ࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~3#܈ ~~<#܈ ~~4#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33CELSION CORPORATIONTABLE OF CONTENTS"wATABLE OF CONTENTS continued_ 1 OVERVIEWoGEN1 OVATION Study&߀GEN1 Avastin Doxil Combination &$Market Price for Our Common Sto&!37 ITEM 6 SELECTED FINANCIAL DAF37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENRContractual Obligations Contractual Obl (1)r"1 FINANCIAL STATEMENTS?3 3 EXHIBITSN3 EXHIBITS (1) @ l  J#2=@  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } 6} } $ J      CELSION CORP 10-K 03/30/2016TABLE OF CONTENTSPART I ITEM 1. BUSINESS~   " FORWARD-LOOKING STATEMENTS~    OVERVIEW~    , $THERMODOX? (DOXORUBICIN ENCAPSULATED~   # IN HEAT-ACTIVATED LIPOSOME)/'THERMODOX? IN RELATION TO PRIMARY LIVER~ CANCERLiver Cancer Overview~ Celsion?s Approach~ 5-Phase I Clinical Trial ? Primary Liver Cancer~ 3+701 Patient Phase III Global Clinical Trial~ /'? Primary Liver Cancer (The HEAT Study)3+550 Patient Phase III Global Clinical Trial~ 1)? Primary Liver Cancer (The OPTIMA Study)/'THERMODOX? IN RELATION TO CANCERS OTHER~ "!THAN PRIMARY LIVER CANCER3+Recurrent Chest Wall Breast Cancer Overview~ "Celsion?s Approach~ "/'Breast Cancer Clinical Phase I/II Trial~ "? The DIGNITY Study/'Breast Cancer Clinical Phase II Trial ?~ &The Euro- DIGNITY Study/'GEN-1 (IL-12 DNA PLASMID VECTOR ENCASED~ &D luK .==`y5X !"#$%&'()*+,-./0123456789:;<=>? . &IN A NANOPARTICLE DELIVERY SYSTEM) and!#!Other RNA and DNA Therapies""Ovarian Cancer Overview~ "*"##Celsion?s Approach~ #*#$$GEN-1 OVATION Study~ $*$%2%*GEN-1 + Avastin? + Doxil Combination Study~ %.%&,&$in Platinum Resistant Ovarian Cancer'&'THERAPLAS? TECHNOLOGY PLATFORM~ '2'()(!THERASILENCE? TECHNOLOGY PLATFORM~ (6())BUSINESS STRATEGY~ )6)*-*%RESEARCH AND DEVELOPMENT EXPENDITURES~ *6*++GOVERNMENT REGULATION~ +:+,',Regulation in the United States~ ,:,- -Research and Development~ -:-..Orphan Drug Designation~ .>./ /Hatch-Waxman Exclusivity~ />/0"0Post-Approval Requirements~ 0>01%1Regulation outside of the U.S~ 1>12 2MANUFACTURING AND SUPPLY~ 2B233SALES AND MARKETING~ 3B34'4PRODUCT LIABILITY AND INSURANCE~ 4B455 COMPETITION~ 5F566 ThermoDox?~ 6F67 7GEN-1~ 7F788INTELLECTUAL PROPERTY~ 8F899Licenses~ 9F9:&:Patents and Proprietary Rights~ :J:;; EMPLOYEES~ ;N;<<COMPANY INFORMATION~ <N<==AVAILABLE INFORMATION~ =N=>'>LIQUIDITY AND CAPITAL RESOURCES~ >R>?? RECENT EVENTS~ ?V?D` lFa%?Ps'IHw<@ABCDEFGHI@ITEM 1A.@ RISK FACTORS~ @V@AITEM 1B.!AUNRESOLVED STAFF COMMENTS~ AABITEM 2.B PROPERTIES~ BBCITEM 3.CLEGAL PROCEEDINGS~ CCDITEM 4.DMINE SAFETY DISCLOSURES~ DDEF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/g$~rJ=PF0*8X> @"IIHHGG l  >T^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTS 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } :} $} $ >      CELSION CORP 10-K 03/30/2016%TABLE OF CONTENTS (continued)PART II ITEM 5.. &MARKET FOR REGISTRANT?S COMMON EQUITY,~   . &RELATED STOCKHOLDER MATTERS AND ISSUER & PURCHASES OF EQUITY SECURITIES ) !Market Price for Our Common Stock~    Dividend Policy~  0(Securities Authorized for Issuance Under~ !Equity Compensation Plans0(Unregistered Shares of Equity Securities~ -%Issuer Purchases of Equity Securities~ ITEM 6.SELECTED FINANCIAL DATA~ ITEM 7.,$MANAGEMENT?S DISCUSSION AND ANALYSIS~ 80OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverview~ Significant Events~ Business~ Financing Overview~ 2*Critical Accounting Policies and Estimates~ Results Of Operations~ 2*Financial Condition, Liquidity and Capital~  ResourcesContractual Obligations~ &Off-Balance Sheet Arrangements~ ITEM 7A.0(QUANTITATIVE AND QUALITATIVE DISCLOSURES~ D lui>k}LKl(NA !"#$%&'()*+,-./0123456789:;<=  ABOUT MARKET RISK!ITEM 8..!&FINANCIAL STATEMENTS AND SUPPLEMENTARY~ !!" "DATA#ITEM 9.5#-CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS~ ##$.$&ON ACCOUNTING AND FINANCIAL DISCLOSURE%ITEM 9A.%CONTROLS AND PROCEDURES~ %%&ITEM 9B.&OTHER INFORMATION~ &&''''(PART III(()ITEM 10.3)+DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE~ ))** GOVERNANCE+ITEM 11.+EXECUTIVE COMPENSATION~ ++,ITEM 12.0,(SECURITY OWNERSHIP OF CERTAIN BENEFICIAL~ ,,-5--OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER..MATTERS/ITEM 13.7//CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,~ //0!0AND DIRECTOR INDEPENDENCE1ITEM 14..1&PRINCIPAL ACCOUNTANT FEES AND SERVICES~ 1122223PART IV334ITEM 15.24*EXHIBITS AND FINANCIAL STATEMENT SCHEDULES~ 44551. FINANCIAL STATEMENTS~ 556(6 2. FINANCIAL STATEMENT SCHEDULES~ 6677 3. EXHIBITS~ 778 SIGNATURES~ 889:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@ Dx\g[9B#)j!bVJ"=PF0*8X> @:==<<;;8833(( l  Ao  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continuedGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} U5       CELSION CORP 10-K 03/30/2016 1 OVERVIEW ?3+World Conference on Interventional Oncology   (WCIO) in May 2013;  ?- %European Conference on Interventional  4 ,Oncology (ECIO) in June 2013 and April 2014;  ?. &International Liver Cancer Association  - %(ILCA) Annual Conference in September2013, 2014 and 2015; ?-%American Society of Clinical Oncology1)(ASCO) 50 th Annual Meeting in June 2014; and ?1)Asian Conference on Tumor Ablation (ACTA)in October 2015.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6N|,[EOC7=PF0*8X> @ l  H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEW!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/30/2016GEN-1 OVATION Study ?.&infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: s(@ NP{=PF0*8X> @ l  /  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y#} $ }        CELSION CORP 10-K 03/30/2016VNGEN-1 + Avastin + Doxil Combination Study in Platinum Resistant Ovarian CancerReduction in MeanPercentage of Animals   Tumor Burden vs.  with No Visible   Untreated Control  Tumors GEN-1 Immunotherapy 84%  50% Avastin? + LD Doxil? 77%  12% Avastin? + HD Doxil? 88%  50%$Avastin? + LD Doxil? + GEN-1 > 98% 75%$Avastin? + HD Doxil? + GEN-1 > 98% 75%%LD - Low Dose; HD - High Dose$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0\PD84WnbV.=PF0*8X> @         l  !^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 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CELSION CORP 10-K 03/30/2016)!Market Price for Our Common Stock High Low% YEAR ENDED DECEMBER 31, 201 5        2 *First Quarter (January 1 ? March 31, 2015)  333333 @   @ 0 (Second Quarter (April 1 ? June 30, 2015)  333333 @   @ 3 +Third Quarter (July 1 ? September 30, 2015)  p= ף@   Q? 0 (Fourth Quarter (October 1 ? December 31,  Gz@   ffffff? ~ ~$YEAR ENDED DECEMBER 31, 20142*First Quarter (January 1 ? March 31, 2014)HzG@(\ @0(Second Quarter (April 1 ? June 30, 2014)= ףp= @= ףp=@3+Third Quarter (July 1 ? September 30, 2014)(\ @q= ףp@0(Fourth Quarter (October 1 ? December 31,\(\@RQ@~ z$YEAR ENDED DECEMBER 31, 20132*First Quarter (January 1 ? March 31, 2013)(\E@{Gz@0(Second Quarter (April 1 ? June 30, 2013)ףp= @(\ @3+Third Quarter (July 1 ? September 30, 2013)@p= ף@0(Fourth Quarter (October 1 ? December 31,zG@ffffff @~ v$____________________________1)Created by Morningstar Document Research.D l}qe o\NZH5'3! 0 (http://documentresearch.morningstar.com/H=PF0*8X> @          l  #   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ #      CELSION CORP 10-K 03/30/2016*"37 ITEM 6. SELECTED FINANCIAL DATAYear Ended December 31,% Statement of operations data:  201 5   201 4   201 3   201 2   201 1 - %(in thousands, except per share data)                                          Licensing revenue ~   ~   ~    $-  ~ B                      ( Research and development expense~ ~   ~  R  ~ j~ b6*"General and administrative expense~ ~h~ v  ~  Nf  ~ c~ PAcquisition costs ?~     ?   ? ?Total operating expense~ M~   ~    ~ Y~      Operating loss~ F~ }  ~  6  ~ ~ VOther (loss) income~ ~   ~  o  ~ ں~ Net loss~ ~ q  ~    ~ `~ &     0(Non-cash deemed dividend from beneficial ? ?  ~     ? ?3+conversion feature on convertible preferred stock4,Net loss attributable to common shareholders~ ~ q ~  .7  ~ `~ &4,Net loss attributable to common shareholders{GzGz  ffffff  Q ~ ,$per common share - basic and diluted1)Weighted average shares used in computing~ T~    ~    ~ x~ H1)net loss available to common shareholdersper common shareDl|pd' /3 ~|E4>8 !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @""!!            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0.} $ }  } $ }  }  $ } } $ }  } $ }  } $       CELSION CORP 10-K 03/30/2016*"37 ITEM 6. SELECTED FINANCIAL DATAAs of December 31 Balance sheet data:  201 5   201 4   201 3   201 2   201 1  (in thousands)                                         ! Cash and cash equivalents ~ Ɛ  ~ >  ~ ^Y  ~ >  ~ : , $Investment securities, available for  ~ .   ~ |   ~ G   ~ ~   ~  .&sale (including interest receivable on investments)Working capital~ Ϊ~ ^  ~  b  ~ R#~ 2 Total assets~ ~~   ~    ~ >~ &&Common stock warrant liability ?~ N  ~    ~ B~ Non-current liabilities~ -~ s  ~    ~ "~ Total liabilities~ ~   ~    ~ V~ d"Total stockholders? equity~ >~   ~    ~ ~ J$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:|pd#7-1N$s\<0$=PF0*8X> @r         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1)Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 6       CELSION CORP 10-K 03/30/2016 ThermoDox ?3+World Conference on Interventional Oncology    in May 2013;  ?- %European Conference on Interventional  - %Oncology in June 2013 and April 2014;  ?. &International Liver Cancer Association  1 )Annual Conference in September 2013, 2014 and 2015; ?-%American Society of Clinical Oncology.&50 th Annual Meeting in June 2014; and ?5-Asian Conference on Tumor Ablation in October~ ~$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4}-j[Y=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Contractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } } $       CELSION CORP 10-K 03/30/2016Acquisition of EGEN#Property and equipment, net~ "+ #In-process research and development  ~ B&  Goodwill  ~ x   Total assets:  ~ " 0 (Accounts payable and accrued liabilities  ~ "  Net assets acquired ~ B: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hs&4}qI=PF0*8X> @*  l  b  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/30/2016Contractual Obligations( For the year ending December 31: Operating   Leases~  ~ f # ~   ~  ~   ~ j  2019 and beyond   ? $Total minimum lease payments~ Ν;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{ox8^=PF0*8X> @:   l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } y} $       CELSION CORP 10-K 03/30/2016Contractual Obligations( For the year ending December 31:Principle Payments     ~  ~ < ~   ~   2018 and thereafter   ?  Total ~ P $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Oh{o ] =PF0*8X> @2   l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1) 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a/} $ } } $       CELSION CORP 10-K 03/30/20161. FINANCIAL STATEMENTS Page REPORTS   / 'Report of Independent Registered Public  F-1  Accounting Firm     FINANCIAL STATEMENTS   Balance Sheets F-2 Statements of Operations F-4( Statements of Comprehensive Loss F-5 Statements of Cash Flows F-6.&Statements of Changes in Stockholders? F-7Equity%NOTES TO FINANCIAL STATEMENTS F-10$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:{o;_ @ l  <EyM  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } : <      CELSION CORP 10-K 03/30/2016 3. EXHIBITS EXHIBIT NO. DESCRIPTION 2.1*1 )Asset Purchase Agreement dated as of June 3 +6, 2014, by and between Celsion Corporation . &and EGEN, Inc., incorporated herein by 1 )reference to Exhibit 2.1 to the Quarterly 2 *Report on Form 10-Q of the Company for the$quarter ended June 30, 2014.@0(Certificate of Incorporation of Celsion,4,as amended, incorporated herein by reference1)to Exhibit 3.1 to the Quarterly Report on0(Form 10-Q of the Company for the quarterended June 30, 2004. @.&Certificate of Ownership and Merger of4,Celsion Corporation (a Maryland Corporation)2*into Celsion (Delaware) Corporation (inter5-alia, changing the Company?s name to ?Celsion-%Corporation? from ?Celsion (Delaware),$Corporation), incorporated herein by0(reference to Exhibit 3.1.3 to the Annual2*Report on Form 10-K of the Company for the&year ended September 30, 2000.Dol{MFr.i%Z_ !"#$%&'()*+,-./0123456789:; ffffff @3 +Certificate of Amendment of the Certificate!/!'of Incorporation effective and filed on"/"'February 27, 2006, incorporated therein#2#*by reference to Exhibit 3.1 to the Current$2$*Report on Form 8-K of the Company filed on%%March 1, 2006.&&'333333 @/''Certificate of Amendment to Certificate(0((of Incorporation of Celsion Corporation,)3)+incorporated herein by reference to Exhibit*4*,3.1 to the Current Report on Form 8-K of the+++#Company, filed on October 29, 2013.,,- @8-0By-laws of the Company, as amended and restated,.3.+incorporated herein by reference to Exhibit/4/,3.1 to the Current Report on Form 8-K of the0+0#Company, filed on December 1, 2011.112ffffff@32+Form of Common Stock Certificate, par value3/3'$0.01, incorporated herein by reference434+to Exhibit 4.1 to the Annual Report on Form585010-K of the Company for the year ended September66 30, 2000.78$9____________________________1:)Created by Morningstar Document Research.0;(http://documentresearch.morningstar.com/<x9w2k0Ch%|=PF0*8X> @;;::99 l  m_isw  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } U} I; m      CELSION CORP 10-K 03/30/2016 3. EXHIBITS333333@,$Registration Rights Agreement, dated 9 1June 17, 2010, by and between Celsion Corporation 7 /and Small Cap Biotech Value, Ltd., incorporated 1 )herein by reference to Exhibit 4.1 to the 1 )Current Report on Form 8-K of the Company  filed on June 18, 2010.@2*Form of Common Stock Warrant, incorporated1)herein by reference to Exhibit 4.2 to the1)Current Report on Form 8-K of the Company"filed on January 18, 2011.@1)Form of Common Stock Warrant incorporated1)herein by reference to Exhibit 4.1 to the1)Current Report on Form 8-K of the Companyfiled on June 2, 2011.ffffff@,$Registration Rights Agreement, dated6.May 26, 2011, by and among Celsion Corporation6.and the purchasers named therein, incorporated2*herein by reference to Exhibit 10.2 to the1)Current Report on Form 8-K of the Companyfiled on June 2, 2011.DZl{9h'WD{5l !"#$%&'()*+,-./0123456789:;<=>? @. &Form of Common Stock Purchase Warrant,!3!+incorporated herein by reference to Exhibit"4",4.1 to the Current Report on Form 8-K of the#&#Company filed on July 6, 2011.$$%333333@,%$Registration Rights Agreement, dated&9&1July 25, 2011, by and between Celsion Corporation'6'.and the purchasers named therein, incorporated(2(*herein by reference to Exhibit 10.3 to the)1))Current Report on Form 8-K of the Company**filed on July 26, 2011.++,@.,&Form of Common Stock Purchase Warrant,-3-+incorporated herein by reference to Exhibit.4.,4.1 to the Current Report on Form 8-K of the/'/Company filed on July 26, 2011.001ffffff@11)Form of Warrant to Purchase Common Stock,232+incorporated herein by reference to Exhibit343,4.2 to the Current Report on Form 8-K of the4'4Company filed on July 26, 2011.556q= ףp@76/Form Warrant to Purchase Common Stock Purchase,737+incorporated herein by reference to Exhibit838+4.1 to the Current Report on Form 8-K filed99on December 6, 2011.::;{Gz@,;$Registration Rights Agreement, dated<0<(December 1, 2011, by and between Celsion=5=-Corporation and the purchasers named therein,>3>+incorporated herein by reference to Exhibit?1?)10.2 to the Current Report on Form 8-K ofD ly5\dLJ2d-B|7@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@.