Geron Corporation Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Business Highlights
Rhea-AI Summary
Geron (Nasdaq: GERN) reported RYTELO (imetelstat) net product revenue of $48.0M in Q4 2025 and $183.6M for full year 2025, with year-end cash and marketable securities of $401.1M. Total operating expenses for 2025 were $254.7M. For 2026 the company reiterated guidance of $220M–$240M RYTELO revenue and $230M–$240M operating expenses and expects current cash plus anticipated net revenues to fund operations.
Geron noted a 9% quarterly demand increase, ~1,300 ordering accounts, ongoing investigator and real-world trials with initial data expected H2 2026, and a workforce reduction that produced $17.0M of restructuring charges.
Positive
- Full-year RYTELO revenue rose to $183.6M from $76.5M (2024)
- Net loss improved to $85.8M in 2025 from $174.6M in 2024
- 2026 revenue guidance set at $220M–$240M
- R&D expense reduction to $73.7M from $103.7M
Negative
- Cash and securities declined ~20% to $401.1M from $502.9M at year-end 2024
- Restructuring charges of $17.0M related to a workforce reduction
Key Figures
Market Reality Check
Peers on Argus
GERN gained 10.17% while close peers showed mixed moves: AVXL up 4.56%, TSHA up 0.62%, QURE up 0.75%, ZBIO down 0.31%, IMNM flat. Momentum scanner flagged only a few biotech names, suggesting today’s move in GERN is largely stock‑specific rather than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 05 | Q3 2025 earnings | Positive | -5.2% | RYTELO revenue growth, narrowed loss, lower 2025 opex guidance, IMpactMF progress. |
| Aug 06 | Q2 2025 earnings | Positive | +15.8% | Strong RYTELO revenue, reduced net loss, >1,000 accounts, near-full IMpactMF enrollment. |
| May 07 | Q1 2025 earnings | Neutral | -0.8% | RYTELO revenue dip from inventory, improved loss, EU approval and IMpactMF progress. |
| Feb 26 | FY 2024 earnings | Positive | -32.1% | Strong launch revenue, solid cash, IMpactMF and European progress for RYTELO. |
| Nov 07 | Q3 2024 earnings | Positive | +0.5% | First full-quarter RYTELO sales, major financing packages, detailed opex and cash outlook. |
Earnings releases have produced volatile reactions, with an average move of -4.35% and several instances where positive operational updates coincided with negative price responses.
Over the last five earnings cycles, Geron has steadily built the RYTELO franchise, growing quarterly net product revenue from $28.2M in Q3 2024 to the high‑40M range in 2025 and narrowing net losses (e.g., Q3 2025 loss of $18.4M). Cash balances have remained in the $378.9M–$502.9M range. IMpactMF enrollment progressed to completion with interim analysis guided for 2H 2026. Today’s 2025 results and 2026 outlook extend this commercialization and late‑stage development narrative.
Historical Comparison
This earnings release continues the pattern of RYTELO-driven updates. Over the last five earnings events, GERN’s average move was -4.35%, highlighting historically choppy trading around results.
Earnings reports show RYTELO progressing from early launch to a growing revenue base, alongside full enrollment of the Phase 3 IMpactMF trial and repeated guidance around interim analyses targeted for 2H 2026.
Market Pulse Summary
This announcement underscores Geron’s transition to a commercial-stage hematology company, with 2025 RYTELO revenue of $183.6M, year-end cash of $401.1M, and 2025 operating expenses of $254.7M. The 2026 outlook targets $220–$240M in RYTELO revenue and continued cost control following a workforce reduction. Investors may focus on execution versus this guidance and upcoming IMpactMF interim analysis timelines in 2H 2026.
Key Terms
nccn guidelines regulatory
interim analysis medical
phase 3 medical
amortization of debt discounts financial
AI-generated analysis. Not financial advice.
Achieved
Reported total operating expenses of
Reiterated 2026 RYTELO net product revenue and total operating expenses expected in the ranges of
Ended 2025 with cash, cash equivalents, restricted cash and marketable securities of roughly
Company to host conference call and webcast today, February 25, at 8:00 a.m. ET
FOSTER CITY, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- 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.
- Grew RYTELO demand by
- 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
Net Loss
For the three months and twelve months ended December 31, 2025, the Company reported a net loss of
Revenues
Total product revenue net, for the three months and twelve months ended December 31, 2025, was
Total revenues, for the three months and twelve months ended December 31, 2025, was
Costs and Operating Expenses
Total costs and operating expenses, for the three months and twelve months ended December 31, 2025, were
Cost of goods sold was approximately
Research and development expenses, for the three months and twelve months ended December 31, 2025, were
Selling, general and administrative expenses, for the three months and twelve months ended December 31, 2025, were
Restructuring charges, for the three months and twelve months ended December 31, 2025, were
2026 Financial Guidance
For fiscal year 2026, the Company expects RYTELO net product revenue to be in the range of
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.
