/FIRST ADD -- SFM094 -- Dendreon Corporation Earnings/

                           DENDREON CORPORATION
                  CONSOLIDATED STATEMENTS OF OPERATIONS
                 (in thousands, except per share amounts)
                               (unaudited)

                                      Three months ended Twelve months ended
                                        December 31,        December 31,
                                       2005      2004      2005      2004

  Revenue                               $37       $75      $210    $5,035

  Operating expenses:
      Research and development       20,568    18,243    65,944    64,390
      General and administrative      5,684     4,689    20,729    21,037
  Total operating expenses           26,252    22,932    86,673    85,427
  Loss from operations              (26,215)  (22,857)  (86,463)  (80,392)
  Interest income                     1,451     1,152     5,267     4,135
  Interest expense                      (75)      (35)     (351)     (255)
  Other expense                          --        --        --      (290)
  Loss before income taxes          (24,839)  (21,740)  (81,547)  (76,802)
  Foreign income tax benefit             --        --        --     1,562
  Net loss                         $(24,839) $(21,740) $(81,547) $(75,240)

  Basic and diluted net loss per
   share                             $(0.40)   $(0.37)   $(1.36)   $(1.32)

  Shares used in computation of
   basic and diluted net loss
   per share                         61,921    58,860    59,912    57,103


DATASOURCE: Dendreon Corporation

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