<SEC-DOCUMENT>0001206774-15-000720.txt : 20150303
<SEC-HEADER>0001206774-15-000720.hdr.sgml : 20150303
<ACCEPTANCE-DATETIME>20150303161025
ACCESSION NUMBER:		0001206774-15-000720
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150225
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150303
DATE AS OF CHANGE:		20150303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GERON CORP
		CENTRAL INDEX KEY:			0000886744
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				752287752
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20859
		FILM NUMBER:		15669134

	BUSINESS ADDRESS:	
		STREET 1:		149 COMMONWEALTH DRIVE
		STREET 2:		SUITE 2070
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		6504737700

	MAIL ADDRESS:	
		STREET 1:		149 COMMONWEALTH DRIVE
		STREET 2:		SUITE 2070
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERON CORPORATION
		DATE OF NAME CHANGE:	19960521
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>geroncorp_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES
</FONT></B><BR><B><FONT face="Times New Roman" size=2>SECURITIES AND EXCHANGE
COMMISSION<BR>WASHINGTON, D.C. 20549 <BR>___________<BR></FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM 8-K </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CURRENT
REPORT<BR></FONT></B><B><FONT face="Times New Roman" size=2>PURSUANT TO SECTION
13 OR 15(d) OF THE<BR>SECURITIES EXCHANGE ACT OF 1934</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Date of Report (Date of
earliest event reported): </FONT><B><FONT face="Times New Roman" size=2>February 25,
2015</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>GERON
CORPORATION<BR></FONT></B><FONT face="Times New Roman" size=2>(Exact name of
registrant as specified in its charter) </FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=2>Delaware</FONT></B></TD>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid; BORDER-LEFT: #ffffff 15pt solid" noWrap align=center width="34%"><B><FONT face="Times New Roman" size=2>0-20859</FONT></B></TD>
    <TD noWrap style="text-align: center" width="33%"><B><FONT face="Times New Roman" size=2>75-2287752</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(State or other jurisdiction</FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid; BORDER-LEFT: #ffffff 15pt solid" noWrap align=center width="34%"><FONT face="Times New Roman" size=2>(Commission File Number)</FONT></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>(IRS
      Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>of
      incorporation)</FONT></TD>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid; BORDER-LEFT: #ffffff 15pt solid" noWrap align=center width="34%"></TD>
    <TD noWrap style="text-align: center" width="33%"><FONT face="Times New Roman" size=2>Identification
No.)</FONT></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>149 COMMONWEALTH DRIVE,
SUITE 2070<BR>MENLO PARK, CALIFORNIA 94025<BR></FONT></B><FONT face="Times New Roman" size=2>(Address of principal executive offices, including
zip code) </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>(650)
473-7700<BR></FONT></B><FONT face="Times New Roman" size=2>(Registrant&#146;s
telephone number, including area code) </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>N/A<BR></FONT></B><FONT face="Times New Roman" size=2>(Former name or former address, if changed since
last report) </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions: </FONT></P>
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  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"><FONT style="LINE-HEIGHT: 12pt">&#9744;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>Written communications pursuant to Rule 425
      under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"><FONT style="LINE-HEIGHT: 12pt">&#9744;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>Soliciting material pursuant to Rule 14a-12
      under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"><FONT style="LINE-HEIGHT: 12pt">&#9744;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to
      Rule 14d-2(b) under the Exchange Act (17 CFR </FONT><FONT face="Times New Roman" size=2>240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid" vAlign=top noWrap align=left width="1%"><FONT style="LINE-HEIGHT: 12pt">&#9744;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>Pre-commencement communications pursuant to
      Rule 13e-4(c) under the Exchange Act (17 CFR </FONT><FONT face="Times New Roman" size=2>240.13e-4(c))</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Item 2.02 Results of
Operations and Financial Condition</FONT></B></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Geron Corporation (the
&#147;Company&#148; or &#147;Geron&#148;) is furnishing this information under Item 2.02 of Form
8-K. </FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The information in this
Current Report, including Exhibit 99.1, is being furnished and shall not be
deemed &#147;filed&#148; for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities
of that section. The information in this Current Report, including Exhibit 99.1,
shall not be incorporated by reference into any registration statement or other
document filed pursuant to the Securities Act of 1933, as amended, or the
Exchange Act.</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On March 3, 2015, the
Company issued a press release announcing its financial results for the three
and twelve months ended December 31, 2014. A copy of the press release is
attached as Exhibit 99.1. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 2.05 Costs
