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STOCKHOLDERS' EQUITY - STOCK-BASED COMPENSATION EXPENSE FOR EMPLOYEES AND DIRECTORS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation Expense
Total stock-based compensation expense	$ 31,927	$ 18,525	$ 8,001
Research and development
Stock-Based Compensation Expense
Total stock-based compensation expense	10,280	7,426	3,720
General and administrative
Stock-Based Compensation Expense
Total stock-based compensation expense	$ 21,647	$ 11,099	$ 4,281

FAIR VALUE MEASUREMENTS - RECURRING BASIS (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value on a Recurring Basis
Total	$ 474,121	$ 324,904
Money market funds
Fair Value on a Recurring Basis
Total	46,802	17,658
Certificate of deposit
Fair Value on a Recurring Basis
Total	273	272
U.S. Treasury securities
Fair Value on a Recurring Basis
Total	30,570	29,742
Government-sponsored enterprise securities
Fair Value on a Recurring Basis
Total	8,748	99,872
Commercial paper
Fair Value on a Recurring Basis
Total	185,201	102,268
Corporate notes
Fair Value on a Recurring Basis
Total	202,527	75,092
Level 1
Fair Value on a Recurring Basis
Total	47,075	17,930
Level 1 \| Money market funds
Fair Value on a Recurring Basis
Total	46,802	17,658
Level 1 \| Certificate of deposit
Fair Value on a Recurring Basis
Total	273	272
Level 2
Fair Value on a Recurring Basis
Total	427,046	306,974
Level 2 \| U.S. Treasury securities
Fair Value on a Recurring Basis
Total	30,570	29,742
Level 2 \| Government-sponsored enterprise securities
Fair Value on a Recurring Basis
Total	8,748	99,872
Level 2 \| Commercial paper
Fair Value on a Recurring Basis
Total	185,201	102,268
Level 2 \| Corporate notes
Fair Value on a Recurring Basis
Total	$ 202,527	$ 75,092

FAIR VALUE MEASUREMENTS - SECURITIES WITH UNREALIZED LOSSES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months - Estimated Fair Value	$ 169,724	$ 166,518
Less Than 12 Months - Gross Unrealized Losses	(190)	(211)
12 Months or Greater - Estimated Fair Value	1,993
12 Months or Greater - Gross Unrealized Losses	(1)
Total - Estimated Fair Value	171,717	166,518
Total - Gross Unrealized Losses	(191)	(211)
U.S. Treasury securities (due in less than one year)
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months - Estimated Fair Value	18,593
Less Than 12 Months - Gross Unrealized Losses	(10)
Total - Estimated Fair Value	18,593
Total - Gross Unrealized Losses	(10)
Government-sponsored enterprise securities (due in less than one year)
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months - Estimated Fair Value		69,377
Less Than 12 Months - Gross Unrealized Losses		(92)
Total - Estimated Fair Value		69,377
Total - Gross Unrealized Losses		(92)
Commercial paper (due in less than one year)
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months - Estimated Fair Value	66,076	58,622
Less Than 12 Months - Gross Unrealized Losses	(56)	(33)
Total - Estimated Fair Value	66,076	58,622
Total - Gross Unrealized Losses	(56)	(33)
Corporate notes (due in less than one year)
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months - Estimated Fair Value	31,549	34,567
Less Than 12 Months - Gross Unrealized Losses	(26)	(63)
12 Months or Greater - Estimated Fair Value	1,993
12 Months or Greater - Gross Unrealized Losses	(1)
Total - Estimated Fair Value	33,542	34,567
Total - Gross Unrealized Losses	(27)	(63)
Corporate notes (due in one to two years)
Schedule Of Available For Sale Securities [Line Items]
Less Than 12 Months - Estimated Fair Value	53,506	3,952
Less Than 12 Months - Gross Unrealized Losses	(98)	(23)
Total - Estimated Fair Value	53,506	3,952
Total - Gross Unrealized Losses	$ (98)	$ (23)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The terms “Geron”, the “Company”, “we” and “us” as used in this report refer to Geron Corporation, which was incorporated in the State of Delaware on November 28, 1990, and its wholly-owned subsidiaries, Geron UK Limited, or Geron UK, a United Kingdom company, and Geron Netherlands B.V., or Geron Netherlands, a Netherlands company. Geron UK was incorporated in September 2021, and its operations commenced in January 2022. Geron Netherlands was incorporated in February 2023, and its operations commenced in June 2023. The Company's first-in-class telomerase inhibitor, RYTELOTM (imetelstat), was approved by the U.S. Food and Drug Administration, or FDA, on June 6, 2024 for the treatment of certain adult patients with low- to intermediate-1 risk myelodysplastic syndromes, or lower-risk MDS, and is under development for the treatment of other hematologic malignancies.

Principles of Consolidation

The consolidated financial statements include the accounts Geron Corporation and its wholly-owned subsidiaries, Geron UK and Geron Netherlands. We have eliminated intercompany accounts and transactions. We prepare the financial statements of Geron UK and Geron Netherlands using the local currency as the functional currency. We translate the assets and liabilities of Geron UK and Geron Netherlands at rates of exchange at the balance sheet date and translate income and expense items at average monthly rates of exchange. Foreign currency translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, on our consolidated balance sheets.

Net Loss Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the periods presented without consideration of potential common shares. In April 2022, we entered into an underwriting agreement in connection with a public offering of our common stock, pursuant to which we issued a pre-funded warrant to purchase 18,095,238 shares of our common stock, also known as the 2022 pre-funded warrant, together with accompanying warrants to purchase shares of our common stock. In May 2020, we entered into an underwriting agreement in connection with a public offering of our common stock, pursuant to which we issued a pre-funded warrant to purchase 8,335,239 shares of our common stock, or the 2020 pre-funded warrant, together with accompanying warrants to purchase shares of our common stock. The 2022 pre-funded warrant and 2020 pre-funded warrant each are exercisable immediately at an exercise price of $0.001 per share. In January 2023, we completed an underwritten public offering of 68,007,741 shares of our common stock and a pre-funded warrant to purchase 25,000,000 shares of our common stock, or the 2023 pre-funded warrant. In March 2024, we completed an underwritten public offering of 41,999,998 shares of our common stock and a pre-funded warrant to purchase 8,002,668 shares of our common stock, or the 2024 pre-funded warrant. We included the 2023 pre-funded warrant, the 2022 pre-funded warrant and the 2020 pre-funded warrant in the computation of basic net loss per share, as applicable, since their exercise price is negligible, and they may be exercised at any time. See Note 10 on Stockholders' Equity for further discussion of our public offerings.

Diluted net income per share would be calculated by adjusting the weighted-average number of shares of common stock outstanding for the dilutive effect of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued, as determined using the treasury-stock method. Potential dilutive securities consist of outstanding stock options and warrants to purchase our common stock. Diluted net loss per share excludes potential dilutive securities for all periods presented as their effect would be anti-dilutive. Accordingly, basic and diluted net loss per share is the same for all periods presented in the accompanying consolidated statements of operations. Since we incurred a net loss for 2024, 2023, and 2022, the diluted net loss per share calculation excludes potential dilutive securities of 77,369,889, 75,458,854 and 145,726,765 shares, respectively, related to outstanding stock options and warrants, as their effect would have been anti-dilutive.

Use of Estimates

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to accrued liabilities, revenue recognition, fair value of marketable securities and equity investments, operating leases, right-of-use assets, lease liabilities, income taxes, and stock-based compensation. We base our estimates on historical experience and on various other market specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.

Revenue Recognition

We recognize revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, or Topic 606. In determining the appropriate amount and timing of revenue to be recognized under this guidance, we perform the following five steps: (i) identify the contract(s) with our customer; (ii) identify the promised goods or services in the agreement and determine whether they are performance obligations, including whether they are distinct in the context of the agreement; (iii) measure the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations based on stand-alone selling prices; and (v) recognize revenue when (or as) we satisfy each performance obligation. We recognize shipping and handling costs as an expense in cost of goods sold when we transfer control to a customer. Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

A performance obligation is a promise in an agreement to transfer a distinct good or service to the customer and is the unit of account in Topic 606. Significant management judgment is required to determine the level of effort required and the period over which completion of the performance obligations is expected under an agreement. If reasonable estimates regarding when performance obligations are either complete or substantially complete cannot be made, then revenue recognition is deferred until a reasonable estimate can be made. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method.

We allocate the total transaction price to each performance obligation based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation. Estimated selling prices for license rights are calculated using an income approach model and include the following key assumptions, judgments and estimates: the development timeline, revenue forecast, commercialization expenses, discount rate and probabilities of technical and regulatory success.

We distribute RYTELO in the U.S. through third party distributors and specialty pharmacies who are our customers. The third party distributors subsequently resell our product through their related specialty pharmacy providers to patients and health care providers. Separately, we have or may enter into payment arrangements with various third-party payors including pharmacy benefit managers, private healthcare insurers and government healthcare programs who provide coverage and reimbursement for our product that have been prescribed to a patient.

Following is a description of the principal activities from which we generate revenue. License fees and royalty revenue primarily represent amounts earned under agreements that out-license our technology to various companies. To date, our only source of product revenue has been from the U.S. sales of RYTELO, which we began shipping to our customers in June 2024. See Note 2 on Revenue Recognition.

Product Sales, Net

Product sales revenue is recognized when control has transferred to the customer, which occurs at a point in time, which is typically on delivery to the customer or, in the case of products that are subject to consignment agreements, when the customer removes product from our consigned inventory location for shipment directly to a patient.

Items Deducted from Gross Product Sales

Revenues from sales of products are recorded net of government rebates and rebates under managed care plans and commercial payor contracts, estimated allowances for sales returns, government chargebacks, prompt payment discounts, patient coupon programs, and specialty distributor and wholesaler fees. Calculating certain of these items involves estimates and judgments based on sales or invoice data, contractual terms, historical utilization rates, new information regarding changes in applicable regulations and guidelines that would impact the amount of the actual rebates, our expectations regarding future utilization rates and channel inventory data. We review the adequacy of our provisions for sales deductions on a quarterly basis. Amounts accrued for sales deductions are adjusted when trends or significant events indicate that adjustment is appropriate and to reflect actual experience. The most significant items deducted from gross product sales where we exercise judgment are rebates, sales returns and chargebacks.

Net Product Revenues

Our net product revenues are recognized, net of variable consideration related to certain allowances and accruals, at the time our customers obtain control of our product, which is generally upon delivery to our customers. We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts to estimate variable consideration and consideration payable to parties other than our customers related to our product sales.

We record reserves, based on contractual terms, for components related to product sold during the reporting period, as well as our estimate of product that remains in the distribution channel inventory at the end of the reporting period that we expect will be sold to qualified healthcare providers. On a quarterly basis, we update our estimates and record any needed adjustments in the period we identify the adjustments.

We sell RYTELO to our customers at wholesale acquisition cost, and calculate product revenue from RYTELO sales, net of variable consideration and consideration payable to parties other than our customers. Variable consideration and consideration payable to parties other than our customers consists of estimates related to the following categories:

Other Allowances

We pay fees for distribution services, such as fees for certain data that customers provide to us. We estimate our customers will earn these fees and deduct these fees from gross product revenues and accounts receivable at the time we recognize the related revenues.

Discounts for Prompt Payment

We provide for prompt payment discounts to our customers, which are recorded as a reduction in gross product revenue in the same period that the related product revenue is recognized.

Product Returns

We offer customers the right to return products if they are damaged, defective, or expired, as defined in customer agreements. We estimate product returns considering experience from similar products in the market, historical return patterns, sales data, and inventory levels in the distribution channel. These estimates are recorded as a reduction in gross product revenue at the time of sale. Once products are returned, they are destroyed; we do not record a right of return asset.

Chargebacks

Chargebacks occur when our contracted customers, mainly federal agencies that can purchase off the Federal Supply Schedule and Public Health Service 340B covered entities, buy directly from our distributors and wholesalers at discounted prices. The distributors and wholesalers then charge us the difference between their purchase price and the discounted price. We estimate chargebacks considering the terms of the applicable arrangement and our visibility regarding utilization. These chargebacks are recorded in the same period as the related revenue, reducing our net product revenue and receivables. We typically issue credits for these amounts within a few weeks of notification.

Government Rebates

We are subject to discount obligations under government programs. Reserves for rebates payable under these government programs are recorded in the same period as gross product revenue, reducing our gross product revenue and creating a liability in accrued liabilities. Major rebates include those from the Medicare and Medicaid programs. Estimates for rebates are made considering statutory discount rates and expected utilization. These estimates are updated each period with actual claims and other current information, taking into account historical data, comparable products and other considerations.

Co-payment Assistance

We offer co-payment assistance to patients with commercial insurance that have coverage and reside in states that allow co-payment assistance. We estimate the average co-payment assistance amounts for our products based on expected customer demographics and record any such amounts within accrued expenses and a reduction to product revenue.

License Agreements

We previously entered into several license agreements with various oncology, diagnostics, research tools and biologics production companies, whereby we granted certain rights to our non-imetelstat related technologies. Under these agreements, non-refundable upfront fees and annual license maintenance fees were considered fixed consideration, while milestone payments and royalties were identified as variable consideration. Since June 30, 2021, no active license agreements remain. The license related to our specialized oligonucleotide backbone chemistry, as well as patent rights covering the synthesis of monomers, the building blocks of oligonucleotides, terminated effective April 2021.

In connection with the divestiture of our human embryonic stem cell assets, including intellectual property and proprietary technology, to Lineage Cell Therapeutics, Inc. (formerly BioTime, Inc. which acquired Asterias Biotherapeutics, Inc.) in 2013, we are entitled to receive royalties on sales of certain research or commercial products utilizing our divested intellectual property.

Licenses of Intellectual Property

If we determine the license to intellectual property is distinct from the other performance obligations identified in the agreement and the licensee can use and benefit from the license, we recognize revenue from non-refundable upfront fees allocated to the license upon the completion of the transfer of the license to the licensee. For such licenses, we recognize revenue from annual license maintenance fees upon the start of the new license period. For licenses that are bundled with other performance obligations, we assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable upfront fees or annual license maintenance fees. At each reporting date, we reassess the progress and, if necessary, adjust the measure of performance and related revenue recognition.

Milestone Payments

At the inception of each agreement that includes milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. For milestones that we do not deem to be probable of being achieved, the associated milestone payments are fully constrained and the value of the milestone is excluded from the transaction price with no revenue being recognized. For example, milestone payments that are not within our control, such as regulatory-related accomplishments, are not considered probable of being achieved until those accomplishments have been communicated by the relevant regulatory authority. Once the assessment of probability of achievement becomes probable, we recognize revenue for the milestone payment. At each reporting date, we assess the probability of achievement of each milestone under any current agreements.

Royalties

For agreements with sales-based royalties, including milestone payments based on the level of sales, where the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (a) when the related sales occur, or (b) when the performance obligation, to which some or all of the royalty has been allocated, has been satisfied (or partially satisfied). At each reporting date, we estimate the sales incurred by each licensee during the reporting period based on historical experience and accrue the associated royalty amount.

Interest Expense

The liability related to the Royalty Pharma Agreement and the related interest expense are measured based on our current estimate of the timing and amount of expected future Royalty Payments expected to be paid over the estimated term of the Royalty Pharma Agreement using a discounted cash flow model. The liability is amortized using the effective interest rate method, resulting in recognition of non-cash interest expense over the estimated term of the agreement. Each reporting period, we assessed the estimated timing and amount of future expected Royalty Payments over the estimated term. If there are changes to the estimate, we recognize the impact to the liability’s amortization schedule and the related non-cash interest expense prospectively. Additionally, the transaction costs associated with the liability will be amortized to non-cash interest expense over the estimated term of the Royalty Pharma Agreement.

Fair Value of Financial Instruments

Cash Equivalents and Marketable Securities

We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We are subject to credit risk related to our cash equivalents and marketable securities. Our marketable debt securities include U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes.

We classify our marketable debt securities as available for sale. We record available for sale debt securities at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses are included in interest income and are derived using the specific identification method for determining the cost of securities sold and have been insignificant to date. Dividend and interest income are recognized when earned and included in interest income on our consolidated statements of operations. If an available-for-sale security’s fair value is less than its amortized cost basis, we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. We have not recorded any allowances for credit losses on our available-for-sale securities for the years ended December 31, 2024 and 2023 as we have not identified any unrealized losses for these securities attributable to credit factors. See Note 4 on Fair Value Measurements.

Restricted Cash

Restricted cash consists of funds maintained in separate money market or certificate of deposit accounts for credit card purchases.

Accounts Receivable

In general, accounts receivable consists of amounts due from customers, net of customer allowances for cash discounts, product returns, and chargebacks. Accounts receivable are stated net of an allowance that reflects our current estimate of credit losses expected to occur over the life of the receivable. In developing our allowance for expected credit losses, we use assumptions to capture the risk of loss, even if remote, based on a number of factors including existing contractual payment terms, individual customer circumstances, historical payment patterns of our customers, a review of the local economic environment and its potential impact on expected future customer payment patterns. The payment terms on our trade receivables are relatively short. As a result, our collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. We update our allowance as necessary to reflect expected credit losses over the remaining lives of the accounts receivable for outstanding trade receivables that are past due, have known disputes or have experienced any negative credit events that may result in future

collectability issues. We do not currently expect our current or future exposures to credit losses to have a significant impact on us. The estimated allowance for expected credit losses was not material as of December 31, 2024, nor were the changes to the allowance during any of the periods presented.

Inventory

Inventory is recorded at the lower of cost or net realized value, with cost determined under the weighted average method. Inventory costs include third-party contract manufacturing, third-party packaging services, freight, salaries, wages and stock-based compensation for personnel involved in the manufacturing process, and indirect overhead costs. We periodically review our inventories to identify obsolete, slow moving, excess or otherwise unsaleable items. If obsolete, slow moving, excess or unsaleable items are observed and there are no alternate uses for the inventory, we record a write-down to net realizable value. The determination of net realizable value requires judgment including consideration of many factors, such as estimates of future product demand, product net selling prices, current and future market conditions and potential product obsolescence, among others. Prior to regulatory approval, we expensed costs associated with the manufacture of a product candidate to research and development expense unless we are reasonably certain such costs have future commercial use and net realizable value. Since we consider attaining regulatory approval of a product candidate to be highly uncertain and difficult to predict, we expect only in rare instances that pre-launch inventory will be capitalized, if at all.

We began capitalizing inventory related to RYTELO in the quarter ended June 30, 2024, as we received approval of RYTELO on June 6, 2024, and the related costs were expected to be recoverable through the commercialization of RYTELO.

Cost of Goods Sold

Cost of goods sold includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including salary related and stock-based compensation expense for employees involved with production and distribution, freight, and indirect overhead costs. Cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. For the twelve months ended December 31, 2024, other than packaging costs, substantially all of our RYTELO inventory sold had a zero-cost basis as it was recorded as research and development expenses prior to the FDA’s approval.

Research and Development Expenses

Research and development expenses currently consist of expenses incurred in developing and testing imetelstat and research related to potential next generation telomerase inhibitors. These expenses include, but are not limited to, payroll and personnel expense, lab supplies, non-clinical studies, clinical trials, including support for investigator-led clinical trials, raw materials to manufacture clinical trial drugs, manufacturing costs for research and clinical trial materials, sponsored research at other labs, consulting, costs to maintain technology licenses and research-related overhead.