@&the Company filed on December 6, 2011.AABQ@1B)Warrant to Purchase Stock, dated June 27,C0C(2012, by and between Celsion CorporationD.D&and Oxford Financing LLC, incorporatedE1E)herein by reference to Exhibit 4.1 to theF4F,Quarterly Report on Form 10-Q of the CompanyG,G$for the quarter ended June 30, 2012.HHI(\@1I)Warrant to Purchase Stock, dated June 27,J0J(2012, by and between Celsion CorporationK3K+and Horizon Technology Finance Corporation,L3L+incorporated herein by reference to ExhibitM0M(4.2 to the Quarterly Report on Form 10-QN1N)of the Company for the quarter ended JuneOO 30, 2012.PPQ@.Q&Form of Common Stock Purchase Warrant,R3R+incorporated herein by reference to ExhibitS4S,4.1 to the Current Report on Form 8-K of theT+T#Company filed on February 26, 2013.UUVp= ף@7V/Form of Series A Common Stock Purchase Warrant,W3W+incorporated herein by reference to ExhibitX4X,4.1 to the Current Report on Form 8-K of theY*Y"Company filed on January 21, 2014.ZZ[Gz@7[/Form of Series B Common Stock Purchase Warrant,\3\+incorporated herein by reference to Exhibit]4],4.2 to the Current Report on Form 8-K of the^*^"Company filed on January 21, 2014.__D lc#`$ B~]Ez?'Sq-`abcdefghijkl`Q@/`'Warrant Agreement to Purchase Shares ofa1a)the Common Stock dated as of November 25,b0b(2013, by and between Celsion Corporationc/c'and Hercules Technology Growth Capital,d.d&Inc., incorporated herein by referencee4e,to Exhibit 4.2 to the Registration Statementf0f(on Form S-3 (File No.: 333-193936) filedggon February 13, 2014.hi$j____________________________1k)Created by Morningstar Document Research.0l(http://documentresearch.morningstar.com/z:y9 =PF0*8X> @llkkjj l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } U5       CELSION CORP 10-K 03/30/2016 3. EXHIBITS(\@3+Registration Agreement dated as of November 4 ,25, 2013, by and between Celsion Corporation / 'and Hercules Technology Growth Capital, . &Inc., incorporated herein by reference 4 ,to Exhibit 4.3 to the Registration Statement 0 (on Form S-3 (File No.: 333-193936) filedon February 13, 2014.@.&Registration Rights Agreement dated as0(of June 20, 2014, by and between Celsion0(Corporation and Egen, Inc., incorporated1)herein by reference to Exhibit 4.1 to the4,Quarterly Report on Form 10-Q of the Company,$for the quarter ended June 30, 2014.ףp= @.&Form of Common Stock Purchase Warrant,3+incorporated herein by reference to Exhibit4,4.1 to the Current Report on Form 8-K of the&Company filed on May 29, 2015.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl{2q-d$_# @ =PF0*8X> @ l  \,6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } I; \      CELSION CORP 10-K 03/30/2016 3. EXHIBITS10.1***0(Celsion Corporation 2004 Stock Incentive . &Plan, incorporated herein by reference / 'to Exhibit 10.1 to the Quarterly Report 3 +on Form 10-Q of the Company for the quarter  ended June 30, 2004.  10.2***0(Celsion Corporation 2007 Stock Incentive-%Plan, as amended, incorporated herein3+by reference to Exhibit 10.1 to the Current2*Report on Form 8-K of the Company filed onJune 19, 2015.10.3***.&Form of Restricted Stock Agreement for0(Celsion Corporation 2004 Stock Incentive.&Plan, incorporated herein by reference/'to Exhibit 10.1 to the Quarterly Report3+on Form 10-Q of the Company for the quarter!ended September 30, 2006.10.4***0(Form of Stock Option Grant Agreement for0(Celsion Corporation 2004 Stock Incentive.&Plan, incorporated herein by reference/'to Exhibit 10.2 to the Quarterly Report3+on Form 10-Q of the Company for the quarterDll{4tH0i'd&s[ !"#$%&'()*+,-./0123456789:;<=>? ! ended September 30, 2006.!!"10.5***."&Form of Restricted Stock Agreement for#0#(Celsion Corporation 2007 Stock Incentive$.$&Plan, incorporated herein by reference%1%)to Exhibit 10.1.5 to the Annual Report on&3&+Form 10-K of the Company for the year ended''December 31, 2007.(()10.6***0)(Form of Stock Option Grant Agreement for*0*(Celsion Corporation 2007 Stock Incentive+.+&Plan, incorporated herein by reference,1,)to Exhibit 10.1.6 to the Annual Report on-3-+Form 10-K of the Company for the year ended..December 31, 2007.//010.7***00(Stock Option Agreement effective January101(3, 2007, between Celsion Corporation and202(Michael H. Tardugno, incorporated herein303(by reference Exhibit 10.1 to the Current424*Report on Form 8-K of the Company filed on55January 3, 2007.66710.8***+27*Amended and Restated Employment Agreement,818)effective March 30, 2016, between Celsion909(Corporation and Mr. Michael H. Tardugno.::;10.9***-;%Employment Offer Letter, entered into<1<)on June 15, 2010, between the Company and=.=&Jeffrey W. Church, incorporated herein>3>+by reference to Exhibit 10.1 to the Current?2?*Report on Form 8-K of the Company filed onD lr2pF.i(\Z2O7t@ABCDEFGHIJKLMNOPQRSTUVWXYZ[@@June 18, 2010.AAB10.10*4B,Patent License Agreement between the CompanyC.C&and Duke University dated November 10,D.D&1999, incorporated herein by referenceE4E,to Exhibit 10.9 to the Annual Report on FormF8F010-K of the Company for the year ended SeptemberGG 30, 1999.HHI10.11*.I&License Agreement dated July 18, 2003,J0J(between the Company and Duke University,K3K+incorporated herein by reference to ExhibitL1L)10.1 to the Registration Statement of theM.M&Company (File No. 333-108318) filed onNNAugust 28, 2003.OOP10.12*9P1Development, Product Supply and CommercializationQ.Q&Agreement, effective December 5, 2008,R4R,by and between the Company and Yakult HonshaS3S+Co., Ltd., incorporated herein by referenceT0T(to Exhibit 10.15 to the Annual Report onU3U+Form 10-K of the Company for the year endedVVDecember 31, 2008.WX$Y____________________________1Z)Created by Morningstar Document Research.0[(http://documentresearch.morningstar.com/<x:pO7p/b$]=PF0*8X> @[[ZZYY l  aC  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } 7 a      CELSION CORP 10-K 03/30/2016 3. EXHIBITS10.13*5-The 2nd Amendment To The Development, Product / 'Supply And Commercialization Agreement, 1 )effective January 7, 2011, by and between / 'the Company and Yakult Honsha Co., Ltd. 3 +incorporated herein by reference to Exhibit 1 )10.1 to the Current Report on Form 8-K of.&the Company filed on January 18, 2011.HzG$@0(Lease Agreement, executed July 21, 2011,.&by and between Celsion Corporation and/'Brandywine Operating Partnership, L.P.,3+incorporated herein by reference to Exhibit1)10.1 to the Current Report on Form 8-K of+#the Company filed on July 25, 2011.10.15***.&Change in control severance agreement,/'dated November 29, 2011, by and between4,Celsion Corporation and Michael H. Tardugno,3+incorporated herein by reference to Exhibit1)10.38 to the Annual Report on Form 10-K/A2*of the Company for the year ended December 31, 2011.10.16***.&Change in control severance agreement,Dl{0q.QPx4nM !"#$%&'()*+,-./0123456789:;<=>? / 'dated November 29, 2011, by and between!/!'Celsion Corporation and Nicholas Borys,"."&M.D., incorporated herein by reference#0#(to Exhibit 10.40 to the Annual Report on$5$-Form 10-K/A of the Company for the year ended%%December 31, 2011.&&'10.17***.'&Change in control severance agreement,(/('dated November 29, 2011, by and between)2)*Celsion Corporation and Jeffrey W. Church,*3*+incorporated herein by reference to Exhibit+1+)10.41 to the Annual Report on Form 10-K/A,2,*of the Company for the year ended December-- 31, 2011.../10.18*2/*Technology Development Agreement effective010)as of May 7, 2012, by and between Celsion151-Corporation and Zhejiang Hisun Pharmaceutical222*Co. Ltd., incorporated herein by reference3/3'to Exhibit 10.2 to the Quarterly Report434+on Form 10-Q of the Company for the quarter55ended June 30, 2012.667zGa$@/7'Loan and Security Agreement, dated June838+27, 2012, by and among Celsion Corporation,909(Oxford Finance LLC, as collateral agent,:3:+and the lenders named therein, incorporated;2;*herein by reference to Exhibit 10.3 to the<4<,Quarterly Report on Form 10-Q of the Company=,=$for the quarter ended June 30, 2012.