valuation of stock-based compensation we measure and recognize compensation expense for all stock-based awards to our employees and directors , including stock options , restricted stock awards and employee stock purchases related to our employee stock purchase plan ( espp ) based on estimated fair values . we use the black scholes option-pricing valuation model to estimate the grant-date fair value of our stock options and employee stock plan purchases . option-pricing model assumptions such as expected volatility , risk-free interest rate and expected term impact the fair value estimate . 41 further , the estimated forfeiture rate impacts the amount of aggregate compensation recognized during the period . the fair value of stock options and employee stock purchases is amortized over the vesting period of the awards using a straight-line method . expected volatilities are based on historical volatilities of our stock since traded options on geron stock do not correspond to option terms and trading volume of options is limited . the expected term of options represents the period of time that options granted are expected to be outstanding . in deriving this assumption , we reviewed actual historical exercise and cancellation data and the remaining outstanding options not yet exercised or cancelled . the expected term of employees ' purchase rights , under our espp , is equal to the purchase period . the risk-free interest rate is based on the u.s. zero coupon treasury strip yields for the expected term in effect on the date of grant . forfeiture rate was estimated based on historical experience and will be adjusted over the requisite service period based on the extent to which actual forfeitures differ , or are expected to differ , from their estimate . we grant restricted stock awards to employees and non-employee directors with three types of vesting schedules : ( i ) service-based , ( ii ) performance-based or ( iii ) market-based . service-based restricted stock awards ( rsas ) generally vest annually over four years . performance-based stock awards ( psas ) vest only upon achievement of discrete strategic goals within a specified performance period , generally three years . market-based stock awards ( msas ) vest only upon achievement of certain market price thresholds of our common stock within a specified performance period , generally three years . the fair value for service-based rsas 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 requisite service period of the award on a straight-line basis . the fair value for psas is determined using the fair value of our common stock on the date of grant and reduced for estimated forfeitures , as applicable . compensation expense for psas is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met . if the performance condition is not considered probable of being achieved , no expense is recognized until such time as the performance condition is considered probable of being met , if ever . we evaluate whether performance conditions are probable of occurring , as well as the expected performance period , on a quarterly basis . the fair value for msas is determined using a lattice valuation model with a monte carlo simulation . the model takes into consideration the historical volatility of our stock and the risk-free interest rate at the date of grant . in addition , the model is used to estimate the derived service period for the msas . the derived service period is the estimated period of time that would be required to satisfy the market condition , assuming the market condition will be satisfied . compensation expense is recognized over the derived service period for the msas using the straight-line method , but is accelerated if the market condition is achieved earlier than estimated . we annually evaluate the assumptions used in estimating fair values of our stock-based awards by reviewing current trends in comparison to historical data . we have not revised the methods by which we derive assumptions in order to estimate fair values of our stock-based awards . if factors change and we employ different assumptions in future periods , the stock-based compensation expense that we record for awards to employees and directors may differ significantly from what we have recorded in the current period . non-cash compensation expense recognized for stock-based awards to employees and directors was $ 15.2 million , $ 13.7 million and $ 10.6 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . as of december 31 , 2011 , total compensation cost related to unvested stock awards not yet recognized , net of estimated forfeitures and assuming no probability of achievement for outstanding psas , was $ 13.1 million , which is expected to be recognized over the next 34 months on a weighted-average basis . 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 counterparty 's performance is complete . we recognized non-cash stock-based compensation expense of $ 114,000 , $ 463,000 and $ 190,000 for the fair value of the vested portion of non-employee options , restricted stock awards and warrants in our consolidated statements of operations for the years ended december 31 , 2011 , 2010 and 2009 , respectively . 