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#܈ ~~<#܈ ~~4#܈ ~~3#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33vCELSION CORPORATION None)TABLE OF CONTENTS/DSummary Compensation ` ThermoDox !oAcquisition of EGEN Assets 4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)&6550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)&027 We may not successfully enga&v The market price of our common #$The market price of our (1)&A>Antitakeover provisions in our &(MMarket Price for Our Common StoOaThermoDox (1) qAcquisition of EGEN (1)#OCovenant Not To Compete CNTC#FCovenant Not To Compete (1)!51 Contractual ObligationsH1 FINANCIAL STATEMENTS8 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)D3 EXHIBITS (4)v3 EXHIBITS (5) 61 SIGNATURES#61 SIGNATURES (1) 61 SIGNATURES (2)i Balance SheetBalance Sheet (1)`Income Statement2Income Statemen (1)!D Cash FlowswlShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION&3 SHORT TERM INVESTMENTS AVAILA$3 SHORT TERM INVESTMENTS (1)$3 SHORT TERM INVESTMENTS (2)$3 SHORT TERM INVESTMENTS (3)&4 FAIR VALUES OF FINANCIAL INST +5 ACQUISITION OF EGEN INC!;5 ACQUISITION OF EGEN (1)!`I5 ACQUISITION OF EGEN (2)V6 PROPERTY AND EQUIPMENT"f7 OTHER ACCRUED LIABILITIESv9 INCOME TAXESj9 INCOME TAXES (1)9 INCOME TAXES (2)&̨Equity Awards Issued to Consult#Equity Awards Issued to (1)#Equity Awards Issued to (2)#DEquity Awards Issued to (3)%12 EARNOUT MILESTONE LIABILITY#F28 13 WARRANTS&Q$16 TECHNOLOGY DEVELOPMENT AND L%i516 TECHNOLOGY DEVELOPMENT (1)&I17 CONTINGENT LIABILITIES AND C&mXSECURITIES EXCHANGE ACT OF 1934#dSECURITIES EXCHANGE ACT (1)&p 906 OF THE SARBANESOXLEY ACT | 906 OF THE SA (1) l  F  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } +       CELSION CORP 10-K 03/27/2018CELSION CORPORATIONDELAWARE 52-12566155 -(State or Other Jurisdiction of Incorporation , $(I.R.S. Employer Identification No.) or Organization)     " 997 LENOX DRIVE, SUITE 100 ~ " LAWRENCEVILLE, NJ0((Address of Principal Executive Offices) (Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,||s=p0}=PF0*8X> @ l   )  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } U} $} 6} } $       CELSION CORP 10-K 03/27/2018 NoneLarge Accelerated Filer ?Accelerated Filer ? Non-accelerated Filer ?5 -(Do not check if a smaller reporting company)! Smaller Reporting Company ?    Emerging Growth Company ?  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$,/#=PF0*8X> @  l  =:C  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } 6}  =      CELSION CORP 10-K 03/27/2018TABLE OF CONTENTSPART I~  ITEM 1. BUSINESS~  " FORWARD-LOOKING STATEMENTS~   OVERVIEW~   , $THERMODOX? (DOXORUBICIN ENCAPSULATED~ " # IN HEAT-ACTIVATED LIPOSOME)/'THERMODOX? IN RELATION TO PRIMARY LIVER~ "CANCERLiver Cancer Overview~ "Celsion ?s Approach~ &5-Phase I Clinical Trial ? Primary Liver Cancer~ &3+701 Patient Phase III Global Clinical Trial~ &/'? Primary Liver Cancer (The HEAT Study)3+550 Patient Phase III Global Clinical Trial~ &1)? Primary Liver Cancer (The OPTIMA Study)/'GEN-1 (IL-12 DNA PLASMID VECTOR ENCASED~ .*"IN A NANOPARTICLE DELIVERY SYSTEM)Ovarian Cancer Overview~ .Celsion ?s Approach~ 2GEN-1 OVATION Study~ 2%THERAPLAS TECHNOLOGY PLATFORM~ :.&BUSINESS STRATEGY AND DEVELOPMENT PLAN~ :-%RESEARCH AND DEVELOPMENT EXPENDITURES~ >GOVERNMENT REGULATION~ >DluU h5Vs"Zh !"#$%&'()*+,-./0123456789:;< ' Regulation in the United States~ >! !Research and Development~ !>""Orphan Drug Designation~ "J# #Hatch-Waxman Exclusivity~ #J$"$Post-Approval Requirements~ $N%%%Regulation outside of the U.S~ %N& &MANUFACTURING AND SUPPLY~ &R''SALES AND MARKETING~ 'V('(PRODUCT LIABILITY AND INSURANCE~ (V)) COMPETITION~ )V** ThermoDox?~ *V+ +GEN-1~ +V,,INTELLECTUAL PROPERTY~ ,V--Licenses~ -V.&.Patents and Proprietary Rights~ .Z// EMPLOYEES~ /Z00COMPANY INFORMATION~ 0^11AVAILABLE INFORMATION~ 1^22 RECENT EVENTS~ 2^3ITEM 1A.3 RISK FACTORS~ 3^4ITEM 1B.!4UNRESOLVED STAFF COMMENTS~ 45ITEM 2.5 PROPERTIES~ 56ITEM 3.6LEGAL PROCEEDINGS~ 67ITEM 4.7MINE SAFETY DISCLOSURES~ 789$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/>s0}@Ab7["z3znb:=PF0*8X> @"<<;;:: l  AyU^_  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTS ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } :} $ A      CELSION CORP 10-K 03/27/2018Summary CompensationPART 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~ 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~ ABOUT MARKET RISKDl~rQ-ej;=T !"#$%&'()*+,-./0123456789:;<=>? ITEM 8.. &FINANCIAL STATEMENTS AND SUPPLEMENTARY~ ! !DATA"ITEM 9.5"-CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS~ "#.#&ON ACCOUNTING AND FINANCIAL DISCLOSURE$ITEM 9A.$CONTROLS AND PROCEDURES~ $%ITEM 9B.%OTHER INFORMATION~ %&&&'PART III~ '((()ITEM 10.3)+DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE~ )** GOVERNANCE+ITEM 11.+EXECUTIVE COMPENSATION~ +,ITEM 12.0,(SECURITY OWNERSHIP OF CERTAIN BENEFICIAL~ ,-5--OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER..MATTERS/ITEM 13.7//CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,~ /0!0AND DIRECTOR INDEPENDENCE1ITEM 14..1&PRINCIPAL ACCOUNTANT FEES AND SERVICES~ 12223PART IV~ 34445ITEM 15.25*EXHIBITS AND FINANCIAL STATEMENT SCHEDULES~ 5661. FINANCIAL STATEMENTS~ 67(7 2. FINANCIAL STATEMENT SCHEDULES~ 788 3. EXHIBITS~ 89ITEM 16.9FORM 10-K SUMMARY~ 9::; SIGNATURES~ ;<=$>____________________________1?)Created by Morningstar Document Research.D5 l7uQ/ L5kGl;@0@(http://documentresearch.morningstar.com/H=PF0*8X> @:@@??>>;;33'' l  6o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary CompensationAcquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} U5       CELSION CORP 10-K 03/27/2018 ThermoDox ?3+One unit increase in RFA duration per tumor  / 'volume improved overall survival by 20%   (p=0.017; n=227);  ?0 (More significant differences in subgroup  1 )of patients with RFA burn times per tumor  / 'volume greater than 2.5 minutes per ml; ?.&Cox multiple covariate analysis showed4,overall survival to be significant (p=0.038;!Hazard Ratio = 0.85); and ?1)Burn time per tumor volume did not have a.&significant effect on overall survival.&in single lesion patients treated with RFA only.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8}-`}-X=PF0*8X> @ l  ~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox 4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 6       CELSION CORP 10-K 03/27/2018"Acquisition of EGEN Assets ?.&$12.4 million will become payable upon  / 'achieving certain specified development  0 (milestones relating to an ovarian cancer  3 +study of GEN-1 (formerly known as EGEN-001)  0 (to be conducted by us or our subsidiary;   and ?.&$12.0 million will become payable upon/'achieving certain specified development3+milestones relating to a GEN-1 glioblastoma5-multiforme brain cancer study to be conducted!by us or our subsidiary .$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6lxl!;Yn1%=PF0*8X> @ l  $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 2       CELSION CORP 10-K 03/27/20184 GEN-1 ?.&Loco-regional production of the potent  1 )cytokine IL-12 avoids toxicities and poor  1 )pharmacokinetics associated with systemic  & delivery of recombinant IL-12;     ?0 (Persistent local delivery of IL-12 lasts2*up to one week and dosing can be repeated; and ?0(Ideal for long-term maintenance therapy.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/44X4rN=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/27/20184 GEN-1 ?.&Infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'Changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%Expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:4LZ \ =PF0*8X> @ l  r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} =       CELSION CORP 10-K 03/27/20184 GEN-1 ?)!Open label, 1:1 randomized design     ?/ 'Enrollment up to 90 patients with Stage  2 *III/IV ovarian cancer patients at ten U.S.   centers    ?;3Primary endpoint of improvement in progression-free7/survival (PFS) comparing GEN-1 with neoadjuvant4,chemotherapy versus neoadjuvant chemotherapyalone.