0000886744-26-000032 | 10-Q | XBRL Viewer

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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. To date, product revenue pursuant to Named Patient Programs outside of the U.S. have been not material.

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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Gross product revenue	$	65,353	$	45,312
Gross-to-net adjustments:
Chargebacks	(8,164)		(4,171)
Distributor service fees	(2,169)		(1,526)
Government rebates	(1,658)		(66)
Sales returns and allowances	(1,591)		(113)
Total gross-to-net adjustments	(13,582)		(5,876)
Net product revenue	$	51,771	$	39,436

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2026
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 Business Overview 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. Basis of Presentation 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. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, or the 2025 Form 10-K. The accompanying unaudited condensed consolidated balance sheet as of December 31, 2025 has been derived from audited financial statements at that date. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any other period. We operate as one operating segment. 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. 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, inventory valuation, operating leases (right-of-use assets), lease liabilities, income taxes, and stock-based compensation and interest expense related to sale of future royalties. 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 unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026 are consistent with those discussed in Note 1 to the consolidated financial statements in the 2025 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 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.

DEBT

3 Months Ended

Mar. 31, 2026

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, could have been 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.

On January 5, 2026, the Pharmakon Loan Agreement was amended to extend the date for requesting the Tranche B Loan and Tranche C Loan, once available, from December 31, 2025 to July 30, 2026. The amendment also extended the date before which any Term Loan prepayment is subject to a make‑whole premium, or the Makewhole Date, from November 1, 2026 to May 1, 2027. The amendment was evaluated under ASC 470-50 and determined to be a modification. The unamortized debt issuance costs will continue to be amortized over the remaining term using a revised effective interest rate. Fees incurred in connection with the amendment were not material and were expensed as incurred.

The Term Loans mature on November 1, 2029. The Term Loans bear interest at a variable rate per annum equal to 5.75% plus the three-month Secured Overnight Financing Rate, or SOFR, with a SOFR floor of 3.00%. As of inception of the Tranche A Loan, the interest rate applicable to the Tranche A Loan was 10.32%. As of March 31, 2026, the applicable interest rate was 10.80%. Interest is due and payable quarterly on the last day of each quarter. 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. We concluded that the likelihood of such acceleration is remote, and therefore all debt is classified as long‑term. As of March 31, 2026, we were in compliance with our Pharmakon Loan Agreement covenants.

Future Minimum Payments

The following table presents future minimum payments, including interest and the end of term charge, under the Loan Agreement as of March 31, 2026 (in thousands):


2026	11,927
2027	11,927
2028	11,960
2029	134,966
Thereafter	—
Total	$	170,780
Less: amount representing interest	(45,780)
Less: unamortized debt discount and issuance costs	(5,167)


Noncurrent portion of debt	$	119,833

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.

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 entered into a definitive agreement to consummate a change of control, or Buy-Back Option.

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

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

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

The following table shows the activity within the liability related to sale of future royalties during the three months ended March 31, 2026:


(in thousands)	Liability Related to Sale of Future Royalties
Carrying value of liability related to sale of future royalties at December 31, 2025	$	129,582
Interest expense recognized	3,912
Royalty payments	(3,721)
Carrying value of liability related to sale of future royalties at March 31, 2026	$	129,773

- Definition

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

+ References

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+ Details

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of March 31, 2026 and December 31, 2025:


(In thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Contract research organization and clinical trial costs	$	4,696	$	3,677
Manufacturing activities	16,107		38,657
Professional, legal and accounting fees	2,632		881
Interest payable	—		3,110
Accrued revenue adjustments	5,562		3,486
Other	1,968		1,529
	$	30,965	$	51,340

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following as of March 31, 2026 and December 31, 2025:


(In thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Accrued bonuses	$	3,530	$	10,335
Accrued vacation	2,405		2,581
Accrued restructuring charges	3,106		17,032
Accrued other	447		549
	$	9,488	$	30,497

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Net product revenue	$ 51,837	$ 39,603
Net product revenue
Disaggregation of Revenue [Line Items]
Net product revenue	51,771	39,436
Gross product revenue
Disaggregation of Revenue [Line Items]
Net product revenue	65,353	45,312
Total gross-to-net adjustments
Disaggregation of Revenue [Line Items]
Net product revenue	(13,582)	(5,876)
Chargebacks
Disaggregation of Revenue [Line Items]
Net product revenue	(8,164)	(4,171)
Distributor service fees
Disaggregation of Revenue [Line Items]
Net product revenue	(2,169)	(1,526)
Government rebates
Disaggregation of Revenue [Line Items]
Net product revenue	(1,658)	(66)
Sales returns and allowances
Disaggregation of Revenue [Line Items]
Net product revenue	$ (1,591)	$ (113)

- 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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- Definition

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

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+ Details

RESTRUCTURING - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring and related cost, number of positions eliminated, period percent	33.33%
Restructuring and related cost, incurred cost				$ 17,000,000.0
Restructuring charges		$ (394,000)	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Contract research organization and clinical trial costs	$ 4,696	$ 3,677
Manufacturing activities	16,107	38,657
Professional, legal and accounting fees	2,632	881
Interest payable	0	3,110
Accrued revenue adjustments	5,562	3,486
Other	1,968	1,529
Accrued liabilities	$ 30,965	$ 51,340

