ࡱ> |}~ l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~"؈ ~~3#܈ ~~<#܈ ~~4#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33GCELSION CORPORATION^TABLE OF CONTENTS:Summary Compensation!BVAcquisition of EGEN Assets fGEN1&v5 Top Line Translational Data f&ڊGEN1 Avastin Doxil Combination &We may not successfully engage #We may not successfully (1)&PThe market price of our common #The market price of our (1)&SMarket Price for Our Common Sto ThermoDox (Acquisition of EGEN$Acquisition of (1)#2Covenant Not To Compete CNTC!B46 Contractual ObligationsO46 Contractual (1)\1 FINANCIAL STATEMENTSl 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)Z3 EXHIBITS (3)j3 EXHIBITS (4) 650 51 52 53 54 SIGNATURES+50 51 52 53 54 (1)850 51 52 53 54 (2)jP Balance SheethBalance Sheet (1)Income StatementΣIncome Statemen (1)( Cash FlowsQShareholders Equity7Shareholders Eq (1)&$3 SHORT TERM INVESTMENTS AVAILA$k53 SHORT TERM INVESTMENTS (1)$F3 SHORT TERM INVESTMENTS (2)$rT3 SHORT TERM INVESTMENTS (3)&f4 FAIR VALUES OF FINANCIAL INST Â5 ACQUISITION OF EGEN INC!B5 ACQUISITION OF EGEN (1)!W5 ACQUISITION OF EGEN (2)#F18 6 PROPERTY AND EQUIPMENT"7 OTHER ACCRUED LIABILITIES Hercules Credit Agreement%F20 9 INCOME TAXESF20 9 INCOME TA (1)lF20 9 INCOME TA (2)& Equity Awards Issued to Consult#$Equity Awards Issued to (1)#6Equity Awards Issued to (2)#xTEquity Awards Issued to (3)%d12 EARNOUT MILESTONE LIABILITYs 13 WARRANTS&{16 TECHNOLOGY DEVELOPMENT AND L%i16 TECHNOLOGY DEVELOPMENT (1)&17 CONTINGENT LIABILITIES AND C&bSubsidiaries of Celsion Corpora&2AS ADOPTED PURSUANT TO 302 OF T" AS ADOPTED PURSUANT TO (1)& 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1) l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=TABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } +       CELSION CORP 10-K 03/24/2017CELSION 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/,d|s=H+=PF0*8X> @ l  Hv-7#:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } 6}  H      CELSION CORP 10-K 03/24/2017TABLE OF CONTENTSPART I ITEM 1. BUSINESS~  " FORWARD-LOOKING STATEMENTS~   OVERVIEW~   , $THERMODOX? (DOXORUBICIN ENCAPSULATED~ " # IN HEAT-ACTIVATED LIPOSOME)/'THERMODOX? IN RELATION TO PRIMARY LIVER~ "CANCERLiver Cancer Overview~ "Celsion?s Approach~ "5-Phase I Clinical Trial ? Primary Liver Cancer~ "3+701 Patient Phase III Global Clinical Trial~ &/'? Primary Liver Cancer (The HEAT Study)3+550 Patient Phase III Global Clinical Trial~ &1)? Primary Liver Cancer (The OPTIMA Study)/'THERMODOX? IN RELATION TO CANCERS OTHER~ *!THAN PRIMARY LIVER CANCER3+Recurrent Chest Wall Breast Cancer Overview~ *Celsion?s Approach~ */'Breast Cancer Clinical Phase I/II Trial~ *? The DIGNITY Study/'Breast Cancer Clinical Phase II Trial ?~ .The Euro- DIGNITY Study/'GEN-1 (IL-12 DNA PLASMID VECTOR ENCASED~ .DluW"j7Yv%fe !"#$%&'()*+,-./0123456789:;<=>? * "IN A NANOPARTICLE DELIVERY SYSTEM)!!Ovarian Cancer Overview~ !2""Celsion?s Approach~ "2##GEN-1 OVATION Study~ #2$2$*GEN-1 + Avastin? + Doxil Combination Study~ $:%,%$in Platinum Resistant Ovarian Cancer&%&THERAPLAS TECHNOLOGY PLATFORM~ &>'.'&BUSINESS STRATEGY AND DEVELOPMENT PLAN~ 'B(-(%RESEARCH AND DEVELOPMENT EXPENDITURES~ (B))GOVERNMENT REGULATION~ )F*'*Regulation in the United States~ *F+ +Research and Development~ +F,,Orphan Drug Designation~ ,J- -Hatch-Waxman Exclusivity~ -J.".Post-Approval Requirements~ .J/%/Regulation outside of the U.S~ /J0 0MANUFACTURING AND SUPPLY~ 0N11SALES AND MARKETING~ 1N2'2PRODUCT LIABILITY AND INSURANCE~ 2N33 COMPETITION~ 3N44 ThermoDox?~ 4R5 5GEN-1~ 5R66INTELLECTUAL PROPERTY~ 6R77Licenses~ 7R8&8Patents and Proprietary Rights~ 8R99 EMPLOYEES~ 9V::COMPANY INFORMATION~ :V;;AVAILABLE INFORMATION~ ;V<'<LIQUIDITY AND CAPITAL RESOURCES~ <V== RECENT EVENTS~ =V>ITEM 1A.> RISK FACTORS~ >Z?ITEM 1B.!?UNRESOLVED STAFF COMMENTS~ ?D lQIw2y9: sE^@ABCDEFG@ITEM 2.@ PROPERTIES~ @AITEM 3.ALEGAL PROCEEDINGS~ ABITEM 4.BMINE SAFETY DISCLOSURES~ BCD$E____________________________1F)Created by Morningstar Document Research.0G(http://documentresearch.morningstar.com/G;/=PF0*8X> @"GGFFEE l  AK/UU  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y } :} $ A      CELSION CORP 10-K 03/24/2017Summary 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.,$MANAGEMENT?S DISCUSSION AND ANALYSIS~ 80OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSOverview~ Significant Events~ 2*Critical Accounting Policies and Estimates~ Results Of Operations~ 2*Financial Condition, Liquidity and Capital~  ResourcesContractual Obligations~ &Off-Balance Sheet Arrangements~ ITEM 7A.0(QUANTITATIVE AND QUALITATIVE DISCLOSURES~ ABOUT MARKET RISKDl~rS/h!m?AX !"#$%&'()*+,-./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~ $%ITEM 9B.%OTHER INFORMATION~ %&&&'PART III'((()ITEM 10.3)+DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE~ )** GOVERNANCE+ITEM 11.+EXECUTIVE COMPENSATION~ +,ITEM 12.0,(SECURITY OWNERSHIP OF CERTAIN BENEFICIAL~ ,-5--OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER..MATTERS/ITEM 13.7//CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,~ /0!0AND DIRECTOR INDEPENDENCE1ITEM 14..1&PRINCIPAL ACCOUNTANT FEES AND SERVICES~ 12223PART IV34445ITEM 15.25*EXHIBITS AND FINANCIAL STATEMENT SCHEDULES5661. FINANCIAL STATEMENTS~ 67(7 2. FINANCIAL STATEMENT SCHEDULES~ 788 3. EXHIBITS~ 89ITEM 16.9FORM 10-K SUMMARY~ 9::; SIGNATURES~ ;<=$>____________________________1?)Created by Morningstar Document Research.D/ l7uQ1 N7oKrA@0@(http://documentresearch.morningstar.com/H=PF0*8X> @:@@??>>;;33'' l  Pf  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 6       CELSION CORP 10-K 03/24/2017"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;    ?.&$12.0 million will become payable upon/'achieving certain specified development3+milestones relating to a GEN-1 glioblastoma5-multiforme brain cancer study to be conducted$by us or our subsidiary; and ?3+up to $6.0 million will become payable upon.&achieving certain specified milestones/'relating to the TheraSilence technology.&acquired from EGEN in the acquisition.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0xl!;5U1L=PF0*8X> @ l   v  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN Assets!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/24/2017 GEN-1 ?.&infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:6N\ ^ =PF0*8X> @ l  'Zk  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} : '      CELSION CORP 10-K 03/24/2017<45 Top Line Translational Data from First Two Cohorts ?3+the GEN-1 Agreement has targeted unit costs  / 'for clinical supplies of GEN-1 that are  4 ,substantially competitive with the Company?s   current suppliers;     ?3 +once approved, the cost structure for GEN-1.&will support rapid market adoption and/'significant gross margins across globalmarkets; ?7/Celsion will provide Hisun a certain percentage.&of China?s commercial unit demand, and4,separately of global commercial unit demand,'subject to regulatory approval; ?2*Hisun and Celsion will commence technology7/transfer activities relating to the manufacture0(of GEN-1, including all studies required&by CFDA for site approval; and ?2*Hisun will collaborate with Celsion around.