<SEC-DOCUMENT>0001206774-19-001612.txt : 20190502
<SEC-HEADER>0001206774-19-001612.hdr.sgml : 20190502
<ACCEPTANCE-DATETIME>20190502161514
ACCESSION NUMBER:		0001206774-19-001612
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190502
DATE AS OF CHANGE:		20190502

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:		19792060

	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>geron3586431-8k.htm
<DESCRIPTION>CURRENT REPORT
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT size=2 face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT size=2 face="Times New Roman">WASHINGTON, D.C. 20549<BR>___________</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">FORM 8-K</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">CURRENT REPORT<BR></FONT></B><B><FONT size=2 face="Times New Roman">PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Date of Report (Date of earliest event reported): </FONT><B><FONT size=2 face="Times New Roman">May 2, 2019</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">GERON CORPORATION<BR></FONT></B><FONT size=2 face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></P>

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   <TD width="32%" noWrap align=center><B><FONT size=2 face="Times New Roman">Delaware</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="37%" noWrap align=center><B><FONT size=2 face="Times New Roman">0-20859</FONT></B></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="29%" noWrap align=center><B><FONT size=2 face="Times New Roman">75-2287752</FONT></B></TD></TR>

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   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">(State or other jurisdiction</FONT></TD>

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   <TD width="37%" noWrap align=center><FONT size=2 face="Times New Roman">(Commission File Number)</FONT></TD>

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   <TD width="29%" noWrap align=center><FONT size=2 face="Times New Roman">(IRS Employer</FONT></TD></TR>

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   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">of incorporation)</FONT></TD>

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   <TD width="29%" noWrap align=center><FONT size=2 face="Times New Roman">Identification No.)</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">149 COMMONWEALTH DRIVE, SUITE 2070<BR>MENLO PARK, CALIFORNIA 94025<BR></FONT></B><FONT size=2 face="Times New Roman">(Address of principal executive offices, including zip code)</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">(650) 473-7700<BR></FONT></B><FONT size=2 face="Times New Roman">(Registrant&rsquo;s telephone number, including area code)</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">N/A<BR></FONT></B><FONT size=2 face="Times New Roman">(Former name or former address, if changed since last report)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

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   <TD style="WIDTH: 1%; VERTICAL-ALIGN: top; TEXT-ALIGN: left; PADDING-RIGHT: 8pt"><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">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 style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">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;&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 2, 2019, the Company issued a press release announcing its financial results for the three months ended March 31, 2019. 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%; white-space: nowrap; text-align: center; padding-right: 15pt; padding-left: 15pt"><B><FONT size=2 face="Times New Roman">Exhibit No.</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="96%" noWrap align=left><B><FONT size=2 face="Times New Roman">Description</FONT></B></TD></TR>

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   <TD STYLE="background-color: #cceeff; width: 3%; white-space: nowrap; text-align: center; padding-right: 15pt; padding-left: 15pt"><A HREF="geron3586431-ex991.htm"><FONT size=2 face="Times New Roman">99.1</FONT></A></TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD style="BACKGROUND-COLOR: #cceeff" width="96%" noWrap align=left><A HREF="geron3586431-ex991.htm"><FONT size=2 face="Times New Roman">Press release dated May 2, 2019.</FONT></A></TD></TR></TABLE></div>


<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="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="49%" colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman">GERON CORPORATION</FONT></TD></TR>

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   <TD width="49%" colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 2, 2019</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="48%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ Stephen N. Rosenfield</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD width="47%" noWrap align=left><FONT size=2 face="Times New Roman">Stephen N. Rosenfield</FONT></TD></TR>

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   <TD width="50%" noWrap align=left></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="47%" noWrap align=left><FONT size=2 face="Times New Roman">Executive Vice President, Chief Legal</FONT></TD></TR>

