Q1 2026 Geron Corp Earnings Call

May 6, 2026

Operator: Hello, and welcome to Geron Corporation Q1 2026 Earnings Call. I'll now turn the call over to Dawn Schottlandt, Senior Vice President, Investor Relations and Corporate Affairs. You may begin.

Speaker #1: Hello, and welcome to the Geron Corp first quarter 2026 earnings call. At this time, all participants are in listen-only mode. After the speakers' presentations, there will be a question-and-answer session.

Speaker #1: To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised.

Speaker #1: To withdraw your question, please press star 11 again. Please revise that today's conference be recorded. Only turn the call over to Dawn Schottland, Senior Vice President, Investor Relations, and Corporate Affairs.

Speaker #1: You may begin.

Speaker #2: Good morning, everyone. Welcome to the GERON CORP 1st Quarter 2026 Earnings Conference Call. Before we begin, please note that during the course of this presentation and question-and-answer session, we will be making forward-looking statements regarding future events, performance plans, expectations, and other projections including those relating to our 2026 financial guidance, our current Vitello commercialization strategy, and related opportunities in the US and the EU.

Dawn Schottlandt: Good morning, everyone. Welcome to the Geron Corporation First Quarter 2026 Earnings Conference Call. Before we begin, please note that during the course of this presentation and question and answer sessions, we will be making forward-looking statements regarding future events, performance, plans, expectations, and other projections, including those relating to our 2026 financial guidance, our current RYTELO commercialization strategy and related opportunities in the US and the EU. The therapeutic potential of RYTELO, other anticipated clinical and commercial events and related timelines, the sufficiency of our financial resources, and other statements that are not historical facts, which, of course, involve risks and uncertainties that could cause actual events, performance, and results to differ materially from those contained in these forward-looking statements.

Speaker #2: The therapeutic potential of Vitello, other anticipated clinical and commercial events, and related timelines—this efficiency of our financial resources and other statements that are not historical facts—which, of course, involve risks and uncertainties that could cause actual events, performance, and results to differ materially from those contained in these forward-looking statements.

Dawn Schottlandt: Therefore, I refer you to the risks and uncertainties described in today's earnings release and under the heading Risk Factors in Geron's most recent periodic report filed with the SEC, which identify important risk factors that could cause actual results to differ materially from those contained in these forward-looking statements and future updates to Geron's risks and uncertainties exposures, including its upcoming quarterly report on Form 10-Q. Geron undertakes no duty or obligation to update its forward-looking statements. Joining me in today's call are several members of Geron's management team. Harut, Chief Executive Officer. Ahmed ElNawawi, our Chief Commercial Officer. Dr. Joseph Eid, Executive Vice President of Research and Development and Chief Medical Officer. Michelle Robertson, our Chief Financial Officer. With that, I'll turn the call over to Harut to review Geron's progress and strategy.

Dawn Schottlandt: Therefore, I refer you to the risks and uncertainties described in today's earnings release and under the heading Risk Factors in Geron's most recent periodic report filed with the SEC, which identify important risk factors that could cause actual results to differ materially from those contained in these forward-looking statements and future updates to Geron's risks and uncertainties exposures, including its upcoming quarterly report on Form 10-Q. Geron undertakes no duty or obligation to update its forward-looking statements. Joining me in today's call are several members of Geron's management team. Harout Semerjian, Chief Executive Officer. Ahmed ElNawawi, our Chief Commercial Officer. Dr. Joseph Eid, Executive Vice President of Research and Development and Chief Medical Officer. Michelle Robertson, our Chief Financial Officer. With that, I'll turn the call over to Harut to review Geron's progress and strategy.

Speaker #2: described in today's earnings release and under the heading risk factors in GERON's most recent periodic report filed with the SEC, which identify important risk factors that could cause actual results to differ materially from those contained in these forward-looking statements and future updates to GERON's risk and uncertainties disclosures, including its upcoming quarterly report on Form 10Q.

Speaker #2: GERON undertakes no duty or obligation to update its forward-looking statements. Joining me in today's call are several members of GERON's management team. Haroot Semerjian, Chief Executive Officer; Ahmed ElNawawi, our Chief Commercial Officer; Dr. Joseph Eid, Executive Vice President of Research and Development and Chief Medical Officer; and Michelle Robertson, our Chief Financial Officer.

Speaker #2: With that, I'll turn the call over to Haroot to review GERON's progress and strategy.

Speaker #3: Thank you, Dawn, and good morning, everyone. In the first quarter, we made progress on our 2026 strategic priorities. We grew Vitello through focused commercial execution and advanced our European commercial and pricing strategy while maintaining our financial resources.

Harout Semerjian: Thank you, Dawn, and good morning, everyone. In Q1, we made progress on our 2026 strategic priorities. We grew RYTELO through focused commercial execution and advanced our European commercial and pricing strategy while maintaining our financial discipline. We also further strengthened our leadership team by welcoming Timothy Williams, our new Chief Legal Officer and Corporate Secretary for Geron, along with two new Board Members, Patricia S. Andrews and Constantine Chinoporos. Collectively, they bring decades of experience leading and advising biotech and cell companies, and will be instrumental as we execute on our strategic priorities and drive commercial growth for RYTELO.

Speaker #3: We also further strengthened our leadership team by welcoming Timothy Williams, our new Chief Legal Officer and Corporate Secretary for GERON, along with two new board members, Patricia Andrews, and Konstantin Tsinopoulos.

Speaker #3: Collectively, they bring decades of experience leading and advising biopharmaceutical companies and will be instrumental as we execute on our strategic priorities and drive commercial growth for Vitello.

Speaker #3: Vitello's first quarter net revenue was $51.8 million, an increase of 31% year over year, and 8% quarter over quarter. Placing us on track to achieve our 2026 net revenue guidance of $220 million to $240 million.

