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SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended						9 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Sep. 30, 2025 USD ($) segment	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1						1
Number of reportable segments \| segment	1						1
Revenues:
Total revenues	$ 47,227			$ 28,271			$ 135,866	$ 29,457
Costs and operating expenses:
Cost of goods sold	1,043			456			3,439	473
Research and development
Research and development	21,070			20,153			57,884	80,305
Selling, general and administrative
Commercial expenses	39,001			35,877			117,588	102,361
Total costs and operating expenses	61,114			56,486			178,911	183,139
Loss from operations	(13,887)			(28,215)			(43,045)	(153,682)
Net loss	(18,428)	$ (16,375)	$ (19,835)	(26,447)	$ (67,383)	$ (55,390)	(54,638)	(149,220)
Product revenue, net
Revenues:
Total revenues	47,167			28,209			135,610	28,989
Royalties
Revenues:
Total revenues	60			62			256	468
Reportable Segment
Revenues:
Total revenues	47,300			28,300			135,900	29,500
Costs and operating expenses:
Cost of goods sold	1,000			500			3,400	500
Selling, general and administrative
Other segment expenses	20,400			18,400			62,600	52,300
Total costs and operating expenses	61,100			56,500			178,900	183,100
Loss from operations	(13,900)			(28,200)			(43,000)	(153,700)
Total interest and other income (expense)	(4,500)			1,800			(11,600)	4,500
Net loss	(18,400)			(26,400)			(54,600)	(149,200)
Reportable Segment \| Product revenue, net
Revenues:
Total revenues	47,200			28,200			135,600	29,000
Reportable Segment \| Royalties
Revenues:
Total revenues	100			100			300	500
Reportable Segment \| Research and clinical expenses
Research and development
Research and development	18,000			17,900			51,500	55,000
Reportable Segment \| Chemistry, manufacturing, and control expenses
Research and development
Research and development	3,100			2,300			6,400	25,300
Reportable Segment \| Commercial expenses
Selling, general and administrative
Commercial expenses	$ 18,600			$ 17,400			$ 55,000	$ 50,000

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

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 three and nine months ended September 30, 2025, we have identified one operating and reportable segment. We define our operating segment 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 President and 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 U.S.

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 three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Product revenue, net	$	47.2	$	28.2	$	135.6	$	29.0
Royalties	0.1		0.1		0.3		0.5
Total revenues	$	47.3	$	28.3	$	135.9	$	29.5
Costs and operating expenses:
Cost of goods sold	1.0		0.5		3.4		0.5
Research and development
Research and clinical expenses	18.0		17.9		51.5		55.0
Chemistry, manufacturing, and control expenses	3.1		2.3		6.4		25.3
Selling, general and administrative
Commercial expenses	18.6		17.4		55.0		50.0
Other segment expenses*	20.4		18.4		62.6		52.3
Total costs and operating expenses	61.1		56.5		178.9		183.1
Loss from operations	(13.9)		(28.2)		(43.0)		(153.7)
Total interest and other income (expense)	(4.5)		1.8		(11.6)		4.5
Net loss	$	(18.4)	$	(26.4)	$	(54.6)	$	(149.2)

___________________________

*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.

- 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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 78,117	$ 79,016
Restricted cash	1,876	1,860
Marketable securities	302,415	327,550
Accounts receivable, net	35,361	35,946
Interest and other receivables	2,295	2,853
Inventory	95,422	38,714
Prepaid expenses and other current assets	6,856	5,053
Total current assets	522,342	490,992
Noncurrent marketable securities	39,063	94,519
Property and equipment, net	973	1,310
Operating leases, right-of-use assets	2,339	2,881
Deposits and other assets	2,665	4,079
Total assets	567,382	593,781
Current liabilities:
Accounts payable	11,111	8,595
Accrued compensation and benefits	16,388	22,808
Operating lease liabilities	994	974
Liability related to sale of future royalties	19,291	20,372
Accrued liabilities	39,928	35,549
Total current liabilities	87,712	88,298
Noncurrent operating lease liabilities	1,658	2,266
Noncurrent liability related to sale of future royalties	110,041	104,421
Noncurrent debt	119,264	118,476
Commitments and contingencies
Stockholders' equity:
Common stock	638	606
Additional paid-in capital	2,074,640	2,051,794
Accumulated deficit	(1,826,979)	(1,772,341)
Accumulated other comprehensive gain (loss)	408	261
Total stockholders' equity	248,707	280,320
Total liabilities and stockholders' equity	$ 567,382	$ 593,781

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Total revenues	$ 47,227	$ 28,271	$ 135,866	$ 29,457
Costs and operating expenses:
Cost of goods sold	1,043	456	3,439	473
Research and development	21,070	20,153	57,884	80,305
Selling, general and administrative	39,001	35,877	117,588	102,361
Total costs and operating expenses	61,114	56,486	178,911	183,139
Loss from operations	(13,887)	(28,215)	(43,045)	(153,682)
Interest income	4,264	4,877	14,072	14,448
Interest expense	(8,644)	(3,046)	(25,360)	(9,798)
Other income and (expense), net	(161)	(63)	(305)	(188)
Net loss	$ (18,428)	$ (26,447)	$ (54,638)	$ (149,220)
Basic net loss per share (in dollars per share)	$ (0.03)	$ (0.04)	$ (0.08)	$ (0.23)
Diluted net loss per share (in dollars per share)	$ (0.03)	$ (0.04)	$ (0.08)	$ (0.23)
Shares used in computing basic net loss per share (in shares)	667,101,756	662,158,182	666,396,910	639,933,612
Shares used in computing diluted net loss per share (in shares)	667,101,756	662,158,182	666,396,910	639,933,612
Product revenue, net
Revenues:
Total revenues	$ 47,167	$ 28,209	$ 135,610	$ 28,989
Royalties
Revenues:
Total revenues	$ 60	$ 62	$ 256	$ 468

FAIR VALUE MEASUREMENTS - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Included in cash and cash equivalents:
Amortized Cost	$ 35,228	$ 50,193
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(1)
Fair Value	35,228	50,192
Restricted cash:
Restricted cash	1,876	1,860
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,876	1,860
Marketable securities:
Amortized Cost	341,116	421,790
Gross Unrealized Gains	390	470
Gross Unrealized Losses	(28)	(191)
Fair Value	341,478	422,069
Money market funds
Included in cash and cash equivalents:
Amortized Cost	30,264	45,215
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	30,264	45,215
Restricted cash:
Restricted cash	1,602	1,587
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,602	1,587
Commercial paper
Included in cash and cash equivalents:
Amortized Cost	4,964	4,978
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(1)
Fair Value	4,964	4,977
Certificate of deposit
Restricted cash:
Restricted cash	274	273
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	274	273
U.S. Treasury securities (due in less than one year)
Marketable securities:
Amortized Cost	22,836	7,937
Gross Unrealized Gains	45	22
Gross Unrealized Losses	0	0
Fair Value	22,881	7,959
U.S. Treasury securities (due in 1-2 years)
Marketable securities:
Amortized Cost	0	22,620
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	(11)
Fair Value	0	22,610
Municipal securities (due in 1 to 2 years)
Marketable securities:
Amortized Cost	5,041
Gross Unrealized Gains	13
Gross Unrealized Losses	0
Fair Value	5,054
Government-sponsored enterprise securities (due in 1-2 years)
Marketable securities:
Amortized Cost	5,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair Value	5,000
Government-sponsored enterprise securities (due in less than one year)
Marketable securities:
Amortized Cost		8,741
Gross Unrealized Gains		7
Gross Unrealized Losses		0
Fair Value		8,748
Commercial paper (due in less than one year)
Marketable securities:
Amortized Cost	118,244	180,131
Gross Unrealized Gains	34	150
Gross Unrealized Losses	(4)	(56)
Fair Value	118,274	180,225
Corporate notes (due in less than one year)
Marketable securities:
Amortized Cost	161,050	130,361
Gross Unrealized Gains	218	284
Gross Unrealized Losses	(8)	(27)
Fair Value	161,260	130,618
Corporate notes (due in one to two years)
Marketable securities:
Amortized Cost	28,945	72,000
Gross Unrealized Gains	80	6
Gross Unrealized Losses	(16)	(97)
Fair Value	$ 29,009	$ 71,909