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2n9{P,1=PF0*8X> @ l  'ǿ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} : '      CELSION CORP 10-K 03/27/20184 GEN-1 ?3+the GEN-1 Agreement has targeted unit costs  / 'for clinical supplies of GEN-1 that are  4 ,substantially competitive with the Company?s   current suppliers;     ?3 +once approved, the cost structure for GEN-1.&will support rapid market adoption and/'significant gross margins across globalmarkets; ?7/Celsion will provide Hisun a certain percentage.&of China?s commercial unit demand, and4,separately of global commercial unit demand,'subject to regulatory approval; ?2*Hisun and Celsion will commence technology7/transfer activities relating to the manufacture0(of GEN-1, including all studies required&by CFDA for site approval; and ?2*Hisun will collaborate with Celsion around.&the regulatory approval activities for2*GEN-1 with the CFDA. A local China partner-%affords Celsion access to acceleratedDT l/^:U)ga\  !"#$%&  8 0CFDA review and potential regulatory exclusivity!!$!for the approved indication."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xl`T,=PF0*8X> @&&%%$$ l  B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)GEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} U5       CELSION CORP 10-K 03/27/2018]U550 Patient Phase III Global Clinical Trial - Primary Liver Cancer (The OPTIMA Study) ?3+One unit increase in RFA duration per tumor  / 'volume improved overall survival by 20%   (p=0.017; n=227);     ?0 (More significant differences in subgroup  1 )of patients with RFA burn times per tumor/'volume greater than 2.5 minutes per ml; ?.&Cox multiple covariate analysis showed4,overall survival to be significant (p=0.038;!Hazard Ratio = 0.85); and ?1)Burn time per tumor volume did not have a.&significant effect on overall survival.&in single lesion patients treated with RFA only.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0UI=1a=X4\8V)=PF0*8X> @ l  <  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/27/2018GEN-1 OVATION Study ?.&Infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'Changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%Expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: s(@ NP{=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION Study!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} =       CELSION CORP 10-K 03/27/2018GEN-1 OVATION Study ?)!Open label, 1:1 randomized design     ?/ 'Enrollment up to 90 patients with Stage  2 *III/IV ovarian cancer patients at ten U.S.   centers    ?;3Primary endpoint of improvement in progression-free7/survival (PFS) comparing GEN-1 with neoadjuvant4,chemotherapy versus neoadjuvant chemotherapyalone.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2zs- oD u%=PF0*8X> @ l  D     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} = D      CELSION CORP 10-K 03/27/2018kc27 We may not successfully engage in future strategic transactions, which could adversely affect ou ?/'the failure of markets for the products  , $of acquired businesses, technologies  0 (or product lines to develop as expected;     ?1 )uncertainties in identifying and pursuing   acquisition targets; ?-%the challenges in achieving strategic3+objectives, cost savings and other benefits#expected from acquisitions; ?;3the risk that the financial returns on acquisitions2*will not support the expenditures incurred1)to acquire such businesses or the capital7/expenditures needed to develop such businesses; ?1)difficulties in assimilating the acquired2*businesses, technologies or product lines; ?5-the failure to successfully manage additional4,business locations, including the additional.&infrastructure and resources necessary0(to support and integrate such locations;D lG;/#Cu+y!3sOc !"#$%&'()*+,-./0123456789:;<=>?  ?0 (the existence of unknown product defects!!4!,related to acquired businesses, technologies""3"+or product lines that may not be identified##0#(due to the inherent limitations involved$$7$/in the due diligence process of an acquisition;%%%& &?/&'the diversion of management?s attention''%'from other business concerns;((() )?.)&risks associated with entering markets**.*&or conducting operations with which we++3++have no or limited direct prior experience;,,,- -?0-(risks associated with assuming the legal..8.0obligations of acquired businesses, technologies///or product lines;0001 1?11)risks related to the effect that internal2202(control processes of acquired businesses3313)might have on our financial reporting and4434+management?s report on our internal control55!5over financial reporting;6667 7?37+the potential loss of key employees related88,8$to acquired businesses, technologies999or product lines; and:::; ;?2;*the incurrence of significant exit charges<</<'if products or technologies acquired in==/='business combinations are unsuccessful.>>>?D lcuQU KPh+o6x-@ABC@$A____________________________1B)Created by Morningstar Document Research.0C(http://documentresearch.morningstar.com/ <=PF0*8X> @CCBBAA l  1H]$  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully engaThe market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8 1      CELSION CORP 10-K 03/27/2018kcThe market price of our common stock has been, and may continue to be volatile and fluctuate signif ?3+results of preclinical and clinical studies  1 )of our product candidates or those of our    competitors;     ?/ 'regulatory or legal developments in the  4 ,U.S. and other countries, especially changes1)in laws and regulations applicable to ourproduct candidates; ?1)actions taken by regulatory agencies with3+respect to our product candidates, clinical/'studies, manufacturing process or salesand marketing terms; ?.&introductions and announcements of new2*products by us or our competitors, and the7/timing of these introductions or announcements; ?.&announcements by us or our competitors6.of significant acquisitions or other strategic,$transactions or capital commitments; ?/'fluctuations in our quarterly operating/'results or the operating results of ourD lG;/#V2IQ_O !"#$%&'()*+,-./0    competitors;!!!" "?-"%variance in our financial performance##+##from the expectations of investors;$$$% %?/%'changes in the estimation of the future&&,&$size and growth rate of our markets;'''( (?3(+changes in accounting principles or changes))2)*in interpretations of existing principles,**1*)which could affect our financial results;+++,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&@bc?T0$=PF0*8X> @00//.. l  96=  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common !Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 7 9      CELSION CORP 10-K 03/27/2018kcThe market price of our common stock has been, and may continue to be volatile and fluctuate signif ?6.failure of our products to achieve or maintain  0 (market acceptance or commercial success;     ?/ 'conditions and trends in the markets we   serve;    ?-%changes in general economic, industryand market conditions; ?5-success of competitive products and services; ?0(changes in market valuations or earningsof our competitors; ?6.changes in our pricing policies or the pricing$policies of our competitors; ?6.changes in legislation or regulatory policies,practices or actions; ?1)the commencement or outcome of litigation3+involving our company, our general industryor both;DlG;/#`|B[$mIK !"#$%&'()*+,-./012345678  ?2 *recruitment or departure of key personnel;!!!" "?."&changes in our capital structure, such##0#(as future issuances of securities or the$$&$incurrence of additional debt;%%%& &?1&)actual or anticipated changes in earnings''4',estimates or changes in stock market analyst((,($recommendations regarding our common))0)(stock, other comparable companies or our***industry generally;+++, ,?4,,actual or expected sales of our common stock---by our stockholders;.../ /?./&acquisitions and financings, including00!0the EGEN acquisition; and1112 2?