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GERON CORP

SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30

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Selected tables from the SEC filing

Table 0

Financial table in standard format

GERON CORPORATION
INDEX

		Page
PART I. FINANCIAL INFORMATION
Item 1:	Condensed Consolidated Financial Statements	1
	Condensed Consolidated Balance Sheets as of June 30, 2010 and December 31, 2009	1
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2010 and 2009	2
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2010 and 2009	3
	Notes to Condensed Consolidated Financial Statements	4
Item 2:	Managements Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3:	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4:	Controls and Procedures	26

PART II. OTHER INFORMATION
Item 1:	Legal Proceedings	26
Item 1A:	Risk Factors	26
Item 2:	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3:	Defaults Upon Senior Securities	42
Item 4:	(Removed and Reserved)	42
Item 5:	Other Information	43
Item 6:	Exhibits	43
	SIGNATURE	43

GERON CORP CIK:886744

Notes to Condensed Consolidated Financial Statements		4
Item 2:		18
Item 3:		25
Item 4:		26
PART II. OTHER INFORMATION
Item 1:		26
Item 1A:		26
Item 2:		42
Item 3:		42
Item 4:		42
Item 5:		43
Item 6:		43
SIGNATURE		43

Data column 1: "numyear" is ambiguous (2010 or 2009 or 2010 or 2009 or 2010 or 2009)
Data column 1: "month" is ambiguous (6 or 12 or 6 or 6)
Data column 1: "dayofmonth" is ambiguous (30 or 31 or 30 or 30)
Data column 1: Unable to interpret date in column header
Data column 2: Unable to interpret date in column header
Row "PART II. OTHER INFORMATION": Multi-column field in a numeric row

Table 1

Financial table in standard format

PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GERON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

	JUNE 30,			DECEMBER 31,
	2010			2009
	(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents	$	37,315		$	34,601
Restricted cash		792			791
Current portion of marketable securities		83,789			77,009
Interest and other receivables		1,390			1,318
Current portion of prepaid assets		7,662			4,060
Total current assets		130,948			117,779
Noncurrent portion of marketable securities		34,100			54,669
Noncurrent portion of prepaid assets		1,867			2,372
Investments in licensees		437			1,328
Property and equipment, net		3,499			3,938
Deposits and other assets		284			296
	$	171,135		$	180,382

LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable	$	1,715		$	2,176
Accrued compensation		2,246			1,757
Accrued liabilities		1,485			1,925
Current portion of deferred revenue		700			700
Fair value of derivatives		667			897
Total current liabilities		6,813			7,455
Noncurrent portion of deferred revenue					350
Commitments and contingencies
Stockholders equity:
Common stock		99			92
Additional paid-in capital		775,432			750,158
Accumulated deficit		(610,938	)		(577,267	)
Accumulated other comprehensive loss		(271	)		(406	)
Total stockholders equity		164,322			172,577
	$	171,135		$	180,382

GERON CORP CIK:886744
	2010-06-30	2009-12-31
(UNAUDITED)
ASSETS
Current assets:
Cash and cash equivalents	$37,315	$34,601
Restricted cash	792	791
Current portion of marketable securities	83,789	77,009
Interest and other receivables	1,390	1,318
Current portion of prepaid assets	7,662	4,060
Total current assets	130,948	117,779
Noncurrent portion of marketable securities	34,100	54,669
Noncurrent portion of prepaid assets	1,867	2,372
Investments in licensees	437	1,328
Property and equipment, net	3,499	3,938
Deposits and other assets	284	296
	$171,135	$180,382
LIABILITIES AND STOCKHOLDERS EQUITY
Current liabilities:
Accounts payable	$1,715	$2,176
Accrued compensation	2,246	1,757
Accrued liabilities	1,485	1,925
Current portion of deferred revenue	700	700
Fair value of derivatives	667	897
Total current liabilities	6,813	7,455
Noncurrent portion of deferred revenue		350
Commitments and contingencies
Stockholders equity:
Common stock	99	92
Additional paid-in capital	775,432	750,158
Accumulated deficit	(610,938)	(577,267)
Accumulated other comprehensive loss	(271)	(406)
Total stockholders equity	164,322	172,577
	$171,135	$180,382

