<SEC-DOCUMENT>0001206774-17-003061.txt : 20171101
<SEC-HEADER>0001206774-17-003061.hdr.sgml : 20171101
<ACCEPTANCE-DATETIME>20171101161019
ACCESSION NUMBER:		0001206774-17-003061
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171101
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171101
DATE AS OF CHANGE:		20171101

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:		171169050

	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>geron3313902-8k.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></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
1, 2017</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>GERON
CORPORATION<BR></FONT></B><FONT face="Times New Roman" size=2>(Exact name of
registrant as specified in its charter) </FONT></P>
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  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><B><FONT face="Times New Roman" size=2>Delaware</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><B><FONT face="Times New Roman" size=2>0-20859</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><B><FONT face="Times New Roman" size=2>75-2287752</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(State or other jurisdiction</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(Commission File Number)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>(IRS Employer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>of incorporation)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="33%"><FONT face="Times New Roman" size=2>Identification
No.)</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2>149 COMMONWEALTH DRIVE,
SUITE 2070<BR>MENLO PARK, CALIFORNIA 94025 <BR></FONT></B><FONT face="Times New Roman" size=2>(Address of principal executive offices, including
zip code) </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>(650)
473-7700<BR></FONT></B><FONT face="Times New Roman" size=2>(Registrant&#146;s
telephone number, including area code) </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>N/A <BR></FONT></B><FONT face="Times New Roman" size=2>(Former name or former address, if changed since
last report) </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions: </FONT></P>
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  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&#9744;</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>&#9744;</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>&#9744;</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>&#9744;</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>
<P align=left><FONT face="Times New Roman" size=2>Indicate by check mark whether
the registrant is an emerging growth company as defined in Rule 405 of the
Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Emerging growth company
&#9744;</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.&nbsp;&#9744;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<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 1, 2017, the
Company issued a press release announcing its financial results for the three
and nine months ended September 30, 2017. A copy of the press release is
attached as Exhibit 99.1. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 9.01 Financial
Statements and Exhibits</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) Exhibits </FONT></P>
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    <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="4%"><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="94%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#cceeff><A HREF="geron3313902-ex991.htm" STYLE="-sec-extract: exhibit"><FONT face="Times New Roman" size=2>99.1</FONT></A></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="94%" bgColor=#cceeff><A HREF="geron3313902-ex991.htm" STYLE="-sec-extract: exhibit"><FONT face="Times New Roman" size=2>Press release dated November 1,
  2017.</FONT></A></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>
<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="51%">&nbsp;</TD>
    <TD noWrap align=left width="48%" colSpan=2><FONT face="Times New Roman" size=2>GERON CORPORATION</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"><FONT face="Times New Roman" size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp; November 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="47%"><FONT face="Times New Roman" size=2>/s/ Stephen N. Rosenfield</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Stephen N. Rosenfield</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Title:</FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Executive Vice President, General Counsel
      and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Corporate
Secretary</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>geron3313902-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED NOVEMBER 1, 2017
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<P align=right><B><FONT face="Times New Roman" size=2>EXHIBIT 99.1
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>P</FONT></B><B><FONT face="Times New Roman" size=2>RESS </FONT></B><B><FONT face="Times New Roman" size=2>R</FONT></B><B><FONT face="Times New Roman" size=2>ELEASE
</FONT></B><B><FONT face="Times New Roman" size=2>D</FONT></B><B><FONT face="Times New Roman" size=2>ATED </FONT></B><B><FONT face="Times New Roman" size=2>N</FONT></B><B><FONT face="Times New Roman" size=2>OVEMBER
</FONT></B><B><FONT face="Times New Roman" size=2>1, 2017</FONT></B></P><IMG src="geron3313902-8kx5x1.jpg" border=0> <BR>
<P align=center><B><FONT face="Times New Roman" size=2>Geron Corporation Reports
Third Quarter 2017 Financial Results </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>MENLO PARK, Calif.,
November 1, 2017 </FONT></B><FONT face="Times New Roman" size=2>-- Geron
Corporation (Nasdaq: GERN) today reported financial results for the three and
nine months ended September 30, 2017. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>For the third quarter of 2017,
the company reported a net loss of $6.9 million, or $0.04 per share, compared to
$3.6 million, or $0.02 per share, for the comparable 2016 period. Net loss for
the first nine months of 2017 was $20.5 million, or $0.13 per share, compared to
$21.1 million, or $0.13 per share, for the comparable 2016 period. The company
ended the third quarter of 2017 with $112.7 million in cash and investments.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Revenues for the three and
nine months ended September 30, 2017 were $163,000 and $874,000, respectively,
compared to $5.1 million and $6.1 million for the comparable 2016 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 under
a license agreement signed in September 2016 with Janssen Pharmaceuticals, Inc.
