Geron Corporation reported fourth quarter and full-year 2025 financial results and recent business highlights.

Geron Corporation (Nasdaq: GERN), a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer, today reported financial results for the fourth quarter and full year of 2025 and recent business highlights.

"Strategic actions we have taken in the second half of 2025 position Geron to drive RYTELO demand growth and invest to create value while lowering our total operating expenses year-over-year. In 2026, we are laser-focused on executing our commercial strategy," said Harout Semerjian, President and Chief Executive Officer of Geron. "The commercial opportunity for RYTELO in second-line lower-risk MDS is significant and supported by its FDA label, NCCN Guidelines and a growing body of scientific evidence. In the second half of 2026, we look forward to the IMpactMF interim analysis in relapsed/refractory myelofibrosis and the first data from real-world experience trials focused on the use of RYTELO in LR-MDS. Our priorities are to drive U.S. commercial growth, pursue pathways to bring RYTELO to patients outside the U.S., remain financially disciplined, and evaluate opportunistic innovation as we transform Geron into a leading, sustainable hematology company."

Recent Business Highlights

Achieved RYTELO net product revenue of $48.0 million in the fourth quarter of 2025, and $183.6 million in full year 2025.

Grew RYTELO demand by 9% in the fourth quarter 2025 compared to the third quarter 2025.

Increased ordering accounts by 150 in the fourth quarter 2025 to approximately 1,300.

Aligned to support over 10 investigator-sponsored and real-world experience trials focusing on RYTELO's mechanistic studies, combinations and sequencing, earlier-line use and new settings. Initial data is expected in the second half of 2026.

Announced three new medical publications:

New research published in Blood Cancer Journal exploring the impact of prior therapy on clinical activity in LR-MDS patients treated with imetelstat.

New peer-reviewed article in Leukemia examining changes in molecular disease markers LR-MDS patients.

New manuscript in Haematologica exploring potential improvements in patient-reported outcomes in patients treated with imetelstat in the Phase 3 IMerge clinical trial.

Expanded the scientific body of evidence supporting the potential of RYTELO in lower-risk myelodysplastic syndromes/neoplasms (LR-MDS) at the 2025 American Society of Hematology (ASH) Annual Meeting reinforcing RYTELO as a differentiated new treatment option.

Oral presentation from pooled analyses of the IMerge population suggests that treatment-emergent cytopenias may reflect on-target effects associated with meaningful clinical outcomes, including hemoglobin increases and transfusion independence in LR-MDS.

Fourth Quarter and Full Year 2025 Financial Results

Cash and Marketable Securities

As of December 31, 2025, Geron had approximately $401.1 million in cash, cash equivalents, restricted cash and marketable securities, compared to $502.9 million as of December 31, 2024.

Net Loss

For the three months and twelve months ended December 31, 2025, the Company reported a net loss of $31.1 million, or $85.8 million, compared to $25.4 million or $174.6 million for the three months and twelve months ended December 31, 2024.

Revenues

Total product revenue net, for the three months and twelve months ended December 31, 2025, was $48.0 million and $183.6 million, compared to $47.5 million and $76.5 million for the three months and twelve months ended December 31, 2024.

Total revenues, for the three months and twelve months ended December 31, 2025, was $48.0 million and $183.9 million, compared to $47.5 million and $77.0 million for the three months and twelve months ended December 31, 2024. Total revenues include license fees and royalties in addition to product revenue, net.

Costs and Operating Expenses

Total costs and operating expenses, for the three months and twelve months ended December 31, 2025, were $75.8 million and $254.7 million, compared to $67.6 million and $250.7 million for the three months and twelve months ended December 31, 2024.

Cost of goods sold was approximately $1.3 million and $4.7 million for the three months and twelve months ended December 31, 2025, compared to $0.8 million and $1.3 million for the three months and twelve months ended December 31, 2024, which consisted of costs to manufacture and distribute RYTELO.

Research and development expenses, for the three months and twelve months ended December 31, 2025, were $15.8 million and $73.7 million compared to $23.4 million and $103.7 million for the same period in 2024. The overall decrease in research and development expenses was primarily due to lower manufacturing and quality costs that were capitalized in the current period now that RYTELO is approved, versus being partially expensed in 2024, and lower clinical trial costs associated with a decrease of activity in our Phase 3 IMerge LR-MDS study after FDA approval of RYTELO in 2024.

Selling, general and administrative expenses, for the three months and twelve months ended December 31, 2025, were $41.7 million and $159.3 million compared to $43.4 million and $145.7 million for the same period in 2024. The increase in selling, general and administrative expenses is primarily due to an increase in sales and marketing full-time employees and additional investment in marketing programs.

Restructuring charges, for the three months and twelve months ended December 31, 2025, were $17.0 million. In December 2025, we implemented a workforce reduction, representing approximately one-third of our workforce prior to the reduction in headcount. Restructuring charges consist of termination benefits such as one-time employee severance payments, healthcare and related benefits, and other employee-related costs.

2026 Financial Guidance

For fiscal year 2026, the Company expects RYTELO net product revenue to be in the range of $220 million to $240 million. Geron also expects total operating expenses to be between $230 million and $240 million. Total operating expenses include non-cash items such as stock-based compensation expense, amortization of debt discounts and issuance costs, and depreciation and amortization.

Based on current operating plans and assumptions, the Company believes that its existing cash, cash equivalents, restricted cash and marketable securities, together with anticipated net revenues from U.S. sales of RYTELO, will be sufficient to fund projected operating requirements for the foreseeable future.

Conference Call

Geron will host a conference call at 8:00 a.m. ET on Wednesday, February 25, 2026, to discuss business updates and fourth quarter and full year 2025 financial results.

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