<SEC-DOCUMENT>0001299933-12-002519.txt : 20121108
<SEC-HEADER>0001299933-12-002519.hdr.sgml : 20121108
<ACCEPTANCE-DATETIME>20121108160844
ACCESSION NUMBER:		0001299933-12-002519
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20121108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20121108
DATE AS OF CHANGE:		20121108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STEMCELLS INC
		CENTRAL INDEX KEY:			0000883975
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943078125
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19871
		FILM NUMBER:		121190159

	BUSINESS ADDRESS:	
		STREET 1:		3155 PORTER DRIVE
		STREET 2:		.
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304
		BUSINESS PHONE:		6504753100

	MAIL ADDRESS:	
		STREET 1:		3155 PORTER DRIVE
		STREET 2:		.
		CITY:			PALO ALTO
		STATE:			CA
		ZIP:			94304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CYTOTHERAPEUTICS INC/DE
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_46406.htm
<DESCRIPTION>LIVE FILING
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<TITLE> StemCells, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	November 8, 2012
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	StemCells, Inc.
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	(Exact name of registrant as specified in its charter)
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	Delaware
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	000-19871
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	94-3078125
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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	of incorporation)
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	File Number)
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	Identification No.)
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	7707 Gateway Blvd, Suite 140, Newark, California
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	94560
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_________________________________<BR>
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	510.456.4000
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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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>
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[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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	Item 2.02 Results of Operations and Financial Condition.
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On November 8, 2012, StemCells, Inc. (the "Company") issued a press release announcing its financial results for the three months ended September 30, 2012. A copy of this press release is attached hereto as Exhibit 99.1.<br><br>StemCells will host a live conference call and webcast today, November 8, at 4:30 PM Eastern Time (1:30 PM Pacific Time) to discuss our financial results and recent business activities.  Interested parties are invited to listen to the call over the Internet via the Investors section of our website at http://investor.stemcellsinc.com/phoenix.zhtml?c=86230&p=irol-irhome. An archived version of the webcast will be available for replay on our website beginning approximately two hours following the conclusion of the live call and continuing for a period of 30 days.   <br><br>The information set forth in Items 2.02 and 9.01 of this current report Form 8-K, including the attached exhibit, is being furnished to the SEC and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.<br>
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits<br><br>Exhibit 99.1 Press Release, dated November 8, 2012, announcing the Company's financial results for the three months ended September 30, 2012.
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	SIGNATURES
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	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.
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	StemCells, Inc.
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	November 8, 2012
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	By:
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	/s/ Kenneth Stratton
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	Name: Kenneth Stratton
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	Title: General Counsel
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	Exhibit&nbsp;Index
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	Exhibit No.
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	99.1
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Press release dated November 8, 2012
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<TYPE>EX-99.1
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<P align="left" style="font-size: 10pt"><FONT style="font-size: 11pt"><img src="e37270-12313135611746bdac_1.jpg">
</FONT>

<P align="center" style="font-size: 11pt"><B>STEMCELLS, INC. REPORTS THIRD QUARTER 2012 FINANCIAL RESULTS<BR>
AND PROVIDES BUSINESS UPDATE</B>



<P align="left" style="font-size: 11pt"><B>NEWARK, CA (Nov. 8, 2012) </B>&#150; StemCells, Inc. (NASDAQ: STEM), a leading stem cell company developing
and commercializing novel cell-based therapeutics and tools for use in stem cell-based research and
drug discovery, today reported financial results for the third quarter ended September&nbsp;30, 2012 and
provided a business update.


<P align="left" style="font-size: 11pt">&#147;We remain committed to building shareholder value by generating meaningful preclinical and
clinical data in a cash-efficient manner,&#148; said Martin McGlynn, President and CEO of StemCells,
Inc. &#147;As to meaningful data, we recently published two papers demonstrating the therapeutic
potential of our proprietary HuCNS-SC&#174; cells for a range of myelination disorders, including the
data from our Phase I clinical trial in Pelizaeus-Merzbacher disease showing evidence of new
myelination and measurable gains in neurological function; we reported interim data from our spinal
cord injury trial showing considerable gains in sensory function in two of three patients compared
to pre-transplant baselines; and we reported exciting preclinical data in two animal models
relevant to Alzheimer&#146;s disease. The data we are generating and reporting illustrate the
considerable potential of our HuCNS-SC human neural stem cells to address a broad range of CNS
disorders.