&the regulatory approval activities for2*GEN-1 with the CFDA. A local China partner-%affords Celsion access to acceleratedD lvj^Rg1 s(:4S/ !"#$%&  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  g  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } y#} $ } 0} $ }        CELSION CORP 10-K 03/24/2017VNGEN-1 + Avastin + Doxil Combination Study in Platinum Resistant Ovarian CancerReduction in MeanPercentage of Animals   Tumor Burden vs.   with No Visible   Untreated Control   Tumors GEN-1 Immunotherapy 84%  50% Avastin? + LD Doxil? 77%  12% Avastin? + HD Doxil? 88%  50%$Avastin? + LD Doxil? + GEN-1 > 98% 75%$Avastin? + HD Doxil? + GEN-1 > 98% 75%%LD - Low Dose; HD - High Dose$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2O\PD8{?g&=PF0*8X> @B    l  *  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $} = *      CELSION CORP 10-K 03/24/2017kcWe may not successfully engage in future strategic transactions, which could adversely affect our a ?/'the failure of markets for the products , $of acquired businesses, technologies 0 (or product lines to develop as expected;   ?1 )uncertainties in identifying and pursuing  acquisition targets; ?-%the challenges in achieving strategic3+objectives, cost savings and other benefits#expected from acquisitions; ?;3the risk that the financial returns on acquisitions2*will not support the expenditures incurred1)to acquire such businesses or the capital7/expenditures needed to develop such businesses; ?1)difficulties in assimilating the acquired2*businesses, technologies or product lines; ?5-the failure to successfully manage additional4,business locations, including the additional.&infrastructure and resources necessary0(to support and integrate such locations;DmlG;/#gO Ho.K3k !"#$%&'() ?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;%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/{8q=PF0*8X> @))(('' l  %  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage !The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $} : %      CELSION CORP 10-K 03/24/2017kcWe may not successfully engage in future strategic transactions, which could adversely affect our a ?/'the diversion of management?s attention % from other business concerns;   ?. &risks associated with entering markets . &or conducting operations with which we 3 +have no or limited direct prior experience; ?0(risks associated with assuming the legal80obligations of acquired businesses, technologiesor product lines; ?1)risks related to the effect that internal0(control processes of acquired businesses1)might have on our financial reporting and3+management?s report on our internal control!over financial reporting; ?3+the potential loss of key employees related,$to acquired businesses, technologiesor product lines; and ?2*the incurrence of significant exit charges/'if products or technologies acquired in/'business combinations are unsuccessful.DalG;/#W}5 r1a% !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##"" l  )  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8 )      CELSION CORP 10-K 03/24/2017kcThe 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 !"#$%&'(    competitors;!!!" "?-"%variance in our financial performance##+##from the expectations of investors;$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/Bb=PF0*8X> @((''&& l  ?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common !Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 7 ?      CELSION CORP 10-K 03/24/2017kcThe market price of our common stock has been, and may continue to be volatile and fluctuate signif ?/'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; ?6.failure of our products to achieve or maintain0(market acceptance or commercial success; ?/'conditions and trends in the markets weserve; ?-%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;DlG;/#k\ M#{W]9 !"#$%&'()*+,-./0123456789:;<=>  ?6 .changes in legislation or regulatory policies,!!!practices or actions;"""# #?1#)the commencement or outcome of litigation$$3$+involving our company, our general industry%%%or both;&&&' '?2'*recruitment or departure of key personnel;((() )?.)&changes in our capital structure, such**0*(as future issuances of securities or the++&+incurrence of additional debt;,,,- -?1-)actual or anticipated changes in earnings..4.,estimates or changes in stock market analyst//,/$recommendations regarding our common0000(stock, other comparable companies or our111industry generally;2223 3?43,actual or expected sales of our common stock444by our stockholders;5556 6?.6&acquisitions and financings, including77!7the EGEN acquisition; and8889 9?/9'the trading volume of our common stock.:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/BT XtPcYU fn1 =PF0*8X> @>>==<< l  _  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1) ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $4} $                              CELSION CORP 10-K 03/24/2017)!Market Price for Our Common Stock High Low% YEAR ENDED DECEMBER 31, 201 6                 2 *First Quarter (January 1 ? March 31, 2016)  ףp= ?   p= ף? 0 (Second Quarter (April 1 ? June 30, 2016)  {Gz?   ? 3 +Third Quarter (July 1 ? September 30, 2016)  q= ףp?   333333? 0(Fourth Quarter (October 1 ? December 31,Gz?333333?~ $YEAR ENDED DECEMBER 31, 20152*First Quarter (January 1 ? March 31, 2015)RQ @333333@0(Second Quarter (April 1 ? June 30, 2015)(\ @\(\@3+Third Quarter (July 1 ? September 30, 2015)(\@Gz?0(Fourth Quarter (October 1 ? December 31,{Gz@(\?~ ~$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: }qe xvdQ=PF0*8X> @       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common StoAcquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 6       CELSION CORP 10-K 03/24/2017 ThermoDox ?3+World Conference on Interventional Oncology    in May 2013;     ?- %European Conference on Interventional  - %Oncology in June 2013 and April 2014;    ?.&International Liver Cancer Association-%(ILCA) Annual Conference in September2013, 2014 and 2015; ?-%American Society of Clinical Oncology*"50 th Annual Meeting in June 2014; ?5-Asian Conference on Tumor Ablation in October2015 and 2016; and ?0(Asia-Pacific Primary Liver Cancer Expert$(APPLE) Meeting in July 2016$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BX}-F"V2~,E9-=PF0*8X> @ l   $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } U} I;       CELSION CORP 10-K 03/24/2017Acquisition of EGEN a).&$12.4 million will become payable upon  / 'achieving certain specified development  0 (milestones relating to an ovarian cancer  5 -study of GEN-1 to be conducted by the Company   or its subsidiary;    b).&$12.0 million will become payable upon/'achieving certain specified development-%milestones relating to a glioblastoma.&multiforme brain cancer study of GEN-191to be conducted by the Company or its subsidiary; and c)3+Up to $6.0 million will become payable upon.&achieving certain specified milestones1)relating to the TheraSilence? technology.