<SEC-DOCUMENT>0001493152-20-015678.txt : 20200814
<SEC-HEADER>0001493152-20-015678.hdr.sgml : 20200814
<ACCEPTANCE-DATETIME>20200814082236
ACCESSION NUMBER:		0001493152-20-015678
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200814
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200814
DATE AS OF CHANGE:		20200814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Celsion CORP
		CENTRAL INDEX KEY:			0000749647
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				521256615
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15911
		FILM NUMBER:		201101505

	BUSINESS ADDRESS:	
		STREET 1:		997 LENOX DRIVE
		STREET 2:		SUITE 100
		CITY:			LAWRENCEVILLE
		STATE:			NJ
		ZIP:			08648
		BUSINESS PHONE:		(609) 896-9100

	MAIL ADDRESS:	
		STREET 1:		997 LENOX DRIVE
		STREET 2:		SUITE 100
		CITY:			LAWRENCEVILLE
		STATE:			NJ
		ZIP:			08648

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CELSION CORP
		DATE OF NAME CHANGE:	19980515

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEUNG LABORATORIES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8-k.htm
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
DC 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CURRENT
REPORT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report (Date of earliest event reported): August 14, 2020 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>CELSION
CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of registrant as specified in its Charter)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-15911</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>52-1256615</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.2pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(State
        or other jurisdiction</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.2pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>of
        incorporation)</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.2pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Commission</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.2pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
        Number)</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.2pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(IRS
        Employer</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.2pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identification
        No.)</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>997
    Lenox Drive, Suite 100, Lawrenceville, NJ</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>08648-2311</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
    of principal executive offices)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Zip
    Code)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(609)
896-9100</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Registrant&rsquo;s
telephone number, including area code)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Former
name or former address, if changed since last report.)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (see General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
    communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 22%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol(s)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 39%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    stock, par value $0.01 per share</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLSN</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    Capital Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act
of 1933 (&sect; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
2.02 Results of Operations and Financial Condition.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 14, 2020, Celsion Corporation issued a press release reporting its financial results for the quarter ended June 30, 2020.
A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 7, 2020, Celsion Corporation announced it would hold a conference call on August 14, 2020 to discuss its financial results
for the quarter ended June 30, 2020 and provide a business update. The conference call will also be broadcast live on the internet
at <U>http://www.celsion.com</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this report, including the exhibit hereto, is being furnished and shall not be deemed &ldquo;filed&rdquo; for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections
11 and 12(a)(2) of the Securities Act of 1933, as amended. Such information shall not be incorporated by reference into any filing
with the Securities and Exchange Commission made by Celsion Corporation, whether made before or after the date hereof, regardless
of any general incorporation language in such filing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
press release contains forward-looking statements which involve certain risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by such statements. Please refer to the cautionary note in the press release
regarding these forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
9.01 Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Exhibits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No.</B></FONT></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release titled &ldquo;Celsion Corporation Reports Second Quarter 2020 Financial Results and Provides Business Update&rdquo; issued by Celsion Corporation on August 14, 2020.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CELSION
    CORPORATION</B></FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    August 14, 2020</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Jeffrey W. Church</I></FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    W. Church</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President and Chief Financial Officer</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><IMG SRC="ex99-1_001.jpg" ALT="" STYLE="height: 40.5pt; width: 102pt"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Celsion
