Geron Corporation (NASDAQ: GERN) has reported its first-quarter 2024 financial results and business highlights, showcasing significant developments and changes in various metrics compared to the same period in 2023.
In terms of financials, as of March 31, 2024, the company had approximately $465 million in cash and marketable securities, representing a substantial increase compared to the same period in 2023. The first quarter of 2024 saw the company report revenues of $304,000, a significant improvement from $21,000 for the same period in 2023. However, the net loss for the first quarter of 2024 was $55.4 million, or $0.09 per share, compared to $38.1 million, or $0.07 per share, for the first quarter of 2023.
Furthermore, total operating expenses for the first quarter of 2024 were $56.4 million, compared to $40.1 million for the same period in 2023. Research and development expenses increased to $29.4 million in the first quarter of 2024, compared to $27.2 million for the same period in 2023. General and administrative expenses also saw a notable increase, totaling $27.1 million for the first quarter of 2024, compared to $12.9 million for the same period in 2023.
Interest income for the first quarter of 2024 was $4.2 million, compared to $3.9 million for the same period in 2023, primarily due to a larger marketable securities portfolio. In contrast, interest expense for the first quarter of 2024 was $3.4 million, compared to $1.9 million for the same period in 2023, reflecting higher interest rates as the company had $80.0 million in principal debt outstanding.
Looking ahead, for fiscal year 2024, Geron Corporation expects total operating expenses to be in the range of approximately $270 million to $280 million, which includes non-cash items such as stock-based compensation expense, amortization of debt discounts and issuance costs, and depreciation and amortization.
In terms of operations, the company completed onboarding its commercial team and sales organization in April 2024 as part of the U.S. commercial preparation for the potential launch of Imetelstat, the first-in-class investigational telomerase inhibitor, if approved.
Moreover, Geron Corporation provided an update on the phase 3 IMPACTMF clinical trial, indicating an extension of timelines by half a year, with the interim analysis now expected in early 2026 and the final analysis in early 2027, based on the evaluation of unblinded data by the data monitoring committee.
The company also highlighted its plans to grow its workforce from 162 full-time employees as of March 31, 2024, to a total of approximately 250-300 employees by year-end 2024, subject to the approval of Imetelstat in the U.S.
These financial and operational changes and developments reflect Geron Corporation's proactive efforts in advancing its clinical and commercial initiatives, as well as its strategic preparations for potential future milestones, pending regulatory outcomes. The market has reacted to these announcements by moving the company's shares -3.2% to a price of $3.95. For the full picture, make sure to review Geron's 8-K report.