Harout Semerjian: RYTELO Q1 net revenue was $61.8 million, an increase of 31% year-over-year and 8% quarter-over-quarter, placing us on track to achieve our 2026 net revenue guidance of $220 million to $240 million. We continue to see strong tailwinds in the treatment landscape complementing our refocused commercial strategy and driving RYTELO demand. We are focused on three key initiatives fueling our RYTELO US growth strategy. On the commercial side, we're continuing to increase awareness and education for RYTELO amongst US healthcare professionals with a refined engagement plan to help identify appropriate second-line patients faster. Complementing our field force efforts by increasing our in-person and digital presence across hematology forums through accelerated investment in our surround sound approach.

Speaker #3: We continue to see strong tailwinds in the treatment landscape, complementing our refocused commercial strategy and driving Vitello's demand. We are focused on three key initiatives, fueling our Vitello US growth strategy.

Speaker #3: On the commercial side, we're continuing to increase awareness and education for Vitello, amongst US healthcare professionals, with a refined engagement plan to help identify appropriate second-line patients faster.

Speaker #3: And complementing our field-force efforts by increasing our in-person and digital presence across hematology forums, through accelerated investment in our surround-sound approach. From a medical affairs perspective, we are expanding our research partnerships and investigator-sponsored trial programs with the US Hematology Community to increase our knowledge and real-world experience with Vitello.

Harout Semerjian: From a medical affairs perspective, we are expanding our research partnerships and investigator-sponsored trial program with the US hematology community to increase our knowledge and real-world experience with RYTELO. Growing RYTELO demand in US markets remains our priority, and we know from patients at ECTP there is an unmet need for lower-risk MDS treatment options in Europe and an interest in RYTELO to help address that need. This quarter, we engaged in conversations with European medical experts, made progress with health technology assessments, and conducted detailed research to better understand the European pricing environment. As a biotech company, we have an obligation to make our medicines available to patients. We also have a responsibility to maintain a value that reflects our innovation and supports our next wave of growth.

Speaker #3: Growing Vitello demand in US markets remains our priority. And we know from patients at ECD there is an unmet need for low-risk MDS treatment options in Europe, and an interest in Vitello to help address that need.

Speaker #3: This quarter, we engaged in conversations with European medical experts, made progress with health technology assessments, and conducted detailed research to better understand the European pricing environment.

Speaker #3: As a biotech company, we have an obligation to make our medicines available to patients. But we also have a responsibility to maintain a value that reflects our innovation and supports our next wave of growth.

Speaker #3: We know the demand in Europe for Vitello is real, and we are exploring a greatest commercial strategy that could maximize Vitello's value in Europe, while maintaining its pricing integrity in the US.

Harout Semerjian: We know the demand in Europe for RYTELO is real, and we are exploring engaging commercial strategies that could maximize RYTELO's value in Europe while maintaining its pricing integrity in the US. We expect to communicate our commercial plans for Europe before the end of the year once we have clarity on pricing and market opportunities. Financial discipline remains another top priority for Geron. We reported total operating expenses for Q1 of $50.4 million, down about 9% year over year, a testament to our financial discipline. A few Q1 dynamics, such as annual bonus, severance from last year's restructuring, and CMC investments to strengthen our supply chain for RYTELO, led to a decrease in cash, which was in line with our expectations.

Speaker #3: We expect to communicate our commercial plans for Europe before the end of the year, once we have clarity on pricing and market opportunities. Financial discipline remains another top priority for Geron.

Speaker #3: We reported total operating expenses for the first quarter of $50.4 million. Down about 9% year over year, a testament to our financial discipline. A few first-quarter dynamics, such as annual bonuses, severance from last year's restructuring, and CMC investments to strengthen our supply chain for Vitello, led to a decrease in cash, which was in line with our expectations.

Speaker #3: We are on track to achieve our 2026 total operating expenses of $230 million to $240 million. With that, I'll turn it over to Nawawi to provide more detail on Vitello's commercial performance and execution.

Harout Semerjian: We are on track to achieve our 2026 total operating expenses of $230 to 240 million. With that, I'll turn it over to Ahmed ElNawawi to provide more detail on RYTELO's commercial performance and execution.

Harout Semerjian: We are on track to achieve our 2026 total operating expenses of $230 to 240 million. With that, I'll turn it over to ElNawawi to provide more detail on RYTELO's commercial performance and execution.

Speaker #4: Thank you, Haroot. Vitello's first quarter performance was inclining. Our strategy is built to support sustainable growth and ensure Vitello reaches more eligible patients at the right point in their treatment journey.

Ahmed ElNawawi: Thank you, Jesus. RYTELO's first quarter performance was impressive. Our strategy is built to support sustainable growth and ensure RYTELO reaches more eligible patients at the right point in their treatment journey when they are most likely to benefit. In the first quarter, we were able to grow demand 6% quarter over quarter and approximately 12% increase in prescribing accounts, extending our footprint since launch to approximately 14 city accounts. First and second-line patient starts on a rolling 12-month basis was 33%. RYTELO has the potential to make the biggest difference for lower-risk MDS patients in the second-line setting, which we currently estimate to be approximately 80,000 patients a year. This patient segment is our primary commercial focus, and our strategy is supported by the current NCCN guidelines.

Ahmed ElNawawi: Thank you, Harout. RYTELO's first quarter performance was impressive. Our strategy is built to support sustainable growth and ensure RYTELO reaches more eligible patients at the right point in their treatment journey when they are most likely to benefit. In the first quarter, we were able to grow demand 6% quarter over quarter and approximately 12% increase in prescribing accounts, extending our footprint since launch to approximately 14 city accounts. First and second-line patient starts on a rolling 12-month basis was 33%. RYTELO has the potential to make the biggest difference for lower-risk MDS patients in the second-line setting, which we currently estimate to be approximately 80,000 patients a year. This patient segment is our primary commercial focus, and our strategy is supported by the current NCCN guidelines.

Speaker #4: When they are most likely to benefit. In the first quarter, we were able to grow demand 6% quarter over quarter. And approximately 12% increase in prescribing accounts.

Speaker #4: Extending our footprint since launch to approximately 1450 accounts. And first and second-line patients starts on a rolling 12-month basis was 33%. Vitello has the potential to make the biggest impact for lower-risk MDS patients in the second-line segment.

