<ARTICLE> 5
<LEGEND>
The schedule contains summary information extracted from the consolidated
statement of earnings for the nine months ended September 30, 2000 and the
consolidated balance sheet at September 30, 2000 and is qualified in its
entirety by reference to such financial statements.

<CIK> 0000883975
<NAME> STEMCELLS, INC.

                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-2000
<PERIOD-END>                               SEP-30-2000
<CASH>                                       7,247,077
<SECURITIES>                                27,204,333
<RECEIVABLES>                                1,450,004
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             8,215,598
<PP&E>                                       4,721,055
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              41,631,529
<CURRENT-LIABILITIES>                        1,135,794
<BONDS>                                      3,019,583
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                  1,500,000
<COMMON>                                       208,818
<OTHER-SE>                                  35,417,433
<TOTAL-LIABILITY-AND-EQUITY>                41,631,529
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             6,290,971
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             209,287
<INCOME-PRETAX>                                      0
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (4,865,190)
<EPS-BASIC>                                     (0.26)
<EPS-DILUTED>                                        0