Corporation Reports Second Quarter 2020 Financial Results and Provides Business Update</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>Initiates
Promising Phase II Study of GEN-1 in Advanced Ovarian Cancer </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>Will
Continue Following Patients in Phase III OPTIMA Study for Overall Survival;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>Data
Maturity at Issue </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>Conference
Call Begins Today at 11:00 a.m. Eastern Time</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>LAWRENCEVILLE,
N.J</B>. <B>(August 14, 2020) &ndash; Celsion Corporation (NASDAQ: CLSN)</B>, an oncology drug development company, today announced
financial results for the three and six months ended June 30, 2020, and provided an update on clinical development programs with
GEN-1, its DNA-mediated IL-12 immunotherapy currently in Phase II development for the treatment of advanced stage ovarian cancer,
and ThermoDox<SUP>&reg;</SUP>, its proprietary heat-activated liposomal encapsulation of doxorubicin currently in Phase III development
for the treatment of hepatocellular carcinoma, or primary liver cancer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&ldquo;GEN-1,
our oncology-focused immunotherapy, continues to show encouraging results at the 100 mg/m&sup2; dose cohort in the OVATION 2 Study,
which is consistent with the results reported from our earlier Phase Ib trial (the OVATION 1 Study) in advanced-stage ovarian
cancer. In June 2020, the Data Safety Monitoring Board (DSMB) for the OVATION 2 Study recommended that the Phase II portion of
the OVATION Study proceed with the dose of 100 mg/m<SUP>2</SUP>,&rdquo; reported Michael H. Tardugno, Celsion&rsquo;s chairman,
president and chief executive officer. &ldquo;These findings were reinforced by strong progression-free survival (PFS) when comparing
study patients to a statistically validated synthetic control arm (SCA) of matched patients from prior studies. In July 2020,
we announced the randomization of the first two patients in the Phase II OVATION 2 Study. This milestone was achieved approximately
five months ahead of our previously announced schedule. We have a very aggressive recruitment program and anticipate completing
enrollment of 105 patients in the second quarter of 2021. Importantly, as an open-label study, clinical updates will be provided
throughout the course of treatment including response rates and surgical resection scores,&rdquo; Mr. Tardugno added.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Continuing
his comments, Mr. Tardugno noted, &ldquo;In early July, Celsion received a wholly unexpected recommendation from the independent
Data Monitoring Committee (DMC) to consider stopping the global Phase III OPTIMA Study. This recommendation was made following
the DMC&rsquo;s second pre-planned interim safety and efficacy analysis of the OPTIMA Study on July 9, 2020. The DMC&rsquo;s analysis
found that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903.
However, the p-value of 0.524 for this analysis provides a high level of uncertainty as to the actual hazard ratio value, therefore,
the DMC left the final decision of whether to stop the OPTIMA Study to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Mr.
Tardugno further stated, &ldquo;This development had never been anticipated by the Company or our advisors, nor would it have
been forecasted by the first pre-planned efficacy analysis. Further, blinded data available to the Company appeared to be tracking
well against the sub-group analysis of the Company&rsquo;s earlier HEAT Study, upon which the OPTIMA Study is based.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">In
early August, after conducting additional analyses of the unblinded data from the second pre-planned interim analysis, the Company
announced plans to continue following patients for overall survival (OS), noting that the unexpected and marginally crossed futility
boundary, suggested by the Kaplan-Meier analysis at the second interim analysis, may be associated with a data maturity issue.
Additionally, Celsion reported that it is sending all clinical trial data, including Chemistry, Manufacturing and Controls (CMC)
data, to the National Institutes of Health (NIH) for independent analysis, including computed tomography (CT) scans for NIH&rsquo;s
evaluation of PFS. Depending on the trends noted during the OS follow-up period, Celsion may choose to discontinue the Study at
any time. The Company also notes that the vast majority of expenses related to the OPTIMA Study already have been incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Recent
Developments </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>GEN-1
Immunotherapy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>Initiation
of Phase II OVATION 2 Study in Advanced Ovarian Cancer</I></B>. In July 2020, the Company announced the randomization of the first
two patients in the Phase II portion of the OVATION 2 Study with GEN-1 in advanced ovarian cancer. The Company anticipates completing
enrollment of up to 118 patients in the second quarter of 2021. Because this is an open-label study, clinical updates will be
provided throughout the course of treatment including response rates and surgical resection scores.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
OVATION 2 Study combines GEN-1 with standard-of-care neoadjuvant chemotherapy (NACT) in patients newly diagnosed with Stage III/IV
ovarian cancer. NACT is designed to shrink the cancer as much as possible for optimal surgical removal after three cycles of chemotherapy.