CONTINGENCIES AND UNCERTAINTIES (Details) $ in Millions				9 Months Ended
CONTINGENCIES AND UNCERTAINTIES (Details) $ in Millions	May 16, 2025 lawsuit	Apr. 16, 2025 lawsuit plaintiff	Mar. 14, 2025 lawsuit	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of putative securities lawsuits \| lawsuit	1	3	2
Number of plaintiffs \| plaintiff		3
Noncancelable commercial purchase commitments \| $				$ 97.6
Purchase obligation, written notice term				180 days

STOCKHOLDERS' EQUITY - Restricted Stock Units (Details)	9 Months Ended
STOCKHOLDERS' EQUITY - Restricted Stock Units (Details)	Sep. 30, 2025
RSUs
Stock-Based Compensation
Vesting period of awards	4 years

- 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

INVENTORY

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

INVENTORY

All of our inventories are related to the manufacturing of RYTELO. The following table presents our inventory as of September 30, 2025:


	September 30,		December 31,
(in thousands)	2025		2024
Raw materials	$	13,863	$	4,904
Work-in-process	63,152		30,093
Finished goods	18,407		3,717
Total inventory	$	95,422	$	38,714

DEBT - Additional Information (Details)		9 Months Ended
DEBT - Additional Information (Details)	Nov. 01, 2024 USD ($)	Sep. 30, 2025
Minimum
Debt Instrument [Line Items]
Royalty payment, ratio		1.65
Maximum
Debt Instrument [Line Items]
Royalty payment, ratio		2.0
Pharmakon Loan Agreement \| Tranche A
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 125,000,000
Effective interest rate	10.32%	10.04%
Pharmakon Loan Agreement \| Tranche B
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 75,000,000
Pharmakon Loan Agreement \| Tranche C
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 50,000,000
Pharmakon Loan Agreement \| Term Loans
Debt Instrument [Line Items]
Percentage added to prime rate for debt instrument interest rate	5.75%
Debt instrument, variable interest rate, type flag	Secured Overnight Financing Rate (SOFR) [Member]
Floor rate	3.00%
Percentage of commitment amount to fund loan	2.50%
Pharmakon Loan Agreement \| Term Loans \| Prepaid Prior To Third Anniversary Of Funding Date
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	3.00%
Pharmakon Loan Agreement \| Term Loans \| 3rd Anniversary But, Prior To 4th Anniversary Of Funding Date
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	2.00%
Pharmakon Loan Agreement \| Term Loans \| 4th Anniversary Of Funding Date
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	1.00%
Royalty Pharma Revenue Participation Right Purchase Agreement
Debt Instrument [Line Items]
Upfront payment received	$ 125,000,000
Royalty Pharma Revenue Participation Right Purchase Agreement \| Scenario One
Debt Instrument [Line Items]
Percentage of annual net sales	7.75%
Royalty Pharma Revenue Participation Right Purchase Agreement \| Scenario Two
Debt Instrument [Line Items]
Percentage of annual net sales	1.00%
Royalty Pharma Revenue Participation Right Purchase Agreement \| Minimum \| Scenario Two
Debt Instrument [Line Items]
Revenue interest payments	$ 1,000,000,000
Royalty Pharma Revenue Participation Right Purchase Agreement \| Maximum \| Scenario One
Debt Instrument [Line Items]
Revenue interest payments	$ 500,000,000
BioPharma Credit PLC \| Pharmakon Loan Agreement
Debt Instrument [Line Items]
Line of credit, maturity period	5 years
Maximum borrowing capacity under term loan	$ 250,000,000

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2025

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 three and nine months ended September 30, 2025 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Gross product revenue	$	60,188	$	32,657	$	163,374	$	33,547
Gross-to-net adjustments:
Chargebacks and customer credits	(9,083)		(4,002)		(22,670)		(4,099)
Government rebates	(2,143)		(364)		(2,668)		(375)
Sales returns and allowances	(1,795)		(82)		(2,426)		(84)
Total gross-to-net adjustments	(13,021)		(4,448)		(27,764)		(4,558)
Net product revenue	$	47,167	$	28,209	$	135,610	$	28,989

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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 - Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock options and warrants excluded from diluted net loss per share calculation due to net loss position
Public Offering [Line Items]
Potential dilutive securities excluded from diluted earnings (loss) per share calculation (in shares)	90,645,922	76,588,779	90,645,922	76,588,779

STOCKHOLDERS' EQUITY - Stock Options, RSUs and PSOs Activity (Details)	9 Months Ended
	Sep. 30, 2025 shares
Stock Options
Equity awards outstanding, beginning of year (in shares)	71,180,260
Granted (in shares)	27,399,500
Exercised (in shares)	(1,057,155)
Expired or Forfeited (in shares)	(17,672,624)
Equity outstanding, end of period (in shares)	79,849,981
Unvested portion of equity outstanding, end of period (in shares)	40,354,141
RSUs
RSU's and PSO's
Equity awards outstanding, beginning of year (in shares)	0
Granted (in shares)	5,309,750
Exercised (in shares)	0
Expired or Forfeited (in shares)	(998,750)
Equity outstanding, end of period (in shares)	4,311,000
Unvested portion of equity outstanding, end of period (in shares)	4,311,000
PSOs
RSU's and PSO's
Equity awards outstanding, beginning of year (in shares)	4,787,107
Granted (in shares)	67,000
Exercised (in shares)	(107,100)
Expired or Forfeited (in shares)	(503,060)
Equity outstanding, end of period (in shares)	4,243,947
Unvested portion of equity outstanding, end of period (in shares)	67,000

STOCKHOLDERS' EQUITY - Warrant Exercises (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Sep. 30, 2025
Pre-Funded Warrants
Public Offering [Line Items]
Warrant exercise price (in dollars per share)		$ 0.001
Common stock outstanding warrants to purchase (in shares)		29,053,145
2025 Public Offering
Public Offering [Line Items]
Issuance of common stock in connection with public offering (in shares)	30,380,000
2025 Public Offering \| 2025 Pre-funded Warrant
Public Offering [Line Items]
Warrant to purchase common stock, shares (in shares)	30,369,830
2020 Public Offering of Common Stock and Warrants \| Stock Purchase Warrants
Public Offering [Line Items]
Warrant exercise price (in dollars per share)		$ 1.30
Common stock outstanding warrants to purchase (in shares)		1,402,522