Speaker #4: Which we currently estimate to be approximately 8,000 patients in the year. This patient segment is our primary commercial focus, and our strategy is supported by the current NCCN guidelines, the movement of risk factor set into the first-line setting, backed by Vitello's growth basis, a growing real-world experience, and last but not least, the iMERGE data.

Ahmed ElNawawi: The movement of the luspatercept into the first-line setting, backed by RYTELO's growth data, a growing real-world experience. Last but not least, the IMerge data, including the data presented at ASH 2025, suggesting treatment emergence cytopenias are consistent with on-target activity. Our commercial execution is focused on three core initiatives. First, targeted engagements with high-volume community accounts. We are prioritizing centers that treat earlier-line and second-line patients with our field engagements. Additionally, we continue to engage with lower-volume accounts for those privately treating salvage patients through digital tactics. Second, we are investing in the most effective marketing channels. This includes a strong emphasis on digital, non-personal promotion, and third-party educational platforms to create what we describe as a 3D surround sound for RYTELO, ensuring consistent, high-quality messaging across multiple touchpoints.

Speaker #4: Including the data presented at ASH 2025 suggesting treatment emergence cytopenias are consistent with untargeted activity. Our commercial execution is focused on three core initiatives.

Speaker #4: First, targeted engagement with high-volume community accounts. We are prioritizing centers that treat earlier lines and second-line patients with our field engagements. Additionally, we continue to engage with lower-volume accounts or those primarily treating salvage patients through digital tactics.

Speaker #4: Second, we are investing in the most effective marketing channels. This includes a strong emphasis on digital, non-personal promotion, and third-party educational platforms to create what we describe as a 3D surround-sound for Vitello.

Speaker #4: Ensuring consistent, high-quality messaging across multiple touchpoints. Third, we are executing cross-function through effective account management, leveraging data presented at ASH 2025 to proactively address the cytopenias and highlight the potential association with response, while positioning Vitello as the standard of care in appropriate second-line patients regardless of their RMSs.

Ahmed ElNawawi: Third, we are executing cross-function through effective account management, leveraging data presented at ASH 2025 to proactively address the cytopenias and highlight the potential association with response while positioning RYTELO as the standard of care in appropriate second-line patients, regardless of their RS. We believe our commercial strategy and investments are well-aligned to bring RYTELO to eligible, lower-risk MDS patients in the US and position us to grow demand in 2026. I now turn it over to Joseph Eid to discuss our medical and scientific engagement.

Ahmed ElNawawi: Third, we are executing cross-function through effective account management, leveraging data presented at ASH 2025 to proactively address the cytopenias and highlight the potential association with response while positioning RYTELO as the standard of care in appropriate second-line patients, regardless of their RS. We believe our commercial strategy and investments are well-aligned to bring RYTELO to eligible, lower-risk MDS patients in the US and position us to grow demand in 2026. I now turn it over to Joe to discuss our medical and scientific engagement.

Speaker #4: We believe our commercial strategy and investments are well aligned to bring Vitello to eligible lower-risk MDS patients in the US and position us to grow demand in 2026.

Speaker #4: I now turn it over to Joe, to discuss our medical and scientific engagement.

Speaker #3: Thanks, Nawawi. In the first quarter, we continued to engage closely with the hematology community to increase Vitello's share of bonus. Since the start of the year, we've had a presence at several medical meetings, including the Aplastic Anemia MDS International Foundation Glasgow and the 2026 Grand Hematology Clinical Updates meeting.

Harout Semerjian: Thanks, Nawawi. In the first quarter, we continued to engage closely with the hematology community to increase RYTELO's share of voice.

Joseph Eid: Thanks, Nawawi. In the first quarter, we continued to engage closely with the hematology community to increase RYTELO's share of voice.

Joseph Eid: Since the start of the year, we've had a presence at several medical meetings, including the PlasmaCellMIA NGS International Foundation, ASCO, and the 2026 Ben Hematology Clinical Updates meeting. These are targeted peer-to-peer conferences that provide the opportunity for more detailed clinical dialogue and practical discussion among healthcare professionals. We are also looking forward to attending ASCO and EHA, where we will engage with hematologists to articulate the clear differentiation of imetelstat in low-risk MDS based on clinical efficacy, quality of life benefits, and mechanism of action, generate advocacy within the KOL community, and support investigator interest in research opportunities aligned with our medical strategy. These medical meetings enable us to further educate the hematologist community on RYTELO's deep body of scientific evidence. Our messaging continues to be focused on the ASH 2025 data, suggesting treatment-emergent cytopenias are consistent with off-target activity.

Speaker #3: These are targeted peer-to-peer conferences that provide the opportunity for more detailed clinical dialogue and practical discussion among healthcare professionals who are also looking forward to attending ASCO and EHA, where we will engage with hematologists to articulate a clear differentiation of the health path in low-risk MDS based on its clinical efficacy, quality-of-life benefits, and mechanism of action, generate advocacy within the KOL community, and support investigator interest in research opportunities aligned with our medical strategy.

Speaker #3: These medical meetings enable us to further educate the hematology community on Vitello's deep body of scientific evidence. Our messaging continues to be focused on the ASH 2025 data, suggesting treatment emergence cytopenias are consistent with untargeted activity.

Speaker #3: We are seeing increasing interest from community hematologists in understanding these data and learning how to incorporate these insights into their clinical practice. We were pleased to further reinforce the significance of these data with our recent publication in Blood Cancer Journal, that examines the association between treatment emergence cytopenia and clinical responses to Vitello.

Joseph Eid: We are seeing increasing interest from community hematologists in understanding these data and learning how to incorporate these insights into their clinical practice. We were pleased to further reinforce the significance of these data with our recent publication in Blood Cancer Journal that examines the association between treatment-emergent cytopenia and clinical responses to RYTELO. We are also engaging with academic centers to support the high interest in imetelstat to advance ISTs and real-world evidence studies. Notably, we are seeing increased interest from centers in Europe wanting to contribute to preclinical, clinical, and real-world evidence data generation. We expect initial real-world evidence data to be available in H2 2026. In addition, we are pleased to have achieved inclusion of imetelstat in the National Comprehensive Cancer Network NCCN chemotherapy order templates. Its inclusion positions imetelstat as an active therapeutic versus supportive care for lower risk MDS.

