Spider-Man uses his last reserve of webbing after being dropped from the sky by Vulture! After narrowly avoiding death, Spidey returns to ESU’s campus to uncover the motives behind an innocent woman’s death. In a twisted web of mistaken identities, will Spider-Man solve this murder mystery before there’s a second victim?
At the end of the previous issue, Spider-Man was thrown from a large height by the Vulture, seemingly to his death. Fortunately, Spider-Man manages to make a safety net with his webbing before he crashes, and survives. His mind then flashes back to how he got caught up in all of this business with the Vulture, which basically recaps the previous issue. Spider-Man then heads to the biology lab where the Vulture terrorized a student in the last issue, looking for clues. However, all he finds is a man called Doctor Shallot, who taught organic mutation until recently.
Peter then heads to the Registration room, where he looks up the girl who works in the biology lab. He finds out that she looks almost exactly the same as the girl that the Vulture murdered, and that they're roommates. After this, Peter heads to the Daily Bugle, where he finds out that the original Vulture is still in jail, so that means that the current one he's been fighting is an imposter. Afterward, Peter changes to Spider-Man and questions an informer about where the Vulture was last seen. After being told that the Vulture was seen at the docks, he heads there, and changes back to Peter Parker.
Peter Parker finds a worker who has been attacked by the Vulture, and some broken glasses which appeared to contain chemicals. A moment later, the Vulture appears, and attacks Peter, since he thinks Peter followed him. He throws him in the water, but Peter survives and heads to Mary Jane's apartment. There, he gets Mary Jane in a taxi, since he's worried about the Vulture attacking her. The taxi is attacked by the Vulture, but Peter changes to Spider-Man and manages to chase the Vulture off.
Spider-Man then heads back to Empire State University, where he finds the Vulture and the student that the Vulture attacked last issue. Before the Vulture can do anything, Spider-Man force-feeds him some chemicals, which change him back to Doctor Shallot from earlier in the issue. Spider-Man then explains about how he worked out that Doctor Shallot had used the Vulture's wings as part of an experiment in mutation with the lab student, and the sense of power gave him the idea of becoming the Vulture permanently. However, he had to kill the lab student, since she knew his identity, but ended up killing her roommate since they looked similar. Spider-Man then tells the student that she shouldn't have let Shallot murder people, since those who stand by and do nothing aren't very different from those who murder.