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions					1 Months Ended		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Aug. 29, 2025 action	May 16, 2025 lawsuit	Apr. 16, 2025 lawsuit	Mar. 14, 2025 lawsuit	Feb. 19, 2026 action	Dec. 31, 2025	Mar. 31, 2026 USD ($) plan
Commitments and Contingencies Disclosure [Abstract]
Number of putative securities lawsuits	1	1	3	2	2
Number of severance plan \| plan							2
Restructuring and related cost, number of positions eliminated, period percent						33.33%
Noncancelable commercial purchase commitments							$ 15.9
Long-term manufacturing commitments, amount							$ 37.7
Purchase obligation, written notice term							180 days

DEBT - Additional Information (Details)		3 Months Ended
DEBT - Additional Information (Details)	Nov. 01, 2024 USD ($)	Mar. 31, 2026
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	$ 125,000,000.0
Effective interest rate	10.32%	10.80%
Pharmakon Loan Agreement \| Tranche B
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 75,000,000.0
Pharmakon Loan Agreement \| Tranche C
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 50,000,000.0
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	$ 125,000,000.0
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	$ 1,000,000,000.0
Royalty Pharma Revenue Participation Right Purchase Agreement \| Maximum \| Scenario One
Debt Instrument [Line Items]
Revenue interest payments	$ 500,000,000.0
BioPharma Credit PLC \| Pharmakon Loan Agreement
Debt Instrument [Line Items]
Line of credit, maturity period	5 years
Maximum borrowing capacity under term loan	$ 250,000,000.0

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued bonuses	$ 3,530	$ 10,335
Accrued vacation	2,405	2,581
Accrued restructuring charges	3,106	17,032
Accrued other	447	549
Accrued compensation and benefits	$ 9,488	$ 30,497

INVENTORY

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORY

All of our inventories are related to the manufacturing of RYTELO. The following table presents our inventory as of March 31, 2026 and December 31, 2025:


	March 31,		December 31,
(in thousands)	2026		2025
Raw materials	$	15,603	$	8,927
Work-in-process	99,118		91,969
Finished goods	18,566		15,740
Total inventory	$	133,287	$	116,636

FINANCIAL INSTRUMENTS - Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Included in cash and cash equivalents:
Amortized Cost	$ 48,722	$ 53,929
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	0
Fair Value	48,722	53,930
Restricted cash:
Amortized Cost	1,884	1,880
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,884	1,880
Marketable securities:
Amortized Cost	270,373	321,417
Gross Unrealized Gains	34	285
Gross Unrealized Losses	(215)	(54)
Fair Value	270,192	321,648
Money market funds
Included in cash and cash equivalents:
Amortized Cost	43,727	48,950
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	0
Fair Value	43,727	48,951
Restricted cash:
Amortized Cost	1,610	1,606
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,610	1,606
Commercial paper
Included in cash and cash equivalents:
Amortized Cost	4,995	4,979
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	4,995	4,979
Marketable securities:
Fair Value	71,557	84,382
Certificate of deposit
Restricted cash:
Amortized Cost	274	274
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	274	274
U.S. Treasury securities (due in less than one year)
Marketable securities:
Amortized Cost	14,980	22,910
Gross Unrealized Gains	5	41
Gross Unrealized Losses	0	0
Fair Value	14,985	22,951
Municipal securities (due in less than one year)
Marketable securities:
Amortized Cost	10,023	10,032
Gross Unrealized Gains	1	9
Gross Unrealized Losses	(2)	0
Fair Value	10,022	10,041
Municipal securities (due in one to two years)
Marketable securities:
Amortized Cost	2,024
Gross Unrealized Gains	0
Gross Unrealized Losses	(7)
Fair Value	2,017
Government-sponsored enterprise securities (due in less than one year)
Marketable securities:
Amortized Cost	2,960
Gross Unrealized Gains	0
Gross Unrealized Losses	(1)
Fair Value	2,959
Commercial paper (due in less than one year)
Marketable securities:
Amortized Cost	66,584	79,354
Gross Unrealized Gains	5	49
Gross Unrealized Losses	(28)	0
Fair Value	66,561	79,403
Corporate notes (due in less than one year)
Marketable securities:
Amortized Cost	149,086	167,805
Gross Unrealized Gains	23	175
Gross Unrealized Losses	(130)	(16)
Fair Value	148,979	167,964
Corporate notes (due in one to two years)
Marketable securities:
Amortized Cost	24,716	41,316
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(47)	(38)
Fair Value	$ 24,669	$ 41,289

NET LOSS PER COMMON SHARE (Details) - shares	3 Months Ended
NET LOSS PER COMMON SHARE (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Stock options and warrants excluded from diluted net loss per share calculation due to net loss position
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Potential dilutive securities excluded from diluted earnings (loss) per share calculation (in shares)	91,845,095	80,776,089

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details)	3 Months Ended
	Mar. 31, 2026 segment
Accounting Policies [Abstract]
Number of operating segments	1

