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Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of NewLink that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements, within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan,""target," "potential," "will,""could," "should,""seek," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, statements about: NewLink's financial guidance for 2013; the timing for completion of enrollment of our Phase 3 clinical trial for our HyperAcute Pancreas cancer immunotherapy; the timing of release of clinical data from ongoing clinical studies; its plans related to moving additional indications into clinical development; NewLink's future financial performance, results of operations or sufficiency of capital resources to fund its operating requirements; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that NewLink makes due to a number of important factors, including those risks discussed in "Risk Factors" and elsewhere in NewLink's Annual Report on Form 10-K for the period ended December 31, 2012, Form S-3 Registration Statement filed December 28, 2012 and in its other filings with the Securities and Exchange Commission. The forward-looking statements in this press release represent NewLink's views as of the date of this press release. NewLink anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing NewLink's views as of any date subsequent to the date of this press release.

                        NewLink Genetics Corporation               Condensed Consolidated Statement of Operations                                (unaudited)             (In thousands, except share and per share amounts)                                                      Three Months Ended                                                           March 31,                                                   ------------------------                                                       2013         2012                                                   -----------  -----------Grant Revenue                                      $       302  $       471Operating expenses:  Research and development                               6,343        3,830  General and administrative                             2,001        1,458                                                   -----------  -----------Loss from operations                                    (8,042)      (4,817)Other (expense) income, net                                108          (25)                                                   -----------  -----------Net loss                                           $    (7,934) $    (4,842)                                                   ===========  ===========Net loss attributable to NewLink                   $    (7,934) $    (4,842)                                                   ===========  ===========Net loss per common share, basic and diluted       $     (0.33) $     (0.23)                                                   ===========  ===========Weighted average common shares outstanding          23,860,469   20,613,146                                                   ===========  ===========

                        NewLink Genetics Corporation                    Condensed Consolidated Balance Sheets                                 (unaudited)               (In thousands, except share and per share data)                                                    March 31,  December 31,                                                      2013         2012                                                   ---------- --------------Assets  Current assets:    Cash, cash equivalents and certificates of     deposit                                       $  64,025  $      21,744    Prepaid expenses and other current assets          1,741          1,645                                                   ---------- --------------      Total current assets                            65,766         23,389                                                   ---------- --------------Property and equipment, net                            5,889          6,040                                                   ---------- --------------Total assets                                       $  71,655  $      29,429                                                   ========== ==============Liabilities and EquityCurrent liabilities:  Accounts payable and accrued expenses            $   2,880  $       2,631  Deferred rent                                           84             84  Other current liabilities                              177            204                                                   ---------- --------------    Total current liabilities                          3,141          2,919                                                   ---------- --------------Long-term liabilities:  Royalty obligation payable                           6,000          6,000  Notes payable and obligations under capital   leases                                              1,136          1,178  Deferred rent                                        1,384          1,405                                                   ---------- --------------    Total long-term liabilities                        8,520          8,583                                                   ---------- --------------Total liabilities                                     11,661         11,502                                                   ---------- --------------Stockholder's equity:  Preferred stock                                         --             --  Common stock                                           256            210  Additional paid-in capital, net                    172,469        122,514  Deficit accumulated during the development stage  (112,731)      (104,797)                                                   ---------- --------------Total NewLink Genetics stockholders' equity           59,994         17,927                                                   ---------- --------------Total equity                                          59,994         17,927                                                   ---------- --------------Commitments                                               --             --Total liabilities and equity                       $  71,655  $      29,429                                                   ========== ==============