Geron Corporation

Second-quarter 2026 net revenue was $57.5 million, compared with $49 million in Q2 2025, an increase of 17% year over year and 11% quarter over quarter. Gross-to-net deductions were 20.7% versus 15.3% a year ago. R&D expense was $22 million versus $21.7 million last year, SG&A was $38.9 million versus $38.6 million, and total operating expenses excluding COGS were $60.7 million versus $60.3 million. Cash, cash equivalents, restricted cash and marketable securities were $327 million at June 30, 2026, down from $341 million at March 31, 2026. For 2026, management reiterated RYTELO net product revenue guidance of $220 million to $240 million and total operating expense guidance of $230 million to $240 million, and said it expects to land in the mid- to high end of the revenue range. Gross-to-net is still expected to be in the low to mid-20s for the remainder of 2026.

Harout Semerjian emphasized that the quarter showed continued execution of the company’s 2026 strategy: more RYTELO reach, stronger clinical evidence, continued investment, and financial discipline. He highlighted the first-half revenue growth and said the refocused commercial strategy is gaining traction, with the company now expecting to finish 2026 at the mid- to high end of revenue guidance. He also stressed that Geron is exploring Europe and evaluating opportunistic innovation, while maintaining focus on IMpactMF and reaching more eligible low-risk MDS patients.

Michelle Robertson said first-half 2026 revenue growth of 24% and operating expense reduction of 4% year over year show the company is executing while staying disciplined. She cited Q2 revenue of $57.5 million, gross-to-net of 20.7%, R&D of $22 million, SG&A of $38.9 million, and total operating expenses excluding COGS of $60.7 million. She also noted cash of $327 million at quarter-end, said inventory is being managed within 2 to 4 weeks, and reaffirmed 2026 guidance for RYTELO revenue of $220 million to $240 million and total operating expenses of $230 million to $240 million.

Analysts focused on whether seasonality could affect second-half revenue, and management said it does not expect major spikes or declines, with inventory kept within 2 to 4 weeks and gross-to-net expected to stay in the low to mid-20s. Questions also centered on whether growth is coming from new versus existing accounts; management said growth is coming from both, but community accounts are driving more of the business and depth is becoming more important than breadth. On IMpactMF, management said discussions with regulators are about the interim analysis threshold, not the final OS endpoint or timing, and on Europe they said an ex-U.S. strategy could include or exclude partnerships while they monitor MFN-related pricing dynamics and plan to update the market before year-end.