Geron Corp
GERNHealthcare|Biotechnology|USA
$1.50
-0.07 (-4.15%)
Tangible Book
$0.36
Financials
Financial Snapshot
Market Cap
$962.3M
Enterprise Value
$190.3M
Revenue (TTM)
$196.1M
Net Income (TTM)
$-67.3M
Cash & Equivalents
—
Net Cash/Share
$0.01
Free Cash Flow (TTM)
$-126.2M
Operating CF (TTM)
$-126.0M
Debt/Equity
0.53
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$31.5M
Monthly Burn
$10.5M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $114.8M | $94.7M | $163.3M | $139.3M | $196.3M | $183.7M | $172.7M | $333.7M | $406.6M | $357.9M | $312.4M | |
| Operating Cash Flow | $-18.4M | $-20.6M | $-21.0M | $-43.8M | $-66.7M | $-95.6M | $-127.4M | $-167.7M | $-218.6M | $-111.0M | $-126.0M | |
| Free Cash Flow | $-18.4M | $-20.6M | $-21.0M | $-44.2M | $-67.1M | $-95.8M | $-127.8M | $-168.6M | $-219.3M | $-111.1M | $-126.1M | |
| Capital Expenditure | $-57.0K | $0.00 | $-16.0K | $-413.0K | $-401.0K | $-207.0K | $-431.0K | $-830.0K | $-680.0K | $-49.0K | $-163.0K | |
| Financing Cash Flow | $1.2M | $1.1M | $93.0M | $19.5M | $168.3M | $48.6M | $87.3M | $362.0M | $334.4M | $2.3M | $4.4M |
R&D Spending
R&D (TTM)
$71.3M
R&D Intensity
36.4%
R&D Growth YoY
-0.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.2M | $1.1M | $1.1M | $460.0K | $253.0K | $1.4M | $596.0K | $237.0K | $77.0M | $183.9M | $196.1M | |
| R&D Expense | $18.0M | $11.0M | $13.4M | $52.1M | $51.5M | $85.7M | $95.5M | $125.0M | $103.7M | $71.4M | $71.3M | |
| R&D % of Revenue | 292.9% | 1036.0% | 1260.0% | 11320.0% | 20351.0% | 6154.1% | 16026.5% | 52762.0% | 134.7% | 38.8% | 36.4% | |
| SG&A | $18.8M | $19.3M | $18.7M | $20.9M | $25.7M | $29.7M | $43.6M | $69.1M | $145.7M | $159.3M | $154.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.2M | $1.1M | $1.1M | $460.0K | $253.0K | $1.4M | $596.0K | $237.0K | $77.0M | $183.9M | $196.1M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.3M | $4.7M | $5.2M | |
| Gross Profit | $6.2M | $1.1M | $1.1M | $460.0K | $253.0K | $1.4M | $596.0K | $237.0K | $75.7M | $179.1M | $190.9M | |
| R&D | $18.0M | $11.0M | $13.4M | $52.1M | $51.5M | $85.7M | $95.5M | $125.0M | $103.7M | $71.4M | $71.3M | |
| SG&A | $18.8M | $19.3M | $18.7M | $20.9M | $25.7M | $29.7M | $43.6M | $69.1M | $145.7M | $159.3M | $154.7M | |
| Operating Income | $-30.6M | $-29.3M | $-31.1M | $-72.5M | $-76.9M | $-114.0M | $-138.6M | $-193.9M | $-173.7M | $-51.6M | $-35.1M | |
| Interest Expense | $-83.0K | $-77.0K | $0.00 | $0.00 | $-760.0K | $-3.7M | $-6.9M | $-8.3M | $-18.5M | $-32.7M | $-31.6M | |
| Pretax Income | $-29.5M | $-27.9M | $-27.0M | $-68.5M | $-75.6M | $-116.1M | $-141.9M | $-184.1M | $-174.6M | $-83.5M | $-67.3M | |
| Net Income | $-29.5M | $-27.9M | $-27.0M | $-68.5M | $-75.6M | $-116.1M | $-141.9M | $-184.1M | $-174.6M | $-83.5M | $-67.3M | |