Table 2

Financial table in standard format

GERON CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
(UNAUDITED)

	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
	2010			2009			2010			2009
Revenues from collaborative agreements	$	225		$			$	450		$
License fees and royalties		776			183			1,469			627
Total revenues		1,001			183			1,919			627

Operating expenses:
Research and development (including amounts for
related parties: three months - 2010-$317; 2009-
$502; six months 2010-$644; 2009-$931)		13,389			15,112			26,934			28,883
General and administrative		4,488			3,828			8,338			7,206
Total operating expenses		17,877			18,940			35,272			36,089
Loss from operations		(16,876	)		(18,757	)		(33,353	)		(35,462	)
Unrealized gain (loss) on derivatives, net		172			(1,330	)		230			(1,253	)
Interest and other income		194			363			396			888
Losses recognized under equity method investment		(496	)					(892	)		(656	)
Interest and other expense		(25	)		(34	)		(52	)		(86	)
Net loss		(17,031	)		(19,758	)		(33,671	)		(36,569	)
Deemed dividend on derivatives					(190	)					(190	)
Net loss applicable to common stockholders	$	(17,031	)	$	(19,948	)	$	(33,671	)	$	(36,759	)

Basic and diluted net loss per share applicable to
common stockholders	$	(0.18	)	$	(0.23	)	$	(0.35	)	$	(0.43	)

Shares used in computing basic and diluted net loss
per share applicable to common stockholders		96,712,059			88,547,553			95,862,080			86,354,221

GERON CORP CIK:886744
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
Revenues from collaborative agreements	$225		$450
License fees and royalties	776	183	1,469	627
Total revenues	1,001	183	1,919	627
Operating expenses:
Research and development (including amounts for
related parties: three months - 2010-$317; 2009-
$502; six months 2010-$644; 2009-$931)	13,389	15,112	26,934	28,883
General and administrative	4,488	3,828	8,338	7,206
Total operating expenses	17,877	18,940	35,272	36,089
Loss from operations	(16,876)	(18,757)	(33,353)	(35,462)
Unrealized gain (loss) on derivatives, net	172	(1,330)	230	(1,253)
Interest and other income	194	363	396	888
Losses recognized under equity method investment	(496)		(892)	(656)
Interest and other expense	(25)	(34)	(52)	(86)
Net loss	(17,031)	(19,758)	(33,671)	(36,569)
Deemed dividend on derivatives		(190)		(190)
Net loss applicable to common stockholders	$(17,031)	$(19,948)	$(33,671)	$(36,759)
Basic and diluted net loss per share applicable to
common stockholders	$(0.18)	$(0.23)	$(0.35)	$(0.43)
Shares used in computing basic and diluted net loss
per share applicable to common stockholders	96,712,059	88,547,553	95,862,080	86,354,221

Table 3

Financial table in standard format

GERON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2010
(UNAUDITED)
Fair Value of Derivatives
For warrants and non-employee options classified as assets or liabilities, the fair value of these instruments is recorded on the condensed consolidated balance sheet at inception of such classification and adjusted to fair value at each financial reporting date. The change in fair value of the warrants and non-employee options is recorded in the condensed consolidated statements of operations as unrealized gain (loss) on derivatives. Fair value of warrants and non-employee options is estimated using the Black Scholes option-pricing model. The warrants and non-employee options continue to be reported as an asset or liability until such time as the instruments are exercised or expire or are otherwise modified to remove the provisions which require this treatment, at which time these instruments are marked to fair value and reclassified from assets or liabilities to stockholders equity. For warrants and non-employee options classified as permanent equity, the fair value of the warrants and non-employee options is recorded in stockholders equity and no further adjustments are made. See Note 2 on Fair Value Measurements.
Revenue Recognition
We have several license agreements with various oncology, diagnostics, research tools, agriculture and biologics production companies. With certain of these agreements, we receive nonrefundable license payments in cash or equity securities, option payments in cash or equity securities, royalties on future sales of products, milestone payments, or any combination of these items. Upfront nonrefundable signing, license or non-exclusive option fees are recognized as revenue when rights to use the intellectual property related to the license have been delivered and over the term of the agreement if we have continuing performance obligations. Milestone payments, which are subject to substantive contingencies, are recognized upon completion of specified milestones, representing the culmination of the earnings process, according to contract terms. Royalties are generally recognized upon receipt of the related royalty payment. Deferred revenue represents the portion of research and license payments received which has not been earned. When payments are received in equity securities, we do not recognize any revenue unless such securities are determined to be realizable in cash.
We recognize revenue under collaborative agreements as the related research and development costs for services are rendered. We recognize related party revenue under collaborative agreements as the related research and development costs for services are rendered and when the source of funds have not been derived from our contributions to the related party.
Restricted Cash
The components of restricted cash were as follows:

