GERN

MKT CAP:$961M

Geron Corporation

Market Cap

$961M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.55+$0.23 (+17.42%)

Apr 22, 2026

Company Details

Geron Corporation, a late-stage clinical biopharmaceutical company, focuses on the development and commercialization of therapeutics for myeloid hematologic malignancies. It develops imetelstat, a telomerase inhibitor that is in Phase 3 cli...

CEO

Harout Semerjian

IPO Date

Jul 31, 1996

Website

www.geron.com

Key Metrics TTM

Revenue

$183M

+522.1% YoY

Net Income

-$80M

EPS (Diluted)

-$0.12

Free Cash Flow

-$133M

Revenue / Share

$0.27

Gross Margin

86.2%

Operating Margin

-34.4%

Net Margin

-43.6%

FCF Margin

-72.4%

P/S

5.2x

P/E

—

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Mar 2, 2026

$184M+138.8%EPS -$0.13

Q3 2025

Nov 7, 2025

$47M+67.1%EPS -$0.03

Q2 2025

Aug 6, 2025

$49M+5459.6%EPS -$0.02

Q1 2025

May 7, 2025

$40M+12927.3%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$1M	-$22M	-$31M
Q1 22	$123.0K	-$22M	-$29M
Q2 22	$73.0K	$73.0K	-$28M
Q3 22	$297.0K	-$24M	-$40M
Q4 22	$103.0K	-$27M	-$42M
Q1 23	$21.0K	$21.0K	-$40M
Q2 23	$29.0K	$29.0K	-$52M
Q3 23	$164.0K	$164.0K	-$48M
Q4 23	$23.0K	$23.0K	-$54M
Q1 24	$304.0K	$304.0K	-$56M
Q2 24	$882.0K	$865.0K	-$69M
Q3 24	$28M	$28M	-$28M
Q4 24	$48M	$47M	-$20M
Q1 25	$40M	$38M	-$17M
Q2 25	$49M	$48M	-$12M
Q3 25	$47M	$25M	-$14M

Valuation

Quarter	P/S	P/E
Q4 21	689.7x	—
Q1 22	696.7x	—
Q2 22	714.4x	—
Q3 22	626.8x	—
Q4 22	1612.1x	—
Q1 23	1945.0x	—
Q2 23	2135.2x	—
Q3 23	3031.0x	—
Q4 23	4054.1x	—
Q1 24	1847.7x	—
Q2 24	699.8x	—
Q3 24	32.6x	—
Q4 24	12.5x	—
Q1 25	8.3x	—
Q2 25	5.8x	—
Q3 25	5.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$22M	-$22M
Q1 22	-$34M	-$34M
Q2 22	-$29M	-$29M
Q3 22	-$30M	-$30M
Q4 22	-$35M	-$35M
Q1 23	-$46M	-$47M
Q2 23	-$30M	-$30M
Q3 23	-$51M	-$51M
Q4 23	-$41M	-$41M
Q1 24	-$62M	-$63M
Q2 24	-$53M	-$54M
Q3 24	-$59M	-$59M
Q4 24	-$44M	-$44M
Q1 25	-$48M	-$48M
Q2 25	-$27M	-$28M
Q3 25	-$14M	-$13M

