<?xml version="1.0" encoding="US-ASCII"?>
<!-- RR Donnelley Xcelerate Taxonomy Calculation Linkbase, based on XBRL 2.1  http://www.rrdonnelley.com/ -->
<!-- Version: 6.21.0 -->
<!-- Round: 3 -->
<!-- Creation date: 2013-07-30T21:31:14Z -->
<!-- Copyright (c) 2005-2013 R.R. Donnelley &amp; Sons Company All Rights Reserved. -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DocumentDocumentandEntityInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DocumentDocumentandEntityInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_StatementOfFinancialPositionClassified" roleURI="http://stemcellsinc.com/taxonomy/role/StatementOfFinancialPositionClassified"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_StatementOfFinancialPositionClassifiedParen" roleURI="http://stemcellsinc.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_StatementOfIncome" roleURI="http://stemcellsinc.com/taxonomy/role/StatementOfIncome"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_StatementOfOtherComprehensiveIncome" roleURI="http://stemcellsinc.com/taxonomy/role/StatementOfOtherComprehensiveIncome"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_StatementOfCashFlowsIndirect" roleURI="http://stemcellsinc.com/taxonomy/role/StatementOfCashFlowsIndirect"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_StatementOfCashFlowsIndirectParen" roleURI="http://stemcellsinc.com/taxonomy/role/StatementOfCashFlowsIndirectParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureSummaryOfSignificantAccountingPoliciesBasicAndDilutiveNetLossPerShareComputations" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesBasicAndDilutiveNetLossPerShareComputations"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureSummaryOfSignificantAccountingPoliciesOutstandingOptionsWarrantsAndRestrictedStockUnits" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesOutstandingOptionsWarrantsAndRestrictedStockUnits"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureFinancialInstrumentsAvailableForSaleSecuritiesHeldInInvestmentPortfolio" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureFinancialInstrumentsAvailableForSaleSecuritiesHeldInInvestmentPortfolio"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureFinancialInstrumentsAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureFinancialInstrumentsAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureFairValueMeasurementFinancialAssetsAndLiabilitiesMeasuredAtFairValue" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureFairValueMeasurementFinancialAssetsAndLiabilitiesMeasuredAtFairValue"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureFairValueMeasurementRollForwardForFinancialAssetsAndLiabilitiesMeasuredAtFairValueUsingSignificantOtherObservableInputsLevel2" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureFairValueMeasurementRollForwardForFinancialAssetsAndLiabilitiesMeasuredAtFairValueUsingSignificantOtherObservableInputsLevel2"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureFairValueMeasurementRollForwardForLiabilitiesMeasuredAtFairValueUsingSignificantUnobservableInputsLevel3" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureFairValueMeasurementRollForwardForLiabilitiesMeasuredAtFairValueUsingSignificantUnobservableInputsLevel3"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureGoodwillAndOtherIntangibleAssetsAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureGoodwillAndOtherIntangibleAssetsPurchasePriceAllocated" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsPurchasePriceAllocated"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureGoodwillAndOtherIntangibleAssetsChangesInGoodwill" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsChangesInGoodwill"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureGoodwillAndOtherIntangibleAssetsComponentsOfOtherIntangibleAssets" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsComponentsOfOtherIntangibleAssets"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureGoodwillAndOtherIntangibleAssetsExpectedFutureAnnualAmortizationExpense" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsExpectedFutureAnnualAmortizationExpense"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationStockBasedCompensationExpense" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationStockBasedCompensationExpense"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationStockOptionActivity" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationStockOptionActivity"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationSummaryOfChangesInUnvestedOptions" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInUnvestedOptions"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationSummaryOfChangesInUnvestedRestrictedStockUnits" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInUnvestedRestrictedStockUnits"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationSummaryOfChangesInUnvestedRestrictedStockUnitsParenthetical" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInUnvestedRestrictedStockUnitsParenthetical"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureStockBasedCompensationSummaryOfChangesInSARs" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInSARs"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWindDownExpensesAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWindDownExpensesAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWindDownExpensesSummaryOfChangesToWindDownReserve" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWindDownExpensesSummaryOfChangesToWindDownReserve"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureLoanPayableAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureLoanPayableAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureDisclosureLoanPayableAssumptionsUsedForBlackScholesOptionPricingModel" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureDisclosureLoanPayableAssumptionsUsedForBlackScholesOptionPricingModel"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureCommitmentsAndContingenciesAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureCommitmentsAndContingenciesAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWarrantLiabilityAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWarrantLiabilityAssumptionsUsedForBlackScholesOptionPricingModel" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAssumptionsUsedForBlackScholesOptionPricingModel"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWarrantLiabilityAssumptionsUsedForBlackScholesOptionPricingModel1" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAssumptionsUsedForBlackScholesOptionPricingModel1"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWarrantLiabilityAssumptionsUsedForMonteCarloSimulationModel" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAssumptionsUsedForMonteCarloSimulationModel"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWarrantLiabilitySummaryOfChangesInFairValueOfWarrantLiability" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilitySummaryOfChangesInFairValueOfWarrantLiability"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureWarrantLiabilitySummaryOfOutstandingWarrantsAndFairValueOfWarrantLiability" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilitySummaryOfOutstandingWarrantsAndFairValueOfWarrantLiability"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureCommonStockAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureCommonStockAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureAccumulatedOtherComprehensiveLossSummaryOfChangesInAccumulatedOtherComprehensiveLossByComponent" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureAccumulatedOtherComprehensiveLossSummaryOfChangesInAccumulatedOtherComprehensiveLossByComponent"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureCaliforniaInstituteForRegenerativeMedicineLoanAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureCaliforniaInstituteForRegenerativeMedicineLoanAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#DisclosureSubsequentEventsAdditionalInformation" roleURI="http://stemcellsinc.com/taxonomy/role/DisclosureSubsequentEventsAdditionalInformation"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsFairValueDisclosuresTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsDebtDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsDebtDisclosureTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsWarrantLiabilityTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsWarrantLiabilityTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsWarrantLiabilityTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsWarrantLiabilityTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsAccumulatedOtherComprehensiveIncomeLossTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsAccumulatedOtherComprehensiveIncomeLossTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsAccumulatedOtherComprehensiveIncomeLossTextBlockTables" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsAccumulatedOtherComprehensiveIncomeLossTextBlockTables"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock"/>
  <roleRef xlink:type="simple" xlink:href="stem-20130630.xsd#Role_NotesToFinancialStatementsSubsequentEventsTextBlock" roleURI="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock"/>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DocumentDocumentandEntityInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/StatementOfFinancialPositionClassified">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_AccruedWindDownExpensesCurrent" xlink:label="stem_AccruedWindDownExpensesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeaseObligationsCurrent" xlink:label="us-gaap_CapitalLeaseObligationsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeaseObligationsNoncurrent" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRentCreditCurrent" xlink:label="us-gaap_DeferredRentCreditCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRentCreditNoncurrent" xlink:label="us-gaap_DeferredRentCreditNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="us-gaap_DeferredRevenueCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_DepositsAndOtherLongTermLiabilities" xlink:label="stem_DepositsAndOtherLongTermLiabilities"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_FairValueOfWarrantLiability" xlink:label="stem_FairValueOfWarrantLiability"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LoansPayableCurrent" xlink:label="us-gaap_LoansPayableCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermLoansPayable" xlink:label="us-gaap_LongTermLoansPayable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecuritiesCurrent" xlink:label="us-gaap_MarketableSecuritiesCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherReceivables" xlink:label="us-gaap_OtherReceivables"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PrepaidExpenseCurrent" xlink:label="us-gaap_PrepaidExpenseCurrent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_AssetsCurrent" order="1.0800" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_PropertyPlantAndEquipmentNet" order="1.0900" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet" order="1.1000" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_OtherAssetsNoncurrent" order="1.1100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Goodwill" order="1.1200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill" order="1.1300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue" order="1.0100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_MarketableSecuritiesCurrent" order="1.0200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent" order="1.0300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherReceivables" order="1.0400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_PrepaidExpenseCurrent" order="1.0500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_DeferredFinanceCostsCurrentNet" order="1.0600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent" order="1.0700" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LiabilitiesCurrent" order="1.2200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LongTermDebtNoncurrent" order="1.2300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_CapitalLeaseObligationsNoncurrent" order="1.2400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_LongTermLoansPayable" order="1.2500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="stem_FairValueOfWarrantLiability" order="1.2600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="stem_DepositsAndOtherLongTermLiabilities" order="1.2700" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_DeferredRentCreditNoncurrent" order="1.2800" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_DeferredRevenueNoncurrent" order="1.2900" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_Liabilities" order="1.3000" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_StockholdersEquity" order="1.3500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_AccountsPayableCurrent" order="1.1400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent" order="1.1500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="stem_AccruedWindDownExpensesCurrent" order="1.1600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_DeferredRevenueCurrent" order="1.1700" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