Geron Corporation Q4 FY2025 earnings call

• Strategic alignment in 2025 positions the company for growth in 2026. - Rytelo's growth strategy has three initiatives: commercially driven with increased awareness and education, and medical affairs driven with expanded research partnerships. - In 2025, Rytelo achieved 9% demand growth in Q4 and a 13% increase in prescribing accounts. - Commercial execution focuses on targeted engagement with high-volume community accounts, investing in effective marketing channels, and cross-functional account management. - Medical and scientific efforts include engagement with the hematology community at meetings, expanding research partnerships, and progress in IMPACT MF trial. - Financial discipline exercised with managed operating expenses and strong balance sheet.

In 2025, Rytelo's fourth quarter net revenue was $48,000,000. For the full year 2025, Rytelo net revenue was $184,000,000. Total operating expenses for the full year 2025 were approximately $255,000,000, in line with previous guidance of $250,000,000 to $260,000,000. For 2026, Rytelo net revenue is expected to be $220,000,000 to $240,000,000 and total operating expenses are projected to be between $230,000,000 and $240,000,000, a roughly $20,000,000 year-over-year reduction at the midpoint.

• Reiterates 2026 Rytelo net revenue guidance of $220,000,000 to $240,000,000 with greater growth anticipated in the back half of the year. - Total operating expense guidance for 2026 is $230,000,000 to $240,000,000 reflecting strong financial discipline and investment to support commercial strategy.

Discusses risks and uncertainties described in the earnings release and recent periodic reports filed with the SEC that could cause actual results to differ materially from forward-looking statements.

Q: Tara Bancroft asked about commercial or physician behavioral milestones in the first half of 2026 and factors underscoring guidance.

A: Harout Semerjian said Q4 demand growth of 9% is important, team is focused on execution with refined messaging and targeting high-volume accounts.

Q: Gil Blum asked about number of second-line patients and proportion to third-line.

A: Harout Semerjian said estimate about 8,000 second-line patients, focus on second line as NCCN guidelines open opportunity.

Q: Emily Bodnar asked about number of potential peak accounts and profitability.

A: Michelle Robertson said sees path to profitability but 2026 focus is on right investments, Harout Semerjian said about 8,000 second-line patients with 20% in AMCs and 80% in community.

Q: Corinne Johnson asked about reaching guidance and converting new prescribers.

A: Harout Semerjian said need both breadth (adding accounts) and depth (supporting high-volume accounts).

Q: Stephen Willey asked about ESAs as second-line competitor and ex U.S. strategy.

A: Joseph Eid said shift in treatment paradigm with ESAs not compelling post luspatercept in first line, Harout Semerjian said focusing on understanding HTA and MFN in ex U.S. strategy.