A live webcast of the conference call and accompanying presentation will be available on the “Investors & Media” page of the Company’s website at www.geron.com. A replay of the webcast will be archived and available on the Company's website.
About RYTELO (imetelstat)
RYTELO is an oligonucleotide telomerase inhibitor approved in the U.S. for the treatment of adult patients with LR-MDS with transfusion-dependent anemia requiring four or more red blood cell units over eight weeks who have not responded to or have lost response to or are ineligible for erythropoiesis-stimulating agents (ESAs). It is indicated to be administered as an intravenous infusion over two hours every four weeks.
In addition, RYTELO is approved in the European Union as a monotherapy for the treatment of adult patients with transfusion-dependent anemia due to very low, low or intermediate risk myelodysplastic syndromes without an isolated deletion 5q cytogenetic (non-del 5q) abnormality and who had an unsatisfactory response to or are ineligible for erythropoietin-based therapy.
RYTELO is a first-in-class treatment that works by inhibiting telomerase enzymatic activity. Telomeres are protective caps at the end of chromosomes that naturally shorten each time a cell divides. In LR-MDS, abnormal bone marrow cells often express the enzyme telomerase, which rebuilds those telomeres, allowing for uncontrolled cell division. Developed and exclusively owned by Geron, RYTELO is the first and only telomerase inhibitor approved by the U.S. Food and Drug Administration and the European Commission.
Please see RYTELO (imetelstat) full Prescribing Information, including Medication Guide, available at https://pi.geron.com/products/US/pi/rytelo_pi.pdf.
About Geron
Geron is a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer. Our first-in-class telomerase inhibitor RYTELO (imetelstat) is approved in the United States and the European Union for the treatment of certain adult patients with LR-MDS with transfusion-dependent anemia. We are also conducting a pivotal Phase 3 clinical trial of imetelstat in JAK-inhibitor R/R MF, as well as studies in other hematologic malignancies. Inhibiting telomerase activity, which is increased in malignant stem and progenitor cells in the bone marrow, aims to potentially reduce proliferation and induce death of malignant cells. To learn more, visit www.geron.com or LinkedIn.
Use of Forward-Looking Statements
Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such statements, include, without limitation, those regarding: (i) Geron’s 2026 financial guidance, including its projected RYTELO net product revenue and expected total operating expenses; (ii) strategic actions positioning Geron to drive RYTELO demand growth and invest to create value while lowering its total operating expenses year-over-year; (iii) the commercial opportunity for RYTELO in second-line LR-MDS; (iv) Geron’s priorities to drive U.S. commercial growth, pursue pathways to bring RYTELO to patients outside the U.S., remain financially disciplined, and evaluate opportunistic innovation; (v) the future 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, and the anticipated timing thereof; (vi) the potential of RYTELO as a differentiated new treatment option in LR-MDS; (vii) Geron’s belief that its existing cash, cash equivalents, 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; and (viii) and other statements that are not historical facts, constitute forward-looking statements. These forward-looking statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties, include, without limitation, risks and uncertainties related to: (a) whether Geron is successful in commercializing RYTELO for the treatment of certain patients with lower-risk MDS with transfusion dependent anemia and achieves market acceptance across the breadth of the eligible patient segments in RYTELO’s approved indication; (b) whether the FDA and European Commission will approve imetelstat for other indications on the timelines expected, or at all; (c) Geron’s plans to commercialize RYTELO outside of the U.S. and risks related to operating outside of the U.S.; (d) Geron’s future opportunities and plans, including the uncertainty of future revenues, expenses and other financial performance and results, and the related risk Geron may be unable to meet its 2026 financial guidance; (e) whether Geron overcomes potential delays and other adverse impacts that may be caused by enrollment, clinical, safety, efficacy, technical, scientific, intellectual property, manufacturing, regulatory and healthcare challenges in order to have the financial resources for and meet expected timelines and planned milestones; (f) whether regulatory authorities permit the further development of imetelstat on a timely basis, or at all, without any clinical holds; (g) whether any future safety or efficacy results of RYTELO treatment cause its benefit-risk profile to become unacceptable; (h) whether imetelstat actually demonstrates disease-modifying activity in patients and the ability to target the malignant stem and progenitor cells of the underlying disease; (i) whether Geron meets its post-marketing requirements and commitments for RYTELO; (j) whether there are failures or delays in manufacturing or supplying sufficient quantities of RYTELO (imetelstat) or other clinical trial materials that impact commercialization of RYTELO or the continuation of clinical trials; (k) that the projected timing for the interim and final analyses of the Phase 3 IMpactMF trial in R/R MF may vary depending on actual death rates in the trial; (l) whether Geron stays in compliance with and satisfies its obligations under its debt and synthetic royalty financing agreements; (m) whether Geron successfully completes its restructuring plan, manages the changes in its workforce, and realizes expected operating expense savings; and (n) as it relates to Geron’s belief as to the sufficiency of its cash resources, if Geron does not generate net revenues from commercial sales of RYTELO at the levels it anticipates, if it experiences unforeseen events or chooses to make other investments in its business, or if its assumptions regarding its projected operating expenses are otherwise incorrect, Geron may require additional funding, which may not be available to Geron on commercially-reasonable terms or at all. Additional information on the above risks and uncertainties and additional risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements are contained in Geron’s filings and periodic reports filed with the Securities and Exchange Commission under the heading “Risk Factors” and elsewhere in such filings and reports, including Geron’s quarterly report on Form 10-Q for the quarter ended September 30, 2025, and subsequent filings and reports by Geron, including its upcoming annual report on Form 10-K for the year ended December 31, 2025. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and the facts and assumptions underlying the forward-looking statements may change. Except as required by law, Geron disclaims any obligation to update these forward-looking statements to reflect future information, events, or circumstances.
