Revenue growth has accelerated to 30.9% in 2026Q1, yet operating margins remain thin at 0.3% due to heavy commercialization costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 196.12M | 183.88M | 76.99M | 237K | 596K | 1.39M | 253K | 460K | 1.07M | 1.06M | 6.16M | 36.37M | 1.15M | 1.28M | 2.71M | 2.44M | 3.56M | 1.73M | 2.8M | 7.62M | 3.28M | 290K | 1.05M | 1.17M | 1.25M | 3.62M | 6.61M | 5.4M | 6.8M | 7.3M | 5.3M |
| Revenue Growth % | 68.64% | 138.83% | 32386.92% | -60.23% | -57.21% | 450.59% | -45% | -56.85% | 0.09% | -82.72% | -83.06% | 3054.47% | -10.13% | -52.64% | 11.12% | -31.57% | 106.43% | -38.42% | -63.22% | 132.59% | 1030% | -72.46% | -10.31% | -5.93% | -65.52% | -45.23% | 22.39% | -20.59% | -6.85% | 37.74% | - |
| Cost of Goods Sold | 24.61M | 4.75M | 1.26M | 0 | 0 | 0 | 50.05M | 51.27M | 12.72M | 8.44M | 14.7M | 9.57M | 8.9M | 9.13M | 25.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.65M | -3.7M | -1.7M | -1.6M | -1.2M |
| COGS % of Revenue | - | 2.58% | 1.63% | - | - | - | 19783.4% | 11146.09% | 1193.53% | 792.21% | 238.48% | 26.32% | 771.99% | 711.93% | 929.42% | - | - | - | - | - | - | - | - | - | - | - | -70.4% | -68.52% | -25% | -21.92% | -22.64% |
| Gross Profit | 119.67M | 179.14M | 75.74M | 237K | 596K | 1.39M | -49.8M | -50.81M | -11.66M | -7.37M | -8.53M | 26.8M | -7.75M | -7.85M | -22.47M | 2.44M | 3.56M | 1.73M | 2.8M | 7.62M | 3.28M | 290K | 1.05M | 1.17M | 1.25M | 3.62M | 11.26M | 9.1M | 8.5M | 8.9M | 6.5M |
| Gross Margin % | 61.02% | 97.42% | 98.37% | 100% | 100% | 100% | -19683.4% | -11046.09% | -1093.53% | -692.21% | -138.48% | 73.68% | -671.99% | -611.93% | -829.42% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 170.4% | 168.52% | 125% | 121.92% | 122.64% |
| Gross Profit Growth % | - | 136.52% | 31856.96% | -60.23% | -57.21% | 102.8% | 1.99% | -335.89% | -58.13% | 13.61% | -131.84% | 445.86% | 1.31% | 65.06% | -1021.62% | -31.57% | 106.43% | -38.42% | -63.22% | 132.59% | 1030% | -72.46% | -10.31% | -5.93% | -65.52% | -67.86% | 23.76% | 7.06% | -4.49% | 36.92% | - |
| Operating Expenses | 207.18M | 232.97M | 249.47M | 194.18M | 139.15M | 115.39M | 27.11M | 21.69M | 32.14M | 30.32M | 36.81M | 35.62M | 37.47M | 38.78M | 71.77M | 93.11M | 79.73M | 71.96M | 69.85M | 70.46M | 50.64M | 38M | 37.19M | 31.35M | 36.95M | 38.64M | 37.47M | 29.9M | 21.1M | 19.8M | 18.7M |
| OpEx % of Revenue | - | 126.7% | 324.01% | 81932.91% | 23346.64% | 8283.7% | 10717% | 4715.87% | 3014.92% | 2846.95% | 597.34% | 97.95% | 3249.35% | 3022.53% | 2649.13% | 3818.91% | 2237.72% | 4169.18% | 2491.87% | 924.44% | 1545.22% | 13103.45% | 3531.62% | 2670.7% | 2960.58% | 1067.38% | 567.01% | 553.7% | 310.29% | 271.23% | 352.83% |
| Selling, General & Admin | 154.66M | 159.26M | 145.73M | 69.14M | 43.63M | 29.66M | 27.11M | 21.69M | 18.71M | 19.29M | 18.76M | 17.79M | 16.76M | 15.62M | 20.4M | 23.79M | 18.04M | 14.34M | 16.18M | 15.84M | 9.4M | 8.79M | 7.1M | 5.8M | 5.38M | 9.62M | 9.27M | 5.6M | 3.8M | 3.1M | 3.2M |