	June 30,		December 31,
	2010		2009
	(In thousands)
Certificate of deposit for unused equipment line of credit	$	530	$	530
Certificate of deposit for credit card purchases		262		261
	$	792	$	791

GERON CORP CIK:886744
	2009-12-31
(In thousands)
Certificate of deposit for unused equipment line of credit $530	$530
Certificate of deposit for credit card purchases 262	261
	$792	$791

Row "(In thousands)": Multi-column field in a numeric row

Table 4

Financial table in standard format

GERON CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30, 2010
(UNAUDITED)
Dividend yield is based on historical cash dividend payments, which have been none to date. The expected volatility range is based on historical volatilities of our stock since traded options on Geron stock do not correspond to option terms and the trading volume of options is limited. The risk-free interest rate range is based on the U.S. Zero Coupon Treasury Strip Yields for the expected term in effect on the date of grant for an award. The expected term of options is derived from actual historical exercise data and represents the period of time that options granted are expected to be outstanding. The expected term of employees purchase rights is equal to the purchase period. We grant options under our equity plans to employees, non-employee directors and consultants, for whom the vesting period is generally four years.
As stock-based compensation expense recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2010 and 2009 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures but at a minimum, reflects the grant-date fair value of those awards that actually vested in the period. Forfeitures have been estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
Restricted Stock Awards
The stock-based compensation expense related to restricted stock awards is determined using the fair value of our common stock on the date of grant and reduced for estimated forfeitures as applicable. The fair value is amortized as compensation expense over the service period of the award on a straight-line basis.
Non-Employee Stock-Based Awards
For our non-employee stock-based awards, the measurement date on which the fair value of the stock-based award is calculated is equal to the earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or (ii) the date at which the counterpartys performance is complete. We recognize stock-based compensation expense for the fair value of the vested portion of non-employee awards in our condensed consolidated statements of operations.
Comprehensive Loss
Comprehensive loss is comprised of net loss and other comprehensive income (loss). Other comprehensive income (loss) includes certain changes in stockholders equity which are excluded from net loss. The activity in comprehensive loss during the three and six months ended June 30, 2010 and 2009 was as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2010			2009			2010			2009
	(In thousands)
Net loss	$	(17,031	)	$	(19,758	)	$	(33,671	)	$	(36,569	)
Change in net unrealized loss on available-for-sale
securities and marketable investments in licensees		5			(73	)		138			(70	)
Change in foreign currency translation adjustments					1			(3	)		1
Comprehensive loss	$	(17,026	)	$	(19,830	)	$	(33,536	)	$	(36,638	)

GERON CORP CIK:886744
	2010-03-30 to 2010-06-30 (3-months)	2009-03-30 to 2009-06-30 (3-months)	2009-12-30 to 2010-06-30 (6-months)	2008-12-30 to 2009-06-30 (6-months)
(In thousands)
Net loss	$(17,031)	$(19,758)	$(33,671)	$(36,569)
Change in net unrealized loss on available-for-sale
securities and marketable investments in licensees	5	(73)	138	(70)
Change in foreign currency translation adjustments		1	(3)	1
Comprehensive loss	$(17,026)	$(19,830)	$(33,536)	$(36,638)

Row "(In thousands)": Multi-column field in a numeric row

Table 5

Table column format standardization was unsuccessful.