/2'the trading volume of our common stock.33345$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6cBB^'zV ^:."=PF0*8X> @887766 l  yL  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/27/2018jbAnti-takeover provisions in our charter documents and Delaware law could prevent or delay a change( For the year ending December 31: Operating   Leases     ~  ~  ~   ~ } ~   ~  ~ ~ .~ ~ .202 3 and beyond~ $Total minimum lease payments~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2H<0$e1q1}U=PF0*8X> @:   l  `  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our ThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0.} $                                CELSION CORP 10-K 03/27/2018)!Market Price for Our Common StockPeriod High Low         % Year Ending December 31, 2018        . &January 1, 2018 through March 26, 2018   ףp= @   Gz@          $ Year Ended December 31, 2017         First Quarter!@Q@Second Quarterףp= @= ףp=@ Third Quarter~ ףp= ?Fourth Quarter= ףp=@Gz?$Year Ended December 31, 2016 First Quarter\(;@Q-@Second QuarterQ8@0@ Third Quarter3@Q0@Fourth Quarter\(\1@= ףp=@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/> 0}qe(Qw9-!=PF0*8X> @   l  xp  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoAcquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} U5       CELSION CORP 10-K 03/27/2018 ThermoDox ?3+One unit increase in RFA duration per tumor  / 'volume improved overall survival by 20%   (p=0.017; n=227);  ?0 (More significant differences in subgroup  1 )of patients with RFA burn times per tumor  / 'volume greater than 2.5 minutes per ml; ?.&Cox multiple covariate analysis showed4,overall survival to be significant (p=0.038;!Hazard Ratio = 0.85); and ?1)Burn time per tumor volume did not have a.&significant effect on overall survival.&in single lesion patients treated with RFA only.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8}-`}-X=PF0*8X> @ l  ~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } } $       CELSION CORP 10-K 03/27/2018"Acquisition of EGEN Assets#Property and equipment, net~ "+ #In-process research and development  ~  - %Other intangible assets (Covenant not  ~ ba   to compete) 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/.Hxl[DM=PF0*8X> @* l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/27/2018&Covenant Not To Compete (CNTC) ?.&Infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'Changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%Expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:th5CEp=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTC51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} =       CELSION CORP 10-K 03/27/2018&Covenant Not To Compete (CNTC) ?)!Open label, 1:1 randomized design     ?/ 'Enrollment up to 90 patients with Stage  2 *III/IV ovarian cancer patients at ten U.S.   centers    ?;3Primary endpoint of improvement in progression-free7/survival (PFS) comparing GEN-1 with neoadjuvant4,chemotherapy versus neoadjuvant chemotherapyalone.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2th"d9j=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/27/2018"51 Contractual Obligations( For the year ending December 31: Operating   Leases     ~  ~  ~   ~ } ~   ~  ~ ~ .~ ~ .2023 and beyond~ $Total minimum lease payments~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2xly9y,=PF0*8X> @:   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $4}        CELSION CORP 10-K 03/27/20181. FINANCIAL STATEMENTS Page REPORTS 0 (Reports of Independent Registered Public F-1 Accounting Firms   FINANCIAL STATEMENTS #Consolidated Balance Sheets F-3-%Consolidated Statements of Operations F-53+ Consolidated Statements of Comprehensive F-6 Loss-%Consolidated Statements of Cash Flows F-70( Consolidated Statements of Changes in F-8Stockholders ? Equity2*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-10$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<{oS4[B! =PF0*8X> @ l  9O  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } 7 9      CELSION CORP 10-K 03/27/2018 3. EXHIBITSEXHIBIT DESCRIPTION NO.   2.1*1 )Asset Purchase Agreement dated as of June   3 +6, 2014, by and between Celsion Corporation   . &and EGEN, Inc., incorporated herein by1)reference to Exhibit 2.1 to the Quarterly2*Report on Form 10-Q of the Company for the$quarter ended June 30, 2014.@0(Certificate of Incorporation of Celsion,4,as amended, incorporated herein by reference1)to Exhibit 3.1 to the Quarterly Report on0(Form 10-Q of the Company for the quarterended June 30, 2004. @.&Certificate of Ownership and Merger of4,Celsion Corporation (a Maryland Corporation)2*into Celsion (Delaware) Corporation (inter6.alia, changing the Company ?s name to ?Celsion-%Corporation? from ?Celsion (Delaware)-%Corporation?), incorporated herein by0(reference to Exhibit 3.1.3 to the Annual2*Report on Form 10-K of the Company for theD l{QB*45{"n*tl !"#$%&'()*+,-./012345678   & year ended September 30, 2000.!!"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***.*&of Incorporation effective October 28,+++.+&2013, incorporated herein by reference,,,4,,to Exhibit 3.1 to the Current Report on Form---5--8-K of the Company filed on October 29, 2013.../ @//'Certificate of Amendment to Certificate00010)of Incorporation effective June 15, 2016,11131+incorporated herein by reference to Exhibit22242,3.1 to the Current Report on Form 8-K of the333(3 Company, filed on June 15, 2016.45$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6kQITL92&=PF0*8X> @Z 887766//))""   l  q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } U5       CELSION CORP 10-K 03/27/2018 3. EXHIBITS @/'Certificate of Amendment to Certificate   1 )of Incorporation, effective May 26, 2017,   3 +incorporated herein by reference to Exhibit   4 ,3.1 to the Current Report on Form 8-K of the   ' Company, filed on May 26, 2017.   @3+Amended and Restated By-laws dated November2*27, 2011, incorporated herein by reference4,to Exhibit 3.1 to the Current Report on Form0(8-K of the Company, filed on December 1,~ n$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4S{6&vh6*=PF0*8X> @* l  eV\o   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ e      CELSION CORP 10-K 03/27/2018 3. EXHIBITSffffff@3+Form of Common Stock Certificate, par value  / '$0.01, incorporated herein by reference  3 +to Exhibit 4.1 to the Annual Report on Form  8 010-K of the Company for the year ended September    30, 2000.  @,$Registration Rights Agreement, dated91June 17, 2010, by and between Celsion Corporation7/and Small Cap Biotech Value, Ltd., incorporated1)herein by reference to Exhibit 4.1 to the1)Current Report on Form 8-K of the Companyfiled on June 18, 2010. 4 .32*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. 4 .41)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. 4 .5,$Registration Rights Agreement, datedDl{2Dh{@(H ` !"#$%&'()*+,-./0123456789:;<=>?  6 .May 26, 2011, by and among Celsion Corporation!!6!.and the purchasers named therein, incorporated""2"*herein by reference to Exhibit 10.2 to the##1#)Current Report on Form 8-K of the Company$$$filed on June 2, 2011.%% &4 .6.&&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.