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0s'? Nf?3'=PF0*8X> @ l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENCovenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } } $       CELSION CORP 10-K 03/24/2017Acquisition of EGEN#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/.>s&bKT=PF0*8X> @* l  A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} 8       CELSION CORP 10-K 03/24/2017&Covenant Not To Compete (CNTC) ?.&infiltration of cancer fighting T-cell  0 (lymphocytes into primary tumor and tumor  - %microenvironment including peritoneal  7 /cavity, which is the primary site of metastasis   of ovarian cancer;    ?/'changes in local and systemic levels of0(immuno-stimulatory and immunosuppressive3+cytokines associated with tumor suppression%and growth, respectively; and ?-%expression profile of a comprehensive6.panel of immune related genes in pre-treatment'and GEN-1-treated tumor tissue.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:th5CEp=PF0*8X> @ l  O  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/24/2017"46 Contractual Obligations( For the year ending December 31: Operating   Leases~  ~  ~   ~ j  2019 and beyond   ? $ Total minimum lease payments ~ j} $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Jhxlu)=PF0*8X> @:    l  \  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } $} $       CELSION CORP 10-K 03/24/2017"46 Contractual Obligations( For the year ending December 31: Principle   Payments     ~  ~ H  2018 and thereafter   ?  Total ~ H $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*5hxlw'=PF0*8X> @:    l  'l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1) 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 2} $ } } $       CELSION CORP 10-K 03/24/20171. 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-50(Consolidated Statements of Comprehensive F-6 Loss-%Consolidated Statements of Cash Flows F-7-%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/</{o;]sX8j=PF0*8X> @ l  >W})  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ >      CELSION CORP 10-K 03/24/2017 3. EXHIBITS EXHIBIT NO. DESCRIPTION   2.1*1 )Asset Purchase Agreement dated as of June 3 +6, 2014, by and between Celsion Corporation . &and EGEN, Inc., incorporated herein by 1 )reference to Exhibit 2.1 to the Quarterly2*Report on Form 10-Q of the Company for the$quarter ended June 30, 2014.@0(Certificate of Incorporation of Celsion,4,as amended, incorporated herein by reference1)to Exhibit 3.1 to the Quarterly Report on0(Form 10-Q of the Company for the quarterended June 30, 2004. @.&Certificate of Ownership and Merger of4,Celsion Corporation (a Maryland Corporation)2*into Celsion (Delaware) Corporation (inter5-alia, changing the Company?s name to ?Celsion-%Corporation? from ?Celsion (Delaware)-%Corporation?), incorporated herein by0(reference to Exhibit 3.1.3 to the Annual2*Report on Form 10-K of the Company for the&year ended September 30, 2000.Dpl{M5o.ZiQ B !"#$%&'()*+,-./0123456789:;<=  !ffffff @3!+Certificate of Amendment of the Certificate"/"'of Incorporation effective and filed on#/#'February 27, 2006, incorporated therein$2$*by reference to Exhibit 3.1 to the Current%2%*Report on Form 8-K of the Company filed on&&March 1, 2006.''(333333 @/('Certificate of Amendment to Certificate).)&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 Certificate/1/)of Incorporation effective June 15, 2016,030+incorporated herein by reference to Exhibit141,3.1 to the Current Report on Form 8-K of the2(2 Company, filed on June 15, 2016.334 @34+Amended and Restated By-laws dated November525*27, 2011, incorporated herein by reference646,to Exhibit 3.1 to the Current Report on Form707(8-K of the Company, filed on December 1,8~ 8n9:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@D`!w_Zw4Wwk_7=PF0*8X> @j-==<<;;8877665544221100//..,,++**))((&&%%$$##""!!     l  thv  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } U} I; t      CELSION CORP 10-K 03/24/2017 3. EXHIBITS ffffff@3 +Form of Common Stock Certificate, par value / '$0.01, incorporated herein by reference 3 +to Exhibit 4.1 to the Annual Report on Form 8 010-K of the Company for the year ended September   30, 2000.333333@,$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.@2*Form of Common Stock Warrant, incorporated1)herein by reference to Exhibit 4.2 to the1)Current Report on Form 8-K of the Company"filed on January 18, 2011.@1)Form of Common Stock Warrant incorporated1)herein by reference to Exhibit 4.1 to the1)Current Report on Form 8-K of the Companyfiled on June 2, 2011.D'l{cP/E|4h! !"#$%&'()*+,-./0123456789:;<=>? ffffff@, $Registration Rights Agreement, dated!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.&&'@.'&Form of Common Stock Purchase Warrant,(3(+incorporated herein by reference to Exhibit)4),4.1 to the Current Report on Form 8-K of the*&*Company filed on July 6, 2011.++,333333@,,$Registration Rights Agreement, dated-9-1July 25, 2011, by and between Celsion Corporation.6..and the purchasers named therein, incorporated/2/*herein by reference to Exhibit 10.3 to the010)Current Report on Form 8-K of the Company11filed on July 26, 2011.223@.3&Form of Common Stock Purchase Warrant,434+incorporated herein by reference to Exhibit545,4.1 to the Current Report on Form 8-K of the6'6Company filed on July 26, 2011.778ffffff@18)Form of Warrant to Purchase Common Stock,939+incorporated herein by reference to Exhibit:4:,4.2 to the Current Report on Form 8-K of the;';Company filed on July 26, 2011.<<=q= ףp@7=/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 filedD lx2i%hP=q.T~1@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@on December 6, 2011.AAB{Gz@,B$Registration Rights Agreement, datedC0C(December 1, 2011, by and between CelsionD5D-Corporation and the purchasers named therein,E3E+incorporated herein by reference to ExhibitF1F)10.2 to the Current Report on Form 8-K ofG.G&the Company filed on December 6, 2011.HHIQ@1I)Warrant to Purchase Stock, dated June 27,J0J(2012, by and between Celsion CorporationK.K&and Oxford Financing LLC, incorporatedL1L)herein by reference to Exhibit 4.1 to theM4M,Quarterly Report on Form 10-Q of the CompanyN,N$for the quarter ended June 30, 2012.OOP(\@1P)Warrant to Purchase Stock, dated June 27,Q0Q(2012, by and between Celsion CorporationR3R+and Horizon Technology Finance Corporation,S3S+incorporated herein by reference to ExhibitT0T(4.2 to the Quarterly Report on Form 10-QU1U)of the Company for the quarter ended JuneVV 30, 2012.WWX@.X&Form of Common Stock Purchase Warrant,Y3Y+incorporated herein by reference to ExhibitZ4Z,4.1 to the Current Report on Form 8-K of the[+[#Company filed on February 26, 2013.