42 fair value of financial instruments we categorize assets and liabilities recorded at fair value on our consolidated balance sheet based upon the level of judgment associated with inputs used to measure their fair value . story_separator_special_tag acquired in-process research and development as consideration for the license rights to angiochem 's proprietary peptide technology for the clinical development of ang1005 ( now grn1005 ) , we paid angiochem an upfront payment of $ 7.5 million in cash in december 2010 and on january 5 , 2011 , issued 5,261,144 shares of common stock to angiochem as payment of our obligation to issue $ 27.5 million in stock . further clinical and process development of grn1005 is required before any viable commercial application can be identified or utilized . we have concluded that this technology has no alternative future use , and accordingly , expensed the total upfront payment of $ 35.0 million in connection with the license agreement as acquired in-process research and development expense at the time of acquisition . see note 11 on license agreements in notes to consolidated financial statements of this form 10-k for further discussion of the exclusive license agreement with angiochem . restructuring charges on november 14 , 2011 , we announced the decision to focus exclusively on the development of our oncology programs and consequently , we discontinued further development of our stem cell programs . with this decision , a total of 66 full-time positions were eliminated , of which as of february 1 , 2012 , 14 employees are continuing to provide services and are discontinuing employment with us through various dates in the first half of 2012. in connection with the restructuring , we recorded aggregate restructuring charges of approximately $ 5.4 million , of which $ 4.6 million related to one-time termination benefits , including $ 174,000 of non-cash stock-based compensation expense relating to the extension of the post-termination exercise period for certain stock options previously granted to terminated employees to june 30 , 2013 and december 31 , 2013 , and $ 874,000 related to write-downs of excess lab equipment and leasehold improvements and other charges . we may incur additional charges as a result of the restructuring as we exit one of the three buildings in which we lease space in menlo park , california , which will be recorded as they are determined . we also plan to sell any excess equipment , the net proceeds of which may offset some of these future charges . we expect the restructuring will result in aggregate cash expenditures of approximately $ 4.4 million , of which $ 671,000 related to one-time termination benefits was paid as of december 31 , 2011 and approximately $ 3.7 million related to one-time termination benefits is expected to be paid during 2012. without the restructuring , we estimated that we would have incurred approximately $ 25.0 million in research and development expenses in connection with our stem cell programs in 2012. see note 7 on restructuring in notes to consolidated financial statements of this form 10-k for further discussion of the restructuring charges . general and administrative expenses general and administrative expenses were $ 23.8 million , $ 18.0 million and $ 14.3 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . the increase in 2011 from 2010 was primarily the result of higher non-cash stock-based compensation expense of $ 2.2 million related to stock options and restricted stock awards to employees , severance expenses of $ 1.6 million related to separation agreements executed with our former chief executive officer ( ceo ) and chief financial officer ( cfo ) and higher corporate legal and consulting fees of $ 1.0 million . the increase in 2010 from 2009 was primarily due to higher non-cash stock-based compensation expense of $ 1.9 million related to stock options and restricted stock awards to employees , increased consulting and legal costs of $ 916,000 and higher costs associated with managing our intellectual property portfolio of $ 405,000 . 47 unrealized gain on fair value of derivatives unrealized gain on fair value of derivatives reflects a non-cash adjustment for changes in fair value of warrants to purchase common stock and options held by non-employees that are classified as current liabilities . derivatives classified as assets or liabilities are marked to fair value at each financial reporting date with any resulting unrealized gain ( loss ) recorded in the consolidated statements of operations . the derivatives 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 them to be recorded as assets or liabilities , at which time these instruments are marked to fair value and reclassified from assets or liabilities to stockholders ' equity . we incurred unrealized gains of $ 643,000 , $ 190,000 and $ 157,000 for the years ended december 31 , 2011 , 2010 and 2009 , respectively . the unrealized gains on derivatives for 2011 , 2010 and 2009 primarily reflect reduced fair values