<P align="left" style="font-size: 11pt">&#147;As to cash management, we continue to look for ways to do more with less. This quarter we
reported further reductions in operating expenses, continuing a downward trend begun in 2010, while
sales of reagents marketed under the SC Proven&#174; brand continue to show good growth. During the
quarter, we strengthened our balance sheet and now have $27&nbsp;million in the bank. In addition, we
were approved for two disease team awards from the California Institute for Regenerative Medicine
(CIRM)&nbsp;for up to $40&nbsp;million in funding, and are working with CIRM to finalize the terms and
conditions associated with this funding.&#148;


<P align="left" style="font-size: 11pt"><B>Third Quarter and Recent Business Highlights</B>


<P align="left" style="font-size: 11pt"><I>Therapeutic Product Development</I>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In July&nbsp;2012, we presented preclinical data demonstrating that our proprietary
human neural stem cells restored memory and enhanced synaptic function in two animal models
relevant to Alzheimer&#146;s disease. Importantly, these results did not require reduction in
beta amyloid or tau, substances that accumulate in the brains of patients with Alzheimer&#146;s
disease and account for the pathological hallmarks of the disease. The data was presented
at the <I>Alzheimer&#146;s Association International Conference 2012 </I>in Vancouver, Canada.</FONT></TD>
</TR>

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<P>
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<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In September&nbsp;2012, we presented interim six-month data from the first patient
cohort in our Phase I/II clinical trial of our HuCNS-SC cells for chronic spinal cord
injury. The first patient cohort all have no sensory or motor function below the level of
injury and are considered to have complete spinal cord injuries. The interim data
continues to demonstrate a favorable safety profile, and showed considerable gains in
sensory function in two of the three patients compared to pre-transplant baselines; the
third patient remained stable.&nbsp; The data was presented at the <I>51st Annual Scientific
Meeting of the International Spinal Cord Society </I>in London, England.&nbsp;</FONT></TD>
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    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">Also in September&nbsp;2012, the first patient with an incomplete spinal cord
injury was enrolled and dosed in our Phase I/II clinical trial in chronic spinal cord
injury. This is the first patient in the second cohort of the trial, which will be
comprised of four patients who retain some sensory function below the level of trauma and
are therefore considered to have an incomplete injury.</FONT></TD>
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<P>
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    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In October&nbsp;2012, the first patient in our Phase I/II clinical trial in dry
age-related macular degeneration (AMD)&nbsp;was enrolled and dosed. AMD afflicts approximately
30&nbsp;million people worldwide and is the leading cause of vision loss and blindness in people
over 55&nbsp;years of age. Our preclinical data, which was published in the peer-reviewed
<I>European Journal of Neuroscience</I>, demonstrated that our HuCNS-SC cells protect host
photoreceptors and preserve vision in a well-established animal model of retinal disease.
Moreover, the number of cone photoreceptors remained constant over an extended period,
consistent with the sustained visual acuity and light sensitivity observed in the study.&nbsp;
In humans, degeneration of the cone photoreceptors accounts for the unique pattern of
vision loss in dry AMD.</FONT></TD>
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</TABLE>