Following NACT, patients undergo interval debulking surgery, followed by three adjuvant cycles of chemotherapy and up to nine
additional weekly GEN-1 treatments, the goal of which is to delay progression and improve OS. The OVATION 2 Study is an open-label,
1-to-1 randomized trial, 80% powered to show the equivalent of a 33% improvement in PFS (HR=0.75), the primary endpoint, when
comparing the treatment arm (standard of care + GEN-1) with the control arm (standard of care alone).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>DSMB
Recommends GEN-1 to Proceed to Phase II of the OVATION 2 Study in Advanced Ovarian Cancer.</I></B> In May 2020, the Company announced
the final recommendations of the DSMB following completion of the Phase I dose-finding and tolerance portion of the OVATION 2
Study with GEN-1 in advanced (Stage III/IV) ovarian cancer. Based on favorable safety data from 15 randomized patients, the DSMB
recommended that the Phase II portion of the OVATION Study proceed with the dose of 100 mg/m<SUP>2</SUP>. The DSMB also determined
that safety is satisfactory with an acceptable risk/benefit, and that patients tolerate up to 17 doses of GEN-1 during a course
of treatment that lasts up to six months. No dose limiting toxicities were reported.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">In
March 2020, the Company announced the following clinical development achievements for GEN-1:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Highly
    encouraging initial clinical data from the first 15 patients enrolled in the ongoing Phase I/II OVATION 2 Study for patients
    newly diagnosed with Stage III and IV ovarian cancer. GEN-1 plus standard NACT produced positive dose-dependent efficacy results,
    with no dose-limiting toxicities, which correlates well with successful surgical outcomes as summarized below:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Of
    the 15 patients treated in the Phase I portion of the OVATION 2 Study, nine were treated with GEN-1 at a dose of 100 mg/m&sup2;
    plus NACT and six were treated with NACT only. All 15 had successful resections of their tumors, with seven out of nine patients
    (78%) in the GEN-1 treatment arm having an R0 resection, which indicates a microscopically margin-negative resection in which
    no gross or microscopic tumor remains in the tumor bed. Only three out of six patients (50%) in the NACT only treatment arm
    had an R0 resection</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">When
    combining these results with the surgical resection rates observed in the Company&rsquo;s prior Phase Ib dose-escalation trial
    (the OVATION 1 Study), a population of patients with inclusion criteria identical to the OVATION 2 Study, the data reflect
    the strong dose-dependent efficacy of adding GEN-1 to the current standard of care NACT:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="color: #000000">% of Patients with</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="color: #000000">R0 Resections</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; text-align: left"><FONT STYLE="color: #000000">0, 36, 47 mg/m&sup2; of GEN-1 plus NACT</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; text-align: center"><FONT STYLE="color: #000000">n=12</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="width: 20%; text-align: right"><FONT STYLE="color: #000000">42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">61, 79, 100 mg/m&sup2; of GEN-1 plus NACT</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="color: #000000">n=17</FONT></TD><TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="color: #000000">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="color: #000000">82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="color: #000000">%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Medidata-matched
    patient data from a SCA compared with results from the Phase Ib dose-escalating OVATION 1 Study with GEN-1 in Stage III/IV
    ovarian cancer patients showed positive results in PFS. The HR was 0.53 in the intent-to-treat group, showing strong signals
    of efficacy. Medidata is a globally recognized leader in clinical data management. GEN-1&rsquo;s strong and encouraging treatment
    effect, evidenced by the SCA, suggests a potentially remarkable improvement in PFS, an FDA-recognized surrogate for OS, and
    appears to confirm the science behind IL-12&rsquo;s ability to recruit the innate and adaptive elements of the immune system
    to fight malignancies. The strong PFS trend is supported by previously published translational data that clearly demonstrate
    the pro-immune changes in the tumor microenvironment associated with loco-regional GEN-1 therapy. PFS data generated from
    this analysis comparing GEN-1 with SCA showed the following:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 39%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>GEN-1
    Population</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 59%; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>PFS
    Hazard Ratio (Confidence Interval)</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Intent-to-treat,
    n=15</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">0.53
    (95% CI 0.16, 1.73); log-rank p = 0.29</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Per-protocol,
    n=14</FONT></TD>
    <TD><FONT STYLE="color: #000000">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">0.33
    (95% CI 0.08, 1.37); log-rank p = 0.11</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
    European Medicines Agency (EMA) Committee for Orphan Medicinal Products recommended that GEN-1 be designated as an orphan
    medicinal product for the treatment of ovarian cancer. As established by the EMA, this designation provides for scientific
    advice and certain regulatory assistance during the product development phase, direct access to centralized marketing authorization
    and certain financial incentives for companies developing new therapies intended for the treatment of a life-threatening or
    chronically debilitating condition that affects no more than five in 10,000 people in the European Union. GEN-1 previously
    received orphan drug designation from the FDA. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>ThermoDox</B><SUP>&reg;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>Patients
in Phase III OPTIMA Study Will Continue to be Followed for Overall Survival. </I></B>In August 2020, the Company provided an update
on its ongoing review of unblinded data from the second pre-planned interim analysis of the global Phase III OPTIMA Study. The
Company announced it will continue following patients for OS, noting that the unexpected and marginally crossed futility boundary
suggested by the Kaplan-Meier analysis at the second interim analysis on July 9, 2020 may be associated with a data maturity issue.