** +4 .7,+$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 Company000filed on July 26, 2011.11 24 .8.2&Form of Common Stock Purchase Warrant,3333+incorporated herein by reference to Exhibit4444,4.1 to the Current Report on Form 8-K of the55'5Company filed on July 26, 2011.66 74 .917)Form of Warrant to Purchase Common Stock,8838+incorporated herein by reference to Exhibit9949,4.2 to the Current Report on Form 8-K of the::':Company filed on July 26, 2011.;; <4 .107</Form Warrant to Purchase Common Stock Purchase,==3=+incorporated herein by reference to Exhibit>>3>+4.1 to the Current Report on Form 8-K filed???on December 6, 2011.D l\o-L4Mw_~;#?I@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@ A4 .11,A$Registration Rights Agreement, datedBB0B(December 1, 2011, by and between CelsionCC5C-Corporation and the purchasers named therein,DD3D+incorporated herein by reference to ExhibitEE1E)10.2 to the Current Report on Form 8-K ofFF.F&the Company filed on December 6, 2011.GG H4 .121H)Warrant to Purchase Stock, dated June 27,II0I(2012, by and between Celsion CorporationJJ3J+and Oxford Finance LLC, incorporated hereinKK4K,by reference to Exhibit 4.1 to the QuarterlyLL2L*Report on Form 10-Q of the Company for theMM$Mquarter ended June 30, 2012.NN O4 .131O)Warrant to Purchase Stock, dated June 27,PP0P(2012, by and between Celsion CorporationQQ3Q+and Horizon Technology Finance Corporation,RR3R+incorporated herein by reference to ExhibitSS0S(4.2 to the Quarterly Report on Form 10-QTT1T)of the Company for the quarter ended JuneUUU 30, 2012.VV W4 .14.W&Form of Common Stock Purchase Warrant,XX3X+incorporated herein by reference to ExhibitYY4Y,4.1 to the Current Report on Form 8-K of theZZ+Z#Company filed on February 26, 2013.[[ \4 .157\/Form of Series A 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 January 21, 2014.D l[ n$ z+M5Tl?'EK`abcd`a$b____________________________1c)Created by Morningstar Document Research.0d(http://documentresearch.morningstar.com/ P=PF0*8X> @\ddccbb__^^]]\\\\ZZYYXXWWWWUUTTSSRRQQPPOOOOMMLLKKJJIIHHHHFFEEDDCCBBAAAA??>>==<<<<::99887777554433222200//..--,,++++))((''&&&&$$##""!!      l  x#?.8@  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ x      CELSION CORP 10-K 03/27/2018 3. EXHIBITS 4 .167/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.   Gz@. &Form of Representative ?s Common Stock-%Purchase Warrant, incorporated herein2*by reference to Exhibit 4.2 to the Current2*Report on Form 8-K of the Company filed onOctober 31, 2017.5-Form of Placement Agent Common Stock PurchaseQ@0(Warrant incorporated herein by reference4,to Exhibit 4.4 to the Current Report on Form2*8-K of the Company filed on July 11, 2017.(\@/'Warrant Agreement to Purchase Shares of1)the Common Stock dated as of November 25,0(2013, by and between Celsion Corporation/'and Hercules Technology Growth Capital,.&Inc., incorporated herein by reference4,to Exhibit 4.2 to the Registration Statement0(on Form S-3 (File No.: 333-193936) filedon February 13, 2014.DM l{/J2W w1{6R !"#$%&'()*+,-./0123456789:;<=>?  !@3!+Registration Agreement dated as of November""4",25, 2013, by and between Celsion Corporation##/#'and Hercules Technology Growth Capital,$$.$&Inc., incorporated herein by reference%%4%,to Exhibit 4.3 to the Registration Statement&&0&(on Form S-3 (File No.: 333-193936) filed'''on February 13, 2014.(()ףp= @.)&Registration Rights Agreement dated as**0*(of June 20, 2014, by and between Celsion++0+(Corporation and Egen, Inc., incorporated,,1,)herein by reference to Exhibit 4.1 to the--4-,Quarterly Report on Form 10-Q of the Company..,.$for the quarter ended June 30, 2014.//0zG@.0&Form of Common Stock Purchase Warrant,1131+incorporated herein by reference to Exhibit2242,4.1 to the Current Report on Form 8-K of the33&3Company filed on May 29, 2015.445Q@.5&Form of Series A Warrant, incorporated6626*by reference to Exhibit 4.1 to the Current7747,report on Form 8-K of the Company filed with88!8the SEC on June 17, 2016.99:(\@.:&Form of Series B Warrant, incorporated;;2;*by reference to Exhibit 4.2 to the Current<<2<*report on Form 8-K of the Company filed on===June 17, 2016.>>?@.?&Form of Series C Warrant, incorporatedDn lOj=T as% @zowwvvuurrqqppoonnnnllkkjjiiiiggffeeddddbbaa``__^^^^\\[[ZZYYYYWWVVUUTTTTRRQQPPOOOOMMLLKKJJIIIIGGFFEEDDDDBBAA@@????==<<;;::::88776655553322110000..--,,++**))))''&&%%$$##""!!!!      l  wU`ks  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ w      CELSION CORP 10-K 03/27/2018 3. EXHIBITSffffff@0(Form of Series DDD Common Stock Purchase  1 )Warrant, incorporated herein by reference  2 *to Exhibit 4.1 to Quarterly Report on Form  1 )10-Q of the Company for the quarter ended   September 30, 2017.  q= ףp@0(Form of Series EEE Common Stock Purchase1)Warrant, incorporated herein by reference4,to Exhibit 4.1 to the Current Report on Form5-8-K of the Company filed on October 31, 2017.10.1***0(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 quarterended 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 on May 16, 2017.10.3***.&Form of Restricted Stock Agreement forD l{5Mkk!O7X  !"#$%&'()*+,-./0123456789:;<=>?  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 September 30, 2006.%%&10.4***0&(Form of Stock Option Grant Agreement for''0'(Celsion Corporation 2004 Stock Incentive((.(&Plan, incorporated herein by reference))/)'to Exhibit 10.2 to the Quarterly Report**3*+on Form 10-Q of the Company for the quarter++!+ended September 30, 2006.,,-10.5***.-&Form of Restricted Stock Agreement for..0.(Celsion Corporation 2007 Stock Incentive//./&Plan, incorporated herein by reference0010)to Exhibit 10.1.5 to the Annual Report on1131+Form 10-K of the Company for the year ended222December 31, 2007.33410.6***04(Form of Stock Option Grant Agreement for5505(Celsion Corporation 2007 Stock Incentive66.6&Plan, incorporated herein by reference7717)to Exhibit 10.1.6 to the Annual Report on8838+Form 10-K of the Company for the year ended999December 31, 2007.::;10.7***0;(Stock Option Agreement effective January<<0<(3, 2007, between Celsion Corporation and==0=(Michael H. Tardugno, incorporated herein>>0>(by reference Exhibit 10.1 to the Current??2?*Report on Form 8-K of the Company filed onD lj{4Sj8W q;#D@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@@January 3, 2007.AAB%@0B(Form Inducement Offer to Exercise CommonCC-C%Stock Purchase Warrants, incorporatedDD2D*herein by reference to exhibit 10.3 to theEE4E,Quarterly Report on Form 10-Q of the CompanyFF1F)for the quarter ended September 30, 2017.GGH%@8H0Form of Warrant Exercise Agreement, incorporatedII2I*herein by reference to Exhibit 10.1 to theJJ1J)Current Report on Form 8-K of the CompanyKKKfiled on June 26, 2017.LLM333333$@8M0Form of Warrant Exercise Agreement, incorporatedNN2N*herein by reference to Exhibit 10.1 to theOO1O)Current Report on Form 8-K of the CompanyPPPfiled on June 23, 2017.QQRQ8$@8R0Form of Warrant Exercise Agreement, incorporatedSS2S*herein by reference to Exhibit 10.1 to theTT1T)Current Report on Form 8-K of the CompanyUUUfiled on June 9, 2017.VVW10.12***2W*Amended and Restated Employment Agreement,XX1X)effective March 30, 2016, between CelsionYY0Y(Corporation and Mr. Michael H. Tardugno,ZZ1Z)incorporated by reference to Exhibit 10.8[[8[0to the Annual Report on Form 10-K of the Company\\ \filed on March 30, 2016.]]^10.13***-^%Employment Offer Letter, entered into__1_)on June 15, 2010, between the Company andD{ ln%:"9J\o%?`abcdefghijklmnopqrstuv``.`&Jeffrey W. Church, incorporated hereinaa3a+by reference to Exhibit 10.1 to the Currentbb2b*Report on Form 8-K of the Company filed oncccJune 18, 2010.dde10.14*4e,Patent License Agreement between the Companyff.f&and Duke University dated November 10,gg.g&1999, incorporated herein by referencehh4h,to Exhibit 10.9 to the Annual Report on Formii8i010-K of the Company for the year ended Septemberjjj 30, 1999.kkl10.15*.l&License Agreement dated July 18, 2003,mm0m(between the Company and Duke University,nn3n+incorporated herein by reference to Exhibitoo2o*10.1 to the Registration Statement on Formpp1p)S-3 (File No. 333-108318) filed on Augustqqq 28, 2003.rs$t____________________________1u)Created by Morningstar Document Research.0v(http://documentresearch.morningstar.com/2g;M x)aUI!=PF0*8X> @rnvvuuttqqppoonnmmlllljjiihhggffeeeeccbbaa``__^^^^\\[[ZZYYXXWWWWUUTTSSRRRRPPOONNMMMMKKJJIIHHHHFFEEDDCCBBBB@@??>>==<<;;;;99887766554444221100//..----++**))((''&&&&$$##""!!      