>>?ffffff$@6?.Controlled Equity Offering SM Sales Agreement,D lD}7s2o.h%YP@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@6@.dated February 1, 2013, by and between CelsionA0A(Corporation and Cantor Fitzgerald & Co.,B3B+incorporated herein by reference to ExhibitC1C)10.1 to the Current Report on Form 8-K ofD.D&the Company filed on February 1, 2013.EEFQk$@,F$Securities Purchase Agreement, datedG/G'February 22, 2013, by and among CelsionH5H-Corporation and the purchasers named therein,I3I+incorporated herein by reference to ExhibitJ1J)10.1 to the Current Report on Form 8-K ofK/K'the Company filed on February 26, 2013.LLM10.22*-M%Technology Development Contract datedN6N.as of January 18, 2013, by and between CelsionO5O-Corporation and Zhejiang Hisun PharmaceuticalP2P*Co. Ltd., incorporated herein by referenceQ/Q'to Exhibit 10.1 to the Quarterly ReportR3R+on Form 10-Q of the Company for the quarterSSended March 31, 2013.TTU(\u$@/U'Loan and Security Agreement dated as ofV1V)November 25, 2013, by and between CelsionW2W*Corporation and Hercules Technology GrowthX-X%Capital, Inc., incorporated herein byY0Y(reference to Exhibit 10.28 to the AnnualZ2Z*Report on Form 10-K of the Company for the[%[year ended December 31, 2013.\]$^____________________________1_)Created by Morningstar Document Research.D lz7^Vv1m@(`#l`T`0`(http://documentresearch.morningstar.com/H=PF0*8X> @``__^^ l  !;  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } 8 !      CELSION CORP 10-K 03/30/2016 3. EXHIBITS{Gz$@.&Securities Purchase Agreement dated as 3 +of January 15, 2014, by and between Celsion 5 -Corporation and the purchasers named therein, 3 +incorporated herein by reference to Exhibit 1 )10.1 to the Current Report on Form 8-K of . &the Company filed on January 21, 2014.10.25***/'Employment Offer Letter effective as of7/June 2, 2014, between the Company and Khursheed.&Anwer incorporated herein by reference0(to Exhibit 10.27 to the Annual Report on3+Form 10-K of the Company for the year endedDecember 31, 2014.10.26*2*Early Access Agreement dated as of January0(13, 2015, by and between the Company and,$Impatients N.V., incorporated herein5-by reference to Exhibit 10.1 to the Quarterly0(Report on Form 10-Q/A of the Company for)!the quarter ended March 31, 2015.$____________________________1)Created by Morningstar Document Research.D3l{7l+G \D; 0 (http://documentresearch.morningstar.com/H=PF0*8X> @  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } 7       CELSION CORP 10-K 03/30/2016 3. EXHIBITS *2*Portions of this exhibit have been omitted . &pursuant to a request for confidential 4 ,treatment under Rule 24b-2 of the Securities 6 .Exchange Act of 1934, amended, and the omitted / 'material has been separately filed with / 'the Securities and Exchange Commission. +Filed herewith. ^Furnished herewith. **+#XBRL information is filed herewith. ***0(Management contract or compensatory planor arrangement.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4{8p1a=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } } +} $       CELSION CORP 10-K 03/30/2016!54 55 56 57 58 SIGNATURESCELSION CORPORATION   Registrant     March 30, 2016 By: /s/ MICHAEL H. TARDUGNO    Michael H. Tardugno   , $Chairman of the Board, President and Chief Executive Officer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*_hym6I=PF0*8X> @*  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } } } $       CELSION CORP 10-K 03/30/2016!54 55 56 57 58 SIGNATURESMarch 30, 2016 By:/s/ JEFFREY W. CHURCH   Jeffrey W. Church   ! Senior Vice President and    Chief Financial Officer $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$,ymRF=PF0*8X> @  l  ,9(K,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ } 2} $ }  ,      CELSION CORP 10-K 03/30/2016!54 55 56 57 58 SIGNATURES NamePosition Date           /s/ MICHAEL H. TARDUGNO 2 *Chairman of the Board, President and Chief  March 30, 2016    Executive (Michael H. Tardugno) - %Officer (Principal Executive Officer)  /s/ JEFFREY W. CHURCH1)Senior Vice President and Chief FinancialMarch 30, 2016(Jeffrey W. Church)-%Officer (Principal Financial Officer)!/s/ TIMOTHY J. TUMMINELLO/'Controller and Chief Accounting OfficerMarch 30, 2016(Timothy J. Tumminello)/s/ AUGUSTINE CHOWDirectorMarch 30, 2016(Augustine Chow, Ph.D.)/s/ FREDERICK J. FRITZDirectorMarch 30, 2016(Frederick J. Fritz)/s/ ROBERT W. HOOPERDirectorMarch 30, 2016 (Robert W. Hooper)/s/ ALBERTO R. MARTINEZDirectorMarch 30, 2016D lym!{?{ANWe !"#$%&'()*+ (Alberto Martinez, M.D.)    !!!!!"/s/ DONALD BRAUN""Director""March 30, 2016#(Donald Braun, Ph.D.)####$$$$$%/s/ ANDREAS VOSS%%Director%%March 30, 2016&(Andreas Voss, M.D.)&&&&'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/p=PF0*8X> @++**)) l  8  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1       CELSION CORP 10-K 03/30/2016B:59 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/s/ Stegman & Company Baltimore, Maryland March 30, 2016  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$,pdXL+ =PF0*8X> @ l  'RPR  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } I;} $ } } $ } } $ '                                  CELSION CORP 10-K 03/30/2016#CONSOLIDATED BALANCE SHEETS December 31,   201 5   201 4  ASSETS         Current assets:        ! Cash and cash equivalents ~ 5  ~ X - %Investment securities ? available for  ~ J,   ~ zm sale, at fair value1)Accrued interest receivable on investment~ ~   securities2*Advances and deposits on clinical programs~ q~ A Other current assets~ > ~ Y~ ~ ~391Property and equipment (at cost, less accumulated~ b-4~ qG3+depreciation and amortization of $2,058,483%and $1,633,517, respectively) Other assets:+#In-process research and development~ &~ &Goodwill~ x~ x,$Security deposit on letter of credit~ ~ ' Deferred financing fees~ N~ F' Other assets~ ~ U~ *~ Db lwk/_s&vu>0%  ! " # $ % &          ! Total assets!~ ! !!~ !!"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/x0$=PF0*8X> @R &&%%$$!!!!     l  3j s  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } =} $ } y} $ } y} $ 3                                  CELSION CORP 10-K 03/30/2016#CONSOLIDATED BALANCE SHEETS December 31,   201 5   201 4 , $LIABILITIES AND STOCKHOLDERS? EQUITY         Current liabilities:         Accounts payable ? trade ~ N  ~ j ! Other accrued liabilities  ~ f,u   ~  'Notes payable - current portion~ <~ ^ *"Deferred revenue ? current portion~ ~ !Total current liabilities~ N:~ g$Earn-Out milestone liability~ Q~ zA&Common stock warrant liability ?~ *"Note payable ? non-current portion~  o~ &sq.&Deferred revenue ? non-current portion~ ~ 'Other liabilities ? non-current~ ~ ~Total liabilities~ ~ 26%Commitments and contingencies ? ?Stockholders? equity:2*Preferred Stock - $0.01 par value (100,000 ? ?.&shares authorized and no shares issued/'or outstanding at December 31, 2015 and2014, respectively)D lwk/AQ9&}m"! ! " # $ % & ' ( ) * + , - . / 0 1 2 2 *Common stock - $0.01 par value (75,000,000  ~ G   ~ BD  4!,shares authorized; 23,395,211 and 20,097,6033"+shares issued at December 31, 2015 and 20148#0and 23,319,287 and 19,984,203 shares outstanding4$,at December 31, 2015 and 2014, respectively)"%Additional paid-in capital%%~ %.0$9%%%~ %>6%,&$Accumulated other comprehensive loss&&~ &&&&~ &&'Accumulated deficit''~ '"a'''~ 'j}'(((~ (0(((~ (fQ(3)+Treasury stock, at cost (75,924 and 113,400))~ )~)))~ )~);*3shares at December 31, 2015 and 2014, respectively)"+Total stockholders? equity++~ +>+++~ ++,,,,,,,,,2-*Total liabilities and stockholders? equity-~ - --~ --./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hf.er =PF0*8X> @z221100----     l  /c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)CONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } } $ } }  $ } y} $ /                                  CELSION CORP 10-K 03/30/2016-%CONSOLIDATED STATEMENTS OF OPERATIONSYear ended December 31,    201 5   201 4   201 3               Licensing revenue ~   ~   ~                Operating expenses:             Research and development~ ~~   ~  ; "General and administrative~ "~   ~  朏 Acquisition costs ?~ T    ?  Total operating expenses~ ~ j  ~  (     Loss from operations~ ޜ~   ~  [S     Other income (expense):    .&(Loss) gain from valuation of earn-out~ jE~      ? milestone liability2*(Loss) gain from valuation of common stock~  C~ w   ~  2 warrant liability%Investment income (loss), net~ ~ *  ~  8 Interest expense~  *~ j   ~  v# Other (expense) income~ ~ +  ~  z $Total other (expense) income~ x~ r  ~       Net loss~ ~   ~  ` Dlymahcwg)) ) ~ ) Zs:) *? basic and diluted+$,____________________________1-)Created by Morningstar Document Research.0.