MENLO PARK, Calif., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Geron Corporation GERN today reported financial results for the three and six months ended June 30, 2017.
For the second quarter of 2017, the company reported a net loss of $6.4 million, or $0.04 per share, compared to $8.6 million, or $0.05 per share, for the comparable 2016 period. Net loss for the first six months of 2017 was $13.6 million, or $0.09 per share, compared to $17.5 million, or $0.11 per share, for the comparable 2016 period. The company ended the second quarter of 2017 with $117.2 million in cash and investments.
Revenues for the three and six months ended June 30, 2017 were $174,000 and $711,000, respectively, compared to $211,000 and $960,000 for the comparable 2016 periods. Revenues for the three and six month periods ending June 30, 2017 and 2016 included royalty and license fee revenues under various non-imetelstat license agreements.
Total operating expenses for the three and six months ended June 30, 2017 were $6.9 million and $14.9 million, respectively, compared to $9.1 million and $18.9 million for the comparable 2016 periods. Research and development expenses for the three and six months ended June 30, 2017 were $2.5 million and $5.9 million, respectively, compared to $4.6 million and $9.6 million for the comparable 2016 periods. The decrease in research and development expenses for the three and six month periods ending June 30, 2017, compared to the same periods in 2016, primarily reflects lower costs for the proportionate share of clinical development expenses under the collaboration with Janssen Biotech, Inc. and reduced personnel related expenses. General and administrative expenses for the three and six months ended June 30, 2017 were $4.4 million and $9.1 million, respectively, compared to $4.5 million and $9.3 million for the comparable 2016 periods. The decrease in general and administrative expenses for the three and six month periods ending June 30, 2017, compared to the same periods in 2016, primarily reflects lower consulting costs.
Interest and other income for the three and six months ended June 30, 2017 was $346,000 and $678,000, respectively, compared to $293,000 and $549,000 for the comparable 2016 periods. The increase in interest and other income for the three and six month periods ending June 30, 2017, compared to the same periods in 2016, primarily reflects higher yields on the company's marketable securities portfolio.
Due to the recent announcement and conference call on updates to the clinical development plans for imetelstat, Geron's management will not be hosting a separate conference call in connection with these financial results.
About Geron
Geron is a clinical stage biopharmaceutical company focused on the collaborative development of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. For more information about Geron, visit www.geron.com.
Financial table follows.
| GERON CORPORATION | ||||||||||||||||
| CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| (In thousands, except share and per share data) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
| Revenues: | ||||||||||||||||
| License fees and royalties | $ | 174 | $ | 211 | $ | 711 | $ | 960 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,499 | 4,575 | 5,873 | 9,608 | ||||||||||||
| General and administrative | 4,406 | 4,547 | 9,063 | 9,340 | ||||||||||||
| Total operating expenses | 6,905 | 9,122 | 14,936 | 18,948 | ||||||||||||
| Loss from operations | (6,731 | ) | (8,911 | ) | (14,225 | ) | (17,988 | ) | ||||||||
| Interest and other income | 346 | 293 | 678 | 549 | ||||||||||||
| Interest and other expense | (20 | ) | (19 | ) | (41 | ) | (40 | ) | ||||||||
| Net loss | $ | (6,405 | ) | $ | (8,637 | ) | $ | (13,588 | ) | $ | (17,479 | ) | ||||
| Basic and diluted net loss per share: | ||||||||||||||||
| Net loss per share | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.09 | ) | $ | (0.11 | ) | ||||
| Shares used in computing net loss per share | 159,182,367 | 158,998,931 | 159,171,959 | 158,947,485 | ||||||||||||
| CONDENSED BALANCE SHEETS | |||||
| June 30, | December 31, | ||||
| (In thousands) | 2017 | 2016 | |||
| (Unaudited) | (Note 1) | ||||
| Current assets: | |||||
| Cash, cash equivalents and restricted cash | $ | 6,874 | $ | 13,078 | |
| Current marketable securities | 88,239 | 102,035 | |||
| Other current assets | 6,953 | 999 | |||
| Total current assets | 102,066 | 116,112 | |||
| Noncurrent marketable securities | 22,076 | 13,954 | |||
| Property and equipment, net | 140 | 183 | |||
| $ | 124,282 | $ | 130,249 | ||
| Current liabilities | $ | 11,274 | $ | 7,869 | |
| Stockholders' equity | 113,008 | 122,380 | |||
| $ | 124,282 | $ | 130,249 | ||
Note 1: Derived from audited financial statements included in the company's annual report on Form 10-K for the year ended December 31, 2016.
CONTACT: Anna Krassowska, Ph.D. Investor and Media Relations 650-473-7765 investor@geron.com media@geron.com
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