| SG&A % of Revenue | - | 86.61% | 189.28% | 29170.89% | 7320.13% | 2129.58% | 10717% | 4715.87% | 1754.88% | 1810.99% | 304.46% | 48.92% | 1453.43% | 1217.77% | 752.93% | 975.76% | 506.4% | 831% | 577.35% | 207.78% | 286.94% | 3030.34% | 674.64% | 494.29% | 430.69% | 265.77% | 140.31% | 103.7% | 55.88% | 42.47% | 60.38% |
| Research & Development | 73.59M | 73.72M | 103.74M | 125.05M | 95.52M | 85.73M | 51.49M | 52.07M | 13.43M | 11.03M | 18.05M | 17.83M | 20.71M | 23.16M | 51.37M | 69.32M | 61.69M | 57.62M | 53.66M | 54.62M | 41.23M | 35.08M | 30.08M | 25.55M | 31.57M | 29.02M | 23.55M | 20.6M | 15.6M | 15.1M | 14.3M |
| R&D % of Revenue | - | 40.09% | 134.74% | 52762.03% | 16026.51% | 6154.13% | 20350.99% | 11320% | 1260.04% | 1035.96% | 292.88% | 49.03% | 1795.92% | 1804.75% | 1896.2% | 2843.15% | 1731.32% | 3338.18% | 1914.52% | 716.66% | 1258.29% | 12096.55% | 2856.98% | 2176.41% | 2529.89% | 801.6% | 356.3% | 381.48% | 229.41% | 206.85% | 269.81% |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 | -51.49M | -52.07M | -154K | 0 | 0 | 1.31M | 0 | 0 | 5.45M | 0 | 0 | 0 | 0 | 0 | 0 | -5.87M | 0 | 0 | 0 | 0 | 4.65M | 3.7M | 1.7M | 1.6M | 1.2M |
| Operating Income | -36.97M | -53.84M | -173.73M | -193.94M | -138.55M | -114M | -76.91M | -72.5M | -31.07M | -29.25M | -30.65M | -559K | -36.31M | -38.96M | -71.76M | -96.12M | -111.17M | -70.23M | -67.04M | -62.84M | -47.36M | -37.71M | -81.28M | -30.18M | -35.7M | -35.02M | -26.21M | -20.8M | -12.6M | -10.9M | -12.2M |
| Operating Margin % | -18.85% | -29.28% | -225.64% | -81832.91% | -23246.64% | -8183.7% | -30400.4% | -15761.96% | -2914.92% | -2746.95% | -497.34% | -1.54% | -3149.35% | -3036.48% | -2648.87% | -3942.41% | -3120.04% | -4069.18% | -2391.87% | -824.44% | -1445.22% | -13003.45% | -7719.37% | -2570.7% | -2860.58% | -967.38% | -396.61% | -385.19% | -185.29% | -149.32% | -230.19% |
| Operating Income Growth % | - | 69.01% | 10.42% | -39.98% | -21.54% | -48.22% | -6.08% | -133.34% | -6.21% | 4.54% | -5382.29% | 98.46% | 6.79% | 45.71% | 25.34% | 13.54% | -58.28% | -4.76% | -6.69% | -32.68% | -25.59% | 53.61% | -169.33% | 15.46% | -1.94% | -33.6% | -26.02% | -65.08% | -15.6% | 10.66% | - |
| EBITDA | -36.26M | -52.63M | -172.51M | -192.91M | -137.68M | -113.22M | -76.75M | -72.44M | -31.01M | -29.18M | -30.57M | -503K | -36.27M | -38.64M | -70.93M | -94.54M | -109.56M | -68.48M | -64.62M | -60.91M | -45.77M | -33.97M | -77.38M | -26.06M | -31.11M | -30.65M | -21.56M | -17.1M | -10.9M | -9.3M | -11M |
| EBITDA Margin % | -18.49% | -28.62% | -224.06% | -81397.05% | -23101.01% | -8127.49% | -30337.94% | -15748.04% | -2909.38% | -2739.81% | -496.02% | -1.38% | -3145.27% | -3011.54% | -2618.24% | -3877.6% | -3074.88% | -3967.61% | -2305.46% | -799.12% | -1396.73% | -11712.76% | -7348.53% | -2219.59% | -2492.79% | -846.66% | -326.21% | -316.67% | -160.29% | -127.4% | -207.55% |
| EBITDA Growth % | 72.75% | 69.49% | 10.57% | -40.11% | -21.61% | -47.5% | -5.96% | -133.58% | -6.29% | 4.53% | -5976.54% | 98.61% | 6.14% | 45.52% | 24.97% | 13.71% | -59.98% | -5.97% | -6.1% | -33.07% | -34.75% | 56.1% | -196.95% | 16.24% | -1.5% | -42.16% | -26.08% | -56.88% | -17.2% | 15.45% | - |
