Insights

Why Geron Stock Is Soaring Today

What happened
Shares of Geron Corporation (NASDAQ: GERN) were soaring 15% higher as of 12:04 p.m. ET on Tuesday. The big gain came after the company provided its first-quarter update following the market close on Monday.
Geron reported Q1 revenue of $123,000. It posted a net loss of $30.1 million, or $0.09 per share. This result beat the consensus estimate of a net loss of $0.10 per share. 
Investors were perhaps most encouraged by Geron’s cash position. The company ended the first quarter with $178.0 million in cash and marketable securities. This amount was boosted by around $70 million in April after Geron conducted a public stock offering. 
So what
Financial results often don’t matter all that much for clinical-stage biotech stocks like Geron. However, how much cash the companies have is important.
Without cash, biotechs can’t advance their pipeline programs. That shouldn’t be a problem for Geron, though. The company believes that its cash stockpile, combined with future proceeds of up to $124.3 million from exercising outstanding warrants, will be enough to fund operations through the end of 2023.
Image source: Getty Images.

Now what
The most important things to watch with Geron are two in-progress clinical studies. Geron expects to report top-line results from its IMerge phase 3 study evaluating imetelstat in treating lower-risk myelodysplastic syndromes in early January 2023. The company is also expanding its phase 3 IMpactMF study of the drug in treating refractory myelofibrosis with an interim analysis anticipated in 2024.
Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. –

What happened

Shares of Geron Corporation (NASDAQ: GERN) were soaring 15% higher as of 12:04 p.m. ET on Tuesday. The big gain came after the company provided its first-quarter update following the market close on Monday.

Geron reported Q1 revenue of $123,000. It posted a net loss of $30.1 million, or $0.09 per share. This result beat the consensus estimate of a net loss of $0.10 per share. 

Investors were perhaps most encouraged by Geron’s cash position. The company ended the first quarter with $178.0 million in cash and marketable securities. This amount was boosted by around $70 million in April after Geron conducted a public stock offering. 

So what

Financial results often don’t matter all that much for clinical-stage biotech stocks like Geron. However, how much cash the companies have is important.

Without cash, biotechs can’t advance their pipeline programs. That shouldn’t be a problem for Geron, though. The company believes that its cash stockpile, combined with future proceeds of up to $124.3 million from exercising outstanding warrants, will be enough to fund operations through the end of 2023.

Image source: Getty Images.

Now what

The most important things to watch with Geron are two in-progress clinical studies. Geron expects to report top-line results from its IMerge phase 3 study evaluating imetelstat in treating lower-risk myelodysplastic syndromes in early January 2023. The company is also expanding its phase 3 IMpactMF study of the drug in treating refractory myelofibrosis with an interim analysis anticipated in 2024.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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