Geron Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported total product revenue, net of $60.1 million for Q3 2026, an increase from $47.2 million in Q3 2025.
• Reported net income of $1.4 million (or $0.00 per share) for Q3 2026, compared to a net loss of $18.4 million (or $0.03 per share) in Q3 2025.
• Total costs and operating expenses were $54.4 million for Q3 2026, down from $61.1 million in Q3 2025.
• Cost of goods sold increased to $6.1 million in Q3 2026 from $1.0 million in Q3 2025, primarily due to non-cash inventory-related expenses.
• Research and development expenses decreased to $12.7 million in Q3 2026 from $21.1 million in Q3 2025, driven by lower personnel-related and clinical/CMC costs.
• Selling, general and administrative expenses decreased to $35.7 million in Q3 2026 from $39.0 million in Q3 2025, primarily due to lower personnel-related expenses.
• Ended Q3 2026 with $339.4 million in cash, cash equivalents, restricted cash, and marketable securities, compared to $326.9 million as of June 30, 2026.

Guidance and Future Outlook:

• Reiterated 2026 RYTELO net product revenue guidance at the mid-to-high end of the $220 million to $240 million range.
• Lowered 2026 total operating expenses guidance to a range of $220 million to $230 million, down from the prior range of $230 million to $240 million.
• Expects existing cash and anticipated U.S. net revenues from RYTELO to be sufficient to fund operating requirements for the foreseeable future.

Business Segments and Product Lines:

• RYTELO (imetelstat) net product revenue grew by 5% in Q3 2026 compared to Q2 2026.
• RYTELO demand grew by 10% in Q3 2026 compared to Q2 2026.
• Ordering accounts increased by approximately 8% in Q3 2026 to roughly 1,700.
• Initiated a gated commercial launch for RYTELO in targeted European markets, with availability expected in Germany by the end of 2026 and France in 2027.
• Discontinued the Phase 3 IMpactMF trial evaluating imetelstat in JAK inhibitor relapsed/refractory myelofibrosis based on a Data Monitoring Committee recommendation that the trial was unlikely to meet the primary endpoint of overall survival.

Market and Competitive Landscape:

• RYTELO demand growth is being driven by community practices in the U.S., indicating a potential long growth runway for second-line patients.
• Presented real-world evidence at the Society of Hematologic Oncology (SOHO) 2026 Annual Meeting consistent with the Phase 3 IMerge trial.
• Published manuscripts in Haematologica and the Journal of Clinical Medicine regarding imetelstat's role in LR-MDS and combinations with Venetoclax in Acute Myeloid Leukemia models.
• Nominated for the 2026 Prix Galien USA Award for Best Product for Rare/Orphan Diseases for RYTELO in LR-MDS.

Risks and Challenges:

• The discontinuation of the Phase 3 IMpactMF trial means the company does not expect to pursue an approval pathway for imetelstat in relapsed/refractory myelofibrosis and is increasingly dependent on the success of RYTELO in lower-risk MDS.
• Risks include potential delays in commercialization, regulatory approvals, manufacturing supply, and market acceptance across eligible patient segments.
• Future financial performance depends on meeting 2026 guidance and generating anticipated net revenues from U.S. sales.

Management Commentary and Tone:

• Harout Semerjian, President and CEO, stated that strong RYTELO demand growth reinforces confidence in the LR-MDS commercial opportunity and the ability to reach more second-line patients.
• Management expressed confidence in the long growth runway in the U.S. and identified a clear opportunity to create value by broadening RYTELO's access in Europe.
• The company emphasized that expanding access to therapies and pursuing opportunistic innovation are key parts of building a leading hematology company.

Other Key Points:

• RYTELO is the first and only telomerase inhibitor approved by the U.S. FDA and European Commission for specific patient populations with lower-risk myelodysplastic syndromes.
• Post-hoc analysis from the IMerge population suggests transient cytopenias observed early in treatment may be an on-target effect predictive of better therapeutic response.
• The company hosted a conference call and webcast on November 4, 2026, to discuss results.