Associated with Exit or Disposal Activities </FONT></B></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In light of the projected reduced operational demands on the Company as a result of the recently announced exclusive collaboration and license agreement (the &ldquo;Collaboration Agreement&rdquo;) with Janssen Biotech, Inc. (&ldquo;Janssen&rdquo;), on March 3, 2015, the
Company announced an organizational resizing to reduce its workforce from 39 to
21 positions, representing a reduction of approximately 46% of the Company&#146;s
workforce. The Company expects the majority of the reduction in its workforce to
be completed by the end of the third quarter of 2015.</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with the
foregoing change to the Company&#146;s business, the Company anticipates it will
incur aggregate restructuring charges of approximately $1.9 million, of which
approximately $1.5 million will be paid in cash during 2015. The aggregate projected
restructuring charges represent one-time termination benefits, comprised
principally of severance, benefit continuation costs, outplacement services and
non-cash stock-based compensation expense, associated with the elimination of 18
positions. The majority of these charges are expected to be recognized in the
first half of 2015. The Company may incur other charges and will record these
expenses in the appropriate period as they are determined.</FONT></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The aggregate expected
restructuring charges to be incurred or cash expenditures to be paid by the
Company in connection with the reduction in workforce and the timing thereof are
subject to a number of assumptions, and actual results may differ materially
from those originally anticipated. The Company may also incur other material
charges not currently contemplated due to events that may occur as a result of,
or associated with, the foregoing change to the Company&#146;s business. </FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Item 5.02&nbsp;</FONT></B></TD>
    <TD vAlign=top align=left width="99%"><B><FONT face="Times New Roman" size=2>Departure of Directors or Certain Officers;
      Election of Directors; Appointment of Certain Officers; Compensatory
      Arrangements of Certain Officers</FONT></B></TD></TR></TABLE><BR>
<P align=left><I><FONT face="Times New Roman" size=2>Departure of Director
</FONT></I></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On March 3, 2015, Thomas
Hofstaetter, Ph.D., a Class I member of the Company&#146;s Board of Directors (the
&#147;Board&#148;), notified the Company of his decision to retire from the Board
effective as of May 18, 2015, the date of the Company&#146;s next annual meeting of
stockholders. Until his retirement from
the Board, Dr. Hofstaetter will continue to serve on the Compensation Committee
of the Board.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><I><FONT face="Times New Roman" size=2>Compensatory
Arrangements of Certain Officers </FONT></I></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On February 25, 2015, the
Compensation Committee of the Board approved: (a) annual base salaries for 2015
and (b) cash performance bonuses for 2014 for the following principal financial
officer and named executive officers of the Company:</FONT></P>
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  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="40%"><B><FONT face="Times New Roman" size=2>Name and Current
      Position</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>Salary</FONT></B><BR><B><FONT face="Times New Roman" size=2>Increase</FONT></B><BR><B><FONT face="Times New Roman" size=2>(%)</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>Salary</FONT></B><BR><B><FONT face="Times New Roman" size=2>Increase</FONT></B><BR><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>2015
      Base</FONT></B><BR><B><FONT face="Times New Roman" size=2>Salary</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>2014
      Cash</FONT></B><BR><B><FONT face="Times New Roman" size=2>Bonus</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center align=left width="40%"><FONT face="Times New Roman" size=2>Olivia K. Bloom,
      Executive Vice President,<BR>Finance, Chief Financial Officer and
      Treasurer</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>3%</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$10,950</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$375,950</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$190,530</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center align=left width="40%"><FONT face="Times New Roman" size=2>Melissa A. Kelly Behrs,
      Executive Vice President,<BR>Business Development and Portfolio &amp;
      Alliance<BR>Management</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>3%</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$10,560</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$362,560</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$188,496</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center align=left width="40%"><FONT face="Times New Roman" size=2>Andrew J. Grethlein,
      Ph.D., Executive Vice<BR>President, Development and Technical
      Operations</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>3%</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$11,370</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$390,370</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$197,838</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center align=left width="40%"><FONT face="Times New Roman" size=2>Stephen N.