of derivative liabilities resulting from shortening of their contractual terms , decreases in the market value of our stock and changes in other inputs factored into the estimate of their fair value such as the volatility of our stock . see note 2 on fair value measurements in notes to consolidated financial statements of this form 10-k for further discussion of the fair value of derivatives . interest and other income interest income was $ 1.0 million , $ 818,000 and $ 1.3 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . the increase in interest income in 2011 compared to 2010 was due to higher cash and investment balances for the majority of 2011 as a result of the receipt of $ 93.7 million in net proceeds in december 2010 from an underwritten public offering of our common stock . the decrease in interest income in 2010 compared to 2009 was primarily the result of lower cash and investment balances for the majority of 2010. interest earned in future periods will

liquidity and capital resources cash , restricted cash , cash equivalents and marketable securities at december 31 , 2011 were $ 154.2 million , compared to $ 221.3 million at december 31 , 2010 and $ 167.1 million at december 31 , 2009. we have an investment policy to invest these funds in liquid , investment grade securities , such as interest-bearing money market funds , certificates of deposit , municipal securities , u.s. government and agency securities , corporate notes , commercial paper and asset-backed securities . our investment portfolio does not contain securities with exposure to sub-prime mortgages , collateralized debt obligations or auction rate securities and , to date , we have not recognized an other-than-temporary impairment on our marketable securities or any significant changes in aggregate fair value that would impact our cash resources or liquidity . to date , we have not experienced lack of access to our invested cash and cash equivalents ; however , we can not provide assurances that access to our invested cash and cash equivalents will not be impacted by adverse conditions in the financial markets . the decrease in cash , restricted cash , cash equivalents and marketable securities in 2011 was the result of cash being used for operations . the increase in cash , restricted cash , cash equivalents and marketable securities in 2010 was the net result of the receipt of $ 93.7 million in net proceeds in december 2010 from an underwritten public offering of our common stock and the receipt of $ 10.0 million in net proceeds in january 2010 from the sale of shares of our common stock and warrants to purchase additional shares of our common stock to institutional investors , partially offset by the use of cash for operations . 49 we estimate that our existing capital resources , interest income and amounts available to us under our equipment financing facility will be sufficient to fund our current level of operations through at least the next 12 months . however , our future capital requirements will be substantial .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources cash , restricted cash , cash equivalents and marketable securities at december 31 , 2011 were $ 154.2 million , compared to $ 221.3 million at december 31 , 2010 and $ 167.1 million at december 31 , 2009. we have an investment policy to invest these funds in liquid , investment grade securities , such as interest-bearing money market funds , certificates of deposit , municipal securities , u.s. government and agency securities , corporate notes , commercial paper and asset-backed securities . our investment portfolio does not contain securities with exposure to sub-prime mortgages , collateralized debt obligations or auction rate securities and , to date , we have not recognized an other-than-temporary impairment on our marketable securities or any significant changes in aggregate fair value that would impact our cash resources or liquidity . to date , we have not experienced lack of access to our invested cash and cash equivalents ; however , we can not provide assurances that access to our invested cash and cash equivalents will not be impacted by adverse conditions in the financial markets . the decrease in cash , restricted cash , cash equivalents and marketable securities in 2011 was the result of cash being used for operations . the increase in cash , restricted cash , cash equivalents and marketable securities in 2010 was the net result of the receipt of $ 93.7 million in net proceeds in december 2010 from an underwritten public offering of our common stock and the receipt of $ 10.0 million in net proceeds in january 2010 from the sale of shares of our common stock and warrants to purchase additional shares of our common stock to institutional investors , partially offset by the use of cash for operations . 49 we estimate that our existing capital resources , interest income and amounts available to us under our equipment financing facility will be sufficient to fund our current level of operations through at least the next 12 months . however , our future capital requirements will be substantial .
