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In the previous issue, Spider-man fought the Lizard, only to find out that the Lizard was Curtis Connors, a brillant genetic engineer, who had fallen to the evil of a regenerative formula.
Now, Spiderman comes back with Billy and Martha Connors into their house. Spiderman hopes to find a cure for the formula. He works the formula backwards by reading Connor's notes and creates an antidote. Without waking up Mrs. Connors, he disappears int othe Everglades to find out the Lizard. Spiderman finds him, and also sees that he is more lizard-like than yesterday. Spiderman manages to make the Lizard swallow the antidote. The Lizard flicks him off like a gnat, but can't hold his ground. He begins changing and changes back into Curtis Connors minus the right arm. Curtis and his family is thankful to Spiderman, who suggests that Dr. Connors burn his research papers of the formula. Dr. Connors agrees, because he himself was turned into a dreaded monster like the Lizard.
Peter Parker comes back to Manhattan and tells Jameson that there was no Lizard. The next day, Jameson is attacked by a new villain named Electro. Electro steals his money and climbs up a building in a manner similar to Spiderman. This makes Jameson think that Electro is Spiderman and he publishes this news in his paper.
Peter is outraged to read the news next morning. But he doesn't have the proof to defend Spider-man's reputation. He goes out in search of Electro.
Johnny Storm also reads that news and makes up his mind to track down that double-crossing Spider-man and get rid of his menace once and for all. He finds Spiderman soon and starts attacking him. Spider-man defends himself and takes his only chance to hurl a glob of wet cement to slow down the Torch. Then he gets into a lab, where he mixes a special combination of fluids with his webbing. He turns on a radio to listen to a broadcast about Electro releasing inmates of jail.
Johnny storm runs into Spider-man once again but is not so lucky this time. Spider-man catches him in his web. Johnny tries to burn it but fails. Spider-man explains that his webbing will get colder, every time Johnny turns on his powers. With that he leaves.
Spider-man comes into the jail and takes care of the rioters. He runs into Electro who starts zapping electric bolts. Spider-man tries to grab him but is knocked out by the static electricity. Electro tells him that his days as Spider-man are about to end.