<P>
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    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In October&nbsp;2012, two papers reporting clinical and preclinical data
demonstrating the therapeutic potential of our proprietary HuCNS-SC cells for a range of
myelination disorders were published in <I>Science Translational Medicine</I>, the peer-review
journal of the American Association for the Advancement of Science. The first paper
summarized the data from our Phase I trial in Pelizaeus-Merzbacher disease (PMD), which
showed preliminary evidence of progressive and durable donor cell-derived myelination in
all four patients transplanted with HuCNS-SC cells. Three of the four patients showed
modest gains in neurological function; the fourth patient remained stable. These gains may
represent signals of a clinical effect from the HuCNS-SC cells and warrant further
investigation in a controlled trial. The second paper demonstrated that transplantation of
our neural stem cells in an animal model of severe myelin deficiency results in new,
functional myelin. Sophisticated analytical techniques were used to confirm that changes
measured by magnetic resonance images were in fact derived from new human myelin generated
by the transplanted HuCNS-SC cells and these results supported the use of similar
techniques to detect and evaluate the degree of myelination in our Phase I PMD trial.</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 11pt"><FONT style="font-size: 10pt"><I>Other Business Activities</I>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 11pt">In July&nbsp;2012, CIRM approved an award to us for up to $20&nbsp;million under the Disease
Team Therapy Development Award program (RFA 10-05). The award is to fund preclinical
development of our HuCNS-SC cells in cervical spinal cord injury over a maximum four-year
period, with the goal of filing an IND in that time. Funding under the award is expected to
be in the form of a forgivable loan, the terms and conditions for which must be mutually
agreed by CIRM and us.</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In July&nbsp;2012, the Japan Patent Office granted us Patent Number 5007003 which
broadly covers the prospective isolation and enrichment of neural stem and progenitor cells
using antibody selection, as well as the use of these cells to treat disorders of the
central nervous system. Some of the more noteworthy claims in this patent include methods
for isolating human neural stem cells, as well as compositions of matter comprising
enriched neural stem cells, such as our proprietary HuCNS-SC cells, and the use of enriched
neural stem cells as a medicament for the treatment of neurodegenerative diseases, acute
brain injury and dysfunction of the central nervous system.&nbsp;The term of this patent extends
into 2020.</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In September&nbsp;2012, CIRM approved a second disease team award to us for up to
$20&nbsp;million under RFA 10-05. This second award is to fund preclinical development of our
HuCNS-SC cells in Alzheimer&#146;s disease over a maximum four-year period, with the goal of
filing an IND in that time. Funding for this award is also expected to be in the form of a
forgivable loan, the terms and conditions for which must be mutually agreed by CIRM and
us.&nbsp;</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In October&nbsp;2012, we were issued U.S. Patent Number 8,283,164 which broadly
covers purified populations of human liver cells, including our human liver engrafting
cells (hLEC).&nbsp;The hLEC cells were first isolated by our researchers in the late 1990s, and
our scientists have repeatedly demonstrated the cells&#146; engraftment and robust bioactivity
in vivo and that they are expandable.&nbsp;While our hLEC cells are purified from donated adult
livers not suitable for transplant, the newly issued &#145;164 patent claims cells independent
of tissue source, and therefore, has potential relevance to those deriving liver cells from
induced pluripotent or embryonic stem cell platforms.&nbsp;The term of the &#145;164 patent extends
into 2022.</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In October&nbsp;2012, we launched four new SC Proven human neural stem cell kits
for use in neuroscience research. Each kit will contain high-purity, multipotent neural
stem cells derived from a different area of the human central nervous system, and will
provide researchers with a reproducible and scalable serum-free platform with which to
perform a broad range of assays. With these kits, researchers will now have the ability to
compare and contrast the biological, functional and neural differentiation properties of
human neural stem cells isolated from specific regions of the central nervous system, as
well as to screen for the effects of different compounds on such cells.</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt">&#149;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 11pt">In October&nbsp;2012 we partnered with an UK-based biomedical company, R
Biomedical, to develop and commercialize a range of cell lines and reagents to facilitate
induced pluripotent stem (iPS) cell-based research for regenerative medicine applications.
The first product under the partnership, an &#147;ultra-primary&#148; human fibroblast cell line from
which researchers can generate iPS cell lines, was launched under the SC Proven brand.</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt"><B>Third Quarter Financial Results</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue from product sales up 11%</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating expenses down 17%</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Pro forma </I>cash balance $27.4&nbsp;million</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Anticipated 2012 cash burn $18-$20&nbsp;million</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CIRM approves two awards of up to $20&nbsp;million each, the first for cervical spinal cord
injury and the second for Alzheimer&#146;s disease</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Revenue from product sales increased 11% to $203,000 in the third quarter of 2012 compared to the
same period of 2011 as our SC Proven media and reagents business continued to see increased unit
volume. Total revenue in the third quarter of 2012 was $264,000, compared to $224,000 in the same
period of 2011.


<P align="left" style="font-size: 11pt">Our operating expenses decreased 17% to $5,269,000 in the third quarter of 2012 compared to the
same quarter of 2011. Research and development expenses were 23% lower, and selling, general and
administrative expenses were 6% lower. The significant reduction in operating expenses was
primarily attributable to tight cost controls and a number of measures taken previously to reduce
infrastructure and overhead costs.


<P align="left" style="font-size: 11pt">Other expense in the third quarter of 2012 was $11,259,000, compared to other income of $1,829,000
in the third quarter of 2011. This increase in other expense was primarily due to a non-cash
expense from an increase in the estimated fair value of warrant liability. Our outstanding
warrants are classified as a liability, with changes in the estimated fair value recorded as income
or loss.


<P align="left" style="font-size: 11pt">Loss from operations in the third quarter of 2012 was $5,077,000, an 18% decrease compared to the
same period in 2011. Net loss for the quarter was $16,337,000, or $0.54 per share, compared with
a net loss of $4,334,000, or $0.31 per share, for the third quarter of 2011.