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 Suspicious Activity Report : valuation of stock-based compensation we measure and recognize compensation expense for all stock-based awards to our employees and directors , including stock options , restricted stock awards and employee stock purchases related to our employee stock purchase plan ( espp ) based on estimated fair values . we use the black scholes option-pricing valuation model to estimate the grant-date fair value of our stock options and employee stock plan purchases . option-pricing model assumptions such as expected volatility , risk-free interest rate and expected term impact the fair value estimate . 41 further , the estimated forfeiture rate impacts the amount of aggregate compensation recognized during the period . the fair value of stock options and employee stock purchases is amortized over the vesting period of the awards using a straight-line method . expected volatilities are based on historical volatilities of our stock since traded options on geron stock do not correspond to option terms and trading volume of options is limited . the expected term of options represents the period of time that options granted are expected to be outstanding . in deriving this assumption , we reviewed actual historical exercise and cancellation data and the remaining outstanding options not yet exercised or cancelled . the expected term of employees ' purchase rights , under our espp , is equal to the purchase period . the risk-free interest rate is based on the u.s. zero coupon treasury strip yields for the expected term in effect on the date of grant . forfeiture rate was estimated based on historical experience and will be adjusted over the requisite service period based on the extent to which actual forfeitures differ , or are expected to differ , from their estimate . we grant restricted stock awards to employees and non-employee directors with three types of vesting schedules : ( i ) service-based , ( ii ) performance-based or ( iii ) market-based . service-based restricted stock awards ( rsas ) generally vest annually over four years . performance-based stock awards ( psas ) vest only upon achievement of discrete strategic goals within a specified performance period , generally three years . market-based stock awards ( msas ) vest only upon achievement of certain market price thresholds of our common stock within a specified performance period , generally three years . the fair value for service-based rsas 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 requisite service period of the award on a straight-line basis . the fair value for psas is determined using the fair value of our common stock on the date of grant and reduced for estimated forfeitures , as applicable . compensation expense for psas is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met . if the performance condition is not considered probable of being achieved , no expense is recognized until such time as the performance condition is considered probable of being met , if ever . we evaluate whether performance conditions are probable of occurring , as well as the expected performance period , on a quarterly basis . the fair value for msas is determined using a lattice valuation model with a monte carlo simulation . the model takes into consideration the historical volatility of our stock and the risk-free interest rate at the date of grant . in addition , the model is used to estimate the derived service period for the msas . the derived service period is the estimated period of time that would be required to satisfy the market condition , assuming the market condition will be satisfied . compensation expense is recognized over the derived service period for the msas using the straight-line method , but is accelerated if the market condition is achieved earlier than estimated . we annually evaluate the assumptions used in estimating fair values of our stock-based awards by reviewing current trends in comparison to historical data . we have not revised the methods by which we derive assumptions in order to estimate fair values of our stock-based awards . if factors change and we employ different assumptions in future periods , the stock-based compensation expense that we record for awards to employees and directors may differ significantly from what we have recorded in the current period . non-cash compensation expense recognized for stock-based awards to employees and directors was $ 15.2 million , $ 13.7 million and $ 10.6 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . as of december 31 , 2011 , total compensation cost related to unvested stock awards not yet recognized , net of estimated forfeitures and assuming no probability of achievement for outstanding psas , was $ 13.1 million , which is expected to be recognized over the next 34 months on a weighted-average basis . 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 counterparty 's performance is complete . we recognized non-cash stock-based compensation expense of $ 114,000 , $ 463,000 and $ 190,000 for the fair value of the vested portion of non-employee options , restricted stock awards and warrants in our consolidated statements of operations for the years ended december 31 , 2011 , 2010 and 2009 , respectively . 