<SEC-DOCUMENT>0001206774-17-000638.txt : 20170301
<SEC-HEADER>0001206774-17-000638.hdr.sgml : 20170301
<ACCEPTANCE-DATETIME>20170301161017
ACCESSION NUMBER:		0001206774-17-000638
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170301
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170301
DATE AS OF CHANGE:		20170301

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:		17654194

	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>geron3126137-8k.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>___________</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>March 1, 2017</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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    <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="33%"><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="33%"><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 align=left width="33%"></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's
telephone number, including area code) </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>N/A <BR></FONT></B><FONT face="Times New Roman" size=2>(Former name or former address, if changed since
last report) </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions: </FONT></P>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT style="FONT-FAMILY: Wingdings">o</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><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="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT style="FONT-FAMILY: Wingdings">o</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><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="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT style="FONT-FAMILY: Wingdings">o</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><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 vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><FONT style="FONT-FAMILY: Wingdings">o</FONT></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><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 March 1, 2017, the Company
issued a press release announcing its financial results for the three and twelve
months ended December 31, 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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  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="99%" colSpan=3><FONT face="Times New Roman" size=2>(d) Exhibits</FONT></TD></TR>
  <TR>
    <TD width="1%" ></TD>
    <TD width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="1%" >&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=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 vAlign=bottom>
    <TD noWrap width="1%"  bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Press release dated March 1,
  2017.</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>
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    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="67%" colSpan=3><FONT face="Times New Roman" size=2>GERON CORPORATION</FONT></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 1, 2017</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="56%"><FONT face="Times New Roman" size=2>/s/ Stephen N.
Rosenfield</FONT></TD>
    <TD noWrap align=left width="10%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></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="66%" colSpan=2><FONT face="Times New Roman" size=2>Stephen N. Rosenfield</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="66%" colSpan=2><FONT face="Times New Roman" size=2>Executive Vice President, General Counsel and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="33%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="66%" colSpan=2><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 STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">EXHIBIT INDEX </font></B></P><TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <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="1%" >&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 align=center width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.1</FONT></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Press release dated March 1,
  2017.</FONT></TD></TR></TABLE><BR><HR NOSHADE ALIGN="CENTER" WIDTH="100%" SIZE=2>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>geron3126137-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 1, 2017
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<P align=right><B><FONT face=Arial size=2>EXHIBIT</FONT></B><B><FONT face=Arial size=2> </FONT></B><B><FONT face=Arial size=2>99.1</FONT></B></P>
<P align=center><B><FONT style="FONT-VARIANT: small-caps" face=Arial size=2>Press Release Dated March 1, 2017</FONT></B></P><IMG src="geron3126137-ex991x1x1.jpg" border=0><BR>
<P align=center><B><FONT face=Arial size=2>Geron Corporation Reports Fourth
Quarter and Annual 2016 Financial Results</FONT></B></P>
<P align=center><I><FONT face=Arial size=2>Conference Call Scheduled for 4:30
p.m. ET Today, March 1</FONT></I></P>
<P align=left><B><FONT face=Arial size=2>MENLO PARK, Calif.,</FONT></B><B><FONT face=Arial size=1> </FONT></B><B><FONT face=Arial size=2>March 1, 2017
</FONT></B><FONT face=Arial size=2>-- Geron Corporation (Nasdaq: GERN) today
reported financial results for the fourth quarter and year ended December 31,
2016 and recent events.</FONT></P>
<P align=left><B><FONT face=Arial size=2>Fourth Quarter and Year-End 2016
Results</FONT></B></P>
<P align=left><FONT face=Arial size=2>For each of the fourth quarter of 2016 and
2015, the company reported a net loss of $8.5 million, or $(0.05) per share. For
2016, the company reported a net loss of $29.5 million, or $(0.19) per share,
compared to net income of $46,000, or $0.00 per share, for 2015. The company
ended 2016 with $129.1 million in cash and investments.</FONT></P>
<P align=left><FONT face=Arial size=2>Revenues for the fourth quarter of 2016
were $94,000 compared to $220,000 for the comparable 2015 period. Revenues for
2016 were $6.2 million compared to $36.4 million for 2015. Revenues for 2016
included the full recognition of an upfront payment of $5.0 million from Janssen
Pharmaceuticals, Inc. under a license agreement for certain rights to the
company&#146;s specialized oligonucleotide backbone chemistry and novel amidates.