FAIR VALUE MEASUREMENTS - Credit Risk (Details) - Accounts Receivable - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2025
Seven Customers
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%
McKesson Financial Center
Concentration Risk [Line Items]
Concentration risk, percentage	47.00%
ASD Specialty Healthcare LLC
Concentration Risk [Line Items]
Concentration risk, percentage	30.00%
Cardinal Health Inc
Concentration Risk [Line Items]
Concentration risk, percentage	21.00%
Biologics Inc
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%
Sina Drug
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%
Tannergap, Inc
Concentration Risk [Line Items]
Concentration risk, percentage	1.00%

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Public Offering of Common Stock and Warrants
Issuance costs	$ 9,000

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS	BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS Basis of Presentation The terms “Geron”, the “Company”, “we” and “us” as used in this Report refer to Geron Corporation 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 accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States, or U.S., generally accepted accounting principles, or GAAP, for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or any other period. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements for each of the three years ended December 31, 2024, included in our Annual Report on Form 10-K for the year ended December 31, 2024, or the 2024 Form 10-K. The accompanying condensed consolidated balance sheet as of December 31, 2024 has been derived from audited financial statements at that date. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Geron Corporation and its wholly-owned subsidiaries, Geron UK and Geron Netherlands. For 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. The resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, on our condensed consolidated balance sheets. Use of Estimates 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, liabilities related to the sale of future royalties, operating leases, right-of-use assets, lease liabilities, inventory valuation, 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. Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2025 are consistent with those discussed in Note 1 to the consolidated financial statements in the 2024 Form 10-K. Recent Accounting Pronouncements New Accounting Pronouncements – Issued But Not Yet Adopted 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 condensed consolidated financial statements. Other recent accounting pronouncements issued by the FASB are not believed by management to have a material impact on our financial statements.

FAIR VALUE MEASUREMENTS - Cash Equivalents and Marketable Securities with Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value
Less Than 12 Months	$ 48,335	$ 169,724
12 Months or Longer	1,980	1,993
Total	50,315	171,717
Gross Unrealized Losses
Less Than 12 Months	(29)	(190)
12 Months or Longer	(2)	(1)
Total	(31)	(191)
U.S. Treasury securities (due in less than one year)
Fair Value
Less Than 12 Months		18,593
12 Months or Longer		0
Total		18,593
Gross Unrealized Losses
Less Than 12 Months		(10)
12 Months or Longer		0
Total		(10)
Commercial paper (due in less than one year)
Fair Value
Less Than 12 Months	27,555	66,076
12 Months or Longer	0	0
Total	27,555	66,076
Gross Unrealized Losses
Less Than 12 Months	(5)	(56)
12 Months or Longer	0	0
Total	(5)	(56)
Corporate notes (due in less than one year)
Fair Value
Less Than 12 Months	10,887	31,549
12 Months or Longer	1,980	1,993
Total	12,867	33,542
Gross Unrealized Losses
Less Than 12 Months	(7)	(26)
12 Months or Longer	(2)	(1)
Total	(9)	(27)
Corporate notes (due in one to two years)
Fair Value
Less Than 12 Months	9,893	53,506
12 Months or Longer	0	0
Total	9,893	53,506
Gross Unrealized Losses
Less Than 12 Months	(17)	(98)
12 Months or Longer	0	0
Total	$ (17)	$ (98)

DEBT - Schedule of Future Minimum Payments Under Loan Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	$ 6,415
2026	12,725
2027	12,725
2028	12,760
2029	135,633
Thereafter	0
Total	180,258
Less: amount representing interest	(55,258)
Less: unamortized debt discount and issuance costs	(5,736)
Noncurrent portion of debt	$ 119,264	$ 118,476

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025 were as follows:


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	30,264	$	—	$	—	$	30,264
Commercial paper	4,964		—		—		4,964
	$	35,228	$	—	$	—	$	35,228

Restricted cash:
Money market fund	$	1,602	$	—	$	—	$	1,602
Certificate of deposit	274		—		—		274
	$	1,876	$	—	$	—	$	1,876

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	22,836	$	45	$	—	$	22,881
U.S. Treasury securities (due in 1-2 years)	—		—		—		—
Municipal securities (due in 1 to 2 years)	5,041		13		—		5,054
Government-sponsored enterprise securities (due in 1-2 years)	5,000		—		—		5,000
Commercial paper (due in less than one year)	118,244		34		(4)		118,274
Corporate notes (due in less than one year)	161,050		218		(8)		161,260
Corporate notes (due in one to two years)	28,945		80		(16)		29,009
	$	341,116	$	390	$	(28)	$	341,478

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


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized 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

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 September 30, 2025 and December 31, 2024 were as follows:


	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
As of September 30, 2025:

Commercial paper (due in less than one year)	27,555		(5)		—		—		27,555		(5)
Corporate notes (due in less than one year)	10,887		(7)		1,980		(2)		12,867		(9)
Corporate notes (due in one to two years)	9,893		(17)		—		—		9,893		(17)
	$	48,335	$	(29)	$	1,980	$	(2)	$	50,315	$	(31)

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)

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 September 30, 2025 and December 31, 2024 and indicates the fair value category assigned.


	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
As of September 30, 2025:
Money market funds(1)(2)	$	31,867	$	—	$	—	$	31,867
Certificate of deposit(2)	274		—		—		274
Municipal securities(4)	—		5,054		—		5,054
U.S. Treasury securities(3)	—		22,881		—		22,881
Government-sponsored enterprise securities(4)	—		5,000		—		5,000
Commercial paper(1) (3)	—		123,238		—		123,238
Corporate notes(3)(4)	—		190,268		—		190,268
Total	$	32,140	$	346,441	$	—	$	378,581
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

_______________________________

(1)Included in cash and cash equivalents on our condensed consolidated balance sheets.

(2)Included in restricted cash on our condensed consolidated balance sheets.

(3)Included in current portion of marketable securities on our condensed consolidated balance sheets.

(4)Included in noncurrent portion of marketable securities on our condensed consolidated balance sheets.

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Warrant Exercises

In the first quarter of 2025, 30,380,000 pre-funded warrants issued in connection with our underwritten public offerings were net exercised, which resulted in the issuance of 30,369,830 shares of our common stock. The pre-funded warrants were issued in connection with underwritten public offerings of common stock and pre-funded warrants. There was no activity related to the pre-funded warrants during the second and third quarter of 2025. As of September 30, 2025, the following warrants remained outstanding from our offerings:

•pre-funded warrants with an exercise price of $0.001 per share to purchase 29,053,145 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, which expire on December 31, 2025.

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 connection with previous public offerings, we issued pre-funded warrants to purchase shares of our common stock.

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 condensed consolidated statements of operations. Since we incurred a net loss for the three and nine months ended September 30, 2025 and 2024, the diluted net loss per share calculation excludes potential dilutive securities of 90,645,922 and 76,588,779, respectively, related to outstanding stock options and warrants as their effect would have been anti-dilutive.

Stock-Based Compensation

We maintain various stock incentive plans under which stock options and restricted stock awards and units can be granted to employees, non-employee directors and consultants, as applicable. 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 and restricted stock units, or RSUs, on a straight-line basis over the requisite service period, which is generally the vesting period. For performance-based stock options, or PSOs, 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 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.

The following table summarizes the stock-based compensation expense included in operating expenses on our condensed consolidated statements of operations related to stock options, RSUs, and employee stock purchases for the three and nine months ended September 30, 2025 and 2024, which was allocated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
Research and development	$	2,544	$	1,904	$	7,461	$	7,960
Selling, general and administrative	4,197		4,986		13,427		16,432
Total stock-based compensation expense	$	6,742	$	6,890	$	20,888	$	24,392

Stock-based compensation of $0.3 million and $1.0 million was capitalized to inventory for the three and nine months ended September 30, 2025, respectively, and $0.3 million and $0.4 million was capitalized to inventory for the three and nine months ended September 30, 2024.