42 fair value of financial instruments we categorize assets and liabilities recorded at fair value on our consolidated balance sheet based upon the level of judgment associated with inputs used to measure their fair value . story_separator_special_tag acquired in-process research and development as consideration for the license rights to angiochem 's proprietary peptide technology for the clinical development of ang1005 ( now grn1005 ) , we paid angiochem an upfront payment of $ 7.5 million in cash in december 2010 and on january 5 , 2011 , issued 5,261,144 shares of common stock to angiochem as payment of our obligation to issue $ 27.5 million in stock . further clinical and process development of grn1005 is required before any viable commercial application can be identified or utilized . we have concluded that this technology has no alternative future use , and accordingly , expensed the total upfront payment of $ 35.0 million in connection with the license agreement as acquired in-process research and development expense at the time of acquisition . see note 11 on license agreements in notes to consolidated financial statements of this form 10-k for further discussion of the exclusive license agreement with angiochem . restructuring charges on november 14 , 2011 , we announced the decision to focus exclusively on the development of our oncology programs and consequently , we discontinued further development of our stem cell programs . with this decision , a total of 66 full-time positions were eliminated , of which as of february 1 , 2012 , 14 employees are continuing to provide services and are discontinuing employment with us through various dates in the first half of 2012. in connection with the restructuring , we recorded aggregate restructuring charges of approximately $ 5.4 million , of which $ 4.6 million related to one-time termination benefits , including $ 174,000 of non-cash stock-based compensation expense relating to the extension of the post-termination exercise period for certain stock options previously granted to terminated employees to june 30 , 2013 and december 31 , 2013 , and $ 874,000 related to write-downs of excess lab equipment and leasehold improvements and other charges . we may incur additional charges as a result of the restructuring as we exit one of the three buildings in which we lease space in menlo park , california , which will be recorded as they are determined . we also plan to sell any excess equipment , the net proceeds of which may offset some of these future charges . we expect the restructuring will result in aggregate cash expenditures of approximately $ 4.4 million , of which $ 671,000 related to one-time termination benefits was paid as of december 31 , 2011 and approximately $ 3.7 million related to one-time termination benefits is expected to be paid during 2012. without the restructuring , we estimated that we would have incurred approximately $ 25.0 million in research and development expenses in connection with our stem cell programs in 2012. see note 7 on restructuring in notes to consolidated financial statements of this form 10-k for further discussion of the restructuring charges . general and administrative expenses general and administrative expenses were $ 23.8 million , $ 18.0 million and $ 14.3 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . the increase in 2011 from 2010 was primarily the result of higher non-cash stock-based compensation expense of $ 2.2 million related to stock options and restricted stock awards to employees , severance expenses of $ 1.6 million related to separation agreements executed with our former chief executive officer ( ceo ) and chief financial officer ( cfo ) and higher corporate legal and consulting fees of $ 1.0 million . the increase in 2010 from 2009 was primarily due to higher non-cash stock-based compensation expense of $ 1.9 million related to stock options and restricted stock awards to employees , increased consulting and legal costs of $ 916,000 and higher costs associated with managing our intellectual property portfolio of $ 405,000 . 47 unrealized gain on fair value of derivatives unrealized gain on fair value of derivatives reflects a non-cash adjustment for changes in fair value of warrants to purchase common stock and options held by non-employees that are classified as current liabilities . derivatives classified as assets or liabilities are marked to fair value at each financial reporting date with any resulting unrealized gain ( loss ) recorded in the consolidated statements of operations . the derivatives 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 them to be recorded as assets or liabilities , at which time these instruments are marked to fair value and reclassified from assets or liabilities to stockholders ' equity . we incurred unrealized gains of $ 643,000 , $ 190,000 and $ 157,000 for the years ended december 31 , 2011 , 2010 and 2009 , respectively . the unrealized gains on derivatives for 2011 , 2010 and 2009 primarily reflect reduced fair values of derivative liabilities resulting from shortening of their contractual terms , decreases in the market value of our stock and changes in other inputs factored into the estimate of their fair value such as the volatility of our stock . see note 2 on fair value measurements in notes to consolidated financial statements of this form 10-k for further discussion of the fair value of derivatives . interest and other income interest income was $ 1.0 million , $ 818,000 and $ 1.3 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively . the increase in interest income in 2011 compared to 2010 was due to higher cash and investment balances for the majority of 2011 as a result of the receipt of $ 93.7 million in net proceeds in december 2010 from an underwritten public offering of our common stock . the decrease in interest income in 2010 compared to 2009 was primarily the result of lower cash and investment balances for the majority of 2010. interest earned in future periods will