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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 March 31, 2026 and December 31, 2025 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 March 31, 2026:
Assets:
Money market funds(1)(2)	$	45,337	$	—	$	—	$	45,337
Certificate of deposit(2)	274		—		—		274
Municipal securities(3)(4)	—		12,038		—		12,038
U.S. Treasury securities(3)	—		14,985		—		14,985
Government-sponsored enterprises(3)	—		2,959		—		2,959
Commercial paper(1)(3)	—		71,557		—		71,557
Corporate notes(3)	—		173,648		—		173,648
Total	$	45,611	$	275,187	$	—	$	320,798
Liabilities:
Sale of future royalties(5)(6)	—		—		129,773		129,773
Total	$	—	$	—	$	129,773	$	129,773
As of December 31, 2025:
Assets:
Money market funds(1)(2)	$	50,557	$	—	$	—	$	50,557
Certificate of deposit(2)	274		—		—		274
Municipal securities(3)	—		10,041		—		10,041
U.S. Treasury securities(3)(4)	—		22,951		—		22,951
Commercial paper(3)	—		84,382		—		84,382
Corporate notes(3)(4)	—		209,253		—		209,253
Total	$	50,831	$	326,627	$	—	$	377,458
Liabilities:
Sale of future royalties(5)(6)	—		—		129,582		129,582
Total	$	—	$	—	$	129,582	$	129,582

_______________________________

(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.

(5)Included in current portion of liabilities related to sale of future royalties on our consolidated balance sheets.

(6)Included in noncurrent portion of liabilities related to sale of future royalties on our consolidated balance sheets.

DEBT - Schedule of Sale of Future Royalties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Royalties [Roll Forward]
Carrying value of liability related to sale of future royalties at beginning of period	$ 129,582
Royalty payments	(3,721)	$ (3,682)
Carrying value of liability related to sale of future royalties at end of period	129,773
Royalty Pharma Revenue Participation Right Purchase Agreement
Royalties [Roll Forward]
Carrying value of liability related to sale of future royalties at beginning of period	129,582
Interest expense recognized	3,912
Royalty payments	(3,721)
Carrying value of liability related to sale of future royalties at end of period	$ 129,773

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

We are currently developing therapies for the treatment of hematologic malignancies. To date, our main 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.

We have 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 condensed 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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in millions)	2026		2025
Revenues:
Product revenue, net	51.8		39.4
Royalties	—		0.2
Total revenues	$	51.8	$	39.6
Operating expenses:
Cost of goods sold	1.7		1.2
Research and development
Research and clinical expenses	13.0		13.7
Chemistry, manufacturing, and control expenses	0.6		1.5
Restructuring charges	(0.2)		—
Selling, general and administrative
Commercial expenses	17.0		20.0
Restructuring charges	(0.2)		—
Other segment expenses*	19.8		19.9


Total interest and other income (expense)	(3.7)		(3.1)
Net loss	$	(3.6)	$	(19.8)

___________________________

*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

RESTRUCTURING - Summary of Charges and Spending Related to Restructuring (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Reserve [Roll Forward]
Accrued, beginning balance	$ 17,032,000
Expenses and adjustments	(394,000)	$ 0
Payments	(13,532,000)
Accrued, ending balance	$ 3,106,000

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

NET LOSS PER COMMON SHARE	3 Months Ended
NET LOSS PER COMMON SHARE	Mar. 31, 2026
Earnings Per Share [Abstract]
NET LOSS PER COMMON SHARE	NET LOSS PER COMMON 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. 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 months ended March 31, 2026 and 2025, the diluted net loss per share calculation excludes potential dilutive securities of 91,845,095 and 80,776,089, respectively, related to outstanding stock options and warrants as their effect would have been anti-dilutive.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		641,520,974
Entity Central Index Key	0000886744
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2026

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Schedule of Cash Equivalents, Restricted Cash and Marketable Securities

Cash equivalents, restricted cash and marketable securities by security type at March 31, 2026 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	43,727	$	—	$	—	$	43,727
Commercial paper	4,995		—		—		4,995
	$	48,722	$	—	$	—	$	48,722

Restricted cash:
Money market fund	$	1,610	$	—	$	—	$	1,610
Certificate of deposit	274		—		—		274
	$	1,884	$	—	$	—	$	1,884

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	14,980	$	5	$	—	$	14,985
Municipal securities (due in less than one year)	10,023		1		(2)		10,022
Municipal securities (due in one to two years)	2,024		—		(7)		2,017
Government-sponsored enterprise securities (due in less than one year)	2,960		—		(1)		2,959
Commercial paper (due in less than one year)	66,584		5		(28)		66,561
Corporate notes (due in less than one year)	149,086		23		(130)		148,979
Corporate notes (due in one to two years)	24,716		—		(47)		24,669
	$	270,373	$	34	$	(215)	$	270,192

Cash equivalents, restricted cash and marketable securities by security type at December 31, 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	$	48,950	$	1	$	—	$	48,951
Commercial paper	4,979		—		—		4,979
	$	53,929	$	1	$	—	$	53,930

Restricted cash:
Money market fund	$	1,606	$	—	$	—	$	1,606
Certificate of deposit	274		—		—		274
	$	1,880	$	—	$	—	$	1,880

