Geron
Markets RYTELO, the only approved telomerase inhibitor, for transfusion-dependent low-risk MDS patients.
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Sells RYTELO, the only approved telomerase-inhibiting therapy, to adults with lower-risk myelodysplastic syndrome who remain transfusion-dependent after standard anemia treatment stops working. Revenue comes almost entirely from this single oncology drug, commercialized directly in the US and under a smaller distribution footprint in Europe from a compact team headquartered in Foster City, California.
Began in 1990 as a research effort built around telomerase biology, initially pursuing therapies for cellular aging before redirecting that science toward cancer. A licensing partnership with a major pharmaceutical company funded years of clinical trials until the partner walked away and returned full rights to the drug.
That drug, RYTELO (imetelstat), reached the market as the first approved telomerase inhibitor, treating adults with lower-risk myelodysplastic syndrome who remain dependent on blood transfusions after standard anemia therapy fails. A second late-stage trial in myelofibrosis is now underway, with results expected within the next couple of years.
A single product accounts for essentially all revenue, sold directly to oncology centers in the US and, more recently, in parts of Europe. Headcount was cut by roughly a third in a recent restructuring as spending shifted from research toward commercial execution.
Company facts
Key statistics
Year to date +14.0% · Average volume (30d) 10.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating |
|---|---|---|---|---|
| May 8, 2025 | Scotiabank | Downgrade | Sector Outperform | Sector Perform |
| Feb 27, 2025 | B. Riley Securities | Downgrade | Buy | Neutral |
| Feb 26, 2025 | H.C. Wainwright | Downgrade | Buy | Neutral |
| Feb 26, 2025 | HC Wainwright & Co. | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.01 | −$0.02 | −125.2% | $55.3M | $57.5M | +3.9% | +21.64% |
| May 6, 2026Q1 FY26 | −$0.03 | −$0.01 | +66.7% | $50.6M | $51.8M | +2.5% | −7.59% |
| Feb 25, 2026Q4 FY25 | −$0.03 | −$0.03 | 0.0% | $50.4M | $48.0M | −4.8% | −4.07% |
| Nov 5, 2025Q3 FY25 | −$0.04 | −$0.03 | +18.2% | $53.3M | $47.2M | −11.5% | −0.92% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $39.6M | $49.0M | $47.2M | $48.0M | $51.8M | $57.5M | |
| Gross profit | $38.4M | $47.8M | $25.1M | $46.7M | $50.1M | $48.2M | |
| Operating income | −$16.7M | −$12.5M | −$13.9M | −$10.8M | −$236.0K | −$12.5M | |
| Net income | −$19.8M | −$16.4M | −$18.4M | −$31.1M | −$3.6M | −$16.7M | |
| Diluted EPS | −$0.03 | −$0.02 | −$0.03 | −$0.05 | −$0.01 | −$0.02 | |
| Gross margin | 97.0% | 97.6% | 53.2% | 97.3% | 96.7% | 83.9% | |
| Operating margin | -42.2% | -25.4% | -29.4% | -22.5% | -0.5% | -21.7% |
Fiscal years (4-quarter sums)FY21 $1.4M · FY22 $596.0K · FY23 $237.0K · FY24 $77.0M · FY25 $183.9M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $300.8M · Total debt $122.1M · Total assets $519.0M · Shareholders' equity $218.6M
Dividends
No dividends on record.
Ownership
Shares outstanding 641.52M · Float 560.06M · 87.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ra Capital Management, L.P. | 63.77M | 9.94% | 13F | May 15, 2026 |
| BlackRock, Inc. | 47.32M | 7.38% | 13F | May 13, 2026 |
| Roderick Wong, M.D. | 44.11M | 7.30% | 13G | Nov 14, 2024 |
| Soleus Capital Master Fund, L.P. | 41.51M | 6.50% | 13G | May 8, 2026 |
| State Street Corporation | 35.86M | 5.60% | 13G | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 18, 2026 | Michelle Robertson | officer: EVP, CHIEF FINANCIAL OFFICER | −9,855 | $1.94 |
Peers
- Bristol-Myers Squibb
Head-to-head in ESA-naive and ESA-refractory lower-risk MDS anemia with Reblozyl
- Incyte
Dominant 1L JAK inhibitor whose R/R MF relapse pool defines imetelstat's market
- GSK (ADR)
Ojjaara (momelotinib) treats MF anemia, overlapping imetelstat's anemia focus
- Keros Therapeutics
Phase 3 elritercept targets the same transfusion-dependent LR-MDS population
- Disc Medicine
Phase 2 DISC-0974 targets anemia of myelofibrosis, imetelstat's R/R MF focus
- Novartis (ADR)
Pelabresib + ruxolitinib may delay MF patients reaching R/R, imetelstat's target
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Geron | $1.51 | +0.33% | $968.7M | — | 107.7 | 4.7 | +17.2% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| Incyte | $124.37 | −0.03% | $25.21B | 15.8 | 43.0 | 4.3 | +37.7% |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Keros Therapeutics | $11.03 | −0.18% | $352.9M | — | — | 23.5 | −99.8% |
| Disc Medicine | $80.03 | −0.01% | $3.07B | — | — | — | — |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Median | 15.8 | 13.4 | 4.3 | +2.7% |