Geron (GERN) Barclays 28th Annual Global Healthcare Conference summary

Strategic direction and commercial performance

• Achieved $184 million in first full commercial year sales, with 2026 guidance of $220–$240 million and operating expenses expected to drop to $230–$240 million as major trials are now fully enrolled.

• Focused on expanding RYTELO’s reach, especially in the second-line setting, leveraging market trends and simplifying organizational structure for greater impact.

• Reported 9% demand growth in Q4 2025, with 1,300+ new accounts and about 30% of business in first- or second-line therapy.

• Maintains $400 million in cash, providing flexibility for ex-U.S. expansion and strategic partnerships.

• Engaged with European HTAs for market access, with EMA approval in place and options open for direct or partnered commercialization.

Product differentiation and clinical insights

• RYTELO, a first-in-class telomerase inhibitor, targets the disease clone in MDS and MF, leading to durable responses and improved survival metrics.

• Demonstrated long-term benefits in MDS, including overall survival and progression-free survival, with landmark analysis beyond 40 months.

• Cytopenia associated with RYTELO is predictable, manageable, and correlates with robust response, serving as a clinical biomarker.

• Physicians have gained confidence in managing side effects, supporting broader adoption.

• RYTELO’s mechanism of action is distinct from ESAs and HMAs, addressing the underlying malignant cells rather than just symptoms.

Pipeline and future growth drivers

• Phase III IMPACT MF trial in relapsed/refractory myelofibrosis is fully enrolled, with interim data expected in the second half of the year; primary endpoint is overall survival.

• Positive phase II data showed survival benefit and symptom relief, supporting the phase III design.

• If successful, MF could represent a market as large as MDS, with transformational potential.

• Continued focus on execution and commercial performance, with transparent guidance and emphasis on expanding indications.

• Ex-U.S. market, especially Europe, seen as significant, with patient numbers comparable to the U.S.