Geron Corporation (GERN) experienced a pre-market plunge of 5.48% on Wednesday, following the release of its fourth quarter and full-year 2024 financial results. While the company reported net product revenue of $47.5 million for the quarter, surpassing estimates, it posted a wider-than-expected net loss per share of $0.04, missing analysts' expectations of a $0.02 loss.
The biotechnology company, which recently launched its first commercial product RYTELO (imetelstat) for the treatment of certain myelodysplastic syndromes (MDS), saw its operating expenses rise significantly to $67.6 million in Q4, driven by costs associated with the drug's commercial launch and increased headcount. Despite the higher expenses, Geron expressed confidence in reaching profitability without additional financing if its current internal sales and operating expense expectations are met.
In addition to the financial results, Geron provided updates on the development of RYTELO for other indications, including positive progress in its Phase 3 trial evaluating imetelstat in patients with relapsed/refractory myelofibrosis. The company expects the interim analysis for overall survival in this trial to occur in the second half of 2026, with the final analysis anticipated in the second half of 2028.
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