<SEC-DOCUMENT>0001206774-15-001512.txt : 20150430
<SEC-HEADER>0001206774-15-001512.hdr.sgml : 20150430
<ACCEPTANCE-DATETIME>20150430164015
ACCESSION NUMBER:		0001206774-15-001512
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150430
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150430
DATE AS OF CHANGE:		20150430

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:		15819436

	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>April
30, 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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    <TD style="TEXT-ALIGN: center" noWrap 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 style="TEXT-ALIGN: center" noWrap width="33%"><B><FONT face="Times New Roman" size=2>75-2287752</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap 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 style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(IRS Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap 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 style="TEXT-ALIGN: center" noWrap 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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    <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;) 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 April 30, 2015, the Company
issued a press release announcing its financial results for the three months
ended March 31, 2015. 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 9.01 Financial
Statements and Exhibits</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) <FONT face="Times New Roman" size=2>Exhibits</FONT></FONT></P>

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    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="97%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#ffffff></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 99%; TEXT-ALIGN: left" noWrap width="97%"><FONT face="Times New Roman" size=2>Press release dated April 30,
  2015.</FONT></TD></TR></TABLE>
<BR>

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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><BR>
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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: April 30, 2015</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>/s/ Stephen N.
      Rosenfield</FONT></TD></TR>
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    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Stephen N. Rosenfield</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>Executive Vice President, General Counsel and</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>Corporate Secretary</FONT></TD></TR></TABLE><BR>
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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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    <TD style="TEXT-ALIGN: center" noWrap 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%"><FONT face="Times New Roman" size=2>Exhibit No.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Description</FONT></TD>
    <TD noWrap align=left width="92%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap 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 April 30, 2015.</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99_1.htm
<DESCRIPTION>PRESS RELEASE DATED APRIL 30, 2015
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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 April
30, 2015 </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>Geron Corporation Reports
First Quarter 2015 Financial Results and Recent Events </FONT></B></P>
<P align=center><I><FONT face="Times New Roman" size=2>Upcoming Investor
Conference and Annual Stockholders Meeting Also Announced </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=2> </FONT></B><B><FONT face="Times New Roman" size=2>April 30, 2015 </FONT></B><FONT face="Times New Roman" size=2>-- Geron Corporation (Nasdaq: GERN) today reported
financial results and recent events for the first quarter ended March 31, 2015.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>First Quarter 2015 Results
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>For the first quarter of 2015,
the company reported operating revenues of $537,000 and operating expenses of
$10.0 million compared to $474,000 and $9.2 million, respectively, for the
comparable 2014 period. Operating expenses in the first quarter of 2015 included
restructuring charges of $406,000. Net loss for the first quarter of 2015 was
$9.3 million, or $0.06 per share, compared to $8.4 million, or $0.06 per share,
for the comparable 2014 period. The company ended the first quarter of 2015 with
$163.8 million in cash and investments.</FONT></P>

