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])