<SEC-DOCUMENT>0001206774-18-001612.txt : 20180510
<SEC-HEADER>0001206774-18-001612.hdr.sgml : 20180510
<ACCEPTANCE-DATETIME>20180510161512
ACCESSION NUMBER:		0001206774-18-001612
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180510
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180510
DATE AS OF CHANGE:		20180510

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:			1117

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20859
		FILM NUMBER:		18822690

	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>geron3419411-8k.htm
<DESCRIPTION>CURRENT REPORT
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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 size=2 face="serif">May 10, 2018</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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    <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 style="text-align: center" width="33%"></TD>
    <TD noWrap style="text-align: center" 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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    <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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<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Item 2.02 Results of Operations and Financial Condition</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Geron Corporation (the &#8220;Company&#8221;) is furnishing this information under Item 2.02 of Form 8-K.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The information in this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed &#8220;filed&#8221; for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), 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 STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">On May 10, 2018, the Company issued a press release announcing its financial results for the three months ended March 31, 2018. A copy of the press release is attached as Exhibit 99.1.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Item 9.01 Financial Statements and Exhibits</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">(d) Exhibits</FONT></P>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=center><B><FONT size=2 face="Times New Roman">Exhibit No.</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="93%" noWrap align=left><B><FONT size=2 face="Times New Roman">Description</FONT></B></TD></TR>
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   <TD NOWRAP STYLE="width: 3%; text-align: center; background-color: rgb(204,238,255)"><A HREF="geron3419411-ex991.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">99.1</FONT></A></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="width: 93%; text-align: left; background-color: rgb(204,238,255)"><A HREF="geron3419411-ex991.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Press release dated May 10, 2018.</FONT></A></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">SIGNATURE</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">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 width="49%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">GERON CORPORATION</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date: May 10, 2018</FONT></TD>
   <TD width="4%" noWrap align=left>
   <P><FONT size=2 face="Times New Roman">By:</FONT></P></TD>
   <TD NOWRAP STYLE="width: 45%; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Stephen N. Rosenfield</FONT></TD></TR>
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   <P><FONT size=2 face="Times New Roman"></FONT></P><FONT size=2 face="Times New Roman">Name:&nbsp; </FONT></TD>
   <TD width="45%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Stephen N. Rosenfield</FONT></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="4%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD width="45%" noWrap align=left><FONT size=2 face="Times New Roman">Executive Vice President, General Counsel and</FONT></TD></TR>
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   <TD width="50%" noWrap align=left></TD>
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   <TD width="45%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Secretary</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>geron3419411-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 10, 2018
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<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">EXHIBIT 99.1</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Press Release Dated May 10, 2018</FONT></B></P>
<IMG border=0 src="geron3419411-ex991x1x1.jpg"> <BR>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">Geron Corporation Reports First Quarter 2018 Financial Results</FONT></B></P>
<P style="TEXT-ALIGN: center"><I><FONT size=2 face="Times New Roman">Annual Stockholders Meeting to be Held on May 15, 2018</FONT></I></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">MENLO PARK, Calif., May 10, 2018 </FONT></B><FONT size=2 face="Times New Roman">-- Geron Corporation (Nasdaq: GERN) today reported financial results for the first quarter ended March 31, 2018.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">First Quarter 2018 Results</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">For the first quarter of 2018, the company reported operating revenues of $318,000 and operating expenses of $7.8 million compared to $537,000 and $8.0 million, respectively, for the comparable 2017 period. Net loss for the first quarter of 2018 was $7.2 million, or $0.04 per share, compared to $7.2 million, or $0.05 per share, for the comparable 2017 period.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Revenues for the first quarter of 2018 and 2017 included royalty and license fee revenues under various non-imetelstat license agreements. The company adopted the new revenue recognition accounting standard as of January 1, 2018 using the modified retrospective transition method. Financial results for the first quarter of 2018 are presented under the new accounting standard, but prior period amounts have not been adjusted and continue to be reported under accounting standards used historically. Therefore, there is a lack of comparability to the prior period presented. As a result, the decrease in revenues for the first quarter of 2018 compared to the same period in 2017 reflects not only a reduction in the number of active non-imetelstat license agreements and decreased product sales from licensees, but also a change in the method accounting. However, the company does not expect the adoption of the new revenue recognition accounting standard to have a material impact to its financial statements on an ongoing basis.