GERN Stock — Geron Corporation: Cash, EV, Pipeline

What they do

Our first-in-class telomerase inhibitor, RYTELO® (imetelstat), harnesses Nobel Prize winning science in a treatment that scientific evidence suggests reduces proliferation of malignant cells, allowing production of new healthy cells, which we believe drives differentiated clinical benefits, potentially altering the underlying course and modifying the disease of these hematologic malignancies.

Source: 10-K FY2025 via SEC EDGAR

Share price

$0.99

Market cap

$637.7M

Cash

$337.5M

Enterprise value

$420.7M

Balance sheet

Cash	$337.5M
Debt	$120.4M
Net cash	$217.0M
Enterprise value	$420.7M
Basic shares	644.2M shares
Fully diluted shares	736.2M shares
Fully diluted market cap	$728.9M
Cash per share	$0.52
Quarterly burn	$15.8M
Cash runway	19.0 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

642.5M

Pre-funded warrants

2.6M

Options

82.4M

RSUs

3.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

5.6M

FDSO

736.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Imetelstat sodium · Mar 15 - Apr 26 in 4 mo · Phase 1 · Myelofibrosis

Recently reported

Imetelstat Phase 3 Negative · 2026-10-28

LR-MDS

Source release →

Imetelstat sodium Positive · 2023-01-04

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Mar 15 - Apr 26 in 4 mo	Imetelstat sodium	Phase 1	Myelofibrosis	—
Aug 11 - Sep 22 in 21 mo	Imetelstat	Phase 3	Myelofibrosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

RYTELO

Approved · Active Modality: telomerase inhibitor

Aliases imetelstat

Target telomerase

Partnerships Royalty Pharma: $125M upfront for tiered royalties on US net sales (7.75% up to $500M, 3.0% $500M-$1B, 1.0% above $1B; capped). Tanner Pharma: Named Patient Program distribution ex-US. Third parties for EU commercialization.

Indications

Lower-risk MDS with transfusion-dependent anemia (Approved)
Intermediate-2/high-risk myelofibrosis, relapsed/refractory post-JAK inhibitor (Phase 3)
Frontline myelofibrosis (combination) (Phase 1)
Higher-risk MDS and AML (investigator-led IMpress) (Phase 2)
Relapsed/refractory AML (investigator-led IMAGINE) (Phase 1)

Catalysts

— H2 2026
— H2 2028

Status note Sole product; commercial in US since Jun 2024 for LR-MDS. EU marketing authorization granted Mar 2025; planned launch in select EU markets in 2026. IMpactMF Phase 3 fully enrolled as of Sep 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Imetelstat Sodium
Lead indication	Myelodysplastic Syndromes
Lead phase	Phase 3
Active trials	3
Collaborator trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT04576156	Phase 3	Active, not recruiting	Sponsor	GERN	—	Myelofibrosis	—
NCT02598661	Phase 3	Active, not recruiting	Sponsor	GERN	—	Myelodysplastic Syndromes	—
NCT05371964	Phase 1	Active, not recruiting	Sponsor	GERN	—	Myelofibrosis	—
NCT07549451	Phase 2	Not yet recruiting	Collaborator	M.D. Anderson Cancer Center	—	Phase II; Imetelstat; Myelodysplastic (MDS) / Myeloproliferative (MPN) Diseases	—
NCT05583552	Phase 2	Active, not recruiting	Collaborator	GCP-Service International West GmbH	—	Myelodysplastic Syndromes; Acute Myeloid Leukemia	—
NCT06247787	Phase 1	Recruiting	Collaborator	Children's Oncology Group	—	Recurrent Childhood Acute Myeloid Leukemia; Recurrent Childhood Myelodysplastic Syndrome; Recurrent Juvenile Myelomonocytic Leukemia	—
NCT07320235	Phase 1	Recruiting	Collaborator	Douglas Tremblay	—	Relapsed Acute Myeloid Leukemia	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Geron Corporation on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	42,809,751	-20,961,615	0.48%	2026-08-14
Vivo Capital	8,671,797	no change	1.01%	2026-08-14
ADAR1 Capital Management	505,817	+305,817	0.03%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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GERN — Geron Corporation ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

GERN — Geron Corporation