RYTELO drives Geron (GERN) 2025 revenue surge and 2026 guidance
Rhea-AI Filing Summary
Geron Corporation reported strong growth in 2025 driven by its blood cancer drug RYTELO. Net product revenue reached $48.0 million in the fourth quarter and $183.6 million for the year, up from $76.5 million in 2024, with total 2025 revenues of $183.9 million.
Total costs and operating expenses were $254.7 million in 2025, producing a net loss of $85.8 million, improved from a $174.6 million net loss in 2024. Research and development expenses fell to $73.7 million, while selling, general and administrative costs rose to $159.3 million as Geron expanded its commercial footprint.
The company recorded $17.0 million in restructuring charges after cutting roughly one-third of its workforce in December 2025. Geron ended 2025 with about $401.1 million in cash, cash equivalents, restricted cash and marketable securities and guided 2026 RYTELO net product revenue to $220–240 million with total operating expenses of $230–240 million.
Positive
- None.
Negative
- None.
Insights
RYTELO sales more than doubled in 2025 while losses narrowed.
Geron showed rapid commercial ramp for RYTELO in lower-risk MDS. Total revenues grew to $183.9 million in 2025 from $77.0 million in 2024, reflecting its first full commercial year. Net loss improved to $85.8 million, helped by lower research and development spending.
Operating expenses remained high at $254.7 million, driven largely by $159.3 million in selling, general and administrative costs to support the commercial build-out. A December 2025 restructuring cut about one-third of the workforce and added $17.0 million in charges, aimed at lowering future expenses.
For 2026, management projects RYTELO net product revenue of $220–240 million and total operating expenses of $230–240 million. With roughly $401.1 million in year-end cash and securities and expected RYTELO sales, Geron believes it can fund its operating needs for the foreseeable future, while continuing the IMpactMF phase 3 program and other studies.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition |
On February 25, 2026, Geron Corporation (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025 and recent business highlights. A copy of the press release is attached as Exhibit 99.1.
The information contained in Item 2.02 and in the accompanying Exhibit 99.1 to this Current Report shall be deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and shall not be incorporated by reference into any filing made by the Company with the U.S. Securities and Exchange Commission under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press release titled “Geron Corporation Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Business Highlights,” dated February 25, 2026 | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GERON CORPORATION
| Date: February 25, 2026 | By: | /s/ Michelle Robertson | ||||
| Name: | Michelle Robertson | |||||
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | |||||
3
Exhibit 99.1
Geron Corporation Reports Fourth Quarter and Full Year 2025 Financial Results and Recent Business Highlights
Achieved $48 million and $184 million in RYTELO® (imetelstat) net product revenue in Q4 2025 and full year 2025, respectively
Reported total operating expenses of $255 million for full year 2025, within the previous guidance range
Reiterated 2026 RYTELO net product revenue and total operating expenses expected in the ranges of $220 million to $240 million, and $230 million to $240 million, respectively
Ended 2025 with cash, cash equivalents, restricted cash and marketable securities of roughly $401 million
Company to host conference call and webcast today, February 25, at 8:00 a.m. ET
FOSTER CITY, Calif., February 25, 2026 – 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.
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.
GERON CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
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| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||
| Revenues: |
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| Product revenue, net |
$ | 48,013 | $ | 47,507 | $ | 183,623 | $ | 76,495 | ||||||||
| Royalties |
2 | 31 | 258 | 499 | ||||||||||||
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| 48,015 | 47,538 | 183,881 | 76,994 | |||||||||||||
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| Costs and operating expenses: |
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| 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 | — | ||||||||||||
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| Total costs and operating expenses |
75,837 | 67,587 | 254,748 | 250,726 | ||||||||||||
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| 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 | ) | ||||||||||
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| Net loss |
$ | (31,144 | ) | $ | (25,352 | ) | $ | (85,782 | ) | $ | (174,572 | ) | ||||
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| Basic and diluted net loss per share: |
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| 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 |
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| (Unaudited) | (Note 1) | |||||||
| Current assets: |
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| Cash, cash equivalents and restricted cash |
$ | 79,440 | $ | 80,876 | ||||
| Current marketable securities |
280,359 | 327,550 | ||||||
| Other current assets |
160,472 | 82,566 | ||||||
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| 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 | ||||||
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| $ | 570,540 | $ | 593,781 | |||||
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| Current liabilities |
$ | 113,824 | $ | 88,298 | ||||
| Noncurrent liabilities |
233,126 | 225,163 | ||||||
| Stockholders’ equity |
223,590 | 280,320 | ||||||
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| $ | 570,540 | $ | 593,781 | |||||
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| 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