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	22,910	$	41	$	—	$	22,951

Municipal securities (due in less than one year)	10,032		9		—		10,041


Commercial paper (due in less than one year)	79,354		49		—		79,403
Corporate notes (due in less than one year)	167,805		175		(16)		167,964
Corporate notes (due in one to two years)	41,316		11		(38)		41,289
	$	321,417	$	285	$	(54)	$	321,648

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 March 31, 2026 and December 31, 2025 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 March 31, 2026:

Government-sponsored enterprise securities (due in less than one year)	$	2,959	$	(1)	$	—	$	—	$	2,959	$	(1)
Municipal securities (due in less than one year)	4,998		(2)		—		—		4,998		(2)
Municipal securities (due in one to two years)	2,017		(7)		—		—		2,017		(7)
Commercial paper (cash equivalent)	4,995		—		—		—		4,995		—
Commercial paper (due in less than one year)	37,753		(28)		—		—		37,753		(28)
Corporate notes (due in less than one year)	93,543		(130)		—		—		93,543		(130)
Corporate notes (due in one to two years)	24,669		(47)		—		—		24,669		(47)
	$	170,934	$	(215)	$	—	$	—	$	170,934	$	(215)

As of December 31, 2025:


Corporate notes (due in less than one year)	17,987		(16)		—		—		17,987		(16)
Corporate notes (due in one to two years)	31,265		(38)		—		—		31,265		(38)
	$	49,252	$	(54)	$	—	$	—	$	49,252	$	(54)

SEGMENT REPORTING (Details)	3 Months Ended
SEGMENT REPORTING (Details)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Revenues:
Total revenues	$ 51,837,000	$ 39,603,000
Operating expenses:
Cost of goods sold	1,692,000	1,206,000
Research and development
Research and development	14,956,000	15,078,000
Restructuring charges	(394,000)	0
Selling, general and administrative
Commercial expenses	35,425,000	40,023,000
Restructuring charges	(394,000)	0
Net loss	(3,642,000)	(19,835,000)
Product revenue, net
Revenues:
Total revenues	51,771,000	39,436,000
Royalties
Revenues:
Total revenues	66,000	167,000
Reportable Segment
Revenues:
Total revenues	51,800,000	39,600,000
Operating expenses:
Cost of goods sold	1,700,000	1,200,000
Selling, general and administrative
Other segment expenses	19,800,000	19,900,000
Total interest and other income (expense)	(3,700,000)	(3,100,000)
Net loss	(3,600,000)	(19,800,000)
Reportable Segment \| Research and development
Research and development
Restructuring charges	(200,000)	0
Selling, general and administrative
Restructuring charges	(200,000)	0
Reportable Segment \| Selling, general and administrative
Research and development
Restructuring charges	(200,000)	0
Selling, general and administrative
Restructuring charges	(200,000)	0
Reportable Segment \| Product revenue, net
Revenues:
Total revenues	51,800,000	39,400,000
Reportable Segment \| Royalties
Revenues:
Total revenues	0	200,000
Reportable Segment \| Research and clinical expenses
Research and development
Research and development	13,000,000.0	13,700,000
Reportable Segment \| Chemistry, manufacturing, and control expenses
Research and development
Research and development	600,000	1,500,000
Reportable Segment \| Commercial expenses
Selling, general and administrative
Commercial expenses	$ 17,000,000.0	$ 20,000,000.0

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2025, or the 2025 Form 10-K. The accompanying unaudited condensed consolidated balance sheet as of December 31, 2025 has been derived from audited financial statements at that date. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or any other period. We operate as one operating segment.
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.
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, inventory valuation, operating leases (right-of-use assets), lease liabilities, income taxes, and stock-based compensation and interest expense related to sale of future royalties. 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 unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2026 are consistent with those discussed in Note 1 to the consolidated financial statements in the 2025 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 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

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 15,603	$ 8,927
Work-in-process	99,118	91,969
Finished goods	18,566	15,740
Total inventory	$ 133,287	$ 116,636

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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. 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 7 on Debt.

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 7 on Debt.

There were no transfers between Level 1, Level 2, and Level 3 during the periods presented. In addition, there have been no changes to our valuation techniques as of March 31, 2026 and December 31, 2025.


	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 March 31, 2026:
Assets:
Money market funds(1)(2)	$	45,337	$	—	$	—	$	45,337
Certificate of deposit(2)	274		—		—		274
Municipal securities(3)(4)	—		12,038		—		12,038
U.S. Treasury securities(3)	—		14,985		—		14,985
Government-sponsored enterprises(3)	—		2,959		—		2,959
Commercial paper(1)(3)	—		71,557		—		71,557
Corporate notes(3)	—		173,648		—		173,648
Total	$	45,611	$	275,187	$	—	$	320,798
Liabilities:
Sale of future royalties(5)(6)	—		—		129,773		129,773
Total	$	—	$	—	$	129,773	$	129,773
As of December 31, 2025:
Assets:
Money market funds(1)(2)	$	50,557	$	—	$	—	$	50,557
Certificate of deposit(2)	274		—		—		274
Municipal securities(3)	—		10,041		—		10,041
U.S. Treasury securities(3)(4)	—		22,951		—		22,951
Commercial paper(3)	—		84,382		—		84,382
Corporate notes(3)(4)	—		209,253		—		209,253
Total	$	50,831	$	326,627	$	—	$	377,458
Liabilities:
Sale of future royalties(5)(6)	—		—		129,582		129,582
Total	$	—	$	—	$	129,582	$	129,582

_______________________________

(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.