Our current RYTELO (imetelstat) clinical trials are being supported by contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed and managed by CROs based upon the amount of work completed on each trial. Expenses are recorded based on contracted amounts agreed to with our CROs and through monthly reporting provided by CROs. We monitor activities conducted and managed by the CROs to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We record expense on the best information available at the time. However, additional information may become available to us which may require us to record adjustments to research and development expenses in future periods.

Depreciation and Amortization

We record property and equipment at cost and calculate depreciation using the straight‑line method over the estimated useful lives of the assets, generally four years. Leasehold improvements are amortized over the shorter of the estimated useful life or remaining term of the lease.

Stock‑Based Compensation

We maintain various stock incentive plans under which stock options and restricted stock awards can be granted to employees, non-employee directors and consultants. We also have an employee stock purchase plan for all eligible employees. We recognize stock-based compensation expense based on grant-date fair values of service-based stock options on a straight-line basis over the requisite service period, which is generally the vesting period. For performance-based stock options with vesting based on the achievement of certain strategic milestones, stock-based compensation expense is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met and is reduced for estimated forfeitures, as applicable. If the performance condition is not considered probable of being achieved, no stock-based compensation expense is recognized until such time as the performance condition is considered probable of being met, if at all. If the assessment of probability of the performance condition changes, the impact of the change in estimate would be recognized in the period of the change. The determination of grant-date fair values for our service-based and performance-based stock options and employee stock purchases using the Black-Scholes option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. The grant-date fair value for service-based restricted stock or restricted stock unit awards is determined using the fair value of our common stock on the date of grant. We evaluate whether an adjustment to the assumptions of fair value of our common stock and historical volatility are required if observed prices of our common stock materially differ from historical information.

We measure share-based payments to non-employees based on the grant-date fair value of the equity awards to be issued. We recognize stock-based compensation expense for the fair value of the vested portion of non-employee stock-based awards on our consolidated statements of operations. For additional information, see Note 10 on Stockholders’ Equity.

Leases

At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating leases are included in operating leases, right-of-use assets and lease liabilities on our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of remaining lease payments over the expected lease term. The present value of remaining lease payments within the 12 months following the balance sheet date are classified as current lease liabilities. The present value of lease payments not within the 12 months following the balance sheet date are classified as noncurrent lease liabilities. The interest rate implicit in lease contracts is typically not readily determinable. As such, to calculate the net present value of lease payments, we apply our incremental borrowing rate, which is the estimated rate to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as of the lease commencement date. We may adjust the right-of-use assets for certain adjustments, such as initial direct costs paid or incentives received. In addition, we include any options to extend or terminate the lease in the expected lease term when it is reasonably certain that we will exercise any such option. Lease expense is recognized on a straight-line basis over the expected lease term.

For lease agreements entered into after January 1, 2019 that include lease and non-lease components, such components are generally accounted for separately. We have also elected not to recognize on our consolidated balance sheets leases with terms of one year or less.

Debt Issuance Costs and Debt Discounts

Debt issuance costs include legal fees, accounting fees, and other direct costs incurred in connection with the execution of our debt financing. Debt discounts represent costs paid to the lenders. Debt issuance costs and debt discounts are deducted from the carrying amount of the debt liability and are amortized to interest expense over the term of the related debt using the effective interest method.

Accumulated Other Comprehensive Gain (Loss)

Accumulated other comprehensive gain (loss) includes certain changes in stockholders’ equity which are excluded from net income (loss). Accumulated other comprehensive loss on our consolidated balance sheets as of December 31, 2024 and 2023, respectively, is comprised of net unrealized losses on marketable securities and cumulative translation adjustments.

Income Taxes

We maintain deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and are subject to tests of recoverability. Our deferred tax assets include net operating loss carryforwards, federal and state tax credits and capitalized research and development. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Our net deferred tax asset has been fully offset by a valuation allowance because of our history of losses. Any potential accrued interest and penalties related to unrecognized tax benefits would be recorded as income tax expense.

Segment Information

Our chief executive officer represents our chief operating decision maker. We view our operations as a single segment, the development of therapeutic products for oncology. As a result, the financial information disclosed herein materially represents all of the financial information related to our principal operating segment. For additional information, see Note 13 on Segment Reporting.

Recent Accounting Pronouncements

New Accounting Pronouncements – Issued But Not Yet Adopted

In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company as of January 1, 2025 for annual periods. We are evaluating the impact of this ASU on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of this ASU on our consolidated financial statements.

New Accounting Pronouncements – Issued and Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. The improved disclosure requirements apply to all public entities that are required to report segment information, including those with only one reportable segment. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 is effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. We adopted the guidance in the annual period ended December 31, 2024. There was no impact on our reportable segments identified and additional required disclosures have been included in Note 13. We view our operations as a single segment. See Note 13 on Segment Reporting.

Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on our financial statements.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	1,350,000,000	1,350,000,000
Common stock, shares issued	606,387,666	544,912,215
Common stock, shares outstanding	606,387,666	544,912,215

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Public Offering of Common Stock and Warrants
Issuance costs	$ 9,271	$ 14,507	$ 5,066

ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of accrued liabilities


	December 31,
(In thousands)	2024		2023
CRO and clinical trial costs	$	18,968	$	23,541
Manufacturing activities		11,839		14,629
Professional legal and accounting fees		475		556
Interest payable		2,186		768
Other		2,081		814
	$	35,549	$	40,308

INCOME TAXES - EFFECTIVE INCOME TAX RATE (Details)	12 Months Ended
INCOME TAXES - EFFECTIVE INCOME TAX RATE (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]
Tax at statutory rate	21.00%	21.00%	21.00%
State income tax, net of federal benefit	(1.70%)	6.60%	6.80%
Federal and state tax credits	2.70%	4.10%	4.90%
Stock-based compensation	(0.10%)	(0.70%)	(0.80%)
Net operating loss not benefitted	(0.50%)	(5.70%)	(4.30%)
Other	(1.60%)	(0.50%)	(0.10%)
Change in valuation allowance	(20.10%)	(24.80%)	(27.50%)
Effective tax rate	(0.30%)	0.00%	0.00%

OPERATING LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

OPERATING LEASES

8. OPERATING LEASES

New Jersey Office Space Lease

In April 2019, we entered into an operating lease agreement for office space located at 3 Sylvan Way, Parsippany, New Jersey, or the New Jersey Lease. The initial term of the New Jersey Lease is 11 years with an

option to extend for an additional five years and a one-time option to terminate the New Jersey Lease without cause as of the 103rd month anniversary of the commencement date of the lease. The New Jersey Lease commenced on October 1, 2019, upon our control of the office space on that date. Based on the initial term of the New Jersey Lease of 11 years, the right-of-use asset and corresponding operating lease liability was approximately $2.4 million, which represented the present value of lease payments over the initial lease term, net of a seven-month rent abatement period, using an incremental borrowing rate of 8% based on information available as of October 1, 2019. As of December 31, 2024, the New Jersey Lease makes up $1.4 million of our total right-of-use asset balance. Under the New Jersey Lease, we are also obligated to pay certain variable expenses separately from the base rent, including electricity and common area maintenance. Such costs are being expensed in the period they are incurred. As of December 31, 2024, the remaining lease term for the New Jersey Lease is 5.8 years.

California Office Space Lease

In October 2019, we entered into an operating lease agreement for office space located at 919 East Hillsdale Boulevard, Foster City, California, or the Foster City Lease. The initial term of the Foster City Lease is 87 months with an option to extend for an additional five years.

The Foster City Lease commenced on March 10, 2020, upon the substantial completion of all tenant improvements. As of the lease commencement date, the right-of-use asset and corresponding operating lease liability was approximately $3.4 million, which represented the present value of remaining lease payments using an incremental borrowing rate of 7% over the initial lease term of 87 months, net of a three-month rent abatement period. As of December 31, 2024, the Foster City Lease makes up $1.4 million of our total right-of-use asset balance. Under the Foster City Lease, we are also obligated to pay certain variable expenses separately from the base rent, including taxes and common area maintenance. Such costs are considered non-lease components and have been excluded from the calculation of the right-of-use asset and corresponding operating lease liability and are being expensed in the period they are incurred. As of December 31, 2024, the remaining lease term for the Foster City Lease is 2.5 years.

The components of lease costs included in operating expenses on our consolidated statements of operations for the New Jersey Lease, and the Foster City Lease were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Operating lease costs	$	987	$	962	$	944
Variable lease costs (1)		261		344		310
Total lease costs	$	1,248	$	1,306	$	1,254

(1)

Variable lease costs represent non-lease components, such as common area maintenance charges.

The undiscounted future non-cancellable lease payments under the New Jersey Lease and the Foster City Lease as of December 31, 2024 were as follows (in thousands):


2025	$	1,014
2026		1,040
2027		716
2028		376
2029		383
Thereafter		292
Total lease payments		3,821
Less: imputed interest		(581	)
Total	$	3,240

DEBT - Schedule of Future Minimum Payments Under Term Loan Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 2,186
2025	13,081
2026	13,081
2027	13,081
2028	13,116
Thereafter	135,930
Total	190,475
Less: amount representing interest	(65,474)
Less: unamortized debt discount and issuance costs	(6,525)
Noncurrent portion of debt	$ 118,476	$ 35,051

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of property and equipment, stated at cost

Property and equipment, stated at cost, is comprised of the following:


	December 31,
(In thousands)	2024			2023
Furniture and computer equipment	$	2,878		$	2,273
Leasehold improvements		129			135
		3,007			2,408
Less accumulated depreciation and amortization		(1,697	)		(1,231	)
	$	1,310		$	1,177

SEGMENT REPORTING (Additional Information) (Details)	12 Months Ended
SEGMENT REPORTING (Additional Information) (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment reporting, CODM, profit (loss) measure, how used, description	The CODM reviews the segment's profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive (loss) income and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment reporting, expense information used by CODM, description	Our CODM views specific categories within research and development expenses and selling, general and administrative expenses as significant given the correlation between cash burn and profitability.

INCOME TAXES - OPERATING LOSS CARRYFORWARDS (Details) $ in Millions	Dec. 31, 2024 USD ($)
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,000.0
Net operating loss carryforwards, expire beginning 2024 through 2037	631.5
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 844.4

FAIR VALUE MEASUREMENTS - SALE OF FUTURE ROYALTIES (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Fair value measurements inter transfers between levels	$ 0

STOCKHOLDERS' EQUITY - STOCK-BASED COMPENSATION TO SERVICE PROVIDERS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation for services by non-employees	$ 135,000	$ 828,000	$ 264,000
Consultants \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation for services by non-employees	$ 103,000	$ 742,000	$ 235,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

STOCKHOLDERS' EQUITY - SALES AGREEMENTS (Details) - USD ($)		12 Months Ended
	Nov. 01, 2023	Dec. 31, 2024
2020 Sales Agreement
At Market Issuance Sales Agreements [Line Items]
Issuance of common stock in connection with at market offering, net of issuance costs (in shares)		0
2023 Sales Agreement
At Market Issuance Sales Agreements [Line Items]
Aggregate offering price of common stock	$ 100,000,000
Maximum commission rate (as a percent)	3.00%
Issuance of common stock in connection with at market offering, net of issuance costs (in shares)		0

OPERATING LEASES - UNDISCOUNTED FUTURE NON-CANCELLABLE LEASE PAYMENTS (Details) - New Jersey Lease And Foster City Lease $ in Thousands	Dec. 31, 2024 USD ($)
Operating Lease Liabilities, Payments Due
2025	$ 1,014
2026	1,040
2027	716
2028	376
2029	383
Thereafter	292
Total lease payments	3,821
Less: imputed interest	(581)
Operating Lease, Liability	$ 3,240

STOCKHOLDERS' EQUITY - PUBLIC OFFERINGS (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended
	Mar. 21, 2024	Jan. 10, 2023	Apr. 01, 2022	Mar. 31, 2024	Jan. 31, 2023	Dec. 31, 2024
2023 Pre-funded Warrant
Public Offering [Line Items]
Warrants to purchase common stock, shares					25,000,000
Pre-Funded Warrants
Public Offering [Line Items]
Warrants exercise price						$ 0.001
2023 Public Offering
Public Offering [Line Items]
Issuance of common stock in connection with public offering (in shares)		68,007,741			68,007,741
Net proceeds from public offering after deducting underwriting discount and other offering expenses		$ 213.3
2023 Public Offering \| 2023 Pre-funded Warrant
Public Offering [Line Items]
Warrants exercise price		$ 0.001
Public offering price per share		2.449
2023 Public Offering \| Common Stock
Public Offering [Line Items]
Public offering price of common stock per share		$ 2.45
2022 Underwritten Public Offering
Public Offering [Line Items]
Public offering price of common stock per share			$ 1.05
Issuance of common stock in connection with public offering (in shares)			53,333,334
Net proceeds from public offering after deducting underwriting discount and other offering expenses			$ 69.9
2022 Underwritten Public Offering \| 2022 Pre-Funded Warrant
Public Offering [Line Items]
Warrants exercise price			$ 0.001
Warrants to purchase common stock, shares			18,095,238
Public offering price per share			$ 1.049
2022 Underwritten Public Offering \| 2022 Stock Purchase Warrants
Public Offering [Line Items]
Warrants exercise price			$ 1.45
Warrants to purchase common stock, shares			35,714,286
2024 Underwritten Public Offering
Public Offering [Line Items]
Issuance of common stock in connection with public offering (in shares)	41,999,998			41,999,998
Net proceeds from public offering after deducting underwriting discount and other offering expenses	$ 141.0
2024 Underwritten Public Offering \| Common Stock
Public Offering [Line Items]
Public offering price of common stock per share	$ 3
2024 Underwritten Public Offering \| 2024 Pre-funded Warrant
Public Offering [Line Items]
Warrants exercise price	$ 0.001
Warrants to purchase common stock, shares	8,002,668			8,002,668
Public offering price per share	$ 2.99

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCKHOLDERS' EQUITY - EQUITY PLANS (Details) - USD ($)		1 Months Ended			12 Months Ended
STOCKHOLDERS' EQUITY - EQUITY PLANS (Details) - USD ($)	Dec. 31, 2018	May 31, 2023	May 31, 2022	May 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 01, 2025	Oct. 31, 2018	May 15, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)					171,371,369
Shares available for grant					34,309,969	58,750,670
Aggregate Intrinsic Value - Options Outstanding
Closing stock price (in dollars per share)					$ 3.54
Total pretax intrinsic value of stock options exercised (in dollars)					$ 41,200,000	$ 12,000,000	$ 800,000
Cash received from exercise of stock options (in dollars)					$ 31.6	$ 12.4	$ 1.8
Number of Shares - Options Outstanding
Stock options exercisable at the end of the period (in shares)					37,943,520	39,995,642	36,085,389
Weighted Average Exercise Price Per Share - Options Outstanding
Stock options exercisable at the end of the period (in dollars per share)					$ 2.06	$ 2.16	$ 2.17
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of stock options					4 years
2011 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration term of stock options from date of grant					10 years
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of stock options					4 years
Common stock, shares reserved for future issuance (in shares)					81,447,090					10,000,000
Minimum percentage of ownership required for granting stock options at least 110% of fair market value of common stock					10.00%
Minimum exercise price as a percentage of fair market value for employees having more than 10 % outstanding common stock					110.00%
Maximum expiration term of stock options granted to employees having more than 10 % outstanding common stock					5 years
Common stock, increase in shares reserved for future issuance (in shares)		43,360,000	11,000,000	12,500,000
Shares available for grant					32,587,928
2018 Plan \| First Director Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period of stock options					3 years
Stock options to be granted to purchase shares upon appointment (shares)					270,000
2018 Plan \| Subsequent Director Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options to be granted to purchase shares (in shares)					180,000
2018 Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration term of stock options from date of grant					10 years
2018 Inducement Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)	3,000,000				27,959,342
Common stock, increase in shares reserved for future issuance (in shares)	40,300,000				5,300,000
Shares available for grant					851,137
2018 Inducement Award Plan \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)								40,300,000
Directors Market Value Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)									1,000,000
Directors Market Value Stock Purchase Plan \| Restricted stock awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares)					8,351	36,864	15,962
Weighted average grant date fair value (in dollars per share)					$ 3.84	$ 2.37	$ 1.92
Total fair value of restricted stock that vested					$ 32,079	$ 85,400	$ 29,000

DEBT

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

9. DEBT

Hercules Loan Agreement

On September 30, 2020, we, Hercules Capital, Inc., or Hercules, and Silicon Valley Bank, or SVB, entered into a term loan facility, or the Term Loan, for up to $75.0 million, which was amended in August 2021, or the Original Loan Agreement. On June 30, 2022, we entered into a second amendment to the Original Loan Agreement. Under the second amendment, the aggregate principal amount available to us increased from $75.0 million to $125.0 million, with such principal being available in a series of tranches, subject to certain terms and conditions. Over the course of the Term Loan, we had drawn down a total of $80.0 million.

All obligations outstanding under the Hercules Loan Agreement, amounting to $86.5 million, were repaid in full on November 1, 2024, upon which the Hercules Loan Agreement was terminated and all liens on our assets granted in connection with the Hercules Loan Agreement were released.

Pharmakon Loan Agreement

On November 1, 2024, we entered into a loan agreement, or the Pharmakon Loan Agreement, with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, each, a Lender, which are investment funds managed by Pharmakon Advisors, LP, and BioPharma Credit PLC, as collateral agent, that provides for a 5-year senior secured term loan facility of up to $250.0 million, divided into three committed tranches: (i) a Tranche A Loan in an aggregate principal amount of $125.0 million, or the Tranche A Loan, which was funded on November 1, 2024, or the Tranche A Closing Date; (ii) a Tranche B Loan in an aggregate principal amount of $75.0 million, or the Tranche B Loan, which is available, subject to certain limited conditions, at our option; and (iii) a Tranche C Loan in an aggregate principal amount of $50.0 million, or the Tranche C Loan, and together with the Tranche A Loan and the Tranche B Loan, collectively, the Term Loans, which is available to us upon reaching a specified trailing twelve-month RYTELO revenue milestone. The Tranche B Loan and the Tranche C Loan, once available, may be requested on or prior to December 31, 2025. A portion of the proceeds from the Tranche A Loan were used to repay, in full, all amounts owed under the Hercules Loan Agreement, which was terminated effective November 1, 2024. The remaining proceeds will be used to fund our general corporate and working capital requirements.

The Term Loans mature on November 1, 2029. The Term Loans bear interest at a variable rate per annum equal to 5.75% plus the three-month Secured Overnight Financing Rate, or SOFR, with a SOFR floor of 3.00%. As of inception of the Tranche A Loan, the interest rate applicable to the Tranche A Loan was 10.32%. Interest is due and payable quarterly on the last day of each quarter with the first payment due on December 31, 2024. The Pharmakon Loan Agreement requires we pay an amount equal to 2.50% of the Lenders’ total committed amount to fund the Term Loans, payable with respect to each Term Loan on the funding date of such Term Loan.

We may elect to prepay the Term Loans in part or in whole prior to the Maturity Date with such prepayments being subject to a prepayment premium equal to the principal amount so prepaid multiplied by 3% if made prior to the 3rd anniversary of the funding date of the applicable Term Loan, 2% if made on or after the 3rd anniversary of the funding date of the applicable Term Loan but prior to the 4th anniversary of the funding date of the applicable Term Loan, and 1% if made on or after the 4th anniversary of the funding date of the applicable Term Loan but prior to the Maturity Date. In addition to the prepayment premium, prepayments of any Term Loan prior to the 2nd anniversary of the funding date of such Term Loan are subject to a make-whole amount equal to the sum of all interest that would have accrued through such 2nd anniversary.

