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Geron Corporation Reports First Quarter 2020 Financial Results
MENLO PARK, Calif., May 28, 2020 (GLOBE NEWSWIRE) -- Geron Corporation (Nasdaq: GERN) today reported financial results for the first quarter ended March 31,
About this update from Geron Corporation
[{"type":"text","content":"MENLO PARK, Calif., May 28, 2020 (GLOBE NEWSWIRE) -- Geron Corporation (Nasdaq: GERN) today reported financial results for the first quarter ended March 31, 2020. The Company will host a conference call today at 4:30 p.m. ET to discuss the recently announced planned Phase 3 clinical trial in refractory MF, as well as an update on the ongoing IMerge Phase 3 clinical trial in lower risk MDS and first quarter financial results.\n Financial Resources As of March 31, 2020, Geron had approximately $133 million in cash, cash equivalents, and current and non-current marketable securities. Based on current planning assumptions, the Company estimates these financial resources, combined with the estimated net proceeds of approximately $140 million from the recently closed public offering of securities, provide sufficient funds for the Company’s operations into the second half of 2022 when top-line results for the IMerge Phase 3 clinical trial in lower risk myelodysplastic syndromes (MDS) are expected, as well completion of patient enrollment for the planned Phase 3 clinical trial in refractory myelofibrosis (MF). Revised 2020 Guidance The Company expects its 2020 operating expense burn to range from $70 to $75 million. This guidance reflects cash conservation measures implemented in April due to the COVID-19 pandemic, such as suspending travel and postponing a planned imetelstat proof of concept study. It also reflects new costs for startup activities associated with the planned Phase 3 clinical trial in refractory MF and additional costs for the expansion of clinical sites for the IMerge Phase 3 clinical trial. First Quarter 2020 Results For the first quarter of 2020, the Company reported a net loss of $16.4 million, or $0.08 per share, compared to $10.1 million, or $0.05 per share, for the comparable 2019 period. Revenues for the first quarter of 2020 were $52,000 compared to $57,000 for the comparable 2019 period. Royalty revenues in 2020 and 2019 primarily reflect estimated royalties from sales of cell-based research products from the Company’s divested stem cell assets. In connection with the divestiture of Geron’s human embryonic stem cell assets, including intellectual property and proprietary technology, to Lineage Cell Therapeutics, Inc. (formerly BioTime, Inc., which acquired Asterias Biotherapeutics, Inc.) in 2013, Geron is enti...