_CapitalLeaseObligationsCurrent" order="1.1800" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_DeferredRentCreditCurrent" order="1.1900" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LoansPayableCurrent" order="1.2000" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LongTermDebtCurrent" order="1.2100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_CommonStockValue" order="1.3100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_AdditionalPaidInCapitalCommonStock" order="1.3200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit" order="1.3300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" order="1.3400" weight="1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/StatementOfIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CostOfGoodsSold" xlink:label="us-gaap_CostOfGoodsSold"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueAdjustmentOfWarrants" xlink:label="us-gaap_FairValueAdjustmentOfWarrants"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="us-gaap_InvestmentIncomeInterest"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="us-gaap_OtherNonoperatingIncomeExpense"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ResearchAndDevelopmentExpense" xlink:label="us-gaap_ResearchAndDevelopmentExpense"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_RevenueFromLicensingAgreementsAndGrants" xlink:label="stem_RevenueFromLicensingAgreementsAndGrants"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SalesRevenueGoodsNet" xlink:label="us-gaap_SalesRevenueGoodsNet"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_WindDownExpenses" xlink:label="stem_WindDownExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_Revenues" order="1.0300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_CostOfGoodsSold" order="1.0400" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss" order="1.1000" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NonoperatingIncomeExpense" order="1.1500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_FairValueAdjustmentOfWarrants" order="1.1100" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_InvestmentIncomeInterest" order="1.1200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_InterestExpense" order="1.1300" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_OtherNonoperatingIncomeExpense" order="1.1400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_ResearchAndDevelopmentExpense" order="1.0600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense" order="1.0700" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses" xlink:to="stem_WindDownExpenses" order="1.0800" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_GrossProfit" order="1.0500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingExpenses" order="1.0900" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Revenues" xlink:to="stem_RevenueFromLicensingAgreementsAndGrants" order="1.0100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_SalesRevenueGoodsNet" order="1.0200" weight="1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/StatementOfOtherComprehensiveIncome">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLoss" order="1.0100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTax" order="1.0400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" order="1.0200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" order="1.0300" weight="1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/StatementOfCashFlowsIndirect">
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_AmortizationOfDebtDiscountAndDebtIssuanceCosts" xlink:label="stem_AmortizationOfDebtDiscountAndDebtIssuanceCosts"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueAdjustmentOfWarrants" xlink:label="us-gaap_FairValueAdjustmentOfWarrants"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets" xlink:label="us-gaap_GainLossOnDispositionOfAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_IncreaseDecreaseInAccruedInterestAndOtherReceivables" xlink:label="stem_IncreaseDecreaseInAccruedInterestAndOtherReceivables"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_IncreaseDecreaseInAccruedWindDownExpenses" xlink:label="stem_IncreaseDecreaseInAccruedWindDownExpenses"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_IncreaseDecreaseInDeferredRent" xlink:label="stem_IncreaseDecreaseInDeferredRent"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireMarketableSecurities" xlink:label="us-gaap_PaymentsToAcquireMarketableSecurities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireOtherProductiveAssets" xlink:label="us-gaap_PaymentsToAcquireOtherProductiveAssets"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromNotesPayable" xlink:label="us-gaap_ProceedsFromNotesPayable"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" xlink:label="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromStockOptionsExercised" xlink:label="us-gaap_ProceedsFromStockOptionsExercised"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="us-gaap_ProceedsFromWarrantExercises"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfLongTermCapitalLeaseObligations" xlink:label="us-gaap_RepaymentsOfLongTermCapitalLeaseObligations"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities" order="1.1500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities" order="1.2100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities" order="1.2900" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock" order="1.2200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_ProceedsFromStockOptionsExercised" order="1.2300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_ProceedsFromWarrantExercises" order="1.2400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_ProceedsFromNotesPayable" order="1.2500" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts" order="1.2600" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_RepaymentsOfLongTermCapitalLeaseObligations" order="1.2700" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_RepaymentsOfLongTermDebt" order="1.2800" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_PaymentsToAcquireMarketableSecurities" order="1.1600" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities" order="1.1700" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" order="1.1800" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" order="1.1900" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_PaymentsToAcquireOtherProductiveAssets" order="1.2000" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetIncomeLoss" order="1.0100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_DepreciationDepletionAndAmortization" order="1.0200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_ShareBasedCompensation" order="1.0300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="stem_AmortizationOfDebtDiscountAndDebtIssuanceCosts" order="1.0400" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_GainLossOnDispositionOfAssets" order="1.0500" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_FairValueAdjustmentOfWarrants" order="1.0600" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="stem_IncreaseDecreaseInAccruedInterestAndOtherReceivables" order="1.0700" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable" order="1.0800" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="1.0900" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets" order="1.1000" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" order="1.1100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="stem_IncreaseDecreaseInAccruedWindDownExpenses" order="1.1200" weight="-1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue" order="1.1300" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="stem_IncreaseDecreaseInDeferredRent" order="1.1400" weight="1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/StatementOfCashFlowsIndirectParenthetical">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesBasicAndDilutiveNetLossPerShareComputations">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesOutstandingOptionsWarrantsAndRestrictedStockUnits">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureFinancialInstrumentsAvailableForSaleSecuritiesHeldInInvestmentPortfolio">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="us-gaap_AvailableForSaleSecuritiesAmortizedCost"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue" xlink:label="us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments" xlink:label="stem_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments"/>
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments" xlink:label="stem_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue" xlink:to="us-gaap_AvailableForSaleSecuritiesAmortizedCost" order="1.0100" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue" xlink:to="stem_AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments" order="1.0200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue" xlink:to="stem_AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments" order="1.0300" weight="-1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureFinancialInstrumentsAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureFairValueMeasurementFinancialAssetsAndLiabilitiesMeasuredAtFairValue">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureFairValueMeasurementRollForwardForFinancialAssetsAndLiabilitiesMeasuredAtFairValueUsingSignificantOtherObservableInputsLevel2">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureFairValueMeasurementRollForwardForLiabilitiesMeasuredAtFairValueUsingSignificantUnobservableInputsLevel3">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsPurchasePriceAllocated">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsChangesInGoodwill">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsComponentsOfOtherIntangibleAssets">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureGoodwillAndOtherIntangibleAssetsExpectedFutureAnnualAmortizationExpense">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationStockBasedCompensationExpense">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationStockOptionActivity">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInUnvestedOptions">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInUnvestedRestrictedStockUnits">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInUnvestedRestrictedStockUnitsParenthetical">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureStockBasedCompensationSummaryOfChangesInSARs">
    <loc xlink:type="locator" xlink:href="stem-20130630.xsd#stem_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber" xlink:label="stem_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="stem_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" order="1.0500" weight="1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWindDownExpensesAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWindDownExpensesSummaryOfChangesToWindDownReserve">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureLoanPayableAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureDisclosureLoanPayableAssumptionsUsedForBlackScholesOptionPricingModel">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureCommitmentsAndContingenciesAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAssumptionsUsedForBlackScholesOptionPricingModel">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAssumptionsUsedForBlackScholesOptionPricingModel1">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilityAssumptionsUsedForMonteCarloSimulationModel">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilitySummaryOfChangesInFairValueOfWarrantLiability">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureWarrantLiabilitySummaryOfOutstandingWarrantsAndFairValueOfWarrantLiability">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureCommonStockAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureAccumulatedOtherComprehensiveLossSummaryOfChangesInAccumulatedOtherComprehensiveLossByComponent">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:label="us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" order="1.0200" weight="1.00" priority="2" use="optional"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" order="1.0300" weight="-1.00" priority="2" use="optional"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureCaliforniaInstituteForRegenerativeMedicineLoanAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/DisclosureSubsequentEventsAdditionalInformation">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsInvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsGoodwillAndIntangibleAssetsDisclosureTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsDebtDisclosureTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsWarrantLiabilityTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsWarrantLiabilityTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsAccumulatedOtherComprehensiveIncomeLossTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsAccumulatedOtherComprehensiveIncomeLossTextBlockTables">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsCollaborativeArrangementDisclosureTextBlock">
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://stemcellsinc.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock">
  </calculationLink>
</linkbase>
