GERON CORP Fair Value Disclosure
Fair Value Measurements at Reporting Date Using | |||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||
As of December 31, 2025: | |||||||||
Assets: | |||||||||
Money market funds(1)(2) | $50,557 | $— | $— | $50,557 | |||||
Certificate of deposit(2) | 274 | — | — | 274 | |||||
Municipal securities(3) | — | 10,041 | — | 10,041 | |||||
U.S. Treasury securities(3)(4) | — | 22,951 | — | 22,951 | |||||
Commercial paper(3) | — | 84,382 | — | 84,382 | |||||
Corporate notes(3)(4) | — | 209,253 | — | 209,253 | |||||
Total | $50,831 | $326,627 | $— | $377,458 | |||||
Liabilities: | |||||||||
Sale of future royalties(5)(6) | — | — | $129,582 | 129,582 | |||||
Total | $— | $— | $129,582 | $129,582 | |||||
As of December 31, 2024: | |||||||||
Assets: | |||||||||
Money market funds(1)(2) | $46,802 | $— | $— | $46,802 | |||||
Certificate of deposit(2) | 273 | — | — | 273 | |||||
U.S. Treasury securities(3)(4) | — | 30,570 | — | 30,570 | |||||
Government-sponsored enterprise securities(3)(4) | — | 8,748 | — | 8,748 | |||||
Commercial paper(3) | — | 185,201 | — | 185,201 | |||||
Corporate notes(3)(4) | — | 202,527 | — | 202,527 | |||||
Total | $47,075 | $427,046 | $— | $474,121 | |||||
Liabilities: | |||||||||
Sale of future royalties(5)(6) | — | — | 124,793 | 124,793 | |||||
Total | $— | $— | $124,793 | $124,793 | |||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 16, 2023 | |
| 2021 | Mar 10, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Mar 12, 2020 | |
| 2018 | Mar 7, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Mar 10, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.