| EPS (Diluted) | -0.19 | -0.18 | -0.15 | -0.36 | -0.28 | -0.35 | -0.37 | -0.32 | -0.27 | -0.13 | -0.11 | |
| EBITDA | $-30.6M | $-29.2M | $-27.0M | $-67.8M | $-73.9M | $-111.6M | $-134.2M | $-174.8M | $-154.8M | $-49.6M | $-34.5M | |
| Shares Out. (M) | 159.05 | 159.22 | 176.50 | 190.16 | 271.46 | 327.63 | 380.79 | 570.64 | 646.03 | 666.66 | 669.38 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.8M | $16.3M | $10.6M | $13.6M | $9.9M | $34.9M | $56.8M | $70.0M | $79.0M | $77.6M | $68.9M | |
| Marketable Securities | $102.0M | $78.4M | $152.7M | $125.7M | $186.3M | $148.9M | $115.9M | $263.7M | $327.6M | $280.4M | $243.5M | |
| Total Current Assets | $116.1M | $96.0M | $166.1M | $141.6M | $199.9M | $187.2M | $180.2M | $341.3M | $491.0M | $520.3M | $498.5M | |
| Total Assets | $130.2M | $110.3M | $185.3M | $165.5M | $270.7M | $226.0M | $190.6M | $394.1M | $593.8M | $570.5M | $534.1M | |
| Total Current Liabilities | $7.9M | $6.5M | $7.6M | $28.2M | $30.9M | $45.5M | $76.7M | $108.1M | $88.3M | $111.5M | $73.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $24.0M | $49.8M | $30.2M | $35.1M | $118.5M | $119.5M | $119.8M | |
| Total Liabilities | $7.9M | $6.5M | $7.6M | $30.4M | $59.8M | $99.6M | $110.6M | $146.1M | $313.5M | $344.7M | $305.0M | |
| Stockholders' Equity | $122.4M | $103.8M | $177.7M | $135.2M | $210.9M | $126.4M | $80.0M | $247.9M | $280.3M | $225.9M | $229.1M | |
| Retained Earnings | $-957.9M | $-985.8M | $-1.01B | $-1.08B | $-1.16B | $-1.27B | $-1.41B | $-1.60B | $-1.77B | $-1.86B | $-1.86B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-18.4M | $-20.6M | $-21.0M | $-43.8M | $-66.7M | $-95.6M | $-127.4M | $-167.7M | $-218.6M | $-111.0M | $-126.0M | |
| Capital Expenditure | $-57.0K | $0.00 | $-16.0K | $-413.0K | $-401.0K | $-207.0K | $-431.0K | $-830.0K | $-680.0K | $-49.0K | $-163.0K | |
| Free Cash Flow | $-18.4M | $-20.6M | $-21.0M | $-44.2M | $-67.1M | $-95.8M | $-127.8M | $-168.6M | $-219.3M | $-111.1M | $-126.1M | |
| Investing Cash Flow | $8.8M | $23.0M | $-77.7M | $27.4M | $-105.3M | $71.9M | $62.1M | $-180.3M | $-106.0M | $107.2M | $106.7M | |
| Financing Cash Flow | $1.2M | $1.1M | $93.0M | $19.5M | $168.3M | $48.6M | $87.3M | $362.0M | $334.4M | $2.3M | $4.4M | |
| Issuance of Stock | $0.00 | $1.1M | $86.0M | $19.3M | $144.3M | $20.4M | $69.9M | $213.3M | $140.7M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $23.9M | $24.9M | $0.00 | $29.7M | $121.1M | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-86.6M | $0.00 | $0.00 | |
| Stock Based Comp. | $8.4M | $8.3M | $6.6M | $6.1M | $7.0M | $8.2M | $8.3M | $19.4M | $31.3M | $26.7M | $24.2M | |
| Net Change in Cash | $-8.4M | $3.5M | $-5.8M | $3.1M | $-3.6M | $24.9M | $22.0M | $13.9M | $9.7M | $-1.4M | $-14.8M |
Dilution Tracker
