Geron (GERN 9.58%), a biotechnology company focused on therapies for blood disorders, released its second quarter 2025 results on August 6, 2025. The headline news was a sharp acceleration in RYTELO revenues and better-than-expected GAAP bottom-line results. The company reported GAAP revenue of $49.0 million, ahead of the $47.28 million GAAP analyst forecast, and GAAP earnings per share (EPS) of $0.02, which surpassed the consensus GAAP estimate of $(0.03). Commercial momentum for RYTELO, Geron's core medicine for lower-risk myelodysplastic syndromes (MDS), improved after a slow Q1 2025. The quarter showed progress in demand growth, with RYTELO demand increasing 17% quarter-over-quarter, commercial reach, and research pipeline milestones, making it a standout period for the company.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS | $(0.02) | $(0.03) | $(0.10) | 80.0 % |
| Revenue | $49.0 million | $47.28 million | $0.88 million | 5,477.3 % |
| Product Revenue – RYTELO | $49.0 million | $0.78 million | 6,182 % | |
| Total Operating Expenses | $61.5 million | $70.2 million | (12.4 %) | |
| Cash, Cash Equivalents & Marketable Securities | $432.6 million(as of June 30, 2025) | N/A | N/A |
Source: Analyst estimates for the quarter provided by FactSet.
About the Business and Recent Priorities
Geron develops and commercializes telomerase inhibitor therapies for blood cancers and blood disorders. Its lead product, RYTELO, is a medicine for transfusion-dependent anemia in patients with lower-risk myelodysplastic syndromes (MDS). The company's main focus is successfully launching and establishing RYTELO as a standard therapy in the U.S, which began following its approval in June 2024.
RYTELO's commercial performance is crucial, as it represents Geron's core revenue stream. Success depends on increasing use among doctors, educating prescribers, and expanding into both U.S. and European markets. Geron is also advancing clinical programs to expand indications for its drug, aiming to build a pipeline of therapies that could widen its addressable market and offer more stable future revenues.
Quarterly Highlights: Sales Acceleration and Commercial Execution
The quarter marked a significant step forward, largely due to an uptick in RYTELO's adoption. RYTELO GAAP revenue climbed to $49.0 million—an increase of 24% in net product revenue compared to Q1 2025. Patient demand, tracked by the number of new treatment starts, rose 17% quarter-over-quarter, up sharply to 17% from just 1% in Q1 2025. This demand surge followed targeted investments in sales headcount (growing the field force by 20%) and a doubling of Geron's medical liaison team.
The company surpassed a milestone of 1,000 active ordering accounts, up by approximately 400 year-to-date. This suggests much wider distribution among both community and hospital-based prescribers in the U.S. Management attributed improved growth to focused outreach, stronger education for clinicians, and more consistent inventories after a past period of supply channel adjustments impacted results. About 85% of U.S. patients now have favorable insurance coverage for RYTELO, according to company statements from May 2025, supporting broader access and helping boost uptake.
The company had negligible product revenue in 2024, so this period's leap reflects both successful commercialization and greater physician willingness to prescribe. Mainly due to a reduction in clinical trial activity and the capitalization of late-stage study costs following product approval, this cost discipline allowed for increased investment in commercial operations without overspending and has helped narrow losses.
No new regulatory approvals arrived this quarter, but a major highlight was Geron's successful push to gain reimbursement for new patients in the U.S, along with continued preparations for a European product rollout. The Phase 3 IMpactMF trial, which studies imetelstat (the same active component as RYTELO) in relapsed or refractory myelofibrosis (a serious bone marrow disorder), was over 95% enrolled as of the end of July 2025 and on track for completion. Interim results for the IMpactMF Phase 3 clinical trial are expected in the second half of 2026, representing a potential catalyst for product expansion and revenue growth. Geron also maintained its focus on safeguarding its intellectual property, with patents extending to 2033 in the U.S. and Europe (not including any patent term extension). New CEO Harout Semerjian was named.
Product Focus: RYTELO and the Path Forward
RYTELO is a telomerase inhibitor, a first-in-class medicine for anemia in lower-risk MDS. Telomerase inhibitors block an enzyme involved in cancer cell survival and division. The company’s goal is to establish RYTELO in both the U.S. and, in time, select markets in Europe. For context, The total addressable market in the U.S. is roughly 15,400 eligible patients in 2025, treated by around 6,300 health care providers. The company is targeting these health care professionals through direct sales and educational programs to encourage adoption.
Geron's commercial and research strategy includes expanding the use of RYTELO to earlier lines of MDS treatment and pursuing new indications. Key to this is the IMpactMF study in myelofibrosis, a type of blood cancer. If trial results are positive, management expects this indication could double RYTELO's sales potential. Geron also continues to explore further uses of imetelstat in other blood disorders, aiming for a diverse and defensible therapeutic portfolio.
Looking Forward: Guidance and Key Considerations
Management reiterated full-year 2025 guidance for total operating expenses of $270–285 million. Available cash and anticipated sales revenues are projected to fund operations for the foreseeable future. The company stressed a disciplined approach to European build-out, focusing first on U.S. commercialization while preparing for a possible launch abroad in 2026.
No formal revenue or profit guidance was provided for upcoming quarters. Instead, the next major clinical milestone will be the IMpactMF interim trial analysis in the second half of 2026. Investors should watch for signs that RYTELO growth can persist as it moves into earlier lines of therapy, as well as progress in reimbursement and access abroad.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
