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RESTRUCTURING - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 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		$ (71,000)	$ 0	$ (622,000)	$ 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

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Net Product Revenue

To date, our only source of product revenue has been from the sales of RYTELO, which we began shipping to our customers in the U.S. in June 2024. To date, product revenue pursuant to Named Patient Programs outside of the U.S. has 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 and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Gross product revenue	$	74,496	$	60,188	$	212,285	$	163,374
Gross-to-net adjustments:
Chargebacks	(9,670)		(7,042)		(27,023)		(17,154)
Distributor service fees	(2,481)		(2,041)		(7,021)		(5,516)
Government rebates	(2,264)		(2,143)		(5,892)		(2,668)
Sales returns and allowances	33		(1,795)		(2,991)		(2,426)
Total gross-to-net adjustments	(14,382)		(13,021)		(42,927)		(27,764)
Net product revenue	$	60,114	$	47,167	$	169,358	$	135,610

Effective November 1, 2026, the Company revised its returned goods policy to significantly limit the circumstances under which customers may return product.

As of September 30, 2026, three customers individually accounted for approximately 45%, 38% and 16% of our gross accounts receivable associated with our product revenue, as compared to 43%, 38% and 17% as of December 31, 2025, respectively.

- 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2026 are consistent with those discussed in Note 1 to the consolidated financial statements in the 2025 Form 10-K, except for the policy related to product return reserves. Effective November 1, 2026, the Company revised its returned goods policy to significantly limit the circumstances under which customers may return product. As a result, the Company expects future product returns to be limited. Estimated returns, when applicable, continue to be recognized as a reduction of product revenue. 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.

RESTRUCTURING - Schedule of Charges and Spending Related to Restructuring (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026
Restructuring Reserve [Roll Forward]
Accrued, beginning balance	$ 178	$ 3,106	$ 17,032
Expenses and adjustments	(51)	(157)	(394)
Payments	(71)	(2,771)	(13,532)
Accrued, ending balance	$ 56	$ 178	$ 3,106

DEBT

9 Months Ended

Sep. 30, 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. We drew a Tranche A Loan in an aggregate principal amount of $125.0 million, or the Tranche A Loan, on November 1, 2024. The Pharmakon Loan Agreement had also provided for two additional committed term loan tranches of up to $125.0 million in the aggregate: a Tranche B Loan, of $75.0 million and a Tranche C Loan of $50.0 million. On January 5, 2026, we entered into an amendment to the Pharmakon Loan Agreement, or the Pharmakon Amendment, which extended the date for requesting the Tranche B Loan and Tranche C Loan, once available, from December 31, 2025 to July 30, 2026. Nether the Tranche B Loan, nor the Tranche C Loan was drawn, and both are no longer available. 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 Pharmakon Amendment also extended the date before which any prepayment of the Tranche A Loan is subject to a make‑whole premium, or the Makewhole Date, from November 1, 2026 to May 1, 2027. The Pharmakon 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 Pharmakon Amendment were not material and were expensed as incurred.

The Tranche A Loan matures on November 1, 2029. The Tranche A Loan bears 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 applicable interest rate was 10.32%. As of September 30, 2026, the applicable interest rate was 10.86%. Interest is due and payable quarterly on the last day of each quarter.

We may elect to prepay the Tranche A Loan in part or in whole prior to maturity, with such prepayments being subject to a prepayment premium equal to the principal amount so prepaid multiplied by 3% if made prior to November 1, 2027, 2% if made on or after November 1, 2027 but prior to November 1, 2028, and 1% if made on or after November 1, 2028 but prior to November 1, 2029. In addition to the prepayment premium, any prepayment of the Tranche A Loan prior to May 1, 2027 is subject to a make-whole amount equal to the sum of all interest that would have accrued through such date.

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, 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 encumbrances 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 September 30, 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 September 30, 2026 (in thousands):


2026	$	6,054
2027	12,009
2028	12,042
2029	135,034
Thereafter	—
Total	$	165,139
Less: amount representing interest	(40,139)
Less: unamortized debt discount and issuance costs	(4,561)


Noncurrent portion of debt	$	120,439

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 cash flow model. The liability is amortized using the effective interest rate method, resulting in recognition of interest expense over the estimated term of the agreement.

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

The following table shows the activity within the liability related to sale of future royalties during the nine months ended September 30, 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
Interest expense recognized	3,864
Royalty payments	(4,012)
Carrying value of liability related to sale of future royalties at June 30, 2026	$	129,625
Interest expense recognized	3,871
Royalty payments	(4,454)
Carrying value of liability related to sale of future royalties at September 30, 2026	$	129,042

- 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.