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Research and development expenses for the three months ended March 31, 2018 and 2017 were $2.4 million and $3.4 million, respectively. The decrease in research and development expenses for the first quarter of 2018 compared to the same period in 2017 primarily reflects reduced personnel related expenses due to lower stock-based compensation expense and lower clinical development expenses under the imetelstat collaboration with Janssen Biotech, Inc. (Janssen).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">General and administrative expenses for the three months ended March 31, 2018 and 2017 were $5.3 million and $4.7 million, respectively. The increase in general and administrative expenses for the first quarter of 2018 compared to the same period in 2017 primarily reflects higher consulting and legal costs associated with business development activities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Interest and other income for the three months ended March 31, 2018 and 2017 was $394,000 and $332,000, respectively. The increase in interest and other income for the first quarter of 2018 compared to the same period in 2017 primarily reflects higher yields on the company&#8217;s marketable securities portfolio. For the three months ended March 31, 2018, the company also recognized a loss of $125,000 for the change in the fair value of an equity investment as required under a new accounting standard adopted by the company as of January 1, 2018.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The company ended the first quarter of 2018 with $103.2 million in cash and marketable securities. Subsequently, in April 2018, the company completed the sale of the remaining common stock subject to its At Market Issuance Sales Agreement (Sales Agreement). Under the Sales Agreement, the company sold a cumulative total of approximately 13.8 million shares of common stock and raised net cash proceeds of approximately $48.7 million after deducting sales commissions and offering expenses payable by Geron. No further shares of common stock can be issued under the Sales Agreement. The company expects the net cash proceeds to provide additional capital structure flexibility to potentially support (i) the future development of imetelstat in collaboration with Janssen, if Janssen elects to continue the collaboration, including potentially conducting one or more imetelstat independent development plans (IDPs) under the Collaboration Agreement; (ii) the further development of imetelstat by Geron in the event the collaboration with Janssen does not continue and Geron elects to continue development of imetelstat; or (iii) prospective in-licenses or acquisitions of other oncology products, programs or companies.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">&#8220;As we have previously announced, we expect Janssen to make its decision about whether to continue their development of imetelstat by the end of third quarter of 2018,&#8221; said John A. Scarlett, M.D., Geron&#8217;s President and Chief Executive Officer. &#8220;Regardless of Janssen&#8217;s future decision, we believe imetelstat warrants further development because of the activity observed in lower risk MDS patients from Part 1 of IMerge as presented at ASH last December, and the evolving overall survival in relapsed or refractory MF patients observed in IMbark.&#8221;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Annual Meeting of Stockholders</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Geron&#8217;s Annual Meeting of Stockholders will be held at 4:00 p.m. PDT / 7:00 p.m. EDT on May 15, 2018. Further information about the Annual Meeting is available on Geron&#8217;s website at www.geron.com on the homepage and in the Investors section under Events.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Due to the proximity of the Annual Meeting, Geron management will not be hosting a separate first quarter conference call.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">About Geron</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">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 style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Use of Forward-Looking Statements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the &#8220;safe harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements regarding: (i) continued conduct by Janssen of IMbark and/or IMerge and any future clinical trials of imetelstat; (ii) the expected, anticipated and uncertain occurrence, if any, and timing of: (a) any data reviews, (b) a primary analysis, (c) any outcomes or decisions by Janssen regarding IMbark or IMerge, and (d) a Continuation Decision by Janssen; (iii) the safety and efficacy of imetelstat; (iv) use of proceeds from the sale of shares under the Sales Agreement; (v) the impact of the adoption of new accounting standards; and (vi) other statements that are not historical facts, constitute forward-looking statements. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties, include, without limitation, risks and uncertainties related to: (i) 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 the FDA or other health authorities have any additional requirements for and/or permit IMbark or IMerge to continue to proceed under the existing protocols or any amendments thereto; (iii) Janssen&#8217;s choosing to conduct data reviews of IMbark or IMerge; (iv) whether Janssen continues to conduct IMbark or IMerge or decides not to perform a primary analysis for IMbark; (v) that Janssen may terminate the collaboration agreement at any time or otherwise fail to successfully develop and commercialize imetelstat and in a timely manner, or at all, so that Geron would not obtain the anticipated financial and other benefits of the collaboration agreement with Janssen and the clinical development or commercialization of imetelstat could be delayed or terminated; (vi) whether imetelstat is safe and efficacious, and whether any future efficacy or safety results may cause the benefit/risk profile of imetelstat </FONT><FONT size=2 face="Times New Roman">to become unacceptable; (vii) whether Janssen will make a positive