<SEC-DOCUMENT>0001206774-16-007483.txt : 20161103
<SEC-HEADER>0001206774-16-007483.hdr.sgml : 20161103
<ACCEPTANCE-DATETIME>20161103161037
ACCESSION NUMBER:		0001206774-16-007483
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20161103
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161103
DATE AS OF CHANGE:		20161103

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:		161971685

	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>geron3126133-8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

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<P align=center><B><FONT face="Times New Roman" size=2>UNITED STATES
<BR></FONT></B><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>November
3, 2016</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>GERON
CORPORATION</FONT></B><FONT face="Times New Roman" size=2> <BR></FONT><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 NOWRAP STYLE="text-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 NOWRAP STYLE="text-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 NOWRAP STYLE="text-align: left; 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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    <TD NOWRAP WIDTH="2%" STYLE="text-align: left; vertical-align: top">&#9744;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD WIDTH="98%" STYLE="text-align: left; vertical-align: top"><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 vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: left; vertical-align: top">&#9744;</TD>
    <TD WIDTH="98%" STYLE="text-align: left; vertical-align: top"><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 vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: left; vertical-align: top">&#9744;</TD>
    <TD WIDTH="98%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2 >Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: left; vertical-align: top">&#9744;</TD>
    <TD WIDTH="98%" STYLE="text-align: left; vertical-align: top"><FONT face="Times New Roman" size=2 >Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 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 November 3, 2016, the
Company issued a press release announcing its financial results for the three
and nine months ended September 30, 2016. 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>
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    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(d)&nbsp;
      </FONT></TD>
    <TD noWrap align=left width="2%" colSpan=2><FONT face="Times New Roman" size=2 >Exhibits</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="95%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%">&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 style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="95%"><B><FONT face="Times New Roman" size=2 >Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >99.1</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="95%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >Press
      release dated November 3, 2016.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>1 </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 style="TEXT-INDENT: 15pt" align=left><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><FONT face="Times New Roman" size=2 >GERON
      CORPORATION</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2 >Date:
      November 3, 2016</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >By:</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>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Name:&nbsp;&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:</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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  <TR vAlign=bottom>
    <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="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2 >Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >99.1</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="98%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >Press
      release dated November 3, 2016.</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>geron3126133-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 3, 2016
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<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT
99.1</FONT></B></P>
<P align=center style="FONT-VARIANT: SMALL-CAPS"><B><FONT face="Times New Roman" size=2>Press Release Dated November 3, 2016</FONT></B></P><IMG src="geron3126133-ex991x1x1.jpg" border=0><BR>
<P align=center><B><FONT face="Times New Roman" size=2>Geron Corporation Reports
Third Quarter 2016 Financial Results and Recent Events</FONT></B><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=center><I><FONT face="Times New Roman" size=2>Conference Call Scheduled
for 4:30 p.m. EDT Today, November 3</FONT></I><I><FONT face="Times New Roman" size=2></FONT></I></P>
<P align=left><FONT face="Times New Roman" size=2><B>MENLO PARK, Calif., November 3, 2016</b> -- Geron Corporation (Nasdaq: GERN) today reported financial results for
the three and nine months ended September 30, 2016 and recent events.</font></P>
<P align=left><FONT face="Times New Roman" size=2>For the third quarter of 2016, the company reported a net loss of $3.6 million, or $(0.02) per share, compared to
net income for the third quarter of 2015 of $27.2 million, or $0.17 per share. Net loss for the first nine months of
2016 was $21.1 million, or $(0.13) per share, compared to net income for the first nine months of 2015 of $8.5
million, or $0.05 per share. The company ended the third quarter of 2016 with $129.8 million in cash and
investments and has not incurred any impairment charges on its marketable securities portfolio.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Revenues for the three and nine months ended September 30, 2016 were $5.1 million and $6.1 million,
respectively, compared to $35.4 million and $36.2 million for the comparable 2015 periods. Revenues for the three
and nine month periods ending September 30, 2016 included license fee revenue of $5.0 million in connection
with an upfront payment due under a license agreement signed in September 2016 with Janssen Pharmaceuticals,
Inc. for certain rights to specialized oligonucleotide backbone chemistry and novel amidates. Revenues for the
three and nine month periods ending September 30, 2015 included the full recognition of the $35.0 million upfront
payment from Janssen Biotech, Inc. (Janssen) as collaboration revenue upon the company&#146;s transfer of the
imetelstat license rights and completion of technology transfer-related activities outlined under the imetelstat
collaboration agreement with Janssen. The upfront cash payment was received in December 2014 and recorded as
deferred revenue at that time.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Total operating expenses for the three and nine months ended September 30, 2016 were $9.0 million and $27.9
million, respectively, compared to $8.3 million and $28.1 million for the comparable 2015 periods. Research and
development expenses for the three and nine months ended September 30, 2016 were $4.3 million and $13.9
million, respectively, compared to $4.1 million and $13.8 million for the comparable 2015 periods. General and
administrative expenses for the three and nine months ended September 30, 2016 were $4.7 million and $14.0
million, respectively, compared to $4.3 million and $12.9 million for the comparable 2015 periods. Year-to-date
operating expenses for 2015 also included restructuring charges of $1.3 million in connection with the company&#146;s
organizational resizing announced in March 2015.</font></P>
<P align=left><FONT face="Times New Roman" size=2>The increase in research and development expenses for the three and nine month periods ending September 30,
2016, compared to the same periods in 2015, primarily reflected the net result of higher costs for the company&#146;s
proportionate share of clinical development expenses under the imetelstat collaboration with Janssen, partially
offset by reduced personnel-related costs resulting from the March 2015 organizational resizing and lower costs
for the manufacturing of imetelstat drug product. The company expects research and development expenses to be
higher in 2016 compared to 2015 as the clinical development of imetelstat continues in collaboration with Janssen.