\\]p= ף@7]/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 theD lz:q3V}6p0r/K`abcdefghijklmnopqrs`*`"Company filed on January 21, 2014.aabGz@7b/Form of Series B Common Stock Purchase Warrant,c3c+incorporated herein by reference to Exhibitd4d,4.2 to the Current Report on Form 8-K of thee*e"Company filed on January 21, 2014.ffgQ@/g'Warrant Agreement to Purchase Shares ofh1h)the Common Stock dated as of November 25,i0i(2013, by and between Celsion Corporationj/j'and Hercules Technology Growth Capital,k.k&Inc., incorporated herein by referencel4l,to Exhibit 4.2 to the Registration Statementm0m(on Form S-3 (File No.: 333-193936) filednnon February 13, 2014.op$q____________________________1r)Created by Morningstar Document Research.0s(http://documentresearch.morningstar.com/,|aCE|T=PF0*8X> @ssrrqq l  q`*/  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ q      CELSION CORP 10-K 03/24/2017 3. EXHIBITS(\@3+Registration Agreement dated as of November 4 ,25, 2013, by and between Celsion Corporation / 'and Hercules Technology Growth Capital, . &Inc., incorporated herein by reference 4 ,to Exhibit 4.3 to the Registration Statement 0 (on Form S-3 (File No.: 333-193936) filedon February 13, 2014.@.&Registration Rights Agreement dated as0(of June 20, 2014, by and between Celsion0(Corporation and Egen, Inc., incorporated1)herein by reference to Exhibit 4.1 to the4,Quarterly Report on Form 10-Q of the Company,$for the quarter ended June 30, 2014.ףp= @.&Form of Common Stock Purchase Warrant,3+incorporated herein by reference to Exhibit4,4.1 to the Current Report on Form 8-K of the&Company filed on May 29, 2015.zG@.&Form of Series A Warrant, incorporated2*by reference to Exhibit 4.1 to the Current4,report on Form 8-K of the Company filed with!the SEC on June 17, 2016.Dl{2q-d$_# @ l !"#$%&'()*+,-./0123456789:;<=>?  !Q@.!&Form of Series B Warrant, incorporated"2"*by reference to Exhibit 4.2 to the Current#4#,report on Form 8-K of the Company filed with$!$the SEC on June 17, 2016.%%&(\@.&&Form of Series C Warrant, incorporated'2'*by reference to Exhibit 4.3 to the Current(4(,report on Form 8-K of the Company filed with)!)the SEC on June 17, 2016.**+@.+&Form of Series D Warrant, incorporated,2,*by reference to Exhibit 4.4 to the Current-4-,report on Form 8-K of the Company filed with.!.the SEC on June 17, 2016.//010.1***00(Celsion Corporation 2004 Stock Incentive1.1&Plan, incorporated herein by reference2/2'to Exhibit 10.1 to the Quarterly Report333+on Form 10-Q of the Company for the quarter44ended June 30, 2004.55610.2***06(Celsion Corporation 2007 Stock Incentive7-7%Plan, as amended, incorporated herein838+by reference to Exhibit 10.1 to the Current929*Report on Form 8-K of the Company filed on::June 19, 2015.;;<10.3***.<&Form of Restricted Stock Agreement for=0=(Celsion Corporation 2004 Stock Incentive>.>&Plan, incorporated herein by reference?/?'to Exhibit 10.1 to the Quarterly ReportDe lbO ~j)f@4(=PF0*8X> @Xppoonnkkjjiihhggffddccbbaa``__]]\\[[ZZYYXXVVUUTTSSRRQQOONNMMLLKKJJHHGGFFEEDDCCAA@@??>>==<<::998877664433221100..--,,++))((''&&$$##""!!      l  "m  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ "      CELSION CORP 10-K 03/24/2017 3. EXHIBITS10.10*4,Patent License Agreement between the Company . &and Duke University dated November 10, . &1999, incorporated herein by reference 4 ,to Exhibit 10.9 to the Annual Report on Form 8 010-K of the Company for the year ended September   30, 1999.10.11*.&License Agreement dated July 18, 2003,0(between the Company and Duke University,3+incorporated herein by reference to Exhibit1)10.1 to the Registration Statement of the.&Company (File No. 333-108318) filed onAugust 28, 2003.10.12*91Development, Product Supply and Commercialization.&Agreement, effective December 5, 2008,4,by and between the Company and Yakult Honsha3+Co., Ltd., incorporated herein by reference0(to Exhibit 10.15 to the Annual Report on3+Form 10-K of the Company for the year endedDecember 31, 2008.$____________________________Dl{1q)l)jV !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!       l  ee  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ e      CELSION CORP 10-K 03/24/2017 3. EXHIBITS 10.13*5-The 2nd Amendment To The Development, Product  / 'Supply And Commercialization Agreement,  1 )effective January 7, 2011, by and between  / 'the Company and Yakult Honsha Co., Ltd.  3 +incorporated herein by reference to Exhibit  1 )10.1 to the Current Report on Form 8-K of.&the Company filed on January 18, 2011.HzG$@0(Lease Agreement, executed July 21, 2011,.&by and between Celsion Corporation and/'Brandywine Operating Partnership, L.P.,3+incorporated herein by reference to Exhibit1)10.1 to the Current Report on Form 8-K of+#the Company filed on July 25, 2011.10.15*2*Technology Development Agreement effective1)as of May 7, 2012, by and between Celsion5-Corporation and Zhejiang Hisun Pharmaceutical2*Co. Ltd., incorporated herein by reference/'to Exhibit 10.2 to the Quarterly Report3+on Form 10-Q of the Company for the quarterended June 30, 2012.RQ$@/'Loan and Security Agreement, dated JuneDl l{.KeMr#w/Cq !"#$%&'()*+,-./0123456789:;<=>?  3 +27, 2012, by and among Celsion Corporation,!!0!(Oxford Finance LLC, as collateral agent,""3"+and the lenders named therein, incorporated##2#*herein by reference to Exhibit 10.3 to the$$4$,Quarterly Report on Form 10-Q of the Company%%,%$for the quarter ended June 30, 2012.&&'ףp= W$@6'.Controlled Equity Offering SM Sales Agreement,((6(.dated February 1, 2013, by and between Celsion))0)(Corporation and Cantor Fitzgerald & Co.,**3*+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.--.\(\$@,.$Securities Purchase Agreement, dated////'February 22, 2013, by and among Celsion0050-Corporation and the purchasers named therein,1131+incorporated herein by reference to Exhibit2212)10.1 to the Current Report on Form 8-K of33/3'the Company filed on February 26, 2013.44510.19*-5%Technology Development Contract dated6666.as of January 18, 2013, by and between Celsion7757-Corporation and Zhejiang Hisun Pharmaceutical8828*Co. Ltd., incorporated herein by reference99/9'to Exhibit 10.1 to the Quarterly Report::3:+on Form 10-Q of the Company for the quarter;;;ended March 31, 2013.<<=ffffff$@/='Loan and Security Agreement dated as of>>1>)November 25, 2013, by and between Celsion??2?*Corporation and Hercules Technology GrowthD, lex0z.H0RkSmL4@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@-@%Capital, Inc., incorporated herein byAA0A(reference to Exhibit 10.28 to the AnnualBB2B*Report on Form 10-K of the Company for theCC%Cyear ended December 31, 2013.DDEQk$@.E&Securities Purchase Agreement dated asFF3F+of January 15, 2014, by and between CelsionGG5G-Corporation and the purchasers named therein,HH3H+incorporated herein by reference to ExhibitII1I)10.1 to the Current Report on Form 8-K ofJJ.J&the Company filed on January 21, 2014.KKL10.22***/L'Employment Offer Letter effective as ofMM7M/June 2, 2014, between the Company and KhursheedNN.N&Anwer incorporated herein by referenceOO0O(to Exhibit 10.27 to the Annual Report onPP3P+Form 10-K of the Company for the year endedQQQDecember 31, 2014.RRS10.23*2S*Early Access Agreement dated as of JanuaryTT0T(13, 2015, by and between the Company andUU,U$Impatients N.V., incorporated hereinVV5V-by reference to Exhibit 10.1 to the QuarterlyWW0W(Report on Form 10-Q/A of the Company forXX)X!the quarter ended March 31, 2015.YYZ{Gz$@.Z&Securities Purchase Agreement dated as[[9[1of May 27, 2015, by and among Celsion Corporation\\6\.and the purchasers named therein, incorporated]]2]*herein by reference to Exhibit 10.1 to the^^1^)Current Report on Form 8-K of the Company___filed on May 29, 2015.D lk1DHc-9W?T`abcd`a$b____________________________1c)Created by Morningstar Document Research.0d(http://documentresearch.morningstar.com/ P=PF0*8X> @\ddccbb__^^]]\\[[ZZZZXXWWVVUUTTSSSSQQPPOONNMMLLLLJJIIHHGGFFEEEECCBBAA@@??