<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>Revenues for the first quarter of 2015
and 2014 included royalty and license fee revenues under various agreements.
Interest and other income for the first quarter of 2015 was $149,000 compared to
$83,000 for the comparable 2014 period. The increase in interest and other
income in 2015 compared to 2014 was due to higher cash and investment balances
in 2015. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Research and development
expenses for the first quarter of 2015 were $5.0 million compared to $5.2
million for the comparable 2014 period. The decrease in research and development
expenses was primarily the net result of lower manufacturing costs for
imetelstat drug product, partially offset by increased costs for the development
of imetelstat for hematologic myeloid malignancies in collaboration with Janssen
Biotech, Inc. (Janssen). The company expects research and development expenses
to increase during the remainder of the year as the development of imetelstat
continues in collaboration with Janssen. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>General and administrative
expenses for the first quarter of 2015 were $4.6 million compared to $4.0
million for the comparable 2014 period. The increase in general and
administrative expenses was primarily the result of higher non-cash stock-based
compensation expense, increased legal fees for the defense against the
securities class action and derivative lawsuits filed against the company and
higher consulting costs in connection with business development activities to
identify potential new product candidates. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Recent Company Events
</FONT></B></P>
<P align=left><B><I><FONT face="Times New Roman" size=2>Status of Imetelstat
Collaboration with Janssen. </FONT></I></B><FONT face="Times New Roman" size=2>In March 2015, the company transferred its investigational new drug
application (IND) for imetelstat to Janssen, as required by the collaboration
agreement with them. In addition, in March 2015, the company transferred the IND
for the study in patients with myelofibrosis being conducted at Mayo Clinic to
Janssen, whereupon Janssen assumed responsibility as the sponsor for the
study.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>The company expects Janssen to
initiate a Phase 2 study in patients with myelofibrosis in mid-2015, followed by
a Phase 2 study in patients with myelodysplastic syndromes at the end of 2015.
As part of the study start-up activities, study design information for the Phase
2 study in patients with myelofibrosis was posted on clinicaltrials.gov. The
list of participating clinical trial sites, including multiple sites in the
United States and Europe, will be uploaded on an ongoing basis. The study is not
yet open for enrollment. </FONT></P>
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<P align=left><B><I><FONT face="Times New Roman" size=2>Organizational
Resizing.</FONT></I></B><FONT face="Times New Roman" size=2> Given projected
reduced operational demands as a result of the collaboration with Janssen, in
March 2015 the company announced an organizational resizing to reduce its
workforce from 39 to 21 positions. The company expects the majority of the
reduction in its workforce to be completed by the end of the second quarter of
2015. In connection with this action, the company expects to incur aggregate
restructuring charges of approximately $1.7 million, the majority of which will
be recognized in the first half of 2015. Approximately $1.4 million of these
charges is expected to be paid in cash, the majority of which is expected to be
paid during 2015. The company expects the resizing to reduce the company&#146;s
personnel-related costs by approximately $5.0 million on an annualized basis.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Upcoming Investor
Conference and Annual Stockholders Meeting </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Geron is scheduled to present
at the Bank of America Merrill Lynch 2015 Healthcare Conference in Las Vegas,
Nevada at 3:40 p.m. Pacific Time on Wednesday, May 13. The presentation will
include a review of the study design for the planned Phase 2 clinical trial of
imetelstat in myelofibrosis patients to be conducted by Janssen. A live webcast
of the presentation will be available through the Investor Relations pages of
Geron&#146;s website or at
http://www.veracast.com/webcasts/baml/healthcare2015/id75213371347.cfm.
Following the live presentation, the webcast will be archived and available for
replay at the same address for a period of 30 days. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Geron&#146;s annual stockholders
meeting will be held on Monday, May 18, 2015 at 3:00 p.m. Pacific Time. All
stockholders are invited to attend the meeting in person at the Westin San
Francisco Airport, One Old Bayshore Highway, Millbrae, California 94030 or via
conference call by dialing 877-303-9139 (U.S.); 760-536-5195 (international).
The passcode is 10445504. A live audio-only webcast will also be available at
http://edge.media-server.com/m/p/bu3nq8gw/lan/en. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Given these upcoming events,
the company will not be hosting a first quarter earnings call. </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 collaborative 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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<P align=left><B><FONT face="Times New Roman" size=2>Use of Forward-Looking
Statements </FONT></B></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 with
Janssen; (ii) timing of planned and potential clinical trials of imetelstat to
be conducted under the collaboration agreement with Janssen, including the Phase
2 study in myelofibrosis and the Phase 2 study in myelodysplastic syndromes, and
other potential activities under the collaboration agreement with Janssen; (iii)
the safety and efficacy of imetelstat; (iv) financial projections and
expectations, including incurring aggregate restructuring charges of
approximately $1.7 million, cash expenditures of approximately $1.4 million,
projected reduction in personnel-related costs by approximately $5.0 million on
an annualized basis and recognition of revenue from the $35 million upfront
payment from Janssen; (v) intellectual property protection; and (vi) 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) receiving approval from regulatory authorities to proceed with the
preliminary design of the Phase 2 clinical trial in myelofibrosis; (ii) 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;
(iii) 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; (iv) the ability of Geron and Janssen to protect and maintain
intellectual property rights for imetelstat; (v) 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 with Janssen and the clinical development or commercialization of
imetelstat could be delayed or terminated; (vi) 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; (vii) whether
imetelstat can be applied to any or to multiple hematologic malignancies; (viii)
unanticipated expenses or charges resulting from the resizing; (ix) completion
of technology transfer-related activities under the collaboration agreement to
trigger revenue recognition; and (x) 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 Geron&#146;s annual report on Form 10-K for the year ended
December 31, 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<BR>(UNAUDITED) </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%" colSpan=7><B><FONT face="Times New Roman" size=2>Three Months Ended March