for certain rights to specialized oligonucleotide backbone chemistry and novel
amidates. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Total operating expenses for
the three and nine months ended September 30, 2017 were $7.4 million and $22.3
million, respectively, compared to $9.0 million and $27.9 million for the
comparable 2016 periods. Research and development expenses for the three and
nine months ended September 30, 2017 were $2.6 million and $8.5 million,
respectively, compared to $4.3 million and $13.9 million for the comparable 2016
periods. The decrease in research and development expenses for the three and
nine month periods ending September 30, 2017, compared to the same periods in
2016, primarily reflects lower costs for the company&#146;s proportionate share of
clinical development expenses under the imetelstat collaboration with Janssen
Biotech, Inc. and reduced personnel related expenses. General and administrative
expenses for the three and nine months ended September 30, 2017 were $4.8
million and $13.8 million, respectively, compared to $4.7 million and $14.0
million for the comparable 2016 periods. The increase in general and
administrative expenses for the three-month period ending September 30, 2017,
compared to the same period in 2016, primarily reflects higher non-cash
stock-based compensation expense. The decrease in general and administrative
expenses for the nine-month period ending September 30, 2017, compared to the
same period in 2016, primarily reflects lower consulting and legal costs,
partially offset by higher non-cash stock-based compensation expense.
</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, 2017 was $363,000 and $1.0
million, respectively, compared to $322,000 and $871,000 for the comparable 2016 periods. The increase in
interest and other income for the three and nine month periods ending September
30, 2017, compared to the same periods in 2016, primarily reflects higher yields
on the company&#146;s marketable securities portfolio.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1&nbsp;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=left><B><FONT face="Times New Roman" size=2>Conference Call and Webcast
</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>At 4:30 p.m. ET on November 1,
2017, Geron&#146;s management will host a conference call to discuss the company&#146;s
third quarter results as well as recent events. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Participants can access the
conference call live via telephone dialing 877-303-9139 (U.S.); 760-536-5195
(international). The conference ID is 1056465. A live audio-only webcast is also
available through the Investors section of the company&#146;s website at </FONT><FONT face="Times New Roman" size=2>www.geron.com</FONT><FONT face="Times New Roman" size=2> or at </FONT><FONT face="Times New Roman" size=2>https://edge.media-server.com/m6/p/25tyxgih</FONT><FONT face="Times New Roman" size=2>. The audio webcast of the conference call will be
available for replay approximately one hour following the live broadcast through
December 1, 2017. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>About Geron </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Geron is a 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><FONT face="Times New Roman" size=2>Financial table follows.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2&nbsp;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=center><B><FONT face="Times New Roman" size=2>GERON CORPORATION
<BR></FONT></B><B><FONT face="Times New Roman" size=2>CONDENSED STATEMENTS OF
OPERATIONS<BR>(UNAUDITED)</FONT></B></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="7%" colSpan=5><B><FONT face="Times New Roman" size=2>Three Months Ended</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=5><B><FONT face="Times New Roman" size=2>Nine
      Months Ended</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=5><B><FONT face="Times New Roman" size=2>September
      30,</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=5><B><FONT face="Times New Roman" size=2>September
      30,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><I><FONT face="Times New Roman" size=2>(In thousands, except share and per share
    data)</FONT></I></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2017</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2016</FONT></B></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="3%" colSpan=2><B><FONT face="Times New Roman" size=2>2017</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>2016</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Revenues:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left width="2%" 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></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 85%; padding-left: 15pt"><FONT face="Times New Roman" size=2>License fees and
      royalties</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>163</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>5,108</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>874</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>6,068</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="85%">&nbsp;</TD>
    <TD noWrap align=left 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=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left 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=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Operating
      expenses:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="2%" 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="2%" 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="2%" 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></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 85%; padding-left: 15pt"><FONT face="Times New Roman" size=2>Research and
      development</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>2,637</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>4,319</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>8,510</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>13,927</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 85%; background-color: #cceeff; padding-left: 15pt"><FONT face="Times New Roman" size=2>General and
      administrative</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>4,770</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>4,666</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>13,833</FONT></TD>
    <TD noWrap align=left 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 face="Times New Roman" size=2>14,006</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 85%; padding-left: 30pt"><FONT face="Times New Roman" size=2>Total operating
      expenses</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>7,407</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>8,985</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>22,343</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>27,933</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Loss from