      Rosenfield, J.D., Executive Vice President, General Counsel and Corporate Secretary</FONT><FONT face="Times New Roman" size=2></FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>3%</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$9,360</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$321,360
      <SUP>(1)</SUP></FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$162,864</FONT></TD></TR></TABLE>

<DIV>____________________</DIV><BR>

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  <TR>
    <TD style="BORDER-RIGHT: #ffffff 15pt solid" vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Reflects
      Mr. Rosenfield&#146;s continued employment by the Company at 80%
  time.</FONT></TD></TR></TABLE>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On March 3, 2015, the Board
approved the annual base salary for 2015 and cash performance bonus for 2014 for
the following principal executive officer: </FONT></P>
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  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" align=left width="40%"><B><FONT face="Times New Roman" size=2>Name and Current
      Position</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>Salary</FONT></B><BR><B><FONT face="Times New Roman" size=2>Increase</FONT></B><BR><B><FONT face="Times New Roman" size=2>(%)</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>Salary</FONT></B><BR><B><FONT face="Times New Roman" size=2>Increase</FONT></B><BR><B><FONT face="Times New Roman" size=2>($)</FONT></B></TD>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>2015
      Base</FONT></B><BR><B><FONT face="Times New Roman" size=2>Salary</FONT></B></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%"><B><FONT face="Times New Roman" size=2>2014
      Cash</FONT></B><BR><B><FONT face="Times New Roman" size=2>Bonus</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center align=left width="40%"><FONT face="Times New Roman" size=2>John A. Scarlett,
      M.D., President, Chief Executive<BR>Officer and Director</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>3%</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$17,595</FONT></TD>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$604,095</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" vAlign=center noWrap align=center width="15%"><FONT face="Times New Roman" size=2>$422,280</FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Item 9.01 Financial
Statements and Exhibits </FONT></B></P>
<P ALIGN="left" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) Exhibits.</FONT></P>
<DIV align=center>
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  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>Exhibit No.</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD>
    <TD noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Press release dated March 3,
      2015.</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Safe Harbor Statement
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>This Current Report on Form
8-K contains forward-looking statements made pursuant to the &#147;safe harbor&#148;
provisions of the Private Securities Litigation Reform Act of 1995. Investors
are cautioned that statements in this Current Report related to the timing of
implementation and completion of actions related to the Company&#146;s reduction in
workforce and expected charges and cash expenditures related to this
restructuring and the timing thereof, constitute forward-looking statements.
