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Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net loss $ (21,328,536) $ (25,243,551) $ (27,026,411)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 1,207,911 1,520,772 1,694,490
Stock-based compensation 3,260,937 3,929,634 4,203,270
Loss (gain) on disposal of fixed assets 32,145 (10,462)  
Write-down of fixed assets   62,807  
Loss on disposal of intangible assets   67,151  
Impairment of intangible asset 654,961    
Gain from settlement agreement, net   (226,580)  
Gain on sale of marketable securities (83,750)   (406,910)
Change in fair value of warrant liability (6,612,092) (3,005,040) (1,898,603)
Changes in operating assets and liabilities:      
Other receivables (78,503) 550,282 275,726
Trade receivables 67,974 (39,146)  
Prepaid and other current assets 495,662 (437,110) 129,747
Other assets 76,187 601,532 (436,424)
Accounts payable and accrued expenses 130,766 (808,722) 477,170
Accrued wind-down expenses (1,165,585) (1,202,733) (1,027,242)
Deferred revenue (18,903) (79,211) (361,329)
Deferred rent 1,302,543 (129,764) (306,153)
Deposits and other long-term liabilities   (69,772)  
Net cash used in operating activities (22,058,283) (24,519,913) (24,682,669)
Cash flows from investing activities:      
Purchases of marketable debt securities (10,188,285)   (4,976,959)
Sales or maturities of marketable debt securities 6,905,000   8,994,806
Proceeds from sales of marketable equity securities 158,206   510,213
Advance made under note receivable     (79,829)
Purchases of property, plant and equipment (296,933) (923,964) (701,240)
Purchase of intangibles and other assets     (15,000)
Net cash provided by (used in) investing activities (3,422,012) (923,964) 3,731,991
Cash flows from financing activities:      
Proceeds from issuance of common stock, net 19,774,820 7,279,234 29,602,953
Proceeds from the exercise of stock options 2,386 19,802 252,984
Payments related to net share issuance of stock based awards (403,625) (483,406) (380,548)
Proceeds from the exercise of warrants     331,501
Proceeds (repayments) of capital lease obligations (67,847) (68,000) 128,557
Repayments of bonds payable (176,250) (161,250) (149,167)
Net cash provided by financing activities 19,129,484 6,586,380 29,786,280
Increase (decrease) in cash and cash equivalents (6,350,811) (18,857,497) 8,835,602
Cash and cash equivalents at beginning of year 19,707,821 38,617,977 30,042,986
Effects of foreign currency rate changes on cash (45,749) (52,659) (260,611)
Cash and cash equivalents at end of the year 13,311,261 19,707,821 38,617,977
Supplemental disclosure of cash flow information:      
Interest paid 71,363 93,382 110,807
Supplemental schedule of non-cash investing and financing activities:      
Stock retired from settlement agreement(1)   241,150 [1]  
Stock issued as part of our acquisition of the operations of SCS Plc(1)     4,425,500 [1]
Forgiveness of principal and accrued interest on notes receivable(1)     709,076 [1]
Stock issued for licensing agreements(2)     $ 10,000 [2]
[1] On April 1, 2009, we acquired the operations of Stem Cell Sciences Plc (SCS, which subsequently changed its name to Asset Realisation Company Limited). As consideration, we issued 265,000 shares of our common stock with a closing price of $16.70 per share and waived certain commitments of SCS to repay approximately $709,000 in principal and accrued interest owed to us. Pursuant to the acquisition agreement, 20% of the 265,000 shares were placed into an escrow for a twelve month period to satisfy any indemnification obligations owed to us by SCS. On August 19, 2010, we entered into a settlement agreement with SCS in which the parties agreed to the release of half the escrowed shares to SCS and half to us in full satisfaction of our claims for indemnification, and both parties waived all other claims, known and unknown, against the other. The 26,500 shares returned to us are being treated as retired and no longer outstanding. We have recorded approximately $227,000 as other income, which was the value of these shares based on the closing price of $9.10 per share on August 19, 2010, and net of amounts already accrued for potential claims against the escrowed shares.
[2] Under terms of a license agreement with the California Institute of Technology (Cal Tech), annual fees of $5,000 were due on each of two patents to which StemCells holds a license from Cal Tech, payable in cash or stock at our choice. We elected to pay the fees in common stock and issued shares of 590 in 2009, and 692 in 2008. In September 2010, we terminated all our licensing agreements with Cal Tech.