l  t'  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ t      CELSION CORP 10-K 03/27/2018 3. EXHIBITS10.16*91Development, Product Supply and Commercialization  . &Agreement, effective December 5, 2008,  4 ,by and between the Company and Yakult Honsha  3 +Co., Ltd., incorporated herein by reference  0 (to Exhibit 10.15 to the Annual Report on  3 +Form 10-K of the Company for the year endedDecember 31, 2008.10.17*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 Exhibit1)10.1 to the Current Report on Form 8-K of.&the Company filed on January 18, 2011.\(\$@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.zGa$@4,First Amendment to Lease Agreement, executedDr l{,CrZw,F.Sp !"#$%&'()*+,-./0123456789:;<=>?  : 2April 20, 2017, by and between Celsion Corporation!!6!.and Lenox Drive Office Park, LLC, incorporated""2"*herein by reference to Exhibit 10.1 to the##2#*Current Report on Form 10-Q of the Company$$#$filed on November 14, 2017.%%&10.20 *2&*Technology Development Agreement effective''1')as of May 7, 2012, by and between Celsion((5(-Corporation and Zhejiang Hisun Pharmaceutical))2)*Co. Ltd., incorporated herein by reference**/*'to Exhibit 10.2 to the Quarterly Report++3++on Form 10-Q of the Company for the quarter,,,ended June 30, 2012.--.Qk$@/.'Loan and Security Agreement, dated June//3/+27, 2012, by and among Celsion Corporation,0000(Oxford Finance LLC, as collateral agent,1131+and the lenders named therein, incorporated2222*herein by reference to Exhibit 10.3 to the3343,Quarterly Report on Form 10-Q of the Company44,4$for the quarter ended June 30, 2012.556q= ףp$@860Controlled Equity Offering SM Sales Agreement,7767.dated February 1, 2013, by and between Celsion8808(Corporation and Cantor Fitzgerald & Co.,9939+incorporated herein by reference to Exhibit::1:)10.1 to the Current Report on Form 8-K of;;.;&the Company filed on February 1, 2013.<<=(\u$@,=$Securities Purchase Agreement, dated>>/>'February 22, 2013, by and among Celsion??5?-Corporation and the purchasers named therein,D/ lX }e~0^Ffy1y-G/@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@3@+incorporated herein by reference to ExhibitAA1A)10.1 to the Current Report on Form 8-K ofBB/B'the Company filed on February 26, 2013.CCD10.24 *-D%Technology Development Contract datedEE6E.as of January 18, 2013, by and between CelsionFF5F-Corporation and Zhejiang Hisun PharmaceuticalGG2G*Co. Ltd., incorporated herein by referenceHH/H'to Exhibit 10.1 to the Quarterly ReportII3I+on Form 10-Q of the Company for the quarterJJJended March 31, 2013.KKL$@/L'Loan and Security Agreement dated as ofMM1M)November 25, 2013, by and between CelsionNN2N*Corporation and Hercules Technology GrowthOO-O%Capital, Inc., incorporated herein byPP0P(reference to Exhibit 10.28 to the AnnualQQ2Q*Report on Form 10-K of the Company for theRR%Ryear ended December 31, 2013.SSTQ$@.T&Securities Purchase Agreement dated asUU3U+of January 15, 2014, by and between CelsionVV5V-Corporation and the purchasers named therein,WW3W+incorporated herein by reference to ExhibitXX1X)10.1 to the Current Report on Form 8-K ofYY.Y&the Company filed on January 21, 2014.ZZ[ 10.27 ***/['Employment Offer Letter effective as of\\7\/June 2, 2014, between the Company and Khursheed]].]&Anwer incorporated herein by reference^^0^(to Exhibit 10.27 to the Annual Report on__3_+Form 10-K of the Company for the year endedD ldk2Ol2EH`abcdefghijklmnopqrs```December 31, 2014.aab10. 28*2b*Early Access Agreement dated as of Januarycc0c(13, 2015, by and between the Company anddd,d$Impatients N.V., incorporated hereinee5e-by reference to Exhibit 10.1 to the Quarterlyff0f(Report on Form 10-Q/A of the Company forgg)g!the quarter ended March 31, 2015.hhiGz$@.i&Securities Purchase Agreement dated asjj9j1of May 27, 2015, by and among Celsion Corporationkk6k.and the purchasers named therein, incorporatedll2l*herein by reference to Exhibit 10.1 to themm1m)Current Report on Form 8-K of the Companynnnfiled on May 29, 2015.op$q____________________________1r)Created by Morningstar Document Research.0s(http://documentresearch.morningstar.com/,|i8BU=PF0*8X> @Zkssrrqqnnmmllkkjjiiiiggffeeddccbbbb``__^^]]\\[[[[YYXXWWVVUUTTTTRRQQPPOONNMMLLLLJJIIHHGGFFEEDDDDBBAA@@??>>====;;::99887766664433221100//....,,++**))((''&&&&$$##""!!       l  d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5)61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $       CELSION CORP 10-K 03/27/2018 61 SIGNATURESCELSION CORPORATION   Registrant     March 27, 2018 By: /s/ MICHAEL H. TARDUGNO    Michael H. Tardugno   2 *Chairman of the Board, President and Chief Executive Officer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*_hyBU=PF0*8X> @R       l  w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } } $       CELSION CORP 10-K 03/27/2018 61 SIGNATURES March 27, 2018 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/(Ty C=PF0*8X> @* l  -  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ } 2} $ }  -      CELSION CORP 10-K 03/27/2018 61 SIGNATURES NamePosition Date           /s/ MICHAEL H. TARDUGNO 2 *Chairman of the Board, President and Chief  March 27, 2018   Executive Officer (Michael H. Tardugno) % (Principal Executive Officer)  /s/ JEFFREY W. CHURCH1)Senior Vice President and Chief FinancialMarch 27, 2018(Jeffrey W. Church)-%Officer (Principal Financial Officer)!/s/ TIMOTHY J. TUMMINELLO/'Controller and Chief Accounting OfficerMarch 27, 2018(Timothy J. Tumminello)/s/ AUGUSTINE CHOWDirectorMarch 27, 2018(Augustine Chow, Ph.D.)/s/ FREDERICK J. FRITZDirectorMarch 27, 2018(Frederick J. Fritz)/s/ ROBERT W. HOOPERDirectorMarch 27 , 2018 (Robert W. Hooper)/s/ ALBERTO R. MARTINEZDirectorMarch 27, 2018D ly-*KMZcp !"#$%&'()*+, (Alberto Martinez, M.D.)    !!!!!"/s/ DONALD BRAUN""Director""March 27, 2018#(Donald Braun, Ph.D.)####$$$$$%/s/ ANDREAS VOSS%%Director%%March 27, 2018&(Andreas Voss, M.D.)&&&&'''''()$*____________________________1+)Created by Morningstar Document Research.0,(http://documentresearch.morningstar.com/p{S=PF0*8X> @,,++** l  &z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2)Balance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } I;} $ } } $ } y} $ &                                  CELSION CORP 10-K 03/27/2018 Balance Sheet December 31,   201 7   201 6  ASSETS         Current assets:        ! Cash and cash equivalents ~ ^}  ~ * - %Investment securities ? available for  ~ Ҝ   ~ f sale, at fair value1)Accrued interest receivable on investment~ R~ > securities2*Advances and deposits on clinical programs~ q~ q Other current assets ?~ ZTotal current assets~ V~  m91Property and equipment (at cost, less accumulated~ n ~ ?&depreciation and amortization) Other assets:+#In-process research and development~ n~ nmGoodwill~ x~ x$Other intangible assets, net~ b0~ 2o>,$Security deposit on letter of credit ?~  Other assets~ ~ Total other assets~ Ft}~ =+D ly=m4zmC^S4 ! " # $ %   Total assets ~  T   ~ nZ !"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/d\=PF0*8X> @R %%$$##       l  6j   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetIncome StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 8} $ } y} $ } y} $ 6                                  CELSION CORP 10-K 03/27/2018 Balance Sheet December 31,   201 7   201 6 - %LIABILITIES AND STOCKHOLDERS ? EQUITY          Current liabilities:         Accounts payable ? trade ~ ~  ~   ! Other accrued liabilities  ~ .U   ~  'Notes payable - current portion ?~ H*"Deferred revenue ? current portion~ ~ !Total current liabilities~ *fz~ $Earn-out milestone liability~ vJ~  $.&Deferred revenue ? non-current portion~ z~ *" Other liabilities ? non-current~ z`~ Total liabilities~ #~ fg%Commitments and contingencies ? ?Stockholders ? equity:2*Preferred Stock - $0.01 par value (100,000 ? ?.&shares authorized and no shares issued0(or outstanding at December 31, 201 7 and~ D ly=N[D)1 %7m9 ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 3 +Common stock - $0.01 par value (112,500,000  ~     ~ \ 3!