| D&A (Non-Cash Add-back) | 712K | 1.2M | 1.22M | 1.03M | 868K | 783K | 158K | 64K | 59K | 76K | 81K | 56K | 47K | 320K | 830K | 1.58M | 1.61M | 1.75M | 2.42M | 1.93M | 1.59M | 3.74M | 3.9M | 4.12M | 4.59M | 4.37M | 4.65M | 3.7M | 1.7M | 1.6M | 1.2M |
| EBIT | -41.49M | -53.13M | -156.07M | -175.81M | -135.02M | -112.37M | -76.91M | -72.5M | -27.02M | -29.25M | -30.65M | 134K | -35.67M | -38.38M | -68.65M | -96.62M | -111.28M | -70.23M | -67.04M | -62.84M | -47.36M | -37.71M | -36.13M | -30.18M | -35.7M | -35.02M | -26.21M | -20.8M | -12.6M | -10.9M | -12.2M |
| Net Interest Income | -11.49M | -14.54M | 1.1M | 9.84M | -4.35M | -3.21M | 1.07M | 4.22M | 3.25M | 1.42M | 1.09M | 589K | 291K | 895K | 2.86M | 787K | 1.95M | 1.23M | 5.45M | 10.69M | 8.57M | 4.19M | 880K | 1.08M | 1.79M | 4.86M | -6.36M | 0 | -900K | 0 | -400K |
| Interest Income | 16.38M | 18.12M | 19.61M | 18.15M | 2.53M | 527K | 1.83M | 4.22M | 3.25M | 1.42M | 1.18M | 677K | 373K | 951K | 3.1M | 1.02M | 2.04M | 1.37M | 5.54M | 10.79M | 8.7M | 4.66M | 1.55M | 1.81M | 2.55M | 5.86M | 5.92M | 0 | 0 | 0 | 0 |
| Interest Expense | 17.31M | 32.66M | 18.5M | 8.31M | 6.88M | 3.74M | 760K | 0 | 0 | 0 | 83K | 88K | 82K | 56K | 233K | 237K | 98K | 143K | 93K | 102K | 130K | 464K | 672K | 736K | 757K | 1M | 12.28M | 0 | 900K | 0 | 400K |
| Other Income/Expense | -32.62M | -31.95M | -840K | 9.82M | -3.35M | -2.11M | 1.3M | 3.96M | 4.06M | 1.34M | 1.11M | 605K | 642K | 579K | 2.88M | -737K | -210K | 50K | 5.02M | 26.14M | 15.99M | 4.18M | 880K | 297K | 0 | -11.91M | 0 | -23.4M | 2.7M | 1.8M | 1.8M |
| Pretax Income | -69.59M | -85.78M | -174.57M | -184.13M | -141.9M | -116.11M | -75.62M | -68.55M | -27.02M | -27.92M | -29.54M | 46K | -35.67M | -38.38M | -68.88M | -96.85M | -111.38M | -70.18M | -62.02M | -36.7M | -31.36M | -33.53M | -80.41M | -29.88M | 0 | -46.93M | 0 | -44.2M | -9.9M | -9.1M | -10.4M |
| Pretax Margin % | -35.48% | -46.65% | -226.73% | -77690.72% | -23808.89% | -8335.39% | -29888.14% | -14901.74% | -2534.43% | -2621.22% | -479.34% | 0.13% | -3093.67% | -2991.35% | -2542.67% | -3972.64% | -3125.93% | -4066.28% | -2212.66% | -481.46% | -957.13% | -11561.38% | -7635.8% | -2545.4% | - | -1296.38% | - | -818.52% | -145.59% | -124.66% | -196.23% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35K | 56K | -597K | 0 | 0 | 0 | 0 | 0 | 0 | -4.19M | 44.27M | 0 | -1.79M | 7.05M | 19.62M | 25.6M | -1.8M | -1.3M | -1.5M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.1% | -0.15% | 0.87% | 0% | 0% | 0% | 0% | 0% | 0% | 12.51% | -55.06% | 0% | - | -15.03% | - | -57.92% | 18.18% | 14.29% | 14.42% |
| Net Income | -69.59M | -85.78M | -174.57M | -184.13M | -141.9M | -116.11M | -75.62M | -68.55M | -27.02M | -27.92M | -29.54M | 46K | -35.67M | -38.38M | -68.88M | -96.85M | -111.38M | -70.18M | -62.02M | -36.7M | -31.36M | -33.53M | -80.41M | -29.88M | -33.91M | -42.07M | -45.83M | -46.4M | -10.8M | -9.6M | -10.7M |
| Net Margin % | -35.48% | -46.65% | -226.73% | -77690.72% | -23808.89% | -8335.39% | -29888.14% | -14901.74% | -2534.43% | -2621.22% | -479.34% | 0.13% | -3093.67% | -2991.35% | -2542.67% | -3972.64% | -3125.93% | -4066.28% | -2212.66% | -481.46% | -957.13% | -11561.38% | -7635.8% | -2545.4% | -2716.99% | -1162.24% | -693.49% | -859.26% | -158.82% | -131.51% | -201.89% |
