On February 25, 2026 Geron Corporation (Nasdaq: GERN), a commercial-stage biopharmaceutical company aiming to change lives by changing the course of blood cancer, reported financial results for the fourth quarter and full year of 2025 and recent business highlights.

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"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

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

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

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

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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.

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Announced three new medical publications:

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

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

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

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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) (Free ASH Whitepaper) Annual Meeting reinforcing RYTELO as a differentiated new treatment option.

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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 View Source

(Press release, Geron, FEB 25, 2026, View Source [SID1234662987])

On February 25, 2026 Genmab A/S (Nasdaq: GMAB) reported that members of its Executive Committee will participate in fireside chats at the following investor conferences in March 2026:

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TD Cowen 46th Annual Healthcare Conference in Boston on March 3, 2026, 9:10 AM EST (3:10 PM CET)
Leerink Global Healthcare Conference in Miami on March 10, 2026, 8:40 AM EDT (1:40 PM CET)
Barclays 28th Annual Global Healthcare Conference in Miami on March 11, 2026, 1:30 PM EDT (6:30 PM CET)

The live and archived webcast of the presentations will be available on Genmab’s website at View Source

(Press release, Genmab, FEB 25, 2026, View Source [SID1234662986])

On February 25, 2026 Arcus Biosciences, Inc. (NYSE:RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for patients with cancer and inflammatory and autoimmune diseases, reported financial results for the year and quarter ended December 31, 2025, and provided a pipeline update on its clinical-stage investigational molecules and discovery programs.

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"This week’s updated data at ASCO (Free ASCO Whitepaper) GU continue to validate casdatifan’s profile as the best-in-class HIF-2a inhibitor and new potential standard-of-care therapy for ccRCC," said Terry Rosen, Ph.D., chief executive officer of Arcus. "We are focused on rapidly enrolling PEAK-1, our Phase 3 study evaluating casdatifan plus cabozantinib in IO-experienced patients, as well as determining the optimal TKI-free casdatifan-based regimen for a registrational trial in the 1L setting by the end of the year. Together, the IO-experienced and first line settings represent an over $5 billion peak sales opportunity for casdatifan. We remain extremely well-positioned to execute on our casdatifan program and our emerging inflammation portfolio, with cash runway until at least the second half of 2028."

Casdatifan (HIF-2a inhibitor)

Recent Data Update:
•Earlier this week, Arcus shared updated ORR and PFS data from the cohorts of the Phase 1/1b ARC-20 study evaluating casdatifan monotherapy in late-line ccRCC. These data will be presented by Dr. Toni Choueiri of the Dana-Farber Cancer Institute at ASCO (Free ASCO Whitepaper) GU on February 28, 2026.
◦In the 100mg QD cohort, with 17.9 months of median follow up, cORR increased to 45.2% with an mPFS of 15.1 months as of the data cut-off (DCO) date of January 30, 2026.
◦In the pooled analysis (n=121), with 20.8 months of median follow up, cORR increased to 34.7% and mPFS was stable at 12.2 months as of the DCO.
◦New biomarker data demonstrated a strong correlation between the magnitude and durability of erythropoietin suppression by casdatifan and clinical benefit, including rate of primary progression, cORR and PFS.
◦The safety profile of casdatifan remained consistent with prior analyses.
Casdatifan Development Program:
•IO-experienced ccRCC: PEAK-1, a Phase 3 study evaluating casdatifan + cabozantinib versus cabozantinib in immunotherapy (IO)-experienced metastatic ccRCC, started enrollment in 3Q25 and is now enrolling globally.