(http://documentresearch.morningstar.com/"deTrS4(=PF0*8X> @.. -- ,, '''''' %%%%%%      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 8} $ }  } $ }  }  $ } } $                            CELSION CORP 10-K 03/30/20165-CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS December 31,    201 5   201 4   201 3               Net loss ~   ~   ~ `                Changes in:            5-Realized (gain) loss on investment securities~ ~ ^  ~  2 ,$recognized in investment income, net7/Unrealized gain (loss) on investment securities~ Z~ >5  ~  d "Other comprehensive income~ :~   ~  &     Comprehensive loss~ ӥ~  ~  h  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6$ }qeYt1b2a yma9=PF0*8X> @j          l  L)u  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } D} $ }  } $ }  }  $ }  } $ L                                  CELSION CORP 10-K 03/30/2016-%CONSOLIDATED STATEMENTS OF CASH FLOWSYear ended December 31,    201 5   201 4   201 3 - %Cash flows from operating activities:             Net loss ~   ~   ~ ` , $Non-cash items included in net loss:            % Depreciation and amortization  ~    ~    ~ v 2*Change in fair value of earn-out milestone~ ~     ?  liability4,Change in fair value of common stock warrant~ ~ &  ~  /  liability1)Cash received for non-refundable research ? ?  ~  -1 and development feeDeferred revenue~ {~ {  ~  {  Stock based compensation~ Np~ ȝ  ~  gK %Shares issued out of treasury~ *K~   ~   0(Amortization of deferred finance charges~ ~   ~   .&and debt discount associated with notepayable*"Amortization of patent license fee~ 2u~ 2u  ~  2u )!Change in deferred rent liability~ :.~ &  ~   2*(Gain) loss realized on sale of investment~ ~ ^  ~  2  securitiesNet changes in:    *"Interest receivable on investments~ 0 ~   ~   DplymaL A"p-$a ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? 1 )Prepaid expenses and other current assets  ~     ~ r   ~  !!Deposits and other assets!! !?!!!~ !2!! ! ~ ! ! "Accounts payable""~ "F"""~ "Nk"" " ~ " r" !#Other accrued liabilities##~ #?###~ ### # ~ # zg[# -$%Net cash used in operating activities$$~ $v$$$~ $$$ $ ~ $ $ %%%%%%%%%% % % % -&%Cash flows from investing activities:&&&&&&&&& & & & *'"Purchases of investment securities''~ '&'''~ ' '' ' ~ ' 6/' 5(-Proceeds from sale and maturity of investment((~ (fR7(((~ (25 (( ( ~ ( *( ) securities/*'Cash used in acquisition of EGEN, Inc.,** *?***~ *^S** *  * ?* +net of cash received/,'Refund on security for letter of credit,,~ ,B ,,,~ ,B ,, , ~ , B , +-#Purchases of property and equipment--~ -S---~ --- - ~ - }- 3.+Net cash provided by (used in) by investing..~ .Vd-...~ .|F.. . ~ . : . / activities0000000000 0 0 0 -1%Cash flows from financing activities:111111111 1 1 1 .2&Proceeds from sale of preferred stock,22 2?222 2?22 2 ~ 2 ?2 3net of issuance costs24*Proceeds from sale of common stock equity,44~ 41444~ 4.I44 4 ~ 4 4 5net of issuance costs.6&Proceeds from exercise of common stock66 6?666 6?66 6 ~ 6 6 7warrants.8&Proceeds from exercise of common stock88 8?888 8?88 8 ~ 8 ; 8 9options":Proceeds from note payable:: :?:::~ :-1:: : ~ : n": *;"Principal payments on note payable;;~ ; ;;;~ ;U;; ; ~ ; f; 1<)Net cash provided by financing activities<<~ <(<<<~ <z<< < ~ < ں< ========== = = = A>9( D ecrease) i ncrease in cash and cash equivalents>>~ >^'/>>>~ >P>> > ~ > > .?&Cash and cash equivalents at beginning??~ ?X???~ ?]?? ? ~ ? ? Dl5{G&WAzZMJ@ A B C D E F G H I J K @ of period2A*Cash and cash equivalents at end of periodA~ A5AA~ AXAA ~ A ]A BBBBBBBBBB B B B CCash paid for:CCCCCCCCC C C C DInterestD~ D8DD~ Dz6DD ~ D &D EEEEEEEEEE E E E F Income taxesF F$?FF F$?FF  F $?F GH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/HCwQE9=PF0*8X> @KK JJ II FFFFFF DDDDDD AAAAAA      l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } :} $ }  } $ } }  $ } y} $ }  } $ } } $ }  } $ }  } $ }  } "$ } ##} $&$ } ''} (($ ')))))))))) ) ) ) ) ))))))))))))))))))) CELSION CORP 10-K 03/30/20164,YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013Preferred Stock   Common Stock AdditionalTreasury StockAccum. !"#$%&'(    Outstanding    Outstanding               Other   Shares   Amount   Shares   Amount   Paid in   Shares   Amount   Compr.  ! " Accumulated $ % &Total (                   Capital           Income  ! "Deficit" Balance at January 1, 2013          ~   ~ V&  ~ q(   ~    ~ [  ~ E  !~ ""r $ %~ &  ( Net loss  ~    ~    ~    ~    ~    ~    ~    ~   ! "~ #` $ % &~ '` ( Preferred stock offering~ f~ Z  ~    ~ ~ W~ ~ ~  !"~ #$%&~ 'W(2*Non-cash dividend on beneficial conversion~ ~   ~    ~ ~ ~ ~ ~  !"~ #&$%&~ '&(-%feature associated with the preferredstock offering%Conversion of preferred stock~ ~   ~    ~ 2~ *_~ ~ ~  !"~ #$%&~ '(.&Registered Direct and ATM common stock~ ~   ~    ~ b~ :~ ~ ~  !"~ #$%&~ '( offerings1)Classification of warrants to/from common~ ~   ~    ~ ~ x~ ~ ~  !"~ #$%&~ 'x($stock warrant liability, net+#Conversion of common stock warrants~ ~   ~    ~ ~ ~ ~ ~  !"~ #$%&~ '(80Valuation of common stock warrants in connection~ ~   ~    ~ ~ ~ ~ ~  !"~ #$%&~ '(with notes payable0(Unrealized gain on investments available~ ~   ~    ~ ~ ~ ~ ~ & !"~ #$%&~ '&(for sale( Stock-based compensation expense~ ~   ~    ~ ~ gK~ ~ ~  !"~ #$%&~ 'gK(/'Issuance of restricted stock and option~ ~   ~  "  ~ ~ 9 ~ ~ ~  !"~ #$%&~ '; (exercise0(Issuance of common stock out of treasury~ ~   ~    ~ ~ ~ N~ nm~  !"~ #$%&~ '(D'%l~rfZ5}L2f6 )!)")#)$)%)&) Fractional share payment  ~    ~    ~    ~    ~    ~    ~    ~   ! "~ # $ % &~ ' ($!Balance at December 31, 2013!!~ !!! !$-!! ! ~ ! a>! ! ~ !b!!~ !n0!!!~ !!!~ !26l!!~ !M! !!~ !".!$!%~ !&!("#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/x =PF0*8X> @*%&&(%%($$(!!!!!!!!!!!!"#!!&'     "# &'   "#        "# &'     l   A@  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } } $ }  }  $ } } $ }  } $ }  } $ }  } $ } } $ } } $ !!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!!!! 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Accumulated   Total            Capital           Income   Deficit                                 " Balance at January 1, 2014  ~ a>  ~ b  ~ n0   ~   ~ 26l  ~ M  ~ .  ~  Net loss~ ~   ~    ~ ~ ~ ~ ~  /'Registered Direct common stock offering~ R~ 3  ~  gG  ~ ~ ~ ~ ~ .I .&Common stock issued in connection with~ ~ ʧ  ~    ~ ~ ~ ~ ~ J ,$the acquisition of EGEN, Inc. assets1)Valuation of common stock warrants issued~ ~   ~  v'  ~ ~ ~ ~ ~ v' 5-in connection with the November 2013 Hercules Loan0(Unrealized gain on investments available~ ~   ~    ~ ~ ~ ~ ~  for sale( Stock-based compensation expense~ ~   ~  Jb  ~ ~ ~ ~ ~ Jb $Issuance of restricted stock~ ~   ~  _  ~ ~ ~ ~ ~ jf 0(Issuance of common stock out of treasury~ .2~   ~    ~ ~ N~ ~ B)~  $Balance at December 31, 2014~ .~ BD  ~  >6  ~ ~ ~~ ~ j}~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D_l~rfZ4L JXZJr:=PF0*8X> @                       l  e  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $4} $ } } $ }  }  $ } y} $ }  } $ }  } $ }  } $ } } $ } } $ !!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!!! CELSION CORP 10-K 03/30/20164,YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 Common Stock   Additional  Treasury StockAccum.     Outstanding               Other   Shares   Amount   Paid in   Shares   Amount   Compr.    Accumulated   Total            Capital           Income   Deficit                                 # Balance at January 1, 201 5  ~ .  ~ BD   ~ >6   ~   ~ ~  ~   ~ j}  ~  Net loss~ ~   ~    ~ ~ ~ ~ ~  .