| Net Income Growth % | 49.94% | 50.86% | 5.19% | -29.76% | -22.21% | -53.55% | -10.31% | -153.72% | 3.22% | 5.49% | -64310.87% | 100.13% | 7.06% | 44.28% | 28.88% | 13.04% | -58.69% | -13.16% | -69.01% | -17% | 6.45% | 58.3% | -169.07% | 11.87% | 19.41% | 8.2% | 1.22% | -329.63% | -12.5% | 10.28% | - |
| Net Income (Continuing) | -69.59M | -85.78M | -174.57M | -184.13M | -141.9M | -116.11M | -75.62M | -68.55M | -27.02M | -27.92M | -29.54M | 46K | -35.67M | -38.38M | -68.88M | -96.85M | -111.38M | -70.18M | -62.02M | -36.7M | -31.36M | -33.69M | -79.56M | -29.88M | -33.91M | -42.07M | -32.57M | -46.4M | -10.8M | -9.6M | -10.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.10 | -0.13 | -0.27 | -0.32 | -0.37 | -0.37 | -0.28 | -0.33 | -0.15 | -0.18 | -0.19 | 0.00 | -0.23 | -0.30 | -0.54 | -0.78 | -1.14 | -0.80 | -0.79 | -0.49 | -0.47 | -0.58 | -1.79 | -0.97 | -1.37 | -1.90 | -2.20 | -3.00 | -0.94 | -0.91 | -1.38 |
| EPS Growth % | 47.92% | 51.85% | 15.63% | 13.51% | 0% | -32.14% | 15.15% | -120% | 16.67% | 5.26% | - | 100.13% | 23.33% | 44.44% | 30.77% | 31.58% | -42.5% | -1.27% | -61.22% | -4.26% | 18.97% | 67.6% | -84.54% | 29.2% | 27.89% | 13.64% | 26.67% | -219.15% | -3.3% | 34.06% | - |
| EPS (Basic) | - | -0.13 | -0.27 | -0.32 | -0.37 | -0.37 | -0.28 | -0.33 | -0.15 | -0.18 | -0.19 | 0.00 | -0.23 | -0.30 | -0.54 | -0.78 | -1.14 | -0.80 | -0.79 | -0.49 | -0.47 | -0.58 | -1.79 | -0.97 | -1.37 | -1.90 | -2.20 | -3.00 | -0.94 | -0.91 | -2.08 |
| Diluted Shares Outstanding | 669.38M | 666.66M | 646.03M | 570.65M | 380.78M | 327.63M | 271.46M | 190.16M | 176.5M | 159.22M | 159.05M | 162.66M | 153.54M | 128.38M | 126.94M | 124.51M | 97.6M | 88.08M | 78.19M | 74.21M | 66.06M | 57.88M | 44.88M | 30.97M | 24.66M | 22.12M | 20.87M | 15.49M | 11.44M | 10.55M | 7.74M |
| Basic Shares Outstanding | 669.38M | 666.66M | 646.03M | 570.65M | 380.78M | 327.63M | 271.46M | 190.16M | 176.5M | 159.22M | 159.05M | 158.04M | 153.54M | 127.93M | 126.94M | 124.51M | 97.6M | 88.08M | 78.19M | 74.21M | 66.06M | 57.88M | 44.88M | 30.97M | 24.66M | 22.12M | 20.87M | 15.49M | 11.44M | 10.55M | 5.15M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Single-asset commercial execution risk
As reported in recent financial statements, Geron's revenue has surged to $51.8 million in 2026Q1, marking a significant shift from its historical clinical-stage profile as the company begins to realize the commercial benefits of its lead asset, imetelstat, following recent regulatory approvals in the US market.
The rapid revenue growth trajectory suggests that the initial commercial launch of Rytelo is gaining traction among target hematology providers. Investors should monitor whether this growth remains sustainable as the company moves beyond initial channel filling and into the broader, more competitive myelodysplastic syndromes patient population.