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   <TD width="47%" noWrap align=left><FONT size=2 face="Times New Roman">Officer and 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>geron3586431-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 2, 2019
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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">Press Release Dated May 2, 2019</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Geron Corporation Reports First Quarter 2019 Financial Results</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>MENLO PARK, Calif., May 2, 2019 </FONT></B><FONT size=2 face=Arial>-- Geron Corporation (Nasdaq: GERN) today reported financial results for the first quarter ended March 31, 2019. As of the quarter-end, the Company had approximately $170 million in cash and marketable securities, which is sufficient to support the commencement of late-stage development for imetelstat in lower risk myelodysplastic syndromes (MDS).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>&#8220;We continue to make good progress on our 2019 objectives,&#8221; said John A. Scarlett, M.D., Chairman and Chief Executive Officer. &#8220;We are on track to assume sponsorship of the IND for imetelstat by the end of the second quarter, as expected, which will enable us to open enrollment of the planned Phase 3 portion of IMerge by mid-year. In addition, our expanding in-house leadership and drug development team will support the accomplishment of our 2019 objectives and beyond.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>First Quarter 2019 Results</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For the first quarter of 2019, the Company reported a net loss of $10.1 million, or $0.05 per share, compared to $7.2 million, or $0.04 per share, for the comparable 2018 period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Revenues for the first quarter of 2019 were $57,000 compared to $318,000 for the comparable 2018 period. Revenues for 2019 and 2018 included royalty and license fee revenues under various non-imetelstat license agreements. The decrease in revenues for the three months ended March 31, 2019 compared to the same period in 2018 primarily reflects a reduction in the number of active license agreements as a result of patent expirations on the underlying technology.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Total operating expenses for the first quarter of 2019 were $11.4 million compared to $7.8 million for the comparable 2018 period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Research and development expenses for the first quarter of 2019 were $5.9 million compared to $2.4 million for the comparable 2018 period. The increase in research and development expenses for first quarter of 2019 compared to the same period in 2018 primarily reflects higher imetelstat development costs under the former collaboration agreement with Janssen Biotech, Inc. (Janssen) due to Geron&#8217;s payment responsibility increasing from 50% to 100% following the termination of the collaboration agreement; new costs for the imetelstat program transition from Janssen to Geron, including for consultants and the Company&#8217;s contract research organization (CRO); and increased expenses related to additional development headcount.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>General and administrative expenses for the first quarter of 2019 were $5.5 million compared to $5.3 million for the comparable 2018 period. The increase in general and administrative expenses in the first quarter of 2019 compared to same period in 2018 primarily reflects recruitment expenses for new members for the Company&#8217;s board of directors.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Interest and other income for the first quarter of 2019 was $1.2 million compared to $394,000 for the comparable 2018 period. The increase in interest and other income for 2019 compared to 2018 primarily reflects higher yields on the Company&#8217;s marketable securities portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Conference Call for Imetelstat Program Update</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>In lieu of a first quarter conference call, Geron will host a conference call to provide an imetelstat program update at 9:00 a.m. ET on Thursday, May 16, 2019.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Participants may access the conference call live via telephone by dialing domestically +1 (877) 303-9139 or internationally +1 (760) 536-5195. The conference ID is 1264477. A live, listen-only webcast will also be available on the Company&#8217;s website at www.geron.com/investors/events. If you are unable to listen to the live call, an archived webcast will be available on the Company&#8217;s website for 30 days.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>About Imetelstat</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Imetelstat is a novel, first-in-class telomerase inhibitor exclusively owned by Geron and being developed in hematologic myeloid malignancies. Early clinical data suggest imetelstat may have disease-modifying activity through the suppression of malignant progenitor cell clone proliferation, which allows potential recovery of normal hematopoiesis. Ongoing clinical studies of imetelstat include a Phase 2/3 trial called IMerge in lower risk myelodysplastic syndromes (MDS) and a Phase 2 trial called IMbark in Intermediate-2 or High-risk myelofibrosis. Imetelstat has been granted Fast Track designation by the United States Food and Drug Administration for the treatment of patients with transfusion-dependent anemia due to lower risk MDS who are non-del(5q) and refractory or resistant to an erythroid stimulating agent.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>About Geron</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Geron is a late-stage clinical biopharmaceutical company focused on the development and potential commercialization 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=Arial>Use of Forward-Looking Statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>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 such statements, include, without limitation, those regarding: (i) that the Phase 3 portion of IMerge will open enrollment by mid-year 2019; (ii) that the current financial resources are sufficient to support the commencement of late-stage development for imetelstat in lower risk MDS; (iii) that Geron expects the sponsorship for the imetelstat IND to transfer to Geron by the end of the second quarter of 2019; (iv) that imetelstat may have disease-modifying activity; and (v) 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 the Company overcomes all the: (a) challenges of the transfer of the sponsorship for the imetelstat IND and imetelstat clinical development program from Janssen, and (b) clinical safety and efficacy, technical, scientific, manufacturing and regulatory challenges to enable the Phase 3 portion of IMerge to open enrollment by mid-year 2019; (ii) whether regulatory authorities permit the further development of imetelstat on a timely basis, or at all, without any clinical holds; (iii) whether imetelstat is safe and efficacious, and whether any future efficacy or safety results may cause the benefit-risk profile of imetelstat to become unacceptable; (iv) the need for future capital; and (v) whether imetelstat demonstrates disease-modifying activity in clinical trials. 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, 2019. 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"><FONT size=2 face=Arial>Financial table follows.</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>GERON CORPORATION<BR></FONT></B><B><FONT size=2 face=Arial>CONDENSED STATEMENTS OF OPERATIONS</FONT></B></P>