+shares authorized; 17,277,299 and 2,230,4524",shares issued at December 31, 2017 and 2016,2#*respectively, and 17,276,965 and 2,230,118/$'shares outstanding at December 31, 2017%and 2016, respectively)"&Additional paid-in capital&&~ &BD&&&~ &*;&,'$Accumulated other comprehensive loss''~ '2a''' '?'( Accumulated deficit((~ ((((~ (Zs(3)+Total stockholders ? equity before treasury))~ )c)))~ )) *stock+++++++++7,/Treasury stock, at cost (334 shares at December,,~ ,,,,~ ,,-31, 2017 and 2016)#.Total stockholders ? equity..~ .]...~ . ./////////30+Total liabilities and stockholders ? equity0~ 0 T 00~ 0nZ012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0e.jM,gxl`8=PF0*8X> @R 5544330000     l  .+1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 8} $ } } $ } } $ .                                  CELSION CORP 10-K 03/27/2018Income StatementYear ended December 31,   201 7   201 6           Licensing revenue ~   ~            Operating expenses:         Research and development~ B~ r|"General and administrative~ zg~ \ Total operating expenses~ ½~  Loss from operations~ Ƙ~ Other income (expense):.&Gain from change in earn-out milestone~ '~  , liability.&I mpairment of in-process research and~ 1f~ &ݧ developmentInvestment income, net~ ~ Interest expense~ Rf~ >Other income (expense)~ z#~ .Total other expense~ B~ ONet loss~ "~ D lv/ew W@:1 ! " # $ % & ' ( ) * + , -          7!/Deemed dividend related to warrant modification!!~ !!!! !?!"""""""""4#,Net loss attributable to common shareholders#~ # ##~ ##$$$$$$$$$4%,Net loss attributable to common shareholders%%(\%%%Hz'%,&$per common share ? basic and diluted'''''''''2(*Weighted average common shares outstanding((~ (*(((~ ()q()? basic and diluted*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ r=PF0*8X> @b --,,++%%%%####     l  VC  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income Statement Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 8} $ }  } $ } U} $                            CELSION CORP 10-K 03/27/2018Income Statement December 31,   201 7   201 6           Net loss ~ "  ~             Changes in:        .&Realized loss on investment securities~ ~ R,$recognized in investment income, net7/Unrealized (loss) gain on investment securities~ 2a~ 3,$ Other comprehensive (loss) income~ 2a~ J<Comprehensive loss~ 2!"~ .$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6?v:p-g4^RF=PF0*8X> @R      l  BZjk  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1)Shareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } @} $ }  } $ } y} $ B                                  CELSION CORP 10-K 03/27/2018 Cash FlowsYear ended December 31,   201 7   201 6 - %Cash flows from operating activities:          Net loss ~ "  ~  , $Non-cash items included in net loss:        % Depreciation and amortization  ~ !   ~ m> 2*Change in fair value of earn-out milestone~ nX~ ? liability-%Impairment of in-process research and~ ϙ~ "X development Stock-based compensation~ vuC~ 9\4,Shares issued to satisfy certain obligations~ Y ?( Shares issued out of treasury ?~ 10(Amortization of deferred finance charges~ (~ q.&and debt discount associated with notepayable*"Amortization of patent license fee ?~ W)!Change in deferred rent liability~ z~ N6.Loss realized on sale of investment securities ?~ R Net changes in:*"Interest receivable on investments~ ~ cOther current assets~ Z~  Accounts payable - trade~ v ~ Deferred revenue~ {~ {D l|5FS,kH!K  ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? ! Other accrued liabilities  ~ ~   ~ Nl" -!%Net cash used in operating activities!!~ !?!!!~ !r6!"""""""""-#%Cash flows from investing activities:########-$% Purchases of investment securities$$~ $b$$$~ $b$5%-Proceeds from sale and maturity of investment%%~ %f%%%~ %6@%& securities/''Refund on security for letter of credit''~ '''' '?'.(& Purchases of property and equipment((~ (n(((~ (f/(0)(Net cash (used in) provided by investing))~ )N a)))~ )))* activities+++++++++-,%Cash flows from financing activities:,,,,,,,,5-- Proceeds from sale of common stock equity,--~ -*E---~ --.net of issuance costs./&Proceeds from exercise of common stock//~ /BM ///~ /'/0warrants*1"Principal payments on note payable11~ 1a111~ 1112)Net cash provided by financing activities22~ 2222~ 2n2333333333=45Increase (d ecrease ) in cash and cash equivalents44~ 4R444~ 4j415) Cash and cash equivalents at beginning55~ 5*555~ 5556 of period27*Cash and cash equivalents at end of period7~ 7^}77~ 7*78888888889Cash paid for:99999999:Interest:~ : q::~ :ޮ:;;;;;;;;;< Income taxes< <$?<< <$?<=>$?____________________________DlwvPqW)r^3"t @@ A 1@)Created by Morningstar Document Research.0A(http://documentresearch.morningstar.com/=PF0*8X> @rAA@@??<<<<::::7777     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ } y} $ } }  $ } y} $ }  } $ } y} $ } } $ } } $ } } $ !!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!! CELSION CORP 10-K 03/27/2018Shareholders' Equity Common Stock   Additional  Treasury StockAccum.     Outstanding               Other   Shares   Amount   Paid in   Shares   Amount   Compr.    Accumulated   Total            Capital           Income   Deficit                                 " Balance at January 1, 2016  ~ e  ~   ~ r19   ~ T  ~ ~  ~   ~ "a  ~ > Net loss~ ~   ~    ~ ~ ~ ~ ~  0(Registered direct common stock offerings~  ~ 6S  ~  n0  ~ ~ ~ ~ ~  .& Conversion of common stock warrants~ ~   ~  F$  ~ ~ ~ ~ ~ ' 1)Realized and unrealized gains and losses,~ ~   ~    ~ ~ ~ J<~ ~ J< &net, on investments securities( Stock-based compensation expense~ ~   ~  YQ  ~ ~ ~ ~ ~ YQ $Issuance of restricted stock~ 6~ j  ~     ~ ~ ~ ~ ~ &  0(Issuance of common stock out of treasury~ O~   ~    ~ ~~ v+O~ ~ Z~ 1 ' Balance at December 31, 2016~ ~ \ ~  *;  ~ :~  $-~ Zs~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<~rLd7%a @                       l  !·R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders Equity2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ } y} $ }  }  $ } } $ } U} $ } } $ }  } $ } } $ } } $ !!!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!!!! CELSION CORP 10-K 03/27/2018Shareholders' Equity Common Stock   Additional  Treasury StockAccum.     Outstanding               Other   Shares   Amount   Paid in   Shares   Amount   Compr.    Accumulated   Total            Capital           Income   Deficit                                 " Balance at January 1, 2017  ~   ~ \  ~ *;   ~ :  ~    $-  ~ Zs  ~   Net loss~ ~   ~    ~ ~ ~ ~ "~ " .&Registered direct and ATM common stock~ U~ t  ~  @  ~ ~ ~ ~ ~ *E  offerings+#Conversion of common stock warrants~ ~ .  ~    ~ ~ ~ ~ ~ BM  4,Shares issued to satisfy certain obligations~ ~ V  ~  D  ~ ~ ~ ~ ~ Y 4, Realized and unrealized gains and losses,~ ~   ~    ~ ~ ~ 2a~ ~ 2a &net, on investments securities( Stock-based compensation expense~ ~   ~  vuC  ~ ~ ~ ~ ~ vuC $Issuance of restricted stock~ v4~   ~  z  ~ ~ ~ ~ ~  /'Modification of warrant exercise prices~ ~   ~  V  ~ ~ ~ ~ ~ V 6. Deemed dividend related to warrant exercise~ ~   ~    ~ ~ ~ ~ ~  price modifications%Effect of reverse stock split~ ~   ~    ~ ~ ~ ~ ~  %Balance at December 31, 201 7~ ~   ~  BD  ~ :~ ~ 2a~ ~ ] $____________________________1)Created by Morningstar Document Research.Djl~rLd7%cNas !0 (http://documentresearch.morningstar.com/H=PF0*8X> @                      l  )\  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8 )      CELSION CORP 10-K 03/27/20182. FINANCIAL CONDITION ?,$the progress of research activities;     ?2 *the number and scope of research programs;     ?0 (the progress of preclinical and clinical   development activities; ?/'the progress of the development efforts4,of parties with whom the Company has entered1)into research and development agreements; ?5-the costs associated with additional clinical%trials of product candidates; ?0(the ability to maintain current research.