########## Results of Operations

The following tables summarize our results of operations for the three-month and nine-month periods ended September 30, 2022 and 2021:

Three Months Ended September 30,
2022	2021	Change
Grant revenue	$ -	$ 30,414	$ (30,414)
Operating expenses:
Research and development	2,721,196	1,224,362	1,496,834
General and administrative	1,249,337	757,432	491,905
Total operating expenses	3,970,533	1,981,794	1,988,739
Loss from operations	(3,970,533)	(1,951,380)	(2,019,153)
Total other income (expense), net	2,431	877	1,554
Net loss	$ (3,968,102)	$ (1,950,503)	$ (2,017,599)

Nine Months Ended September 30,
2022	2021	Change
Grant revenue	$ 81,526	$ 220,539	$ (139,013)
Operating expenses:
Research and development	5,358,917	2,659,980	2,698,937
General and administrative	3,363,672	2,562,641	801,031
Total operating expenses	8,722,589	5,222,621	3,499,968
Loss from operations	(8,641,063)	(5,002,082)	(3,638,981)
Total other income (expense), net	3,747	174,768	(171,021)
Net loss	$ (8,637,316)	$ (4,827,314)	$ (3,810,002)

########## Grant Revenues

The following table summarizes our grant revenues for the three-month and nine-month periods ended September 30, 2022 and 2021:

Three Months Ended September 30,	Nine Months Ended September 30,
2022	2021	2022	2021
Lassa Fever – U.S. Army Grant	$ -	$ -	$ 81,526	$ -
COVID-19 – NIH SBIR Grant	-	30,414	-	220,539
Total	$ -	$ 30,414	$ 81,526	$ 220,539

Total grant revenues decreased by $81,526 (100%) for the three-month period ended September 30, 2022 and by $139,013 (63%) for the nine-month period ended September 30, 2022, versus the comparable 2021 periods, attributable to the differing mix of active grants as shown in the table above, as well as the timing of expenditures related to such grants. As of September 30, 2022, all grant funds approved for direct use by GeoVax have been utilized.

########## Research and Development Expenses

For the three-month and nine-month periods ended September 30, 2022, research and development expenses increased by $1,496,834 (122%) and $2,698,937 (101%), respectively, versus the comparable 2021 periods. The overall increase during the 2022 periods relates primarily to higher personnel costs (including the use of external consultants), costs of conducting clinical trials for GEO-CM04S1 and Gedeptin, costs of manufacturing materials for use in our clinical trials, and a generally higher level of activity. Research and development expense for the three-month and nine-month periods of 2022 included stock-based compensation expense of $54,293 and $162,878, respectively; as compared to $21,468 and $64,404, respectively, for the comparable 2021 periods.

########## General and Administrative Expenses

For the three-month and nine-month periods ended September 30, 2022, general and administrative expenses increased by $491,905 (65%) and $801,031 (31%), respectively, versus the comparable 2021 periods. The overall increase during the 2022 periods relates primarily to higher personnel costs (including the use of external consultants), patent costs, investor relations consulting costs, and travel expenses. General and administrative expense for the three-month and nine-month periods of 2022 included stock-based compensation expense of $184,273 and $488,017, respectively; as compared to $64,282 and $184,899, respectively, for the comparable periods of 2021.

12