Geron Corporation reported a net loss of $31.1 million for the fourth quarter of 2025, a decline from a $25.4 million loss in the same period a year earlier. Net product revenue fell to $48.0 million, missing analyst expectations by roughly $2.4 million to $3.4 million, and EPS of $‑0.03 met the consensus estimate of $‑0.03. The revenue shortfall was driven by a modest decline in gross‑to‑net deductions, which rose to 17.7 % in 2025 from 14.5 % in 2024, eroding net revenue from the $48.0 million figure.
Operating expenses increased to $75.8 million in Q4, up from $67.6 million a year earlier. The rise was largely attributable to a $17 million restructuring charge related to a workforce reduction of roughly one‑third, as well as higher sales‑and‑marketing and research‑and‑development spend. The company’s cash, cash equivalents, restricted cash and marketable securities stood at $401.1 million as of December 31 2025, down from $502.9 million at the end of 2024, but an amended loan facility of $125 million remains available through July 30 2026.
Geron reiterated its 2026 outlook, projecting RYTELO net product revenue of $220 million to $240 million and total operating expenses of $230 million to $240 million. CEO Harout Semerjian said, "Strategic actions we have taken in the second half of 2025 position Geron to drive RYTELO demand growth and invest to create value while lowering our total operating expenses year‑over‑year. In 2026, we are laser‑focused on executing our commercial strategy." CFO Michelle Robertson added, "Our 2026 financial guidance reflects expected top‑line growth alongside an anticipated reduction in operating spend year‑over‑year, reinforcing the strength of our balance sheet."
The guidance signals confidence in a gradual recovery of RYTELO demand, but the revenue miss and widening net loss underscore near‑term execution risk. Management highlighted ongoing efforts to expand the commercial footprint in the United States and pursue opportunities outside the U.S., noting that the 2026 guidance is based on current market dynamics and the anticipated impact of its commercial strategy.
Market reaction was sharply negative; Geron’s shares fell roughly 10 % to $20.5 in pre‑market trading, driven primarily by the revenue miss and concerns over the company’s shrinking cash position. Investors focused on the shortfall relative to analyst expectations and the impact of restructuring charges on profitability.
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