Geron Q2 2022 Earnings Report
Key Takeaways
Geron Corporation reported a net loss of $28.1 million, or $0.07 per share, for the second quarter of 2022. As of June 30, 2022, the Company had approximately $220 million in cash and marketable securities. The company believes current and projected financial resources will be sufficient to fund operations until the middle of 2024.
Top-line results from IMerge Phase 3 in lower risk MDS continue to be expected in early January 2023
Current and projected financial resources expected to support planned milestones and operations through the middle of 2024.
Recently amended existing loan facility to secure up to $50 million in additional non-dilutive capital, which is expected to be available in 2023
Plan to disclose Phase 3 top-line results in lower risk MDS remains on track for early January 2023. Assuming positive top-line results, U.S. and EU regulatory submissions are also planned in the first and second half of 2023, respectively
Geron
Geron
Forward Guidance
For fiscal year 2022, Geron continues to expect total GAAP operating expenses in the range of approximately $155 million to $165 million and non-GAAP total operating expenses in the range of approximately $140 million to $150 million.
Positive Outlook
- Preparatory activities for top-line results from the IMerge Phase 3 clinical trial
- Readiness for potential regulatory submissions and commercialization of imetelstat in lower risk MDS
- Continued conduct of IMerge and IMpactMF
- Commencement of new clinical studies associated with the imetelstat pipeline expansion strategy
- Finalizing validation batches of imetelstat at contract manufacturers to enable future production of imetelstat for clinical and commercial purposes
Challenges Ahead
- Stock-based compensation expense
- Amortization of debt discounts and issuance costs
- Depreciation and amortization
- Projected increases in headcount
- Interest payments on outstanding debt