Continuation Decision without renegotiating the terms of the collaboration agreement; (viii) the fact that Geron may not receive any or limited milestone, royalty or other payments from Janssen because Janssen may terminate the collaboration agreement for any reason or because imetelstat is unsuccessful developmentally or commercially; (ix) the ability of Geron and Janssen to protect and maintain intellectual property rights for imetelstat; (x) the need for future capital; (xi) the amounts, timing and use of net cash proceeds, each of which depends on a number of factors, including the timing and progress of the imetelstat development program under the Collaboration Agreement with Janssen or by Geron, if any, depending on the outcome of Janssen&#8217;s Continuation Decision, the timing and progress of any potential acquisition or in-licensing efforts and the availability and cost of other capital; and (xii) whether Geron is able to acquire any new product candidates, programs or companies to enable it to diversify. 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&#8217;s periodic reports filed with the Securities and Exchange Commission under the heading &#8220;Risk Factors,&#8221; including Geron&#8217;s quarterly report on Form 10-Q for the quarter ended March 31, 2018. 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 style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">CONTACT:</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Investor and Media Relations<BR>CG Capital<BR>877-889-1972<BR>investor@geron.com<BR>media@geron.com</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Financial table follows.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">GERON CORPORATION<BR>CONDENSED STATEMENTS OF OPERATIONS<BR></FONT></B><B><FONT size=2 face="Times New Roman">(UNAUDITED)</FONT></B></P>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="11%" colSpan=7 noWrap align=center><B><FONT size=2 face="Times New Roman">Three Months Ended March 31,</FONT></B></TD></TR>
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   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: White"><I><FONT size=2 face="Times New Roman">(In thousands, except share and per share data)</FONT></I></TD>
   <TD COLSPAN="3" NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 5%; text-align: center; background-color: White"><B><FONT size=2 face="Times New Roman">2018</FONT></B></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: center; background-color: White">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD COLSPAN="3" NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 5%; text-align: center; background-color: White"><B><FONT size=2 face="Times New Roman">2017</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Revenues:</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; License fees and royalties</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: White"><FONT size=2 face="Times New Roman">318</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: White"><FONT size=2 face="Times New Roman">537</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD></TR>
<TR>
   <TD width="103%" colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Operating expenses:</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD></TR>
<TR vAlign=bottom>
   <TD width="92%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Research and development</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">2,440</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">3,374</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>General and administrative</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 3%; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">5,315</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 3%; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">4,657</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD></TR>
<TR vAlign=bottom>
   <TD width="92%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;<FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total operating expenses</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face="Times New Roman">7,755</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="3%" noWrap align=right><FONT size=2 face="Times New Roman">8,031</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Loss from operations</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,437</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>(7,494</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">)</FONT></TD></TR>
<TR>
   <TD COLSPAN="8" STYLE="width: 103%; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">Interest and other income</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: White"><FONT size=2 face="Times New Roman">394</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: White"><FONT size=2 face="Times New Roman">332</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Change in fair value of equity investment</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">(125</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">Interest and other expense</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 3%; text-align: right; background-color: White"><FONT size=2 face="Times New Roman">(18</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 3%; text-align: right; background-color: White"><FONT size=2 face="Times New Roman">(21</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; width: 1%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman">)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Net loss</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">(7,186</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">(7,183</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">)</FONT></TD></TR>
<TR>
