Geron (GERN) 7th Annual Evercore ISI HealthCONx Healthcare Conference summary

Commercial performance and market feedback

• Achieved strong first quarter results, surpassing initial consensus expectations and strengthening cash position through a $125M synthetic royalty deal and $250M debt deal, with $125M drawn down.

• Confident in reaching profitability without further equity raises, assuming revenue and OpEx forecasts are met.

• Product shows strong uptake in both frontline ESA-ineligible and second-line RS-negative and RS-positive MDS patient populations, with durable transfusion independence.

• No significant commercial hesitancy observed; physicians are familiar with managing cytopenias and are receptive to the product's safety profile.

• Label's transfusion language has not created major reimbursement or reauthorization bottlenecks; most payers require only confirmation of transfusion dependence.

Competitive landscape and clinical positioning

• Product is considered standard of care in second-line MDS for both RS-negative and RS-positive patients, despite competitor luspatercept's established presence.

• Patients previously treated with luspatercept still respond well due to different mechanisms of action.

• Guidelines and commercial reality align, with no major shifts in positioning behind competitors.

• Third-line and beyond settings also present opportunities for uptake.

Financial strategy and guidance

• Royalty deal features a blended rate: 7.75% on first $500M sales, 3% on $500M–$1B, and 1% above $1B, with a cap of 1.65 to be met by 12/31/2031.

• Confident in achieving the cap before the deadline, balancing early sales retention and long-term upside.

• Access to an additional $125M from Pharmakon provides financial flexibility if launch trajectory is slower than expected.

• Commercial spend for EU launch is included in 2025 planning, with launches in select countries expected in 2026.