Geron Corporation Reports Second Quarter 2017 Financial Results
August 09 2017 - 4:05PM
Geron Corporation (Nasdaq:GERN) today reported financial results
for the three and six months ended June 30, 2017.
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 costs.
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.
About Geron
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.
GERON CORPORATION |
CONDENSED STATEMENTS OF
OPERATIONS |
(UNAUDITED) |
|
|
|
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 |
Note 1: Derived from audited financial
statements included in the company’s annual report on Form 10-K for
the year ended December 31, 2016.
CONTACT:
Anna Krassowska, Ph.D.
Investor and Media Relations
650-473-7765
investor@geron.com
media@geron.com
Geron (NASDAQ:GERN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Geron (NASDAQ:GERN)
Historical Stock Chart
From Apr 2023 to Apr 2024