Our obligations under the Pharmakon Loan Agreement are secured by substantially all of our assets, including our intellectual property. Certain of our subsidiaries may, from time to time after the Tranche A Closing Date, be required to guarantee our obligations under the Pharmakon Loan Agreement and, in connection with such guarantee, pledge substantially all of their assets, including intellectual property, to secure such guarantee.

The Pharmakon Loan Agreement contains customary affirmative and restrictive covenants and representations and warranties. We and our subsidiaries are bound by certain affirmative covenants setting forth actions that are required during the term of the Pharmakon Loan Agreement, including, without limitation, certain information delivery requirements, obligations to maintain certain insurance, and certain notice requirements. There are no financial covenants. Additionally, we and our subsidiaries are bound by certain restrictive covenants setting forth actions that are not permitted to be taken during the term of the Pharmakon Loan Agreement, including, without limitation, (i) selling or disposing of assets, (ii) amending, modifying or waiving our rights under material agreements, (iii) consummating change in control transactions unless all amounts becoming due under the Loan Agreement are paid in full immediately upon (and concurrent with) the consummation of any such change in control transaction, (iv) incurring additional indebtedness, (v) incurring non-permitted liens or encumbrance on our or our subsidiaries’ assets, (vi) paying dividends or making any distribution or payment on or redeeming, retiring or purchasing any equity interests, and (vii) making payments on subordinated indebtedness, in each case, subject to specified exceptions. The Pharmakon Loan Agreement also contains the following events of default: (i) failure to pay principal, interest and other amounts when due, (ii) the breach of the covenants under the Loan Agreement, (iii) the occurrence of a material adverse change or the occurrence of a withdrawal event in respect of RYTELO, (iv) certain attachments of the credit parties assets and restraints on their business, (v) certain insolvency, liquidation, bankruptcy or similar events, (vi) certain cross-default of third-party indebtedness and royalty revenue contracts, (vii) the failure to pay certain judgements, (viii) material misrepresentations, (ix) the loan documents ceasing to create a valid security interest in a material portion of the collateral, (x) the occurrence of certain ERISA events and (xi) the occurrence of a default under any subordination or intercreditor agreement, in each case subject to the grace periods, cure period and thresholds as specified in the Pharmakon Loan Agreement. Upon the occurrence and during the continuance of an event of default, the Lenders may, among other things, accelerate our obligations under the Pharmakon Loan Agreement (including all obligations for principal, interest and any applicable make-whole and prepayment premiums); provided that upon an event of default relating to certain insolvency, liquidation, bankruptcy or similar events, all outstanding obligations will be immediately accelerated.

Future Minimum Payments

The following table presents future minimum payments, including interest and the end of term charge, under the Term Loan as of December 31, 2024 (in thousands):


2024	$	2,186
2025		13,081
2026		13,081
2027		13,081
2028		13,116
Thereafter		135,930
Total		190,475
Less: amount representing interest		(65,474	)
Less: unamortized debt discount and issuance costs		(6,525	)
Noncurrent portion of debt	$	118,476

Liabilities Related to Sale of Future Royalties

On November 1, 2024, we entered into a revenue participation right purchase and sale agreement, or the Royalty Pharma Agreement, with Royalty Pharma Development Funding, LLC, or Royalty Pharma. Pursuant to the Royalty Pharma Agreement, we received an upfront payment of $125.0 million, or the Purchase Price, in exchange for which Royalty Pharma obtained the right, or the Revenue Participation Right, to receive certain amounts calculated as a percentage of future U.S. net sales of RYTELO for each calendar quarter, or Royalty Payments, during the term contemplated by the Royalty Pharma Agreement. Specifically, the revenue participation rate commences at 7.75% for annual U.S. net sales of up to and equal to $500.0 million declining to 1.0% for annual U.S. net sales exceeding $1.0 billion until the date when the aggregate Royalty Payments equal or exceed 1.65 times the Purchase Price, if this occurs by June 30, 2031 or the date when the aggregate Royalty Payments equal or exceed 2.0 times the Purchase Price.

In addition, we had the option to repurchase all of the Revenue Participation Right from Royalty Pharma for a purchase price of equal to the Buy-Out-Payment, as defined below, if we entered into a definitive agreement to consummate a change of control, or Buy-Back Option.

“Buy-Out Payment” means an amount equal to (a) 1.65 times the Purchase Price minus the aggregate Royalty Payments as of the change of control, if the change of control occurs on or prior to December 31, 2027, or (b) 2.0 times the Purchase Price minus the aggregate Royalty Payments as of the change of control, if the change of control occurs after December 31, 2027.

We accounted for the Royalty Pharma Agreement as a financing liability, primarily because it has significant continuing involvement in generating the future revenue on which the Royalty Payments are based. The liability related to Revenue Participation Right and the related interest expense are measured based on our current estimate of the timing and amount of expected future Royalty Payments expected to be paid over the estimated term of the Royalty Pharma Agreement using a discounted cash flow model. The liability is amortized using the effective interest rate method, resulting in recognition of interest expense over the estimated term of the agreement.

We have determined the fair value of the liability related to the sale of future royalties is based on our current estimates of future royalties expected to be paid to Royalty Pharma over the life of the arrangement, which are considered Level 3.

The carrying value of the liabilities related to sale of future revenues as of December 31, 2024 is $124.8 million and we recognized $5.3 million in non-cash interest expense in the twelve months ended December 31, 2024 related to the Royalty Pharma Agreement.

The following table shows the activity within the liability related to sale of future royalties during the year ended December 31, 2024.


	Liability Related to Sale of Future Royalties
(in thousands)
Carrying value of liability related to sale of future royalties at November 1, 2024	$	121,634
Interest expense recognized		5,345
Royalty payments		(2,186	)
Carrying value of liability related to sale of future royalties at December 31, 2024	$	124,793

Embedded Derivatives and Debt Discounts

The conditional exercisable call option related to the event of default is considered to be an embedded derivative which is required to be bifurcated and accounted for as a separate financial instrument. In the periods presented, the value of the embedded derivative is not material and therefore, no amount has been recognized. If an event of default becomes more probable than is currently estimated, then the embedded derivative could become material in future periods and would be recognized as a separate financial instrument at that time. The embedded derivatives are classified within Level 3 of the fair value hierarchy due to the use of significant unobservable inputs.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Balances at Dec. 31, 2021	$ 126,416	$ 324	$ 1,398,006	$ (1,271,741)	$ (173)
Balances (in shares) at Dec. 31, 2021		323,731,591
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(141,901)			(141,901)
Other comprehensive income (loss)	(68)				(68)
Foreign currency translation adjustment	22				22
Issuance of common stock, pre-funded warrant and warrants to purchase common stock in public offering, net of issuance costs	69,916	$ 53	69,863
Issuance of common stock, pre-funded warrant and warrants to purchase common stock in public offering, net of issuance costs (in shares)		53,333,334
Issuance of common stock in connection with exercise of warrants	15,163	$ 12	15,151
Issuance of common stock in connection with exercise of warrants (in shares)		11,663,387
Stock-based compensation related to issuance of common stock and options in exchange for services	264		264
Stock-based compensation related to issuance of common stock and options in exchange for services (in shares)		15,962
Issuances of common stock under equity plans	2,185	$ 1	2,184
Issuances of common stock under equity plans (in shares)		1,518,250
Stock-based compensation for equity-based awards to employees and directors	8,001		8,001
Balances at Dec. 31, 2022	79,998	$ 390	1,493,469	(1,413,642)	(219)
Balances (in shares) at Dec. 31, 2022		390,262,524
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	(184,127)			(184,127)
Other comprehensive income (loss)	431				431
Foreign currency translation adjustment	(27)				(27)
Issuance of common stock, pre-funded warrant and warrants to purchase common stock in public offering, net of issuance costs	213,337	$ 68	213,269
Issuance of common stock, pre-funded warrant and warrants to purchase common stock in public offering, net of issuance costs (in shares)		68,007,741
Issuance of common stock in connection with exercise of warrants	105,912	$ 78	105,834
Issuance of common stock in connection with exercise of warrants (in shares)		77,349,858
Stock-based compensation related to issuance of common stock and options in exchange for services	829	$ 1	828
Stock-based compensation related to issuance of common stock and options in exchange for services (in shares)		36,864
Issuances of common stock under equity plans	13,070	$ 8	13,062
Issuances of common stock under equity plans (in shares)		9,255,228
Stock-based compensation for equity-based awards to employees and directors	18,526		18,526
Balances at Dec. 31, 2023	$ 247,949	$ 545	1,844,988	(1,597,769)	185
Balances (in shares) at Dec. 31, 2023	544,912,215	544,912,215
Increase (Decrease) in Stockholders' Equity
Net Income (Loss)	$ (174,572)			(174,572)
Other comprehensive income (loss)	(88)				(88)
Foreign currency translation adjustment	(12)				(12)
Issuance of common stock, pre-funded warrant and warrants to purchase common stock in public offering, net of issuance costs	140,729	$ 42	140,687
Issuance of common stock, pre-funded warrant and warrants to purchase common stock in public offering, net of issuance costs (in shares)		41,999,998
Issuance of common stock in connection with exercise of warrants	1,394	$ 1	1,393
Issuance of common stock in connection with exercise of warrants (in shares)		1,071,981
Stock-based compensation related to issuance of common stock and options in exchange for services	134		134
Stock-based compensation related to issuance of common stock and options in exchange for services (in shares)		8,351
Issuances of common stock under equity plans	32,683	$ 18	32,665
Issuances of common stock under equity plans (in shares)		18,395,121
Stock-based compensation for equity-based awards to employees and directors	31,927		31,927
Balances at Dec. 31, 2024	$ 280,320	$ 606	$ 2,051,794	$ (1,772,341)	$ 261
Balances (in shares) at Dec. 31, 2024	606,387,666	606,387,666

SEGMENT REPORTING - Schedule of Reconciliation of Reported Revenues to Net (Loss) Income Under Significant Expense Principle (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Cost of goods sold	$ 1,256
Selling, general and administrative
Selling, general and administrative	145,732	$ 69,135	$ 43,628
Total operating expenses	250,726	194,181	139,146
Loss from operations	(173,732)	(193,944)	(138,550)
Net loss	(174,572)	(184,127)	(141,901)
Operating Segments
Revenues [Abstract]
Total revenues	77,000	200
Operating expenses:
Cost of goods sold	1,300
Selling, general and administrative
Other segment expenses	83,300	49,400
Total operating expenses	250,700	194,200
Loss from operations	(173,700)	(193,900)
Total interest and other income (expense)	(900)	9,800
Net loss	(174,600)	(184,100)
Product Revenue, Net
Revenues [Abstract]
Total revenues	76,495	0	$ 0
Product Revenue, Net \| Operating Segments
Revenues [Abstract]
Total revenues	76,500
Royalties \| Operating Segments
Revenues [Abstract]
Total revenues	500	200
Research and Clinical Expenses \| Operating Segments
Research and development
Research and Development Expense	67,900	74,900
Chemistry, Manufacturing, and Control Expenses \| Operating Segments
Research and development
Research and Development Expense	26,200	42,500
Commercial Expenses \| Operating Segments
Selling, general and administrative
Selling, general and administrative	$ 72,000	$ 27,400

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT REPORTING

13. SEGMENT REPORTING

We are currently developing therapies for the treatment of hematologic malignancies. To date, our only source of product revenue has been from U.S. sales of RYTELO, which began shipping to customers in June 2024. Additionally, we have generated insignificant royalty and license fee revenue under agreements that out-license technology to various companies.

For the year ended December 31, 2024, we have identified one operating and reportable segment. We define our operating segments based on internally reported financial information that is regularly reviewed by the Chief Operating Decision Maker or CODM to analyze financial performance, make decisions, and allocate resources. Our Chief Executive Officer is the CODM.

The CODM reviews the segment's profit or loss based on net (loss) income reported on the consolidated statement of operations and comprehensive (loss) income and considers forecast-to-actuals variances on a quarterly basis for expenses that are deemed significant. Further, the CODM reviews the segment's assets based on total assets reported on the consolidated balance sheet. All long-lived assets are held in the United States.

Our CODM views specific categories within research and development expenses and selling, general and administrative expenses as significant given the correlation between cash burn and profitability. The following table reconciles reported revenues to net (loss) income under the significant expense principle for the years ended December 31, 2024 and 2023:


		December 31,		December 31,
		2024		2023
(in millions)
Revenues:
Product revenue, net		76.5		-
Royalties		0.5		0.2
Total revenues	$	77.0	$	0.2
Operating expenses:
Cost of goods sold		1.3		-
Research and development
Research and clinical expenses		67.9		74.9
Chemistry, manufacturing, and control expenses		26.2		$42.5
Selling, general and administrative
Commercial expenses		72.0		27.4
Other segment expenses*		83.3		49.4
Total operating expenses	$	250.7	$	194.2
Loss from operations		(173.7)		(193.9)
Total interest and other income (expense)		(0.9)		9.8
Net loss	$	(174.6)	$	(184.1)

*Other segment expenses includes stock-based compensation expense and other general and administrative expenses largely resulting from personnel costs for individuals in administrative functions and legal and professional fees.

Accordingly, the Company consists of a single operating and reportable segment and the consolidated financial statements and notes thereto are presented as a single reportable segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (174,572)	$ (184,127)	$ (141,901)
Net unrealized loss (gain) on marketable securities	88	431	(68)
Foreign currency translation adjustment	(12)	(27)	22
Comprehensive loss	$ (174,496)	$ (183,723)	$ (141,947)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment, stated at cost, is comprised of the following:


	December 31,
(In thousands)	2024			2023
Furniture and computer equipment	$	2,878		$	2,273
Leasehold improvements		129			135
		3,007			2,408
Less accumulated depreciation and amortization		(1,697	)		(1,231	)
	$	1,310		$	1,177

DEBT - Schedule of Activity Within Liability Related to Sale of Future Royalties (Details) - Liabilities Related to Sale of Future Royalties - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Interest expense recognized	$ 5,345	$ 5,300
Royalty payments	2,186
Carrying value of liability related to sale of future royalties at December 31, 2024	$ 124,793	$ 124,793

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

STOCKHOLDERS' EQUITY - EQUITY PLANS - SCHEDULE OF AGGREGATE STOCK OPTION AND AWARD ACTIVITY (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Shares Available For Grant
Balance at the beginning of the period (in shares)	58,750,670
Stock options granted (in shares)	(29,603,740)
Awards granted (in shares)	(8,351)
Stock options cancelled/forfeited/expired (in shares)	5,171,390
Balance at the end of the period (in shares)	34,309,969	58,750,670
Number of Shares - Options Outstanding
Balance at the beginning of the period (in shares)	72,984,351
Stock options granted (in shares)	29,603,740
Stock options exercised (in shares)	(17,907,649)
Stock options cancelled/forfeited/expired (in shares)	(8,713,075)
Balance at the end of the period (in shares)	75,967,367	72,984,351
Stock options exercisable at the end of the period (in shares)	37,943,520	39,995,642	36,085,389
Stock options fully vested and expected to vest at the end of the period (in shares)	74,159,549
Weighted Average Exercise Price Per Share - Options Outstanding
Balance at the beginning of the period (in dollars per share)	$ 2.16
Stock options granted (in dollars per share)	2.86
Stock options exercised (in dollars per share)	1.77
Stock options cancelled/forfeited/expired (in dollars per share)	3.24
Balance at the end of the period (in dollars per share)	2.4	$ 2.16
Stock options exercisable at the end of the period (in dollars per share)	2.06	$ 2.16	$ 2.17
Stock options fully vested and expected to vest at the end of the period (in dollars per share)	$ 2.39
Weight Average Remaining Contractual Life (in years) - Options Outstanding
Balance at the end of the period	7 years 4 months 6 days
Stock options exercisable at the end of the period	5 years 10 months 2 days
Stock options fully vested and expected to vest at the end of the period	7 years 3 months 18 days
Aggregate Intrinsic Value - Options Outstanding
Balance at the end of the period (in dollars)	$ 94,204,849
Stock options exercisable at the end of the period (in dollars)	57,488,305
Stock options fully vested and expected to vest at the end of the period (in dollars)	$ 92,613,420

INVENTORY - Schedule of Inventory (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Inventory Disclosure [Abstract]
Raw materials	$ 4,904
Work-in-process	30,093
Finished goods	3,717
Total inventory	$ 38,714

STOCKHOLDERS' EQUITY - EMPLOYEE STOCK PURCHASE PLAN (Details)	1 Months Ended	12 Months Ended
	May 31, 2022 shares	Dec. 31, 2024 USD ($) Item shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares reserved for future issuance (in shares)		171,371,369
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate shares issued under plan		1,741,634
Common stock, increase in shares reserved for future issuance (in shares)	1,000,000
Common stock, shares reserved for future issuance (in shares)	2,000,000
Maximum duration of offering period		12 months
Number of offering periods in which an employee can participate at a time \| Item		1
Number of consecutive purchase periods in an offering period \| Item		2
Duration of the purchase period		6 months
Maximum percentage of annual salary that can be withheld		10.00%
Percentage applied to common stock market value in calculating purchase price under purchase plan		85.00%
Duration of the new offering period		12 months
Employee Stock Purchase Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum amount of annual salary that can be withheld to purchase shares \| $		$ 25,000

FAIR VALUE MEASUREMENTS - SECURITY TYPE (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Included in cash and cash equivalents:
Amortized Cost	$ 50,193	$ 16,815
Gross Unrealized Losses	(1)
Estimated Fair Value	50,192	16,815
Restricted cash:
Amortized Cost	1,860	1,115
Estimated Fair Value	1,860	1,115
Marketable securities:
Amortized Cost	421,790	306,784
Gross Unrealized Gains	470	402
Gross Unrealized Losses	(191)	(212)
Estimated Fair Value	422,069	306,974
Money market funds
Included in cash and cash equivalents:
Amortized Cost	45,215	16,815
Estimated Fair Value	45,215	16,815
Restricted cash:
Amortized Cost	1,587	843
Estimated Fair Value	1,587	843
Commercial paper
Included in cash and cash equivalents:
Amortized Cost	4,978
Gross Unrealized Losses	(1)
Estimated Fair Value	4,977
Certificate of deposit
Restricted cash:
Amortized Cost	273	272
Estimated Fair Value	273	272
U.S. Treasury securities (due in less than one year)
Marketable securities:
Amortized Cost	7,937	26,752
Gross Unrealized Gains	22	95
Estimated Fair Value	7,959	26,847
U.S. Treasury securities (due in one to two years)
Marketable securities:
Amortized Cost	22,620	2,877
Gross Unrealized Gains	1	17
Gross Unrealized Losses	(11)
Estimated Fair Value	22,610	2,894
Government-sponsored enterprise securities (due in less than one year)
Marketable securities:
Amortized Cost	8,741	86,250
Gross Unrealized Gains	7	43
Gross Unrealized Losses		(92)
Estimated Fair Value	8,748	86,201
Government-sponsored enterprise securities (due in one to two years)
Marketable securities:
Amortized Cost		13,598
Gross Unrealized Gains		72
Estimated Fair Value		13,670
Commercial paper (due in less than one year)
Marketable securities:
Amortized Cost	180,131	102,270
Gross Unrealized Gains	150	31
Gross Unrealized Losses	(56)	(33)
Estimated Fair Value	180,225	102,268
Corporate notes (due in less than one year)
Marketable securities:
Amortized Cost	130,361	48,409
Gross Unrealized Gains	284	14
Gross Unrealized Losses	(27)	(63)
Estimated Fair Value	130,618	48,360
Corporate notes (due in one to two years)
Marketable securities:
Amortized Cost	72,000	26,628
Gross Unrealized Gains	6	130
Gross Unrealized Losses	(97)	(24)
Estimated Fair Value	$ 71,909	$ 26,734

DOCUMENT AND ENTITY INFORMATION - USD ($)

12 Months Ended

Dec. 31, 2024

Feb. 21, 2025

Jun. 30, 2024

Cover [Abstract]

Entity Registrant Name

GERON CORP

Entity Central Index Key

0000886744

Document Type

10-K

Document Period End Date

Dec. 31, 2024

Amendment Flag

false

Current Fiscal Year End Date

--12-31

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Entity Public Float

$ 2,430,700,000

Entity Common Stock, Shares Outstanding

636,904,470

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

Trading Symbol

GERN

Entity File Number

000-20859

Entity Tax Identification Number

75-2287752

Entity Shell Company

false

Document Financial Statement Error Correction [Flag]

false

Entity Address, Address Line One

919 East Hillsdale Blvd.

Entity Address, Address Line Two

Suite 250

Entity Address, City or Town

Foster City

Entity Address, State or Province

Entity Address, Postal Zip Code

94404

City Area Code

650

Local Phone Number

473-7700

Entity Interactive Data Current

Yes

Title of 12(b) Security

Common Stock, $0.001 par value

Security Exchange Name

NASDAQ

Entity Incorporation, State or Country Code

Document Annual Report

true

Document Transition Report

false

Auditor Firm ID

Auditor Name

Ernst & Young LLP

Auditor Location

San Jose, California

Documents Incorporated by Reference

DOCUMENTS INCORPORATED BY REFERENCE:


Document		Form 10‑K Parts
Portions of the Registrant’s definitive proxy statement for the 2025 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days of the Registrant’s fiscal year ended December 31, 2024.		III

Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Geron Corporation (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, stockholders' equity and cash flows for each of the three years in the period ended December 31, 2024 and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 26, 2025 expressed an unqualified opinion thereon.