>>====;;::99887766555533221100//....,,++**))((''''%%$$##""!!       l  9+  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } } 2} $       CELSION CORP 10-K 03/24/2017!50 51 52 53 54 SIGNATURESCELSION CORPORATION   Registrant    March 24, 2017 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/.ym6Urf>=PF0*8X> @*  l  7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } } } $       CELSION CORP 10-K 03/24/2017!50 51 52 53 54 SIGNATURESMarch 24, 2017 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/(TymR" =PF0*8X> @ l  ,KO  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1) 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ } 2} $ }  ,      CELSION CORP 10-K 03/24/2017!50 51 52 53 54 SIGNATURES NamePosition Date           /s/ MICHAEL H. TARDUGNO 2 *Chairman of the Board, President and Chief  March 24, 2017   Executive Officer (Michael H. Tardugno) % (Principal Executive Officer)  /s/ JEFFREY W. CHURCH1)Senior Vice President and Chief FinancialMarch 24, 2017(Jeffrey W. Church)-%Officer (Principal Financial Officer)!/s/ TIMOTHY J. TUMMINELLO/'Controller and Chief Accounting OfficerMarch 24, 2017(Timothy J. Tumminello)/s/ AUGUSTINE CHOWDirectorMarch 24, 2017(Augustine Chow, Ph.D.)/s/ FREDERICK J. FRITZDirectorMarch 24, 2017(Frederick J. Fritz)/s/ ROBERT W. HOOPERDirectorMarch 24, 2017 (Robert W. Hooper)/s/ ALBERTO R. MARTINEZDirectorMarch 24, 2017D lym!{?{ANWe !"#$%&'()*+ (Alberto Martinez, M.D.)    !!!!!"/s/ DONALD BRAUN""Director""March 24, 2017#(Donald Braun, Ph.D.)####$$$$$%/s/ ANDREAS VOSS%%Director%%March 24, 2017&(Andreas Voss, M.D.)&&&&'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/p=PF0*8X> @++**)) l  &fPh  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2)Balance 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } I;} $ } y} $ } } $ &                                  CELSION CORP 10-K 03/24/2017 Balance Sheet December 31,   201 6   201 5  ASSETS         Current assets:        ! Cash and cash equivalents ~ *  ~ 5 - %Investment securities ? available for  ~ f   ~ J, sale, at fair value1)Accrued interest receivable on investment~ >~  securities2*Advances and deposits on clinical programs~ q~ qOther current assets~ Z~ > Total current assets~  m~ 91Property and equipment (at cost, less accumulated~ ?~ b-4&depreciation and Amortization) Other assets:+#In-process research and development~ nm~ J$Other intangible assets, net~ 2o>~ aGoodwill~ x~ x,$Security deposit on letter of credit~ ~  Other assets~ ~ Total other assets~ =+~ gD ly=m4|oE`A5 ! " # $ %   Total assets ~ nZ  ~ t  !"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/d\=PF0*8X> @R %%$$##       l  47  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetIncome 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } =} $ } y} $ } y} $ 4                                  CELSION CORP 10-K 03/24/2017 Balance Sheet December 31,   201 6   201 5 , $LIABILITIES AND STOCKHOLDERS? EQUITY         Current liabilities:         Accounts payable ? trade ~    ~ N ! Other accrued liabilities  ~    ~ f,u 'Notes payable - current portion~ H~ ң*"Deferred revenue ? current portion~ ~ !Total current liabilities~ ~ 9$Earn-out milestone liability~  $~ Q*"Note payable ? non-current portion ?~  o.&Deferred revenue ? non-current portion~ ~ 'Other liabilities ? non-current~ ~ Total liabilities~ fg~ 6%Commitments and contingencies ? ?Stockholders? equity:2*Preferred Stock - $0.01 par value (100,000 ? ?.&shares authorized and no shares issued/'or outstanding at December 31, 2016 and2015, respectively)3+Common stock - $0.01 par value (112,500,000~ ~ GD ly=O_G,4 *=X ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 ,shares authorized; 31,226,336 and 23,395,2113!+shares issued at December 31, 2016 and 20158"0and 31,221,657 and 23,319,287 shares outstanding4#,at December 31, 2016 and 2015, respectively)"$Additional paid-in capital$$~ $L;$$$~ $.0$9$,%$Accumulated other comprehensive loss% %?%%%~ %%&Accumulated deficit&&~ &Zs&&&~ &"a&2'*Total stockholders? equity before treasury''~ ''''~ '0' (stock)))))))))1*)Treasury stock, at cost (4,679 and 75,924**~ ****~ *~*;+3shares at December 31, 2016 and 2015, respectively)",Total stockholders? equity,,~ , ,,,~ ,>,---------2.*Total liabilities and stockholders? equity.~ .nZ..~ .t ./0$1____________________________12)Created by Morningstar Document Research.03(http://documentresearch.morningstar.com/,|U r" =PF0*8X> @332211....%%     l  +d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } } $ } } $ +                                  CELSION CORP 10-K 03/24/2017Income StatementYear ended December 31,   201 6   201 5           Licensing revenue ~   ~            Operating expenses:         Research and development~ r|~ ~"General and administrative~ \~ " Total operating expenses~  ~ Loss from operations~ ~ ޜOther income (expense):.&Gain (loss) from valuation of earn-out~  ,~ jEmilestone liability3+Loss from impairment of in-process research~ &ݧ ?and development3+Loss from valuation of common stock warrant ?~  C liabilityInvestment income, net~ ~ Interest expense~ >~  *Other income (expense)~ .~ Total other expense~ O~ xD| lv/ew I.y ! " # $ % & ' ( ) *          !Net loss!~ !!!~ !!"""""""""5#-Net loss per common share ? basic and diluted##333333###{Gz#$$$$$$$$$2%*Weighted average common shares outstanding%%~ %>F0%%%~ %_3%&? basic and diluted'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/c4;5 =PF0*8X> @b **))((####!!!!     l  ]  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income Statement 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } U} $ }  } $                            CELSION CORP 10-K 03/24/2017Income Statement December 31,   201 6   201 5           Net loss ~   ~             Changes in:        5-Realized loss (gain) on investment securities~ R~ ,$recognized in investment income, net0(Unrealized gain on investment securities~ 3~ Z"Other comprehensive income~ J<~ :Comprehensive loss~ .~ ӥ$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/65v:p-`>h\P(=PF0*8X> @R      l  C}  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1)Shareholders 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 6} $ } y} $ }  } $ C                                  CELSION CORP 10-K 03/24/2017 Cash FlowsYear ended December 31,   201 6   201 5 - %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~ ?~  liability-%Impairment of in-process research and~ "X ? development4,Change in fair value of common stock warrant ?