The increase in general and administrative expenses for the three and nine month periods ending September 30,
2016, compared to the same periods in 2015, primarily reflected higher non-cash stock-based compensation
expense and an increased allocation of facilities and other overhead costs to general and administrative activities.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Interest and other income for the three and nine months ended September 30, 2016 was $322,000 and $871,000,
respectively, compared to $187,000 and $481,000 for the comparable 2015 periods. The increase in interest and other income for the three and nine month periods ending September 30, 2016, compared to the same periods in
2015, primarily reflected higher yields on the company&#146;s marketable securities portfolio.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
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<P align=left><B><FONT face="Times New Roman" size=2>Recent Company
Events</FONT></B></P>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>In the third quarter of 2016, Janssen conducted planned internal reviews of initial data from IMbark<sup>TM</sup> and
IMerge<sup>TM</sup>, the ongoing clinical trials of imetelstat.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR></TABLE>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2><b><i>IMbark<sup>TM</sup></i></b> was designed to evaluate two dose levels of imetelstat (either 4.7 mg/kg or 9.4 mg/kg
administered every three weeks) in approximately 200 patients (approximately 100 patients per dosing
arm) with Intermediate-2 or High risk myelofibrosis (MF) who have relapsed after or are refractory to
prior treatment with a JAK inhibitor. The co-primary efficacy endpoints for the trial are spleen response
rate and symptom response rate at 24 weeks.</FONT></P>
      <P align=left><FONT face="Times New Roman" size=2>Janssen&#146;s review included data from 20 patients from each dosing arm who had been followed on the trial
for at least 12 weeks. In this review, no new safety signals were identified and the safety profile was
consistent with previous imetelstat clinical trials in hematologic myeloid malignancies. Activity in the 4.7
mg/kg dosing arm did not warrant further investigation of that dose, and this arm has been closed to new
patient enrollment. In the 9.4 mg/kg dosing arm, even though at the week 12 data assessment an
insufficient number of patients met the protocol defined interim criteria, this arm warranted further
investigation because encouraging trends in the efficacy data were observed. New enrollment in the 9.4
mg/kg arm has been suspended while the trial continues in order to obtain additional and more mature
data that includes a longer follow-up of these patients at 24 weeks.</FONT></P>
      <P align=left><FONT face="Times New Roman" size=2>Enrolled patients in both arms are permitted to continue to receive imetelstat. Janssen has submitted a
protocol amendment to health authorities that includes allowing eligible patients in the 4.7 mg/kg dosing
arm to increase their dose to 9.4 mg/kg per investigator discretion.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2><b><i>IMerge<sup>TM</sup></i></b> is a two-part clinical study in patients with Low or Intermediate-1 risk myelodysplastic
syndromes (MDS). Part 1 is a Phase 2, open-label, single-arm design in approximately 30 patients, which
has been fully enrolled, and Part 2 is a Phase 3, randomized, double-blind, placebo-controlled design in
approximately 170 patients. Janssen&#146;s review of data in a subset of patients in Part 1 indicated that
emerging safety and efficacy in IMerge<sup>TM</sup> is consistent with data reported from the pilot study conducted
at Mayo Clinic in MDS patients. The primary efficacy endpoint for the trial is 8-week transfusion
independence. IMerge<sup>TM</sup> continues unmodified at this time.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 30pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt"></FONT></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR></TABLE>
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    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Second internal data reviews of additional and more mature data from both trials are planned by the end of
the second quarter of 2017.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Three abstracts describing non-clinical data on imetelstat were accepted for presentation at the 58th
American Society of Hematology (ASH) Annual Meeting and Exposition to be held in San Diego, California from
December 3-6, 2016. The abstracts were published on November 3, 2016 on the ASH website at
www.hematology.org.</FONT></P></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. EDT on November 3, 2016, Geron&#146;s management will host a conference call to discuss the company&#146;s
third quarter and year-to-date results as well as recent company events.</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Participants can access the conference call live via telephone by dialing 877-303-9139 (U.S.); 760-536-5195
(international). The passcode is 6488635. A live audio-only webcast is also available at http://edge.media-server.com/m/p/ci36i65z. The audio webcast of the conference call will be available for replay approximately one
hour following the live broadcast through December 3, 2016.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</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>About
Geron</FONT></B><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Geron is a biopharmaceutical company supporting the clinical stage development of a first-in-class telomerase
inhibitor, imetelstat, in hematologic myeloid malignancies. For more information about Geron, visit
www.geron.com.</FONT></P>
<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) continued conduct by Janssen of IMbark<sup>TM</sup> or
IMerge<sup>TM</sup>; (ii) Janssen obtaining additional or more mature data from IMbark<sup>TM</sup> or IMerge<sup>TM</sup>; (iii) that Janssen will
conduct any additional or further data reviews in IMbark<sup>TM</sup> or IMerge<sup>TM</sup>, and the timing of such data reviews; (iv)
potential outcomes of any data reviews conducted by Janssen; (v) the safety and efficacy of imetelstat; (vi)
submission of a protocol amendment to health authorities; (vii) financial projections and expectations; and (viii)
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)
whether imetelstat will succeed in IMbark<sup>TM</sup> and IMerge<sup>TM</sup> by overcoming all of the clinical safety and efficacy,
technical, scientific, manufacturing and regulatory challenges; (ii) whether health authorities permit IMbark<sup>TM</sup> or
IMerge<sup>TM</sup> to continue to proceed under the existing protocols, the referenced protocol amendment or any other
amendments thereto; (iii) Janssen&#146;s ability to collect additional and more mature data from current clinical trials of
imetelstat; (iv) whether Janssen continues to conduct IMerge<sup>TM</sup> or IMbark<sup>TM</sup>; (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) 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; (viii) the ability of Geron and Janssen to protect and