Shares outstanding grew 104.3% over 5 years — significant dilution
Shares Outstanding
669M
5-Year Share Growth
+104.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 159.05 | 159.22 | 176.50 | 190.16 | 271.46 | 327.63 | 380.79 | 570.64 | 646.03 | 666.66 | 669.38 | |
| YoY Change % | — | 0.1% | 10.9% | 7.7% | 42.8% | 20.7% | 16.2% | 49.9% | 13.2% | 3.2% | 0.4% | |
| Stock Issuance | $0.00 | $1.1M | $86.0M | $19.3M | $144.3M | $20.4M | $69.9M | $213.3M | $140.7M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $8.4M | $8.3M | $6.6M | $6.1M | $7.0M | $8.2M | $8.3M | $19.4M | $31.3M | $26.7M | $24.2M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 98.4% | 97.4% | 97.3% | |
| Operating Margin % | -497.3% | -2746.9% | -2914.9% | -15762.0% | -30400.4% | -8183.7% | -23246.6% | -81832.9% | -225.6% | -28.0% | -17.9% | |
| Net Margin % | -479.3% | -2621.2% | -2534.4% | -14901.7% | -29888.1% | -8335.4% | -23808.9% | -77690.7% | -226.7% | -45.4% | -34.3% | |
| EBITDA Margin % | -496.0% | -2739.8% | -2528.9% | -14733.0% | -29218.2% | -8010.7% | -22508.6% | -73747.7% | -201.1% | -27.0% | -17.6% | |
| FCF Margin % | -299.0% | -1930.1% | -1972.3% | -9617.8% | -26503.2% | -6874.6% | -21444.6% | -71127.8% | -284.8% | -60.4% | -64.4% | |
| ROE % | -22.3% | -24.7% | -19.2% | -43.8% | -43.7% | -68.8% | -137.5% | -112.3% | -66.1% | -33.0% | -27.3% | |
| ROA % | -21.2% | -23.2% | -18.3% | -39.1% | -34.7% | -46.7% | -68.1% | -63.0% | -35.3% | -14.3% | -12.1% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 270.00 / 286.00
Industry Med.27.51
P/S5.10
Historical3.88 / 414.17 / 4870.00
Industry Med.9.49
P/B4.20
Historical1.00 / 3.20 / 16.29
Industry Med.2.93
EV/EBITDA-22.39
Historical-30.36 / -6.25 / 246.52
Industry Med.13.02
EV/Revenue3.94
Historical2.48 / 244.50 / 4966.33
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$0.36
Net Current Assets
$0.300
Net-Net Working Capital
$0.16
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 53.08 | 257.14 | 166.67 | 680.00 | 1590.00 | 305.00 | 1210.00 | - | 29.75 | 4.78 | 5.10 | |
| PB Ratio | 2.69 | 2.77 | 1.05 | 2.01 | 2.34 | 3.13 | 11.80 | 4.64 | 7.66 | 3.74 | 4.20 | |
| EV/EBITDA | -7.02 | -6.62 | -0.86 | -1.99 | -4.43 | -2.39 | -6.17 | -5.16 | -12.02 | -12.26 | -22.39 | |
| EV/Revenue | 34.83 | 181.31 | 21.67 | 293.43 | 1293.46 | 191.12 | 1388.33 | 3805.76 | 24.18 | 3.31 | 3.94 |
Analyst Estimates & Quality
Altman Z-Score
-1.88
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-1.58
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $233.8M | $333.1M | $486.2M |
| Net Income | $-14.0M | $47.9M | $68.3M |
| EPS | -0.02 | 0.09 | 0.25 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Development of therapeutic products for oncology | $183.9M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $183.9M |