The Company further notes that 26 consecutive patient deaths represented exclusively in the second analysis behave far differently
from the balance of the patients who have died as of that date. Removing the 26 consecutive patient deaths, which occurred between
September 2019 and March 2020, from the pre-planned interim analysis suggests that the OPTIMA Study OS pattern is similar to the
prospective HEAT Study subgroup upon which the OPTIMA Study is based, at the approximate comparable point in time. In addition,
subsequent to the second interim analysis there were eight patient deaths in a 3:1 ratio of control arm to treatment arm patients,
which further supports a concern for data maturity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">It
was further noted that OPTIMA Study sites in China and Vietnam, which enrolled over 37% of the subjects, joined the Study approximately
12 and 18 months, respectively, after the trial was initiated. The Kaplan-Meier curves for both geographies demonstrate a potential
data maturity issue when compared with the behavior of the HEAT Study subgroup and other OPTIMA Study testing site regions. The
China sites, in particular, show a negative Kaplan-Meier curve, yet with a 56% improvement in the treatment arm in the median
time to death. The Vietnam sites show a marginal Kaplan-Meier benefit, yet with a 45% improvement in the treatment arm in the
median time to death. The Company believes that this dichotomy must be reconciled, most probably with longer follow up, before
it can determine the Study&rsquo;s direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>Recommendation
from the Independent DMC to Consider Stopping the Phase III OPTIMA Study of ThermoDox<SUP>&reg;</SUP> in Primary Liver Cancer.
</I></B>In July 2020, the Company announced that it received a recommendation from the independent DMC to consider stopping the
global Phase III OPTIMA Study. The recommendation was made following the second pre-planned interim safety and efficacy analysis
by the DMC on July 9, 2020. The DMC analysis found that the pre-specified boundary for stopping the trial for futility of 0.900
was crossed with an actual value of 0.903. However, the p-value of 0.524 for this analysis provides uncertainty; subsequently,
the DMC left the final decision of whether or not to stop the OPTIMA Study to Celsion. There were no safety concerns noted during
the interim analysis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
statistical plan for the OPTIMA Study included two interim efficacy analyses by the DMC. The first interim analysis was announced
in November 2019 following data lock in August 2019 after the prescribed minimum number of 128 patient events (deaths) was reached,
and the second interim analysis was conducted on July 9, 2020 following data lock in April 2020 after the prescribed minimum number
of 158 events was reached.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Corporate
Developments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>Strengthened
Balance Sheet Through a $10 Million Underwritten Offering of Common Stock. </I></B><FONT STYLE="font-weight: normal">In June 2020,
the Company </FONT>entered into an underwriting agreement relating to the sale of 2,666,667 shares of its common stock at an offering
price of $3.75 per share. The net proceeds from the offering were $9.3 million, after deducting underwriting discounts and commissions,
but before expenses payable by the Company. The shares of common stock were sold to both existing and new institutional investors
of the Company. Oppenheimer &amp; Co. Inc. acted as the sole underwriter for the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B><I>Received
$1.8 Million in Non-Dilutive Funding from the Sale of New Jersey State Net Operating Losses.</I></B> In April 2020, the Company
announced it received $1.8 million of net cash proceeds from the sale of approximately $1.9 million of its unused New Jersey net
operating losses (NOLs). The NOL sales cover the tax years 2017 and 2018 and are administered through the New Jersey Economic
Development Authority&rsquo;s (NJEDA) Technology Business Tax Certificate Transfer (NOL) Program. An additional sale of $2.0 million
of unused New Jersey NOLs anticipated in the second half of 2020 will further increase Celsion&rsquo;s cash reserves on a non-dilutive
basis. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Second
Quarter Financial Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">For
the quarter ended June 30, 2020, Celsion reported a net loss of $5.3 million ($0.18 per share), compared with $5.9 million ($0.29
per share) in the same period of 2019. Operating expenses were $4.9 million in the second quarter of 2020, which represented a
$0.8 million (14%) decrease from $5.7 million in the same period of 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
Company ended the second quarter of 2020 with $25.5 million in cash, investment securities and accrued interest receivable. With
$25.5 million in cash as of June 30, 2020 coupled with future sales of the Company&rsquo;s New Jersey NOL&rsquo;s, the Company
believes it has sufficient capital resources to fund its operations into the fourth quarter of 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Research
and development expenses decreased $0.6 million to $3.0 million in the second quarter of 2020, compared with $3.6 million in the
second quarter of 2019. Clinical development costs for the Phase III OPTIMA Study decreased $0.6 million to $0.6 million in the
second quarter of 2020, compared with $1.2 million in the second quarter of 2019, due to the completion of enrollment in this
556-patient trial in August 2018. Costs associated with the OVATION 2 Study increased to $0.2 million in the second quarter of
2020 compared with $0.1 million in the same period of 2019. Other costs related to clinical supplies and regulatory support for
the ThermoDox<SUP>&reg;</SUP> and GEN-1 clinical development programs increased to $2.3 million in the current quarter from $2.2
million in the second quarter of 2019 largely driven by higher manufacturing costs for GEN-1 clinical supplies for the Phase II
portion of the OVATION 2 Study.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">General
and administrative expenses were $1.9 million in the second quarter of 2020, compared with $2.1 million in the same period of
2019. The 11% decrease was primarily attributable to lower professional fees incurred during the second quarter of 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">In
connection with the Company&rsquo;s venture debt facility with Horizon entered in late June 2018, the Company incurred interest
expense of $0.3 million during the second quarter of 2020. This compares with interest expense of $0.4 million in the comparable