~  liability Stock-based compensation~ 9\~ Np%Shares issued out of treasury~ 1~ *K0(Amortization of deferred finance charges~ q~ .&and debt discount associated with notepayable*"Amortization of patent license fee~ W~ 2u)!Change in deferred rent liability~ N~ :.2*Loss (gain) realized on sale of investment~ R~  securitiesNet changes in:*"Interest receivable on investments~ c~ 0 Other current assets~ ~  D l|5FV/o7; ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ?  Accounts payable  ~    ~ F !Deferred revenue!!~ !{!!!~ !{!!"Other accrued liabilities""~ "Nl""""~ "?"-#%Net cash used in operating activities##~ #r6###~ #v#$$$$$$$$$-%%Cash flows from investing activities:%%%%%%%%*&"Purchases of investment securities&&~ &b&&&~ &&&5'-Proceeds from sale and maturity of investment''~ '6@'''~ 'fR7'( securities/)'Refund on security for letter of credit)) )?)))~ )B )+*#Purchases of property and equipment**~ *f/***~ *S*1+)Net cash provided by investing activities++~ +)+++~ +Vd-+,,,,,,,,,--%Cash flows from financing activities:--------2.*Proceeds from sale of common stock equity,..~ ....~ .1./net of issuance costs.0&Proceeds from exercise of common stock00~ 0'000 0?01warrants*2"Principal payments on note payable22~ 2222~ 2 213)Net cash provided by financing activities33~ 3n333~ 3(3444444444.5&D ecrease in cash and cash equivalents55~ 5j555~ 5^'/5.6&Cash and cash equivalents at beginning66~ 65666~ 6X67 of period28*Cash and cash equivalents at end of period8~ 8*88~ 858999999999:Cash paid for:::::::::;Interest;~ ;ޮ;;~ ;8;<<<<<<<<<= Income taxes= =$?== =$?=>?DlwvS wrG&}RP#=q @ A B $@____________________________1A)Created by Morningstar Document Research.0B(http://documentresearch.morningstar.com/ (=PF0*8X> @rBBAA@@====;;;;8888     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $4} $ } } $ }  }  $ } y} $ }  } $ }  } $ }  } $ } } $ } } $ !!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!! CELSION CORP 10-K 03/24/2017Shareholders' Equity Common Stock   Additional  Treasury StockAccum.     Outstanding               Other   Shares   Amount   Paid in   Shares   Amount   Compr.    Accumulated   Total            Capital           Income   Deficit                                 # Balance at January 1, 201 5  ~ .  ~ BD   ~ >6   ~   ~ ~  ~   ~ j}  ~  Net loss~ ~   ~    ~ ~ ~ ~ ~  .&Registered Direct and ATM common stock~ bj~   ~  0  ~ ~ ~ ~ ~ 1  offerings3+Expiration of reset provision of the common~ ~   ~    ~ ~ ~ ~ ~  0(stock warrants issued in connection with'the November 2013 Hercules Loan0(Unrealized gain on investment securities~ ~   ~    ~ ~ ~ :~ ~ : ( Stock-based compensation expense~ ~   ~  o  ~ ~ ~ ~ ~ o $Issuance of restricted stock~ ~ 2  ~  D  ~ ~ ~ ~ ~ F 0(Issuance of common stock out of treasury~ I~   ~    ~ r~ )~ ~ *~ *K %Balance at December 31, 201 5~ K~ G ~  .0$9  ~ R~ ~~ ~ "a~ > $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@GD~rLd7$bMR'c+z=PF0*8X> @                       l  !#  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders Equity!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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ } } $ }  }  $ } y} $ }  } $ } y} $ } } $ } } $ } } $ !!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!! CELSION CORP 10-K 03/24/2017Shareholders' Equity Common Stock   Additional  Treasury StockAccum.     Outstanding               Other   Shares   Amount   Paid in   Shares   Amount   Compr.    Accumulated   Total            Capital           Income   Deficit                                 # Balance at January 1, 201 6  ~ K  ~ G  ~ .0$9   ~ R  ~ ~  ~   ~ "a  ~ > Net loss~ ~   ~    ~ ~ ~ ~ ~  0(Registered Direct common stock offerings~ >~ ʌ  ~    ~ ~ ~ ~ ~  +#Conversion of common stock warrants~ BB~ '  ~    ~ ~ ~ ~ ~ ' 1)Realized and unrealized gains and losses,~ ~   ~    ~ ~ ~ J<~ ~ J< &net, on investments securities( Stock-based compensation expense~ ~   ~  YQ  ~ ~ ~ ~ ~ YQ $Issuance of restricted stock~ ڸ~   ~  b   ~ ~ ~ ~ ~ &  0(Issuance of common stock out of treasury~ 6Y~   ~    ~ Φ~ v+O~ ~ Z~ 1 %Balance at December 31, 201 6~ fq~  ~  L;  ~ I~  $-~ Zs~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<~rLd7$`>z =PF0*8X> @                       l  t4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)3 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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } I"} $ } $} $ } $}  $ } y} $ } y} $       CELSION CORP 10-K 03/24/20174,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 6  December 31, 201 5   Cost    Fair Value   Cost    Fair Value  Short-term investments                 Certificate of deposit ~ f  ~ f  ~ $  ~ j$ # Bonds - corporate issuances   ?    ?   ~ pn   ~ Fn $ Total short-term investments ~ f  ~ f  ~ h  ~ J, $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Dh~rfZ*H=PF0*8X> @           l  !E  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (2) Balance SheetBalance Sheet (1)Income StatementIncome Statemen (1) Cash FlowsShareholders EquityShareholders Eq (1)!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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } $} $ } $}  $ } $} $ } $} $       CELSION CORP 10-K 03/24/20174,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 6  December 31, 201 5   Cost    Fair Value   Cost    Fair Value (  Short-term investment maturities                 Within 3 months ~ f  ~ f  ~ h  ~ J,  Between 3-12 months   ?    ?    ?    ?  Total ~ f  ~ f  ~ h  ~ J, $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*&h~rfZ*>=PF0*8X> @           l  S  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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 (3)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a/} $ }  } $ } I} $                      CELSION CORP 10-K 03/24/20174,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALE 201 6 201 5/ 'Interest and dividends accrued and paid ~ z  ~ J_  ' Accretion of investment premium  ~    ~ *~ - %(Losses) gains on investment maturity  ~    ~ "  and sales, net Investment income net ~   ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Sh~rfZ}Y?=PF0*8X> @J      l  3e  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)!4 FAIR VALUES OF FINANCIAL INST5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 2} $ } y} $ }  } $                              CELSION CORP 10-K 03/24/20174,3. SHORT TERM INVESTMENTS AVAILABLE FOR SALEDecember 31, 201 5, $Description of Investment Securities   Fair Value    Unrealized         Holding Gains       (Losses)2 *Available for sale (all unrealized holding        0 (gains and losses are less than 12 monthsat date of measurement).&Short-term investments with unrealized~ b~ b'gains ? Certificates of deposit.&Short-term investments with unrealized~  ?~  ( losses ? Certificates of deposit.