As stock-based compensation expense recognized in our condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 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.

Amendment to 2018 Inducement Award Plan

In August 2025, the compensation committee of our board of directors approved an amendment to our 2018 Inducement Award Plan, or 2018 Inducement Plan, to increase the total number of shares issuable under the 2018 Inducement Plan by 11,000,000 shares of our common stock, for an aggregate total reserve of 51,300,000 shares. As of September 30, 2025, an aggregate of 39,653,097 shares of our common stock have been issued under our 2018 Inducement Plan.

Stock Options

We grant service-based and performance-based stock options under our equity plans to employees, non-employee directors and consultants. The service-based vesting period for employee stock options is generally four years from the date of the stock option grant. PSOs vest upon the achievement of specified strategic milestones. The fair value of service-based stock options granted during the nine months ended September 30, 2025 and 2024 has been estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2025	2024
Dividend yield	0%	0%
Expected volatility range	71.42% to 74.36%	82.94% to 86.68%
Risk-free interest rate range	3.72% to 4.47%	3.53% to 4.62%
Expected term	6 years	6 years

Employee Stock Purchase Plan

The fair value of employees’ stock purchase rights during the nine months ended September 30, 2025 and 2024 has been estimated using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2025	2024
Dividend yield	0%	0%
Expected volatility range	69.11% to 87.80%	72.08% to 119.00%
Risk-free interest rate range	3.98% to 4.29%	4.79% to 5.37%
Expected term range	6 months to 12 months	6 months to 12 months

Dividend yield is based on historical cash dividend payments and Geron has paid no cash dividends to date. The expected volatility range is based on historical volatilities of our stock, since traded options on Geron 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’ stock purchase rights is equal to the purchase period.

Restricted Stock Units

We grant service-based RSUs under our equity plans to employees. The service-based vesting period for an employee RSU is generally four years from the date of the grant. We measure the expense of the RSUs based on the grant-date fair value.

Non-Employee Stock-Based Awards

We measure share-based payments to non-employees based on the grant-date fair value of the equity awards. We recognize stock-based compensation expense for the fair value of the vested portion of non-employee stock-based awards on our condensed consolidated statements of operations.

The following table summarizes the activity for stock options, RSUs and PSOs as of September 30, 2025:


	Stock Options	RSUs	PSOs
Equity awards outstanding, beginning of year	71,180,260	—	4,787,107
Changes during the year
Granted	27,399,500	5,309,750	67,000
Exercised	(1,057,155)	—	(107,100)
Expired or Forfeited	(17,672,624)	(998,750)	(503,060)
Equity outstanding, end of period	79,849,981	4,311,000	4,243,947
Unvested portion of equity outstanding, end of period	40,354,141	4,311,000	67,000

As of September 30, 2025, total compensation cost related to unvested awards not yet recognized and the weighted-average periods over which the awards are expected to be recognized were as follows ($ in thousands):


	Stock Options		RSUs		PSOs
Unrecognized compensation cost	$	45,979,197	$	6,902,172	$	56,240
Expected weighted-average period in years of compensation cost to be recognized	2.92		3.51		0.55

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2025

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 three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues:
Product revenue, net	$	47.2	$	28.2	$	135.6	$	29.0
Royalties	0.1		0.1		0.3		0.5
Total revenues	$	47.3	$	28.3	$	135.9	$	29.5
Costs and operating expenses:
Cost of goods sold	1.0		0.5		3.4		0.5
Research and development
Research and clinical expenses	18.0		17.9		51.5		55.0
Chemistry, manufacturing, and control expenses	3.1		2.3		6.4		25.3
Selling, general and administrative
Commercial expenses	18.6		17.4		55.0		50.0
Other segment expenses*	20.4		18.4		62.6		52.3
Total costs and operating expenses	61.1		56.5		178.9		183.1
Loss from operations	(13.9)		(28.2)		(43.0)		(153.7)
Total interest and other income (expense)	(4.5)		1.8		(11.6)		4.5
Net loss	$	(18.4)	$	(26.4)	$	(54.6)	$	(149.2)

___________________________

STOCKHOLDERS' EQUITY - Employee Stock Purchase Plan (Details) - Employee Stock	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Stock-Based Compensation
Dividend yield	0.00%	0.00%
Expected volatility range, minimum	69.11%	72.08%
Expected volatility range, maximum	87.80%	119.00%
Risk-free interest rate range, minimum	3.98%	4.79%
Risk-free interest rate range, maximum	4.29%	5.37%
Minimum
Stock-Based Compensation
Expected term	6 months	6 months
Maximum
Stock-Based Compensation
Expected term	12 months	12 months

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Net product revenue	$ 47,227	$ 28,271	$ 135,866	$ 29,457
Gross product revenue
Disaggregation of Revenue [Line Items]
Net product revenue	60,188	32,657	163,374	33,547
Chargebacks and customer credits
Disaggregation of Revenue [Line Items]
Net product revenue	(9,083)	(4,002)	(22,670)	(4,099)
Government rebates
Disaggregation of Revenue [Line Items]
Net product revenue	(2,143)	(364)	(2,668)	(375)
Sales returns and allowances
Disaggregation of Revenue [Line Items]
Net product revenue	(1,795)	(82)	(2,426)	(84)
Total gross-to-net adjustments
Disaggregation of Revenue [Line Items]
Net product revenue	(13,021)	(4,448)	(27,764)	(4,558)
Net product revenue
Disaggregation of Revenue [Line Items]
Net product revenue	$ 47,167	$ 28,209	$ 135,610	$ 28,989

- 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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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.

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+ Details

FAIR VALUE MEASUREMENTS - Financial Instruments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value on a Recurring Basis
Marketable securities	$ 341,478	$ 422,069
Recurring basis
Fair Value on a Recurring Basis
Assets	378,581	474,121
Recurring basis \| U.S. Treasury securities
Fair Value on a Recurring Basis
Marketable securities	22,881	30,570
Recurring basis \| Government-sponsored enterprise securities
Fair Value on a Recurring Basis
Marketable securities	5,000	8,748
Recurring basis \| Commercial paper
Fair Value on a Recurring Basis
Marketable securities	123,238	185,201
Recurring basis \| Corporate notes
Fair Value on a Recurring Basis
Marketable securities	190,268	202,527
Recurring basis \| Money market funds
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	31,867	46,802
Recurring basis \| Certificate of deposit
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	274	273
Recurring basis \| Municipal securities
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	5,054
Recurring basis \| Level 1
Fair Value on a Recurring Basis
Assets	32,140	47,075
Recurring basis \| Level 1 \| U.S. Treasury securities
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 1 \| Government-sponsored enterprise securities
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 1 \| Commercial paper
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 1 \| Corporate notes
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 1 \| Money market funds
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	31,867	46,802
Recurring basis \| Level 1 \| Certificate of deposit
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	274	273
Recurring basis \| Level 1 \| Municipal securities
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	0
Recurring basis \| Level 2
Fair Value on a Recurring Basis
Assets	346,441	427,046
Recurring basis \| Level 2 \| U.S. Treasury securities
Fair Value on a Recurring Basis
Marketable securities	22,881	30,570
Recurring basis \| Level 2 \| Government-sponsored enterprise securities
Fair Value on a Recurring Basis
Marketable securities	5,000	8,748
Recurring basis \| Level 2 \| Commercial paper
Fair Value on a Recurring Basis
Marketable securities	123,238	185,201
Recurring basis \| Level 2 \| Corporate notes
Fair Value on a Recurring Basis
Marketable securities	190,268	202,527
Recurring basis \| Level 2 \| Money market funds
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	0	0
Recurring basis \| Level 2 \| Certificate of deposit
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	0	0
Recurring basis \| Level 2 \| Municipal securities
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	5,054
Recurring basis \| Level 3
Fair Value on a Recurring Basis
Assets	0	0
Recurring basis \| Level 3 \| U.S. Treasury securities
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 3 \| Government-sponsored enterprise securities
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 3 \| Commercial paper
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 3 \| Corporate notes
Fair Value on a Recurring Basis
Marketable securities	0	0
Recurring basis \| Level 3 \| Money market funds
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	0	0
Recurring basis \| Level 3 \| Certificate of deposit
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	0	$ 0
Recurring basis \| Level 3 \| Municipal securities
Fair Value on a Recurring Basis
Cash, cash equivalents and restricted cash	$ 0