Fair Value Measurements at Reporting Date Using
Significant
Quoted Prices in
Other
Significant
Active Markets for
Observable
Unobservable
Identical Assets
Inputs
Inputs
(In thousands)
Level 1
Level 2
Level 3
Total
Liabilities
Derivatives (5)
$
$
$
667
$
667
____________________

(1)		Included in cash and cash equivalents on our condensed consolidated balance sheets.

(2)		Included in current and noncurrent marketable securities on our condensed consolidated balance sheets.

(3)		Included in cash and cash equivalents and current and noncurrent marketable securities on our condensed consolidated balance sheets.

(4)		Included in investments in licensees on our condensed consolidated balance sheets.

(5)		Included in fair value of derivatives on our condensed consolidated balance sheets.

Unable to find the column headers.

Table internal representation dump (debug use)

First numeric data row: 0
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Row 0
    [0..0)   [0..0] ( num): '(1)'
    [2..2)   [1..1] (stub): 'Included in cash and cash equivalents on our condensed consolidated balance sheets.'

Row 1

Row 2
    [0..0)   [0..0] ( num): '(2)'
    [2..2)   [1..1] (stub): 'Included in current and noncurrent marketable securities on our condensed consolidated balance sheets.'

Row 3

Row 4
    [0..0)   [0..0] ( num): '(3)'
    [2..2)   [1..1] (stub): 'Included in cash and cash equivalents and current and noncurrent marketable securities on our condensed consolidated balance sheets.'

Row 5

Row 6
    [0..0)   [0..0] ( num): '(4)'
    [2..2)   [1..1] (stub): 'Included in investments in licensees on our condensed consolidated balance sheets.'

Row 7

Row 8
    [0..0)   [0..0] ( num): '(5)'
    [2..2)   [1..1] (stub): 'Included in fair value of derivatives on our condensed consolidated balance sheets.'

Row 9



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    [0..0)   [0..0] ( num): ''
    [2..2)   [1..1] (stub): ''

Best data column prototype:
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Table attributes: balancesheet,assets,liabilities,cash

Table 6

Financial table in standard format

(1)
Included in cash and cash equivalents on our condensed consolidated balance sheets.
(2)
Included in current and noncurrent marketable securities on our condensed consolidated balance sheets.
(3)
Included in cash and cash equivalents and current and noncurrent marketable securities on our condensed consolidated balance sheets.
(4)
Included in investments in licensees on our condensed consolidated balance sheets.
(5)
Included in fair value of derivatives on our condensed consolidated balance sheets.
Changes in Level 3 Recurring Fair Value Measurements
The table below includes a rollforward of the balance sheet amounts for the three and six months ended June 30, 2010 (including the change in fair value), for financial instruments in the Level 3 category. When a determination is made to classify a financial instrument within Level 3, the determination is based upon the significance of the unobservable parameters to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable components, observable components (that is, components that are actively quoted and can be validated to external sources). Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the methodology.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Three Months Ended June 30, 2010

Change in

Unrealized Gains

Total

Related to

Unrealized

Purchases,

Financial

Gains Included

Sales,

Transfers

Instruments

Fair Value at

Issuances,

In and/or

Fair Value at

Held at

March 31,

Earnings, net

Settlements,

Out of

June 30,

June 30, 2010

(In thousands)

2010

(1)

net

Level 3

2010

(1)

Derivative liabilities

839

(172

)

667

(172

)

GERON CORP CIK:886744
	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)	2010-03-30 to 2010-06-30 (3-months)
Change in
Unrealized Gains
Total
Unrealized
Gains Included
Fair Value at
March 31,
(In thousands)	2010	(1)			2010	(1)
Derivative liabilities	$839	$(172)			$667	$(172)

Original filing from SEC EDGAR system.