Business & Finance
Geron Corporation incurs lower net loss of USD23.8m in Q4 2020
12 March 2021 -

Biopharmaceutical company Geron Corporation (Nasdaq:GERN) disclosed on Thursday its net loss of USD23.8m (USD0.07 per share) for the fourth quarter ended 31 December 2020.

This marks a rise in earnings when compared with net loss of USD29.1m (USD0.15 per share) for the fourth quarter of 2019.

Revenues of USD50,000 were recorded for the three months ended 31 December 2020, down over revenues of USD171,000 for the same periods in 2019. The revenues in 2020 and 2019 reflect royalties from sales of cell-based research products from divested stem cell assets.

Research and development (R&D) expenses of USD16.2m were reported for the three months ended 31 December 2020, a decline from USD24.9m for the same periods in 2019 and reflects the net result of closing of the IMbark Phase 2 clinical trial, completion of the transition of the imetelstat program and reduced purchases of raw materials, drug substance and drug product.

In fiscal year 2021, the company anticipates operating expense burn to range from USD108m to USD112m, which includes costs for the two ongoing Phase 3 clinical trials, producing validation batches of imetelstat at contract manufacturers to enable future production of imetelstat for clinical and commercial purposes as well as preparatory activities for NDA and commercial readiness.