Words such as &#147;expects,&#148; &#147;will,&#148; &#147;may,&#148; &#147;anticipates,&#148; &#147;intends,&#148; and similar
expressions are intended to identify forward-looking statements. These
forward-looking statements are based upon the Company&#146;s current plans,
assumptions, beliefs, and expectations. Forward-looking statements involve risks
and uncertainties. The Company&#146;s actual results and the </FONT><FONT face="Times New Roman" size=2>timing of events could differ materially from
those anticipated in such forward-looking statements as a result of these risks
and uncertainties, which include, without limitation: risks related to the
Company&#146;s ability to resize its workforce to the extent currently anticipated;
the impact of the workforce reduction on the Company&#146;s business; unanticipated
expenses and charges not currently contemplated or litigation that may occur as
a result of the reduction in workforce; the uncertain, time-consuming and
expensive product development and regulatory process, including whether Geron
and Janssen will succeed in overcoming all of the clinical safety and efficacy,
technical, scientific, manufacturing and regulatory challenges in the
development and commercialization of imetelstat; the fact that Geron may not
receive any milestone, royalty or other payments from Janssen because Janssen
may terminate the Collaboration Agreement for any reason; the ability of Geron
and Janssen to protect and maintain intellectual property rights for imetelstat;
Geron&#146;s dependence on Janssen for the development, regulatory approval,
manufacture and commercialization of imetelstat, including the risks that if
Janssen were to breach or terminate the Collaboration Agreement or otherwise
fail to successfully develop and commercialize imetelstat and in a timely
manner, or at all, Geron would not obtain the anticipated financial and other
benefits of the Collaboration Agreement and the clinical development or
commercialization of imetelstat could be delayed or terminated; whether
imetelstat is safe and efficacious, and whether any future efficacy or safety
results may cause the benefit-risk profile of imetelstat to become unacceptable;
whether imetelstat can be applied to any or to multiple hematologic
malignancies; the need for future capital; and general business and economic
conditions. Additional information on the above risks and uncertainties and
additional risks, uncertainties and factors that could cause actual results to
differ materially from those in the forward-looking statements are contained in
Geron&#146;s periodic reports filed with the Securities and Exchange Commission under
the heading &#147;Risk Factors,&#148; including Exhibit 99.1 of Geron&#146;s Current Report on
Form 8-K filed on November 13, 2014. Undue reliance should not be placed on
forward-looking statements, which speak only as of the date they are made, and
the facts and assumptions underlying the forward-looking statements may change.
Except as required by law, Geron disclaims any obligation to update these
forward-looking statements to reflect future information, events or
circumstances.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURE</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </FONT></P>
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    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%" colSpan=2><P align=left><FONT face="Times New Roman" size=2>GERON CORPORATION</FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Date: March 3, 2015</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;/s/ Stephen N.
      Rosenfield</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen N.
      Rosenfield</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice
      President, General</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counsel and
      Corporate Secretary</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT
INDEX</FONT></B></P>
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  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>Exhibit</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD>
    <TD noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Press release dated March 3,
  2015.</FONT></TD></TR></TABLE><BR>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 3, 2015
<TEXT>
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<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 99.1</FONT></B></P>


<P align=center><B><FONT face="Times New Roman" size=2>Press Release Dated March
3, 2015</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Geron Corporation Reports
Fourth Quarter and Annual 2014 Financial Results and Recent
Events</FONT></B></P>
<P align=center><I><FONT face="Times New Roman" size=2>Organizational Resizing
Also Announced</FONT></I></P>
<P align=center><I><FONT face="Times New Roman" size=2>Conference Call Scheduled
for 4:30 p.m. EST Today, March 3</FONT></I></P>
<P align=left><B><FONT face="Times New Roman" size=2>MENLO PARK,
Calif.,</FONT></B><B><FONT face="Times New Roman" size=1> </FONT></B><B><FONT face="Times New Roman" size=2>March 3, 2015 </FONT></B><FONT face="Times New Roman" size=2>-- Geron Corporation (Nasdaq: GERN) today reported
financial results for the fourth quarter and year ended December 31, 2014 and
recent events.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Fourth Quarter 2014
Results </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Net loss for the fourth
quarter of 2014 was $8.9 million, or $0.06 per share, compared to $9.3 million,
or $0.07 per share, for the comparable 2013 period. Revenues for the fourth
quarter of 2014 were $178,000 compared to $225,000 for the comparable 2013
period. The company ended 2014 with $170.6 million in cash and investments,
which included receipt of an upfront payment of $35.0 million for the license
rights granted by the company to Janssen Biotech, Inc. (&#147;Janssen&#148;) under the
exclusive collaboration and license agreement (the &#147;Collaboration Agreement&#148;)
entered into between the parties in November 2014, which has been recorded as
deferred revenue as of December 31, 2014. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Total operating expenses
for the fourth quarter of 2014 were $9.2 million compared to $9.5 million for
the comparable 2013 period. Research and development expenses for the fourth
quarter of 2014 were $4.4 million compared to $5.1 million for the comparable
2013 period. General and administrative expenses for the fourth quarter of 2014
were $4.8 million compared to $4.0 million for the comparable 2013 period.