Capital Expenditures

Quarter	CapEx
Q4 21	$103.0K
Q1 22	$50.0K
Q2 22	$70.0K
Q3 22	$171.0K
Q4 22	$140.0K
Q1 23	$372.0K
Q2 23	$202.0K
Q3 23	$192.0K
Q4 23	$64.0K
Q1 24	$615.0K
Q2 24	$206.0K
Q3 24	$0
Q4 24	$141.0K
Q1 25	$0
Q2 25	$138.0K
Q3 25	$89.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+1980.0%	+37.3%
Q1 22	-10.2%	+0.7%
Q2 22	-31.8%	-3.3%
Q3 22	+172.5%	+56.1%
Q4 22	-90.1%	+31.3%
Q1 23	-82.9%	+39.3%
Q2 23	-60.3%	+85.3%
Q3 23	-44.8%	+18.7%
Q4 23	-77.7%	+29.1%
Q1 24	+1347.6%	+40.7%
Q2 24	+2941.4%	+35.1%
Q3 24	+17138.4%	+18.2%
Q4 24	+206582.6%	+24.4%
Q1 25	+12927.3%	-0.2%
Q2 25	+5459.6%	-12.4%
Q3 25	+67.1%	+8.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$2M	221.6%
Q1 22	$2M	1387.8%
Q2 22	$2M	2819.2%
Q3 22	$2M	732.3%
Q4 22	$2M	2244.7%
Q1 23	$3M	14100.0%
Q2 23	$4M	13944.8%
Q3 23	$8M	4660.4%
Q4 23	$0	0.0%
Q1 24	$5M	1634.5%
Q2 24	$13M	1433.1%
Q3 24	$7M	24.4%
Q4 24	$7M	14.3%
Q1 25	$7M	18.7%
Q2 25	-$7M	-15.1%
Q3 25	$7M	14.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$24M	$8M	$1M	—
Q1 22	$22M	$7M	—	—
Q2 22	$21M	$7M	—	—
Q3 22	$25M	$9M	—	—
Q4 22	$28M	$21M	$1M	—
Q1 23	$27M	$13M	—	—
Q2 23	$35M	$16M	—	—
Q3 23	$29M	$18M	—	—
Q4 23	$33M	$21M	—	—
Q1 24	$29M	$27M	—	—
Q2 24	$31M	$39M	—	—
Q3 24	$20M	$36M	—	—
Q4 24	$23M	$43M	—	—
Q1 25	$15M	$40M	—	—
Q2 25	$22M	—	—	$39M
Q3 25	$21M	—	—	$39M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$31M	$135M	$167M
Q2 22	$76M	$143M	$219M
Q3 22	$61M	$134M	$195M
Q4 22	$57M	$116M	$173M
Q1 23	$113M	$268M	$381M
Q2 23	$57M	$314M	$371M
Q3 23	$31M	$283M	$314M
Q4 23	$71M	$264M	$335M
Q1 24	$190M	$253M	$443M
Q2 24	$117M	$246M	$363M
Q3 24	$60M	$279M	$340M
Q4 24	$79M	$328M	$407M
Q1 25	$84M	$313M	$397M
Q2 25	$78M	$310M	$388M
Q3 25	$78M	$302M	$381M
Q4 25	$79M	$280M	$360M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	331M	+0.6%	+3.8%
Q1 22	332M	+0.4%	+2.6%
Q2 22	404M	+21.6%	+23.5%
Q3 22	405M	+0.3%	+23.2%
Q4 22	408M	+0.7%	+23.4%
Q1 23	544M	+33.4%	+64.0%
Q2 23	547M	+0.5%	+35.5%
Q3 23	580M	+5.9%	+43.0%
Q4 23	595M	+2.7%	+45.8%
Q1 24	603M	+1.4%	+10.8%
Q2 24	654M	+8.4%	+19.5%
Q3 24	662M	+1.3%	+14.3%
Q4 24	646M	-2.4%	+8.6%
Q1 25	666M	+3.1%	+10.3%
Q2 25	666M	+0.0%	+1.9%
Q3 25	667M	+0.1%	+0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$15.1K	69
Q1 22	$1.8K	69
Q2 22	$1.1K	69
Q3 22	$4.3K	69
Q4 22	$963	107
Q1 23	$196	107
Q2 23	$271	107
Q3 23	$1.5K	107
Q4 23	$163	141
Q1 24	$2.2K	141
Q2 24	$6.3K	141
Q3 24	$200.5K	141
Q4 24	$207.6K	229
Q1 25	$172.9K	229
Q2 25	$214.1K	229
Q3 25	$206.2K	229

Revenue / Employee