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&lt;p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"&gt;&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;&lt;b&gt;Note 12. California
Institute for Regenerative Medicine Loan&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;!-- xbrl,body --&gt;
&lt;p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"&gt;
&lt;font style="FONT-FAMILY: Times New Roman" size="2"&gt;In April 2013,
we entered into an agreement with the California Institute for
Regenerative Medicine (CIRM) (the CIRM Loan Agreement) under which
CIRM will provide up to approximately $19.3 million to help fund
preclinical development and IND-enabling activities of our HuCNS-SC
cells for Alzheimer&amp;#x2019;s disease. This funding was awarded in
September 2012 under CIRM&amp;#x2019;s Disease Team Therapy Development
Award program (RFA 10-05), and the goal of the research is to file
an Investigational New Drug application with the U.S. Food and Drug
Administration within four years. The funding is in the form of a
forgivable loan, in accordance with mutually agreed upon terms and
conditions and CIRM regulations, and is expected to be disbursed
periodically by CIRM over the four-year project period subject to a
number of preconditions, including the achievement of certain
progress milestones and compliance with certain financial
covenants. The loan is unsecured and the term of the loan is ten
years and may be extended under certain circumstances. Initially,
the loan will bear interest at the one year LIBOR rate plus two
percent and will increase by 1% each year after year five. Interest
will accrue with the first disbursement of loan funds, but we will
not begin paying interest until year six. Repayment of the
principal and any accrued and unpaid interest will be due and
payable at the end of the term. We can prepay the CIRM loan at our
election, either in whole or in part at any time and without a
prepayment fee. In addition, the loan is forgivable so that our
obligation to repay will be contingent upon the success of our
HuCNS-SC cells as a treatment for Alzheimer&amp;#x2019;s
disease.&lt;/font&gt;&lt;/p&gt;
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 808

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=6931272&amp;loc=SL5834143-161434



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