Geron Corporation released its 2026 financial guidance on January 12, 2026, projecting net product revenue of $220‑$240 million and total operating expenses of $230‑$240 million. The guidance signals a near‑break‑even outlook, a shift from the $250‑$260 million operating expense range that the company had revised in November 2025.
The revenue range represents a modest increase from the $210‑$230 million guidance issued in 2025, while operating expenses are trimmed by roughly $10‑$20 million compared to the prior year’s $240‑$250 million estimate. The near‑break‑even target reflects the company’s expectation that the cost savings from a one‑third workforce reduction and streamlined operations will offset the modest revenue growth driven by RYTELO and the IMpactMF trial.
RYTELO, Geron’s first‑in‑class drug for lower‑risk myelodysplastic syndromes, generated $47.5 million in net product revenue in Q4 2024 and $76.5 million since its June 2024 launch. Management expects the U.S. commercial rollout to accelerate in the second half of 2026, while the European Medicines Agency’s Committee for Medicinal Products for Human Use issued a positive opinion in December 2024, paving the way for EU commercialization. The guidance indicates that RYTELO will be a key revenue driver in 2026.
The Phase 3 IMpactMF trial for relapsed/refractory myelofibrosis has enrolled 320 patients, with 80 % of enrollment complete. Interim analysis is scheduled for the second half of 2026, and the final readout is expected in the second half of 2028. The trial’s outcomes will shape Geron’s future product portfolio and potential revenue streams beyond RYTELO.
Geron’s strategic restructuring, announced in November 2025, cut the workforce by approximately one‑third and is expected to be largely complete by the first quarter of 2026. The leaner organization is designed to reduce operating expenses by $10‑$20 million, supporting the near‑break‑even guidance while preserving resources for commercial and clinical investments.
CEO Harout Semerjian emphasized that the 2026 guidance is underpinned by a focused commercial strategy, a growing evidence base for RYTELO, and the momentum of the IMpactMF trial. CFO Michelle Robertson highlighted that the cost reductions from the restructuring will enable continued investment in RYTELO’s U.S. and European expansion without compromising the company’s cash runway.
The near‑break‑even outlook signals Geron’s confidence in stabilizing its financial position while pursuing growth. The company’s $503 million cash balance as of December 31, 2024 provides a runway into the second quarter of 2026, but the guidance also underscores the need for sustained revenue growth to achieve profitability. The combination of cost discipline, a growing commercial pipeline, and a robust trial program positions Geron to navigate current headwinds and capitalize on emerging opportunities.
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