CONSOLIDATED STATEMENTS OF CASH FLOWS DATA

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

CONSOLIDATED STATEMENTS OF CASH FLOWS DATA

12. CONSOLIDATED STATEMENTS OF CASH FLOWS DATA


	Year Ended December 31,
	2024		2023			2022
	(In thousands)
Supplemental operating and investing activities:
Net unrealized loss on marketable securities	$	88	$	(431	)	$	(68	)
Reclassification between prepaid and other current assets and deposits and other assets		—		—			(5	)
Interest paid	$	10,364	$	7,017		$	5,154

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NET LOSS PER SHARE (Detail1) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock options and warrants excluded from diluted net loss per share calculation due to net loss position
Antidilutive Securities Excluded from Computation of Earnings Per Share
Potential dilutive securities excluded from diluted earnings (loss) per share calculation (in shares)	77,369,889	75,458,854	145,726,765

STOCKHOLDERS' EQUITY - AUTHORIZED COMMON STOCK (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	May 12, 2021	May 11, 2021
Stockholders' Equity Note [Abstract]
Common stock, shares authorized	1,350,000,000	1,350,000,000	1,350,000,000	675,000,000

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,007	$ 2,408
Less accumulated depreciation and amortization	(1,697)	(1,231)
Property and equipment, net	1,310	1,177
Furniture and computer equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,878	2,273
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 129	$ 135

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of cash equivalents, restricted cash and marketable securities by security type

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2024 were as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value
Included in cash and cash equivalents:
Money market funds	$	45,215	$	—	$	—		$	45,215
Commercial paper		4,978		—		(1	)		4,977
	$	50,193	$	—	$	(1	)	$	50,192

Restricted cash:
Money market fund	$	1,587	$	—	$	—		$	1,587
Certificate of deposit		273		—		—			273
	$	1,860	$	—	$	—		$	1,860
Marketable securities:
U.S. Treasury securities (due in less than one year)	$	7,937	$	22	$	—		$	7,959
U.S. Treasury securities (due in one to two years)		22,620		1		(11	)		22,610
Government-sponsored enterprise securities (due in less than one year)		8,741		7		—			8,748
Commercial paper (due in less than one year)		180,131		150		(56	)		180,225
Corporate notes (due in less than one year)		130,361		284		(27	)		130,618
Corporate notes (due in one to two years)		72,000		6		(97	)		71,909
	$	421,790	$	470	$	(191	)	$	422,069

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2023 were as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value
Included in cash and cash equivalents:
Money market funds	$	16,815	$	—	$	—		$	16,815
	$	16,815	$	—	$	—		$	16,815

Restricted cash:
Money market fund	$	843	$	—	$	—		$	843
Certificate of deposit		272		—		—			272
	$	1,115	$	—	$	—		$	1,115
Marketable securities:
U.S. Treasury securities (due in less than one year)	$	26,752	$	95	$	—		$	26,847
U.S. Treasury securities (due in one to two years)		2,877		17		—			2,894
Government-sponsored enterprise securities (due in less than one year)		86,250		43		(92	)		86,201
Government-sponsored enterprise securities (due in one to two years)		13,598		72		—			13,670
Commercial paper (due in less than one year)		102,270		31		(33	)		102,268
Corporate notes (due in less than one year)		48,409		14		(63	)		48,360
Corporate notes (due in one to two years)		26,628		130		(24	)		26,734
	$	306,784	$	402	$	(212	)	$	306,974

Schedule of cash equivalents and marketable securities with unrealized losses

Cash equivalents and marketable securities with unrealized losses that have been in a continuous unrealized loss position for less than 12 months and 12 months or longer at December 31, 2024 and 2023 were as follows:


	Less Than 12 Months					12 Months or Greater					Total
			Gross					Gross					Gross
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
(In thousands)	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
As of December 31, 2024:

U.S. Treasury securities (due in less than one year)	$	18,593	$	(10	)	$	—	$	—		$	18,593	$	(10	)
Commercial paper (due in less than one year)		66,076		(56	)		—		—			66,076		(56	)
Corporate notes (due in less than one year)		31,549		(26	)		1,993		(1	)		33,542		(27	)
Corporate notes (due in one to two years)		53,506		(98	)		—		—			53,506		(98	)
	$	169,724	$	(190	)	$	1,993	$	(1	)	$	171,717	$	(191	)
As of December 31, 2023:
Government-sponsored enterprise securities (due in less than one year)	$	69,377	$	(92	)	$	—	$	—		$	69,377	$	(92	)
Commercial paper (due in less than one year)		58,622		(33	)		—		—			58,622		(33	)
Corporate notes (due in less than one year)		34,567		(63	)		—		—			34,567		(63	)
Corporate notes (due in one to two years)		3,952		(23	)		—		—			3,952		(23	)
	$	166,518	$	(211	)	$	—	$	—		$	166,518	$	(211	)

Schedule of financial instruments measured at fair value on recurring basis

The following table presents information about our financial instruments that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 and indicates the fair value category assigned.


	Fair Value Measurements at Reporting Date Using
(In thousands)	Level 1		Level 2		Level 3		Total
As of December 31, 2024:
Money market funds(1)(2)	$	46,802	$	—	$	—	$	46,802
Certificate of deposit(2)		273		—		—		273
U.S. Treasury securities(3)(4)		—		30,570		—		30,570
Government-sponsored enterprise securities(3)		—		8,748		—		8,748
Commercial paper(3)		—		185,201		—		185,201
Corporate notes(3)(4)		—		202,527		—		202,527
Total	$	47,075	$	427,046	$	—	$	474,121
As of December 31, 2023:
Money market funds(1)(2)	$	17,658	$	—	$	—	$	17,658
Certificate of deposit(2)		272		—		—		272
U.S. Treasury securities(3)(4)		—		29,742		—		29,742
Government-sponsored enterprise securities(3)(4)		—		99,872		—		99,872
Commercial paper(3)		—		102,268		—		102,268
Corporate notes(3)(4)		—		75,092		—		75,092
Total	$	17,930	$	306,974	$	—	$	324,904

(1)

Included in cash and cash equivalents on our consolidated balance sheets.

(2)

Included in restricted cash on our consolidated balance sheets.

(3)

Included in current portion of marketable securities on our consolidated balance sheets.

(4)

Included in noncurrent portion of marketable securities on our consolidated balance sheets.

Credit Risk

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of Income/(loss) before income taxes

The components of Income/(Loss) before income taxes are as follows:


	2024			2023			2022
Domestic		(174,737	)		(181,884	)		(141,930	)
Foreign		215			150			28
Total		(174,521	)		(181,734	)		(141,902	)

Schedule of provision for(benefit from) income taxes

Provision for (benefit from) income taxes:


	2024		2023		2022
State		398		—		—
Foreign		51		22		—
Total		449		22		—

Schedule reconciles the federal statutory tax rate to the effective income tax rate from continuing operations

The following table reconciles the federal statutory tax rate to the effective income tax rate from continuing operations:


	2024				2023				2022
Tax at statutory rate		21.0		%		21.0		%		21.0		%
State income tax, net of federal benefit		(1.7	)			6.6				6.8
Federal and state tax credits		2.7				4.1				4.9
Stock-based compensation		(0.1	)			(0.7	)			(0.8	)
Net operating loss not benefitted		(0.5	)			(5.7	)			(4.3	)
Other		(1.6	)			(0.5	)			(0.1	)
Change in valuation allowance		(20.1	)			(24.8	)			(27.5	)
Effective tax rate		(0.3	)	%		0.0		%		0.0		%

Schedule of significant components of the entity's deferred tax assets

Significant components of our deferred tax assets are as follows:


	December 31,
	2024			2023
	(In thousands)
Net operating loss carryforwards	$	272,970		$	272,300
Federal and state tax credits		70,492			64,700
Capitalized research and development		39,503			43,300
Stock-based compensation		8,353			11,200
Revenue Participation		29,547			—
Operating lease liabilities		767			1,100
Other		8,963			3,600
Total deferred tax assets		430,595			396,200
Less: valuation allowance		(429,913	)		(395,200	)
Net deferred tax assets		682			1,000

Operating leases, right-of-use assets		(682	)		(1,000	)
Total deferred tax liabilities		(682	)		(1,000	)
Total net deferred tax assets	$	—		$	—

Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):


Balance as of December 31, 2023	$	26,331
Decrease related to prior year tax positions		(494	)
Increase related to current year tax positions		2,473
Balance as of December 31, 2024	$	28,310

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (174,572)	$ (184,127)	$ (141,901)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	546	442	288
Accretion and amortization on investments, net	(9,683)	(11,150)	(965)
Amortization of debt issuance costs/debt discount	(3,108)	1,088	1,327
Payment on royalty agreement	(2,186)
Non-cash interest expense on liabilities for sales of future royalities	5,345
Loss of extinguishment of debt	1,707
Stock-based compensation for services by non-employees	135	828	264
Stock-based compensation for employees and directors	31,185	18,526	8,001
Amortization of right-of-use assets	675	591	580
Increase in allowance for doubtful accounts	(251)
Changes in assets and liabilities:
Inventory	(37,971)
Accounts receivable, net	(35,695)
Interest and other receivables	(1,198)	1,490	(1,381)
Prepaid expenses and other assets	(175)	(886)	(2,630)
Deposit and other assets	618	692	(594)
Accounts payable	2,435	(4,029)	3,503
Accrued compensation and benefits	9,049	2,224	3,435
Accrued liabilities	(4,759)	7,208	3,266
Operating lease liabilities	(715)	(640)	(572)
Net cash used in operating activities	(218,618)	(167,743)	(127,379)
Cash flows from investing activities:
Purchases of property and equipment	(680)	(830)	(431)
Purchases of marketable securities	(476,932)	(475,594)	(258,007)
Proceeds from maturities of marketable securities	371,608	296,102	320,505
Net cash provided by (used in) investing activities	(106,004)	(180,322)	62,067
Cash flows from financing activities:
Proceeds from issuances of common stock from equity plans	32,683	13,072	2,185
Proceeds from issuance of common stock and warrants in public offering, net of paid issuance costs	140,729	213,337	69,916
Proceeds from exercise of warrants	1,394	105,912	15,163
Proceeds from sale of future royalties	125,000
Proceeds from debt financing, net of paid debt issuance costs and debt discounts	121,120	29,700
Repayment of debt	(86,554)
Net cash provided by financing activities	334,372	362,021	87,264
Net effect of unrealized gains and exchange rates on cash, cash equivalents and restricted cash	(12)	(27)	22
Net increase in cash, cash equivalents and restricted cash	9,738	13,929	21,974
Cash, cash equivalents and restricted cash at the beginning of the period	71,138	57,209	35,235
Cash, cash equivalents and restricted cash at the end of the period	$ 80,876	$ 71,138	$ 57,209

DEBT (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Future Minimum Payments Under Term Loan Facility

The following table presents future minimum payments, including interest and the end of term charge, under the Term Loan as of December 31, 2024 (in thousands):


2024	$	2,186
2025		13,081
2026		13,081
2027		13,081
2028		13,116
Thereafter		135,930
Total		190,475
Less: amount representing interest		(65,474	)
Less: unamortized debt discount and issuance costs		(6,525	)
Noncurrent portion of debt	$	118,476

Schedule of Activity Within Liability Related to Sale of Future Royalties

The following table shows the activity within the liability related to sale of future royalties during the year ended December 31, 2024.


	Liability Related to Sale of Future Royalties
(in thousands)
Carrying value of liability related to sale of future royalties at November 1, 2024	$	121,634
Interest expense recognized		5,345
Royalty payments		(2,186	)
Carrying value of liability related to sale of future royalties at December 31, 2024	$	124,793

ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

6. ACCRUED LIABILITIES

Accrued liabilities consisted of the following:


	December 31,
(In thousands)	2024		2023
CRO and clinical trial costs	$	18,968	$	23,541
Manufacturing activities		11,839		14,629
Professional legal and accounting fees		475		556
Interest payable		2,186		768
Other		2,081		814
	$	35,549	$	40,308

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

7. COMMITMENTS AND CONTINGENCIES

Purported Securities Lawsuits

We are not currently a party to any material pending legal proceedings. However, in 2020, three securities class action lawsuits were filed against us and certain of our officers. One of the lawsuits was voluntarily dismissed, and final judgment with respect to the other two lawsuits was entered in October 2023. In 2020 and 2021, seven shareholder derivative actions were filed in a number of courts, naming as defendants certain of our then current officers and certain of our then current and former members of our board. All seven of the shareholder derivative actions were dismissed with prejudice. There is no liability outstanding with respect to these lawsuits as of December 31, 2024, because they were fully settled during the year ended December 31, 2023.

While we have settled these lawsuits, it is possible that additional lawsuits might be filed, or allegations might be received from stockholders, with respect to these same or other matters and also naming us and/or our officers and directors as defendants. Such lawsuits and any other related lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. We could be forced to expend

significant resources in the defense of any additional lawsuits, and we may not prevail. Monitoring, initiating and defending against legal actions is time-consuming for our management, is likely to be expensive and may detract from our ability to fully focus our internal resources on our business activities. We could be forced to expend significant resources in any potential future lawsuits, and we may not prevail in such lawsuits. Additionally, we may not be successful in having any such lawsuits dismissed or settled within the limits of our insurance coverage. Expenses associated with any potential future lawsuits could be material to our consolidated financial statements if we do not prevail in the defense of such lawsuits, or even if we do prevail. We have not established any reserve for any potential liability relating to any potential future lawsuits. It is possible that we could, in the future, incur judgments or enter into settlements of claims for monetary damages.

Indemnifications to Officers and Directors

Our corporate bylaws require that we indemnify our directors, as well as those who act as directors and officers of other entities at our request, against expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceedings arising out of their services to Geron. In addition, we have entered into separate indemnification agreements with each of our directors and officers which provide for indemnification of these directors and officers under similar circumstances and under additional circumstances. The indemnification obligations are more fully described in our bylaws and the indemnification agreements. We purchase standard insurance to cover claims or a portion of the claims made against our directors and officers. Since a maximum obligation is not explicitly stated in our bylaws or in our indemnification agreements and will depend on the facts and circumstances that arise out of any future claims, the overall maximum amount of the obligations cannot be reasonably estimated.

Severance Plan

We have adopted two severance plans that apply to all of our employees who are not subject to performance improvement plans, one plan covering employees above the Senior Vice President level, i.e., executives, and all other employees hired before January 1, 2022, and the other plan covering all non-executive employees hired on or after January 1, 2022. The severance plans provide for, among other benefits: (i) a severance payment upon a Change of Control Triggering Event and Separation from Service and (ii) a severance payment for each non‑executive employee upon a Non‑Change of Control Triggering Event and Separation from Service. As defined in the severance plans, a Change of Control Triggering Event and Separation from Service requires a “double trigger” where: (i) an employee is terminated by us without cause in connection with a change of control or within 12 months following a change of control provided, however, that if an employee is terminated by us in connection with a change of control but immediately accepts employment with our successor or acquirer, the employee will not be eligible for the benefits outlined in the plans, (ii) an employee resigns because in connection with a change of control, the offered terms of employment (new or continuing) by us or our successor or acquirer within 30 days after the change of control results in a material change in the terms of employment, or (iii) after accepting (or continuing) employment with us after a change of control, an employee resigns within 12 months following a change of control due to a material change in the terms of employment. Under the severance plans, a Non‑Change of Control Triggering Event and Separation from Service is defined as an event where an employee is terminated by us without cause. Severance payments range from three to 18 months of base salary in connection with a Change of Control Triggering Event or from six weeks to 12 months of base salary in connection with a Non-Change of Control Triggering Event, as well as a pro-rata portion of the employee’s annual target bonus, depending on the employee’s position with us, payable in a lump sum payment, and monthly COBRA payments for the severance period. The severance plans also provide that they shall not supersede the provisions of any individual employment agreements entered into between us and our employees, and that the employees with such agreements will be entitled to whichever benefits are greater under the severance plan or their employment agreement. A copy of the severance plan covering our executive officers is filed as an exhibit to this Report. As of December 31, 2024, all our executive officers have employment agreements with severance provisions and will receive the greater severance benefits of their agreements or those in the severance plan applicable to them.

INCOME TAXES - SCHEDULE OF COMPONENTS OF INCOME/(LOSS) BEFORE INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (174,737)	$ (181,884)	$ (141,930)
Foreign	215	150	28
Total	$ (174,521)	$ (181,734)	$ (141,902)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCKHOLDERS' EQUITY - PRICING MODEL ASSUMPTIONS (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compensation cost related to unvested stock awards not yet recognized
Compensation cost not yet recognized, net of estimated forfeitures (in dollars)	$ 65.6
Period for recognition of compensation cost on weighted average basis	32 months
Employee Stock Option
Assumptions used to estimate fair value of awards
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility range, minimum (as a percent)	72.00%	82.00%	77.00%
Expected volatility range, maximum (as a percent)	87.00%	83.00%	82.00%
Risk-free interest rate range, minimum (as a percent)	3.50%	3.42%	1.69%
Risk-free interest rate range, maximum (as a percent)	4.60%	4.94%	4.57%
Expected term range	6 years	6 years	5 years 6 months
Additional disclosures
Weighted average estimated fair value of employee stock options granted (in dollars per share)	$ 2.05	$ 1.95	$ 0.92
Employee Stock Purchase Plan
Assumptions used to estimate fair value of awards
Dividend yield (as a percent)		0.00%	0.00%	0.00%
Expected volatility range, minimum (as a percent)		72.00%	61.00%	79.00%
Expected volatility range, maximum (as a percent)		119.00%	87.00%	83.00%
Risk-free interest rate range, minimum (as a percent)		4.80%	0.40%	4.73%
Risk-free interest rate range, maximum (as a percent)		5.40%	2.79%	5.40%
Additional disclosures
Weighted average estimated fair value of other than employee stock options granted (in dollars per share)	$ 0.82	$ 1.10	$ 0.48
Employee Stock Purchase Plan \| Minimum
Assumptions used to estimate fair value of awards
Expected term range		6 months	6 months	6 months
Employee Stock Purchase Plan \| Maximum
Assumptions used to estimate fair value of awards
Expected term range		12 months	12 months	12 months

STOCKHOLDERS' EQUITY - COMMON STOCK RESERVED FOR FUTURE ISSUANCE (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Stock options outstanding (in shares)	75,967,367	72,984,351
Stock options and awards available for grant (in shares)	34,309,969	58,750,670
Warrants outstanding (in shares)	60,835,667
Common stock reserved for future issuance (in shares)	171,371,369
Employee stock purchase
STOCKHOLDERS' EQUITY
Common stock reserved for future issuance (in shares)	258,366

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

10. STOCKHOLDERS’ EQUITY

Authorized Common Stock

In May 2023 our stockholders approved an amendment to our Restated Certificate of Incorporation to increase the total number of authorized shares of common stock from 675,000,000 to 1,350,000,000 shares.