ACCRUED LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of September 30, 2025 and December 31, 2024:


(In thousands)	SEPTEMBER 30, 2025		DECEMBER 31, 2024
CRO and clinical trial costs	$	6,263	$	18,968
Manufacturing activities	26,169		11,839
Professional legal and accounting fees	963		475
Interest payable	—		2,186
Gross-to-net adjustments	4,105		1,166
Other	2,428		915
Total Accrued Liabilities	$	39,928	$	35,549

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Cash Equivalents and Marketable Securities

Cash equivalents, restricted cash and marketable securities by security type at September 30, 2025 were as follows:


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	30,264	$	—	$	—	$	30,264
Commercial paper	4,964		—		—		4,964
	$	35,228	$	—	$	—	$	35,228

Restricted cash:
Money market fund	$	1,602	$	—	$	—	$	1,602
Certificate of deposit	274		—		—		274
	$	1,876	$	—	$	—	$	1,876

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	22,836	$	45	$	—	$	22,881
U.S. Treasury securities (due in 1-2 years)	—		—		—		—
Municipal securities (due in 1 to 2 years)	5,041		13		—		5,054
Government-sponsored enterprise securities (due in 1-2 years)	5,000		—		—		5,000
Commercial paper (due in less than one year)	118,244		34		(4)		118,274
Corporate notes (due in less than one year)	161,050		218		(8)		161,260
Corporate notes (due in one to two years)	28,945		80		(16)		29,009
	$	341,116	$	390	$	(28)	$	341,478

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


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized 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


	Less Than 12 Months				12 Months or Longer				Total
(In thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
As of September 30, 2025:

Commercial paper (due in less than one year)	27,555		(5)		—		—		27,555		(5)
Corporate notes (due in less than one year)	10,887		(7)		1,980		(2)		12,867		(9)
Corporate notes (due in one to two years)	9,893		(17)		—		—		9,893		(17)
	$	48,335	$	(29)	$	1,980	$	(2)	$	50,315	$	(31)

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)

The gross unrealized losses related to U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes as of September 30, 2025 and December 31, 2024 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 three and nine months ended September 30, 2025 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 macroeconomic or other global economic conditions, including those resulting from inflation, fluctuations in interest rates, prospects of a recession, bank failures and other disruptions to financial systems, civil or political unrest, military conflicts, pandemics or other health crises.

Fair Value on a Recurring Basis

We categorize financial instruments recorded at fair value on our condensed 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 an 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. Money market funds are categorized as Level 1 within the fair value hierarchy as their fair values are based on quoted prices available in active markets. U.S. Treasury securities, municipal securities, government-sponsored enterprise securities, commercial paper, 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.

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 6 on Debt.

Liability Related to the Sale of Future Royalties

We will utilize the prospective method to account for subsequent changes in the estimated future payments to be made to Royalty Pharma and will update the effective interest rate on a quarterly basis.

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 6 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
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
As of September 30, 2025:
Money market funds(1)(2)	$	31,867	$	—	$	—	$	31,867
Certificate of deposit(2)	274		—		—		274
Municipal securities(4)	—		5,054		—		5,054
U.S. Treasury securities(3)	—		22,881		—		22,881
Government-sponsored enterprise securities(4)	—		5,000		—		5,000
Commercial paper(1) (3)	—		123,238		—		123,238
Corporate notes(3)(4)	—		190,268		—		190,268
Total	$	32,140	$	346,441	$	—	$	378,581
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

_______________________________

(1)Included in cash and cash equivalents on our condensed consolidated balance sheets.

(2)Included in restricted cash on our condensed consolidated balance sheets.

(3)Included in current portion of marketable securities on our condensed consolidated balance sheets.

(4)Included in noncurrent portion of marketable securities on our condensed consolidated balance sheets.

Credit Risk

We currently place our cash, restricted cash, cash equivalents and marketable securities with multiple institutions in the U.S. 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.

Concentration of Credit Risk

As of September 30, 2025, seven customers accounted for 100% of our gross accounts receivable: McKesson Financial Center, which accounted for 47% of our gross accounts receivable; ASD Specialty Healthcare LLC, which accounted for 30% of our gross accounts receivable; Cardinal Health Inc., which accounted for 21% of our gross accounts receivable; Biologics Inc, which accounted for 1% of our gross accounts receivable; and Sina Drug, which accounted for 1% of our gross accounts receivable; and Tannergap, Inc, which accounted for 1% 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Allocation of Stock-Based Compensation Expense Related to Share-Based Payment Awards


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2025		2024		2025		2024
Research and development	$	2,544	$	1,904	$	7,461	$	7,960
Selling, general and administrative	4,197		4,986		13,427		16,432
Total stock-based compensation expense	$	6,742	$	6,890	$	20,888	$	24,392

Schedule of Assumptions Used to Estimate the Fair Value of Stock Options Granted

The fair value of service-based stock options granted during the nine months ended September 30, 2025 and 2024 has been estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:


	Nine Months Ended September 30,
	2025	2024
Dividend yield	0%	0%
Expected volatility range	71.42% to 74.36%	82.94% to 86.68%
Risk-free interest rate range	3.72% to 4.47%	3.53% to 4.62%
Expected term	6 years	6 years

Schedule of Assumptions Used to Estimate the Fair Value of Employee Stock Purchases Under the Purchase Plan


	Nine Months Ended September 30,
	2025	2024
Dividend yield	0%	0%
Expected volatility range	69.11% to 87.80%	72.08% to 119.00%
Risk-free interest rate range	3.98% to 4.29%	4.79% to 5.37%
Expected term range	6 months to 12 months	6 months to 12 months

Schedule of Stock Options, RSUs and PSOs Activity

The following table summarizes the activity for stock options, RSUs and PSOs as of September 30, 2025:


	Stock Options	RSUs	PSOs
Equity awards outstanding, beginning of year	71,180,260	—	4,787,107
Changes during the year
Granted	27,399,500	5,309,750	67,000
Exercised	(1,057,155)	—	(107,100)
Expired or Forfeited	(17,672,624)	(998,750)	(503,060)
Equity outstanding, end of period	79,849,981	4,311,000	4,243,947
Unvested portion of equity outstanding, end of period	40,354,141	4,311,000	67,000


