<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM THE CONSOLIDATED
STATEMENT OF EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND THE
CONSOLIDATED BALANCE SHEET AT JUNE 30, 2000 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.

<CIK> 0000883975
<NAME> STEMCELLS, INC.

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-END>                               JUN-30-2000
<CASH>                                       5,535,264
<SECURITIES>                                19,220,165
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               918,145
<PP&E>                                       5,028,141
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              32,388,460
<CURRENT-LIABILITIES>                        1,385,611
<BONDS>                                      2,775,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                  1,500,000
<COMMON>                                       195,308
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                32,388,460
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             3,738,218
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           (142,566)
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (2,325,964)
<EPS-BASIC>                                     (0.03)
<EPS-DILUTED>                                   (0.00)