Geron (GERN) Q2 2026 earnings summary

Executive summary

• Achieved $57.5 million in RYTELO net product revenue in Q2 2026, up 17% year-over-year and 11% sequentially, driven by increased sales volume and higher selling price.

• Net loss for Q2 2026 was $16.7 million, or $0.02 per share, similar to the prior year, reflecting higher cost of goods sold and continued investment in R&D and commercialization.

• Cash, cash equivalents, and marketable securities totaled $327 million as of June 30, 2026, down from $401.1 million at year-end 2025, primarily due to cash used in operations.

• RYTELO received FDA approval in June 2024 and EU marketing authorization in March 2025 for lower-risk MDS; U.S. commercialization began in June 2024, with EU launch planned for 2026.

• Broadened leadership with the appointment of a new Chief Business Officer and presented new real-world and clinical data at major scientific meetings.

Financial highlights

• Q2 2026 net revenue was $57.5 million, up 17% year-over-year and 11% sequentially; H1 2026 net revenue grew 24% year-over-year to $109.3 million.

• Net loss for Q2 2026 was $16.7 million, or $0.02 per share, unchanged year-over-year.

• Total operating expenses for Q2 2026 were $70.0 million, up from $61.5 million in Q2 2025, mainly due to non-cash inventory-related expenses.

• Gross to net deductions rose to 20.7% in Q2 2026 from 15.3% in Q2 2025; expected to remain in low to mid-20s for the year.

• Research and development expenses were $22 million in Q2 2026, up slightly from $21.7 million in Q2 2025, reflecting CMC and supply chain investments offset by workforce reduction.

Outlook and guidance

• Full-year 2026 RYTELO net product revenue expected at the mid to high end of $220 million–$240 million guidance.

• Total operating expenses for 2026 projected at $230–$240 million, including non-cash items.

• Management expects gross-to-net adjustments to remain in the low to mid-twenties percentage range for the remainder of 2026.

• Existing cash and anticipated RYTELO revenues are expected to fund operations for the foreseeable future, though additional capital may be needed if revenue targets are not met or unforeseen events occur.

• European commercialization strategy update planned before year-end, with EU launch expected in 2026.