Geron Corporation Q3 FY2025 earnings call

Commercial Overview - Net product revenue was $47.2M in Q3; demand for RYTELO down 3% but new patient starts in first and second line increased to 36% vs 30% in Q2; prescribing accounts up 15% with 150 new ordering accounts added, expanding to 1,150 accounts; first shipment of RYTELO to Germany under named patient early access program. ### Medical Affairs and Pipeline - 5 abstracts accepted for ASH, including oral presentation and landmark analysis from IMerge trial; medical affairs focus on community site penetration, IST initiation, awareness/education ramp-up, KOL and advocacy alignment; IMpactMF trial fully enrolled with Phase III status, interim analysis projected in H2 2026, final in H2 2028. ### Financials - As of 9/30/2025, cash and marketable securities were ~$420M; Q3 net revenue $47M vs $28M in Q3 2024; R&D expenses $21M vs $20M in 2024; SG&A expenses $39M vs $36M in Q3 2024; 2025 operating expenses expected $250M - $260M, below prior guidance.

Net product revenue for the third quarter was $47.2 million. The primary product segment is RYTELO, which contributed 100% of the net revenue for the quarter.

- For fiscal year 2025, operating expenses are expected to be between $250 million and $260 million, below previously announced guidance of $270 million to $285 million. ### - Geron remains in a strong financial position to fund projected operating expenses for the foreseeable future with current cash and marketable securities and anticipated net revenues from RYTELO sales.

Q: Michelle, give more insight into the current gross to net increase and outlook on demand down 3%.

A: Michelle said mid- to high teens still applicable, due to Medicaid mix, returns, and GPO contracts; Harout noted demand down 3% due to discontinuities in later lines but focus on getting right patients in earlier lines.

Q: Stephen Willey asks about average duration of therapy and breadth of accounts.

A: Harout said therapy duration in real world in line with IMerge but more third/fourth line; breadth of accounts increasing with 150 new ordering accounts in Q3.

Q: Anubham inquires about revised operating expense guidance.

A: Michelle said 2025 OpEx expected $250M - $260M, with levers pulled on CMC and infrastructure investments.

Q: Emily Bodnar asks about sales force completion and EU partner search.

A: Harout said sales force hired, including doubled MSLs; EU efforts ongoing with focus on U.S. first but dialogue with potential partners in Europe.

Q: Faisal Khurshid asks about confidence in issues and timeline for growth.

A: Harout said high confidence in addressing issues, with 2026 as a growth story but no specific short-term guidance provided