(5)Included in current portion of liabilities related to sale of future royalties on our consolidated balance sheets.

(6)Included in noncurrent portion of liabilities related to sale of future royalties on our consolidated balance sheets.

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-Name Accounting Standards Codification
-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
-SubTopic 10
-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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 68,895	$ 77,560
Restricted cash	1,884	1,880
Marketable securities	243,506	280,359
Accounts receivable, net	41,882	36,987
Interest and other receivables	2,213	2,239
Inventory	133,287	116,636
Prepaid and other current assets	6,864	4,610
Total current assets	498,531	520,271
Noncurrent marketable securities	26,686	41,289
Property and equipment, net	1,000	884
Operating leases, right-of-use assets	1,959	2,151
Deposits and other assets	5,944	5,945
Total assets	534,120	570,540
Current liabilities:
Accounts payable	12,720	11,257
Accrued compensation and benefits	9,488	30,497
Operating lease liabilities	1,007	1,000
Liability related to sale of future royalties	19,390	17,448
Accrued liabilities	30,965	51,340
Total current liabilities	73,570	111,542
Noncurrent operating lease liabilities	1,226	1,445
Noncurrent liability related to sale of future royalties	110,383	112,134
Noncurrent debt	119,833	119,547
Total liabilities	305,012	344,668
Commitments and contingencies
Stockholders' equity:
Preferred Stock, Value, Issued	0	0
Common Stock, Value, Issued	641	640
Additional paid-in capital	2,088,141	2,080,804
Accumulated deficit	(1,859,483)	(1,855,841)
Accumulated other comprehensive income (loss)	(191)	269
Total stockholders' equity	229,108	225,872
Total liabilities and stockholders' equity	$ 534,120	$ 570,540

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Total revenues	$ 51,837,000	$ 39,603,000
Costs and operating expenses:
Cost of goods sold	1,692,000	1,206,000
Research and development	14,956,000	15,078,000
Selling, general and administrative	35,425,000	40,023,000
Restructuring charges	(394,000)	0
Total costs and operating expenses	51,679,000	56,307,000
Income (loss) from operations	158,000	(16,704,000)
Interest income	3,421,000	5,152,000
Interest expense	(7,147,000)	(8,200,000)
Other income (expense), net	(74,000)	(83,000)
Net loss	$ (3,642,000)	$ (19,835,000)
Basic net loss per share (in dollars per share)	$ (0.01)	$ (0.03)
Diluted net loss per share (in dollars per share)	$ (0.01)	$ (0.03)
Weighted-average shares used in calculating basic net loss per share (in shares)	669,375	665,905
Weighted-average shares used in calculating diluted net loss per share (in shares)	669,375	665,905
Product revenue, net
Revenues:
Total revenues	$ 51,771,000	$ 39,436,000
Royalties
Revenues:
Total revenues	$ 66,000	$ 167,000

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES 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 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 violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, 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. A hearing on the motion to dismiss was held on March 19, 2026, and on March 30, 2026, the Court entered an order granting our motion to dismiss without prejudice. On April 13, 2026, lead plaintiffs filed a second amended complaint. We intend to move to dismiss the second amended complaint. In addition, on April 15, 2025 and April 16, 2025, three purported stockholders filed derivative complaints, each filed 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 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 Securities Class Action. The plaintiff seeks 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 Consolidated Derivative Action. The plaintiff seeks damages and an award of reasonable costs, including attorneys’ and experts’ fees. On January 23 and February 19, 2026, respectively, two additional purported stockholders each made a similar demand on our board of directors. On March 25, 2026, the board of directors similarly responded that it would defer a final decision on the demands given the other pending derivative lawsuits and the Securities Class Action. 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. Severance Plan We maintain two severance plans: one applied to (i) employees hired on or before December 31, 2021, and (ii) employees at the Senior Vice President level and above (i.e., executives), and the other applies to non‑executive employees hired on or after January 1, 2022. The plans provide severance benefits upon qualifying terminations, including enhanced benefits in connection with a change of control. As of March 31, 2026, all executive officers have employment agreements with severance provisions and will receive the greater of the severance benefits provided under their agreements or the applicable plan (without duplication). In December 2025, we implemented a workforce reduction, representing approximately one-third of our workforce prior to the reduction in headcount. See Note 11 on Restructuring for additional information. Purchase Commitments We have engaged third‑party contract manufacturers 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 binding commercial purchase commitments of approximately $15.9 million that can be cancelled, but would incur cancellation penalties, and approximately $37.7 million in agreed upon manufacturing commitments that can be adjusted based on commercial demand of RYTELO as of March 31, 2026. Based on current plans and information available, the related commercial purchase commitments are intended to be utilized. 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.