Speaker #3: We are also engaging with academic centers to support the high interest in the health path to advance ISCs and real-world evidence studies. Notably, we are seeing increased interest from centers in Europe wanting to contribute to pre-clinical, clinical, and real-world evidence data generation.

Speaker #3: We expect initial real-world evidence data to be available in the second half of 2026. In addition, we are pleased to have achieved the inclusion of the health path in the National Comprehensive Network, or NCCN, chemotherapy order templates.

Speaker #3: Its inclusion positions in the health path as an active therapeutic versus supportive care for lower-risk MDS. The order templates provide healthcare practitioners with clear guidance on administration, enabling hematology path to be seamlessly incorporated into oncology practice workflows, and supporting standardized and appropriate administration across treatment centers.

Joseph Eid: The order templates provide healthcare practitioners with clear guidance on administration, enabling imetelstat to be seamlessly incorporated into oncology practice workflows and supporting standardized and appropriate administration across treatment centers. This follows the NCCN guideline update in September 2025, recommending imetelstat as the preferred second-line treatment option in lower risk MDS. Turning to our Phase 3 IMpactMF trial in relapsed/refractory myelofibrosis. The fully enrolled trial is projected at this time to reach the interim analysis death event trigger in the H2 of this year. Imetelstat works on the foundation of six C, which is why we believe it has the potential to be a first-in-class therapy in myelofibrosis.

Speaker #3: This follows the NCCN guideline update in September 2025, recommending hematology path as the preferred second-line treatment option in lower-risk MDS. Turning to our Phase 3 impact MF trial and relapse refractory myelofibrosis.

Speaker #3: The fully enrolled trial is projected, at this time, to reach the interim analysis best event trigger in the second half of this year. Hematology path works on the foundation of the disease, which is why we believe it has the potential to be a first-in-class therapy in myelofibrosis.

Speaker #3: In myelofibrosis, clinical trials conducted with hematology path. And so evidence of disease-modifying activity correlating with clinical benefit and overall survival through a reduction in mutation burden specifically JAK2, CALR, and NPL driver mutations.

Joseph Eid: In myelofibrosis, clinical trials conducted with imetelstat saw evidence of disease-modifying activity correlating with clinical benefit and overall survival through a reduction in mutation burden, specifically JAK2, CALR, and MPL driver mutation, an improvement in bone marrow fibrosis, and reduced telomerase activity, which is important as telomerase is significantly upregulated in cancer. For our IMpactMF trial, overall survival is the primary endpoint, and our confidence in this endpoint is supported by encouraging survival outcomes observed in the phase 2 IMbark trial, which informed the design of the IMpactMF trial. While our base case from a planning perspective remains progression to the final analysis in H2 2028, reaching the interim analysis represents an important milestone as we continue to advance imetelstat potential beyond lower risk MDS. An earlier positive outcome would represent an upside scenario to our plan.

Speaker #3: An improvement in bone marrow fibrosis and reduced telomerase activity, which is important as telomerase is significantly upregulated in cancers. For our impact MF trial, overall survival is the primary endpoint, and our confidence in this endpoint is supported by encouraging survival outcomes observed in the Phase 2 EMBARC trial, which informed the design of the impact MF trial.

Speaker #3: While our base case from a planning perspective remains progression to the final analysis in the second half of 2028, reaching the interim analysis represents an important milestone as we continue to advance health path potential beyond lower-risk MDS.

Speaker #3: An earlier positive outcome would represent an upside scenario to our plan. I'll now hand it over to Michelle to walk through the financials.

Joseph Eid: I'll now hand it over to Michelle to walk through the financials.

Speaker #4: Thank you, Joe. And good morning, everyone. For more detailed results from the first quarter, please refer to the press release we issued this morning, which is available on our website.

Michelle Robertson: Thank you, Joseph Eid, good morning, everyone. For more detailed results from Q1, please refer to the press release we issued this morning, which is available on our website. Our Q1 2026 results reflect our dedication to commercial execution and financial discipline, which positions us well to achieve our 2026 financial guidance and advance our strategic priorities to create long-term value for patients and shareholders. In Q1, total net revenue for the three months ending 31 March 2026 was $61.8 million compared to $39.6 million in Q1 2025. Gross net reductions increased to 21% for the three months ending 31 March 2026 compared to 13% for the same period last year. As volume increased, there was wider 340B utilization and expanded GPO contracting, which we foresee continuing as the business matures.

Michelle Robertson: Thank you, Joe, good morning, everyone. For more detailed results from Q1, please refer to the press release we issued this morning, which is available on our website. Our Q1 2026 results reflect our dedication to commercial execution and financial discipline, which positions us well to achieve our 2026 financial guidance and advance our strategic priorities to create long-term value for patients and shareholders. In Q1, total net revenue for the three months ending 31 March 2026 was $61.8 million compared to $39.6 million in Q1 2025. Gross net reductions increased to 21% for the three months ending 31 March 2026 compared to 13% for the same period last year. As volume increased, there was wider 340B utilization and expanded GPO contracting, which we foresee continuing as the business matures.

Speaker #4: Our first quarter 2026 results reflect our dedication to commercial execution and financial discipline, which positions us well to achieve our 2026 financial guidance and advance our strategic priorities to create long-term value for patients and shareholders.

Speaker #4: In the first quarter total net revenue for the three-month ended March 31, 2026, was $51.8 million, compared to $39.6 million in Q1 2025. Gross to net deductions increased to 21% for the three-month ended March 31, 2026, compared to 13% for the same period last year.

Speaker #4: As volume increased, there was wider 340B utilization and expanded GPO contracting, which we foresee continuing as the business matures. For the remainder of 2026, we expect gross-to-net to be in the low to mid-20s.