Public Offerings

On April 1, 2022, we completed an underwritten public offering of 53,333,334 shares of our common stock and a pre-funded warrant to purchase 18,095,238 shares of our common stock, or the 2022 pre-funded warrant, together with accompanying warrants to purchase 35,714,286 shares of our common stock, also known as the 2022 stock purchase warrants. The shares of common stock and the 2022 pre-funded warrant were immediately separable from the 2022 stock purchase warrants. All of the securities were issued separately. The combined public offering

price of the common stock and accompanying 2022 stock purchase warrants was $1.05 per share. The 2022 stock purchase warrants have an exercise price of $1.45 per share and are exercisable immediately. The term of the 2022 stock purchase warrants expired in the third quarter of 2023, pursuant to the terms of the warrant agreement. The combined public offering price of the 2022 pre-funded warrant and accompanying 2022 stock purchase warrant was $1.049 per share. The 2022 pre-funded warrant has an exercise price of $0.001 per share and may be exercised at any time until the 2022 pre-funded warrant is exercised in full. As of December 31, 2024, none of the 2022 pre-funded warrant and all of the 2022 stock purchase warrants have been exercised. The net cash proceeds from this offering were $69.9 million, after deducting the underwriting discount and other offering expenses paid by us, and exclude any future proceeds from the exercise of the 2022 pre-funded warrant and 2022 stock purchase warrants.

Upon the issuance of the 2022 pre-funded warrant and 2022 stock purchase warrants, we evaluated the terms of each warrant to determine the appropriate accounting and classification pursuant to FASB Accounting Standards Codification Topic 480, Distinguishing Liabilities from Equity, and FASB Accounting Standards Codification Topic 815, Derivatives and Hedging. Warrants are classified as liabilities when the warrant terms allow settlement of the warrant exercise in cash and classified as equity when the warrant terms only allow settlement in shares of common stock. The terms of the 2022 pre-funded warrant and the 2022 stock purchase warrants include certain provisions related to fundamental transactions and a cashless exercise provision in the event registered shares are not available, and do not include any mandatory redemption provisions. Based on our evaluation, we concluded the 2022 pre-funded warrant and the 2022 stock purchase warrants should be classified as equity with no subsequent remeasurement as long as such warrants continue to be classified as equity.

On January 10, 2023 we completed an underwritten public offering consisting of 68,007,741 shares of our common stock and the 2023 pre-funded warrant. All of the securities were issued separately. The public offering price of the common stock was $2.45 per share. The public offering price of the 2023 pre-funded warrant was $2.449 per share. The 2023 pre-funded warrant has an exercise price of $0.001 per share and may be exercised at any time until the 2023 pre-funded warrant is exercised in full. As of December 31, 2024, none of the 2023 pre-funded warrant has been exercised. The net cash proceeds from this offering were $213.3 million, after deducting the underwriting discount and other offering expenses paid by us, and exclude any future proceeds from the exercise of the 2023 pre-funded warrant.

Upon the issuance of the 2023 pre-funded warrant, we evaluated the warrant terms to determine the appropriate accounting and classification pursuant to FASB Accounting Standards Codification Topic 480, Distinguishing Liabilities from Equity, and FASB Accounting Standards Codification Topic 815, Derivatives and Hedging. Warrants are classified as liabilities when the warrant terms allow settlement of the warrant exercise in cash and classified as equity when the warrant terms only allow settlement in shares of common stock. The terms of the 2023 pre-funded warrant include certain provisions related to fundamental transactions and a cashless exercise provision in the event registered shares are not available, and do not include any mandatory redemption provisions. Based on our evaluation, we concluded the 2023 pre-funded warrant should be classified as equity with no subsequent remeasurement as long as such warrant continue to be classified as equity.

On March 21, 2024, we completed an underwritten public offering of 41,999,998 shares of our common stock and a pre-funded warrant to purchase 8,002,668 shares of our common stock, or the 2024 pre-funded warrant. All of the securities were issued separately. The public offering price of the common stock was $3.00 per share. The public offering price of the 2024 pre-funded warrant was $2.99 per share. The 2024 pre-funded warrant has an exercise price of $0.001 per share and may be exercised at any time until the 2024 pre-funded warrant is exercised in full. As of December 31, 2024, none of the 2024 pre-funded warrant has been exercised. The net cash proceeds from the March 2024 offering were approximately $141.0 million, after deducting the underwriting discount and other offering expenses paid by us, and excluding any future proceeds from the exercise of the pre-funded warrant.

Upon the issuance of the 2024 pre-funded warrant, we evaluated the warrant terms to determine the appropriate accounting and classification pursuant to FASB Accounting Standards Codification Topic 480, Distinguishing Liabilities from Equity, and FASB Accounting Standards Codification Topic 815, Derivatives and Hedging. Warrants are classified as liabilities when the warrant terms allow settlement of the warrant exercise in cash and classified as equity when the warrant terms only allow settlement in shares of common stock. The terms of the 2024 pre-funded warrant include certain provisions related to fundamental transactions and a cashless exercise provision in the event registered shares are not available, and do not include any mandatory redemption provisions. Based on our evaluation, we concluded the 2024 pre-funded warrant should be classified as equity with no subsequent remeasurement as long as such warrant continue to be classified as equity.

Warrant Exercises

For the year ended December 31, 2024, warrants to purchase 1,071,981 shares of our common stock were exercised for net cash proceeds of approximately $1.4 million. The warrants were issued in connection with underwritten public offerings of common stock and pre-funded warrants, together with accompanying stock purchase warrants in May 2020, April 2022, and January 2023. As of December 31, 2024, the following warrants remained outstanding:

•

pre-funded warrants with an exercise price of $0.001 per share to purchase 59,433,145 shares of our common stock, which have no expiration date; and

•

stock purchase warrants with an exercise price of $1.30 per share to purchase 1,402,522 shares of our common stock related to the public offering of our common stock in May 2020, which expire on December 31, 2025.

For the year ended December 31, 2023, warrants to purchase 77,349,859 shares of our common stock were exercised for net cash proceeds of approximately $105.9 million The warrants were issued in connection with an underwritten public offering of common stock and a pre-funded warrant, together with accompanying stock purchase warrants in May 2020. As of December 31, 2023, the pre-funded warrant to purchase 51,430,477 shares of our common stock was outstanding and stock purchase warrants to purchase 2,474,503 shares of our common stock associated with the May 2020 public offering remained outstanding.

Sales Agreement

On November 1, 2023, we entered into an At Market Issuance Sales Agreement, or the 2023 Sales Agreement with B. Riley, pursuant to which we may issue and sell shares of our common stock having an aggregate offering price of up to $100 million from time to time through B. Riley as the sales agent. We have agreed to pay B. Riley an aggregate commission rate equal to up to 3.0% of the gross proceeds of the sales price per share for common stock sold through B. Riley under the 2023 Sales Agreement. The 2023 Sales Agreement will automatically terminate upon the earlier of (i) the sale of all common stock subject to the 2023 Sales Agreement, or (ii) termination of the 2023 Sales Agreement in accordance with its terms.

No shares of our common stock were sold pursuant to the 2023 Sales Agreement during the year ended December 31, 2024.

Equity Plans

2011 Incentive Award Plan

In May 2011, our stockholders approved the adoption of the 2011 Incentive Award Plan, or 2011 Plan. The 2011 Plan provided for grants of either incentive stock options or nonstatutory stock options and stock purchase rights to employees (including officers and employee directors) and consultants (including non‑employee directors). Upon the adoption of the 2018 Equity Incentive Plan in May 2018 (see below), no further grants of stock options or stock purchase rights were made under the 2011 Plan. Stock options granted under the 2011 Plan expire no later than ten years from the date of grant. Stock option exercise prices were equal to the fair market value of the underlying common stock on the date of grant.

Service‑based stock options under the 2011 Plan generally vested over a period of four years from the date of grant. Other stock awards (restricted stock awards and restricted stock units) had variable vesting schedules which were determined by our board of directors on the date of grant. All outstanding awards granted under the 2011 Plan remain subject to the terms of the 2011 Plan and the individual award agreements thereunder.

2018 Equity Incentive Plan

On May 15, 2018, our stockholders approved the adoption of the 2018 Equity Incentive Plan, or 2018 Plan, as the successor to the 2011 Plan. The 2018 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, other stock awards, and performance awards that may be settled in cash, stock, or other property. Eligible participants under the 2018 Plan include our employees, consultants and non-employee directors. The number of shares reserved for issuance under the 2018 Plan (subject to adjustment for certain changes in capitalization) is equal to the sum of (i) the unallocated shares of common stock remaining available for future grants under the 2011 Plan as of May 15, 2018, (ii) 10,000,000 newly reserved shares of common stock and (iii) the number of shares subject to awards granted under

the 2002 Equity Incentive Plan, and the 2011 Plan as such shares become available from time to time, referred to as the Prior Plans’ Returning Shares. Such Prior Plans’ Returning Shares become available for issuance under the 2018 Plan if outstanding stock awards granted under the 2002 Equity Incentive Plan and the 2011 Plan, after May 15, 2018, expire or terminate for any reason prior to exercise or settlement or are forfeited, cancelled or otherwise returned to us because of the failure to meet a contingency or condition required for the vesting of such shares, or, subject to certain exceptions, are reacquired or withheld (or not issued) by us to satisfy a tax withholding obligation in connection with a stock award. In May 2023, May 2022 and May 2021, our stockholders approved amendments to our 2018 Equity Incentive Plan to increase the total number of shares issuable under such plan by 43,360,000, 11,000,000, and 12,500,000 shares of our common stock, respectively. As of December 31, 2024, an aggregate total of 81,447,090 shares of common stock have been reserved under the 2018 Equity Incentive Plan, with 32,587,928 available for future grants.

Stock options granted under the 2018 Plan expire no later than ten years from the date of grant. Stock option exercise prices shall be equal to the fair market value of the underlying common stock on the date of grant. If, at the time we grant a stock option, the optionee directly or by attribution owns stock possessing more than 10% of the total combined voting power of all classes of our stock, the stock option exercise price shall be at least 110% of the fair market value of the underlying common stock and shall not be exercisable more than five years after the date of grant.

We grant service-based and performance-based stock options to employees under the 2018 Plan. Service-based stock options generally vest over a period of four years from the date of the stock option grant. Performance-based stock options vest upon the achievement of specified milestones. Other stock awards (restricted stock awards and restricted stock units) have variable vesting schedules as determined by our board of directors on the date of grant.

Under certain circumstances, stock options may be exercised prior to vesting, subject to our right to repurchase the shares underlying such stock option at the exercise price paid per share. Our repurchase rights would generally terminate on a vesting schedule identical to the vesting schedule of the exercised stock option. During 2024 and 2023, we did not repurchase any shares under the 2018 Plan. As of December 31, 2024, we have no shares outstanding subject to repurchase under the 2018 Plan.

As of December 31, 2024, our Non‑Employee Director Compensation Policy adopted by our board of directors in March 2014, as amended and restated in February 2024 and February and March 2022, provides for the automatic grant to non‑employee directors of the following types of equity awards under the 2018 Plan:

First Director Option. Each person who becomes a non‑employee director, whether by election by our stockholders or by appointment by our board of directors to fill a vacancy, will automatically be granted a stock option to purchase 270,000 shares of common stock, or First Director Option, on the date such person first becomes a non‑employee director. The First Director Option vests annually over three years upon each anniversary date of appointment to our board of directors.

Subsequent Director Option. Each non‑employee director (other than any director receiving a First Director Option on the date of the annual meeting) will automatically be granted a subsequent stock option to purchase 180,000 shares of common stock, a Subsequent Director Option, on the date of the annual meeting of stockholders in each year during such director’s service on our board of directors. The Subsequent Director Option vests in full on the earlier of: (i) the date of the next annual meeting of our stockholders or (ii) the first anniversary of the date of grant.

2018 Inducement Award Plan

In December 2018, our board of directors approved the adoption of the 2018 Inducement Award Plan, or the Inducement Plan, pursuant to which we reserved 3,000,000 shares of our common stock to be used exclusively for grants of inducement awards to individuals who were not previously Geron employees or non-employee directors, other than following a bona fide period of non-employment. Since adoption of the Inducement Plan, the compensation committee of our board of directors, or the compensation committee, has approved amendments to our Inducement Plan to increase the aggregate total number of shares issuable under such plan to 40,300,000 shares of our common stock. The most recent amendment, approved by the compensation committee in December 2024, increased the total number of shares issuable under such plan by 5,300,000 shares of our common stock, effective as of January 1, 2025, to an aggregate of 40,300,000 shares. As of December 31, 2024, an aggregate total of

27,959,342 shares of common stock have been reserved under the Inducement Plan, with 851,137 available for future grants.

The Inducement Plan provides for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock awards, and all awards under the Inducement Plan are intended to meet the standards under Rule 5635(c)(4) of the Nasdaq Listing Rules. The terms and conditions of the Inducement Plan and the inducement awards to be granted thereunder are substantially similar to our stockholder-approved 2018 Plan.

Directors’ Market Value Stock Purchase Plan

In October 2018, our board of directors adopted a Directors’ Market Value Stock Purchase Plan, or the Directors Market Plan. A total of 1,000,000 shares of our common stock have been reserved for the Directors Market Plan. Under the Directors Market Plan, non-employee directors may purchase shares of our common stock at the prevailing market price on the purchase date with cash compensation payable to them for their services as a board member. As stated in Geron’s Non-Employee Director Compensation Policy, each non-employee director receives annual cash compensation, payable quarterly in arrears, for their services on the board and various committees of the board. As provided in the Non-Employee Director Compensation Policy, a non-employee director may elect to receive fully vested shares of common stock in lieu of cash and such shares shall be issuable from the Directors Market Plan.

For the years ended December 31, 2024, 2023 and 2022, we issued 8,351, 36,864 and 15,962 shares of common stock, respectively, under the Directors Market Plan. The weighted average grant date fair value of stock granted during the years ended December 31, 2024 2023 and 2022 was $3.84, $2.37 and $1.92 per share, respectively. The total fair value of vested stock grants during 2024, 2023 and 2022 was $32,079, $85,400 and $29,000, respectively.

Aggregate stock option and award activity for the 2011 Plan, 2018 Plan, Inducement Plan and Directors Market Plan is as follows:


				Outstanding Stock Options
										Weighted Average
	Shares							Weighted Average		Remaining		Aggregate
	Available			Number of				Exercise Price		Contractual Life		Intrinsic
	For Grant			Shares				Per Share		(In years)		Value
Balance at December 31, 2023		58,750,670			72,984,351			$	2.16
Stock options granted		(29,603,740	)		29,603,740			$	2.86
Awards granted		(8,351	)		—			$	—
Stock options exercised		—			(17,907,649	)		$	1.77
Stock options cancelled/forfeited/expired		5,171,390			(8,713,075	)		$	3.24
Balance at December 31, 2024		34,309,969			75,967,367		(1)	$	2.40		7.35	$	94,204,849
Stock options exercisable at December 31, 2024					37,943,520			$	2.06		5.84	$	57,488,305
Stock options fully vested and expected to vest at December 31, 2024					74,159,549			$	2.39		7.30	$	92,613,420

(1)

Includes 300,000 performance-based stock options granted that have not achieved the specified performance milestone.

The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on Geron’s closing stock price of $3.54 per share as of December 31, 2024, which would have been received by the option holders had all the option holders exercised their stock options as of that date.

As of December 31, 2024, 2023 and 2022, there were 37,943,520, 39,995,642 and 36,085,389 exercisable stock options outstanding at weighted average exercise prices per share of $2.06, $2.16 and $2.17, respectively, all of which were granted at an exercise price equal to the fair market value of our common stock.

The total pretax intrinsic value of stock options exercised during 2024, 2023, and 2022 was $41.2 million $12.0 million and $0.8 million, respectively. Cash received from the exercise of stock options in 2024, 2023, and 2022 totaled approximately $31.6 million, $12.4 million and $1.8 million, respectively.

Employee Stock Purchase Plan

In March 2014, our board of directors adopted the 2014 Employee Stock Purchase Plan, or 2014 Purchase Plan. The 2014 Purchase Plan was approved by our stockholders in May 2014. The 2014 Purchase Plan replaced the 1996 Employee Stock Purchase Plan, or 1996 Purchase Plan, which was terminated effective as of the date the 2014 Purchase Plan was approved by our stockholders. In May 2022, our stockholders approved an amendment to our 2014 Purchase Plan to increase the total number of shares issuable under such plan by 1,000,000 shares of our common stock, for an aggregate total reserve of 2,000,000 shares. As of December 31, 2024, an aggregate of 1,741,634 shares of our common stock have been issued under the 2014 Purchase Plan since its adoption.

The 2014 Purchase Plan is comprised of a series of offering periods, each with a maximum duration (not to exceed 12 months) with new offering periods commencing on January 1st and July 1st of each year. The date an employee enters the offering period will be designated as the entry date for purposes of that offering period. An employee may participate only in one offering period at a time. Each offering period consists of two consecutive purchase periods of six months’ duration, with the last day of such period designated a purchase date.

Under the terms of the 2014 Purchase Plan, employees can choose to have up to 10% of their annual salary withheld to purchase our common stock, up to a limit of $25,000 per year. An employee may not make additional payments into such account or increase the withholding percentage during the offering period.

The purchase price per share at which common stock is purchased by the employee on each purchase date within the offering period is equal to 85% of the lower of (i) the fair market value per share of our common stock on the employee’s entry date into that offering period or (ii) the fair market value per share of our common stock on the purchase date. If the fair market value per share of our common stock on the purchase date is less than the fair market value at the beginning of the offering period, a new 12 month offering period will automatically begin on the first business day following the purchase date with a new fair market value.

Stock‑Based Compensation for Employees and Directors

We measure and recognize compensation expense for all share‑based payment awards made to employees and directors, including employee stock options, restricted stock awards, restricted stock unit awards, and employee stock purchases, based on grant‑date fair values for these instruments. We use the Black-Scholes option‑pricing model to estimate the grant‑date fair value of our service-based and performance-based stock options and employee stock purchases. The fair value for service‑based restricted stock awards and restricted stock unit awards is determined using the fair value of our common stock on the date of grant.