•1L ccRCC: Arcus is focused on TKI-free regimens, which are enabled by the consistently low rate of primary progression observed with casdatifan across all cohorts and settings evaluated to date. Emerging data from the following cohorts are designed to determine the optimal 1L registrational strategy with the goal of initiating a Phase 3 study by the end of 2026:
◦Casdatifan plus zimberelimab (Arcus’s anti-PD-1 antibody) and ipilimumab: Arcus is now enrolling a cohort evaluating this combination as part of ARC-20.
◦Casdatifan plus zimberelimab: The cohort evaluating this combination in ARC-20 has completed enrollment. Arcus plans to present data from this cohort in the second half of 2026. Arcus expects this to be the backbone of its front-line strategy.
◦Casdatifan plus volrustomig (AstraZeneca’s anti-PD-1/CTLA-4 bispecific antibody): This combination is being evaluated in the eVOLVE-RCC02 study (which is being operationalized by AstraZeneca).
•Additional combinations in ccRCC and tumor types: This year, Arcus plans to evaluate the potential of casdatifan in at least one additional combination in 1L ccRCC and in another tumor type.
Planned Data Readouts:
Arcus expects to have at least two data readouts for casdatifan in 2026:
•More mature ORR data and initial PFS data for approximately 45 patients treated in the ARC-20 cohort evaluating casdatifan plus cabozantinib in the IO-experienced setting will be presented at an investor event or at a medical conference. All patients will have had at least 12 months of follow-up.
•Initial data from the ARC-20 cohorts evaluating casdatifan in early-line settings, including the cohort evaluating casdatifan plus zimberelimab in 1L ccRCC.

Quemliclustat (small-molecule CD73 inhibitor)

•Enrollment was completed for PRISM-1, a Phase 3 trial of quemliclustat combined with gemcitabine/nab-paclitaxel versus gemcitabine/nab-paclitaxel in 1L metastatic pancreatic ductal adenocarcinoma, in September 2025. Results from this study are expected in the first half of 2027.

Emerging I&I Portfolio

•Arcus expects to advance its first inflammation program, a potential best-in-class oral MRGPRX2 antagonist for atopic dermatitis and chronic spontaneous urticaria, into clinical development in 2026.
◦The molecule was designed to have exquisite potency, enabling the ability to elicit maximal pharmacology at substantially lower exposure relative to the most advanced MRGPRX2 antagonist in clinical development, thereby avoiding potential exposure-limiting toxicities.
◦Clinical development will begin with a first-in-human healthy volunteer study followed quickly by a proof-of-concept study, with potential for data within a year from entry into the clinic.
•Arcus also expects to advance an oral small-molecule TNF inhibitor, a potential treatment for rheumatoid arthritis, psoriasis and inflammatory bowel disease, into the clinic in late 2026 or early 2027.
◦The molecules are being designed to selectively block TNFR1 signaling in order to achieve better safety and efficacy than approved anti-TNF antibodies.
Domvanalimab (Fc-silent anti-TIGIT antibody) plus Zimberelimab (anti-PD-1 antibody)
Status Update:
•Arcus and Gilead are in the process of rapidly winding down activities related to the Phase 3 STAR-221 and Phase 2 EDGE-Gastric studies.
•A futility analysis of STAR-121, a Phase 3 study evaluating domvanalimab plus zimberelimab and chemotherapy in 1L non-small cell lung cancer, will be conducted in the next couple of months to determine next steps for the program.

Financial Results for Fourth Quarter and Full Year 2025:
•Cash, Cash Equivalents and Marketable Securities were $1.0 billion as of December 31, 2025, compared to $992 million as of December 31, 2024. The increase is primarily due to $429 million in net proceeds from issuances of our common stock, the additional $50 million drawdown under our term loan facility, and $37 million from Taiho for development milestones and option payments, partially offset by cash used in research and development activities. Arcus expects its cash and investments will be sufficient to provide funding until at least the second half of 2028.
•Revenues were $33 million for the fourth quarter 2025, compared to $36 million for the same period in 2024. Fourth quarter 2025 revenues included (i) $23 million related to programs under the Gilead collaboration, (ii) $7 million related to Taiho’s exercise of its option to casdatifan, and (iii) $3 million related to Gilead’s ongoing rights to access Arcus’s research and development pipeline. GAAP revenue for the full year 2026 is expected to be between $45 to $55 million.

•Research and Development (R&D) Expenses were $121 million for the fourth quarter 2025, compared to $111 million for the same period in 2024. The net increase of $10 million was primarily attributable to higher late-stage development costs, driven by increased enrollment and clinical activities in our Phase 3 studies for casdatifan and quemliclustat, partially offset by lower early-stage development costs, as earlier study activities for domvanalimab and etrumadenant approached completion. For the fourth quarter 2025 and 2024, Arcus recognized gross reimbursements of $28 million and $41 million, respectively, for shared collaboration expenses, primarily from Gilead. Gross reimbursements were $127 million for the full year 2025, compared to $165 million for 2024. Our partnership reimbursements decreased compared to the prior year, primarily due to Gilead-led activities representing a larger share of total joint development costs and an increase in programs fully funded by us. R&D expenses are expected to decrease meaningfully for the full year 2026 relative to 2025; the magnitude of the decrease will be determined in part by the results of the futility analysis of STAR-121. Non-cash stock-based compensation expense was $8 million for each of the fourth quarter 2025 and 2024.
•General and Administrative (G&A) Expenses were $26 million for the fourth quarter 2025, compared to $28 million for the same period in 2024. Non-cash stock-based compensation expense was $7 million for the fourth quarter 2025, compared to $9 million for the same period in 2024.
•Net Loss was $106 million for the fourth quarter 2025, compared to $94 million for the same period in 2024.

