<SEC-DOCUMENT>0001206774-20-000796.txt : 20200312
<SEC-HEADER>0001206774-20-000796.hdr.sgml : 20200312
<ACCEPTANCE-DATETIME>20200312162013
ACCESSION NUMBER:		0001206774-20-000796
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200312
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200312
DATE AS OF CHANGE:		20200312

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:		20709060

	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>geron3735811-8k.htm
<DESCRIPTION>CURRENT REPORT
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT size=2 face="Times New Roman">WASHINGTON, D.C. 20549<BR></FONT></B><B><FONT size=2 face="Times New Roman">_______</FONT></B><B><FONT size=2 face="Times New Roman">____</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>PURSUANT TO SECTION 13 OR 15(d) OF THE<BR></FONT></B><B><FONT size=2 face="Times New Roman">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">March 12, 2020</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="33%" noWrap align=center><B><FONT size=2 face="Times New Roman">Delaware</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=2 face="Times New Roman">0-20859</FONT></B></TD>

   <TD width="33%" noWrap align=center><B><FONT size=2 face="Times New Roman">75-2287752</FONT></B></TD></TR>

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   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">(State or other jurisdiction</FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">(Commission File Number)</FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">(IRS Employer</FONT></TD></TR>

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   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">of incorporation)</FONT></TD>

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   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">Identification No.)</FONT></TD></TR></TABLE>


<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&#8217;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 width="1%" noWrap align=left><FONT size=2 face=Arial><FONT size=2 face="Times New Roman">&#9744;</FONT></FONT></TD>

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

   <TD width="98%" noWrap 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>

<TR style="VERTICAL-ALIGN: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

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

   <TD width="98%" noWrap 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="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

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

   <TD width="98%" noWrap 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>

<TR style="VERTICAL-ALIGN: bottom">

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#9744;</FONT></TD>

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

   <TD width="98%" noWrap 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">Securities registered pursuant to Section 12(b) of the Act:</FONT></P>

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   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt" align=right><FONT size=2 face="Times New Roman">Title of each class</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Trading Symbol(s)</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Name of each exchange on which registered</FONT></TD></TR>

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   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Common Stock, $0.001 par value</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">GERN</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 33%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 2pt; TEXT-ALIGN: left; PADDING-TOP: 2pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">The Nasdaq Stock Market LLC</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 &#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. &#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-indent: 15pt; text-align: left"><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-indent: 15pt; text-align: left"><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-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">On March 12, 2020, the Company issued a press release announcing its financial results for the three and twelve months ended December 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-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">(d) Exhibits</FONT></P>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Exhibit No.</FONT></B></TD>

   <TD STYLE="border-bottom: Black 1pt solid; border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Description</FONT></B></TD></TR>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: center; background-color: rgb(204,238,255)"><A HREF="geron3735811-ex991.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">99.1</FONT></A></TD>

   <TD STYLE="background-color: rgb(204,238,255); border-style: none; border-width: medium; width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 97%; white-space: nowrap; text-align: left; background-color: rgb(204,238,255)"><A HREF="geron3735811-ex991.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Press release dated March 12, 2020.</FONT></A></TD></TR></TABLE>

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

<P STYLE="text-indent: 15pt; text-align: left"><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 COLSPAN="4" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">GERON CORPORATION</FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="Times New Roman">March 12, 2020</FONT></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Stephen N. Rosenfield</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Name:</FONT></FONT></FONT></TD>

   <TD STYLE="width: 24%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Stephen N. Rosenfield</FONT></FONT></TD>

   <TD STYLE="width: 23%; white-space: nowrap; text-align: left">&nbsp;</TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Executive Vice President, Chief Legal</FONT></TD></TR>

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   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Officer and Corporate Secretary</FONT></TD></TR></TABLE>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>geron3735811-ex991.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 12, 2020
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>Geron Corporation Reports Fourth Quarter and Full Year 2019 Financial Results and 2020 Milestones</FONT></B></P>