maintain intellectual property rights for imetelstat; 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 Geron&#146;s quarterly report on
Form 10-Q for the quarter ended September 30, 2016. 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 forwardlooking
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><B><FONT face="Times New Roman" size=2></FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Anna Krassowska, Ph.D.
<BR>
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>
<P align=center><FONT face="Times New Roman" size=2>3</FONT><FONT face="Times New Roman" size=2></FONT></P>
<HR align=center width="100%" noShade size="2">

<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></FONT></B><B><FONT face="Times New Roman" size=2></FONT></B><B><FONT face="Times New Roman" size=2>(UNAUDITED)</FONT></B><B><FONT face="Times New Roman" size=2></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="82%"><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="9%" colSpan=7><STRONG><FONT size=2 face="Times New Roman">Three Months
Ended</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="7%" colSpan=7><B><FONT face="Times New Roman" size=2 >Nine Months Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=7><STRONG><FONT size=2 face="Times New Roman">September
      30,</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=7><B><FONT face="Times New Roman" size=2 >September
      30,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><I><FONT face="Times New Roman" size=2 >(In thousands, except share and per share
    data)</FONT></I></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">2016</FONT></STRONG></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=3><STRONG><FONT size=2 face="Times New Roman">2015</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face="Times New Roman" size=2 ></FONT><STRONG><FONT size=2 face="Times New Roman">2016</FONT></STRONG></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="3%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">2015</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >Revenues:</FONT><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Collaboration revenue</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">35,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >35,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; License
      fees and royalties</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">5,108</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">363</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">6,068</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">1,151</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total revenues</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">5,108</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">35,363</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 ></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=2 face="Times New Roman">6,068</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >36,151</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >Operating
      expenses:</FONT><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research
      and development</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">4,319</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">4,050</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 ></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=2 face="Times New Roman">13,927</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >13,849</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Restructuring charges</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">(41</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >1,306</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General
      and administrative</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2 face="Times New Roman">4,666</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT size=2 face="Times New Roman">4,334</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 ></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">14,006</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">12,911</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 ></FONT><FONT face="Times New Roman" size=2 ></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" 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=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">8,985</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">8,343</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">27,933</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right 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=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >28,066</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >(Loss)
      income from operations</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">(3,877</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">27,020</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=2 face="Times New Roman">(21,865</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >8,085</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >Unrealized
      gain on derivatives</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >16</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >Interest and
      other income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">322</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT size=2 face="Times New Roman">187</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 ></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=2 face="Times New Roman">871</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2 >481</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >Interest and
      other expense</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">(21</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">(22</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">(61</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">(68</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="82%"><FONT face="Times New Roman" size=2 >Net (loss)
      income</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$ </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT size=2 face="Times New Roman">(3,576</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT size=2 face="Times New Roman">27,185</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">(21,055</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">)</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" >8,514</FONT></FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><B><FONT face="Times New Roman" size=2 >Net (loss) income per
      share:</FONT></B><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" rowSpan=2><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Basic</FONT></TD>
    <TD noWrap align=right width="1%" rowSpan=2></TD>
    <TD noWrap align=left width="1%" rowSpan=2><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" rowSpan=2><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" >(0.02)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" rowSpan=2></TD>