&Registered Direct and ATM common stock~ bj~   ~  0  ~ ~ ~ ~ ~ 1  offerings3+Expiration of reset provision of the common~ ~   ~    ~ ~ ~ ~ ~  0(stock warrants issued in connection with'the November 2013 Hercules Loan0(Unrealized gain on investments available~ ~   ~    ~ ~ ~ :~ ~ : for sale( Stock-based compensation expense~ ~   ~  o  ~ ~ ~ ~ ~ o $Issuance of restricted stock~ ~ 2  ~  D  ~ ~ ~ ~ ~ F 0(Issuance of common stock out of treasury~ I~   ~    ~ r~ )~ ~ *~ *K %Balance at December 31, 201 5~ K~ G ~  .0$9  ~ R~ ~~ ~ "a~ > $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BX~rfZ4L J5n:K7{vN=PF0*8X> @                       l  :x  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } I"} $ } y} $ } y}  $ } } $ } } $       CELSION CORP 10-K 03/30/20164,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 5  December 31, 201 4   Cost    Fair Value   Cost    Fair Value  Short-term investments                 Certificate of deposit ~ $  ~ j$  ~ -1  ~ b0 " Bonds- corporate issuances  ~ pn   ~ Fn   ~ :   ~ v $ Total short-term investments ~ h  ~ J,  ~ g  ~ zm $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Eh~rfZ*H=PF0*8X> @           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } $} $ } $}  $ } y} $ } y} $       CELSION CORP 10-K 03/30/20164,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 5  December 31, 201 4   Cost    Fair Value   Cost    Fair Value                  (  Short-term investment maturities                 Within 3 months ~ h  ~ J,  ~ J]  ~ z  Between 3-12 months   ?    ?   ~     ~   Total~ h~ J, ~  g  ~ zm$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|~rfZ*^r1%=PF0*8X> @         l  o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } I} $ } I}  $ } I} $                       CELSION CORP 10-K 03/30/20164,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALE 201 5 201 4   201 3              / 'Interest and dividends accrued and paid ~ J_   ~ :=  ~ N- ' Accretion of investment premium  ~ *~   ~ NB   ~ % 0 (Losses on investment maturity and sales,  ~ "   ~ }   ~ ]  net~ ~ * ~  8 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|~rfZ7znb:=PF0*8X> @b        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 2} $ } } $ }  }  $ } } $ }  } $       CELSION CORP 10-K 03/30/20164,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 5  December 31, 201 4! Description of Securities   Fair Value    Unrealized    Fair Value    Unrealized        Holding       Holding       Gains       Gains       (Losses)       (Losses)                 2*Available for Sale (all unrealized holding     0(gains and losses are less than 12 monthsat date of measurement).&Short-term investments with unrealized~ b~ b   $?   $? gains.&Short-term investments with unrealized~ ꅄ~ Z  ~  zm  ~ losses Total~ J,~  ~  zm  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: ~rfZO#<0$=PF0*8X> @             l  0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ } $}  $ } $} $ } $} $ 0      CELSION CORP 10-K 03/30/20164,F-14 4. FAIR VALUES OF FINANCIAL INSTRUMENTS Total FairQuoted   Significant   Significant   Value on   Prices   Other    Unobservable   the    In Active    Observable   Inputs   Balance   Markets   Inputs    (Level 3)   Sheet   For    (Level 2)        IdenticalAssets /Liabilities (Level 1)Assets:     /'Recurring items as of December 31, 2015     ,$Short-term investments available for~ J,~ J,    ?   ? sale     /'Recurring items as of December 31, 2014     ,$Short-term investments available for~ zm~ zm    ?   ? sale     .&Non-recurring items as of December 31,     ~ z1)In-process research and development (Note~ & ?    ?  ~ &~      Goodwill (Note 5)~ x ?    ?  ~ xDl~rfZ=\,N>rr !"#$%&'()*+,-./                 ! Liabilities:!!!!!!!!! ! ! ! ! !!!/"'Recurring items as of December 31, 2015""""""""" " " " " """0#(Common stock warrant liability (Note 13)# #?### #?## #  # ?# # # #?#$$$$$$$$$$ $ $ $ $ $$$.%&Earn-out milestone liability (Note 12)%~ %Q%%% %?%% %  % ?% % ~ %Q%&&&&&&&&&& & & & & &&&/''Recurring items as of December 31, 2014''''''''' ' ' ' ' '''0((Common stock warrant liability (Note 13)(~ (((( (?(( (  ( ?( ( ~ (()))))))))) ) ) ) ) ))).*&Earn-out milestone liability (Note 12)*~ *zA****** * * * * ~ *zA*+,$-____________________________1.)Created by Morningstar Document Research.0/(http://documentresearch.morningstar.com/$c ,4\i}0dznF=PF0*8X> @J)//..--****((((%%%%##              l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL  F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } :} $ } y} $       CELSION CORP 10-K 03/30/2016)!F-15 5. ACQUISITION OF EGEN, INC.%Consideration Paid at Closing" Cash, net of cash acquired ~ ". . &Celsion common stock (2,712,188 shares  ~  @ 2 *valued at $3.48 which was the last closing8 0price of our common stock at the time of closing) !the transaction on June 20, 2014)Future Consideration2*Holdback Shares (670,070 shares of Celsion~ W1)common stock which were discounted by 38%/'to reflect the cost of the restriction)*"Earn-Out Payments (at fair value*)~  O)!Total fair value of consideration~ B:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:S}qe \&1arfZ2=PF0*8X> @*  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INCPro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } } $       CELSION CORP 10-K 03/30/2016)!F-15 5. ACQUISITION OF EGEN, INC.#Property and equipment, net~ "+ #In-process research and development  ~ B&  Goodwill  ~ x   Total assets:  ~ " 0 (Accounts payable and accrued liabilities  ~ "  Net assets acquired ~ B: $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h}qeq&{oc;=PF0*8X> @*  l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 2} $ } } $ } } $                     CELSION CORP 10-K 03/30/2016Pro Forma Information#Year E nded December 31,  ~ z  ~ v  Revenues ~   ~ N&  Loss from operations  ~ nM   ~ VE 2 *Net loss applicable to common shareholders  ~ R   ~ Q2  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T}q&nPD8=PF0*8X> @B     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma Information7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ }  } $ }  } $                        CELSION CORP 10-K 03/30/2016'F-18 6. PROPERTY AND EQUIPMENT:#Year E nded December 31,  ~ ~  ~ z / 'Machinery and equipment (5-7 year life) ~ Vf  ~ RJ . &Furniture and fixtures (3-5 year life)  ~    ~ ~b . &Leasehold improvements (5-7 year life)  ~ w   ~ w    ~ .ѱ   ~ $ 6.Less accumulated depreciation and amortization~ 6\~ NL Total~ b-4~ qG$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.sgE n=PF0*8X> @R      l  ,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENTHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ }  } $ }  } $                         CELSION CORP 10-K 03/30/2016$7. OTHER ACCRUED LIABILITIES#Year E nded December 31,  ~ ~  ~ z 6 .Amounts due to Contract Research Organizations ~ ~"  ~  Z4 (  and other contractual agreements, $Accrued payroll and related benefits  ~ 9   ~ : ! Accrued professional fees  ~ {   ~ r )!Accrued interest on notes payable~ ~  Other~ r4~ R Total~ f,u~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0vjAg}U=PF0*8X> @R      l  s;  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ } y} $       CELSION CORP 10-K 03/30/2016!Hercules Credit Agreement For the year   ending    December 31,~  ~ < ~   ~   2018 and thereafter   ?  Total~ P$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,]|ym1c=PF0*8X> @B    l  _N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a/} $ }  } $} $ }  } $} $ } } $                        CELSION CORP 10-K 03/30/20169. INCOME TAXES 201 5 201 4   201 3               Federal statutory rate  ~  %  ~  %  ~  %/ 'State taxes, net of federal tax benefit   @    @    @ , $Recapture of alternative minimum tax   ?    ?    ?  Valuation allowance   C    C    33333C     Effective tax rate ? % ? %    ?  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.]wT@=PF0*8X> @2    l  -_  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ }  } $ }  } $                         CELSION CORP 10-K 03/30/20169. INCOME TAXES December 31,  In thousands  201 5   201 4          ) !Net operating loss carry forwards ~ ^  ~ V 0 (Compensation expense related to employee  ~ fM   ~ .B   stock optionsSubtotal~ z~ ~*Valuation allowance~ T~  Total deferred tax asset $- $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0w;eT;@=PF0*8X> @R      l  r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ }  } $ }  } $       CELSION CORP 10-K 03/30/20169. INCOME TAXES$Approximate Amount of UnusedExpiration During% Operating Loss Carry Forwards    Year Ended  (in $000s)~ K   ~   ~ #   ~   ~ ~   ~  ~ ~ ~ s~ ~ ~ ~ !