Geron (NASDAQ:GERN) reported third-quarter net product revenue of $60.1 million for RYTELO, a 27% increase from $47.2 million a year earlier, as the company cited continued growth in prescribing, particularly among community practices.
Chief Executive Officer Harout Semerjian said RYTELO demand increased 10% sequentially during the third quarter, while net revenue rose 5% from the prior quarter. The company said the performance represented its fourth consecutive quarter of demand growth and kept it on track to reach the middle to upper end of its 2026 revenue guidance range of $220 million to $240 million.
“We continue to execute our strategy to build a leading hematology company,” Semerjian said. He added that the company sees a long growth runway for RYTELO in the U.S. lower-risk myelodysplastic syndromes, or MDS, market.
Community Adoption Drives RYTELO Growth
Chief Commercial Officer Ahmed ElNawawi said RYTELO prescribing accounts grew 8% sequentially, primarily driven by community practices. Since launch, the drug has reached more than 1,700 accounts, according to the company.
Geron said first- and second-line patient starts on a rolling 12-month basis represented 36% of starts. The company is seeking to expand adoption through personal and non-personal outreach to hematology and oncology providers, emphasizing the drug’s clinical efficacy and education around dosing and management of cytopenias.
ElNawawi said Geron believes RYTELO can generate consistent quarterly growth over a multiyear period, supported by continued penetration in community care settings. Semerjian said the company is focused on maintaining that steady growth trajectory rather than identifying a specific inflection point for accelerated uptake.
“We do believe that there are thousands of more patients who can benefit from RYTELO for many years to come,” Semerjian said during the question-and-answer session.
European Commercial Rollout Begins With Germany
Geron has initiated what it described as a gated commercial launch in Europe, beginning with Germany, where RYTELO is expected to become commercially available by the end of 2026. France is expected to follow in 2027.
The company said its approach is intended to preserve pricing control and limit the need for a full commercial infrastructure in each market, while retaining flexibility to pursue partnerships. Semerjian said the strategy is designed to broaden patient access without requiring substantial upfront investment.
Management pointed to Europe’s older population, unmet need in lower-risk MDS and physician familiarity with imetelstat from the IMerge study as factors supporting the opportunity. ElNawawi said European treatment patterns differ from the U.S., including less use of hypomethylating agents in later treatment lines.
Geron also said the orphan designation and single-indication status of RYTELO could support reimbursement discussions, particularly in Germany.
Myelofibrosis Trial Discontinued
During the quarter, Geron discontinued the Phase III IMpactMF trial evaluating imetelstat in patients with relapsed or refractory myelofibrosis after an independent data monitoring committee concluded the study was unlikely to meet its primary endpoint of overall survival.
Executive Vice President of Research and Development and Chief Medical Officer Joseph Eid said no new safety signals were identified that altered the known safety profile of imetelstat. Geron plans to unblind the data, conduct further analysis and present findings at a future medical meeting.
The company continued to highlight data supporting RYTELO in lower-risk MDS at scientific meetings. Eid said a real-world evidence poster presented at the Society of Hematologic Oncology meeting showed hemoglobin improvement with imetelstat in U.S. community oncology practice, despite short treatment durations and later-line use during the immediate post-launch period.
Geron also said it has six accepted abstracts for presentation at the 68th American Society of Hematology Annual Meeting in December.
Expenses Decline as Guidance Is Reduced
Geron reported research and development expense of $12.7 million in the third quarter, down from $21.1 million in the prior-year period. Selling, general and administrative expense declined to $35.7 million from $39 million. Total operating expenses excluding cost of goods sold fell to $48.3 million from $60.1 million.
Chief Financial Officer Michelle Robertson attributed the lower expenses primarily to reduced personnel costs following a workforce reduction in December 2025, as well as lower clinical chemistry, manufacturing and controls costs. She noted that Geron does not expect a significant reduction in myelofibrosis program spending during 2026 because of wind-down activities.
The company lowered its full-year 2026 operating expense guidance to $220 million to $230 million, from prior guidance of $230 million to $240 million. Robertson said investment could increase next year as Geron’s European strategy develops and it advances post-marketing commitments and clinical trials.
As of Sept. 30, Geron held approximately $339 million in cash equivalents, restricted cash and marketable securities, compared with $327 million at the end of the second quarter.
Management said the balance sheet provides flexibility to consider business development opportunities. Semerjian said Geron’s initial focus would be hematology or oncology assets that could be commercialized through its existing team, particularly products addressing diseases treated predominantly in the community setting. He said the company could consider assets with peak sales potential in the hundreds of millions of dollars as part of a “string of pearls” approach.
About Geron (NASDAQ:GERN)
Geron Corporation (NASDAQ: GERN) is a biopharmaceutical company focused on developing and commercializing treatments for blood cancers and other serious hematologic diseases. Its lead product, Rytelo (imetelstat), is a telomerase inhibitor designed to target malignant blood-forming cells.
Rytelo is approved in the United States for adults with lower-risk myelodysplastic syndromes who have transfusion-dependent anemia requiring regular red blood cell transfusions and have not responded adequately to, or are not eligible for, erythropoiesis-stimulating agents.