Revenues for 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=Arial size=2>Total operating expenses for each of the
fourth quarter of 2016 and 2015 were $8.9 million. Total operating expenses for
2016 were $36.8 million compared to $36.9 million for 2015. Operating expenses
for 2015 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=Arial size=2>Research and development expenses for the
fourth quarter of 2016 were $4.1 million compared to $4.0 million for the
comparable 2015 period. Research and development expenses for 2016 were $18.0
million compared to $17.8 million for 2015. The increase in research and
development expenses in 2016 compared to 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.</FONT></P>
<P align=left><FONT face=Arial size=2>General and administrative expenses for
the fourth quarter of 2016 were $4.8 million compared to $4.9 million for the
comparable 2015 period. General and administrative expenses for 2016 were $18.8
million compared to $17.8 million for 2015. The increase in general and
administrative expenses in 2016 compared to 2015 primarily reflected the net
result of higher non-cash stock-based compensation expense and an increased
allocation of facilities and other overhead costs to general and administrative
activities, partially offset by lower consulting and legal costs.</FONT></P>
<P align=left><FONT face=Arial size=2>Interest and other income for the fourth
quarter of 2016 was $321,000 compared to $196,000 for the comparable 2015
period. Interest and other income for 2016 was $1.2 million compared to $677,000
for 2015.</FONT></P>
<P align=center><FONT face=Arial size=2>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face=Arial size=2>The increase in interest and other income
for 2016 compared to 2015 primarily reflected higher yields on the company&#146;s
marketable securities portfolio.</FONT></P>
<P align=left><FONT face=Arial size=2>&#147;In 2016, the imetelstat program
progressed with the ongoing clinical trials in patients with myelofibrosis and
myelodysplastic syndromes being conducted by Janssen, as well as through a range
of preclinical and translational studies in collaboration with academic
scientists around the world,&#148; said John A. Scarlett, M.D., Geron&#146;s President and
Chief Executive Officer. &#147;2017 will be another important year for imetelstat. We
expect Janssen to conduct the second internal reviews of data from IMbark and
IMerge to inform Janssen&#146;s decisions regarding further development plans for the
drug, including prospects around dosing in IMbark and opening the Phase 3 part
of IMerge. We expect Janssen&#146;s decision-making to occur in the second quarter of
2017.&#148;</FONT></P>
<P align=left><B><FONT face=Arial size=2>2016 EVENTS SUMMARY</FONT></B></P>
<P align=left><B><I><FONT face=Arial size=2>Imetelstat Clinical Development by
Janssen</FONT></I></B></P>
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    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>In January, the first patient was
      dosed in IMerge, a Phase 2/3 clinical trial to evaluate imetelstat in
      transfusion dependent patients with IPSS low or intermediate-1 risk
      myelodysplastic syndromes (MDS) who have relapsed after or are refractory
      to prior treatment with an erythropoiesis stimulating agent (ESA). IMerge
      is the second clinical trial to be initiated and conducted by Janssen
      under the terms of the exclusive worldwide imetelstat license and
      collaboration agreement between Geron and Janssen. The first, IMbark, was
      designed to evaluate two dose levels of imetelstat in patients with
      intermediate-2 or high risk myelofibrosis (MF) who have relapsed after or
      are refractory to prior treatment with a JAK inhibitor.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%"></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>In September, Janssen completed
      planned internal reviews of data from IMbark and IMerge. As a result of
      these data reviews, both trials are continuing in order to obtain
      additional and more mature data. While patients remaining in the treatment phase of
      IMbark and IMerge continue to be dosed with imetelstat, new patient
      enrollment in both trials is suspended until completion of the second
      internal data reviews.</FONT></P></TD></TR></TABLE>
<P align=left><B><I><FONT face=Arial size=2>Publications and Presentations
</FONT></I></B></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%" colSpan=2>
      <P align=left><FONT face=Arial size=2>In March, </FONT><I><FONT face=Arial size=2>Blood Cancer Journal</FONT></I><FONT face=Arial size=2> published
      clinical safety and efficacy data on imetelstat from patients with a form
      of MDS known as refractory anemia with ringed sideroblasts (MDS-RARS)
      enrolled as part of the Mayo Clinic Pilot Study. The data included nine
      patients enrolled in the study cohort, classified as having either IPSS
      intermediate-1 or intermediate-2 risk disease. Three of the eight (37.5%)
      patients who were dependent on red blood cell transfusions at study entry
      became transfusion independent for at least eight weeks. The median
      duration of transfusion independence was 28 weeks (range: nine weeks to 37
      weeks).</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%" colSpan=2></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%" colSpan=2>
      <P align=left><FONT face=Arial size=2>At the </FONT><I><FONT face=Arial size=2>American Association for Cancer Research</FONT></I><FONT face=Arial size=2> annual meeting in April, non-clinical data on imetelstat were
      presented describing:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="98%">
      <P align=left><FONT face=Arial size=2>Results from a study in which
      imetelstat treatment of acute myeloid leukemia (AML) cell lines enhanced
      the effects of hypomethylating agents currently used for the treatment of
      AML.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="98%"></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="98%">
      <P align=left><FONT face=Arial size=2>Results from non-clinical studies
      that provide further evidence of potential on-target mechanisms of
      telomerase inhibition by imetelstat underlying the reduction in platelets
      observed in previously conducted imetelstat clinical
  trials.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="98%"></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%" colSpan=2>
      <P align=left><FONT face=Arial size=2>At the </FONT><I><FONT face=Arial size=2>American Society of Hematology</FONT></I><FONT face=Arial size=2>
      annual meeting in December, data related to the imetelstat program were
      presented describing:</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="98%">
      <P align=left><FONT face=Arial size=2>Results from a non-clinical study
      showing that treatment with imetelstat prolonged overall survival of AML
      xenografts derived from nine out of 15 individual patient samples compared
      to saline-treated controls.</FONT></P></TD></TR></TABLE>
<P align=center><FONT face=Arial size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>An analysis of treatment patterns
      and outcomes of patients with MF from two United States medical health
      insurance claims databases showing a median overall survival of seven
      months among patients who failed or discontinued frontline ruxolitinib.