Based on reported figures, Geron maintains a robust gross margin profile of approximately 97.4%, reflecting the inherent cost efficiency of its specialized oligonucleotide therapeutic, though this high margin has yet to translate into positive bottom-line performance due to the substantial overhead required for commercialization.
The near-total gross margin indicates strong pricing power and low variable production costs, which is typical for high-value specialty oncology assets. However, the disparity between these margins and the company's negative operating income highlights the significant scale required to achieve long-term profitability in this therapeutic category.
According to recent SEC filings, Geron's operating expenses, particularly SG&A, continue to consume the majority of gross profit, resulting in a 2026Q1 operating margin of only 0.3% despite the significant revenue expansion observed over the preceding ten quarters of the company's commercial transition.
The company's inability to consistently scale operating income faster than revenue suggests that the current commercial infrastructure is still in a heavy investment phase. Future margin expansion appears contingent on the company's ability to optimize its sales force efficiency and successfully penetrate the myelofibrosis market.
As indicated by the income statement data, SG&A expenses have remained elevated, frequently exceeding $35 million per quarter, which reflects the necessary capital commitment to support the specialized hematology sales force required for the successful market entry of their primary therapeutic asset, Rytelo.
The persistent level of SG&A spending relative to revenue suggests that management is prioritizing market share acquisition over immediate profitability. Analysts should scrutinize whether these costs will stabilize as the commercial launch matures or if further investment is required to support ongoing clinical trials.
While revenue growth appears impressive, the reliance on a single-asset commercial model warrants caution, as historical data shows significant volatility in quarterly performance and a continued dependence on external capital to fund operations, which may pose risks to long-term shareholder value if adoption slows.
Short-term revenue spikes may be influenced by inventory stocking rather than underlying patient demand, which could lead to disappointing results in subsequent quarters. The lack of diversified revenue streams makes the company particularly sensitive to any potential regulatory or competitive setbacks in the myelodysplastic syndromes space.
Quick answers to the most common questions about buying GERN stock.
For fiscal year 2025, Geron Corporation (GERN) reported total revenue of $183.9M. This represents a 3369.5% increase compared to $5.3M in 1996.
Geron Corporation (GERN) reported a net loss of $85.8M for the fiscal year ending 2025.
Geron Corporation (GERN) reported an operating income of $-53.8M, resulting in an operating profit margin of -29.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Geron Corporation (GERN) generated $179.1M in gross profit for the year, representing a gross profit margin of 97.4%. This demonstrates the company's core pricing power and production efficiency.