SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 9, 2017
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction||(Commission File Number)||(IRS Employer|
|of incorporation)||Identification No.)|
149 COMMONWEALTH DRIVE,
MENLO PARK, CALIFORNIA 94025
(Address of principal executive offices, including zip code)
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
Geron Corporation (the Company) is furnishing this information under Item 2.02 of Form 8-K.
The information in this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section. The information in this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act.
On August 9, 2017, the Company issued a press release announcing its financial results for the three and six months ended June 30, 2017. A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
|99.1||Press release dated August 9, 2017.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date:||August 9, 2017||By:||/s/ Stephen N. Rosenfield|
|Name:||Stephen N. Rosenfield|
|Title:||Executive Vice President, General Counsel and|
|99.1||Press release dated August 9, 2017.|
PRESS RELEASE DATED AUGUST 9, 2017
Geron Corporation Reports Second Quarter 2017 Financial Results
MENLO PARK, Calif., AUGUST 9, 2017 -- Geron Corporation (Nasdaq: 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 $549,000 for the comparable 2016 periods. The increase in interest and other income for the three and six month periods ending June 30, 2017, compared to the same periods in 2016, primarily reflects higher yields on the companys marketable securities portfolio.
Due to the recent announcement and conference call on updates to the clinical development plans for imetelstat, Gerons management will not be hosting a separate conference call in connection with these financial results.
Geron is a clinical stage biopharmaceutical company focused on the collaborative development of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies. For more information about Geron, visit www.geron.com.
Financial table follows.
CONDENSED STATEMENTS OF OPERATIONS
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|(In thousands, except share and per share data)||2017||2016||2017||2016|
|License fees and royalties||$||174||$||211||$||711||$||960|
|Research and development||2,499||4,575||5,873||9,608|
|General and administrative||4,406||4,547||9,063||9,340|
|Total operating expenses||6,905||9,122||14,936||18,948|
|Loss from operations||(6,731||)||(8,911||)||(14,225||)||(17,988||)|
|Interest and other income||346||293||678||549|
|Interest and other expense||(20||)||(19||)||(41||)||(40||)|
|Basic and diluted net loss per share:|
|Net loss per share||$||(0.04||)||$||(0.05||)||$||(0.09||)||$||(0.11||)|
|Shares used in computing net loss per share||159,182,367||158,998,931||159,171,959||158,947,485|
CONDENSED BALANCE SHEETS
|June 30,||December 31,|
|Cash, cash equivalents and restricted cash||$||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|
|Note 1:||Derived from audited financial statements included in the companys annual report on Form 10-K for the year ended December 31, 2016.|
Anna Krassowska, Ph.D.
Investor and Media Relations