Michelle Robertson: For the remainder of 2026, we expect gross net to be in the low to mid-20s. Research and development expenses for the 3 months ending 31 March 2026 were $15 million, consistent with $15.1 million in expenses same period in 2025. For 2026, we expect continued investment in CMC and our clinical development programs and lower employee costs driven by the decrease in headcount as a result of the workforce reduction in December 2025. Selling, general, and administrative expenses for the 3 months ending 31 March 2026 were $35.4 million compared to $40 million for the same period in 2025. This change was primarily due to lower general and administrative personnel-related expenses from decreased headcount, partially offset by additional investment in marketing programs.

Speaker #4: Research and development expenses for the three-month ended March 31, 2026 were $15 million, consistent with $15.1 million, and expenses for the same period in 2025.

Speaker #4: For 2026, we expect continued investment in CMC and our clinical development program and lower employee costs driven by the decrease in headcount as a result of the workforce reduction in December 2025.

Speaker #4: Selling general administrative expenses for the three-month ended March 31, 2026, were $35.4 million, compared to $40 million, for the same period in 2025. This change was primarily due to lower general administrative personnel-related expenses and decreased headcount, partially offset by additional investment in marketing programs.

Speaker #4: For 2026, we expect continued investment in our Vitello commercialization strategy and lower GNA personnel-related expenses driven by a decrease in headcount as a result of the workforce reduction in 2025.

Michelle Robertson: For 2026, we expect continued investment in our RYTELO commercialization strategy and lower G&A personnel-related expenses driven by a decrease in headcount as a result of the workforce reduction in 2025. Total operating expenses, excluding cost of goods sold for the 3 months ending 31 March 2026, were $60.4 million compared to $65.1 million for the same period in 2025. The reduction is primarily related to decreased headcount as a result of the workforce reduction in December 2025. As of 31 March 2026, we had approximately $341 million cash equivalents, restricted cash and marketable securities compared to $401 million as of 31 December 2025. As a reminder, in Q1, we typically see a larger cash outflow due to the timing of annual bonus payouts.

Speaker #4: Total operating expenses excluding cost of goods sold for the three-month ended March 31, 2026, were $50.4 million, compared to $55.1 million for the same period in 2025.

Speaker #4: The reduction is primarily related to decreased headcount as a result of the workforce reduction in December 2025. As of March 31, 2026, we had approximately $341 million in cash, cash equivalent, restricted cash, and lockable securities.

Speaker #4: Compared to $401 million as of December 31, 2025. As a reminder, in the first quarter, we typically see a larger cash outflow due to the timing of annual bonus payouts.

Speaker #4: In addition, severance related to the strategic restructuring we announced in December 2025 was paid out in cash in the first quarter. The decrease in our cash also reflects CMC investments to strengthen our supply chain for Vitello.

Michelle Robertson: In addition, severance related to the strategic restructuring we announced in December 2025 was paid out in cash in Q1. The decrease in our cash also reflects CMC investments to strengthen our supply chain for RYTELO. We are reiterating our 2026 financial guidance. We expect RYTELO net revenue $220 million to $240 million, with a greater portion of growth anticipated in H2. Our total operating expense guidance of $230 million to $240 million reflects strong financial discipline and investments to support our commercial strategy. We are in a strong financial position and are on track to achieve our 2026 financial guidance as we execute on our strategic priorities to grow RYTELO while maintaining financial discipline.

Speaker #4: We are reiterating our 2026 financial guidance. We expect Vitello net revenue $220 million to $240 million, with a greater portion of growth anticipated in the back half of the year.

Speaker #4: Our total operating expense guidance is $230 million, to $240 million, reflects strong financial discipline and investment to support our commercial strategy. We are in a strong financial position, and on track to achieve our 2026 financial guidance as we execute on our strategic priorities to grow Vitello while maintaining financial discipline.

Speaker #4: With that, I'll turn the call back to Haroop for closing remarks.

Michelle Robertson: With that, I'll turn the call back to Harout for closing remarks.

Speaker #3: Thanks, Michelle. We continue to build a patient-focused, performance-driven culture at Geron, marked by a high level of cross-functional collaboration. Last month, we hosted our first all-company national meeting.

Harout Semerjian: Thanks, Michelle. We continue to build a patient-focused, performance-driven culture at Geron, marked by a high level of cross-functional collaboration. Last month, we hosted our first all-company national meeting, which was a great opportunity to bring this energized group together and rally around the mission, values, and goals that drive us. We have the right team in place to execute on our strategic priorities, bring RYTELO to eligible patients, and achieve our 2026 financial guidance. For the remainder of 2026, we are focused on growing RYTELO in the US, pursuing pathways to bring RYTELO to patients outside the US, advancing our IMpactMF trial, remaining financially disciplined, and evaluating opportunistic innovation as we build Geron into a leading hematology company. Thank you again for your time and interest in Geron. Operator, we're now ready to start the Q&A session.

Speaker #3: Which was a great opportunity to bring this energized group together and rally around the mission, values, and goals that drive us. We have the right team in place to execute on our strategic priorities.

Speaker #3: Bring Vitello to eligible patients and achieve our 2026 financial guidance. For the remainder of 2026, we are focused on growing Vitello in the US.

Speaker #3: Pursuing pathways to bring Vitello to patients outside the US, advancing our impact MF trials, remaining financially disciplined, and evaluating opportunistic innovation as we build GERON into a leading hematology company.

Speaker #3: Thank you again for your time and interest in GERON. Operator, we're now ready to start the Q&A session.

Speaker #1: Thank you. At this time, we'll conduct a question-and-answer session. As a reminder to ask the question, you'll need to press star 11 on your telephone and wait for your name to be announced.

Operator: Thank you. At this time, we'll conduct a question and answer session. As a reminder to ask a question, you'll need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Tara Bancroft of TD Cowen. Your line is now open.

Speaker #1: To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. In our first question, customer line of care Barrencroft of TD Calendar line is not open.