<P align="left" style="font-size: 11pt">Net cash used in operating activities for the third quarter of 2012 was $4,235,000. Net cash used
in operating activities for the first three quarters of 2012 was $14,950,000, which was 11% lower
than the same period in 2011.


<P align="left" style="font-size: 11pt">At September&nbsp;30, 2012, <I>pro forma </I>cash, cash equivalents and marketable debt securities totaled
$27,356,000. This total includes $5,611,000 in net proceeds from the exercise of Series&nbsp;A Warrants
and the sale of shares of common stock subsequent to the end of the quarter.


<P align="left" style="font-size: 11pt"><B>Conference Call</B>


<P align="left" style="font-size: 11pt">StemCells will host a live conference call and webcast today, November&nbsp;8, at 4:30 PM Eastern Time
(1:30 PM Pacific Time) to discuss our financial results and recent business activities. Interested
parties are invited to listen to the call over the Internet via the Investors section of our
website at http://investor.stemcellsinc.com/phoenix.zhtml?c=86230&p=irol-irhome. An archived
version of the webcast will be available for replay on our website beginning approximately two
hours following the conclusion of the live call and continuing for a period of 30&nbsp;days.


<P align="left" style="font-size: 11pt"><B>About StemCells, Inc.</B>


<P align="left" style="font-size: 11pt">StemCells, Inc. is engaged in the research, development, and commercialization of cell-based
therapeutics and tools for use in stem cell-based research and drug discovery. The Company&#146;s lead
therapeutic product candidate, HuCNS-SC&#174; cells (purified human neural stem cells), is currently in
development as a potential treatment for a broad range of central nervous system disorders. &nbsp;In a
Phase&nbsp;I clinical trial in Pelizaeus-Merzbacher disease (PMD), a fatal myelination disorder in
children, the Company has shown preliminary evidence of progressive and durable donor-derived
myelination in all four patients transplanted with HuCNS-SC cells. The Company is also conducting
a Phase I/II clinical trial in chronic spinal cord injury in Switzerland and has reported positive
interim data for the first patient cohort. The Company is also conducting a Phase I/II clinical
trial in dry age-related macular degeneration (AMD), and is pursuing preclinical studies in
Alzheimer&#146;s disease.&nbsp; StemCells also markets stem cell research products, including media and
reagents, under the SC Proven&#174; brand. Further information about StemCells is available at
<U>http://www.stemcellsinc.com</U>.


<P align="left" style="font-size: 11pt"><I>Apart from statements of historical fact, the text of this press release constitutes
forward-looking statements within the meaning of the U.S. securities laws, and is subject to the
safe harbors created therein. These statements include, but are not limited to, statements
regarding the future business operations of StemCells, Inc. (the &#147;Company&#148;); the timing and
prospects associated with detecting potential clinical benefit from the use of the Company&#146;s
HuCNS-SC cells; the prospect for continued clinical development of the Company&#146;s HuCNS-SC cells in
CNS disorders; the prospect for growth in the Company&#146;s product sales;; the Company&#146;s ability to
apply for, and possibly secure funding from, the California Institute of Regenerative Medicine; and
the adequacy of our existing supply of HuCNS-SC cells to complete our ongoing and planned clinical
trials; These forward-looking statements speak only as of the date of this news release. The
Company does not undertake to update any of these forward-looking statements to reflect events or
circumstances that occur after the date hereof. Such statements reflect management&#146;s current views
and are based on certain assumptions that may or may not ultimately prove valid. The Company&#146;s
actual results may vary materially from those contemplated in such forward-looking statements due
to risks and uncertainties to which the Company is subject, including uncertainties with respect to
the fact that additional trials will be required to confirm the safety and demonstrate the efficacy
of the Company&#146;s HuCNS-SC cells for the treatment of spinal cord injury, AMD, PMD or any other
condition; uncertainties about whether myelination formed by donor cells, if any, will have any
biologic effect; uncertainties about whether preliminary data in any Phase&nbsp;I clinical study will
prove to be reproducible or biologically meaningful in any future clinical study; risks whether the
FDA or other applicable regulatory agencies will permit the Company to continue clinical testing or
conduct future clinical trials; uncertainties about the design of future clinical trials and
whether the Company will receive the necessary support of a clinical trial site and its
institutional review board to pursue future clinical trials; uncertainties regarding the potential
for the Company to grow its SC Proven business and to advance the development and commercialization
of stem cell-based assays for drug discovery and development; uncertainties regarding the Company&#146;s
ability to obtain the increased capital resources needed to continue its current and planned
research and development operations, including such operations of the Company for non-therapeutic
applications, and to conduct the research, preclinical development and clinical trials necessary
for regulatory approvals; uncertainties about the Company&#146;s ability to secure funding from any
governmental agency, such as the California Institute of Regenerative Medicine; uncertainty as to
whether HuCNS-SC cells and any products that may be generated in the future in the Company&#146;s
cell-based programs will prove safe and clinically effective and not cause tumors or other adverse
side effects; uncertainties regarding whether results in preclinical research in animals will be
indicative of future clinical results in humans; uncertainties regarding the Company&#146;s
manufacturing capabilities given its increasing preclinical and clinical commitments; uncertainties
regarding the validity and enforceability of the Company&#146;s patents; uncertainties as to whether the
Company will become profitable; and other factors that are described under the heading &#147;Risk
Factors&#148; disclosed in Part&nbsp;I, Item&nbsp;1A in the Company&#146;s Annual Report on </I><I>Form 10-K</I><I> for the year
ended December&nbsp;31, 2011 and in its subsequent reports on </I><I>Form 10-Q</I><I> and </I><I>Form 8-K</I><I>.</I>