    <TD noWrap align=right width="1%" rowSpan=2></TD>
    <TD noWrap align=left width="1%" rowSpan=2><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" rowSpan=2><FONT size=2 face="Times New Roman">0.17</FONT></TD>
    <TD noWrap align=left width="1%" rowSpan=2></TD>
    <TD noWrap align=right width="1%" rowSpan=2></TD>
    <TD noWrap align=left width="1%" rowSpan=2><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" rowSpan=2><FONT size=2 face="Times New Roman">(0.13)</FONT></TD>
    <TD noWrap align=right width="1%" rowSpan=2></TD>
    <TD noWrap align=right width="1%" rowSpan=2>&nbsp;</TD>
    <TD noWrap align=left width="1%" rowSpan=2><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" rowSpan=2><FONT size=2 face="Times New Roman">0.05</FONT></TD>
    <TD noWrap align=right width="1%" rowSpan=2></TD></TR>
  <TR><td></td></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Diluted</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman"><FONT face="Times New Roman" >(0.02)</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">0.17</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">(0.13)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">0.05</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><B><FONT face="Times New Roman" size=2 >Shares used in computing net (loss) income per
      share:</FONT></B></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%" bgColor=#cceeff><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Basic</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">159,140,254</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT size=2 face="Times New Roman">158,151,747</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD 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="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">159,011,741</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">157,922,075</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="82%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Diluted</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT size=2 face="Times New Roman">159,140,254</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT size=2 face="Times New Roman">162,669,681</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 ></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">159,011,741</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">162,448,893</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CONDENSED BALANCE
SHEETS</FONT></B><B><FONT face="Times New Roman" size=2></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="94%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>September 30,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT size=+0><B><FONT face="Times New Roman" size=2>December 31,</FONT></B><FONT face="Times New Roman" size=2></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><I><FONT face="Times New Roman" size=2>(In
      thousands)</FONT></I><FONT face="Times New Roman" size=2></FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT size=+0><B><FONT face="Times New Roman" size=2>2016</FONT></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><FONT size=+0><B><FONT face="Times New Roman" size=2>2015</FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2></FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT size=+0><B><FONT face="Times New Roman" size=2>(Unaudited)</FONT></B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" colSpan=2><FONT size=+0><B><FONT face="Times New Roman" size=2>(Note 1)</FONT></B><B><FONT face="Times New Roman" size=2></FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>Current assets:</FONT><FONT face="Times New Roman" size=2></FONT></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=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#cceeff><FONT size=+0><B><FONT face="Times New Roman" size=2></FONT></B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and
      restricted cash</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>6,151</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>21,515</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current
      marketable securities</FONT></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="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>102,655</FONT></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="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>92,524</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current
      assets</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>6,250</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      1,853</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current assets</FONT></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="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>115,056</FONT></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="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>115,892</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;</FONT></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=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2>Noncurrent marketable securities</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>21,005</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>32,661</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>Property and equipment, net</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>170</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>207</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2></FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;&nbsp;&nbsp;136,231</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      148,760</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2>&nbsp;</FONT></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=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2></FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>Current liabilities</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>7,319</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>6,634</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT size=+0><FONT face="Times New Roman" size=2>Stockholders&#146; equity</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>128,912</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>142,126</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff; TEXT-ALIGN: left" noWrap width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>136,231</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="WIDTH: 1%; BACKGROUND-COLOR: #cceeff; TEXT-ALIGN: left" noWrap width="1%"><FONT size=+0><FONT face="Times New Roman" size=2>$</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT size=+0><FONT face="Times New Roman" size=2>148,760</FONT></FONT></TD></TR></TABLE></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman"><STRONG>Note 1</STRONG><FONT face="Times New Roman">:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 99%"><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,
      2015.</FONT><FONT face="Times New Roman" size=2></FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>###</FONT><FONT face="Times New Roman" size=2></FONT></P>
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