Geron Corp 10-Q: Financials & Bank Agreement Updates

TL;DR

Geron's Q2 10-Q is in: financials updated, Hercules/SVB loan details (Tranche Six) mentioned.

AI Summary

Geron Corporation filed its 10-Q for the period ending June 30, 2024. The company reported financial results and provided updates on its business operations. Key financial figures include retained earnings as of June 30, 2023, and accumulated other comprehensive income as of March 31, 2024. The filing also references amendments to agreements with Hercules and Silicon Valley Bank, specifically Tranche Six.

Why It Matters

This filing provides investors with an update on Geron's financial health and any material changes to its debt or financing arrangements, which can impact its operational capacity and future growth prospects.

Risk Assessment

Risk Level: medium — The filing contains details about debt and financial instruments, which inherently carry financial risk.

Key Numbers

• 2023-06-30 — Retained Earnings Date (Reference point for retained earnings)
• 2024-03-31 — Accumulated Other Comprehensive Income Date (Reference point for AOCI)

Key Players & Entities

• GERON CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date
• Hercules and Silicon Valley Bank (company) — Lender/Financier
• Tranche Six (financial_instrument) — Debt Tranche

FAQ

Key Financial Figures

• $0.001 — ge on which registered: Common Stock, $0.001 par value GERN The Nasdaq Stock Mar

Filing Documents

• gern-20240630.htm (10-Q) — 2338KB
• gern-ex31_1.htm (EX-31.1) — 15KB
• gern-ex31_2.htm (EX-31.2) — 15KB
• gern-ex32_1.htm (EX-32.1) — 8KB
• gern-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-093950.txt ( ) — 8343KB
• gern-20240630.xsd (EX-101.SCH) — 1088KB
• gern-20240630_htm.xml (XML) — 1546KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1:

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4:

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1:

Legal Proceedings

Legal Proceedings 33 Item 1A:

Risk Factors

Risk Factors 34 Item 2: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securitie s 75 Item 3: Defaults Upon Senior Securities 75 Item 4: Mine Safety Disclosures 75 Item 5: Other Information 75 Item 6: Exhibits 76

SIGNATURES

SIGNATURES 77 RYTELO TM and other trademarks or service marks of Geron Corporation appearing in this Quarterly Report on Form 10-Q (this "Report") are the property of Geron Corporation. This Report contains additional trade names, trademarks and service marks of others, which are the property of their respective owners. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) GERON CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) JUNE 30, DECEMBER 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 116,945 $ 70,023 Restricted cash 1,123 1,115 Marketable securities 245,789 263,676 Accounts receivable, net 874 — Interest and other receivables 2,252 1,655 Inventory 774 — Prepaid expenses and other current assets 5,551 4,879 Total current assets 373,308 341,348 Noncurrent marketable securities 66,505 43,298 Property and equipment, net 1,626 1,177 Operating leases, right-of-use assets 3,225 3,556 Deposits and other assets 4,735 4,697 $ 449,399 $ 394,076 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,620 $ 6,161 Accrued compensation and benefits 11,382 13,759 Operating lease liabilities 961 949 Debt 46,917 46,893 Accrued liabilities 38,660 40,308 Total current liabilities 103,540 108,070 Noncurrent operating lease liabilities 2,645 3,006 Noncurrent debt 36,519 35,051 Commitments and contingencies Stockholders' equity: Common stock 601 545 Additional paid-in capital 2,027,173 1,844,988 Accumulated deficit ( 1,720,542 ) ( 1,597,769 ) Accumulated other comprehensive loss ( 537 ) 185 Total stockholders' equity 306,695 247,949 $ 449,399 $ 394,076 See accompanying notes. 3 GERON CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (UNAUDITED) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2024 2023 2024 2023 Revenues: Product revenue, net 780 — 780 — Royalties 102 29 406 50 Total revenues $ 882 $ 29 $ 1,186 $ 50 Operating expenses: Cost of goods sold 17 — 17 — Research and development 30,779 35,490 6

View Full Filing

View this 10-Q filing on SEC EDGAR