Operating expenses for the 2013 fourth quarter also included restructuring
charges of $430,000 in connection with the company&#146;s decisions to discontinue
its discovery research programs and close its research laboratory facility in
2013. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The decrease in research
and development expenses for the fourth quarter of 2014, compared to the same
period in 2013, primarily reflects lower manufacturing costs for imetelstat drug
product and reduced clinical trial expenses for the imetelstat trials in
hematologic myeloid malignancies. The increase in general and administrative
expenses for the fourth quarter of 2014, compared to the same period in 2013,
primarily reflects the net result of higher non-cash stock-based compensation
expense, increased legal fees for the purported lawsuits filed against the
company and transaction costs associated with the Collaboration Agreement with
Janssen, partially offset by transaction costs associated with the closing of
the stem cell divestiture transaction in October 2013.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Interest and other income
for the fourth quarter of 2014 was $100,000 compared to $115,000 for the
comparable 2013 period. The decrease in interest and other income for the fourth
quarter of 2014, compared to the same period in 2013, primarily reflects the net
result of a gain on the sale of excess laboratory equipment in connection with
the closure of the company&#146;s research laboratory facility in 2013, partially
offset by higher interest income due to increased cash and investment balances
with the receipt of $96.8 million in net cash proceeds from the underwritten
public offering completed in February 2014. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Year-End 2014 Results
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Net loss for 2014 was $35.7
million, or $0.23 per share, compared to $38.4 million, or $0.30 per share, for
2013. License fee and royalty revenues for 2014 and 2013 were $1.2 million and
$1.3 million, respectively. </FONT></P>
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<P align=left><FONT face="Times New Roman" size=2>Total operating expenses
for 2014 were $37.5 million compared to $40.2 million for 2013. Research and
development expenses for 2014 were $20.7 million compared to $23.2 million for
2013. General and administrative expenses for 2014 were $16.8 million compared
to $15.6 million for 2013. Year-to-date operating expenses for 2013 also
included restructuring charges of $1.5 million. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The decrease in research
and development expenses for 2014 compared to 2013 primarily reflects the net
result of lower clinical trial expenses with the wind-down of the imetelstat
trials in solid tumors and GRN1005 trials in patients with brain metastases and
reduced personnel-related and other research costs resulting from previous
restructurings and the discontinuation of the company&#146;s discovery research
programs, partially offset by higher costs for the manufacturing of imetelstat
drug product. The increase in general and administrative expenses for 2014
compared to 2013 primarily reflects the net result of higher non-cash
stock-based compensation expense, increased legal fees for the purported
lawsuits filed against the company and transaction costs associated with the
Collaboration Agreement with Janssen, partially offset by reduced patent fees
and transaction costs associated with the closing of the stem cell divestiture
transaction. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Interest and other income
was $373,000 for 2014 compared to $951,000 for 2013. The decrease in interest
and other income for 2014 compared to 2013 primarily reflects the net result of
a gain on the sale of excess laboratory equipment in 2013, partially offset by
higher interest income due to increased cash and investment balances in
2014.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Recent Company Events
</FONT></B></P>
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    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 15pt solid" vAlign=top align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">On <FONT face="Times New Roman" size=2>October
      31</FONT><FONT face="Times New Roman" size=2>, 2014, the U.S. Food and Drug
      Administration (&#147;FDA&#148;) removed the full clinical hold on the company&#146;s
      investigational new drug application for imetelstat. In addition, the FDA
      stated that the company&#146;s proposed clinical development plan for
      imetelstat that is focused on high-risk myeloid malignancies, such as
      myelofibrosis (&#147;MF&#148;), is acceptable.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 15pt solid" vAlign=top align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P><FONT size=2 face="Times New Roman">On November 13, 2014, the company entered into the
      Collaboration Agreement with Janssen to develop and commercialize
      imetelstat, the company&#146;s telomerase inhibitor product candidate,
      worldwide for all indications in oncology, including hematologic myeloid
      malignancies, and all other human therapeutics uses. Under the terms of
      the Collaboration Agreement, the company received an upfront payment of
      $35 million and is eligible to receive additional payments up to a
      potential total of $900 million for the achievement of development,
      regulatory and commercial milestones, as well as royalties on worldwide
      net sales. Certain regulatory, development, manufacturing and promotional
      activities will be managed through a joint governance structure, with
      Janssen responsible for operational implementation of these
      activities.</FONT></P>
      <P><FONT size=2 face="Times New Roman">Development of imetelstat will proceed under a mutually