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS

Accrued liabilities consisted of the following as of March 31, 2026 and December 31, 2025:


(In thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Contract research organization and clinical trial costs	$	4,696	$	3,677
Manufacturing activities	16,107		38,657
Professional, legal and accounting fees	2,632		881
Interest payable	—		3,110
Accrued revenue adjustments	5,562		3,486
Other	1,968		1,529
	$	30,965	$	51,340

Accrued compensation and benefits consisted of the following as of March 31, 2026 and December 31, 2025:


(In thousands)	MARCH 31, 2026		DECEMBER 31, 2025
Accrued bonuses	$	3,530	$	10,335
Accrued vacation	2,405		2,581
Accrued restructuring charges	3,106		17,032
Accrued other	447		549
	$	9,488	$	30,497

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table presents our inventory as of March 31, 2026 and December 31, 2025:


	March 31,		December 31,
(in thousands)	2026		2025
Raw materials	$	15,603	$	8,927
Work-in-process	99,118		91,969
Finished goods	18,566		15,740
Total inventory	$	133,287	$	116,636

DEBT - Schedule of Future Minimum Payments Under Loan Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026	$ 11,927
2027	11,927
2028	11,960
2029	134,966
Thereafter	0
Total	170,780
Less: amount representing interest	(45,780)
Less: unamortized debt discount and issuance costs	(5,167)
Noncurrent portion of debt	$ 119,833	$ 119,547

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Marketable securities	$ 270,192	$ 321,648
Total	320,798	377,458
Liabilities:
Sale of future royalties	129,773	129,582
Total	129,773	129,582
U.S. Treasury securities
Assets:
Marketable securities	14,985	22,951
Government-sponsored enterprise securities
Assets:
Marketable securities	2,959
Commercial paper
Assets:
Marketable securities	71,557	84,382
Corporate notes
Assets:
Marketable securities	173,648	209,253
Money market funds
Assets:
Cash, cash equivalents and restricted cash	45,337	50,557
Certificate of deposit
Assets:
Cash, cash equivalents and restricted cash	274	274
Municipal securities
Assets:
Cash, cash equivalents and restricted cash	12,038	10,041
Level 1
Assets:
Total	45,611	50,831
Liabilities:
Sale of future royalties	0	0
Total	0	0
Level 1 \| U.S. Treasury securities
Assets:
Marketable securities	0	0
Level 1 \| Government-sponsored enterprise securities
Assets:
Marketable securities	0
Level 1 \| Commercial paper
Assets:
Marketable securities	0	0
Level 1 \| Corporate notes
Assets:
Marketable securities	0	0
Level 1 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	45,337	50,557
Level 1 \| Certificate of deposit
Assets:
Cash, cash equivalents and restricted cash	274	274
Level 1 \| Municipal securities
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2
Assets:
Total	275,187	326,627
Liabilities:
Sale of future royalties	0	0
Total	0	0
Level 2 \| U.S. Treasury securities
Assets:
Marketable securities	14,985	22,951
Level 2 \| Government-sponsored enterprise securities
Assets:
Marketable securities	2,959
Level 2 \| Commercial paper
Assets:
Marketable securities	71,557	84,382
Level 2 \| Corporate notes
Assets:
Marketable securities	173,648	209,253
Level 2 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2 \| Certificate of deposit
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2 \| Municipal securities
Assets:
Cash, cash equivalents and restricted cash	12,038	10,041
Level 3
Assets:
Total	0	0
Liabilities:
Sale of future royalties	129,773	129,582
Total	129,773	129,582
Level 3 \| U.S. Treasury securities
Assets:
Marketable securities	0	0
Level 3 \| Government-sponsored enterprise securities
Assets:
Marketable securities	0
Level 3 \| Commercial paper
Assets:
Marketable securities	0	0
Level 3 \| Corporate notes
Assets:
Marketable securities	0	0
Level 3 \| Money market funds
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 3 \| Certificate of deposit
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 3 \| Municipal securities
Assets:
Cash, cash equivalents and restricted cash	$ 0	$ 0

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS

Financial Instruments

Cash Equivalents and Marketable Securities

Cash equivalents, restricted cash and marketable securities by security type at March 31, 2026 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Included in cash and cash equivalents:
Money market funds	$	43,727	$	—	$	—	$	43,727
Commercial paper	4,995		—		—		4,995
	$	48,722	$	—	$	—	$	48,722

Restricted cash:
Money market fund	$	1,610	$	—	$	—	$	1,610
Certificate of deposit	274		—		—		274
	$	1,884	$	—	$	—	$	1,884

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	14,980	$	5	$	—	$	14,985
Municipal securities (due in less than one year)	10,023		1		(2)		10,022
Municipal securities (due in one to two years)	2,024		—		(7)		2,017
Government-sponsored enterprise securities (due in less than one year)	2,960		—		(1)		2,959
Commercial paper (due in less than one year)	66,584		5		(28)		66,561
Corporate notes (due in less than one year)	149,086		23		(130)		148,979
Corporate notes (due in one to two years)	24,716		—		(47)		24,669
	$	270,373	$	34	$	(215)	$	270,192

Cash equivalents, restricted cash and marketable securities by security type at December 31, 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	$	48,950	$	1	$	—	$	48,951
Commercial paper	4,979		—		—		4,979
	$	53,929	$	1	$	—	$	53,930

