In the fourth quarter of 2005, the company had revenues of $755,000, compared to $338,000 for the comparable 2004 period. For fiscal 2005, the company had revenues of $6.2 million, compared to revenues of $1.1 million in fiscal 2004. The increase in revenues in 2005 primarily reflected the receipt of an upfront payment of $4.0 million in connection with the transfer of certain intellectual property rights to nuclear transfer technology in animals to the company's new joint venture, stART Licensing, Inc., and revenue recognized from the license and option payment received in July 2005 from Merck & Co., Inc. pursuant to the company's research, development and commercialization license agreement with Merck.

In the fourth quarter of 2005, the company had operating expenses of $11.3 million, compared to $10.0 million for the comparable 2004 period. The increase in research and development expenses was primarily the result of higher personnel-related costs and increased clinical expenses. The decrease in general and administrative expenses in the fourth quarter of 2005 was primarily due to reduced external patent legal expenses as a result of the assumption by stART Licensing, Inc. of the prosecution and maintenance costs of the relevant patent portfolio.

For all the nitty gritty of the report .. - Geron Corporation Reports Fourth Quarter and Annual 2005 Financial Results and Events