      agreed clinical development plan, which is expected to include Phase 2
      studies in MF and myelodysplastic syndromes (&#147;MDS&#148;) as initial studies,
      additional registration studies in MF and MDS, and exploratory Phase 2 and
      potential follow-on Phase 3 studies in acute myelogenous leukemia (&#147;AML&#148;).
      The company expects the Initial Phase 2 MF Study to be initiated in
      mid-2015 followed later by the Initial Phase 2 MDS Study to be initiated
      at the end of 2015. Development costs for these two studies will be shared
      between Janssen and Geron on a 50/50 basis. </FONT></P>
      <P><FONT size=2 face="Times New Roman">Prior to initiation of the Initial Phase 2 MF Study, both
      investigational new drug applications for imetelstat and the sponsorship
      of the MF Pilot Study being conducted by Dr. Tefferi will be transferred
      from Geron to Janssen. The primary transition activities related to the
      imetelstat program are expected to be completed by mid-2015.</FONT></P>
      <P><FONT size=2 face="Times New Roman">Given projected reduced operational demands as a result of
      the collaboration with Janssen, the company is conducting an
      organizational resizing which will reduce its workforce from 39 to 21
      positions. In connection with this action, the company expects to incur
      restructuring charges of approximately $1.9 million, the majority of which
      will be recognized in the first half of 2015. Approximately $1.5 million
      of these charges is expected to be paid in cash during 2015. The company
      expects the resizing will reduce the company&#146;s personnel-related costs by
      approximately $5.0 million on an annualized
basis.</FONT></P></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 15pt solid" vAlign=top align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>On December 4, 2014, preclinical data from
      the laboratory of Steven Lane, M.D., Ph.D., QIMR Berghofer Medical
      Research Institute, that demonstrated activity of the company&#146;s telomerase
      inhibitor drug, imetelstat, on leukemic stem cells from AML was published
      in the journal </FONT><I><FONT face="Times New Roman" size=2>Cell Stem
      Cell</FONT></I><FONT face="Times New Roman" size=2>. The preclinical study
      showed the role of telomerase in AML disease initiation and progression
      and the company believes the data may provide preclinical proof-of-concept
      to support future clinical development of imetelstat in
      AML.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 15pt solid" vAlign=top align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>In December 2014, five presentations
      describing clinical and non-clinical data on imetelstat were made at the
      56<SUP>th</SUP> annual meeting of the American Society of Hematology in
      San Francisco, CA. </FONT></P></TD></TR></TABLE>
<TABLE style="FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 45pt solid" vAlign=top noWrap><FONT face=monospace size=2>o</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Monitoring of CALR
      Allele Burden in Patients with Essential Thrombocythemia Treated with
      Imetelstat, a Telomerase Inhibitor, Reveals Rapid and Substantial
      Molecular Responses (Abstract #408)</FONT><BR>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 45pt solid" vAlign=top noWrap><FONT face=monospace size=2>o</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Imetelstat, a
      Telomerase Inhibitor, Therapy for Myelofibrosis: A Pilot Study (Abstract
      #634)</FONT><BR>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 45pt solid" vAlign=top noWrap><FONT face=monospace size=2>o</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Effects of Imetelstat
      on CD34+ Cells of Patients with Myelofibrosis (Abstract
#1879)</FONT><BR>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 45pt solid" vAlign=top noWrap><FONT face=monospace size=2>o</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Inhibition of
      Telomerase with Imetelstat is Detrimental to Leukemia Stem Cells in Acute
      Myeloid Leukemia (AML) (Abstract #2322)</FONT><BR>&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #ffffff 8pt solid; BORDER-LEFT: #ffffff 45pt solid" vAlign=top noWrap><FONT face=monospace size=2>o</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Imetelstat (GRN163L),
      a Telomerase Inhibitor Selectively Affects Malignant Megakaryopoiesis in
      Myeloproliferative Neoplasms (MPN) (Abstract
#4582)</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Conference Call
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>At 4:30 p.m. EST on March
3, 2015, Geron&#146;s management will host a conference call to discuss the company&#146;s
fourth quarter and annual results as well as recent events. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Participants can access the
conference call live via telephone by dialing 877-703-6107 (U.S.); 857-244-7306
(international). The passcode is 28650149. A live audio-only webcast is also
available at http://edge.media-server.com/m/p/bu63s9fe/lan/en. The audio webcast
of the conference call will be available for replay approximately one hour
following the live broadcast through April 3, 2015. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>About Geron
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Geron is a clinical stage
biopharmaceutical company focused on the development of a first-in-class
telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. For more
information about Geron, visit www.geron.com. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Use of Forward-Looking
Statements</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Except for the historical
information contained herein, this press release contains forward-looking