Restricted cash:
Money market fund	$	1,606	$	—	$	—	$	1,606
Certificate of deposit	274		—		—		274
	$	1,880	$	—	$	—	$	1,880

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	22,910	$	41	$	—	$	22,951

Municipal securities (due in less than one year)	10,032		9		—		10,041


Commercial paper (due in less than one year)	79,354		49		—		79,403
Corporate notes (due in less than one year)	167,805		175		(16)		167,964
Corporate notes (due in one to two years)	41,316		11		(38)		41,289
	$	321,417	$	285	$	(54)	$	321,648


	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 March 31, 2026:

Government-sponsored enterprise securities (due in less than one year)	$	2,959	$	(1)	$	—	$	—	$	2,959	$	(1)
Municipal securities (due in less than one year)	4,998		(2)		—		—		4,998		(2)
Municipal securities (due in one to two years)	2,017		(7)		—		—		2,017		(7)
Commercial paper (cash equivalent)	4,995		—		—		—		4,995		—
Commercial paper (due in less than one year)	37,753		(28)		—		—		37,753		(28)
Corporate notes (due in less than one year)	93,543		(130)		—		—		93,543		(130)
Corporate notes (due in one to two years)	24,669		(47)		—		—		24,669		(47)
	$	170,934	$	(215)	$	—	$	—	$	170,934	$	(215)

As of December 31, 2025:


Corporate notes (due in less than one year)	17,987		(16)		—		—		17,987		(16)
Corporate notes (due in one to two years)	31,265		(38)		—		—		31,265		(38)
	$	49,252	$	(54)	$	—	$	—	$	49,252	$	(54)

The gross unrealized losses related to municipal securities, government-sponsored enterprise securities, commercial paper and corporate notes as of March 31, 2026 and December 31, 2025 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 months ended March 31, 2026 as we have not identified any unrealized losses for these securities attributable to credit factors. Our exposure to unrealized losses may increase in the future due to the economic pressures or uncertainties associated with local or global economic recessions as a result of ongoing geopolitical events, such as the current military conflicts between Ukraine and Russia or the United States and Iran, as well as recent and potential future disruptions in access to bank deposits or lending commitments due to bank failure. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (3,642)	$ (19,835)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	134	131
Accretion and amortization on investments, net	(1,069)	(2,210)
Amortization of debt issuance costs/debt discounts	286	253
Non-cash interest expense on liabilities for sales of future royalties	3,912	4,801
Stock-based compensation expense	4,913	7,423
Amortization of right-of-use assets	192	177
Increase in allowance for doubtful accounts	0	131
Changes in assets and liabilities:
Inventory	(16,651)	(17,508)
Accounts receivable, net	(4,894)	4,649
Prepaid expenses and other assets	(2,234)	(1,688)
Accounts payable	1,463	(563)
Accrued compensation and benefits	(21,009)	(13,204)
Accrued liabilities	(20,374)	(6,663)
Payments on royalty agreement	(3,721)	(3,682)
Operating lease liabilities	(212)	(191)
Net cash used in operating activities	(62,906)	(47,979)
Cash flows from investing activities:
Purchases of property and equipment	(252)	32
Purchases of marketable securities	(34,525)	(46,477)
Proceeds from maturities and sales of marketable securities	86,633	98,884
Net cash provided by investing activities	51,856	52,439
Cash flows from financing activities:
Proceeds from issuances of common stock from equity plans	914	256
Proceeds from the exercise of warrants	1,511	0
Net cash provided by financing activities	2,425	256
Net effect of exchange rates on cash, cash equivalents and restricted cash	(36)	18
Net increase (decrease) in cash, cash equivalents and restricted cash	(8,661)	4,734
Cash, cash equivalents and restricted cash at the beginning of the period	79,440	80,876
Cash, cash equivalents and restricted cash at the end of the period	$ 70,779	$ 85,610

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period (in shares) at Dec. 31, 2024		606,388
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 loss	55				55
Foreign currency translation adjustment	(12)				(12)
Exercise of pre-funded warrant (in shares)		30,370
Exercise of pre-funded warrant	31	$ 31
Issuance of common stock under equity plans (in shares)		155
Issuances of common stock under equity plans	256		256
Stock-based compensation related to issuances of common stock and options for services (in shares)		5
Stock-based compensation related to issuances of common stock and options 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		636,918
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, 2025		639,856
Balance at beginning of period at Dec. 31, 2025	225,872	$ 640	2,080,804	(1,855,841)	269
Increase (Decrease) in Stockholders' Equity
Net loss	(3,642)			(3,642)
Other comprehensive loss	(412)				(412)
Foreign currency translation adjustment	(48)				(48)
Issuance of common stock in connection with exercise of warrants	1,511		1,511
Issuance of common stock under equity plans (in shares)		1,172
Issuances of common stock under equity plans	914	$ 1	913
Stock-based compensation related to issuances of common stock and options for services (in shares)		5
Stock-based compensation related to issuances of common stock and options for services	13		13
Stock-based compensation for equity-based awards to employees and directors	4,900		4,900
Balance at end of period (in shares) at Mar. 31, 2026		641,033
Balance at end of period at Mar. 31, 2026	$ 229,108	$ 641	$ 2,088,141	$ (1,859,483)	$ (191)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Summary of Charges and Spending Related to Restructuring


