(0.30	)	$	(0.30	)
Diluted	$	(0.38	)	$	(0.25	)	$	(0.30	)	$	(0.30	)



	Quarter Ended			Quarter Ended			Quarter Ended			Quarter Ended
	December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
Consolidated Statements of Operations:
Revenues:
Revenue under collaborative research and development arrangements	$	2,372,600		$	1,813,287		$	24,385,852		$	1,289,046
Revenue under collaborative research and development arrangements with affiliated entity	56,207			184,990			60,319			148,008
Miscellaneous revenue	73,817			2,591			2,590			92,590
Total revenues	2,502,624			2,000,868			24,448,761			1,529,644
Operating Expenses:
Research and development	26,365,647			21,851,858			22,462,620			24,577,751
General and administrative	5,636,141			6,791,693			7,189,310			9,698,015
Total operating expenses	32,001,788			28,643,551			29,651,930			34,275,766
Loss from operations	(29,499,164		)	(26,642,683		)	(5,203,169		)	(32,746,122		)
Interest and other income, net	(169,300		)	380,987			396,681			312,523
Change in fair value of common stock warrants	—			228,665			259,971			(127,841		)
Gain (loss) from investment in affiliated entities	(3,293,741		)	1,017,359			(2,092,608		)	2,380,423
Net loss before provision for income taxes	(32,962,205		)	(25,015,672		)	(6,639,125		)	(30,181,017		)
Provision for income taxes	—			—			—			(2,169,811		)
Net loss	(32,962,205		)	(25,015,672		)	(6,639,125		)	(32,350,828		)
Net loss per share
Basic	$	(0.34	)	$	(0.27	)	$	(0.07	)	$	(0.36	)
Diluted	$	(0.34	)	$	(0.27	)	$	(0.08	)	$	(0.36	)