<P style="TEXT-ALIGN: center"><I><FONT size=2 face=Arial>Conference Call Scheduled for 4:30 p.m. ET today</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>MENLO PARK, Calif.,</FONT></B><B><FONT size=1 face=Arial> </FONT></B><B><FONT size=2 face=Arial>March 12, 2020 </FONT></B><FONT size=2 face=Arial>-- Geron Corporation (Nasdaq: GERN), a late-stage clinical biopharmaceutical
company developing a first-in-class telomerase inhibitor, imetelstat, to treat hematologic myeloid malignancies, today reported financial results for the fourth quarter and year ended December 31, 2019 as well as 2020 milestones. The Company ended fiscal year 2019 with $159.2 million in cash and marketable securities. </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>&#8220;2019 was a pivotal year for Geron as we completed the imetelstat program transition, assembled an impressive in-house team with a proven track record in drug development, and advanced imetelstat into late-stage development with the opening of our IMerge Phase 3 clinical trial in lower risk myelodysplastic syndromes,&#8221; said John A. Scarlett, M.D., Chairman and Chief Executive Officer. &#8220;In 2020, we plan to complete enrollment in IMerge, announce our decision regarding any potential late-stage development plans for myelofibrosis by mid-year, and commence a proof of concept study in additional hematologic myeloid malignancies. With a strong team in place to execute these plans, we look forward to further advancing the development of imetelstat.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=Arial>Planned 2020 Milestones</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Geron is planning for the following milestones in 2020:</FONT></P>

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   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

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   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Complete enrollment for the Phase 3 IMerge clinical trial in lower risk myelodysplastic syndromes (MDS) by the end of 2020</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Recently reported Phase 2 data continued to indicate meaningful and durable transfusion independence potentially achievable with imetelstat treatment in high transfusion burdened patients (</FONT><U><FONT size=2 face=Arial>&gt;</FONT></U><FONT size=2 face=Arial> 4 units per 8 weeks). The Phase 3 IMerge clinical trial was opened for enrollment in August 2019, and the first patient was dosed in October 2019. As of the end of February 2020, 63% of planned clinical sites were opened for enrollment. Topline results are expected by mid-year 2022. </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Determine a potential registration strategy for imetelstat in myelofibrosis (MF)</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>As a follow up to an End of Phase 2 meeting with the U.S. Food and Drug Administration (FDA) in the fourth quarter of 2019, Geron plans to submit Phase 3 trial design proposals to the FDA and, in the second quarter, discuss with the FDA a potential regulatory approval path for imetelstat in MF. Geron expects to announce its decision regarding any potential late-stage development plans for MF by mid-year 2020. </FONT></P></TD></TR>

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   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Expect to present updated data and new analyses from the Phase 2 IMerge and IMbark clinical trials at future medical conferences</FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Geron expects to present more mature data from the Phase 2 IMerge clinical trial in lower risk MDS for the continued treatment and follow-up of remaining patients, including durability of transfusion independence. </FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Geron also expects to present new analyses from the IMbark Phase 2 clinical trial that correlate the median overall survival observed with other clinical endpoints from the trial. In addition, the new analyses are expected to provide further support for the potential improvement in overall survival as an indication of disease-modifying activity of imetelstat treatment in myelofibrosis.</FONT></P></TD></TR></TABLE><BR>

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   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

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   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Commence a proof of concept study of imetelstat in additional hematologic myeloid malignancies </FONT></P>

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Geron plans to expand imetelstat&#8217;s clinical development program with a proof of concept study in Intermediate-2 or High-risk, or higher risk, MDS and acute myeloid leukemia (AML) and expects to commence such a study by the end of the fourth quarter 2020. </FONT></P></TD></TR></TABLE>

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

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   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

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   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Clinical &#8211; Advanced MDS development and presented data supporting potential late-stage development in MDS and MF</FONT></P></TD></TR></TABLE><BR>

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   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Presented updated data from the Phase 2 IMerge clinical trial at the European Hematology Association (EHA) meeting in June 2019 that reported continued meaningful and durable transfusion independence.</TD></TR>

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   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Commenced screening and enrollment for the Phase 3 IMerge clinical trial in August 2019 and dosed the first patient in October 2019.</TD></TR>

<TR>

   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Presented Phase 2 IMbark data at EHA corroborating potential survival benefit of imetelstat in relapsed/refractory MF patients when compared to closely matched patients from real-world data treated with best available therapy.</TD></TR></TABLE><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Regulatory &#8211; Initiated FDA interactions to determine potential for late-stage development in MF</FONT></P></TD></TR></TABLE><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">The FDA granted Fast Track designation to imetelstat for the treatment of adult patients with Intermediate-2 or High-risk relapsed/refractory MF in September 2019.</TD></TR>