statements made pursuant to the &#147;safe harbor&#148; provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that
statements in this press release regarding: (i) Geron&#146;s potential receipt of
development, regulatory and sales milestones, as well as royalties on potential
future sales of imetelstat commercialized under the Collaboration Agreement;
(ii) timing of planned and potential clinical trials of imetelstat to be
conducted under the Collaboration Agreement, including the Initial Phase 2 MF
Study and the Initial Phase 2 MDS Study, and other potential activities under
the Collaboration Agreement; (iii) the safety and efficacy of imetelstat; (iv)
Geron&#146;s transfer of the imetelstat INDs to Janssen; (v) financial projections
and expectations, including incurring restructuring charges of approximately
$1.9 million in 2015, cash expenditures of approximately $1.5 million in 2015
and projected reduction in personnel-related costs by approximately $5.0 million
on an annualized basis; (vi) intellectual property protection; and (vii) other
statements that are not historical facts, constitute forward-looking statements.
These statements involve risks and uncertainties that can cause actual results
to differ materially from those in such forward-looking statements. These risks
and uncertainties, include, without limitation, risks and uncertainties related
to: (i) the uncertain, time-consuming and expensive product development and
regulatory process, including whether Geron and Janssen will succeed in
overcoming all of the clinical safety and efficacy, technical, scientific,
manufacturing and regulatory challenges in the development and commercialization
of imetelstat; (ii) the fact that Geron may not receive any milestone, royalty
or other payments from Janssen because Janssen may terminate the Collaboration
Agreement for any reason; (iii) the ability of Geron and Janssen to protect and
maintain intellectual property rights for imetelstat; </FONT><FONT face="Times New Roman" size=2>(iv) Geron&#146;s dependence on Janssen for the
development, regulatory approval, manufacture and commercialization of
imetelstat, including the risks that if Janssen were to breach or terminate the
</FONT><FONT face="Times New Roman" size=2>Collaboration Agreement or otherwise
fail to successfully develop and commercialize imetelstat and in a timely
manner, or at all, Geron would not obtain the anticipated financial and other
benefits of the Collaboration Agreement and the clinical development or
commercialization of imetelstat could be delayed or terminated; (v) whether
imetelstat is safe and efficacious, and whether any future efficacy or safety
results may cause the benefit-risk profile of imetelstat to become unacceptable;
(vi) whether imetelstat can be applied to any or to multiple hematologic
malignancies; (vii) whether Geron encounters unanticipated challenges in
transferring the imetelstat INDs to Janssen in a timely manner, or at all;
(viii) unanticipated expenses or charges resulting from the resizing, and (ix)
the need for future capital. Additional information on the above risks and
uncertainties and additional risks, uncertainties and factors that could cause
actual results to differ materially from those in the forward-looking statements
are contained in Geron&#146;s periodic reports filed with the Securities and Exchange
Commission under the heading &#147;Risk Factors,&#148; including Exhibit 99.1 of Geron&#146;s
Current Report on Form 8-K filed on November 13, 2014. Undue reliance should not
be placed on forward-looking statements, which speak only as of the date they
are made, and the facts and assumptions underlying the forward-looking
statements may change. Except as required by law, Geron disclaims any obligation
to update these forward-looking statements to reflect future information, events
or circumstances. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>CONTACT: </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Kevin Eng,
Ph.D.<BR></FONT><FONT face="Times New Roman" size=2>Investor and Media
Relations<BR>650-473-7765<BR>investor@geron.com<BR>media@geron.com </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Financial table follows.
</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>GERON
CORPORATION<BR></FONT></B><B><FONT face="Times New Roman" size=2>CONDENSED
STATEMENTS OF OPERATIONS </FONT></B></P>
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    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>UNAUDITED</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>Three Months Ended</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>Year Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>December 31,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><I><FONT face="Times New Roman" size=2>(In thousands, except share and per share
    data)</FONT></I></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Revenues:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; License fees and
      royalties</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>178</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>225</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,153</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,283</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Operating expenses:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and
      development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,351</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5,089</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>20,707</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>23,155</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructuring
      charges</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>430</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>1,462</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and
