Worried that he might be losing his powers, Peter Parker puts a sample of his blood under a microscope, but upon looking at it, it appears too blurred for him to make anything out in it. Peter changes to his Spider-Man identity so that he can give a blood sample to Curt Connors, as he won't ask Spider-Man to unmask. After struggling to get to Connor's apartment, Peter finds that it's deserted, as Curt must be at his Florida lab.
As Peter tries making it back home, he remembers that it's Gwen Stacy's birthday party that night, and that he hasn't bought her anything. He breaks into a jewelers and steals some pearls, before realizing how stupid that is, and returns the pearls. As he climbs out the window, Peter falls to the ground, and realizes that his powers are gone, once and for all.
At Gwen's party, everyone is wondering where Peter is, although they try to hide it. After a while everyone goes home and only Gwen, Mary Jane, Harry Osborn, Captain Stacy are left. At this point Peter walks in, holding Spider-Man's mask, and tells them that he's Spider-Man, and that his career is over. Seeing their shocked reactions, he runs off. Although at first none of them believe him, Harry reminds them of one time when Spider-Man was unmasked, and Peter was found underneath the mask (in Amazing Spider-Man #12). Although they had all assumed Peter was impersonating Spider-Man, Gwen points out that he really could be Spider-Man.
Meanwhile, Peter has decided to check into a hospital, since the radiation in his blood could be poisoning him. He checks in as Spider-Man, since no ordinary man would have radioactive blood. However, after a checkup, a doctor informs him that all he had was a bad case of the flu, and that he's fully recovered. As Spider-Man leaves the hospital, he suddenly remembers that although he is fine now, he had revealed his identity to all his friends earlier. After some thinking, he goes and asks Hobie Brown (aka the Prowler) to put his costume on, and turn up at the Gwen's house later that night.
Peter then goes to Gwen's house, where everyone asks him what happened. Peter explains that he was delirious because of the flu, and although everyone is still skeptical, Hobie arrives in the Spider-Man costume, which proves to the group that Peter isn't Spider-Man. Hobie then climbs to the roof and leaves Spider-Man's costume there, so that Peter can grab it later.