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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Summary of Components of Rent Expense

The table below summarizes the components of rent expense for the fiscal year ended December 31, as follows:

		2013				2012				2011
Rent expense		$	2,612,899			$	2,932,104			$	4,193,433
Sublease income			(53,726	)			(411,885	)			(424,847	)
Rent expense, net		$	2,559,173			$	2,520,219			$	3,768,586

Future Minimum Payments Under All Leases and Bond Payable

Future minimum payments under all leases, bond payable and loan payable at December 31, 2013 are as follows:

		Bonds Payable				Loan(1) Payable				Capital Leases				Operating Leases
2014		$	136,852			$	4,322,035			$	24,284			$	1,917,423
2015			—				4,322,035				21,591				1,912,217
2016			—				1,440,678				9,454				1,968,459
2017			—				—				—				2,014,706
2018			—				—				—				2,061,260
Thereafter			—				—				—				8,196,910
Total minimum lease payments			136,852				10,084,748				55,329			$	18,070,975
Less amounts representing interest			11,852				704,963				4,591
Principal amounts of bond payable, loan payable and capital lease obligations			125,000				9,379,785				50,738
Less current maturities			125,000				3,857,971				20,936
Bond payable, loan payable and capital lease obligations, less current maturities		$	—			$	5,521,814			$	29,802

(1) Approximately $3.8 million received as initial disbursement of the loan provided under the CIRM Loan Agreement is not included. In April 2013, we entered into an agreement with CIRM 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’s disease. 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.

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Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 30

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737

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Tabular disclosure of rental expense from operating leases for each period for which an income statement is presented with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 840

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717

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