	Stock Options		RSUs		PSOs
Unrecognized compensation cost	$	45,979,197	$	6,902,172	$	56,240
Expected weighted-average period in years of compensation cost to be recognized	2.92		3.51		0.55

STOCKHOLDERS' EQUITY - Stock Options (Details) - Stock Options	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Stock-Based Compensation
Vesting period of awards	4 years
Dividend yield	0.00%	0.00%
Expected volatility range, minimum	71.42%	82.94%
Expected volatility range, maximum	74.36%	86.68%
Risk-free interest rate range, minimum	3.72%	3.53%
Risk-free interest rate range, maximum	4.47%	4.62%
Expected term	6 years	6 years

- 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

DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT

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 the inception date, the interest rate applicable to the Tranche A Loan was 10.32%. As of September 30, 2025, the applicable interest rate was 10.04%. 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 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 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 judgments, (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 Loan Agreement as of September 30, 2025 (in thousands):


2025	$	6,415
2026	12,725
2027	12,725
2028	12,760
2029	135,633
Thereafter	—
Total	$	180,258
Less: amount representing interest	(55,258)
Less: unamortized debt discount and issuance costs	(5,736)


Noncurrent portion of debt	$	119,264

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 have 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 enter 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 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 following table shows the activity within the liability related to sale of future royalties during the nine months ended September 30, 2025:


(in thousands)	Liability Related to Sale of Future Royalties
Carrying value of liability related to sale of future royalties at December 31, 2024	$	124,793
Interest expense recognized	15,043
Royalty payments	10,503
Carrying value of liability related to sale of future royalties at September 30, 2025	$	129,333

Embedded Derivatives

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS' EQUITY - Amendment to 2018 Inducement Award Plan (Details) - 2018 Plan - shares	1 Months Ended	9 Months Ended
	Aug. 31, 2025	Sep. 30, 2025
Stock-Based Compensation
Common stock, increase in shares reserved for future issuance (in shares)	11,000,000
Common stock, shares reserved for future issuance (in shares)	51,300,000
Aggregate shares issued under plan		39,653,097

- 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 - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-Based Compensation
Total stock-based compensation expense	$ 6,742	$ 6,890	$ 20,888	$ 24,392
Stock-based compensation capitalized	300	300	1,000	400
Research and development
Stock-Based Compensation
Total stock-based compensation expense	2,544	1,904	7,461	7,960
Selling, general and administrative
Stock-Based Compensation
Total stock-based compensation expense	$ 4,197	$ 4,986	$ 13,427	$ 16,432

- 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 - Compensation Cost related to Unvested Awards (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Stock-Based Compensation
Unrecognized compensation cost, stock options	$ 45,979,197
Stock Options
Stock-Based Compensation
Expected weighted-average period in years of compensation cost to be recognized	2 years 11 months 1 day
RSUs
Stock-Based Compensation
Unrecognized compensation cost	$ 6,902,172
Expected weighted-average period in years of compensation cost to be recognized	3 years 6 months 3 days
PSOs
Stock-Based Compensation
Unrecognized compensation cost	$ 56,240
Expected weighted-average period in years of compensation cost to be recognized	6 months 18 days

- 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

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2025

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table presents our inventory as of September 30, 2025:


	September 30,		December 31,
(in thousands)	2025		2024
Raw materials	$	13,863	$	4,904
Work-in-process	63,152		30,093
Finished goods	18,407		3,717
Total inventory	$	95,422	$	38,714

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2023		544,912,215
Balance at beginning of period at Dec. 31, 2023	$ 247,949	$ 545	$ 1,844,988	$ (1,597,769)	$ 185
Increase (Decrease) in Stockholders' Equity
Net loss	(55,390)			(55,390)
Other comprehensive income (loss)	(448)				(448)
Foreign currency translation adjustment	(10)				(10)
Issuance of common stock under equity plans (in shares)		4,211,493
Issuances of common stock under equity plans	6,749	$ 4	6,745
Stock-based compensation related to issuances of common stock and options in exchange for services (in shares)		2,462
Stock-based compensation related to issuances of common stock and options in exchange for services	92		92
Issuance of common stock and pre-funded warrant to purchase common stock in public offering, net of issuance costs of $9,000 (in shares)		41,999,998
Issuance of common stock and pre-funded warrant to purchase common stock in public offering, net of issuance costs of $9,000	141,000	$ 42	140,958
Issuances of common stock in connection with exercise of warrants (in shares)		37,640
Issuance of common stock in connection with exercise of warrants	49		49
Stock-based compensation for equity-based awards to employees and directors	4,877		4,877
Balance at end of period (in shares) at Mar. 31, 2024		591,163,808
Balance at end of period at Mar. 31, 2024	344,868	$ 591	1,997,709	(1,653,159)	(273)
Balance at beginning of period (in shares) at Dec. 31, 2023		544,912,215
Balance at beginning of period at Dec. 31, 2023	247,949	$ 545	1,844,988	(1,597,769)	185
Increase (Decrease) in Stockholders' Equity
Net loss	(149,220)
Foreign currency translation adjustment	17
Balance at end of period (in shares) at Sep. 30, 2024		603,102,073
Balance at end of period at Sep. 30, 2024	292,284	$ 603	2,037,653	(1,746,989)	1,017
Balance at beginning of period (in shares) at Mar. 31, 2024		591,163,808
Balance at beginning of period at Mar. 31, 2024	344,868	$ 591	1,997,709	(1,653,159)	(273)
Increase (Decrease) in Stockholders' Equity
Net loss	(67,383)			(67,383)
Other comprehensive income (loss)	(243)				(243)
Foreign currency translation adjustment	(21)				(21)
Issuance of common stock under equity plans (in shares)		9,400,121
Issuances of common stock under equity plans	16,373	$ 9	16,364
Stock-based compensation related to issuances of common stock and options in exchange for services (in shares)		1,916
Stock-based compensation related to issuances of common stock and options in exchange for services	16	$ 1	15
Offering expenses	(271)		(271)
Issuances of common stock in connection with exercise of warrants (in shares)		281,211
Issuance of common stock in connection with exercise of warrants	365		365
Stock-based compensation for equity-based awards to employees and directors	12,625		12,625
Employee stock purchases (in shares)		201,052
Employee stock purchases	366		366
Balance at end of period (in shares) at Jun. 30, 2024		601,048,108
Balance at end of period at Jun. 30, 2024	306,695	$ 601	2,027,173	(1,720,542)	(537)
Increase (Decrease) in Stockholders' Equity
Net loss	(26,447)			(26,447)
Other comprehensive income (loss)	1,507				1,507
Foreign currency translation adjustment	48
Foreign currency translation adjustment	47				47
Issuance of common stock under equity plans (in shares)		2,049,118
Issuances of common stock under equity plans	3,574	$ 2	3,572
Stock-based compensation related to issuances of common stock and options in exchange for services (in shares)		1,767
Stock-based compensation related to issuances of common stock and options in exchange for services	14		14
Issuances of common stock in connection with exercise of warrants (in shares)		3,080
Issuance of common stock in connection with exercise of warrants	4		4
Stock-based compensation for equity-based awards to employees and directors	6,890		6,890
Balance at end of period (in shares) at Sep. 30, 2024		603,102,073
Balance at end of period at Sep. 30, 2024	292,284	$ 603	2,037,653	(1,746,989)	1,017
Balance at beginning of period (in shares) at Dec. 31, 2024		606,387,666
Balance at beginning of period at Dec. 31, 2024	280,320	$ 606	2,051,794	(1,772,341)	261
Increase (Decrease) in Stockholders' Equity
Net loss	(19,835)			(19,835)
Other comprehensive income (loss)	55				55
Foreign currency translation adjustment	(12)				(12)
Exercise of Pre-Funded Warrant (in shares)		30,369,830
Exercise of Pre-Funded Warrant	31	$ 31
Issuance of common stock under equity plans (in shares)		155,349
Issuances of common stock under equity plans	256		256
Stock-based compensation related to issuances of common stock and options in exchange for services (in shares)		4,913
Stock-based compensation related to issuances of common stock and options in exchange for services	15		15
Stock-based compensation for equity-based awards to employees and directors	7,408		7,408
Balance at end of period (in shares) at Mar. 31, 2025		636,917,758
Balance at end of period at Mar. 31, 2025	268,238	$ 637	2,059,473	(1,792,176)	304
Balance at beginning of period (in shares) at Dec. 31, 2024		606,387,666
Balance at beginning of period at Dec. 31, 2024	280,320	$ 606	2,051,794	(1,772,341)	261
Increase (Decrease) in Stockholders' Equity
Net loss	(54,638)
Foreign currency translation adjustment	65
Balance at end of period (in shares) at Sep. 30, 2025		638,355,275
Balance at end of period at Sep. 30, 2025	248,707	$ 638	2,074,640	(1,826,979)	408
Balance at beginning of period (in shares) at Mar. 31, 2025		636,917,758
Balance at beginning of period at Mar. 31, 2025	268,238	$ 637	2,059,473	(1,792,176)	304
Increase (Decrease) in Stockholders' Equity
Net loss	(16,375)			(16,375)
Other comprehensive income (loss)	(191)				(191)
Foreign currency translation adjustment	4				4
Issuance of common stock under equity plans (in shares)		509,072
Issuances of common stock under equity plans	591	$ 1	590
Stock-based compensation related to issuances of common stock and options in exchange for services (in shares)		5,540
Stock-based compensation related to issuances of common stock and options in exchange for services	26		26
Stock-based compensation for equity-based awards to employees and directors	6,738		6,738
Employee stock purchases (in shares)		417,369
Employee stock purchases	500		500
Balance at end of period (in shares) at Jun. 30, 2025		637,849,739
Balance at end of period at Jun. 30, 2025	259,531	$ 638	2,067,327	(1,808,551)	117
Increase (Decrease) in Stockholders' Equity
Net loss	(18,428)			(18,428)
Other comprehensive income (loss)	218				218
Foreign currency translation adjustment	73				73
Issuance of common stock under equity plans (in shares)		499,834
Issuances of common stock under equity plans	542		542
Stock-based compensation related to issuances of common stock and options in exchange for services (in shares)		5,702
Stock-based compensation related to issuances of common stock and options in exchange for services	29		29
Stock-based compensation for equity-based awards to employees and directors	6,742		6,742
Balance at end of period (in shares) at Sep. 30, 2025		638,355,275
Balance at end of period at Sep. 30, 2025	$ 248,707	$ 638	$ 2,074,640	$ (1,826,979)	$ 408

