Geron (GERN) Q4 2025 earnings summary

Executive summary

• Strategic realignment and restructuring in 2025 positioned the company for commercial growth in 2026, focusing on RYTELO in second-line, lower-risk MDS patients.

• Leadership team strengthened, commercial strategy refined, and financial discipline improved to support growth priorities.

• RYTELO net revenue reached $48M in Q4 2025 and $184M for the full year, reflecting strong commercial uptake in its first full commercial year.

• RYTELO demand grew 9% in Q4 2025 versus Q3, with ordering accounts increasing by 150 to approximately 1,300.

• Expanded scientific evidence for RYTELO with new publications and presentations, reinforcing its differentiated profile in LR-MDS.

Financial highlights

• Q4 2025 net revenue was $48M, up from $47M in Q4 2024; full year 2025 net revenue was $184M, compared to $76M in 2024.

• Total operating expenses for 2025 were $255M, within guidance, compared to $251M in 2024.

• Net loss was $31.1M for Q4 2025 and $85.8M for FY 2025, compared to $25.4M and $174.6M in 2024.

• Gross to net deductions increased to 17.7% in 2025 from 14.5% in 2024, driven by higher 340B utilization and GPO contracting.

• Cash, cash equivalents, and marketable securities totaled $401M at year-end 2025.

Outlook and guidance

• 2026 RYTELO net revenue expected between $220M-$240M, with growth weighted to the second half.

• 2026 total operating expenses projected at $230M-$240M, reflecting a $20M reduction at midpoint year-over-year.

• Gross to net expected in the high teens to low twenties for 2026.

• Existing cash and anticipated revenues expected to fund operations for the foreseeable future.

• Continued investment in commercial strategy and ISTs prioritized over immediate profitability.