      administrative</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,838</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,981</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>16,758</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,624</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total operating expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>9,189</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>9,500</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>37,465</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>40,241</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Loss
      from operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(9,011</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(9,275</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(36,312</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(38,958</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Unrealized (loss) gain on derivatives</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(15</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(109</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>351</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(316</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Interest and other income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>100</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>115</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>373</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>951</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Interest and other expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(21</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(12</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(82</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(56</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(8,947</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(9,281</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(35,670</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(38,379</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><B><FONT face="Times New Roman" size=2>Basic and diluted net
      loss per share:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face="Times New Roman" size=2>Net
      loss per share</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.06</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.07</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.23</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.30</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Shares used in computing net loss per share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>157,145,361</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT size=2 face="Times New Roman">129,084,200</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>153,540,341</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT size=2 face="Times New Roman">128,380,800</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CONDENSED BALANCE
SHEETS</FONT></B></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><I><FONT face="Times New Roman" size=2>(In thousands)</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>December
      31,</FONT></B><BR><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>December
      31,</FONT></B><BR><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Current assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="3%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash
      equivalents and restricted cash</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>43,062</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>13,785</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current marketable
      securities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>108,645</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>52,234</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current
      assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,699</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1,038</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>153,406</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>67,057</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" bgColor=#cceeff colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Noncurrent marketable securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>18,932</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Property and equipment, net</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>173</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>92</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Deposits and other assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>195</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>172,511</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>67,344</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" bgColor=#cceeff colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Current liabilities<SUP>1</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>41,799</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,587</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Stockholders&#146; equity</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>130,712</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>59,757</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>172,511</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>67,344</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>###</FONT></P>
<DIV>____________________</DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top width="100%">
      <P align=left><FONT face="Times New Roman" size=2><SUP>1</SUP> Balance
      as of December 31, 2014 includes $35.0 million in deferred revenue
      resulting from the upfront payment received under the collaboration with
      Janssen in December 2014.</FONT></P></TD></TR></TABLE><BR>
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