Then, he threw her girlfriend into a large gas canister and locked the glass door shut. Norah stood back up, and smashed at the glass, trying to escape. But this didn't work, as the glass was inches thick. 

She then noticed that some holes appeared on the floor and they exhaled some green gas. Norah was scared, she turned backwards and slipped on the floor, she looked upwards and found out that there were holes on the ceiling as well, and they continued to drip some green liquid. 

"This, is the newest formula of the goblin serum." Hobgoblin explained.

Norah slipped on the goblin serum, and her clothes were "eaten" by the serum, and she thought," Oh, my god. This must be some kind of acid."

Then, the holes on the ceiling became wider, and the goblin serum went down into the gas canister like a waterfall. Norah tried to stand up and avoid the green liquid, but she failed, her naked body was soaked by the liquid, and in despair, she jumped into the lake of serum, waiting for her death. The serum and the gas entered her body through the mouth and nostrils. They changed her body internally and she could see her veins darkening. She felt her body was like on fire. She screamed in pain as her bones and spine rearranged their positions, and her breasts expanding and felt like they were about to explode. She felt like her skin around her waist was tightening, and her skin became... decayed and grey. Her luscious brown hair dropped down on the floor, and tentacles like hair grew back on her head again. She felt like every fucking inch of her body was overrun by the serum. 

Just then, Peter arrived at the laboratory, and was horrified by the scene.

Inside the canister, Norah saw her hands turning into claws, her teeth became sharper, and her ears became pointy, like a goblin. She felt every inch of her body was filled with power, and she smashed her clawed hands on the glass, and escaped the canister easily.

She was not the timid girl anymore, she was now a woman with grey, scaled skin, and muscles were protruding from her hands and chests. Her breasts were bigger than ever, and the waist was much more slimmer.

She then screamed," I am not Norah Winters anymore. I am She-Hobgoblin!"

Then, she lunged towards Spidey, trying to test her powers. She easily knocked down him, and he was rendered unconscious.

She then turned towards Hobgoblin, and said," Thanks for granting me this power. I am now offering my body to you."

Hobgoblin smiled as he took off his armor, and he brought her to another gas canister, which was even larger than the previous one.

"Absorbing more of the formula can strengthen us. Now we shall fuck each other as we enhance ourselves." Hobgoblin said.

She agreed and they went inside the canister. They pressed a button and the door was shut. Now they started to fuck each other, with all their might.