Geron Corporation (GERN) experienced a significant plummet of 29.11% in pre-market trading on Wednesday, following the release of its fourth-quarter and full-year 2024 financial results.
While the biotechnology company reported net product revenue of $47.5 million from its recently launched drug RYTELO (imetelstat) for the treatment of certain myelodysplastic syndromes (MDS), exceeding analysts' expectations, it posted a wider-than-expected net loss of $0.04 per share, missing the estimated loss of $0.02 per share.
The primary reason behind the wider-than-expected loss was the substantial increase in operating expenses, which soared to $67.6 million in the fourth quarter. This sharp rise was driven by costs associated with the commercial launch of RYTELO and increased headcount to support the launch.
Despite the higher expenses, Geron expressed confidence in reaching profitability without additional financing if its current internal sales and operating expense expectations are met. The company also provided positive updates on the development of RYTELO for other indications, including progress in its Phase 3 trial evaluating imetelstat in patients with relapsed/refractory myelofibrosis.
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