Tara Bancroft: Hi. Good morning. I have a question on MF. You know, I know we've been hearing this theme that physicians are very data sensitive in terms of awareness. I was wondering if you had any updated thoughts on how you'll communicate the MF interim analysis this year. Like, would you consider giving any numbers in that release at all? With that, I'm also wondering if you think that the interim outcome could have any read-through to potential uptake of RYTELO in MDS. Thank you so much.

Speaker #5: Hi. Good morning. So I have a question on MF. So I know we've been hearing this theme that physicians are very data sensitive in terms of awareness.

Speaker #5: So I was wondering if you had any updated thoughts on how you'll communicate the MF interim analysis this year. Would you consider giving any numbers in that release at all?

Speaker #5: And then with that, I'm also wondering if you think that the interim outcome could have any read-through to potential uptake of Vitello and MDS.

Speaker #5: Thank you so much.

Harout Semerjian: This trial, as you know, is fully enrolled. We do project that we will do our interim analysis in H2 of this year. That's still on track. Typically these things, Tara, you know, the DMC would meet. You know, obviously we're blinded, we continue to want to stay blinded, depending on the outcomes obviously. The highest likelihood, at least from a planning perspective we see, is that they tell us, you know, keep on going. If they tell us anything else, then all these would be material obviously that we would communicate to the market accordingly. Joe, do you wanna add anything more?

Speaker #6: This trial, as you know, is fully enrolled and we do project that we will do our interim analysis in the back half of this year.

Speaker #6: So that's still on track. Typically, these things are what the DMC would need. And obviously, we're blinded, and we continue to want to stay blinded.

Speaker #6: Depending on the outcome, obviously. But the highest likelihood, at least from a planning perspective, we see is that they tell us, "Keep on going." And if they tell us anything else, then all these materials, obviously, that we would lose communication to the market accordingly.

Speaker #6: But Joe, do you want to add anything more?

Joseph Eid: Good morning, Tara. I think your question is how the physicians react to it. The second is a disease or indication where you do have a proof of concept and an overall survival impact. It definitely will have an effect, a positive effect because our message at MDS is that this is a disease-modifying agent. Having this proof of concept at the Phase 3 with overall survival in myelofibrosis would definitely enhance and augment that awareness and that value of the drug set in the hematology clinic.

Speaker #3: Yeah. Good morning, Tara. I think your question is how do physicians react to it? The second is disease or indication where you do have a proof of concept and an overall survival at that.

Speaker #3: So it definitely will have a positive effect because our message at MDS is that this is a disease-modifying agent. And having this proof of concept in the phase three with overall survival in an MF would definitely enhance and augment that awareness.

Speaker #3: And that value of the methoxide in the hematology clinic.

Speaker #5: Great. Thank you.

Tara Bancroft: Great. Thank you.

Speaker #1: Thank you. One moment for our next question. In our next question, customer line of care Bill of Needham and Company, your line is not open.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Gil Blum of Needham & Company. Your line is now open.

Speaker #7: Good morning and congrats on the progress. Just a quick one from us. As it relates to European markets, you guys set new MAP products.

Gil Blum: Good morning, congrats on the progress. Just a quick one from us. As it relates to European markets, you guys said you may have conducted some market research. Just sounding You know, listening to your messaging, it kinda sounds like you're considering moving forward on your own. Is this fair, or is this still a question mark? Thank you.

Speaker #7: So market research. Just sounding listening to your messaging, it kind of sounds like you're considering moving forward on your own. Is this fair or is this still a question mark?

Speaker #7: Thank you.

Speaker #3: Yeah. Good morning, Gail. Yeah. I mean, in line with what we have said is we want to explore all options to bring Vitello to patients in Europe.

Harout Semerjian: Yeah. Good morning, Gil. Yeah. In line with what we have said is we want to explore all options to bring RYTELO to patients in Europe. As you know, the European opportunity from a patient numbers perspective can be in line with US opportunities, so it's quite significant from a patient numbers perspective. Of course, the second part of that is the pricing, which is a very key inflection point for us. That needs work, and that's kind of the work that we're doing. If you think about options for a company like us, it's really three different areas. One is the classical built-up model. The second, on the other end is a full partnership with another pharma. We are not doing, you know, the first, to be clear.

Speaker #3: As you know, the European opportunity from a patient numbers perspective can be in line with the US opportunity. So it's quite significant from a patient numbers perspective.

Speaker #3: Of course, the second part of that is the pricing, which is a very key inflection point for us. That needs work. And that's kind of the work that we're doing.

Speaker #3: If you think about options for a company like us, it's really three different areas. One is the classical built-up model. The second, on the other end, is a full partnership with another pharma.

Speaker #3: We are not doing the first to be clear. That's not where we're pursuing. It's a very big classical build-up. That's really not for us.

Harout Semerjian: That's not where we're pursuing a very big classical build-up. That's really not for us. You know, partnerships are always an option. Also what we are seeing in the marketplace, Gil, is an emergence of new models and new partners in Europe that can complement what we're doing. There are a lot of companies, US-based biotechs, that are having to put their thinking cap on and see how they can, you know, serve European patients. Many of them are choosing not to do anything about it, which we think is unfortunate for patients and for the mission. At the same time, we wanna make sure that we're doing a thoughtful work. We're pursuing all these different opportunities, Gil.

Speaker #3: Partnerships are always an option. But also what we are seeing in the marketplace still is an emergence of new models and new partners in Europe that can complement what we're doing.

Speaker #3: Because there are a lot of companies, US-based biotechs that are having to put their thinking cap on and see how they can serve European patients.

Speaker #3: Many of them are choosing not to do anything about it, which we think is unfortunate for patients and for the mission. But at the same time, we want to make sure that we're doing it thoughtful work.

Speaker #3: So we're pursuing all these different opportunities, Gail. And before the end of the year, we will update the market in terms of where we land and what we think is the optimal way to bring Vitello commercially to XUS market.

Harout Semerjian: Before the end of the year, we will update the market in terms of where we land and what we think is the optimal way to bring RYTELO commercially to XUS market.

