Geron (GERN) investor relations material

Executive summary

• Achieved $51.8 million in RYTELO net product revenue in Q1 2026, up 31% year-over-year and 8% sequentially, supporting 2026 revenue guidance of $220–$240 million.

• Commercial launch in the U.S. began in June 2024 after FDA approval for lower-risk MDS; EU marketing authorization granted in March 2025, with planned commercialization in select EU markets in 2026.

• Strengthened leadership with new executive and board appointments to support strategic priorities.

• Workforce reduction of about one-third completed in Q1 2026 to improve operational efficiency and lower expenses.

Financial highlights

• Q1 2026 net product revenue was $51.8 million, compared to $39.6 million in Q1 2025.

• Net loss for Q1 2026 was $3.6 million ($0.01 per share), a significant improvement from $19.8 million ($0.03 per share) in Q1 2025.

• Gross-to-net reductions increased to 21% from 13% year-over-year, reflecting higher managed-care, government program sales, and 340B utilization.

• Total operating expenses for Q1 were $50.4 million, down 9% year-over-year, driven by lower headcount and disciplined spending.

• Cash, equivalents, and marketable securities stood at $341 million as of March 31, 2026, down from $401 million at year-end, reflecting annual bonuses, severance, and CMC investments.

Outlook and guidance

• Reiterated 2026 guidance: RYTELO net revenue of $220–$240 million and total operating expenses of $230–$240 million.

• Expects accelerated revenue growth in the second half of 2026 as commercial initiatives mature.

• Plans to communicate European commercial strategy before year-end, pending pricing and market clarity.

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