      operations</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="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(7,244)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(3,877)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(21,469)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(21,865)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="85%" bgColor=#cceeff>&nbsp;</TD>
    <TD noWrap align=left 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=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=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=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>Interest and
      other income</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>363</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>322</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>1,041</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>871</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Interest and
      other expense</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(18)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(21)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(59)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>(61)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%"><FONT face="Times New Roman" size=2>Net
loss</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(6,899)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(3,576)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(20,487)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>(21,055)</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="85%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="85%" bgColor=#cceeff><B><FONT face="Times New Roman" size=2>Basic and diluted net loss per
      share:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="2%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 85%; padding-left: 15pt"><FONT face="Times New Roman" size=2>Net loss per
      share</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(0.04)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(0.02)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>(0.13)</FONT></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=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 face="Times New Roman" size=2>(0.13)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 85%; background-color: #cceeff; padding-left: 15pt"><FONT face="Times New Roman" size=2>Shares used in
      computing net loss per share</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>159,216,642</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>159,140,254</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%" bgColor=#cceeff><FONT face="Times New Roman" size=2>159,186,853</FONT></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 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></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CONDENSED BALANCE
SHEETS</FONT></B></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>September 30,</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="Times New Roman" size=2>December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><I><FONT face="Times New Roman" size=2>(In thousands)</FONT></I></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>2017</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp; &nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>2016</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>(Unaudited)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=2><B><FONT face="Times New Roman" size=2>(Note 1)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Current
      assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 95%; padding-left: 15pt"><FONT face="Times New Roman" size=2>Cash, cash
      equivalents and restricted cash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>10,172</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>13,078</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 95%; background-color: #cceeff; padding-left: 15pt"><FONT face="Times New Roman" size=2>Current
      marketable securities</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>86,991</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 face="Times New Roman" size=2>102,035</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 95%; padding-left: 15pt"><FONT face="Times New Roman" size=2>Other current
      assets</FONT></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">1,400</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>999</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 95%; background-color: #cceeff; padding-left: 30pt"><FONT face="Times New Roman" size=2>Total current
      assets</FONT></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>98,563</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 face="Times New Roman" size=2>116,112</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#cceeff colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Noncurrent
      marketable securities</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>15,560</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>13,954</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Property and
      equipment, net</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">121</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>183</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT size=2 face="Times New Roman">114,244</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>130,249</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=6>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#cceeff><FONT face="Times New Roman" size=2>Current
      liabilities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>5,970</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>7,869</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%"><FONT face="Times New Roman" size=2>Stockholders&#146;
      equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>108,274</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face="Times New Roman" size=2>122,380</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="95%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>114,244</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff></TD>
    <TD noWrap align=left width="1%" bgColor=#cceeff><FONT size=2 face="Times New Roman">$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#cceeff><FONT face="Times New Roman" size=2>130,249</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%"><B><FONT face="Times New Roman" size=2>Note
      1</FONT></B><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>Derived from
      audited financial statements included in the company&#146;s annual report on
      Form 10-K for the year ended December 31,
2016.</FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=2>CONTACT:</FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>Anna Krassowska,
Ph.D.<BR>Investor and Media Relations<BR>650-473-7765<BR></FONT><FONT face="Times New Roman" size=2>investor@geron.com<BR>media@geron.com</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>###</FONT></P>
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