&and development licensing arrangements5-and to establish new research and development#and licensing arrangements; ?/'the ability to achieve milestones underlicensing arrangements; ?7/the costs involved in prosecuting and enforcing5-patent claims and other intellectual propertyDl|p'CHD 8N* !"#$%&'(    rights; and!!!" "?5"-the costs and timing of regulatory approvals.###$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/&[7+=PF0*8X> @((''&& l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } I"} $ } } $ } }  $ } $} $ } $} $       CELSION CORP 10-K 03/27/20184,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 7  December 31, 201 6   Cost    Fair Value   Cost    Fair Value  Short-term investments                 Certificate of deposit  $?   $?  ~ f  ~ f # Bonds - corporate issuances  ~ ;    ~ Ҝ    ?    ? $ Total short-term investments ~ ;   ~ Ҝ  ~ f  ~ f $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Dh~rfZ*H=PF0*8X> @           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } } $ } }  $ } $} $ } $} $       CELSION CORP 10-K 03/27/20184,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 7  December 31, 201 6   Cost    Fair Value   Cost    Fair Value (  Short-term investment maturities                 Within 3 months  $?   $?  ~ f  ~ f  Between 3-12 months  ~ ;    ~ Ҝ    ?    ?  Total ~ ;   ~ Ҝ  ~ f  ~ f $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*(h~rfZ*>=PF0*8X> @           l  ^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a/} $ } $} $ }  } $                      CELSION CORP 10-K 03/27/20184,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALE 201 7 201 6/ 'Interest and dividends accrued and paid ~   ~ z * " Accretion of investment premium   ?   ~  - %Losses investment maturity and sales,   ?   ~   net Investment income net ~   ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Ih~rfZ}XI=PF0*8X> @J      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $4} $ } } $ }  } $                            CELSION CORP 10-K 03/27/20184,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 7, $Description of Investment Securities   Fair Value    Unrealized         Holding Gains       (Losses)2 *Available for sale (all unrealized holding        0 (gains and losses are less than 12 monthsat date of measurement)2*I nvestments with unrealized gains - Bonds~ ҩ-~ - corporate issuances3+I nvestments with unrealized losses ? Bonds~ ~ JX- corporate issuances Total~ Ҝ~ 2a$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6w~rfZ+9`?&=PF0*8X> @b      l  "l)E*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ "      CELSION CORP 10-K 03/27/2018/'4. FAIR VALUES OF FINANCIAL INSTRUMENTS Total Fair Quoted Prices   Significant   Significant   Value on    In Active   Other    Unobservable   the    Markets For    Observable   Inputs   Balance    Identical   Inputs    (Level 3)   Sheet   Assets/Liabilities    (Level 2)        (Level 1)Assets:     0(Recurring items as of December 31, 201 7     /' Investment securities, available for~ Ҝ~ Ҝ   $?   $? sale     /'Recurring items as of December 31, 2016     /' Investment securities, available for~ f~ f   $?   $? sale      Liabilities:     0(Recurring items as of December 31, 201 7     1) Earn-out milestone liability (Note 12)~ vJ $?   $?  ~ vJ     /'Recurring items as of December 31, 2016     1) Earn-out milestone liability (Note 12)~  $ $?   $?  ~  $$____________________________DOlwk_6 0=rb1>qe !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @:'!!                   l  :  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/27/2018$5. ACQUISITION OF EGEN, INC. ?.&$12.4 million will become payable upon  / 'achieving certain specified development  0 (milestones relating to an ovarian cancer  7 /study of GEN- 1 (formerly known as EGEN- 001 )  0 (to be conducted by us or our subsidiary;   and ?.&$12.0 million will become payable upon/'achieving certain specified development5-milestones relating to a GEN- 1 glioblastoma5-multiforme brain cancer study to be conducted by us or our subsidiary.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6svj5Sf*=PF0*8X> @ l  H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } } $       CELSION CORP 10-K 03/27/2018$5. ACQUISITION OF EGEN, INC.#Property and equipment, net~ "+ #In-process research and development  ~  - %Other Intangible assets (Covenant not  ~ ba   to compete) Goodwill  ~ x   Total assets:  ~ " 0(Accounts payable and accrued liabilities~ " Net assets acquired~ B:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.JvjYBK=PF0*8X> @* l  !V  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } $       CELSION CORP 10-K 03/27/2018$5. ACQUISITION OF EGEN, INC. Year Ended    December 31,~  ~   ~   ~   ~   ~   ~   ~   Total~ b0$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,d|vj0L =PF0*8X> @:   l  e  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ }  } $ }  } $                        CELSION CORP 10-K 03/27/2018!6. PROPERTY AND EQUIPMENTYear Ended December 31,   201 7   201 6 / 'Machinery and equipment (5-7 year life) ~ ^W  ~ 2 1 ) Furniture and fixtures (3-5 year life)  ~ .   ~   1 ) Leasehold improvements (5-7 year life)  ~ w   ~ w    ~ ^   ~ ʡ 6.Less accumulated depreciation and amortization~ R~  f Total~ n ~ ?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.ym&I i=PF0*8X> @R      l  u  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ } y} $ } y} $                         CELSION CORP 10-K 03/27/2018$7. OTHER ACCRUED LIABILITIESYear Ended December 31,   201 7   201 6 6 .Amounts due to contract research organizations ~ v(  ~ D (  and other contractual agreements, $Accrued payroll and related benefits  ~ fL   ~ A ! Accrued professional fees  ~ r'   ~ z )!Accrued interest on notes payable~ ~ [ Other~ ~ 8 Total~ .U~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0vj#?e{S=PF0*8X> @R      l  υ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ } $} $} $ }  } $                        CELSION CORP 10-K 03/27/20189. INCOME TAXES 20 17 20 16          Federal statutory rate  ~  %  ~  %/ 'State taxes, net of federal tax benefit   ffffff@    @ 6 . Change in v aluation allowance and deferred   LD    C  rate change, netEffective tax rate ? % ? %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.ww%X=PF0*8X> @* l  9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } y} $ } y} $                        CELSION CORP 10-K 03/27/20189. INCOME TAXES December 31,   201 7  ~           (  Net operating loss carryforwards ~ ]  ~ bKd & Other Deferred tax assets, net  ~ bf   ~ B  Subtotal  ~ bh   ~   Valuation allowance~ <~ b Total deferred tax asset $- $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.Jw;tns=PF0*8X> @R      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ }  } $ }  } $       CELSION CORP 10-K 03/27/20189. INCOME TAXES$Approximate Amount of UnusedExpiration During% Operating Loss Carry Forwards    Year End ing  (in $000s)~ o   ~   ~ ~   ~   ~    ~  ~ s~ ~ ~ ~ !~ ~ ~ ~ *N~ ~ :A~ ~ F~ ~ e~ ~ jM~ ~ ~_~ ~ 0~ ~ : $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B XwSKC;3yQ=PF0*8X> @R      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)Equity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } <(} $ }  }  $ } U} $       CELSION CORP 10-K 03/27/201880Equity Awards Issued to Consultants for Services Stock OptionsNumberWeighted  Weighted   Aggregate    Outstanding   Average   Average    Intrinsic       Exercise    Remaining   Value       Price    Contractual            Term (years)' Outstanding at January 1, 201 6  ~ Vo    \(T@         Granted~ Gz2@     Canceled or expired~ ^fffff`@     )!Outstanding at December 31, 201 6~ 6 QN@     Granted~ r Q@     Canceled or expired~ Tp= ׃d@     ( Outstanding at December 31, 2017~ J*Gz$@   !@   $-     )!Exercisable at December 31, 201 7~ Nq= ף-@   333333!@   $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:lznbV*+\ >YMA=PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0.