Geron (GERN)
Markets RYTELO, the only approved telomerase inhibitor, for transfusion-dependent low-risk MDS patients.
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Sells RYTELO, the only approved telomerase-inhibiting therapy, to adults with lower-risk myelodysplastic syndrome who remain transfusion-dependent after standard anemia treatment stops working. Revenue comes almost entirely from this single oncology drug, commercialized directly in the US and under a smaller distribution footprint in Europe from a compact team headquartered in Foster City, California.
Began in 1990 as a research effort built around telomerase biology, initially pursuing therapies for cellular aging before redirecting that science toward cancer. A licensing partnership with a major pharmaceutical company funded years of clinical trials until the partner walked away and returned full rights to the drug.
That drug, RYTELO (imetelstat), reached the market as the first approved telomerase inhibitor, treating adults with lower-risk myelodysplastic syndrome who remain dependent on blood transfusions after standard anemia therapy fails. A second late-stage trial in myelofibrosis is now underway, with results expected within the next couple of years.
A single product accounts for essentially all revenue, sold directly to oncology centers in the US and, more recently, in parts of Europe. Headcount was cut by roughly a third in a recent restructuring as spending shifted from research toward commercial execution.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 8, 2025 | Scotiabank | Downgrade | ||
| Feb 27, 2025 | B. Riley Securities | Downgrade | ||
| Feb 26, 2025 | H.C. Wainwright | Downgrade | ||
| Feb 26, 2025 | HC Wainwright & Co. | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $300.8M · Total debt $122.1M · Total assets $519.0M · Shareholders' equity $218.6M
- Revenue
- $57.5M
- Operating income
- −$12.5M
- Net income
- −$16.7M
No dividends on record.
| Institutions | ≈ 74.57% | 479.08M shares | |
|---|---|---|---|
| 267 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.06% | 385.9K shares | |
| 7 holders · as of Jul 1, 2026 | |||
| Other | ≈ 25.37% | 163.00M shares | |
| remainder | |||
642.47M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.64% | 49.12M | as of Jun 30, 2026 |
Ra Capital Management, L.P.Institution | 6.66% | 42.81M | as of Jun 30, 2026 |
Soleus Capital Management, L.P.Institution | 6.66% | 42.81M | as of Jun 30, 2026 |
Soleus Capital Master Fund, L.P.Institution | 6.46% | 41.51M | filed May 8, 2026 |
State Street CorpInstitution | 5.58% | 35.86M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Feb 18, 2026 | Michelle Robertson | officer: EVP, CHIEF FINANCIAL OFFICER | −9,855 | $1.94 |
- Bristol-Myers Squibb
Head-to-head in ESA-naive and ESA-refractory lower-risk MDS anemia with Reblozyl
- Incyte
Dominant 1L JAK inhibitor whose R/R MF relapse pool defines imetelstat's market
- GSK (ADR)
Ojjaara (momelotinib) treats MF anemia, overlapping imetelstat's anemia focus
- Keros Therapeutics
Phase 3 elritercept targets the same transfusion-dependent LR-MDS population
- Disc Medicine
Phase 2 DISC-0974 targets anemia of myelofibrosis, imetelstat's R/R MF focus
- Novartis (ADR)
Pelabresib + ruxolitinib may delay MF patients reaching R/R, imetelstat's target
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Geron | $1.24 | −5.73% | $840.4M | — | 88.3 | 4.1 | +17.2% |
| Bristol-Myers Squibb | $61.24 | −1.62% | $127.16B | 13.7 | 9.6 | 2.6 | +5.7% |
| Incyte | $124.70 | −1.76% | $25.73B | 16.2 | 51.6 | 4.4 | +37.7% |
| GSK (ADR) | $49.74 | −1.93% | $101.62B | 16.1 | 9.2 | 2.3 | +5.3% |
| Keros Therapeutics | $11.64 | −0.77% | $232.6M | — | — | 15.5 | −99.8% |
| Disc Medicine | $65.66 | −4.12% | $2.63B | — | — | — | — |
| Novartis (ADR) | $142.63 | +0.95% | $268.53B | 21.3 | 15.2 | 4.8 | +0.9% |
| Median | 16.1 | 12.4 | 4.4 | +5.3% |