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%"></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>Telomere length dynamics from the
      prior Geron-sponsored proof-of-concept study in patients with essential
      thrombocythemia (ET) showing that in 10 out of 13 patients, telomere
      length in granulocytes was higher after nine months of treatment with
      imetelstat and the change correlated with the reduction of JAK2V617F
      mutational burden, suggesting that imetelstat may suppress neoplastic
      clones and favor recovery of normal hematopoiesis in these patients.
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%"></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>A preliminary investigation
      suggesting that imetelstat treatment reduces the number of leukemia
      progenitor cells detected in bone marrow from xenograft models of chronic
      myeloid leukemia in blast crisis. </FONT></P></TD></TR></TABLE>
<P align=left><FONT face=Arial size=2>These publications and posters are
available through the Publications page in the R&amp;D section of Geron&#146;s
website (www.geron.com). </FONT></P>
<P align=left><B><I><FONT face=Arial size=2>Intellectual Property
</FONT></I></B></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>In July, U.S. patent 9,375,485
      related to imetelstat was issued by the U.S. Patent and Trademark Office
      with claims covering the use of telomerase inhibitor compounds, including
      imetelstat, for alleviating at least one symptom of myelofibrosis or
      myelodysplastic syndromes, including chronic myelomonocytic leukemia,
      which is expected to remain in force until at least March 2033.
    </FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face=Arial size=2>FUTURE EVENTS </FONT></B></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>In the first quarter of 2017,
      Janssen initiated the process for the second internal data reviews for
      both IMbark and IMerge. The company expects the outcomes from the second
      internal data reviews, regulatory considerations and the totality of other
      program information, including the evolving treatment landscapes in MF and
      MDS, to inform Janssen&#146;s decisions regarding future development plans for
      imetelstat. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%">&nbsp;</TD>
    <TD vAlign=top width="99%"></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face=Arial size=2>Data from the Phase 2 part of IMerge
      is expected to be submitted by Janssen for presentation at a medical
      conference in 2017. </FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face=Arial size=2>Conference Call and Webcast
</FONT></B></P>
<P align=left><FONT face=Arial size=2>At 4:30 p.m. ET on March 1, 2017, Geron&#146;s
management will host a conference call to discuss the company&#146;s fourth quarter
and annual results as well as recent company events. </FONT></P>
<P align=left><FONT face=Arial size=2>Participants can access the conference
call live via telephone dialing 877-303-9139 (U.S.); 760-536-5195
(international). The conference ID is 53505663. A live audio-only webcast is
also available through the Investors section of our website at www.geron.com or
at http://edge.media-server.com/m/p/ouvh9xwx. The audio webcast of the
conference call will be available for replay approximately one hour following
the live broadcast through April 1, 2017. </FONT></P>
<P align=left><B><FONT face=Arial size=2>About Geron </FONT></B></P>
<P align=left><FONT face=Arial 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=center><FONT face=Arial size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face=Arial size=2>Use of Forward-Looking Statements
</FONT></B></P>
<P align=left><FONT face=Arial 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 or IMerge and/or
any further development of imetelstat; (ii) Janssen obtaining additional or more
mature data from IMbark or IMerge; (iii) that Janssen will conduct any
additional or further data reviews of IMbark or IMerge, 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) financial projections and
expectations; (vii) patent coverage for imetelstat; (viii) pre-clinical data;
and (ix) 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 and IMerge by overcoming all of the clinical safety and
efficacy, technical, scientific, manufacturing and regulatory challenges; (ii)
whether Janssen decides to continue or terminate its development of imetelstat;
(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
or IMbark; (v) whether health authorities permit the further development of
imetelstat; (vi) 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;
(vii) 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; (viii) 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; (ix) the ability of Geron and Janssen to
protect and maintain intellectual property rights for imetelstat; (x) whether
pre-clinical data has any correlation to clinical results; and (xi) 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, 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 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=Arial size=2>CONTACT: </FONT></B></P>
<P align=left><FONT face=Arial 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=Arial size=2>Financial table follows.</FONT></P>
<P align=center><FONT face=Arial size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face=Arial size=2>GERON
CORPORATION<BR></FONT></B><B><FONT face=Arial size=2>CONDENSED STATEMENTS OF
OPERATIONS</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="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="11%" colSpan=7><B><FONT face=Arial size=2>UNAUDITED</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="11%" colSpan=7><B><FONT face=Arial size=2>Three Months Ended</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="11%" colSpan=7><B><FONT face=Arial size=2>Year Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD NOWRAP COLSPAN="7" STYLE="text-align: center; width: 11%; border-bottom: Black 1pt solid"><B><FONT face=Arial size=2>December 31,</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD NOWRAP COLSPAN="7" STYLE="text-align: center; width: 11%; border-bottom: Black 1pt solid"><B><FONT face=Arial size=2>December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><I><FONT face=Arial size=2>(In
      thousands, except share and per share data)</FONT></I></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=Arial size=2>2016</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=Arial size=2>2015</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=Arial size=2>2016</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face=Arial size=2>2015</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>Revenues:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collaboration revenue</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>35,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;License fees and royalties</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap width="3%"><FONT face=Arial size=2>94</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap width="3%"><FONT face=Arial size=2>220</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap width="3%"><FONT face=Arial size=2>6,162</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="WIDTH: 3%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: right" noWrap width="3%"><FONT face=Arial size=2>1,371</FONT></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 1pt solid; BACKGROUND-COLOR: #c0c0c0; TEXT-ALIGN: left" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      