As stock‑based compensation expense recognized on the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures, but at a minimum, reflects the grant‑date fair value of those awards that actually vested in the period. Forfeitures have been estimated at the time of grant based on historical data and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

In 2024, 2023, and 2022, our board of directors awarded 208,100, 832,790 and 2,741,750 performance-based stock options, respectively, to certain employees. These performance-based stock options are included in the outstanding stock options table above. Performance-based stock options vest only upon achievement of discrete milestones. Stock-based compensation expense for performance-based stock options is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met and is reduced for estimated forfeitures, as applicable. If the performance condition is not considered probable of being achieved, no stock-based compensation expense is recognized until such time as the performance condition is considered probable of being achieved, if ever.

We recognize stock‑based compensation expense for service-based stock options on a straight‑line basis over the requisite service period, which is generally the vesting period. We recognized $6.5 million

of stock-based compensation expense for performance-based stock options on our consolidated statements of operations for the year ended December 31, 2024. We recognized $3.2 million of stock-based compensation expense for performance-based stock options on our consolidated statements of operations for the year ended December 31, 2023. We did not recognize any stock-based compensation expense for performance-based stock options on our consolidated statements of operations for the years ended December 31, 2022 ,as the achievement of the specified milestones was not considered probable during that time. The following table summarizes the stock‑based compensation expense related to service-based stock options and employee stock purchases for the years ended December 31, 2024, 2023 and 2022, which was allocated as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Research and development	$	10,280	$	7,426	$	3,720
General and administrative		21,647		11,099		4,281
Total Stock-based compensation expense	$	31,927	$	18,525	$	8,001

Stock-based compensation of $0.7 million was capitalized to inventory for the twelve months ended December 31, 2024.

The fair value of stock options granted in 2024, 2023, and 2022 has been estimated at the date of grant using the Black-Scholes option‑pricing model with the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Dividend yield	0%	0%	0%
Expected volatility range	0.72 to 0.87	0.82 to 0.83	0.77 to 0.82
Risk-free interest rate range	3.5% to 4.6%	3.42% to 4.94%	1.69% to 4.57%
Expected term range	6.0 yrs	6.0 yrs	5.5 yrs

The fair value of employee stock purchases in 2024, 2023, and 2022 has been estimated using the Black-Scholes option‑pricing model with the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Dividend yield	0%	0%	0%
Expected volatility range	0.72. to 1.19	0.79 to 0.83	0.61 to 0.87
Risk-free interest rate range	4.8% to 5.4%	4.73% to 5.4%	0.40% to 2.79%
Expected term range	6 - 12 mos	6 - 12 mos	6 - 12 mos

Dividend yield is based on historical cash dividend payments and we have paid no cash dividends to date. The expected volatility range is based on historical volatilities of our stock, since traded options on our common stock do not correspond to option terms and the trading volume of options is limited. The risk‑free interest rate range is based on the U.S. Zero Coupon Treasury Strip Yields for the expected term in effect on the date of grant for an award. The expected term of stock options is derived from actual historical exercise and post‑vesting cancellation data and represents the period of time that stock options granted are expected to be outstanding. The expected term of employees’ purchase rights is equal to the purchase period.

Based on the Black-Scholes option‑pricing model, the weighted-average estimated fair value of stock options granted during the years ended December 31, 2024, 2023 and 2022 was $2.05, $1.95 and $0.92 per share, respectively. The weighted average estimated fair value of employees’ purchase rights for the years ended December 31, 2024, 2023 and 2022 was $0.82, $1.10 and $0.48 per share, respectively. As of December 31, 2024, total compensation cost related to unvested share‑based payment awards not yet recognized, net of estimated forfeitures and assuming no probability of achievement for outstanding performance-based stock options, was $65.6 million, which is expected to be recognized over the next 32 months on a weighted‑average basis.

Stock‑Based Compensation to Service Providers

We grant stock options to consultants from time to time in exchange for services performed for us. In general, the stock options vest over the contractual period of the consulting arrangement. The fair value of stock options held by consultants is recorded as operating expenses over the vesting term of the respective equity awards. With the adoption of Accounting Standards Update 2018-07, Improvements to Nonemployee Share-Based Payment Accounting, or ASU 2018-07, in the first quarter of 2019, the measurement date of stock options granted to consultants was fixed at the grant date. We recorded stock‑based compensation expense of $103,000, $742,000 and $235,000 for the vested portion of the fair value of stock options held by consultants in 2024, 2023, and 2022, respectively.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance as of December 31, 2024 is as follows:


Outstanding stock options			75,967,367
Stock options and awards available for grant			34,309,969
Employee stock purchase plan			258,366
Warrants outstanding			60,835,667
Total			171,371,369

INVENTORY

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

INVENTORY

3. INVENTORY

All of our inventories are related to the manufacturing of RYTELO. The following table presents our inventory as of December 31, 2024:


	As of December 31, 2024
(in thousands)
Raw materials	$	4,904
Work-in-process		30,093
Finished goods		3,717
Total inventory	$	38,714

SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 10, 2023	Jan. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from exercise of warrants			$ 1,394	$ 105,912	$ 15,163
2023 Underwritten Public Offering
Subsequent Event [Line Items]
Issuance of common stock in connection with public offering (in shares)	68,007,741	68,007,741
Net proceeds from public offering after deducting underwriting discount and other offering expenses	$ 213,300

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
CRO and clinical trial costs	$ 18,968	$ 23,541
Manufacturing activities	11,839	14,629
Professional legal and accounting fees	475	556
Interest payable	2,186	768
Other	2,081	814
Accrued liabilities	$ 35,549	$ 40,308

INCOME TAXES - UNRECOGNIZED TAX BENEFITS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Unrecognized tax benefits
Unrecognized tax benefits, if recognized would impact effective tax rate	$ 28,300
Balance at the beginning of the period	26,331
Decrease related to prior year tax positions	(494)
Increase related to current year tax positions	2,473
Balance at the end of the period	$ 28,310

OPERATING LEASES - COMPONENTS OF LEASE COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lease Cost
Operating lease costs	$ 987	$ 962	$ 944
Variable lease costs	261	344	310
Total lease costs	$ 1,248	$ 1,306	$ 1,254

REVENUE RECOGNITON

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITON

2. REVENUE RECOGNITON

Net Product Revenue

To date, our only source of product revenue has been from the U.S. sales of RYTELO, which we began shipping to our customers in June 2024. The reconciliation of gross product sales to net product sales by each significant category of gross-to-net adjustments was as follows for the twelve months ended December 31, 2024:


	Twelve Months Ended
	December 31, 2024
(in thousands)
Gross product revenue	$	89,418
Gross-to-net adjustments:
Chargebacks and distributor service fees		(11,772	)
Government rebates		(926	)
Sales returns and allowances		(225	)
Total gross-to-net adjustments	$	(12,923	)
Net product revenue	$	76,495

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

STOCKHOLDERS' EQUITY - EQUITY PLANS - SCHEDULE OF AGGREGATE STOCK OPTION AND AWARD ACTIVITY (Parenthetical) (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	75,967,367	72,984,351
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options outstanding (in shares)	300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts Geron Corporation and its wholly-owned subsidiaries, Geron UK and Geron Netherlands. We have eliminated intercompany accounts and transactions. We prepare the financial statements of Geron UK and Geron Netherlands using the local currency as the functional currency. We translate the assets and liabilities of Geron UK and Geron Netherlands at rates of exchange at the balance sheet date and translate income and expense items at average monthly rates of exchange. Foreign currency translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, on our consolidated balance sheets.
Net Loss Per Share	Net Loss Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the periods presented without consideration of potential common shares. In April 2022, we entered into an underwriting agreement in connection with a public offering of our common stock, pursuant to which we issued a pre-funded warrant to purchase 18,095,238 shares of our common stock, also known as the 2022 pre-funded warrant, together with accompanying warrants to purchase shares of our common stock. In May 2020, we entered into an underwriting agreement in connection with a public offering of our common stock, pursuant to which we issued a pre-funded warrant to purchase 8,335,239 shares of our common stock, or the 2020 pre-funded warrant, together with accompanying warrants to purchase shares of our common stock. The 2022 pre-funded warrant and 2020 pre-funded warrant each are exercisable immediately at an exercise price of $0.001 per share. In January 2023, we completed an underwritten public offering of 68,007,741 shares of our common stock and a pre-funded warrant to purchase 25,000,000 shares of our common stock, or the 2023 pre-funded warrant. In March 2024, we completed an underwritten public offering of 41,999,998 shares of our common stock and a pre-funded warrant to purchase 8,002,668 shares of our common stock, or the 2024 pre-funded warrant. We included the 2023 pre-funded warrant, the 2022 pre-funded warrant and the 2020 pre-funded warrant in the computation of basic net loss per share, as applicable, since their exercise price is negligible, and they may be exercised at any time. See Note 10 on Stockholders' Equity for further discussion of our public offerings. Diluted net income per share would be calculated by adjusting the weighted-average number of shares of common stock outstanding for the dilutive effect of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued, as determined using the treasury-stock method. Potential dilutive securities consist of outstanding stock options and warrants to purchase our common stock. Diluted net loss per share excludes potential dilutive securities for all periods presented as their effect would be anti-dilutive. Accordingly, basic and diluted net loss per share is the same for all periods presented in the accompanying consolidated statements of operations. Since we incurred a net loss for 2024, 2023, and 2022, the diluted net loss per share calculation excludes potential dilutive securities of 77,369,889, 75,458,854 and 145,726,765 shares, respectively, related to outstanding stock options and warrants, as their effect would have been anti-dilutive.
Use of Estimates	Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to accrued liabilities, revenue recognition, fair value of marketable securities and equity investments, operating leases, right-of-use assets, lease liabilities, income taxes, and stock-based compensation. We base our estimates on historical experience and on various other market specific and relevant assumptions that we believe to be reasonable under the circumstances. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with the provisions of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, or Topic 606. In determining the appropriate amount and timing of revenue to be recognized under this guidance, we perform the following five steps: (i) identify the contract(s) with our customer; (ii) identify the promised goods or services in the agreement and determine whether they are performance obligations, including whether they are distinct in the context of the agreement; (iii) measure the transaction price, including the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations based on stand-alone selling prices; and (v) recognize revenue when (or as) we satisfy each performance obligation. We recognize shipping and handling costs as an expense in cost of goods sold when we transfer control to a customer. Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. A performance obligation is a promise in an agreement to transfer a distinct good or service to the customer and is the unit of account in Topic 606. Significant management judgment is required to determine the level of effort required and the period over which completion of the performance obligations is expected under an agreement. If reasonable estimates regarding when performance obligations are either complete or substantially complete cannot be made, then revenue recognition is deferred until a reasonable estimate can be made. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. We allocate the total transaction price to each performance obligation based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation. Estimated selling prices for license rights are calculated using an income approach model and include the following key assumptions, judgments and estimates: the development timeline, revenue forecast, commercialization expenses, discount rate and probabilities of technical and regulatory success. We distribute RYTELO in the U.S. through third party distributors and specialty pharmacies who are our customers. The third party distributors subsequently resell our product through their related specialty pharmacy providers to patients and health care providers. Separately, we have or may enter into payment arrangements with various third-party payors including pharmacy benefit managers, private healthcare insurers and government healthcare programs who provide coverage and reimbursement for our product that have been prescribed to a patient. Following is a description of the principal activities from which we generate revenue. License fees and royalty revenue primarily represent amounts earned under agreements that out-license our technology to various companies. To date, our only source of product revenue has been from the U.S. sales of RYTELO, which we began shipping to our customers in June 2024. See Note 2 on Revenue Recognition. Product Sales, Net Product sales revenue is recognized when control has transferred to the customer, which occurs at a point in time, which is typically on delivery to the customer or, in the case of products that are subject to consignment agreements, when the customer removes product from our consigned inventory location for shipment directly to a patient. Items Deducted from Gross Product Sales Revenues from sales of products are recorded net of government rebates and rebates under managed care plans and commercial payor contracts, estimated allowances for sales returns, government chargebacks, prompt payment discounts, patient coupon programs, and specialty distributor and wholesaler fees. Calculating certain of these items involves estimates and judgments based on sales or invoice data, contractual terms, historical utilization rates, new information regarding changes in applicable regulations and guidelines that would impact the amount of the actual rebates, our expectations regarding future utilization rates and channel inventory data. We review the adequacy of our provisions for sales deductions on a quarterly basis. Amounts accrued for sales deductions are adjusted when trends or significant events indicate that adjustment is appropriate and to reflect actual experience. The most significant items deducted from gross product sales where we exercise judgment are rebates, sales returns and chargebacks. Net Product Revenues Our net product revenues are recognized, net of variable consideration related to certain allowances and accruals, at the time our customers obtain control of our product, which is generally upon delivery to our customers. We use the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts to estimate variable consideration and consideration payable to parties other than our customers related to our product sales. We record reserves, based on contractual terms, for components related to product sold during the reporting period, as well as our estimate of product that remains in the distribution channel inventory at the end of the reporting period that we expect will be sold to qualified healthcare providers. On a quarterly basis, we update our estimates and record any needed adjustments in the period we identify the adjustments. We sell RYTELO to our customers at wholesale acquisition cost, and calculate product revenue from RYTELO sales, net of variable consideration and consideration payable to parties other than our customers. Variable consideration and consideration payable to parties other than our customers consists of estimates related to the following categories: Other Allowances We pay fees for distribution services, such as fees for certain data that customers provide to us. We estimate our customers will earn these fees and deduct these fees from gross product revenues and accounts receivable at the time we recognize the related revenues. Discounts for Prompt Payment We provide for prompt payment discounts to our customers, which are recorded as a reduction in gross product revenue in the same period that the related product revenue is recognized. Product Returns We offer customers the right to return products if they are damaged, defective, or expired, as defined in customer agreements. We estimate product returns considering experience from similar products in the market, historical return patterns, sales data, and inventory levels in the distribution channel. These estimates are recorded as a reduction in gross product revenue at the time of sale. Once products are returned, they are destroyed; we do not record a right of return asset. Chargebacks Chargebacks occur when our contracted customers, mainly federal agencies that can purchase off the Federal Supply Schedule and Public Health Service 340B covered entities, buy directly from our distributors and wholesalers at discounted prices. The distributors and wholesalers then charge us the difference between their purchase price and the discounted price. We estimate chargebacks considering the terms of the applicable arrangement and our visibility regarding utilization. These chargebacks are recorded in the same period as the related revenue, reducing our net product revenue and receivables. We typically issue credits for these amounts within a few weeks of notification. Government Rebates We are subject to discount obligations under government programs. Reserves for rebates payable under these government programs are recorded in the same period as gross product revenue, reducing our gross product revenue and creating a liability in accrued liabilities. Major rebates include those from the Medicare and Medicaid programs. Estimates for rebates are made considering statutory discount rates and expected utilization. These estimates are updated each period with actual claims and other current information, taking into account historical data, comparable products and other considerations. Co-payment Assistance We offer co-payment assistance to patients with commercial insurance that have coverage and reside in states that allow co-payment assistance. We estimate the average co-payment assistance amounts for our products based on expected customer demographics and record any such amounts within accrued expenses and a reduction to product revenue. License Agreements We previously entered into several license agreements with various oncology, diagnostics, research tools and biologics production companies, whereby we granted certain rights to our non-imetelstat related technologies. Under these agreements, non-refundable upfront fees and annual license maintenance fees were considered fixed consideration, while milestone payments and royalties were identified as variable consideration. Since June 30, 2021, no active license agreements remain. The license related to our specialized oligonucleotide backbone chemistry, as well as patent rights covering the synthesis of monomers, the building blocks of oligonucleotides, terminated effective April 2021. In connection with the divestiture of our human embryonic stem cell assets, including intellectual property and proprietary technology, to Lineage Cell Therapeutics, Inc. (formerly BioTime, Inc. which acquired Asterias Biotherapeutics, Inc.) in 2013, we are entitled to receive royalties on sales of certain research or commercial products utilizing our divested intellectual property. Licenses of Intellectual Property If we determine the license to intellectual property is distinct from the other performance obligations identified in the agreement and the licensee can use and benefit from the license, we recognize revenue from non-refundable upfront fees allocated to the license upon the completion of the transfer of the license to the licensee. For such licenses, we recognize revenue from annual license maintenance fees upon the start of the new license period. For licenses that are bundled with other performance obligations, we assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable upfront fees or annual license maintenance fees. At each reporting date, we reassess the progress and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments At the inception of each agreement that includes milestone payments, we evaluate whether the milestones are considered probable of being achieved and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone is included in the transaction price. For milestones that we do not deem to be probable of being achieved, the associated milestone payments are fully constrained and the value of the milestone is excluded from the transaction price with no revenue being recognized. For example, milestone payments that are not within our control, such as regulatory-related accomplishments, are not considered probable of being achieved until those accomplishments have been communicated by the relevant regulatory authority. Once the assessment of probability of achievement becomes probable, we recognize revenue for the milestone payment. At each reporting date, we assess the probability of achievement of each milestone under any current agreements. Royalties For agreements with sales-based royalties, including milestone payments based on the level of sales, where the license is deemed to be the predominant item to which the royalties relate, we recognize revenue at the later of (a) when the related sales occur, or (b) when the performance obligation, to which some or all of the royalty has been allocated, has been satisfied (or partially satisfied). At each reporting date, we estimate the sales incurred by each licensee during the reporting period based on historical experience and accrue the associated royalty amount.
Interest Expense	Interest Expense The liability related to the Royalty Pharma Agreement and the related interest expense are measured based on our current estimate of the timing and amount of expected future Royalty Payments expected to be paid over the estimated term of the Royalty Pharma Agreement using a discounted cash flow model. The liability is amortized using the effective interest rate method, resulting in recognition of non-cash interest expense over the estimated term of the agreement. Each reporting period, we assessed the estimated timing and amount of future expected Royalty Payments over the estimated term. If there are changes to the estimate, we recognize the impact to the liability’s amortization schedule and the related non-cash interest expense prospectively. Additionally, the transaction costs associated with the liability will be amortized to non-cash interest expense over the estimated term of the Royalty Pharma Agreement.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Cash Equivalents and Marketable Securities We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. We are subject to credit risk related to our cash equivalents and marketable securities. Our marketable debt securities include U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes. We classify our marketable debt securities as available for sale. We record available for sale debt securities at fair value with unrealized gains and losses reported in accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses are included in interest income and are derived using the specific identification method for determining the cost of securities sold and have been insignificant to date. Dividend and interest income are recognized when earned and included in interest income on our consolidated statements of operations. If an available-for-sale security’s fair value is less than its amortized cost basis, we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. We have not recorded any allowances for credit losses on our available-for-sale securities for the years ended December 31, 2024 and 2023 as we have not identified any unrealized losses for these securities attributable to credit factors. See Note 4 on Fair Value Measurements.
Restricted Cash	Restricted Cash Restricted cash consists of funds maintained in separate money market or certificate of deposit accounts for credit card purchases.
Accounts Receivable	Accounts Receivable In general, accounts receivable consists of amounts due from customers, net of customer allowances for cash discounts, product returns, and chargebacks. Accounts receivable are stated net of an allowance that reflects our current estimate of credit losses expected to occur over the life of the receivable. In developing our allowance for expected credit losses, we use assumptions to capture the risk of loss, even if remote, based on a number of factors including existing contractual payment terms, individual customer circumstances, historical payment patterns of our customers, a review of the local economic environment and its potential impact on expected future customer payment patterns. The payment terms on our trade receivables are relatively short. As a result, our collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. We update our allowance as necessary to reflect expected credit losses over the remaining lives of the accounts receivable for outstanding trade receivables that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. We do not currently expect our current or future exposures to credit losses to have a significant impact on us. The estimated allowance for expected credit losses was not material as of December 31, 2024, nor were the changes to the allowance during any of the periods presented.
Inventory	Inventory Inventory is recorded at the lower of cost or net realized value, with cost determined under the weighted average method. Inventory costs include third-party contract manufacturing, third-party packaging services, freight, salaries, wages and stock-based compensation for personnel involved in the manufacturing process, and indirect overhead costs. We periodically review our inventories to identify obsolete, slow moving, excess or otherwise unsaleable items. If obsolete, slow moving, excess or unsaleable items are observed and there are no alternate uses for the inventory, we record a write-down to net realizable value. The determination of net realizable value requires judgment including consideration of many factors, such as estimates of future product demand, product net selling prices, current and future market conditions and potential product obsolescence, among others. Prior to regulatory approval, we expensed costs associated with the manufacture of a product candidate to research and development expense unless we are reasonably certain such costs have future commercial use and net realizable value. Since we consider attaining regulatory approval of a product candidate to be highly uncertain and difficult to predict, we expect only in rare instances that pre-launch inventory will be capitalized, if at all. We began capitalizing inventory related to RYTELO in the quarter ended June 30, 2024, as we received approval of RYTELO on June 6, 2024, and the related costs were expected to be recoverable through the commercialization of RYTELO.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes the cost of producing and distributing inventories that are related to product revenue during the respective period, including salary related and stock-based compensation expense for employees involved with production and distribution, freight, and indirect overhead costs. Cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, abnormal costs, unabsorbed manufacturing and overhead costs, and manufacturing variances. For the twelve months ended December 31, 2024, other than packaging costs, substantially all of our RYTELO inventory sold had a zero-cost basis as it was recorded as research and development expenses prior to the FDA’s approval.
Research and Development Expenses	Research and Development Expenses Research and development expenses currently consist of expenses incurred in developing and testing imetelstat and research related to potential next generation telomerase inhibitors. These expenses include, but are not limited to, payroll and personnel expense, lab supplies, non-clinical studies, clinical trials, including support for investigator-led clinical trials, raw materials to manufacture clinical trial drugs, manufacturing costs for research and clinical trial materials, sponsored research at other labs, consulting, costs to maintain technology licenses and research-related overhead. Our current RYTELO (imetelstat) clinical trials are being supported by contract research organizations, or CROs, and other vendors. We accrue expenses for clinical trial activities performed and managed by CROs based upon the amount of work completed on each trial. Expenses are recorded based on contracted amounts agreed to with our CROs and through monthly reporting provided by CROs. We monitor activities conducted and managed by the CROs to the extent possible through internal reviews, review of contractual terms and correspondence with CROs. We record expense on the best information available at the time. However, additional information may become available to us which may require us to record adjustments to research and development expenses in future periods.
Depreciation and Amortization	Depreciation and Amortization We record property and equipment at cost and calculate depreciation using the straight‑line method over the estimated useful lives of the assets, generally four years. Leasehold improvements are amortized over the shorter of the estimated useful life or remaining term of the lease.
Stock-Based Compensation	Stock‑Based Compensation We maintain various stock incentive plans under which stock options and restricted stock awards can be granted to employees, non-employee directors and consultants. We also have an employee stock purchase plan for all eligible employees. We recognize stock-based compensation expense based on grant-date fair values of service-based stock options on a straight-line basis over the requisite service period, which is generally the vesting period. For performance-based stock options with vesting based on the achievement of certain strategic milestones, stock-based compensation expense is recognized over the period from the date the performance condition is determined to be probable of occurring through the date the applicable condition is expected to be met and is reduced for estimated forfeitures, as applicable. If the performance condition is not considered probable of being achieved, no stock-based compensation expense is recognized until such time as the performance condition is considered probable of being met, if at all. If the assessment of probability of the performance condition changes, the impact of the change in estimate would be recognized in the period of the change. The determination of grant-date fair values for our service-based and performance-based stock options and employee stock purchases using the Black-Scholes option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables. The grant-date fair value for service-based restricted stock or restricted stock unit awards is determined using the fair value of our common stock on the date of grant. We evaluate whether an adjustment to the assumptions of fair value of our common stock and historical volatility are required if observed prices of our common stock materially differ from historical information. We measure share-based payments to non-employees based on the grant-date fair value of the equity awards to be issued. We recognize stock-based compensation expense for the fair value of the vested portion of non-employee stock-based awards on our consolidated statements of operations. For additional information, see Note 10 on Stockholders’ Equity.
Leases	Leases At the inception of an arrangement, we determine whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating leases are included in operating leases, right-of-use assets and lease liabilities on our consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of remaining lease payments over the expected lease term. The present value of remaining lease payments within the 12 months following the balance sheet date are classified as current lease liabilities. The present value of lease payments not within the 12 months following the balance sheet date are classified as noncurrent lease liabilities. The interest rate implicit in lease contracts is typically not readily determinable. As such, to calculate the net present value of lease payments, we apply our incremental borrowing rate, which is the estimated rate to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as of the lease commencement date. We may adjust the right-of-use assets for certain adjustments, such as initial direct costs paid or incentives received. In addition, we include any options to extend or terminate the lease in the expected lease term when it is reasonably certain that we will exercise any such option. Lease expense is recognized on a straight-line basis over the expected lease term. For lease agreements entered into after January 1, 2019 that include lease and non-lease components, such components are generally accounted for separately. We have also elected not to recognize on our consolidated balance sheets leases with terms of one year or less.
Debt Issuance Costs and Debt Discounts	Debt Issuance Costs and Debt Discounts Debt issuance costs include legal fees, accounting fees, and other direct costs incurred in connection with the execution of our debt financing. Debt discounts represent costs paid to the lenders. Debt issuance costs and debt discounts are deducted from the carrying amount of the debt liability and are amortized to interest expense over the term of the related debt using the effective interest method.
Accumulated Other Comprehensive Gain (Loss)	Accumulated Other Comprehensive Gain (Loss) Accumulated other comprehensive gain (loss) includes certain changes in stockholders’ equity which are excluded from net income (loss). Accumulated other comprehensive loss on our consolidated balance sheets as of December 31, 2024 and 2023, respectively, is comprised of net unrealized losses on marketable securities and cumulative translation adjustments.
Income Taxes	Income Taxes We maintain deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and are subject to tests of recoverability. Our deferred tax assets include net operating loss carryforwards, federal and state tax credits and capitalized research and development. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Our net deferred tax asset has been fully offset by a valuation allowance because of our history of losses. Any potential accrued interest and penalties related to unrecognized tax benefits would be recorded as income tax expense.
Segment Information	Segment Information Our chief executive officer represents our chief operating decision maker. We view our operations as a single segment, the development of therapeutic products for oncology. As a result, the financial information disclosed herein materially represents all of the financial information related to our principal operating segment. For additional information, see Note 13 on Segment Reporting.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements – Issued But Not Yet Adopted In December 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (ASU 2023-09), which requires issuers to make additional discloses on an annual basis related to specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis, disclose additional information about income taxes paid as well as other disaggregated disclosures. ASU 2023-09 is effective for the Company as of January 1, 2025 for annual periods. We are evaluating the impact of this ASU on our consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in ASU 2024-03 address investor requests for more detailed expense information and require additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact of this ASU on our consolidated financial statements. New Accounting Pronouncements – Issued and Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASU 2023-07), which requires issuers to make additional disclosures with respect to segment expenses, including required disclosure on an annual and interim basis for significant segment expenses and other segment items. The improved disclosure requirements apply to all public entities that are required to report segment information, including those with only one reportable segment. ASU 2023-07 also permits the disclosure of more than one measure of a segment’s profit or loss. ASU 2023-07 is effective for the Company as of January 1, 2024 for annual periods and as of January 1, 2025 for interim periods. We adopted the guidance in the annual period ended December 31, 2024. There was no impact on our reportable segments identified and additional required disclosures have been included in Note 13. We view our operations as a single segment. See Note 13 on Segment Reporting. Other recent accounting pronouncements issued by the FASB did not or are not believed by management to have a material impact on our financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS DATA - Supplemental Investing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental operating and investing activities:
Net unrealized loss on marketable securities	$ 88	$ (431)	$ (68)
Reclassification between prepaid and other current assets and deposits and other assets			(5)
Cash paid for interest	$ 10,364	$ 7,017	$ 5,154

