Full Press Release Details
PRESS RELEASE DATED AUGUST
Geron Corporation Reports Second
Quarter 2017 Financial Results
AUGUST 9, 2017 -- Geron Corporation (Nasdaq:
GERN) today reported financial results for the three and six months ended June
For the second quarter of 2017, the
company reported a net loss of $6.4 million, or $0.04 per share, compared to
$8.6 million, or $0.05 per share, for the comparable 2016 period. Net loss for
the first six months of 2017 was $13.6 million, or $0.09 per share, compared to
$17.5 million, or $0.11 per share, for the comparable 2016 period. The company
ended the second quarter of 2017 with $117.2 million in cash and investments.
Revenues for the three and six months
ended June 30, 2017 were $174,000 and $711,000, respectively, compared to
$211,000 and $960,000 for the comparable 2016 periods. Revenues for the three
and six month periods ending June 30, 2017 and 2016 included royalty and license
fee revenues under various non-imetelstat license agreements.
Total operating expenses for the three and
six months ended June 30, 2017 were $6.9 million and $14.9 million,
respectively, compared to $9.1 million and $18.9 million for the comparable 2016
periods. Research and development expenses for the three and six months ended
June 30, 2017 were $2.5 million and $5.9 million, respectively, compared to $4.6
million and $9.6 million for the comparable 2016 periods. The decrease in
research and development expenses for the three and six month periods ending
June 30, 2017, compared to the same periods in 2016, primarily reflects lower
costs for the proportionate share of clinical development expenses under the
collaboration with Janssen Biotech, Inc. and reduced personnel related expenses.
General and administrative expenses for the three and six months ended June 30,
2017 were $4.4 million and $9.1 million, respectively, compared to $4.5 million
and $9.3 million for the comparable 2016 periods. The decrease in general and
administrative expenses for the three and six month periods ending June 30,
2017, compared to the same periods in 2016, primarily reflects lower consulting
Interest and other income for the three
and six months ended June 30, 2017 was $346,000 and $678,000, respectively,
compared to $293,000 and $549,000 for the comparable 2016 periods. The increase
in interest and other income for the three and six month periods ending June 30,
2017, compared to the same periods in 2016, primarily reflects higher yields on
the company s marketable securities portfolio.
Due to the recent announcement and
conference call on updates to the clinical development plans for imetelstat,
Geron s management will not be hosting a separate conference call in connection
with these financial results.
Geron is a clinical stage
biopharmaceutical company focused on the collaborative development of a
first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid
malignancies. For more information about Geron, visit www.geron.com.
Financial table follows.
CONDENSED STATEMENTS OF
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands, except share and per share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Revenues: | ||||||||||||||||
| License fees and royalties | $ | 174 | $ | 211 | $ | 711 | $ | 960 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,499 | 4,575 | 5,873 | 9,608 | ||||||||||||
| General and administrative | 4,406 | 4,547 | 9,063 | 9,340 | ||||||||||||
| Total operating expenses | 6,905 | 9,122 | 14,936 | 18,948 | ||||||||||||
| Loss from operations | (6,731 | ) | (8,911 | ) | (14,225 | ) | (17,988 | ) | ||||||||
| Interest and other income | 346 | 293 | 678 | 549 | ||||||||||||
| Interest and other expense | (20 | ) | (19 | ) | (41 | ) | (40 | ) | ||||||||
| Net loss | $ | (6,405 | ) | $ | (8,637 | ) | $ | (13,588 | ) | $ | (17,479 | ) | ||||
| Basic and diluted net loss per share: | ||||||||||||||||
| Net loss per share | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.09 | ) | $ | (0.11 | ) | ||||
| Shares used in computing net loss per share | 159,182,367 | 158,998,931 | 159,171,959 | 158,947,485 |
CONDENSED BALANCE SHEETS
| June 30, | December 31, | |||||
| (In thousands) | 2017 | 2016 | ||||
| (Unaudited) | (Note 1) | |||||
| Current assets: | ||||||
| Cash, cash equivalents and restricted cash | $ | 6,874 | $ | 13,078 | ||
| Current marketable securities | 88,239 | 102,035 | ||||
| Other current assets | 6,953 | 999 | ||||
| Total current assets | 102,066 | 116,112 | ||||
| Noncurrent marketable securities | 22,076 | 13,954 | ||||
| Property and equipment, net | 140 | 183 | ||||
| $ | 124,282 | $ | 130,249 | |||
| Current liabilities | $ | 11,274 | $ | 7,869 | ||
| Stockholders equity | 113,008 | 122,380 | ||||
| $ | 124,282 | $ | 130,249 |
Anna Krassowska, Ph.D.