Speaker #7: Thank you for that. And as a follow-up, will there be real-world data from MF Telstat and lower-risk MDS patients presented sometime this year? Thank you.

Gil Blum: Thank you for that. As a follow-up, will there be real-world data from imetelstat and low-risk MDS patients presented sometime this year? Thank you.

Speaker #3: Yeah. Maybe I'll hand it over to Joe to address that and take his question.

Harout Semerjian: Yeah. Maybe I'll hand it over to Joe to address that if they have any questions.

Joseph Eid: Yeah. Again, Gil Blum, we have, you know, a slew of, you know, research, investigator-sponsored research, including real-world data that will be presented at the upcoming meetings in H2, as we have been saying. Some of it will include the real-world utilization MDS and the how it's playing out in the real world. The early, you know, indication, as we have mentioned in the past, is that the data reflects the IMerge data, you know, data from a responses, as well as.

Speaker #6: Yeah. Gail, we have a flow of research investigator-sponsored research, including real-world data that will be presented at the upcoming meetings in the second half of this year as we have been saying.

Speaker #6: Some of it will include the real-world utilization in MDS and how it's playing out in the real-world. And the early indication that we have mentioned in the past is that the data reflects the divergent data from a responsive as well as durability.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Corinne Johnson of Goldman Sachs. Your line is now open.

Speaker #1: Thank you. One moment for our next question. In our next question, customer line of Corrine ine Johnson of Goldman Sachs, your line is not open.

Corinne Johnson: Good morning. I think you've talked about this 1L 2L share, and it's been pretty stable in this 30% range. Maybe you could talk to us about the tactics you're using to increase adoption in the earlier line population and when you think we could start to see those educational efforts flowing through to changes in actual prescribing patterns in a more meaningful way. Thanks.

Speaker #8: Good morning. So I think you've talked about this one or two I'll share. And it's been pretty stable in the 30% range. Maybe you could talk to us about the tactics you're using to increase adoption in the earlier line population.

Speaker #8: And when you think we could start to see those educational efforts flowing through to changes in actual prescribing patterns, in a more meaningful way?

Speaker #8: Thanks.

Speaker #3: Yeah. Good morning, Corrine. I think if I heard you right, your question was about the first line, second line share of patients versus later.

Harout Semerjian: Yes. Good morning, Corinne. I think if I heard you right, your question was about the first line, second line share.

Corinne Johnson: Yes

Harout Semerjian: -of patients versus later. Okay, good. Yeah. What we are communicating today, Corinne, is the share of our utilization in the first line, second line versus the later lines is 33% this quarter with a 12-month look-back. As you remember, last quarter, it was at 30% with a 12-month look-back. We continue to make progress in getting more and more of our patients in the first line, second line, and that's how we see our, you know, performance going forward is continuous progress, continuous growth quarter over quarter. That's the part, you know, strategy we're pursuing, iterating our guidance for this top line, between $20 million and $24 million.

Speaker #3: Okay. Good. Yes. So what we are communicating today, Corrine, is the share of our utilization in the first line, second line versus the later lines is 33%.

Speaker #3: This quarter, with a 12-month lookback, as you remember, last quarter, it was at 30%, with a 12-month lookback. So we continue to make progress in getting more and more of our patients in the first line, second line.

Speaker #3: And that's how we see our performance going forward is continuous progress, continuous growth, quarter over quarter, and that's the strategy we're pursuing. Iterating our guidance for the top line between 2020 and 2040 million dollars.

Speaker #8: Okay. Thank you.

Corinne Johnson: Okay. Thank you.

Speaker #1: Thank you. One moment for our next question. Our next question, caller line of Emily Bonner of 18 Way. Your line is now open.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Emily Bodnar of H.C. Wainwright. Your line is now open.

Speaker #9: Hi. Good morning. Thanks for taking the question. In terms of the 6% increase in demand in this quarter, what's your confidence in the sustainability of that for future quarters in 2026?

Emily Bodnar: Hi. Good morning. Thanks for taking the questions. In terms of the 6% increase of demand in this quarter, what's your confidence in the sustainability of that for future quarters in 2026? Were there any seasonality impacts or other factors that you could specifically point to that helped increase demand in the Q1? Thanks.

Speaker #9: And were there any seasonality impacts or other factors that you could specifically point to that helped increase demand in the first quarter? Thanks.

Speaker #3: Yeah. Thank you, Emily. Yeah. Look, I mean, we're very pleased with where we are in Q1. Where we have landed is in line with our expectations in terms of both top line growth, but also on the investment side.

Harout Semerjian: Thank you, Emily. Look, I mean, we're pleased with where we are in Q1. Where we have landed is in line with our expectations in terms of both top-line growth, but also on the investment side. Our plan is to continue to grow quarter over, you know, quarter. That's the strategy we're pursuing, regardless of seasonality, different things that will happen every year, we know that. At the same time, you know, we do expect a gradual, and, you know, continuous growth quarter over quarter. This is one where we have communicated that we have a guidance for the year in terms of the top line.

Speaker #3: And our plan is to continue to grow quarter over quarter. That's the strategy we're pursuing. Regardless of seasonalities, different things that will happen every year, we know that.

Speaker #3: But at the same time, we do expect a gradual and continuous growth quarter over quarter. This is one where we have communicating we have communicated that we have a guidance for the year in terms of the top line.

Harout Semerjian: We have also communicated that we think that growth will be more accelerated in H2, purely by the fact that we have done, you know, significant surgeries in Q4 and Q1. A lot of these programs do need time to kick into action. We wanna continue to fuel this growth quarter over quarter. It's not that we don't see it as like a total transformation inflection point between one day to the other. This is a story for us of continuous growth quarter over quarter. We do believe that the potential is tremendous in this low-risk MDS area, and we look forward to serving more patients and continuing to grow the business.

Speaker #3: And we have also communicated that we think that growth would be more accelerated in the second half of the year, purely by the fact that we have done significant surgeries in Q4 and Q1.

Speaker #3: And a lot of these programs do need time to kick into action. And we want to continue to fuel this growth, quarter over quarter.