prior-year period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Six
Month Financial Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">For
the six months ended June 30, 2020, the Company reported a net loss of $10.4 million ($0.37 per share), compared with $8.3 million
($0.42 per share) in the same period of 2019. Operating expenses were $9.8 million during the first six months of 2020, which
represented a $0.9 million (8%) decrease from $10.7 million in the same period of 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Net
cash used for operating activities was $7.9 million in the first six months of 2020, compared with $10.2 million in the same period
in 2019. This was in line with the Company&rsquo;s projected cash utilization for 2020 of approximately $15 million, or an average
of approximately $3.75 million per quarter. Cash provided by financing activities was $18.6 million during the first six months
of 2020 resulting from equity offerings in March 2020 and June 2020, and proceeds from the exercise of stock options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Research
and development expenses decreased $0.3 million to $6.0 million in the first half of 2020 from $6.3 million in the first half
of 2019. Clinical development costs for the Phase III OPTIMA Study decreased by $0.8 million to 1.3 million in the first half
of 2020, compared with $2.1 million in the first half of 2019, due to the completion of enrollment in this 556-patient trial in
August 2018. Costs associated with the OVATION 2 Study increased to $0.5 million in the first half of 2020, compared with $0.2
million in the comparable six-month period in 2019. Other costs related to clinical supplies and regulatory support for the ThermoDox<SUP>&reg;
</SUP>and GEN-1 clinical development programs increased by $0.4 million in the first half of 2020, compared with the same prior-year
period due to higher manufacturing costs for GEN-1 clinical supplies for the Phase II portion of the OVATION 2 Study.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Other
expenses during the first half of 2020 included a non-cash charge of $0.3 million for the change in valuation of the earn-out
milestone liability for the GEN-1 ovarian product candidate, compared with a non-cash gain of $2.7 million, net of charge of $0.4
million for the 200,000 warrant issuance related to an amendment for the potential milestone payments for the GEN-1 ovarian product
candidate during the comparable prior-year period. The Company realized $0.1 million of interest income during the first half
of 2020 and $0.3 million in the comparable prior-year period. In connection with the Company&rsquo;s venture debt facility with
Horizon entered in late June 2018, the Company incurred interest expense of $0.7 million during the first six months of 2020 and
2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Second
Quarter Conference Call</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">The
Company will host a conference call to provide a business update and discuss its second quarter 2020 financial results at 11:00
a.m. EDT today. To participate in the call, interested parties may dial 1-800-353-6461 (Toll-Free/North America) or 1-334-323-0501
(International/Toll) 10 minutes before the call is scheduled to begin, and ask for the Celsion Corporation Second Quarter 2020
Earnings Call (Conference Code: 4777957). The call will also be broadcast live on the internet at <U>www.celsion.com</U>. The
call will be archived for replay through August 28, 2020. The replay can be accessed at 1-719-457-0820 or 1-888-203-1112 using
Conference ID: 4777957. An audio replay of the call will also be available on the Company&rsquo;s website, <U>www.celsion.com</U>,
for 90 days after 2:00 p.m. EDT Friday, August 14, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>About
Celsion Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Celsion
is a fully integrated oncology company focused on developing a portfolio of innovative cancer treatments, including immunotherapies,
DNA-based therapies and directed chemotherapies. The Company&rsquo;s product pipeline includes GEN-1, a DNA-based immunotherapy
for the localized treatment of ovarian cancer and ThermoDox<SUP>&reg;</SUP>, a proprietary heat-activated liposomal encapsulation
of doxorubicin, currently in Phase III development for the treatment of primary liver cancer and in development for other cancer
indications. Celsion has two feasibility stage platform technologies for the development of novel nucleic acid-based immunotherapies
and other anti-cancer DNA or RNA therapies. Both are novel synthetic, non-viral vectors with demonstrated capability in nucleic
acid cellular transfection. For more information on Celsion, visit: <U>http://www.celsion.com</U>. (CLSN-FIN).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>Celsion
wishes to inform readers that forward-looking statements in this release are made pursuant to the &ldquo;safe harbor&rdquo; provisions
of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks
and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in
clinical trials; the uncertainties of and difficulties in analyzing interim clinical data; the significant expense, time, and
risk of failure of conducting clinical trials; the need for Celsion to evaluate its future development plans; possible acquisitions
or licenses of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities;
and other risks detailed from time to time in Celsion&rsquo;s periodic reports and prospectuses filed with the Securities and
Exchange Commission. Celsion assumes no obligation to update or supplement forward-looking statements that become untrue because
of subsequent events, new information or otherwise.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Celsion
Investor Contact</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Jeffrey
W. Church</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">609-482-2455<BR>
jchurch@celsion.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>LHA
Investor Relations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">Kim
Sutton Golodetz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">212-838-3777</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B0F0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">kgolodetz@lhai.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B0F0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>[Tables
to Follow]</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Celsion
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Condensed
Statements of Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>(in