~ ~ ~ ~ *N~ ~ :A~ ~ F~ ~ e~ ~ *~ ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ DwUME=5=PF0*8X> @R      l  8  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2) May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } $       CELSION CORP 10-K 03/30/2016.&February 2013 Preferred Stock OfferingRisk-free interest rate(\? % Expected volatility   QY@ % Expected life (in years)  ~   Expected forfeiture rate  ~  % Expected dividend yield  ~  % $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(dTxl`Zm=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock OMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ } a} $       CELSION CORP 10-K 03/30/2016&May 2013 Common Stock OfferingShares of commonExpiration Date ofStrike Per Share    Per Share stock  Waived Warrants  Price    Fair Value    Fair Value on associated with the        on June 3, 2013   October 28, 2013 Waived Warrants               ~ P   2/26/2018  = ףp=@   ffffff@   zG@ ~ . 7/25/2016= ףp2@p= ף@   @~ R7/6/2016Gz.,@= ףp=@   333333@~ b 11/25/2017q= ף(@= ףp=@   HzG @$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0th( YSe=PF0*8X> @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock Offering!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } } } $ }  } } } $                       CELSION CORP 10-K 03/30/2016&May 2013 Common Stock Offering June 3, 2013October 28, 2013             Risk-free interest rate  ?~  1.03%   zG?~  1.31%  Expected volatility  Y@~  110.9%   fffffFZ@~  111.8%  Expected life (in years)  @~  4.7%   @~  4.3%  Expected forfeiture rate   0.0%     0.0%  Expected dividend yield 0.00% 0.00%  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,*|tht X=PF0*8X> @*    l  "  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)Equity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $ }  }  $ } U} $ "      CELSION CORP 10-K 03/30/201680Equity Awards Issued to Consultants for Services Stock OptionsNumberWeighted  Weighted   Aggregate    Outstanding   Average   Average    Intrinsic       Exercise    Remaining   Value       Price    Contractual           Term            (in years)&Outstanding at January 1, 2013~ fH,(\B-@     Granted~ v (\@      Exercised~ =ףp= W-@     Canceled or expired~  ףp=0@     ( Outstanding at December 31, 2013~ F4(@     Granted~ == ףp= @      Exercised ? ?     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CELSION CORP 10-K 03/30/201680Equity Awards Issued to Consultants for ServicesRestricted StockNumberWeighted    Outstanding   Average       Exercise       Price. &Non-vested stock awards outstanding at  ~ &C   (\B-@  January 1, 2013Granted~ q= ףp@Vested and issued~  @ Forfeited~ zGa/@.&Non-vested stock awards outstanding at~  (\B,@December 31, 2013Granted~ *Gz @Vested and issued~ Gz@ Forfeited ? ?.&Non-vested stock awards outstanding at~ m(\ @December 31, 2014Granted~ f@Vested and issued~ B%(\@ Forfeited ? ?.&Non-vested stock awards outstanding at~  *Q@December 31, 2015$____________________________1)Created by Morningstar Document Research.D* lznbV.G,,!gk 0 (http://documentresearch.morningstar.com/H=PF0*8X> @j       l  l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } U} } $ }  } $ } U} $ }  } $ } U} $       CELSION CORP 10-K 03/30/201680Equity Awards Issued to Consultants for ServicesOptions OutstandingOptions Exercisable   Range of  Number   Weighted   Weighted   Number   Weighted   Weighted    Exercise Prices      Average   Average       Average   Average         Remaining Contractual   Exercise       Remaining Contractual   Exercise         Term   Price       Term   Price          (in years)            (in years)     ~  toQ@~ B, "@   p= ף@~ . ffffff"@Q@~  to(\@~ 7  @   Q@~ '@@~  to{G)@~ ~~     Gz%@~ ~~ p= ף%@~ 6 to= ףp3@~  333333@   Q,@~ 333333@Q,@ Above $20.00~ C @   8@~ C@8@~      ~ FP$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8znbVak})=PF0*8X> @#                       l  {  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 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EARN-OUT MILESTONE LIABILITY"Balance at January 1, 2014 $?/ 'Fair value of Earn-Out Payments at date  ~ O + #of EGEN Purchase Agreement (Note 5)1 )Non-cash gain from the adjustment for the  ~ * 1 )change in fair value included in 2014 net loss$Balance at December 31, 2014~ zA1)Non-cash loss from the adjustment for the~ 1)change in fair value included in 2015 net loss$Balance at December 31, 2015~ Q$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4~rf%zR=PF0*8X> @2 l  . 5:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } y} $ }  } $ .                                  CELSION CORP 10-K 03/30/2016 13. WARRANTSWarrants Number ofWeighted   Warrants   Average   Issued   Exercise       Price/ 'Warrants outstanding at January 1, 2013  ~ Zj   ףp= W.@          /'Warrants issued in connection with 2013~ Q= ףp=@equity transactions.&Warrants issued in connection with the~ VQ @0(Hercules Credit Agreement (November 20130(tranche) as more fully described in Note~ ".&Warrants exercised for common stock in~ (\B-@~ v1)Warrants outstanding at December 31, 2013~ bL%@.&Warrants issued in connection with the~ *mffffff@'January 2014 equity transaction.&Warrants issued in connection with the~ VQ @5-Hercules Credit Agreement (June 2014 tranche))!as more fully described in Note 81)Warrants outstanding at December 31, 2014~ o5\(\ @.&Warrants issued in connection with the~ w@D3 lz `x qRPB >G ! " # $ % & ' ( ) * + , - # May 2015 equity transaction!!!!!!!!!$"Warrants expired during 2015""~ "S"""Q@"1#)Warrants outstanding at December 31, 2015##~ #Ng###{Gz@#$$$$$$$$$0%(Aggregate intrinsic value of outstanding% %$?%%%%%%&warrants at December 31, 2015'''''''''.(&Weighted average remaining contractual(((333333@((((() terms (years)*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ mXb95=PF0*8X> @--,,++%%##""       l  L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTSF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } } } $ }  } $                       CELSION CORP 10-K 03/30/2016+#F-30 Common Stock Warrant Liability December 31,   ~ z  ~ v  Risk-free interest rate  {Gz?~  1.66%    p= ף? % Expected volatility  33333sD@~  98.35%    (\/P@ % Expected life (in years)  ?~  333333@    ?  Expected forfeiture rate   0.0%    ~  %Expected dividend yield 0.00%~   %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{oc',Qz=PF0*8X> @2     l  ^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant Liabil!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ } y} $       CELSION CORP 10-K 03/30/2016+#F-30 Common Stock Warrant Liability"Balance at January 1, 2013~ rx6 .Fair value of warrants classified as liability  ~ z ,   (see Note 10)3 +Fair value of warrants classified as equity  ~ z   (see Note 10)/ 'Gain from the adjustment for the change  ~ / *"in fair value included in net loss)!Ending balance, December 31, 2013~ J/6.Fair value of warrants classified as liability~  (see Note 8)/'Gain from the adjustment for the change~ &,$in fair value included in net income)!Ending balance, December 31, 2014~ /'Loss from the adjustment for the change~ *"in fair value included in net loss.&Fair value of warrants reclassified as~  zequity (Note 9).&Ending balance as of December 31, 2015 $?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BX{oc)}*AY+TH<=PF0*8X> @: l  m  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/30/20162*17. CONTINGENT LIABILITIES AND COMMITMENTS( For the year ending December 31: Operating   Leases~  ~ f # ~   ~  ~   ~ j  2019 and beyond   ? $Total minimum lease payments~ Ν;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|th\e%sK=PF0*8X> @:   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } -} $ }  } $ }  }  $ } } $ }  } $       CELSION CORP 10-K 03/30/2016>6F-34 18. SELECTED QUARTERLY FINANCIAL DATA (Unaudited)-%(in thousands, except per share data)Quarters Ended   March 31   June 30    September 30    December 31  201 5                  Total revenue ~   ~   ~   ~   Net loss  ~    ~ V   ~ V   ~ ک , $Basic and diluted net loss per share   ffffffֿ    HzGѿ    RQȿ    Qο $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*`hth\P+Z=PF0*8X> @b        l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } +} $ }  } $ }  }  $ } } $ }  } $       CELSION CORP 10-K 03/30/2016>6F-34 18. SELECTED QUARTERLY FINANCIAL DATA (Unaudited)~ z       Total revenue ~   ~   ~   ~   Net loss  ~ F   ~    ~    ~ & , $Basic and diluted net loss per share   Qտ    RQؿ    ffffffֿ    {GzԿ   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@th\P=PF0*8X> @:    l   !