| Cash Flow for StemCells Inc. (STEM) | | | | | | | Cash Flow | in Thousands of Dollars | | | 12/2007 | 12/2006 | 12/2005 | 12/2004 | 12/2003 | | | Net Income | (25,023) | (18,948) | (11,738) | (15,330) | (12,291) | | Depreciation & Amortization | 1,175 | 1,045 | 1,083 | 1,038 | 1,013 | | Deferred Income Taxes | - | - | - | - | - | | Operating Losses | (717) | 2 | (3,393) | 256 | 854 | | Extraordinary Losses | - | - | - | - | - | | | Decrease in Receivables | 218 | (281) | (21) | (36) | (81) | | Decrease in Inventories | - | - | - | - | - | | Decrease in Other Current Assets | - | (733) | (225) | (29) | (355) | | Increase in Payables | 1,601 | 554 | 48 | 665 | 726 | | Increase in Other Current Liabilities | - | (450) | 2,021 | 1,333 | 1,591 | | Decrease in Other Working Capital | (829) | 278 | - | - | - | | Other Non-Cash Items | 2,631 | 2,429 | - | - | - | | Net Cash from Continuing Operations | (20,857) | (16,104) | (11,871) | (11,274) | (8,543) | | Net Cash from Discontinued Operations | - | - | - | - | - | | Cash from Operating Activities | (20,857) | (16,104) | (11,871) | (11,274) | (8,543) | | | | Sale of Property, Plant, Equipment | - | - | - | - | - | | Sale of Short Term Investments | 3,075 | - | - | - | - | | | Purchase of Property, Plant, Equipment | (1,319) | (1,259) | (848) | (676) | (190) | | Acquisitions | - | - | - | (72) | - | | Purchase of Short Term Investments | (27,862) | - | - | - | - | | Other Investment Changes, Net | (1,049) | (38) | - | - | - | | Cash from Investing Activities | (27,156) | (1,297) | (848) | (748) | (190) | | | Issuance of Debt | 43 | - | - | - | - | | Issuance of Capital Stock | 6,139 | 34,965 | 6,677 | 40,268 | 17,807 | | | Repayment of Debt | (206) | (309) | (283) | (268) | (229) | | Repurchase of Capital Stock | - | - | - | - | - | | Payment of Cash Dividends | - | - | - | - | - | | Other Financing Charges, Net | - | - | (194) | - | - | | Cash from Financing Activities | 5,976 | 34,656 | 6,199 | 40,000 | 17,578 | | | | Effect of Exchange Rate Changes | - | - | - | - | - | | Net Change in Cash | (42,036) | 17,255 | (6,519) | 27,978 | 8,845 | | | Cash at Beginning of Year | 51,796 | 34,541 | 41,060 | 13,082 | 4,236 | | Cash at End of Period | 9,759 | 51,796 | 34,541 | 41,060 | 13,082 | | | |