<TR>

   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Conducted an End of Phase 2 meeting with the FDA in the fourth quarter of 2019.</TD></TR></TABLE><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>

   <TD vAlign=top width="99%">

   <P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Operational &#8211; Completed transition of imetelstat development program and enhanced development capabilities</FONT></P></TD></TR></TABLE><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Arial; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Transitioned the imetelstat program back to Geron in the third quarter of 2019, including transfer of imetelstat investigational new drug (IND) sponsorship in May 2019.</TD></TR>

<TR>

   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Throughout 2019, recruited hematology-oncology research and development expertise, including many team members with prior experience with imetelstat, as well as both early- and late-stage
development experience, to establish a multi-functional development team to support current and future development plans.</TD></TR>

<TR>

   <TD style="PADDING-LEFT: 45pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9675;</FONT></TD>

   <TD vAlign=top width="99%">Re-established manufacturing supply chain to manufacture imetelstat.</TD></TR></TABLE>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>For the fourth quarter of 2019, the Company reported a net loss of $29.1 million, or $0.15 per share, compared to $7.3 million, or $0.04 per share, for the fourth quarter of 2018. Net loss for the full year of 2019 was $68.5 million, or $0.36 per share, compared to $27.0 million, or $0.15 per share, for the full year of 2018. </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>Revenues for the three and twelve months ended December 31, 2019 were $171,000 and $460,000, respectively, compared to $375,000 and $1.1 million for the same periods in 2018. Revenues for the three and twelve months ended December 31, 2019 and 2018 included royalty and license fee revenues under various non-imetelstat license agreements. The decline in revenues reflects a reduction in the number of active research license agreements in 2019 related to the Company&#8217;s human telomerase reverse transcriptase, or hTERT, technology as a result of patent expirations on the underlying technology. </FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="text-align: left;">
<FONT size=2 face="Arial">Total operating expenses for the three and twelve months ended December 31, 2019 were $30.2 million and $73.0
million, respectively, compared to $10.0 million and $32.1 million for the same periods in 2018. Research and development expenses for the three and twelve months ended December 31, 2019 were &#36;24.9 million and &#36;52.1 million, respectively, compared to &#36;5.1 million and &#36;13.4 million for the same periods in 2018. The increase in research and development expenses, compared to the same periods in 2018, primarily reflects costs for the transition of the imetelstat program, including resuming sponsorship of the ongoing imetelstat clinical trials; expenses for start-up activities for the IMerge Phase 3 clinical trial; purchase of inventories of drug product, drug substance and raw materials from Janssen; and higher personnel-related costs for the expanding development team. General and administrative expenses for the three and twelve months ended December 31, 2019 were &#36;5.3 million and &#36;20.9 million, respectively, compared to &#36;4.9 million and &#36;18.7 million for the same periods in 2018. The increase in general and administrative expenses, compared to the same periods in 2018, primarily reflects higher corporate and patent legal costs and increased personnel-related expenses for additional general and administrative headcount to support the development organization. </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">Interest and other income for the three and twelve months ended December 31, 2019 was &#36;925,000 and &#36;4.2 million, respectively, compared to &#36;1.1 million and &#36;3.3 million for the same periods in 2018. The overall increase in interest and other income in 2019 when compared to 2018 primarily reflects higher yields on the Company&#146;s marketable securities portfolio. </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">The Company ended the 2019 fiscal year with &#36;159.2 million in cash and marketable securities. The Company expects these funds to be sufficient to continue the IMerge clinical trial in 2020 and to commence a proof of concept study in 2020.  </FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial">Projected 2020 Financial Guidance</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">For fiscal year 2020, the Company expects its operating expense burn to range from &#36;70 to &#36;75 million, which includes costs related to the global Phase 3 IMerge clinical trial in MDS; validation of supply chain vendors for the manufacturing of imetelstat; further interactions with the FDA in connection with the planned submission of Phase 3 trial design proposals in MF and discussion regarding a potential regulatory approval path in MF; and commencement of a proof of concept study of imetelstat.  </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">As of December 31, 2019, the Company had 46 employees. The Company plans to grow to a total of approximately 55 to 60 employees by year-end 2020, of which the majority will be research and development personnel.  </FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="Arial">Conference Call</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">Geron will host a conference call to discuss fourth quarter and full year 2019 financial results and 2020 milestones at 4:30 p.m. ET on Thursday, March 12, 2020.  </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="Arial">Participants may access the conference call live via telephone by dialing domestically +1 (866) 393-4306 or internationally +1 (734) 385-2616. The conference ID is 5528886. A live, listen-only webcast will also be available on the Company&#146;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&#146;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. Clinical studies of imetelstat sponsored by Geron include IMerge, a
Phase 2/3 trial in lower risk myelodysplastic syndromes (MDS), and IMbark, a Phase 2 trial in Intermediate-2 or High-risk
myelofibrosis (MF). Imetelstat has been granted Fast Track designation by the United States Food and Drug Administration for
both the treatment of patients with non-del(5q) lower risk MDS who are refractory or resistant to an
erythropoiesis-stimulating agent and for patients with Intermediate-2 or High-risk MF whose disease has relapsed after or is
refractory to janus kinase (JAK) inhibitor treatment. </FONT></P>
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<DIV STYLE="page-break-before: always"></DIV>