&Short-term investments with unrealized~ Fn~ R,$losses ? Bonds - corporate issuances Total~ J,~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:q~rfZ+9d9wTH<=PF0*8X> @b      l  "e>  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)5 ACQUISITION OF EGEN INC5 ACQUISITION OF EGEN (1)5 ACQUISITION OF EGEN (2)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a/} $ "      CELSION CORP 10-K 03/24/2017/'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:     /'Recurring items as of December 31, 2016     ,$Investment securities, available for~ f~ f   $?   $? sale     /'Recurring items as of December 31, 2015     ,$Investment securities, available for~ J,~ J,   $?   $? sale      Liabilities:     /'Recurring items as of December 31, 2016     .&Earn-out milestone liability (Note 12)~  $ $?   $?  ~  $     /'Recurring items as of December 31, 2015     .&Earn-out milestone liability (Note 12)~ Q $?   $?  ~ Q$____________________________DAlwk_64Ayi @:'!!                   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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 (1)5 ACQUISITION OF EGEN (2)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} I;       CELSION CORP 10-K 03/24/2017$5. ACQUISITION OF EGEN, INC. ?.&$12.4 million will become payable upon  / 'achieving certain specified development  0 (milestones relating to an ovarian cancer  5 -study of GEN-1 to be conducted by the Company   or its subsidiary;    ?.&$12.0 million will become payable upon/'achieving certain specified development-%milestones relating to a glioblastoma.&multiforme brain cancer study of GEN-191to be conducted by the Company or its subsidiary; and ?3+Up to $6.0 million will become payable upon.&achieving certain specified milestones1)relating to the TheraSilence? technology.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0vj7G_8z-!=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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 (2)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0} $ } } $       CELSION CORP 10-K 03/24/2017$5. ACQUISITION OF EGEN, INC.#Property and equipment, net~ "+ #In-process research and development  ~  - %Other Intangible assets (Covenant not  ~ ba   to compete) Goodwill  ~ x   Total assets:  ~ " 0(Accounts payable and accrued liabilities~ "Net assets acquired~ B:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.GvjYBK=PF0*8X> @* l  B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } $       CELSION CORP 10-K 03/24/2017$5. ACQUISITION OF EGEN, INC. Year Ended    December 31,~  ~   ~   ~   ~   ~   ~   ~   ~ ~  Total~ 2o>$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.vj0L }U=PF0*8X> @:   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ }  } $ }  } $                        CELSION CORP 10-K 03/24/2017&F-18 6. PROPERTY AND EQUIPMENT#Year E nded December 31,   201 6   201 5 / 'Machinery and equipment (5-7 year life) ~ 2  ~ Vf . &Furniture and fixtures (3-5 year life)  ~     ~  . &Leasehold improvements (5-7 year life)  ~ w   ~ w    ~ ʡ   ~ .ѱ 6.Less accumulated depreciation and amortization~  f~ 6\ Total~ ?~ b-4$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.th@i=PF0*8X> @R      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENTHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 7} $ } y} $ }  } $                         CELSION CORP 10-K 03/24/2017$7. OTHER ACCRUED LIABILITIES#Year E nded December 31,  ~   ~ ~ 6 .Amounts due to contract research organizations ~ D  ~ ~" (  and other contractual agreements, $Accrued payroll and related benefits  ~ A   ~ 9 ! Accrued professional fees  ~ z   ~ { )!Accrued interest on notes payable~ [~  Other~ 8~ r4 Total~ ~ f,u$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0vjAg}U=PF0*8X> @R      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ } $} $       CELSION CORP 10-K 03/24/2017!Hercules Credit Agreement As of    December 31,~  ~ H  2018 and thereafter   ?  Total ~ H  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tym8MA5 =PF0*8X> @:    l  a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } a/} $ }  } $} $ }  } $                        CELSION CORP 10-K 03/24/2017F-20 9. INCOME TAXES~ ~ ~          Federal statutory rate  ~  %  ~  %/ 'State taxes, net of federal tax benefit   @    @ , $Recapture of alternative minimum tax   ?    ?  Valuation allowance   C    C Effective tax rate ? % ? %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.~r&j|pd<=PF0*8X> @* l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } <(} $ }  } $ }  } $                        CELSION CORP 10-K 03/24/2017F-20 9. INCOME TAXES December 31,  In thousands ~   ~ ~          ) !Net operating loss carry forwards ~ b  ~ ^  Deferred tax assets, net  ~ &   ~ fM  Subtotal  ~ F   ~ z Valuation allowance~ ~ T Total deferred tax asset $- $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.S~r6fej=PF0*8X> @R      l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ }  } $ }  } $       CELSION CORP 10-K 03/24/2017F-20 9. INCOME TAXES$Approximate Amount of UnusedExpiration During% Operating Loss Carry Forwards    Year Ended  (in $000s)~ o   ~   ~ ~   ~   ~    ~  ~ s~ ~ ~ ~ !~ ~ ~ ~ *N~ ~ :A~ ~ F~ ~ e~ ~ jM~ ~ O~ ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ D~r PH@80=PF0*8X> @R      l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)Equity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ } y} $ }  }  $ } U} $       CELSION CORP 10-K 03/24/201780Equity 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, 2015  ~ }j   @         Granted~ J93@     Canceled or expired~ = ףp=@     ( Outstanding at December 31, 2015~ (\@     Granted~ .3p= ף?     Canceled or expired~ Qk#@     ( Outstanding at December 31, 2016~ = ףp=@   @   $-     ( Exercisable at December 31, 2016~ 5\(\@   @   $-$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:znbV*,Qj =PF0*8X> @         l  6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 0.} $ }  } $} $ }  } $                             CELSION CORP 10-K 03/24/201780Equity Awards Issued to Consultants for ServicesRestricted StockNumberWeighted    Outstanding   Average       Exercise       Price. &Non-vested stock awards outstanding at  ~ m   (\ @  January 1, 2015Granted~ f@Vested and issued~ B%(\@.&Non-vested stock awards outstanding at~ Q@December 31, 2015Granted~ Gz?Vested and issued~ *GQ?.&Non-vested stock awards outstanding at~  *\(\@December 31, 2016$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8znbV.G,,=PF0*8X> @b       l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } U}  } $ } y}  $ } U} $ }  } $ } U} $       CELSION CORP 10-K 03/24/201780Equity Awards Issued to Consultants for ServicesOptions OutstandingOptions Exercisable Range of   Number   Weighted   Weighted   Number   Weighted   Weighted  Exercise Prices       Average   Average       Average   Average          Remaining Contractual   Exercise       Remaining Contractual   Exercise          Term   Price       Term   Price           (in years)            (in years)     ~  toQ@~ A_  !@   RQ?~ \4!@{Gz?~  to(\@~ _6  @   {Gz@~ {4@Q @~  to{G)@~ N ~     p= ף%@~ N~ p= ף%@~ 6 to= ףp3@~ bl  333333 @   zGa,@~ bl333333 @zGa,@ Above $20.00~ C  333333?   