Conference Call Information:

Arcus will host a conference call and webcast today, February 25, 2026, at 1:30 PM PT/4:30 PM ET to discuss its fourth-quarter and full-year 2025 financial results and pipeline updates. To access the call, please dial +1 (646) 844-6383 (local) or +1 (833) 470-1428 (toll-free), using Access Code: 190500. Participants may also register for the call online using the following link: View Source To access the live webcast and accompanying slide presentation, please visit the "Investors & Media" section of the Arcus Biosciences website at www.arcusbio.com. A replay of the webcast will be available following the live event.

(Press release, Arcus Biosciences, FEB 25, 2026, View Source [SID1234662984])

On February 25, 2026 Alkermes plc (Nasdaq: ALKS) reported financial results for the quarter and year ended Dec. 31, 2025 and provided financial expectations for 2026. To view the detailed fourth quarter and full year 2025 earnings press release and presentation please visit the company’s investor relations website at View Source

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Alkermes will host a conference call and webcast presentation at 8:00 a.m. EST (1:00 p.m. GMT) today, to discuss these financial results and expectations and provide an update on the company. The webcast may be accessed on the Investors section of Alkermes’ website at View Source The conference call may be accessed by dialing +1 877 407 2988 for U.S. callers and +1 201 389 0923 for international callers. In addition, a replay of the conference call may be accessed by visiting Alkermes’ website.

(Press release, Alkermes, FEB 25, 2026, View Source [SID1234662983])

On February 25, 2026 Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company focused on developing therapies to counteract the devastating progression of neurodegeneration, reported fourth quarter and full year 2025 financial results and recent portfolio and business updates. As of December 31, 2025, Alector’s cash, cash equivalents, and investments totaled $256.0 million.

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"Alector’s strength lies in the combination of a highly differentiated blood-brain barrier platform and a team with deep experience executing complex neurodegenerative programs," said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. "Following more than six years of focused investment in our ABC technology, we believe the breadth, flexibility, and tunability of our ABC platform position us to translate scientific innovation into exciting clinical-stage assets. At the same time, we continue to advance the PROGRESS-AD Phase 2 trial of nivisnebart (AL101) in early Alzheimer’s disease, together with GSK, toward an independent interim futility analysis in the first half of 2026."

Recent Program Updates

Alector Brain Carrier (ABC): Preclinical and Research Pipeline

Alector’s pipeline leverages its proprietary blood-brain barrier platform, Alector Brain Carrier (ABC), which has been developed to enhance the delivery of therapeutics to the brain. ABC is designed to enable peripheral dosing and is adaptable across multiple drug modalities, including antibodies, enzymes, and siRNA.

Built on core design principles of versatility, optimized binding properties, and translatability, ABC is intended to enable targeted brain delivery with improved safety and efficacy. ABC-enabled candidates have demonstrated robust brain penetration in preclinical studies, providing the basis for advancing multiple programs targeting neurodegenerative diseases.

AL137

Alector continues to advance AL137, its lead ABC-enabled anti-amyloid beta (Aβ) antibody for the treatment of AD, through investigational new drug (IND)-enabling studies. The company expects to file an IND application in Q4 2026 / Q1 2027, based on the timing of GMP clinical supply production.

AL137 is engineered for optimal brain uptake, potency, safety, and convenience. The candidate comprises a high-affinity, fully human antibody that selectively binds PyroGlu3, a validated epitope on toxic amyloid beta found in plaques and retains an active effector function intended to facilitate myeloid-mediated plaque clearance. AL137 incorporates Alector’s proprietary ABC technology with tuned transferrin receptor binding, designed to facilitate brain penetration and plaque removal while minimizing hematologic effects. In preclinical studies to date, AL137 has demonstrated robust brain uptake at low doses, supporting further advancement and the potential for low-dose, subcutaneous administration.
AL050

Alector continues to progress AL050, its ABC-enabled engineered glucocerebrosidase (GCase) enzyme replacement therapy (ERT) for PD, through preclinical development. The company is targeting submission of an IND application in 2027.