<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 &#147;safe harbor&#148; provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such statements, include, without limitation, those regarding:
(i) Geron&#146;s plan to complete enrollment for IMerge by the end of 2020; (ii) that Geron expects topline results from
IMerge by mid-year 2022; (iii) Geron&#146;s plan to meet with the FDA in the second quarter of 2020 to discuss a potential
regulatory approval path in MF and subsequently provide a decision by mid-year 2020 regarding potential late-stage
development of imetelstat in MF; (iv) Geron&#146;s plan to commence a proof of concept study in 2020 in additional
hematologic myeloid malignancies; (v) that the Company expects its 2020 operating expenses to be &#36;70 to &#36;75 million;
(vi) that the Company expects that its &#36;159.2 million in cash and marketable securities at year-end 2019 will be
sufficient in 2020 to continue to fund IMerge and commence a proof of concept study; (vii) that in 2020 Geron expects to
present at medical conferences: (a) more mature data from the Phase 2 IMerge clinical trial, including durability of
transfusion independence and (b) further analyses of Phase 2 IMbark data that provide additional support of the potential
disease-modifying activity with imetelstat treatment in MF, as well as correlation of other endpoints in the trial to the
median overall survival observed in the trial; (viii) that imetelstat may have disease-modifying activity; (ix) that the
COVID-19 pandemic may significantly impact drug supply to clinical sites and/or enrollment of patients in Geron's clinical
trials; and (x) 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 clinical, safety, efficacy, technical, scientific, intellectual property, manufacturing and
regulatory challenges to enable complete enrollment of IMerge in 2020, the availability of topline results from IMerge by
mid-year 2022 and commencement of the proof of concept study; (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 demonstrated
to be safe and efficacious in clinical trials; (iv) whether any future efficacy or safety results may cause the benefit-risk
profile of imetelstat to become unacceptable; (v) whether there are unexpected operating expenses or events, or a change in
Geron&#146;s plans that cause the &#36;70 to &#36;75 million 2020 financial guidance to be revised; (vi) whether the Company
decides not to pursue late-stage development of imetelstat in MF; (vii) whether the MDS and MF data the Company plans to
present at medical conferences strengthens the rationale for the Company to complete IMerge or pursue a Phase 3 clinical
trial in MF; (viii) whether imetelstat actually demonstrates disease-modifying activity in patients; (ix) that Geron may not
be able to prepare for discussions with the FDA in the second quarter of 2020, or at all, and its decision regarding
potential late-stage development of imetelstat in MF, if any, may be delayed beyond mid-2020; and (x) whether imetelstat has
adequate patent protection and freedom to operate. Additional information on the above risks and uncertainties and additional
risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking
statements are contained in Geron&#146;s periodic reports filed with the Securities and Exchange Commission under the heading
&#147;Risk Factors,&#148; including Geron&#146;s annual report on Form 10-K for the year ended December 31, 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>
<HR noshade align="center" width="100%" size=2>