thousands except per share amounts)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #000000; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Three Months Ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>June 30,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; color: #000000">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: #000000; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.4pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Six Months Ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>June 30,</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #000000; text-align: center">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; color: #000000; text-align: justify; padding-bottom: 1.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.4pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Licensing
revenue</B></FONT></P></TD><TD STYLE="width: 2%; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; color: #000000; text-align: right">125</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; color: #000000; text-align: right">125</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; color: #000000; text-align: right">250</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1.5pt solid; color: #000000; text-align: right">250</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000; font-weight: bold; text-align: left">Operating expenses:</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; text-align: left">Research and development</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2,991</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">3,558</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,043</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,326</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">General and administrative</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">1,901</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">2,137</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">3,740</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">4,354</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total operating expenses</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">4,892</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">5,695</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">9,783</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">10,680</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss from operations</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(4,767</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(5,570</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(9,533</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(10,430</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000; font-weight: bold; text-align: left">Other income (expense):</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; color: #000000; text-align: left">(Loss) gain from change in valuation of earn-out milestone liability</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(256</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(127</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(298</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2,600</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; text-align: left">Fair value of warrants issued in connection with amendment to modify GEN-1 earn-out milestone payment</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">-</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">-</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">-</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(400</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Interest expense, investment income and other income (expense), net</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(320</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(208</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(569</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(442</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total other income (expense), net</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(576</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(335</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(867</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">2,158</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(5,343</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(5,904</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(10,400</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(8,272</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000"><B>Net loss per common share</B></TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000; font-weight: bold"> Basic and diluted</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(0.18</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(0.29</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(0.37</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">(0.42</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000"><B>Weighted average shares outstanding</B></TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000; font-weight: bold"> Basic and diluted</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">29,887</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">20,606</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">27,831</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; text-align: right">19,713</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Celsion
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Selected
Balance Sheet Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>(in
thousands)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #000000; font-weight: bold">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>June 30, 2020</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>(Unaudited)</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; color: #000000">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: #000000; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>December 31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>2019</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; color: #000000">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; font-weight: bold; text-align: left">Current assets</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; width: 60%; color: #000000; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 2%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 16%; color: #000000; text-align: right">22,654</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 16%; color: #000000; text-align: right">6,875</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Investment securities and interest receivable on investment securities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2,799</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">8,007</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Advances, deposits on clinical programs and other current