AL050 is designed to address key challenges associated with enzyme delivery to the brain, featuring an engineered GCase with improved activity and stability and a silenced effector function to maximize safety, paired with Alector’s tunable ABC technology. Preclinical studies to date have demonstrated increased GCase activity and reduced toxic substrate accumulation, supporting its continued preclinical development as a potential therapy for PD and Lewy body dementia associated with GBA loss-of-function mutations.
ABC siRNA Platform

Alector continues to advance its ABC-enabled siRNA platform, which is designed to enable peripheral dosing, offering the potential for more convenient administration compared with traditional intrathecal delivery.

Alector has selected lead candidate, AL064 for its ABC-enabled tau siRNA program for the treatment of AD and other tauopathies and is advancing it to IND-enabling studies.

In addition to AL064, the company is advancing early-stage siRNA programs toward lead candidate selection, including ADP062-ABC (PD), an alpha-synuclein siRNA, and ADP065-ABC (multiple neurodegenerative conditions), an NLRP3 siRNA, reflecting the broad applicability of the ABC platform across disease mechanisms.
Progranulin Programs (nivisnebart (AL101/GSK4527226) and latozinemab (AL001)) in Collaboration with GSK

Nivisnebart (AL101/GSK4527226)

The global, randomized, double blind, placebo-controlled PROGRESS-AD Phase 2 clinical trial of nivisnebart (AL101/GSK4527226) in early AD remains ongoing.

An independent interim futility analysis for the PROGRESS-AD trial is planned for the first half of 2026.

Nivisnebart is an investigational human monoclonal antibody designed to block and internalize the sortilin receptor, leading to increased levels of progranulin (PGRN) in the brain. It has pharmacokinetic and pharmacodynamic properties that may make it suitable for the potential treatment of more prevalent neurodegenerative diseases.
Latozinemab (AL001)

Alector plans to present the results from the INFRONT-3 Phase 3 clinical trial at an upcoming scientific meeting in 1H 2026.
Fourth Quarter 2025 Financial Results

Revenue. Collaboration revenue for the quarter ended December 31, 2025, was $6.2 million, compared to $54.2 million for the same period in 2024. Collaboration revenue for the year ended December 31, 2025, was $21.0 million, compared to $100.6 million for the same period in 2024. The decrease in year-over-year collaborative revenue was primarily due to the satisfaction of the performance obligations associated with the AL002 program and the latozinemab FTD-C9orf72 Phase 2 trial in the fourth quarter of 2024, resulting in lower revenue recognized in 2025.

R&D Expenses. Total research and development expenses for the quarter ended December 31, 2025, were $32.5 million, compared to $46.5 million for the same period in 2024. Total research and development expenses for the year ended December 31, 2025, were $123.1 million compared to $185.9 million for the same period in 2024. The decrease in year-over-year R&D expenses was mainly due to a decrease in research and development expenses for the AL002 program as well as a decrease in personnel related costs as a result of the reductions in force.

G&A Expenses. Total general and administrative expenses for the quarter ended December 31, 2025, were $13.3 million compared to $15.0 million for the same period in 2024. Total general and administrative expenses for the year ended December 31, 2025, were $54.0 million compared to $59.6 million for the same period in 2024. The decrease in year-over-year G&A expenses was primarily due to a decrease in personnel related costs as a result of the reductions in force.

Net Loss. For the quarter ended December 31, 2025, Alector reported a net loss of $37.3 million, or $0.34 net loss per share, compared to a net loss of $2.1 million, or $0.02 net loss per share, for the same period in 2024. For the year ended December 31, 2025, Alector reported a net loss of $142.9 million or $1.39 net loss per share, compared to a net loss of $119.0 million or $1.23 net loss per share, for the same period in 2024.

Cash Position. Cash, cash equivalents, and investments were $256.0 million as of December 31, 2025. Management expects that this will be sufficient to fund current operations at least through 2027.

(Press release, Alector, FEB 25, 2026, View Source [SID1234662982])