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1)!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } }  } -} $       CELSION CORP 10-K 03/30/2016 WITNESSETH[SEAL]Celsion Corporation      By:         Print Name: Robert W. Hooper     -%Director and Chairman of Compensation Committee[SEAL] By: Print Name:Michael H. Tardugno!Chairman, President & CEO$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dl|?a1OV&_SG=PF0*8X> @" l  X  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } U} $ }        CELSION CORP 10-K 03/30/2016+#Subsidiaries of Celsion Corporation NameJurisdiction of    Incorporation CLSN Laboratories, Inc.  Delaware  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$1,{oc,x=PF0*8X> @  l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1       CELSION CORP 10-K 03/30/2016@8CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM/s/ Stegman & Company Baltimore, Maryland March 30, 2016  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$,rfZN-=PF0*8X> @ l  2   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTERAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } } $ } 8 2      CELSION CORP 10-K 03/30/2016D<AS ADOPTED PURSUANT TO 302 OF THE SARBANES-OXLEY ACT OF 2002 (a)-%Designed such disclosure controls and   - %procedures, or caused such disclosure   . &controls and procedures to be designed   6 .under our supervision, to ensure that material   / 'information relating to the registrant,   0 (including its consolidated subsidiaries,2*is made known to us by others within those0(entities, particularly during the period/'in which this report is being prepared; (b)5-Designed such internal control over financial2*reporting, or caused such internal control/'over financial reporting to be designed4,under our supervision, to provide reasonable.&assurance regarding the reliability of/'financial reporting and the preparation5-of financial statements for external purposes-%in accordance with generally acceptedaccounting principles; (c)7/Evaluated the effectiveness of the registrant?s.&disclosure controls and procedures and0(presented in this report our conclusions1)about the effectiveness of the disclosureD* lnbVJG:1G>5] !"#$%&'()*+,-./01   1 )controls and procedures, as of the end of!!!/!'the period covered by this report based""""on such evaluation; and####$ $(d)$2$*Disclosed in this report any change in the%%%4%,registrant?s internal control over financial&&&7&/reporting that occurred during the registrant?s'''4',most recent fiscal quarter (the registrant?s(((6(.fourth fiscal quarter in the case of an annual)))-)%report) that has materially affected,***5*-or is reasonably likely to materially affect,+++.+&the registrant?s internal control over,,, ,financial reporting; and-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(ZTP | eUw=PF0*8X> @1100// l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } -       CELSION CORP 10-K 03/30/2016D<AS ADOPTED PURSUANT TO 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 30, 2016/s/ Michael H. Tardugno  Michael H. Tardugno - %President and Chief Executive Officer  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$J,nbVJ_=PF0*8X> @  l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } } $ } 8 2      CELSION CORP 10-K 03/30/2016D<AS ADOPTED PURSUANT TO 302 OF THE SARBANES-OXLEY ACT OF 2002 (a)-%Designed such disclosure controls and   - %procedures, or caused such disclosure   . &controls and procedures to be designed   6 .under our supervision, to ensure that material   / 'information relating to the registrant,   0 (including its consolidated subsidiaries,2*is made known to us by others within those0(entities, particularly during the period/'in which this report is being prepared; (b)5-Designed such internal control over financial2*reporting, or caused such internal control/'over financial reporting to be designed4,under our supervision, to provide reasonable.&assurance regarding the reliability of/'financial reporting and the preparation5-of financial statements for external purposes-%in accordance with generally acceptedaccounting principles; (c)7/Evaluated the effectiveness of the registrant?s.&disclosure controls and procedures and0(presented in this report our conclusions1)about the effectiveness of the disclosureD* lnbVJG:1G>5] !"#$%&'()*+,-./01   1 )controls and procedures, as of the end of!!!/!'the period covered by this report based""""on such evaluation; and####$ $(d)$2$*Disclosed in this report any change in the%%%4%,registrant?s internal control over financial&&&7&/reporting that occurred during the registrant?s'''4',most recent fiscal quarter (the registrant?s(((6(.fourth fiscal quarter in the case of an annual)))-)%report) that has materially affected,***5*-or is reasonably likely to materially affect,+++.+&the registrant?s internal control over,,, ,financial reporting; and-.$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(ZTP | eUw=PF0*8X> @1100// l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } 1       CELSION CORP 10-K 03/30/2016D<AS ADOPTED PURSUANT TO 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 30, 2016/s/ Jeffrey W. Church  Jeffrey W. Church 1 )Senior Vice President and Chief Financial  Officer  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&}@nbVJ th@=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3) 906 OF THE SA (1)U } } -       CELSION CORP 10-K 03/30/2016/' 906 OF THE SARBANES-OXLEY ACT OF 2002March 30, 2016/s/ Michael H. Tardugno  Michael H. Tardugno - %President and Chief Executive Officer  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$/,wk_"z=PF0*8X> @  l  (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??ECELSION CORPORATIONTABLE OF CONTENTSTABLE OF CONTENTS continued 1 OVERVIEWGEN1 OVATION Study!GEN1 Avastin Doxil Combination !Market Price for Our Common Sto!37 ITEM 6 SELECTED FINANCIAL DA37 ITEM 6 SELECTED (1) ThermoDox Acquisition of EGENContractual ObligationsContractual Obl (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)3 EXHIBITS (6)54 55 56 57 58 SIGNATURES54 55 56 57 58 (1)54 55 56 57 58 (2)!59 REPORT OF INDEPENDENT REGISTCONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE (1)!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)CONSOLIDATED STATEMENTS (2)!YEARS ENDED DECEMBER 31 2015 20YEARS ENDED DECEMBER 31 (1)YEARS ENDED DECEMBER 31 (2)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!F14 4 FAIR VALUES OF FINANCIAL F15 5 ACQUISITION OF EGEN INC F15 5 ACQUISITION OF EGEN (1)Pro Forma InformationF18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit Agreement9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!February 2013 Preferred Stock O May 2013 Common Stock OfferingMay 2013 Common Stock (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!F30 Common Stock Warrant LiabilF30 Common Stock Warrant (1)!17 CONTINGENT LIABILITIES AND C!F34 18 SELECTED QUARTERLY FINAN F34 18 SELECTED QUARTERLY (1) WITNESSETH!Subsidiaries of Celsion Corpora!CONSENT OF INDEPENDENT REGISTER!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)AS ADOPTED PURSUANT TO (2)AS ADOPTED PURSUANT TO (3)! 906 OF THE SARBANESOXLEY ACT U } } 1       CELSION CORP 10-K 03/30/2016/' 906 OF THE SARBANES-OXLEY ACT OF 2002March 30, 2016/s/ Jeffrey W. Church  Jeffrey W. Church 1 )Senior Vice President and Chief Financial  Officer  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&b@wk_$[=PF0*8X> @ Root Entry FBook  (  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~