<DIV STYLE="page-break-before: always"></DIV>

<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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD COLSPAN="7" STYLE="width: 9%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>(UNAUDITED)<BR>Three Months Ended<BR>December 31,</FONT></B></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD COLSPAN="7" STYLE="width: 9%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>Year Ended<BR>December 31,</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><I><FONT size=2 face=Arial>(In thousands, except share and per share <I><FONT size=2 face=Arial>data)</FONT></I></FONT></I></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="3" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2019</FONT></B></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="3" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2018</FONT></B></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="3" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2019</FONT></B></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;</TD>
   <TD COLSPAN="3" STYLE="width: 4%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>2018</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Revenues:</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>License fees and royalties</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$&nbsp;&nbsp;</FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>171</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$&nbsp;&nbsp;</FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>375</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$&nbsp;&nbsp;</FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>460</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$&nbsp;&nbsp;</FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,066</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR>
   <TD width="100%" colSpan=17>&nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Operating expenses:</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Research and development</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>24,923</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>5,081</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>52,072</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>13,432</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="padding-left: 15pt; width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>General and administrative</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>5,256</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>4,883</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>20,893</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>18,707</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 30pt; width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total operating expenses</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>30,179</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>9,964</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>72,965</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>32,139</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Loss from operations</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(30,008</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(9,589</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(72,505</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(31,073</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
   <TD width="100%" colSpan=17>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Interest and other income</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>925</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,120</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>4,221</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>3,291</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Gain on settlement</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,460</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>1,460</FONT></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Change in fair value of equity investment</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(271</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(195</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>(541</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Other expense</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>13</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(20</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(69</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>(154</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net loss</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><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>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(29,070</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(7,300</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="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><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>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(68,548</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(27,017</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=17>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 80%; white-space: nowrap; text-align: left"><B><FONT size=2 face=Arial>Basic and diluted net loss per share:</FONT></B></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Net loss per share</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><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>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(0.15</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(0.04</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="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><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>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(0.36</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>)</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>(0.15</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="padding-left: 15pt; width: 80%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Shares used in computing net loss per share</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>198,447,315</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>186,348,551</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>190,160,311</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>176,504,996</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face=Arial>CONDENSED BALANCE SHEETS</FONT></B></P>
<DIV align=center>
<TABLE style="WIDTH: 80%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial><I><FONT size=2 face=Arial>(In thousands)</FONT></I></FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD COLSPAN="2" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>December 31,<BR>2019</FONT></B></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
   <TD COLSPAN="2" STYLE="width: 3%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2 face=Arial>December 31,<BR>2018</FONT></B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
   <TD width="100%" colSpan=7><FONT size=2 face=Arial>Current assets:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Cash, cash equivalents and restricted cash</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>13,914</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>10,844</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="padding-left: 15pt; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Current marketable securities</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>125,681</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>152,714</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Other current assets</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2,013</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>2,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="padding-left: 30pt; width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Total current assets</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>141,608</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>166,058</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
   <TD width="100%" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Noncurrent marketable securities</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>19,651</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>18,582</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Property and equipment, net</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>408</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>59</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Other assets</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>3,850</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>585</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-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>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>165,517</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>185,284</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
   <TD width="100%" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Current liabilities</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>28,162</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face=Arial>$</FONT></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>7,551</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Noncurrent liabilities</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face=Arial>2,200</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD width="1%" noWrap align=right></TD>
   <TD width="2%" noWrap align=right><FONT size=2 face="Times New Roman">&#8212;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"><FONT size=2 face=Arial>Stockholders&#8217; equity</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>135,155</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face=Arial>177,733</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
   <TD STYLE="width: 92%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-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>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>165,517</FONT></TD>
   <TD STYLE="border-top-style: none; border-top-width: medium; border-right-style: none; border-right-width: medium; border-left-style: none; border-left-width: medium; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face=Arial></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; border-bottom: Black 2pt double"><FONT size=2 face=Arial>$</FONT></TD>
   <TD STYLE="width: 2%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face=Arial>185,284</FONT></TD></TR></TABLE></DIV>

<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>Investor and Media Relations<BR></FONT><FONT size=2 face=Arial>
investor@geron.com<BR>media@geron.com</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=Arial>CG Capital<BR>877</FONT><FONT size=2 face=Arial>-</FONT><FONT size=2 face=Arial>889</FONT><FONT size=2 face=Arial>-</FONT><FONT size=2 face=Arial>1972</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face=Arial>###</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