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   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center"><B><FONT size=2 face=Arial>UNAUDITED</FONT></B></TD></TR>

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   <TD COLSPAN="7" STYLE="width: 11%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Three Months Ended March 31,</FONT></B></TD></TR>

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   <TD width="88%" noWrap align=left><I><FONT size=2 face=Arial>(In thousands, except share and per share data)</FONT></I></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD COLSPAN="3" STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2019</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD COLSPAN="3" STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2018</FONT></B></TD></TR>

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   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Revenues:</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

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   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face=Arial>License fees and royalties</FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>57</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>318</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Operating expenses:</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face=Arial>Research and development</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>5,906</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>2,440</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>General and administrative</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>5,452</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>5,315</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face=Arial>Total operating expenses</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>11,358</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>7,755</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Loss from operations</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(11,301</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(7,437</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR>

   <TD COLSPAN="9" STYLE="width: 100%; background-color: rgb(204,238,255)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Interest and other income</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>1,162</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>394</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Change in fair value of equity investment</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>98</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(125</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Other expense</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(18</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(18</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Net loss</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(10,059</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 1pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(7,186</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 1pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR>

   <TD COLSPAN="9" STYLE="width: 100%; background-color: rgb(204,238,255)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><B><FONT size=2 face=Arial>Basic and diluted net loss per share:</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255); padding-left: 15pt"><FONT size=2 face=Arial>Net loss per share</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(0.05</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 1pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>(0.04</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 1pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face=Arial>Shares used in computing net loss per share</FONT></TD>

   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>186,393,128</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face=Arial></FONT></TD>
      <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 4%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>160,525,947</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=9 align=center><B><FONT size=2 face=Arial>CONDENSED BALANCE SHEETS</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" colSpan=3 noWrap align=center><B><FONT size=2 face=Arial>March 31,</FONT></B></TD>

   <TD width="1%" noWrap align=center><B><FONT size=2 face=Arial></FONT></B></TD>

   <TD width="5%" colSpan=3 noWrap align=center><B><FONT size=2 face=Arial>December 31,</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><I><FONT size=2 face=Arial>(In thousands)</FONT></I></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD COLSPAN="3" STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2019</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD COLSPAN="3" STYLE="width: 5%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2018</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="5%" colSpan=3 noWrap align=center><B><FONT size=2 face=Arial>(Unaudited)</FONT></B></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="5%" colSpan=3 noWrap align=center><B><FONT size=2 face=Arial>(Note 1)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Current assets:</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face=Arial>Cash, cash equivalents and restricted cash</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>7,070</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>10,844</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Current marketable securities</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>145,180</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>152,714</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face=Arial>Other current assets</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3,699</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2,500</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; padding-left: 30pt; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Total current assets</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>155,949</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>166,058</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR>

   <TD COLSPAN="9" STYLE="width: 100%; background-color: rgb(204,238,255)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Noncurrent marketable securities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>17,871</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>18,582</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Property and equipment, net</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>89</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>59</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Other assets</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>1,757</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>585</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>175,666</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>185,284</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR>

   <TD COLSPAN="9" STYLE="width: 100%; background-color: rgb(204,238,255)">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left><FONT size=2 face=Arial>Current liabilities</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>6,253</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face=Arial>7,551</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 88%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>Stockholders&#8217; equity</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>169,413</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid; background-color: rgb(204,238,255)"><FONT size=2 face=Arial>177,733</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"></TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>175,666</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face=Arial></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>185,284</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR></TABLE></DIV>
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<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; vertical-align: top; text-align: left; padding-right: 2pt; white-space: nowrap"><B><FONT size=2 face=Arial>Note 1:</FONT></B></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face=Arial>Derived from audited financial statements included in the Company&#8217;s annual report on Form 10-K for the year ended December 31, 2018.</FONT></TD></TR></Table>


<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>CONTACT:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Suzanne Messere<BR></FONT><FONT size=2 face=Arial>Investor and Media Relations<BR>investor@geron.com</FONT><FONT size=2 face=Arial><BR>media@geron.com</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>CG Capital<BR>877-889-1972</FONT></P>

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

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