Geron Posts $1.4 Million Profit as RYTELO Revenue Hits $60.1 Million

Geron Corporation reported third-quarter 2026 net income of $1.4 million, a reversal from an $18.4 million net loss in the same quarter of 2025. RYTELO net product revenue reached $60.1 million, up from $47.2 million a year earlier, while earnings per share improved to $0.00 from negative $0.03.

The commercial driver was demand, not price. RYTELO (imetelstat), the company's first-in-class telomerase inhibitor (a drug that blocks the enzyme cancer cells use to rebuild chromosome caps), grew 10 percent in demand quarter over quarter, producing 5 percent sequential revenue growth. Ordering accounts rose roughly 8 percent to approximately 1,700.

Operating income reached $5.8 million, against a $13.9 million operating loss a year earlier. Total costs and operating expenses fell to $54.4 million from $61.1 million.

What management said

Harout Semerjian, President and Chief Executive Officer of Geron, attributed the momentum to community practices in the United States. He said: "Increased demand growth is being driven by the community practices which, in our view, indicates the potential for RYTELO to have a long growth runway in the U.S."

On Europe, Semerjian was equally direct: "We have initiated a gated commercial launch to bring RYTELO to targeted EU markets with availability in Germany expected by the end of the year."

What happened to the myelofibrosis trial?

The quarter's negative belongs to the Phase 3 IMpactMF trial, discontinued after the independent Data Monitoring Committee concluded the study was unlikely to meet its primary endpoint of overall survival in relapsed or refractory myelofibrosis (a scarring of the bone marrow). The company disclosed no new safety signals that would alter imetelstat's known profile. The company does not expect to pursue an approval pathway in that indication, will not recover its investment in the trial, and is now more dependent on RYTELO's success in lower-risk MDS (myelodysplastic syndromes, a group of blood cancers).

How the cost structure moved

The expense line tells a disciplined story. Research and development spending fell to $12.7 million from $21.1 million, on lower personnel costs and reduced clinical and chemistry, manufacturing, and controls expenses. Selling, general and administrative expenses declined to $35.7 million from $39.0 million.

Cost of goods sold moved the other way, rising to $6.1 million from $1.0 million, primarily on non-cash inventory-related expenses. Nine-month cost of goods sold reached $17.0 million against $3.4 million in 2025.

Interest expense declined to $7.2 million from $8.6 million for the quarter. Interest income also slipped, to $3.0 million from $4.3 million.

For the nine months, product revenue rose to $169.4 million from $135.6 million, and the net loss narrowed to $19.0 million from $54.6 million, or $0.03 per share against $0.08.

What does the guidance say?

Geron reiterated full-year 2026 RYTELO revenue at the mid-to-high end of the $220 million to $240 million range. It lowered expected total operating expenses to $220 million to $230 million, from $230 million to $240 million previously. The expense figure includes non-cash items such as stock-based compensation and amortization of debt discounts.

Cash, cash equivalents, restricted cash and marketable securities totaled approximately $339.4 million at September 30, up from $326.9 million at June 30. The company stated this position, together with anticipated U.S. RYTELO revenue, funds projected operating requirements for the foreseeable future. The balance sheet shows total assets of $527.1 million against total liabilities of $300.4 million, with stockholders' equity of $226.7 million.

What comes next in Europe?

The staged European launch targets eligible lower-risk MDS patients in selected markets. Availability in Germany is expected by year-end 2026, with France to follow in 2027. The company concedes it lacks experience commercializing outside the United States and faces country-by-country pricing and reimbursement risk.

The scientific calendar was busy. Geron presented three posters at the SOHO 2026 Annual Meeting, including real-world evidence consistent with the Phase 3 IMerge trial, and delivered oral presentations at the Japanese Society of Hematology meeting in Kyoto and the DGHO congress in Vienna. A pooled IMerge analysis suggests transient cytopenias (early blood-cell reductions) early in treatment may predict better therapeutic response.

Two peer-reviewed manuscripts appeared, one in Haematologica on IMerge overall survival, and one in the Journal of Clinical Medicine on combining imetelstat with venetoclax in leukemia models. RYTELO was also nominated for the 2026 Prix Galen USA Award for Best Product for Rare/Orphan Diseases.

Geron hosts its conference call at 8:00 a.m. ET on November 4, 2026. One profitable quarter, one discontinued trial, and a narrower expense range. The ledger is improving; the pipeline is narrower.