(in millions)						Restructuring
Accrued balance as of December 31, 2025						17,032
Expenses and adjustments						(394)
Payments						(13,532)
Accrued balance as of March 31, 2026						3,106

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 (in thousands):


2026	11,927
2027	11,927
2028	11,960
2029	134,966
Thereafter	—
Total	$	170,780
Less: amount representing interest	(45,780)
Less: unamortized debt discount and issuance costs	(5,167)


Noncurrent portion of debt	$	119,833

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 three months ended March 31, 2026:


(in thousands)	Liability Related to Sale of Future Royalties
Carrying value of liability related to sale of future royalties at December 31, 2025	$	129,582
Interest expense recognized	3,912
Royalty payments	(3,721)
Carrying value of liability related to sale of future royalties at March 31, 2026	$	129,773

RESTRUCTURING

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

RESTRUCTURING

In December 2025, the board of directors approved a workforce reduction representing approximately one-third of our workforce prior to the reduction in headcount. In 2025, we incurred approximately $17.0 million in restructuring and restructuring-related charges, primarily consisting of one-time employee severance payments, healthcare and related benefits, and other employee-related costs. The charges were recorded within restructuring charges in the consolidated statements of operations.

The workforce reduction was substantially completed in the first quarter of 2026. There were no restructuring charges during the three months ended March 31, 2025.


(in millions)						Restructuring
Accrued balance as of December 31, 2025						17,032
Expenses and adjustments						(394)
Payments						(13,532)
Accrued balance as of March 31, 2026						3,106

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in millions)	2026		2025
Revenues:
Product revenue, net	51.8		39.4
Royalties	—		0.2
Total revenues	$	51.8	$	39.6
Operating expenses:
Cost of goods sold	1.7		1.2
Research and development
Research and clinical expenses	13.0		13.7
Chemistry, manufacturing, and control expenses	0.6		1.5
Restructuring charges	(0.2)		—
Selling, general and administrative
Commercial expenses	17.0		20.0
Restructuring charges	(0.2)		—
Other segment expenses*	19.8		19.9


Total interest and other income (expense)	(3.7)		(3.1)
Net loss	$	(3.6)	$	(19.8)

___________________________

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (3,642)	$ (19,835)
Net unrealized gain (loss) on marketable securities	(412)	55
Foreign currency translation adjustment	(48)	(12)
Comprehensive loss	$ (4,102)	$ (19,792)

- 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.

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+ Details

FINANCIAL INSTRUMENTS - Cash Equivalents and Marketable Securities with Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value
Less Than 12 Months	$ 170,934	$ 49,252
12 Months or Longer	0	0
Total	170,934	49,252
Gross Unrealized Losses
Less Than 12 Months	(215)	(54)
12 Months or Longer	0	0
Total	(215)	(54)
Government-sponsored enterprise securities (due in less than one year)
Fair Value
Less Than 12 Months	2,959
12 Months or Longer	0
Total	2,959
Gross Unrealized Losses
Less Than 12 Months	(1)
12 Months or Longer	0
Total	(1)
Municipal securities (due in less than one year)
Fair Value
Less Than 12 Months	4,998
12 Months or Longer	0
Total	4,998
Gross Unrealized Losses
Less Than 12 Months	(2)
12 Months or Longer	0
Total	(2)
Municipal securities (due in one to two years)
Fair Value
Less Than 12 Months	2,017
12 Months or Longer	0
Total	2,017
Gross Unrealized Losses
Less Than 12 Months	(7)
12 Months or Longer	0
Total	(7)
Commercial paper (cash equivalent)
Fair Value
Less Than 12 Months	4,995
12 Months or Longer	0
Total	4,995
Gross Unrealized Losses
Less Than 12 Months	0
12 Months or Longer	0
Total	0
Commercial paper (due in less than one year)
Fair Value
Less Than 12 Months	37,753
12 Months or Longer	0
Total	37,753
Gross Unrealized Losses
Less Than 12 Months	(28)
12 Months or Longer	0
Total	(28)
Corporate notes (due in less than one year)
Fair Value
Less Than 12 Months	93,543	17,987
12 Months or Longer	0	0
Total	93,543	17,987
Gross Unrealized Losses
Less Than 12 Months	(130)	(16)
12 Months or Longer	0	0
Total	(130)	(16)
Corporate notes (due in one to two years)
Fair Value
Less Than 12 Months	24,669	31,265
12 Months or Longer	0	0
Total	24,669	31,265
Gross Unrealized Losses
Less Than 12 Months	(47)	(38)
12 Months or Longer	0	0
Total	$ (47)	$ (38)

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
(in thousands)	2026		2025
Gross product revenue	$	65,353	$	45,312
Gross-to-net adjustments:
Chargebacks	(8,164)		(4,171)
Distributor service fees	(2,169)		(1,526)
Government rebates	(1,658)		(66)
Sales returns and allowances	(1,591)		(113)
Total gross-to-net adjustments	(13,582)		(5,876)
Net product revenue	$	51,771	$	39,436