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
CRO and clinical trial costs	$ 6,263	$ 18,968
Manufacturing activities	26,169	11,839
Professional legal and accounting fees	963	475
Interest payable	0	2,186
Gross-to-net adjustments	4,105	1,166
Other	2,428	915
Total Accrued Liabilities	$ 39,928	$ 35,549

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (54,638)	$ (149,220)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	387	404
Accretion and amortization on investments, net	(5,477)	(7,281)
Amortization of debt issuance costs/debt discounts	788	1,894
Non-cash interest expense on liabilities for sales of future royalties	15,043	0
Stock-based compensation for services by non-employees	70	122
Stock-based compensation for employees and directors	20,888	24,392
Amortization of right-of-use assets	542	501
Increase in allowance for doubtful accounts	(4)	0
Changes in assets and liabilities:
Inventory	(56,708)	(20,283)
Accounts receivable, net	589	(28,007)
Prepaid expenses, interest receivable and other assets	167	(1,842)
Current and noncurrent liabilities	(114)	4,647
Payment on Royalty agreement	(10,503)	0
Net cash used in operating activities	(88,970)	(174,673)
Cash flows from investing activities:
Purchases of property and equipment	(49)	(821)
Purchases of marketable securities	(200,202)	(292,141)
Proceeds from maturities of marketable securities	286,353	290,469
Net cash provided by (used in) investing activities	86,102	(2,493)
Cash flows from financing activities:
Proceeds from issuances of common stock from equity plans	1,389	26,696
Proceeds from issuance of common stock from offering and pre-funded warrant, net of paid issuance costs	0	140,729
Proceeds from exercise of warrants	0	418
Proceeds from employee stock purchase plan	500	366
Net cash provided by financing activities	1,889	168,209
Effect of exchange rates on cash, cash equivalents and restricted cash	96	17
Net increase in cash, cash equivalents and restricted cash	(883)	(8,940)
Cash, cash equivalents and restricted cash at the beginning of the period	80,876	71,138
Cash, cash equivalents and restricted cash at the end of the period	$ 79,993	$ 62,198

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The terms “Geron”, the “Company”, “we” and “us” as used in this Report refer to Geron Corporation 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 accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States, or U.S., generally accepted accounting principles, or GAAP, for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 or any other period. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements for each of the three years ended December 31, 2024, included in our Annual Report on Form 10-K for the year ended December 31, 2024, or the 2024 Form 10-K. The accompanying condensed consolidated balance sheet as of December 31, 2024 has been derived from audited financial statements at that date.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Geron Corporation and its wholly-owned subsidiaries, Geron UK and Geron Netherlands. For 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. The resultant translation adjustments are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity, on our condensed consolidated balance sheets.
Use of Estimates	Use of Estimates 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, liabilities related to the sale of future royalties, operating leases, right-of-use assets, lease liabilities, inventory valuation, 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.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2025 are consistent with those discussed in Note 1 to the consolidated financial statements in the 2024 Form 10-K.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements – Issued But Not Yet Adopted 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 condensed consolidated financial statements. Other recent accounting pronouncements issued by the FASB are not believed by management to have a material impact on our financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

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 three and nine months ended September 30, 2025 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Gross product revenue	$	60,188	$	32,657	$	163,374	$	33,547
Gross-to-net adjustments:
Chargebacks and customer credits	(9,083)		(4,002)		(22,670)		(4,099)
Government rebates	(2,143)		(364)		(2,668)		(375)
Sales returns and allowances	(1,795)		(82)		(2,426)		(84)
Total gross-to-net adjustments	(13,021)		(4,448)		(27,764)		(4,558)
Net product revenue	$	47,167	$	28,209	$	135,610	$	28,989

- 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

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+ Details

DEBT - Schedule of Sale of Future Royalties (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Royalties [Roll Forward]
Royalty payments	$ 10,503	$ 0
Royalty Pharma Revenue Participation Right Purchase Agreement
Royalties [Roll Forward]
Carrying value of liability related to sale of future royalties at beginning of period	124,793
Interest expense recognized	15,043
Royalty payments	10,503
Carrying value of liability related to sale of future royalties at end of period	$ 129,333

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,428)	$ (26,447)	$ (54,638)	$ (149,220)
Net unrealized gain/(loss) on marketable securities	218	1,507	82	816
Foreign currency translation adjustments	73	48	65	17
Comprehensive loss	$ (18,137)	$ (24,892)	$ (54,491)	$ (148,387)

- 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.