revenues</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>94</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=Arial size=2>220</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=Arial size=2>6,162</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=Arial size=2>36,371</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>Operating expenses:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>4,120</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=Arial size=2>3,982</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=Arial size=2>18,047</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=Arial size=2>17,831</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring charges</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>1,306</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=Arial size=2>4,755</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=Arial size=2>4,882</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=Arial size=2>18,761</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=Arial size=2>17,793</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      operating expenses</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>8,875</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>8,864</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>36,808</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>36,930</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>Loss from
      operations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>(8,781</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial 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=Arial size=2>(8,644</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial 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=Arial size=2>(30,646</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial 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=Arial size=2>(559</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>Unrealized gain on derivatives</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>16</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>Interest and
      other income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=Arial size=2>321</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=Arial size=2>196</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=Arial size=2>1,192</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=Arial size=2>677</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>Interest and other expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(22</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(20</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(83</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(88</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>Net (loss)
      income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>(8,482</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>(8,468</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>(29,537</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>46</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=17>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face=Arial size=2>Net (loss) income per share:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>(0.05</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>(0.05</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>(0.19</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(0.05</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(0.05</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>(0.19</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>0.00</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="76%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="WIDTH: 76%; TEXT-ALIGN: left" width="99%" colSpan=16><FONT face=Arial size=2><STRONG>Shares used in computing net (loss) income per
      share:</STRONG></FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>159,147,351</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>158,378,421</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=Arial size=2>159,045,644</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" bgColor=#c0c0c0 colSpan=2><FONT face=Arial size=2>158,036,162</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 1%; BORDER-BOTTOM: black 2pt double; TEXT-ALIGN: left" noWrap width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>159,147,351</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" colSpan=2><FONT face=Arial size=2>158,378,421</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%"><FONT face=Arial size=2>159,045,644</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="4%" colSpan=2><FONT face=Arial size=2>162,663,894</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<P align=center><B><FONT face=Arial size=2>CONDENSED BALANCE
SHEETS</FONT></B></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face=Arial size=2>December
      31,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face=Arial size=2>December
      31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><I><FONT face=Arial size=2>(In
      thousands)</FONT></I></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face=Arial size=2>2016</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face=Arial size=2>2015</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=Arial size=2>Current assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash
      equivalents and restricted cash</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>13,078</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>21,515</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current marketable
      securities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>102,035</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>92,524</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current
      assets</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=Arial size=2>999</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="1%"><FONT face=Arial size=2>1,853</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=Arial size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>116,112</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>115,892</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=Arial size=2>Noncurrent marketable securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>13,954</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=Arial size=2>32,661</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=Arial size=2>Property and equipment,
      net</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>183</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>207</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=Arial size=2>130,249</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=Arial size=2>148,760</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face=Arial size=2>Current
    liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>7,869</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>6,634</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face=Arial size=2>Stockholders&#146; equity</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="1%"><FONT face=Arial size=2>122,380</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="1%"><FONT face=Arial size=2>142,126</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>130,249</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=Arial size=2>148,760</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=Arial size=2>###</FONT></P>
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