      31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><I><FONT face="Times New Roman" size=2>(In thousands, except share and per share data)</FONT></I></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" 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="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="89%"><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%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>537</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>474</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" 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="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="89%"><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=right width="3%"><FONT face="Times New Roman" size=2>4,987</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>5,211</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Restructuring charges</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; background-color: #cceeff"><FONT face="Times New Roman" size=2>406</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff"></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; background-color: #cceeff"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and
      administrative</FONT></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>4,600</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>3,994</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" 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 STYLE="text-align: left; width: 1%; background-color: #cceeff; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; background-color: #cceeff; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2>9,993</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff; border-bottom: Black 1pt solid"></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; background-color: #cceeff; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2>9,205</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff; border-bottom: Black 1pt solid"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Loss
      from operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(9,456</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>(8,731</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Unrealized gain on derivatives</FONT></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>16</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>224</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Interest and other income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>149</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>83</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Interest and other expense</FONT></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>(24</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>(16</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="89%"><FONT face="Times New Roman" size=2>Net
      loss</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(9,315</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(8,440</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=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" 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="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="89%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss per share</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>(0.06</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares
      used in computing net loss per share</FONT></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>157,547,568</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>143,465,818</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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>March 31,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><I><FONT face="Times New Roman" size=2>(In thousands)</FONT></I></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>(Unaudited)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>(Note 1)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" 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="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="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash
      equivalents and restricted cash</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10,448</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>43,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current
      marketable securities</FONT></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>135,655</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
      current assets</FONT></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>1,794</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#cceeff><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current assets</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; background-color: #cceeff"><FONT face="Times New Roman" size=2>147,897</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #cceeff"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; background-color: #cceeff"><FONT face="Times New Roman" size=2>153,406</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#cceeff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Noncurrent marketable securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>17,739</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></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Property and equipment, net</FONT></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>171</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>173</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>165,807</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>172,511</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Current liabilities <SUP>(Note
    2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>40,632</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>41,799</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Stockholders&#146; equity</FONT></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>125,175</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>130,712</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>165,807</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#cceeff><FONT face="Times New Roman" size=2>172,511</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap width="1%">
      <P align=left><FONT face="Times New Roman" size=2><B>Note 1:</B></FONT></P></TD>
    <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%">
      <P align=left><FONT face="Times New Roman" size=2>Derived from audited
      financial statements included in the company&#146;s annual report on Form 10-K
      for the year ended December 31, 2014.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%"></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap width="1%">
      <P align=left><B><FONT face="Times New Roman" size=2>Note
      2:</FONT></B><FONT face="Times New Roman" size=2> </FONT></P></TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="100%">
      <P align=left><FONT face="Times New Roman" size=2>Current liabilities
      balance as of March 31, 2015 and December 31, 2014 includes $35 million in
      deferred revenue resulting from the upfront payment received under the
      collaboration with Janssen in December 2014. The company expects to fully
      recognize the $35 million upfront payment as license fee revenue upon the
      completion of technology transfer-related activities which is anticipated
      to occur by September 30, 2015. </FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>### </FONT></P>
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