GERN Stock — Geron Corporation: Cash, EV, Pipeline

Share price

$1.30

Market cap

$835.2M

Cash

$300.8M

Enterprise value

$654.5M

Balance sheet

Cash	$300.8M
Debt	$120.1M
Net cash	$180.7M
Enterprise value	$654.5M
Basic shares	0.7M shares
Fully diluted shares	782.1M shares
Fully diluted market cap	$1,016.8M
Cash per share	$429.71

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Mar 15 - Apr 26	Imetelstat sodium	Phase 1	Myelofibrosis	—
Aug 11 - Sep 22	Imetelstat	Phase 3	Myelofibrosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

RYTELO

Approved · Active Modality: telomerase inhibitor

Aliases imetelstat

Target telomerase

Partnerships Royalty Pharma: $125M upfront for tiered royalties on US net sales (7.75% up to $500M, 3.0% $500M-$1B, 1.0% above $1B; capped). Tanner Pharma: Named Patient Program distribution ex-US. Third parties for EU commercialization.

Indications

Lower-risk MDS with transfusion-dependent anemia (Approved)
Intermediate-2/high-risk myelofibrosis, relapsed/refractory post-JAK inhibitor (Phase 3)
Frontline myelofibrosis (combination) (Phase 1)
Higher-risk MDS and AML (investigator-led IMpress) (Phase 2)
Relapsed/refractory AML (investigator-led IMAGINE) (Phase 1)

Catalysts

— H2 2026
— H2 2028

Status note Sole product; commercial in US since Jun 2024 for LR-MDS. EU marketing authorization granted Mar 2025; planned launch in select EU markets in 2026. IMpactMF Phase 3 fully enrolled as of Sep 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Imetelstat
Lead indication	Myelofibrosis
Lead phase	Phase 3
Active trials	3
Collaborator trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT04576156	Phase 3	Active, not recruiting	Sponsor	GERN	—	Myelofibrosis	—
NCT02598661	Phase 3	Active, not recruiting	Sponsor	GERN	—	Myelodysplastic Syndromes	—
NCT05371964	Phase 1	Active, not recruiting	Sponsor	GERN	—	Myelofibrosis	—
NCT07549451	Phase 2	Not yet recruiting	Collaborator	M.D. Anderson Cancer Center	—	Phase II; Imetelstat; Myelodysplastic (MDS) / Myeloproliferative (MPN) Diseases	—
NCT05583552	Phase 2	Active, not recruiting	Collaborator	GCP-Service International West GmbH	—	Myelodysplastic Syndromes; Acute Myeloid Leukemia	—
NCT06247787	Phase 1	Recruiting	Collaborator	Children's Oncology Group	—	Recurrent Childhood Acute Myeloid Leukemia; Recurrent Childhood Myelodysplastic Syndrome; Recurrent Juvenile Myelomonocytic Leukemia	—
NCT07320235	Phase 1	Recruiting	Collaborator	Douglas Tremblay	—	Relapsed Acute Myeloid Leukemia	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Geron Corporation on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	505,817	+305,817	0.03%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

GERN — Geron Corporation