   <TD COLSPAN="8" STYLE="width: 103%; background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: White"><B><FONT size=2 face="Times New Roman">Basic and diluted net loss per share:</FONT></B></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Net loss per share</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">(0.04</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">(0.05</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 92%; text-align: left; background-color: White"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Shares used in computing net loss per share</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White; border-bottom: Black 2pt double"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: White; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">160,525,947</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White; border-bottom: Black 2pt double"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: left; background-color: White"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White; border-bottom: Black 2pt double"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: right; background-color: White; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">159,161,550</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: White; border-bottom: Black 2pt double"></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">CONDENSED BALANCE SHEETS</FONT></B></P>
<DIV align=center>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="width: 70%; line-height: 14pt; border-collapse: collapse">

<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"></TD>
   <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">March 31,</FONT></B></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">December 31,</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"><I><FONT size=2 face="Times New Roman">(In thousands)</FONT></I></TD>
   <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B><FONT size=2 face="Times New Roman">2018</FONT></B></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: center"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><B><FONT size=2 face="Times New Roman">2017</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"></TD>
   <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">(Unaudited)</FONT></B></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: center"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD COLSPAN="2" NOWRAP STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">(Note 1)</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="width: 91%; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Current assets:</FONT></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; width: 1%; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 1%; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="width: 3%; text-align: left; background-color: rgb(204,238,255)"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Cash, cash equivalents and restricted cash</FONT></TD>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="text-align: right"><FONT size=2 face="Times New Roman">8,180</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="text-align: right"><FONT size=2 face="Times New Roman">16,603</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Current marketable securities</FONT></TD>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">81,868</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">78,351</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Other current assets</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT size=2 face="Times New Roman">1,081</FONT></TD>
   <TD NOWRAP STYLE="text-align: right"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT size=2 face="Times New Roman">1,016</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>Total current assets</FONT></TD>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">91,129</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">95,970</FONT></TD></TR>
<TR>
   <TD COLSPAN="6" STYLE="background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">Noncurrent marketable securities</FONT></TD>
   <TD NOWRAP STYLE="text-align: left"></TD>
   <TD NOWRAP STYLE="text-align: right"><FONT size=2 face="Times New Roman">13,184</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right"></TD>
   <TD NOWRAP STYLE="text-align: right"></TD>
   <TD NOWRAP STYLE="text-align: right"><FONT size=2 face="Times New Roman">14,241</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Property and equipment, net</FONT></TD>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">86</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">102</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">Other assets</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT size=2 face="Times New Roman">1,114</FONT></TD>
   <TD NOWRAP STYLE="text-align: right"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"></TD>
   <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">105,513</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="text-align: right; background-color: rgb(204,238,255); border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">110,313</FONT></TD></TR>
<TR>
   <TD COLSPAN="6" STYLE="background-color: rgb(204,238,255)">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">Current liabilities</FONT></TD>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="text-align: right"><FONT size=2 face="Times New Roman">4,385</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="text-align: right"><FONT size=2 face="Times New Roman">6,516</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">Stockholders&#8217; equity</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: left; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">101,128</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(204,238,255)"></TD>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face="Times New Roman">103,797</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="text-align: left"></TD>
   <TD NOWRAP STYLE="border-bottom: Black 2pt double; text-align: left"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: Black 2pt double; text-align: right"><FONT size=2 face="Times New Roman">105,513</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="border-bottom: Black 2pt double; text-align: left"><FONT size=2 face="Times New Roman">$</FONT></TD>
   <TD NOWRAP STYLE="border-bottom: Black 2pt double; text-align: right"><FONT size=2 face="Times New Roman">110,313</FONT></TD></TR></TABLE></DIV> <BR>


<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD vAlign=top width="2%" noWrap align=left><B><FONT size=2 face="Times New Roman">Note 1</FONT></B><FONT size=2 face="Times New Roman">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
   <TD vAlign=top width="97%" align=left><FONT size=2 face="Times New Roman">Derived from audited financial statements included in the company&#8217;s annual report on Form 10-K for the year ended December 31, 2017.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">###</FONT></P>
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