Speaker #3: It's not that we don't see it as a total transformation inflection point between one day to the other. This is a story for us of continued growth quarter over quarter.

Speaker #3: We do believe that the potential is tremendous in this low-risk MDS area. And we look forward to serving more patients and continuing to grow the business.

Speaker #9: Great. Thank you.

Emily Bodnar: Great. Thank you.

Speaker #1: Thank you. One moment for our next question. Again, as a reminder to ask the question, you'll need to press star 11 on your telephone.

Operator: Thank you. One moment for our next question. Again, as a reminder, to ask a question, you will need to press star 11 on your telephone. Our next question comes from the line of Stephen Willey of Stifel. Your line is now open.

Speaker #1: In our next question, customer line of Steven Willie of Stifel. Your line is now open.

Speaker #10: Yeah. Good morning. Thanks for taking the questions. Just curious about the data you're seeing on the treatment duration and persistency fronts. I know that you've been in the market now, I guess, messaging the correlation between cytopenias and clinical benefit.

Stephen Willey: Yeah. Good morning. Thanks for taking the questions. Just curious about the data you're seeing on the treatment duration and persistency fronts. I know that you've been in the market now, I guess, messaging the correlation between cytopenias and clinical benefit. Has that driven any measurable improvement in patient persistency over the last four to five months? Just have a follow-up.

Speaker #10: Has that driven any measurable improvement in patient persistency over the last four to five months? And then just have a follow-up.

Speaker #3: Yeah. Good morning, Steve. Yeah. What we see in the real world is really quite close to what we've seen in IMER data, Steve, in terms of patients, average duration of patients staying on therapy, on Rytello, what we are pursuing is more patients in the first line, second line, and that would obviously increase the persistency of patients on treatment, right?

Harout Semerjian: Good morning, Stephen Willey. What we see in the real world is really, you know, quite close to what we've seen in IMerge data, Stephen Willey, in terms of patients, average duration of patients staying on therapy on RYTELO. What we are, you know, pursuing is more patients in the first-line, second-line, and that would, you know, obviously increase the persistency of patients on treatment, right? You know, this quarter we're up to 33% versus last quarter with a full month of backlog than 34%. You know, we wanna see that number continuously and gradually grow. Within the line, at this point, what we see is really in line with what IMerge has shown us in terms of, you know, average duration of patients on therapy.

Speaker #3: So this quarter, we're up to 33% versus last quarter with a 12-month lookback was at 34%. So we want to see that number continuously and gradually grow.

Speaker #3: But within the line, at this point, what we see is really in line with what IMER has shown us in terms of average duration of patients on therapy.

Speaker #10: Okay. And then I just guess with the business approaching break-even and presumably some level of confidence into achieving profitability, at least on a non-gap basis before the end of this year, just curious how active some of the peripheral BD efforts might be right now and just whether or not there's a specific stage of development that you're looking for in an asset.

Stephen Willey: Okay. I just guess, you know, with the business approaching breakeven and presumably some level of confidence into achieving profitability, at least on a non-GAAP basis before the end of this year, just curious how active some of the peripheral BD efforts might be right now and, you know, just whether or not there is a specific stage of development that you are looking for in an asset and whether you think there is both the appetite and bandwidth to potentially execute on a transaction before the end of this year.

Speaker #10: And whether you think there's both the appetite and bandwidth to potentially execute on a transaction before the end of this year.

Speaker #3: Yeah. Thanks, Steve. Look, I mean, ultimately, our main focus is on growing Rytello. Especially in the US, for the time being, exploring ways to bring Rytello to ex-US patients as well.

Harout Semerjian: Thanks, Steve. Look, I mean, ultimately our main focus is on growing RYTELO, especially in the US, for the time being, exploring, you know, ways to bring RYTELO to NGS patients as well. We continue to do that. We have a healthy cash position with, we can help be even more disciplined from a financial perspective to ensure that we're executing per plan, but doing it in a financially disciplined manner. That provides us, Steve, with, you know, a lot of different optionality in terms of, you know, wanting to do deals, not having to do deals. You know, be seeing opportunistic, looking at where else can we build our company in terms of what our long-term aspiration of building a hematology, you know, company that's consistent and sustainable.

Speaker #3: We continue to do that. We have a healthy cash position with even more disciplines from a financial perspective to ensure that we're executing per plan by doing it in a financial disciplined manner.

Speaker #3: And that provides us, Steve, with a lot of different optionalities in terms of wanting to do deals, not having to do deals. Seeing opportunistic, looking at where else can we build our company in terms of what our long-term aspiration of building a hematology company that's consistent and sustainable.

Speaker #3: So that's ultimately where we want to go. So we do have optionalities, Steve. It's purely for us to comment on—will we do a deal or not?

Harout Semerjian: That's ultimately where we want to go. We do have optionality, Steve. It's too early for us to comment on will we do a deal or not. We're always, you know, in the market looking for opportunities, but our, you know, very focused efforts are now on execution and making sure that RYTELO goes in line with our expectations and really by focusing on those 8,000 patients in the US in the 2nd line, which we believe we can really help more of them as quarters come.

Speaker #3: We're always in the market looking for opportunities. But our very focused efforts are now on execution and making sure that Rytello grows in line with our expectations.

Speaker #3: And really, by focusing on those 8,000 patients in the US in the second line, which we believe we can really help more and more of them as the quarters come.

Speaker #10: All right. Thanks.

Stephen Willey: All right. Thanks.

Speaker #1: Thank you. I'm showing no further questions. At this time, I'll now turn it back to Harut Semerjian for closer remarks.

Operator: Thank you. I'm showing no further questions at this time. I'll now turn it back to Harout Semerjian for closing remarks.

Speaker #3: Thank you very much, everyone, for joining our call today. We look forward to updating on our progress over the next quarters to come. Thank you very much.

Harout Semerjian: Thank you very much everyone for joining our call today. We look forward to updating on our progress over the next quarters to come. Thank you very much. This concludes our call.

Speaker #3: This concludes our call.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.