} $ }  } $                             CELSION CORP 10-K 03/27/201880Equity Awards Issued to Consultants for ServicesRestricted StockNumberWeighted    Outstanding   Average        Grant Da te        Fair Value. &Non-vested stock awards outstanding at  ~ Z   {GzB@  January 1, 201 6Granted~ }R6@Vested and issued~ rGz8@.&Non-vested stock awards outstanding at~ J(\µB@December 31, 2016Vested and issued~ E@ Forfeited~ Gz.:@.&Non-vested stock awards outstanding at~  $-December 31, 2017$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8znbV+?#;=PF0*8X> @      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a} U}  } $ }  }  $ } U} $ }  } $ } U} $       CELSION CORP 10-K 03/27/201880Equity Awards Issued to Consultants for ServicesOptions OutstandingOptions Exercisable           Range of   Number   Weighted   Weighted   Number   Weighted   Weighted  Exercise       Average   Average       Average   Average Prices        Remaining   Exercise        Remaining   Exercise           Contractual   Price        Contractual   Price  Term    Term  (in years)    (in years)      Up to~ ~ r   "@   Q@~ B"@Q@~  to~ ~ *s  @   p= ף8@~ fa@Q9@ Above $ 35.00~   @   = ףpJ@~ @)\(J@~ J*     ~ N$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8znbV@@N=PF0*8X> @2&                       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } U}  } $} $ } } U} } $                       CELSION CORP 10-K 03/27/201880Equity Awards Issued to Consultants for ServicesYear Ended December 31,    201 7  ~   Risk-free interest rate   Gz@ to (\@ %   ? to Q? % Expected volatility   V@~  333333Y@ %   U@~  fffffFV@ % Expected life (in years)   ~ *    ~ *  Expected forfeiture rate   ~  %   ~  %Expected dividend yield~  % ~    %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|znbVv3'=PF0*8X> @b          l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3)F28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ } I} $       CELSION CORP 10-K 03/27/2018( 12. EARN-OUT MILESTONE LIABILITY"Balance at January 1, 2016~ Q1 )Non-cash loss from the adjustment for the  ~ ? 1 )change in fair value included in 2016 net loss$ Balance at December 31, 2016  ~  $ 1 )Non-cash gain from the adjustment for the  ~ nX 1)change in fair value included in 2017 net loss$Balance at December 31, 2017~ vJ$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0G~rf~nxh=PF0*8X> @* l  !"f#  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 2} $ }  } $ !                                  CELSION CORP 10-K 03/27/2018F-28 13. WARRANTSWarrants Number ofWeighted   Warrants   Average   Issued   Exercise       Price/ 'Warrants outstanding at January 1, 2016  ~ ^  ~ \ 2 * Warrants issued in connection with 2016  ~ . F   = ףp=@ equity transactions&Warrants exercised during 2016~ Q?$Warrants expired during 2016~ *(\'j@1)Warrants outstanding at December 31, 2016~ ZZHz"@2* Warrants issued in connection with 2017~ 2t3Gz @equity transactions&Warrants exercised during 2017~ /Q@$Warrants expired during 2017~ O(\e@1)Warrants outstanding at December 31, 2017~ )\(@0(Aggregate intrinsic value of outstanding~ ^D&warrants at December 31, 201 7.&Weighted average remaining contractual @ terms (years)$____________________________1)Created by Morningstar Document Research.DG lu[w@+zpsS 0 (http://documentresearch.morningstar.com/H=PF0*8X> @         l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} :       CELSION CORP 10-K 03/27/2018;316. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS ?80Hisun will provide the Company with non-dilutive  . &financing and the investment necessary  . &to complete the technology transfer of  - %its proprietary manufacturing process  2 *and the production of registration batches   for the China territory; ?/'Hisun will collaborate with the Company3+around the clinical and regulatory approval2*activities for ThermoDox? as well as other0(liposomal formations with the CHINA FDA; and ?4,Hisun will be granted a right of first offer.&for a commercial license to ThermoDox?3+for the sale and distribution of ThermoDox?in the China territory.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@3Dwk_Sj!s'>X =PF0*8X> @ l  '>GOI  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} : '      CELSION CORP 10-K 03/27/2018;316. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS ?5-the GEN- 1 Agreement has targeted unit costs  1 )for clinical supplies of GEN- 1 that are  4 ,substantially competitive with the Company?s   current suppliers;     ?4 ,once approved, the cost structure for GEN- 1.&will support rapid market adoption and/'significant gross margins across globalmarkets; ?7/Celsion will provide Hisun a certain percentage.&of China?s commercial unit demand, and4,separately of global commercial unit demand,'subject to regulatory approval; ?2*Hisun and Celsion will commence technology7/transfer activities relating to the manufacture1)of GEN- 1, including all studies required&by CFDA for site approval; and ?2*Hisun will collaborate with Celsion around.&the regulatory approval activities for4,GEN- 1 with the CFDA. A local China partner-%affords Celsion access to acceleratedD lwk_Sd. o$60N* !"#$%&  8 0CFDA review and potential regulatory exclusivity!!$!for the approved indication."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/xl`T,=PF0*8X> @&&%%$$ l  W  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/27/20182*17. CONTINGENT LIABILITIES AND COMMITMENTS( For the year ending December 31: Operating   Leases     ~  ~  ~   ~ } ~   ~  ~ ~ .~ ~ .202 3 and beyond~ $Total minimum lease payments~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2th\i)i=PF0*8X> @:   l  d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND CSECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } -       CELSION CORP 10-K 03/27/2018E=SECURITIES EXCHANGE ACT OF 1934 RULES 13a-14(a) AND 15d-14(a)Date: March 27, 2018/s/ Michael H. Tardugno  Michael H. Tardugno - %President and Chief Executive Officer    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&w@maUIznF=PF0*8X> @ l  Xp  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } 1       CELSION CORP 10-K 03/27/2018E=SECURITIES EXCHANGE ACT OF 1934 RULES 13a-14(a) AND 15d-14(a)Date: March 27, 2018/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/&~@maUIsg?=PF0*8X> @ l  n|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1) 906 OF THE SA (1)U } } -       CELSION CORP 10-K 03/27/2018/' 906 OF THE SARBANES-OXLEY ACT OF 2002March 27, 2018/s/ Michael H. Tardugno  Michael H. Tardugno - %President and Chief Executive Officer    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&[@wk_"b=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??BCELSION CORPORATIONNoneTABLE OF CONTENTSSummary Compensation ThermoDox Acquisition of EGEN Assets4 GEN1 4 GEN1 (1) 4 GEN1 (2) 4 GEN1 (3)!550 Patient Phase III Global ClGEN1 OVATION StudyGEN1 OVATION St (1)!27 We may not successfully enga!The market price of our common The market price of our (1)!Antitakeover provisions in our !Market Price for Our Common StoThermoDox (1)Acquisition of EGEN (1)Covenant Not To Compete CNTCCovenant Not To Compete (1)51 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)3 EXHIBITS (5) 61 SIGNATURES61 SIGNATURES (1)61 SIGNATURES (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)2 FINANCIAL CONDITION!3 SHORT TERM INVESTMENTS AVAILA3 SHORT TERM INVESTMENTS (1)3 SHORT TERM INVESTMENTS (2)3 SHORT TERM INVESTMENTS (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIES9 INCOME TAXES9 INCOME TAXES (1)9 INCOME TAXES (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITYF28 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!SECURITIES EXCHANGE ACT OF 1934SECURITIES EXCHANGE ACT (1)! 906 OF THE SARBANESOXLEY ACT U } } 1       CELSION CORP 10-K 03/27/2018/' 906 OF THE SARBANES-OXLEY ACT OF 2002March 27, 2018/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{|}~