assets</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">1,343</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">1,353</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 30pt; color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total current assets</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">26,796</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">16,235</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Property and equipment</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">339</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">405</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; font-weight: bold; text-align: left">Other assets</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Deferred tax asset</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">-</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,820</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">In-process research and development</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">15,736</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">15,736</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000">Goodwill</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,976</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,976</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Operating lease right-of-use assets, net</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,245</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,432</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Other intangible assets, deposits and other assets</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">631</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">674</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 30pt; color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total other assets</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">19,588</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">21,638</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000; text-align: justify; padding-bottom: 2.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>Total
assets</B></FONT></P></TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: right">46,723</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: right">38,278</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000"><B>LIABILITIES
AND STOCKHOLDERS&rsquo; EQUITY</B></FONT></P></TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Accounts payable and accrued liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">3,910</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">5,166</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Notes payable &ndash; current portion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4,386</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,840</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Operating lease liability &ndash; current portion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">410</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">388</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Deferred revenue - current portion</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">500</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">500</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 30pt; color: #000000; font-weight: bold; text-align: left">Total current liabilities</TD><TD STYLE="color: #000000; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; text-align: right">9,206</TD><TD STYLE="color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold">&nbsp;</TD>
    <TD STYLE="color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; text-align: right">7,894</TD><TD STYLE="color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Earn-out milestone liability</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,015</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">5,718</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Notes payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">5,611</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">7,963</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Operating lease liability</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">933</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,144</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Deferred revenue and other liabilities</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">750</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">1,000</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">22,515</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">23,719</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; font-weight: bold; text-align: left">Stockholders&rsquo; equity</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Common stock</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">332</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">232</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; color: #000000; text-align: left">Additional paid-in capital</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">324,870</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">304,886</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left">Accumulated other comprehensive gain (loss)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">8</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">43</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(300,917</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(290,517</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #000000">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">24,293</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">14,644</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; color: #000000; text-align: left; padding-bottom: 1.5pt">Less: Treasury stock</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(85</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; text-align: right">(85</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; color: #000000; font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total stockholders&rsquo; equity</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">24,208</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; color: #000000; font-weight: bold; text-align: right">14,559</TD><TD STYLE="padding-bottom: 1.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #000000; font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: right">46,723</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; color: #000000; font-weight: bold; text-align: right">38,278</TD><TD STYLE="padding-bottom: 2.5pt; color: #000000; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #000000">&nbsp;</FONT></P>

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7 "BBB@ HHHH **** "BBB@ HHHH _]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