STOCKHOLDERS' EQUITY - PERFORMANCE BASED STOCK OPTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted (in shares)	29,603,740
Stock-based compensation expense included in operating expenses	$ 31,927	$ 18,525	$ 8,001
Stock-based compensation capitalized	$ 700
Performance-Based Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted (in shares)	208,100	832,790	2,741,750
Stock-based compensation expense included in operating expenses	$ 6,500	$ 3,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE RECOGNITON (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Reconciliation of Gross Product Sales to Net Product Sales

The reconciliation of gross product sales to net product sales by each significant category of gross-to-net adjustments was as follows for the twelve months ended December 31, 2024:


	Twelve Months Ended
	December 31, 2024
(in thousands)
Gross product revenue	$	89,418
Gross-to-net adjustments:
Chargebacks and distributor service fees		(11,772	)
Government rebates		(926	)
Sales returns and allowances		(225	)
Total gross-to-net adjustments	$	(12,923	)
Net product revenue	$	76,495

REVENUE RECOGNITON - Schedule of Reconciliation of Gross Product Sales to Net Product Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues Before Adjustments
Disaggregation of Revenue [Line Items]
Net product revenue	$ 89,418
Chargebacks and distributor service fees
Disaggregation of Revenue [Line Items]
Net product revenue	(11,772)
Government rebates
Disaggregation of Revenue [Line Items]
Net product revenue	(926)
Sales returns and allowances
Disaggregation of Revenue [Line Items]
Net product revenue	(225)
Total gross-to-net adjustments
Disaggregation of Revenue [Line Items]
Net product revenue	(12,923)
Product Revenue, Net
Disaggregation of Revenue [Line Items]
Net product revenue	$ 76,495	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of operating segment	1
Number of reportable segment	1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 79,016	$ 70,023
Restricted cash	1,860	1,115
Marketable securities	327,550	263,676
Accounts receivable, net	35,946
Interest and other receivables	2,853	1,655
Inventory	38,714
Prepaid and other current assets	5,053	4,879
Total current assets	490,992	341,348
Noncurrent marketable securities	94,519	43,298
Property and equipment, net	1,310	1,177
Operating leases, right-of-use assets	2,881	3,556
Deposits and other assets	4,079	4,697
Total assets	593,781	394,076
Current liabilities:
Accounts payable	8,595	6,161
Accrued compensation and benefits	22,808	13,759
Operating lease liabilities	974	949
Liability related to sale of future royalties	20,372
Accrued liabilities	35,549	40,308
Debt		46,893
Total current liabilities	88,298	108,070
Noncurrent operating lease liabilities	2,266	3,006
Noncurrent liability related to sale of future royalties	104,421
Noncurrent debt	118,476	35,051
Total liabilities	313,461	146,127
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 3,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and 2023
Common stock, $0.001 par value; 1,350,000,000 shares authorized; 606,387,666 and 544,912,215 shares issued and outstanding at December 31, 2024 and 2023, respectively	606	545
Additional paid-in capital	2,051,794	1,844,988
Accumulated deficit	(1,772,341)	(1,597,769)
Accumulated other comprehensive gain	261	185
Total stockholders' equity	280,320	247,949
Total liabilities and stockholders' equity	$ 593,781	$ 394,076

DEBT - Additional Information (Details) - USD ($)		2 Months Ended	12 Months Ended
DEBT - Additional Information (Details) - USD ($)	Nov. 01, 2024	Dec. 31, 2024	Dec. 31, 2024	Jun. 30, 2022	Sep. 30, 2020
Hercules Loan Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 86,500,000
Pharmakon Loan Agreement [Member] \| BioPharma Credit PLC [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 250,000,000
Line of credit, maturity period	5 years
Liabilities Related to Sale of Future Royalties
Debt Instrument [Line Items]
Upfront payment received	$ 125,000,000
Revenue interest payments description			the revenue participation rate commences at 7.75% for annual U.S. net sales of up to and equal to $500.0 million declining to 1.0% for annual U.S. net sales exceeding $1.0 billion until the date when the aggregate Royalty Payments equal or exceed 1.65 times the Purchase Price, if this occurs by June 30, 2031 or the date when the aggregate Royalty Payments equal or exceed 2.0 times the Purchase Price.In addition, we had the option to repurchase all of the Revenue Participation Right from Royalty Pharma for a purchase price of equal to the Buy-Out-Payment, as defined below, if we entered into a definitive agreement to consummate a change of control, or Buy-Back Option. “Buy-Out Payment” means an amount equal to (a) 1.65 times the Purchase Price minus the aggregate Royalty Payments as of the change of control, if the change of control occurs on or prior to December 31, 2027, or (b) 2.0 times the Purchase Price minus the aggregate Royalty Payments as of the change of control, if the change of control occurs after December 31, 2027.
Carrying value of liabilities related to sale of future revenues	$ 121,634,000	$ 124,793,000	$ 124,793,000
Interest expense recognized		5,345,000	5,300,000
Liabilities Related to Sale of Future Royalties \| Scenario One
Debt Instrument [Line Items]
Percentage of annual net sales	7.75%
Liabilities Related to Sale of Future Royalties \| Scenario Two
Debt Instrument [Line Items]
Percentage of annual net sales	1.00%
Liabilities Related to Sale of Future Royalties \| Minimum [Member] \| Scenario Two
Debt Instrument [Line Items]
Revenue interest payments	$ 1,000,000,000
Liabilities Related to Sale of Future Royalties \| Maximum [Member] \| Scenario One
Debt Instrument [Line Items]
Revenue interest payments	$ 500,000,000
Tranche A [Member] \| Hercules Loan Agreement [Member]
Debt Instrument [Line Items]
Term loan maturity date	Nov. 01, 2024
Tranche A [Member] \| Pharmakon Loan Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 125,000,000
Effective interest rate	10.32%
Tranche B [Member] \| Pharmakon Loan Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 75,000,000
Tranche C [Member] \| Pharmakon Loan Agreement [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 50,000,000
Term Loans [Member] \| Pharmakon Loan Agreement [Member]
Debt Instrument [Line Items]
Term loan maturity date	Nov. 01, 2029
Percentage added to prime rate for debt instrument interest rate	5.75%
Floor rate	3.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Percentage of commitment amount to fund loan	2.50%
Variable interest rate	5.75%
Term Loans [Member] \| Pharmakon Loan Agreement [Member] \| Prepaid Prior To Third Anniversary Of Funding Date [Member]
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	3.00%
Term Loans [Member] \| Pharmakon Loan Agreement [Member] \| Prepaid On Or After Third Anniversary But Prior To Fourth Anniversary Of Funding Date [Member]
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	2.00%
Term Loans [Member] \| Pharmakon Loan Agreement [Member] \| Prepaid On Or After Fourth Anniversary Of Funding Date [Member]
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	1.00%
Hercules and Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan				$ 125,000,000	$ 75,000,000
Principal amount outstanding under term loan		$ 80,000,000	$ 80,000,000

INCOME TAXES - SCHEDULE OF PROVISION FOR (BENEFIT FROM) INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
State	$ 398
Foreign	51	$ 22
Total	$ 449	$ 22

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

INVENTORY (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table presents our inventory as of December 31, 2024:


	As of December 31, 2024
(in thousands)
Raw materials	$	4,904
Work-in-process		30,093
Finished goods		3,717
Total inventory	$	38,714

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

Cash Equivalents, Restricted Cash and Marketable Securities

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2024 were as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value
Included in cash and cash equivalents:
Money market funds	$	45,215	$	—	$	—		$	45,215
Commercial paper		4,978		—		(1	)		4,977
	$	50,193	$	—	$	(1	)	$	50,192

Restricted cash:
Money market fund	$	1,587	$	—	$	—		$	1,587
Certificate of deposit		273		—		—			273
	$	1,860	$	—	$	—		$	1,860
Marketable securities:
U.S. Treasury securities (due in less than one year)	$	7,937	$	22	$	—		$	7,959
U.S. Treasury securities (due in one to two years)		22,620		1		(11	)		22,610
Government-sponsored enterprise securities (due in less than one year)		8,741		7		—			8,748
Commercial paper (due in less than one year)		180,131		150		(56	)		180,225
Corporate notes (due in less than one year)		130,361		284		(27	)		130,618
Corporate notes (due in one to two years)		72,000		6		(97	)		71,909
	$	421,790	$	470	$	(191	)	$	422,069

Cash equivalents, restricted cash and marketable securities by security type at December 31, 2023 were as follows:


			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
(In thousands)	Cost		Gains		Losses			Fair Value
Included in cash and cash equivalents:
Money market funds	$	16,815	$	—	$	—		$	16,815
	$	16,815	$	—	$	—		$	16,815

Restricted cash:
Money market fund	$	843	$	—	$	—		$	843
Certificate of deposit		272		—		—			272
	$	1,115	$	—	$	—		$	1,115
Marketable securities:
U.S. Treasury securities (due in less than one year)	$	26,752	$	95	$	—		$	26,847
U.S. Treasury securities (due in one to two years)		2,877		17		—			2,894
Government-sponsored enterprise securities (due in less than one year)		86,250		43		(92	)		86,201
Government-sponsored enterprise securities (due in one to two years)		13,598		72		—			13,670
Commercial paper (due in less than one year)		102,270		31		(33	)		102,268
Corporate notes (due in less than one year)		48,409		14		(63	)		48,360
Corporate notes (due in one to two years)		26,628		130		(24	)		26,734
	$	306,784	$	402	$	(212	)	$	306,974


	Less Than 12 Months					12 Months or Greater					Total
			Gross					Gross					Gross
	Estimated		Unrealized			Estimated		Unrealized			Estimated		Unrealized
(In thousands)	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
As of December 31, 2024:

U.S. Treasury securities (due in less than one year)	$	18,593	$	(10	)	$	—	$	—		$	18,593	$	(10	)
Commercial paper (due in less than one year)		66,076		(56	)		—		—			66,076		(56	)
Corporate notes (due in less than one year)		31,549		(26	)		1,993		(1	)		33,542		(27	)
Corporate notes (due in one to two years)		53,506		(98	)		—		—			53,506		(98	)
	$	169,724	$	(190	)	$	1,993	$	(1	)	$	171,717	$	(191	)
As of December 31, 2023:
Government-sponsored enterprise securities (due in less than one year)	$	69,377	$	(92	)	$	—	$	—		$	69,377	$	(92	)
Commercial paper (due in less than one year)		58,622		(33	)		—		—			58,622		(33	)
Corporate notes (due in less than one year)		34,567		(63	)		—		—			34,567		(63	)
Corporate notes (due in one to two years)		3,952		(23	)		—		—			3,952		(23	)
	$	166,518	$	(211	)	$	—	$	—		$	166,518	$	(211	)

The gross unrealized losses related to U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes as of December 31, 2024 and 2023 were due to changes in interest rates and not credit risk. If an available-for-sale security’s fair value is less than its amortized cost basis, we evaluate whether the decline is the result of a credit loss, in which case an impairment is recorded through an allowance for credit losses. We have not recorded any allowances for credit losses on our available-for-sale securities for the years ended December 31, 2024 and 2023 as we have not identified any unrealized losses for these securities attributable to credit factors. Our exposure to unrealized losses may increase in the future due to the economic pressures or uncertainties associated with local or global economic recessions as a result of ongoing geopolitical events, such as the current military conflict between Ukraine and Russia, as well as recent and potential future disruptions in access to bank deposits or lending commitments due to bank failure. We do not intend to sell the investments and it is not more likely that not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

Fair Value on a Recurring Basis

We categorize financial instruments recorded at fair value on our consolidated balance sheets based upon the level of judgment associated with inputs used to measure their fair value. The categories are as follows:


Level 1	—	Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2	—	Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.


