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 global expansion and strategic decisions.

• Ex-U.S. commercialization plans are deliberate, with ongoing engagement with European HTAs and EMA approval secured.

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 overall survival, progression-free survival, and reduced conversion to leukemia in landmark analyses beyond 40 months.

• Cytopenia associated with RYTELO is predictable, manageable, and serves as a clinical biomarker for response, increasing physician confidence.

• RYTELO's mechanism of action is distinct from ESAs and HMAs, working on the underlying disease rather than just symptoms.

• In MF, RYTELO targets malignant megakaryocytes, leading to marrow fibrosis resolution and restoration of normal hematopoiesis, unlike JAK inhibitors.

Market opportunity and growth drivers

• U.S. second-line MDS market estimated at 28,000 patients, with similar potential in Europe.

• Growth expected from increased penetration in community settings, focus on second-line patients, and leveraging favorable FDA label and NCCN guidelines.

• Luspatercept's move to first-line therapy clarifies RYTELO's opportunity in second-line and beyond.

• Physician education on managing cytopenia and RYTELO's unique benefits is ongoing, supporting broader adoption.

• No urgency for cash-driven deals; priority is patient access and thoughtful market entry.