Geron Corporation, a commercial-stage biopharmaceutical company, announced its financial results for the year ended December 31, 2025. The company reported net product revenue of $183.6 million, a significant increase from $76.5 million in 2024, driven by the commercial launch of RYTELO (imetelstat) in the U.S. following its FDA approval in June 2024 for certain patients with lower-risk myelodysplastic syndromes (MDS). Royalty revenues decreased to $0.3 million in 2025 from $0.5 million in 2024.
The company's operating expenses totaled $252.5 million in 2025, a slight increase from $250.7 million in 2024. Research and development expenses decreased to $71.4 million from $103.7 million, primarily due to lower manufacturing and clinical trial costs. Selling, general, and administrative expenses increased to $159.3 million from $145.7 million, driven by increased sales and marketing activities. Restructuring charges of $17.0 million were incurred in 2025 due to a workforce reduction. Interest income decreased to $18.1 million from $19.6 million, while interest expense increased to $32.7 million from $18.5 million, reflecting debt obligations and the Royalty Pharma agreement. The company reported a net loss of $83.5 million, a significant improvement from the $174.6 million net loss in 2024.
Key operational developments included the European Commission's marketing authorization for RYTELO in March 2025 for certain adult patients with TD anemia due to lower-risk MDS. The company is preparing for commercialization in select EU markets in 2026, planning to collaborate with experienced third parties for marketing and distribution. The Phase 3 IMpactMF clinical trial evaluating imetelstat in relapsed/refractory myelofibrosis completed enrollment in September 2025, with interim analysis for overall survival expected in the second half of 2026. In December 2025, Geron implemented a strategic restructuring plan, including a workforce reduction of approximately one-third, to improve financial discipline and position the company for long-term value creation.
As of December 31, 2025, Geron had $401.1 million in cash, cash equivalents, restricted cash, and marketable securities. The company believes these resources, along with anticipated net revenues from RYTELO sales, will be sufficient to fund projected operating requirements for the foreseeable future. However, the company may seek additional funding through various means, including equity offerings, debt financings, or strategic collaborations. The company's future success is heavily reliant on the commercial performance of RYTELO and the successful development of imetelstat for additional indications.
About GERON CORP
Geron Corporation is a biopharmaceutical company focused on developing telomerase inhibitors for hematologic malignancies. Its flagship product, RYTELO (imetelstat), targets blood cancers like myelodysplastic syndromes and myelofibrosis, aiming to modify disease progression. The company leverages Nobel-winning science, holds key patents, and operates in the U.S. and Europe, emphasizing innovative therapies with potential for significant market impact and regulatory exclusivity.
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