+ References + Details

- Definition

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

+ References

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+ Details

DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Future Minimum Payments Under Loan Agreement

The following table presents future minimum payments, including interest and the end of term charge, under the Loan Agreement as of September 30, 2025 (in thousands):


2025	$	6,415
2026	12,725
2027	12,725
2028	12,760
2029	135,633
Thereafter	—
Total	$	180,258
Less: amount representing interest	(55,258)
Less: unamortized debt discount and issuance costs	(5,736)


Noncurrent portion of debt	$	119,264

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 nine months ended September 30, 2025:


(in thousands)	Liability Related to Sale of Future Royalties
Carrying value of liability related to sale of future royalties at December 31, 2024	$	124,793
Interest expense recognized	15,043
Royalty payments	10,503
Carrying value of liability related to sale of future royalties at September 30, 2025	$	129,333

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 04, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	000-20859
Entity Registrant Name	GERON CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2287752
Entity Address, Address Line One	919 EAST HILLSDALE BOULEVARD
Entity Address, Address Line Two	SUITE 250
Entity Address, City or Town	FOSTER CITY
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94404
City Area Code	650
Local Phone Number	473-7700
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	GERN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		638,355,275
Entity Central Index Key	0000886744
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2025

ACCRUED LIABILITIES

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consisted of the following as of September 30, 2025 and December 31, 2024:


(In thousands)	SEPTEMBER 30, 2025		DECEMBER 31, 2024
CRO and clinical trial costs	$	6,263	$	18,968
Manufacturing activities	26,169		11,839
Professional legal and accounting fees	963		475
Interest payable	—		2,186
Gross-to-net adjustments	4,105		1,166
Other	2,428		915
Total Accrued Liabilities	$	39,928	$	35,549

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 13,863	$ 4,904
Work-in-process	63,152	30,093
Finished goods	18,407	3,717
Total inventory	$ 95,422	$ 38,714

CONTINGENCIES AND UNCERTAINTIES	9 Months Ended
CONTINGENCIES AND UNCERTAINTIES	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND UNCERTAINTIES	CONTINGENCIES AND UNCERTAINTIES Legal Proceedings On March 13 and March 14, 2025, we and certain of our current and former officers were named as defendants in two putative securities class action lawsuits, each filed in the United States District Court for the Northern District of California, captioned Dabestani v. Geron Corporation, et al., No. 3:25-cv-02507 and Potvin v. Geron Corporation, et al., No. 3:25-cv-02563, respectively. Both lawsuits allege violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 10b-5 promulgated thereunder in connection with allegedly false and misleading statements concerning the commercial potential of RYTELO. The plaintiffs allege, among other things, that we overstated RYTELO's commercial potential by making materially false and misleading statements and/or concealing material adverse facts concerning RYTELO's commercial potential, including the lack of awareness among healthcare providers for RYTELO, the burden of monitoring requirements in administering the drug, and the impacts of seasonality and existing competition on RYTELO's sales, and that our stock price dropped when we disclosed in our earnings call on February 26, 2025, that we had observed flat revenue trends over the prior few months. The plaintiffs seek damages and interest, and an award of reasonable costs, including attorneys' and experts' fees. On May 29, 2025, the Court consolidated the Dabestani and Potvin cases into one consolidated action captioned In re Geron Corporation Securities Litigation, or the Securities Class Action, and appointed lead plaintiffs and counsel for lead plaintiffs. On August 8, 2025, lead plaintiffs filed a consolidated amended complaint. On October 7, 2025, we filed our motion to dismiss the consolidated amended complaint. On April 15, 2025 and April 16, 2025, three purported stockholders filed derivative complaints, each in the United States District Court for the Northern District of California, captioned Bishop v. Scarlett, et al., No. 3:25-cv-03356, Lerner v. Scarlett, et al., No. 3:25-cv-03401, and Willis v. Scarlett, et al., No: 3:25-cv-03396, respectively. The three derivative lawsuits name certain of our current and former directors and officers and allege that they breached their fiduciary duties and violated federal securities laws by issuing allegedly false and misleading statements concerning the commercial potential of RYTELO. The allegations in each of the three derivative complaints are substantially similar to the two aforementioned securities class action lawsuits, which these lawsuits are premised on. Each of the three plaintiffs seek damages and interest, and an award of reasonable costs, including attorneys' and experts' fees. The plaintiffs in Bishop v. Scarlett, et al. and Willis v. Scarlett, et al. also seek punitive damages. On May 16, 2025, the Court consolidated the three derivative complaints into one consolidated action captioned In re Geron Corporation Derivative Litigation, or the Consolidated Derivative Action. On June 17, 2025, the Court stayed the Consolidated Derivative Action pending a final ruling on the anticipated motion to dismiss in the Securities Class Action. On August 29, 2025, a purported stockholder made a demand on our board of directors to commence a civil action against certain of our current and former directors for breaching their fiduciary duties and violating the securities laws by issuing allegedly false and misleading statements concerning the commercial potential of RYTELO. On September 19, 2025, the board of directors responded that it would defer a final decision on the demand given the other pending derivative lawsuits and the Securities Class Action. On October 7, 2025, the purported stockholder filed a suit in the United States District Court for the Northern District of California, captioned Jae Hyung v. Bir, et al., No. 3:25-cv-08575. The derivative lawsuit names certain of our current and former directors and officers. The allegations in the derivative lawsuit are substantially similar to the Securities Class Action and the aforementioned derivative lawsuits. The plaintiffs seek damages and an award of reasonable costs, including attorneys’ and experts’ fees. It is possible that additional lawsuits will be filed or allegations made by stockholders with respect to these same or other matters and also naming us and/or our officers and directors as defendants. We intend to vigorously defend against the claims brought by the plaintiffs in these matters. Such lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcome of the pending lawsuits and any other related lawsuits is necessarily uncertain. We could be forced to expend significant resources and may incur substantial legal fees and costs in defending against the pending lawsuits and any other related 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. Additionally, we may not be successful in having any such lawsuits dismissed or settled within the limits of our insurance coverage. Given the early stage of these lawsuits and the inherent uncertainly of litigation, we cannot predict how long it may take to resolve the pending lawsuits or the potential outcome or possible amount of any damages. As such, we currently are unable to reasonably estimate the possible losses or a range of possible losses that may result from these matters, if any. Expenses associated with the pending lawsuits and any potential related 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. 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. Purchase Commitments We have engaged third‑party contract manufacturers and have established our own manufacturing supply chain to manufacture and supply additional quantities of RYTELO that meet applicable regulatory standards for current and potential future clinical trials and commercial uses. Related to those contract manufacturing agreements, we have noncancelable commercial purchase commitments for approximately $97.6 million in the aggregate as of September 30, 2025. These purchase commitments can vary based on the commercial demand of RYTELO and are binding based on future manufacturing needs. In the normal course of business, we enter into agreements with CROs for clinical trials for clinical and commercial supply manufacturing and with other vendors for non-clinical research studies, investigator-led trials and other services and products for operating purposes. We have not considered these payments to be contractual obligations since the contracts are generally cancellable at any time by us upon less than 180 days’ prior written notice. We also have certain in-license agreements that require us to pay milestones to such third parties upon achievement of certain development, regulatory or commercial milestones. Amounts related to contingent milestone payments are not considered contractual obligations as they are contingent on the successful achievement of certain development, regulatory approval and commercial milestones, which may not be achieved.