	Level 3	—	Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Below is a description of the valuation methodologies used for financial instruments measured at fair value on our consolidated balance sheets, including the category for such financial instruments.

Money market funds and certificates of deposit are categorized as Level 1 within the fair value hierarchy as their fair values are based on quoted prices available in active markets. Commercial paper, U.S. Treasury securities, municipal securities, government-sponsored enterprise securities and corporate notes are categorized as Level 2 within the fair value hierarchy as their fair values are estimated by using pricing models, quoted prices of securities with similar characteristics or discounted cash flows.

The embedded derivatives are classified within Level 3 of the fair value hierarchy. See Note 9 on Debt.

Liability Related to the Sale of Future Royalties

We determined the fair value of the liability related to the sale of future royalties based on our current estimates of future royalties expected to be paid to Royalty Pharma over the life of the arrangement, which are considered Level 3. See Note 9 on Debt.

There were no transfers between Level 1, Level 2, and Level 3 during the periods presented.


	Fair Value Measurements at Reporting Date Using
(In thousands)	Level 1		Level 2		Level 3		Total
As of December 31, 2024:
Money market funds(1)(2)	$	46,802	$	—	$	—	$	46,802
Certificate of deposit(2)		273		—		—		273
U.S. Treasury securities(3)(4)		—		30,570		—		30,570
Government-sponsored enterprise securities(3)		—		8,748		—		8,748
Commercial paper(3)		—		185,201		—		185,201
Corporate notes(3)(4)		—		202,527		—		202,527
Total	$	47,075	$	427,046	$	—	$	474,121
As of December 31, 2023:
Money market funds(1)(2)	$	17,658	$	—	$	—	$	17,658
Certificate of deposit(2)		272		—		—		272
U.S. Treasury securities(3)(4)		—		29,742		—		29,742
Government-sponsored enterprise securities(3)(4)		—		99,872		—		99,872
Commercial paper(3)		—		102,268		—		102,268
Corporate notes(3)(4)		—		75,092		—		75,092
Total	$	17,930	$	306,974	$	—	$	324,904

(1)

Included in cash and cash equivalents on our consolidated balance sheets.

(2)

Included in restricted cash on our consolidated balance sheets.

(3)

Included in current portion of marketable securities on our consolidated balance sheets.

(4)

Included in noncurrent portion of marketable securities on our consolidated balance sheets.

Credit Risk

We currently place our cash, restricted cash, cash equivalents and marketable securities with multiple institutions in the United States. Generally, these deposits may be redeemed upon demand and therefore, bear minimal risk. Deposits with banks may exceed the amount of insurance provided on such deposits. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents and marketable securities. Cash equivalents and marketable securities currently consist of money market funds, government-sponsored enterprise securities, U.S. Treasury securities, municipal securities, commercial paper and corporate notes. Our investment policy, approved by the audit committee of our board of directors, limits the amount we may invest in any one type of investment issuer, thereby reducing credit risk concentrations. However, we are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents to the extent recorded in our consolidated balance sheets. We have not experienced any losses in such accounts and we believe that we are not exposed to significant credit risk of our financial position at the depository institutions in which those deposits are held. As of December 31, 2024 four customers accounted for 100% of our gross accounts receivable: McKesson Financial Center, which accounted for 43% of our gross accounts receivable; ASD Specialty Healthcare LLC, which accounted for 38% of our gross accounts receivable; Cardinal Health Inc., which accounted for 17% of our gross accounts receivable; and Sina Drug, which accounted for 2% of our gross accounts receivable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

11. INCOME TAXES

The components of Income/(Loss) before income taxes are as follows:


	2024			2023			2022
Domestic		(174,737	)		(181,884	)		(141,930	)
Foreign		215			150			28
Total		(174,521	)		(181,734	)		(141,902	)

Provision for (benefit from) income taxes:


	2024		2023		2022
State		398		—		—
Foreign		51		22		—
Total		449		22		—

The following table reconciles the federal statutory tax rate to the effective income tax rate from continuing operations:


	2024				2023				2022
Tax at statutory rate		21.0		%		21.0		%		21.0		%
State income tax, net of federal benefit		(1.7	)			6.6				6.8
Federal and state tax credits		2.7				4.1				4.9
Stock-based compensation		(0.1	)			(0.7	)			(0.8	)
Net operating loss not benefitted		(0.5	)			(5.7	)			(4.3	)
Other		(1.6	)			(0.5	)			(0.1	)
Change in valuation allowance		(20.1	)			(24.8	)			(27.5	)
Effective tax rate		(0.3	)	%		0.0		%		0.0		%

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets are as follows:


	December 31,
	2024			2023
	(In thousands)
Net operating loss carryforwards	$	272,970		$	272,300
Federal and state tax credits		70,492			64,700
Capitalized research and development		39,503			43,300
Stock-based compensation		8,353			11,200
Revenue Participation		29,547			—
Operating lease liabilities		767			1,100
Other		8,963			3,600
Total deferred tax assets		430,595			396,200
Less: valuation allowance		(429,913	)		(395,200	)
Net deferred tax assets		682			1,000

Operating leases, right-of-use assets		(682	)		(1,000	)
Total deferred tax liabilities		(682	)		(1,000	)
Total net deferred tax assets	$	—		$	—

We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. Because of our history of losses, the net deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $35.0 million and $45.6 million for the years ended December 31, 2024 and 2023, respectively.

As of December 31, 2024, we had domestic federal net operating loss carryforwards of approximately $1.0 billion. Of this, $631.5 million will expire at various dates beginning in 2025 through 2037 and the remaining will carryforward indefinitely under the new tax laws, but is subject to an 80% taxable income limitation for tax years beginning after 2020. As of December 31, 2024, we had state net operating loss carryforwards of approximately $844.4 million expiring at various dates beginning in 2028 through 2044. We also had federal tax credit carryforwards of approximately $79.0 million expiring at various dates beginning in 2025 through 2044, if not utilized. Our state tax credit carryforwards of approximately $23.3 million carry forward indefinitely.

Utilization of net operating loss and tax credit carryforwards may be subject to an annual limitation due to ownership change limitations provided by the Internal Revenue Code and similar state provisions. Annual limitations may result in expiration of net operating loss and tax credit carryforwards before some or all of such amounts have been utilized.

We adopted the provision of the standard for accounting for uncertainties in income taxes on January 1, 2007. Upon adoption, we recognized no material adjustment in the liability for unrecognized tax benefits. At December 31, 2024, we had approximately $28.3 million of unrecognized tax benefits, none of which would currently affect our effective tax rate if recognized due to our net deferred tax assets being fully offset by a valuation allowance.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):


Balance as of December 31, 2023	$	26,331
Decrease related to prior year tax positions		(494	)
Increase related to current year tax positions		2,473
Balance as of December 31, 2024	$	28,310

If applicable, we would classify interest and penalties related to uncertain tax positions in income tax expense. Through December 31, 2024, there has been no interest expense or penalties related to unrecognized tax benefits.

We do not currently expect any significant changes to unrecognized tax benefits during the fiscal year ended December 31, 2025. In certain cases, our uncertain tax positions are related to tax years that remain subject to examination by the relevant tax authorities. Tax years for which we have carryforward net operating loss and credit attributes remain subject to examination by federal and most state tax authorities.

- Definition

The entire disclosure for income tax.

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+ Details

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of aggregate stock option and award activity

Aggregate stock option and award activity for the 2011 Plan, 2018 Plan, Inducement Plan and Directors Market Plan is as follows:


				Outstanding Stock Options
										Weighted Average
	Shares							Weighted Average		Remaining		Aggregate
	Available			Number of				Exercise Price		Contractual Life		Intrinsic
	For Grant			Shares				Per Share		(In years)		Value
Balance at December 31, 2023		58,750,670			72,984,351			$	2.16
Stock options granted		(29,603,740	)		29,603,740			$	2.86
Awards granted		(8,351	)		—			$	—
Stock options exercised		—			(17,907,649	)		$	1.77
Stock options cancelled/forfeited/expired		5,171,390			(8,713,075	)		$	3.24
Balance at December 31, 2024		34,309,969			75,967,367		(1)	$	2.40		7.35	$	94,204,849
Stock options exercisable at December 31, 2024					37,943,520			$	2.06		5.84	$	57,488,305
Stock options fully vested and expected to vest at December 31, 2024					74,159,549			$	2.39		7.30	$	92,613,420

(1)

Includes 300,000 performance-based stock options granted that have not achieved the specified performance milestone.

Summary of allocation of stock-based compensation expense related to share-based payment awards

The following table summarizes the stock‑based compensation expense related to service-based stock options and employee stock purchases for the years ended December 31, 2024, 2023 and 2022, which was allocated as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Research and development	$	10,280	$	7,426	$	3,720
General and administrative		21,647		11,099		4,281
Total Stock-based compensation expense	$	31,927	$	18,525	$	8,001

Schedule of assumptions used to estimate the fair value of stock options granted

The fair value of stock options granted in 2024, 2023, and 2022 has been estimated at the date of grant using the Black-Scholes option‑pricing model with the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Dividend yield	0%	0%	0%
Expected volatility range	0.72 to 0.87	0.82 to 0.83	0.77 to 0.82
Risk-free interest rate range	3.5% to 4.6%	3.42% to 4.94%	1.69% to 4.57%
Expected term range	6.0 yrs	6.0 yrs	5.5 yrs

Schedule of assumptions used to estimate the fair value of employee stock purchases under the purchase plan

The fair value of employee stock purchases in 2024, 2023, and 2022 has been estimated using the Black-Scholes option‑pricing model with the following assumptions:


	Year Ended December 31,
	2024	2023	2022
Dividend yield	0%	0%	0%
Expected volatility range	0.72. to 1.19	0.79 to 0.83	0.61 to 0.87
Risk-free interest rate range	4.8% to 5.4%	4.73% to 5.4%	0.40% to 2.79%
Expected term range	6 - 12 mos	6 - 12 mos	6 - 12 mos

Schedule of common stock reserved for future issuance

Common stock reserved for future issuance as of December 31, 2024 is as follows:


Outstanding stock options			75,967,367
Stock options and awards available for grant			34,309,969
Employee stock purchase plan			258,366
Warrants outstanding			60,835,667
Total			171,371,369

STOCKHOLDERS' EQUITY - WARRANT EXERCISES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Proceeds from exercise of warrants	$ 1,394	$ 105,912	$ 15,163
Common stock outstanding warrants to purchase	60,835,667
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Warrants exercise price	$ 0.001
Common stock outstanding warrants to purchase	59,433,145
2020 Public Offering of Common Stock and Warrants \| 2020 Pre-Funded Warrant
Class of Warrant or Right [Line Items]
Warrants to purchase common stock, shares		51,430,477
2020 Public Offering of Common Stock and Warrants \| Stock Purchase Warrants
Class of Warrant or Right [Line Items]
Warrants exercise price	$ 1.3
Common stock outstanding warrants to purchase	1,402,522
Warrants expiration date	Dec. 31, 2025
Underwritten Public Offering \| 2020 Stock Purchase Warrant
Class of Warrant or Right [Line Items]
Warrants to purchase common stock, shares		2,474,503
Underwritten Public Offering \| Stock Purchase Warrants
Class of Warrant or Right [Line Items]
Warrants to purchase common stock exercised, shares	1,071,981	77,349,859
Proceeds from exercise of warrants	$ 1,400	$ 105,900

COMMITMENTS AND CONTINGENCIES - Severance Plan (Details)	12 Months Ended
	Dec. 31, 2024 Plan
Severance Plan
severance plans	2
Period within which employee is terminated by entity without cause following a change of control	12 months
Period within which no comparable employment is offered by the entity following a change of control	30 days
Period within which employee resigns following a change of control due to material change in terms of employment	12 months
Employees Above The Vice President Level
Severance Plan
severance plans	1
Minimum
Severance Plan
Period of base salary to be considered for severance payments	3 months
Period of base salary in connection with a non-change of control to be considered for severance payments	42 days
Maximum
Severance Plan
Period of base salary to be considered for severance payments	18 months
Period of base salary in connection with a non-change of control to be considered for severance payments	12 months

OPERATING LEASES (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Components of lease costs

The components of lease costs included in operating expenses on our consolidated statements of operations for the New Jersey Lease, and the Foster City Lease were as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
Operating lease costs	$	987	$	962	$	944
Variable lease costs (1)		261		344		310
Total lease costs	$	1,248	$	1,306	$	1,254

(1)

Variable lease costs represent non-lease components, such as common area maintenance charges.

Undiscounted future non-cancellable lease payments

The undiscounted future non-cancellable lease payments under the New Jersey Lease and the Foster City Lease as of December 31, 2024 were as follows (in thousands):


2025	$	1,014
2026		1,040
2027		716
2028		376
2029		383
Thereafter		292
Total lease payments		3,821
Less: imputed interest		(581	)
Total	$	3,240

INCOME TAXES - TAX CREDIT CARRYFORWARDS (Details) $ in Millions	Dec. 31, 2024 USD ($)
Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 79.0
State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 23.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (174,572)	$ (184,127)	$ (141,901)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Cost of goods sold	$ 1,256
Research and development	103,738	$ 125,046	$ 95,518
Selling, general and administrative	145,732	69,135	43,628
Total operating expenses	250,726	194,181	139,146
Loss from operations	(173,732)	(193,944)	(138,550)
Interest income	19,607	18,152	2,529
Interest expense	(18,504)	(8,312)	(6,882)
Other income (expense), net	(236)	(23)	1,002
Loss on extinguishment of debt	(1,707)
Net loss	$ (174,572)	$ (184,127)	$ (141,901)
Basic net loss per share	$ (0.27)	$ (0.32)	$ (0.37)
Diluted net loss per share	$ (0.27)	$ (0.32)	$ (0.37)
Shares used in computing basic net loss per share	646,033,247	570,645,405	380,784,846
Shares used in computing diluted net loss per share	646,033,247	570,645,405	380,784,846
Product Revenue, Net
Revenues:
Revenues:	$ 76,495	$ 0	$ 0
License Fees and Royalties
Revenues:
Revenues:	$ 499	$ 237	$ 596

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - USEFUL LIVES OF ASSETS (Details)	Dec. 31, 2024
Depreciation [Abstract]
Estimated useful lives of assets	4 years

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - NET LOSS PER SHARE (Detail) - $ / shares			1 Months Ended
	Mar. 21, 2024	Jan. 10, 2023	Mar. 31, 2024	Jan. 31, 2023	Dec. 31, 2024	Apr. 01, 2022	May 27, 2020
2023 Underwritten Public Offering
Issuance of common stock in connection with public offering		68,007,741		68,007,741
2024 Underwritten Public Offering
Issuance of common stock in connection with public offering	41,999,998		41,999,998
Pre-Funded Warrants
Warrants exercise price					$ 0.001
Pre-Funded Warrants \| Public Offering of Common Stock and Warrants
Warrants to purchase common stock, shares						18,095,238	8,335,239
Warrants exercise price						$ 0.001	$ 0.001
2023 Pre-funded Warrant
Warrants to purchase common stock, shares				25,000,000
2023 Pre-funded Warrant \| 2023 Underwritten Public Offering
Warrants exercise price		$ 0.001
2024 Pre-funded Warrant \| 2024 Underwritten Public Offering
Warrants to purchase common stock, shares	8,002,668		8,002,668
Warrants exercise price	$ 0.001

FAIR VALUE MEASUREMENTS - CREDIT RISK (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2024
Credit Risk
Concentration risk, percentage	100.00%
Concentration risk, customer	four
McKesson Financial Center
Credit Risk
Concentration risk, percentage	43.00%
ASD Specialty Healthcare LLC
Credit Risk
Concentration risk, percentage	38.00%
Cardinal Health Inc
Credit Risk
Concentration risk, percentage	17.00%
Sina Drug
Credit Risk
Concentration risk, percentage	2.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS DATA (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental schedule of non-cash operating and investing activities


	Year Ended December 31,
	2024		2023			2022
	(In thousands)
Supplemental operating and investing activities:
Net unrealized loss on marketable securities	$	88	$	(431	)	$	(68	)
Reclassification between prepaid and other current assets and deposits and other assets		—		—			(5	)
Interest paid	$	10,364	$	7,017		$	5,154

INCOME TAXES - DEFERRED TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Significant components of deferred tax assets
Net operating loss carryforwards	$ 272,970	$ 272,300
Federal and state tax credits	70,492	64,700
Capitalized research and development	39,503	43,300
Stock-based compensation	8,353	11,200
Revenue Participation	29,547
Operating lease liabilities	767	1,100
Other	8,963	3,600
Total deferred tax assets	430,595	396,200
Less: valuation allowance	(429,913)	(395,200)
Net deferred tax assets	682	1,000
Operating leases, right-of-use assets	(682)	(1,000)
Total deferred tax liabilities	(682)	(1,000)
Valuation allowance
Increase (decrease) in valuation allowance	$ 35,000	$ 45,600

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Reconciliation of Reported Revenues to Net (Loss) Income Under Significant Expense Principle

The following table reconciles reported revenues to net (loss) income under the significant expense principle for the years ended December 31, 2024 and 2023:


		December 31,		December 31,
		2024		2023
(in millions)
Revenues:
Product revenue, net		76.5		-
Royalties		0.5		0.2
Total revenues	$	77.0	$	0.2
Operating expenses:
Cost of goods sold		1.3		-
Research and development
Research and clinical expenses		67.9		74.9
Chemistry, manufacturing, and control expenses		26.2		$42.5
Selling, general and administrative
Commercial expenses		72.0		27.4
Other segment expenses*		83.3		49.4
Total operating expenses	$	250.7	$	194.2
Loss from operations		(173.7)		(193.9)
Total interest and other income (expense)		(0.9)		9.8
Net loss	$	(174.6)	$	(184.1)

OPERATING LEASES (Details) - USD ($) $ in Thousands				12 Months Ended
OPERATING LEASES (Details) - USD ($) $ in Thousands	Mar. 10, 2020	Oct. 01, 2019	Apr. 30, 2019	Dec. 31, 2024	Dec. 31, 2023	Oct. 31, 2019
Lessee Lease Description [Line Items]
Operating Lease, Right-of-Use Asset				$ 2,881	$ 3,556
New Jersey Office Space Lease
Lessee Lease Description [Line Items]
Operating Lease, Percentage of Discount Rate		8.00%
Operating Lease, Right-of-Use Asset		$ 2,400
Operating Lease, Liability		$ 2,400
Operating lease, initial term		11 years	11 years
Operating lease term, option to extend additional period			5 years
Operating lease term, option to terminate lease			one-time option to terminate the New Jersey Lease without cause as of the 103rd month anniversary of the commencement date of the lease
Operating lease, rent abatement period		7 months
Operating lease,remaining lease term				5 years 9 months 18 days
Operating lease right-of-use asset				$ 1,400
Foster City Office Space Lease
Lessee Lease Description [Line Items]
Operating Lease, Percentage of Discount Rate	7.00%
Operating Lease, Liability	$ 3,400
Operating lease, initial term	87 months					87 months
Operating lease term, option to extend additional period						5 years
Operating lease, rent abatement period	3 months
Operating lease,remaining lease term					2 years 6 months
Operating lease right-of-use asset				$ 1,400