GERON CORP

Listed Company

GERNCIK 0000886744NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-83.50M

Total Assets

$570.54M

Equity

$225.87M

Shares Out

640.54M

Op. Cash Flow

$-111.04M

Business

GERON CORP is a commercial‑stage biopharmaceutical company developing and commercializing a first‑in‑class telomerase inhibitor, imetelstat (RYTELO), to treat myeloid hematologic malignancies. Its principal product is RYTELO, marketed in the U.S. for certain lower‑risk myelodysplastic syndromes, and it operates multiple clinical development programs (including Phase 3 IMerge and IMpactMF, and additional Phase 1/2 studies) alongside discovery efforts for next‑generation telomerase inhibitors. The company’s activities are organized around commercial operations, clinical development, manufacturing through third‑party contractors, and intellectual property management. Geron markets and conducts trials primarily in the U.S., pursues regulatory reviews in the EU, and runs clinical sites and distribution channels across North America, South America, Europe, Australia and Asia.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cost of goods sold	5	1	0	—	—
Research and development	71	104	125	96	86
Selling, general and administrative	159	146	69	44	—
Restructuring charges	17	0	0	—	—
Total costs and operating expenses	252	251	194	139	115
Loss from operations	−69	−174	−194	−139	−114
Interest income	18	20	18	3	527,000
Interest expense	−33	−19	−8	—	—
Other income (expense), net	−375,000	−236,000	−23,000	1	1
Loss on extinguishment of debt	0	−2	0	—	—
Net loss	−84	−175	−184	−142	−116
Basic net loss per share (in dollars per share)	−0.13	−0.27	−0.32	−0.37	−0.35
Diluted net loss per share (in dollars per share)	−0.13	−0.27	−0.32	−0.37	−0.35
Weighted average common shares outstanding, basic (in shares)	667	646	571	381	328
Weighted average common shares outstanding, diluted (in shares)	667	646	571	381	328

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	78	79	70	57	35
Restricted cash	2	2	1	364,000	364,000
Marketable securities	280	328	—	—	—
Accounts receivable, net	37	36	—	—	—
Interest and other receivables	2	3	2	3	2
Inventory	117	39	—	—	—
Prepaid and other current assets	5	5	5	4	1
Total current assets	520	491	341	180	187
Noncurrent marketable securities	41	95	—	—	—
Property and equipment, net	884,000	1	1	793,000	650,000
Operating leases, right-of-use assets	2	3	4	4	5
Deposits and other assets	6	4	5	5	5
Total assets	571	594	394	191	226
Accounts payable	11	9	6	10	7
Accrued compensation and benefits	30	23	14	12	8
Operating lease liabilities	1	974,000	949,000	925,000	901,000
Liability related to sale of future royalties	17	20	—	—	—
Accrued liabilities	51	36	40	33	30
Total current liabilities	112	88	108	77	46
Noncurrent operating lease liabilities	1	2	3	4	4
Noncurrent liability related to sale of future royalties	112	104	—	—	—
Noncurrent debt	120	118	35	30	50
Total liabilities	345	313	146	111	100
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value; 3,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024	0	0	—	—	—
Common stock, $0.001 par value; 1,350,000,000 shares authorized; 639,856,222 and 606,387,666 shares issued and outstanding at December 31, 2025 and 2024, respectively	640,000	606,000	545,000	390,000	324,000
Additional paid-in capital	2,081	2,052	1,845	1,493	1,398
Accumulated deficit	−1,856	−1,772	−1,598	−1,414	−1,272
Accumulated other comprehensive income	269,000	261,000	185,000	−219,000	−173,000
Total stockholders' equity	226	280	248	80	126
Total liabilities and stockholders' equity	571	594	394	191	226

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	474,000	546,000	442,000	288,000	215,000
Accretion and amortization on investments, net	−7	−10	−11	−965,000	1
Amortization of debt issuance costs/debt discount	1	−3	1	1	893,000
Non-cash interest expense on liabilities for sales of future royalties	19	5	0	—	—
Stock-based compensation for services by non-employees	88,000	135,000	828,000	264,000	91,000
Stock-based compensation for employees and directors	27	31	19	8	8
Amortization of right-of-use assets	730,000	675,000	591,000	580,000	568,000
Increase in allowance for doubtful accounts	−50,000	−251,000	0	—	—
Inventory	−78	−38	0	—	—
Accounts receivable, net	−991,000	−36	0	—	—
Interest and other receivables	614,000	−1	1	−1	−1
Prepaid expenses and other assets	443,000	−175,000	−886,000	−3	1
Deposit and other assets	−2	618,000	692,000	−594,000	−4
Accounts payable	3	2	−4	4	−232,000
Accrued compensation and benefits	8	9	2	3	−119,000
Royalty financing obligation	−14	−2	0	—	—
Accrued liabilities	16	−5	7	3	15
Operating lease liabilities	−796,000	−715,000	−640,000	−572,000	−509,000
Net cash used in operating activities	−111	−219	−168	−127	−96
Purchases of property and equipment	−49,000	−680,000	−830,000	—	—
Purchases of marketable securities	−304	−477	−476	−258	−177
Proceeds from maturities and sales of marketable securities	412	372	296	—	—
Net cash provided by (used in) investing activities	107	−106	−180	62	72
Proceeds from issuances of common stock from equity plans	2	33	13	2	797,000
Proceeds from issuance of common stock and warrants in public offering, net of paid issuance costs	0	141	213	70	—
Proceeds from exercise of warrants	0	1	106	15	2
Proceeds from sale of future royalties	0	125	0	—	—
Proceeds from debt financing, net of paid debt issuance costs and debt discounts	0	121	30	—	25
Repayment of debt	0	−87	0	—	—
Net cash provided by financing activities	2	334	362	87	49
Net effect of exchange rates on cash, cash equivalents and restricted cash	87,000	−12,000	−27,000	—	—
Net increase (decrease) in cash, cash equivalents and restricted cash	−1	10	14	22	25

Filings

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