<P align="left" style="font-size: 11pt">CONTACT:


<P align="left" style="font-size: 11pt">Rodney Young
<BR>
StemCells, Inc.
<BR>
Chief Financial Officer
<BR>
(510)&nbsp;456-4128


<P align="left" style="font-size: 11pt">Ian Stone
<BR>
Russo Partners
<BR>
(619)&nbsp;308-6541


<P align="center" style="font-size: 11pt">&#151; more &#150;




<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->




<P align="center" style="font-size: 11pt">StemCells, Inc.



<P align="left" style="font-size: 11pt"><B>Unaudited Condensed Consolidated Statements of Operations</B>
<BR>
(in thousands, except share and per share amounts)

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Nine months ended</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>September 30</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Revenue:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Revenue from licensing agreements, grants and other</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">61</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">41</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">472</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">163</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Revenue from product sales</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">203</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">182</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">685</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">516</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Total revenue</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">264</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">223</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">1,157</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">679</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Cost of product sales</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">72</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">60</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">208</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">167</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Gross profit</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">192</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">163</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">949</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">512</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Operating expenses:</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Research and development</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">3,478</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">4,524</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">11,166</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">15,104</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Selling, general and administrative</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">1,636</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">1,733</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">5,336</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">5,912</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Wind-down expenses</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">155</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">69</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">200</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">259</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Total operating expenses</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">5,269</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">6,326</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">16,702</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">21,275</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Loss from operations</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(5,077</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(6,163</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(15,753</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(20,763</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Other income (expense):</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Change in fair value of warrant liability</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(11,239</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">1,697</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(9,975</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">6,500</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><FONT style="font-size: 9pt">Realized gain on sale of marketable securities</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&#151;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">84</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><FONT style="font-size: 9pt">Interest income (expense), net</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(10</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(13</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(30</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(45</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Other income (expense), net</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(11</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;145</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">25</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">107</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Total other income (expense), net</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(11,260</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">1,829</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(9,980</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">6,646</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Net loss</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(16,337</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(4,334</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(25,733</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(14,117</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Basic and diluted net loss per share</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(0.54</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(0.31</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(0.99</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 9pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">(1.02</FONT></TD>
    <TD nowrap><FONT style="font-size: 9pt">)</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 9pt">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 9pt">Weighted average number of common shares
outstanding, basic and diluted</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">30,168,478</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">14,009,341</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">25,992,764</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 9pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 9pt">13,831,749</FONT></TD>
    <TD><FONT style="font-size: 9pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 9pt"><FONT style="font-size: 11pt">&#151; more &#151;</FONT>




<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->




<P align="left" style="font-size: 11pt">StemCells, Inc.
<BR>
<B>Unaudited Condensed Consolidated Balance Sheets</B>
<BR>
(in thousands)

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>September 30, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2011</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(unaudited)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>ASSETS:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cash &#038; cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">15,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,311</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,499</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Property, plant and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Goodwill and other intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,844</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other assets, non-current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fair value of warrant liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other non-current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total liabilities and stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,205</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 11pt"># # # #




<P align="center" style="font-size: 10pt; display: none">3




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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