8@~ C333333?8@~      ~ 5$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8$znbVm;)uM=PF0*8X> @2&                       l  ^d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } $ }  } U}  } $} $ } } U} } $                       CELSION CORP 10-K 03/24/201780Equity Awards Issued to Consultants for ServicesYear Ended December 31,   201 6    201 5  Risk-free interest rate  ? to Q? %    Q? to q= ףp@ % Expected volatility  U@~  fffffFV@ %    9W@~  fffffZ@ % Expected life (in years)   ~ *      ~ *  Expected forfeiture rate   ~  %     ~  %Expected dividend yield~  %  ~    %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,E|znbVg=PF0*8X> @2      l  ir  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ }  } $       CELSION CORP 10-K 03/24/2017( 12. EARN-OUT MILESTONE LIABILITY"Balance at January 1, 2015~ zA1 )Non-cash loss from the adjustment for the  ~  1 )change in fair value included in 2015 net loss$ Balance at December 31, 2015 ~ Q 1 )Non-cash gain from the adjustment for the  ~ ? 1)change in fair value included in 2016 net loss$Balance at December 31, 2016~  $$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0;~rf~n t&=PF0*8X> @2  l   Z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (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!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } 1} $ } y} U} $                                  CELSION CORP 10-K 03/24/2017 13. WARRANTSWarrants Number ofWeighted   Warrants   Average   Issued   Exercise       Price/ 'Warrants outstanding at January 1, 2015  ~ o5   \(\ @ . &Warrants issued in connection with the  ~ w   @ #May 2015 equity transaction$Warrants expired during 2015~ SQ@1)Warrants outstanding at December 31, 2015~ Ng{Gz@.&Warrants issued in connection with the~ q= ףp? 2016 equity transactions&Warrants exercised during 2016~ ½{Gz?$Warrants expired during 2016~ WzG-@1)Warrants outstanding at December 31, 2016~ .zGz?0(Aggregate intrinsic value of outstanding~ — %warrants at December 31, 2016.&Weighted average remaining contractual(\ @~  terms (years)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D lz `x? vakB<#=PF0*8X> @        l  ̘  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} :       CELSION CORP 10-K 03/24/2017;316. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS ?80Hisun will provide the Company with non-dilutive  . &financing and the investment necessary  . &to complete the technology transfer of  - %its proprietary manufacturing process  2 *and the production of registration batches   for the China territory; ?/'Hisun will collaborate with the Company3+around the clinical and regulatory approval2*activities for ThermoDox? as well as other0(liposomal formations with the CHINA FDA; and ?4,Hisun will be granted a right of first offer.&for a commercial license to ThermoDox?3+for the sale and distribution of ThermoDox?in the China territory.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@3Dwk_Sj!s'>X =PF0*8X> @ l  '   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } $ } $} : '      CELSION CORP 10-K 03/24/2017;316. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS ?3+the GEN-1 Agreement has targeted unit costs  / 'for clinical supplies of GEN-1 that are  4 ,substantially competitive with the Company?s   current suppliers;     ?3 +once approved, the cost structure for GEN-1.&will support rapid market adoption and/'significant gross margins across globalmarkets; ?7/Celsion will provide Hisun a certain percentage.&of China?s commercial unit demand, and4,separately of global commercial unit demand,'subject to regulatory approval; ?2*Hisun and Celsion will commence technology7/transfer activities relating to the manufacture0(of GEN-1, including all studies required&by CFDA for site approval; and ?2*Hisun will collaborate with Celsion around.&the regulatory approval activities for2*GEN-1 with the CFDA. A local China partner-%affords Celsion access to acceleratedD lwk_Sh2t);5T0 !"#$%&  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    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } '} $ }  } $       CELSION CORP 10-K 03/24/20172*17. CONTINGENT LIABILITIES AND COMMITMENTS( For the year ending December 31: Operating   Leases     ~  ~  ~   ~ j ~    ? 2020 and beyond ?$Total minimum lease payments~ j}$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.th\i)PD8=PF0*8X> @:   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } U} $ }        CELSION CORP 10-K 03/24/2017+#Subsidiaries of Celsion Corporation NameJurisdiction of    Incorporation CLSN Laboratories, Inc.  Delaware  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$1,{oc,x=PF0*8X> @  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion CorporaAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } -       CELSION CORP 10-K 03/24/2017D<AS ADOPTED PURSUANT TO 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 24, 2017/s/ Michael H. Tardugno  Michael H. Tardugno - %President and Chief Executive Officer  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$J,nbVJ_=PF0*8X> @  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF T! 906 OF THE SARBANESOXLEY ACT  906 OF THE SA (1)U } } 1       CELSION CORP 10-K 03/24/2017D<AS ADOPTED PURSUANT TO 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 24, 2017/s/ Jeffrey W. Church  Jeffrey W. Church 1 )Senior Vice President and Chief Financial  Officer  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&}@nbVJ th@=PF0*8X> @ l  Z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1) 906 OF THE SA (1)U } } -       CELSION CORP 10-K 03/24/2017/' 906 OF THE SARBANES-OXLEY ACT OF 2002March 24, 2017/s/ Michael H. Tardugno  Michael H. Tardugno - %President and Chief Executive Officer  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$/,wk_"z=PF0*8X> @  l  W  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=CELSION CORPORATIONTABLE OF CONTENTSSummary CompensationAcquisition of EGEN AssetsGEN1!5 Top Line Translational Data f!GEN1 Avastin Doxil Combination !We may not successfully engage We may not successfully (1)!The market price of our common The market price of our (1)!Market Price for Our Common Sto ThermoDox Acquisition of EGENAcquisition of (1)Covenant Not To Compete CNTC46 Contractual Obligations46 Contractual (1)1 FINANCIAL STATEMENTS 3 EXHIBITS3 EXHIBITS (1)3 EXHIBITS (2)3 EXHIBITS (3)3 EXHIBITS (4)50 51 52 53 54 SIGNATURES50 51 52 53 54 (1)50 51 52 53 54 (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)F18 6 PROPERTY AND EQUIPMENT7 OTHER ACCRUED LIABILITIESHercules Credit AgreementF20 9 INCOME TAXESF20 9 INCOME TA (1)F20 9 INCOME TA (2)!Equity Awards Issued to ConsultEquity Awards Issued to (1)Equity Awards Issued to (2)Equity Awards Issued to (3) 12 EARNOUT MILESTONE LIABILITY 13 WARRANTS!16 TECHNOLOGY DEVELOPMENT AND L 16 TECHNOLOGY DEVELOPMENT (1)!17 CONTINGENT LIABILITIES AND C!Subsidiaries of Celsion Corpora!AS ADOPTED PURSUANT TO 302 OF TAS ADOPTED PURSUANT TO (1)! 906 OF THE SARBANESOXLEY ACT U } } 1       CELSION CORP 10-K 03/24/2017/' 906 OF THE SARBANES-OXLEY ACT OF 2002March 24, 2017/s/ Jeffrey W. 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