Financial tables follow.
| GERON CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||
| Revenues: | |||||||||||||||
| Product revenue, net | $ | 48,013 | $ | 47,507 | $ | 183,623 | $ | 76,495 | |||||||
| Royalties | 2 | 31 | 258 | 499 | |||||||||||
| 48,015 | 47,538 | 183,881 | 76,994 | ||||||||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of goods sold | 1,306 | 783 | 4,745 | 1,256 | |||||||||||
| Research and development | 15,831 | 23,433 | 73,715 | 103,738 | |||||||||||
| Selling, general and administrative | 41,668 | 43,371 | 159,256 | 145,732 | |||||||||||
| Restructuring Expense | 17,032 | - | 17,032 | - | |||||||||||
| Total costs and operating expenses | 75,837 | 67,587 | 254,748 | 250,726 | |||||||||||
| Loss from operations | (27,822 | ) | (20,049 | ) | (70,867 | ) | (173,732 | ) | |||||||
| Interest income | 4,044 | 5,159 | 18,117 | 19,607 | |||||||||||
| Interest expense | (7,297 | ) | (8,707 | ) | (32,657 | ) | (18,504 | ) | |||||||
| Other income and (expense), net | (69 | ) | (48 | ) | (375 | ) | (236 | ) | |||||||
| Loss on extinguishment of debt | — | (1,707 | ) | — | (1,707 | ) | |||||||||
| Net loss | $ | (31,144 | ) | $ | (25,352 | ) | $ | (85,782 | ) | $ | (174,572 | ) | |||
| Basic and diluted net loss per share: | |||||||||||||||
| Net loss per share | $ | (0.05 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.27 | ) | |||
| Shares used in computing net loss per share | 667,164,851 | 664,199,550 | 666,662,989 | 646,033,247 | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands) | December 31, 2025 | December 31, 2024 | |||
| (Unaudited) | (Note 1) | ||||
| Current assets: | |||||
| Cash, cash equivalents and restricted cash | $ | 79,440 | $ | 80,876 | |
| Current marketable securities | 280,359 | 327,550 | |||
| Other current assets | 160,472 | 82,566 | |||
| Total current assets | 520,271 | 490,992 | |||
| Noncurrent marketable securities | 41,289 | 94,519 | |||
| Property and equipment, net | 884 | 1,310 | |||
| Deposits and other assets | 8,096 | 6,960 | |||
| $ | 570,540 | $ | 593,781 | ||
| Current liabilities | $ | 113,824 | $ | 88,298 | |
| Noncurrent liabilities | 233,126 | 225,163 | |||
| Stockholders’ equity | 223,590 | 280,320 | |||
| $ | 570,540 | $ | 593,781 | ||
Note 1: Derived from audited financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2025.
Investors and Media
Dawn Schottlandt
Senior Vice President, Investor Relations and Corporate Affairs
dschottlandt@geron.com
FAQ
What were Geron (GERN) RYTELO net product revenues for Q4 and full year 2025?
How much cash did Geron (GERN) have at December 31, 2025 and how does it compare to 2024?
What 2026 financial guidance did Geron (GERN) provide for RYTELO revenue and operating expenses?
Why did Geron (GERN) report lower R&D expenses in 2025 versus 2024?
What operational changes did Geron (GERN) announce in December 2025 affecting expenses?
When will Geron (GERN) report initial real-world and IMpactMF trial data for RYTELO?