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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following as of September 30, 2026 and December 31, 2025:


(In thousands)	SEPTEMBER 30, 2026		DECEMBER 31, 2025
Contract research organization and clinical trial costs	$	4,247	$	3,677
Manufacturing activities	8,557		38,657
Professional, legal and accounting fees	2,904		881
Interest payable	—		3,110
Accrued revenue adjustments	5,938		3,486
Other	2,263		1,529
	$	23,909	$	51,340

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following as of September 30, 2026 and December 31, 2025:


(In thousands)	SEPTEMBER 30, 2026		DECEMBER 31, 2025
Accrued bonuses	$	8,383	$	10,335
Accrued vacation	1,964		2,581
Accrued restructuring charges	56		17,032
Accrued other	365		549
	$	10,768	$	30,497

Schedule of Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash included in the Company's condensed consolidated statement of cash flows were as follows:


(In thousands)	SEPTEMBER 30, 2026		SEPTEMBER 30, 2025
Cash and cash equivalents	$	69,179	$	78,117
Restricted cash	1,892		1,876
Total cash, cash equivalents, and restricted cash	$	71,071	$	79,993

Schedule of Restrictions on Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash included in the Company's condensed consolidated statement of cash flows were as follows:


(In thousands)	SEPTEMBER 30, 2026		SEPTEMBER 30, 2025
Cash and cash equivalents	$	69,179	$	78,117
Restricted cash	1,892		1,876
Total cash, cash equivalents, and restricted cash	$	71,071	$	79,993

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details) - segment	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026
Accounting Policies [Abstract]
Number of operating segments	1	1

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands						1 Months Ended		9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 08, 2026 action	Aug. 29, 2025 action	May 16, 2025 lawsuit	Apr. 16, 2025 lawsuit	Mar. 14, 2025 action	Feb. 19, 2026 action	Dec. 31, 2025	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Other Commitments [Line Items]
Number of putative securities lawsuits	1	1	1	3	2	2
Restructuring and related cost, number of positions eliminated, period percent							33.33%
Noncancelable commercial purchase commitments								$ 31,600
Long-term manufacturing commitments, amount								9,900
Reduction of operating lease right-of-use assets and lease liabilities due to lease modification								$ 1,001	$ 0
CROs
Other Commitments [Line Items]
Purchase obligation, written notice term								180 days
RYTELO
Other Commitments [Line Items]
Purchase obligation, written notice term								9 months
Purchase obligation, monthly fees minimum, term								12 months
Purchase obligation, renewal term								12 months
Parsippany, New Jersey
Other Commitments [Line Items]
Operating lease, term								8 years 6 months
Operating lease, renewal term								5 years
Reduction of operating lease right-of-use assets and lease liabilities due to lease modification								$ 1,000
Operating lease, annual base rent								$ 400
Foster City, California
Other Commitments [Line Items]
Operating lease, renewal term								5 years

FINANCIAL INSTRUMENTS - Schedule of Cash Equivalents and Marketable Securities with Unrealized Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Fair Value
Less Than 12 Months	$ 251,341	$ 49,252
12 Months or Longer	0	0
Total	251,341	49,252
Gross Unrealized Losses
Less Than 12 Months	(605)	(54)
12 Months or Longer	0	0
Total	(605)	(54)
U.S. Treasury securities (due in less than one year)
Fair Value
Less Than 12 Months	30,937
12 Months or Longer	0
Total	30,937
Gross Unrealized Losses
Less Than 12 Months	(26)
12 Months or Longer	0
Total	(26)
Municipal securities (due in less than one year)
Fair Value
Less Than 12 Months	9,925
12 Months or Longer	0
Total	9,925
Gross Unrealized Losses
Less Than 12 Months	(38)
12 Months or Longer	0
Total	(38)
Commercial paper (due in less than one year)
Fair Value
Less Than 12 Months	92,001
12 Months or Longer	0
Total	92,001
Gross Unrealized Losses
Less Than 12 Months	(143)
12 Months or Longer	0
Total	(143)
Corporate notes (due in less than one year)
Fair Value
Less Than 12 Months	69,403	17,987
12 Months or Longer	0	0
Total	69,403	17,987
Gross Unrealized Losses
Less Than 12 Months	(127)	(16)
12 Months or Longer	0	0
Total	(127)	(16)
Corporate notes (due in one to two years)
Fair Value
Less Than 12 Months	49,075	31,265
12 Months or Longer	0	0
Total	49,075	31,265
Gross Unrealized Losses
Less Than 12 Months	(271)	(38)
12 Months or Longer	0	0
Total	$ (271)	$ (38)

DEBT - Additional Information (Details)		9 Months Ended
DEBT - Additional Information (Details)	Nov. 01, 2024 USD ($) tranche	Sep. 30, 2026
Maximum
Debt Instrument [Line Items]
Royalty payment, ratio		2.0
Minimum
Debt Instrument [Line Items]
Royalty payment, ratio		1.65
Liability Related to Sale of Future Royalties
Debt Instrument [Line Items]
Upfront payment received	$ 125,000,000.0
Liability Related to Sale of Future Royalties \| Scenario One
Debt Instrument [Line Items]
Percentage of annual net sales	7.75%
Liability Related to Sale of Future Royalties \| Scenario One \| Maximum
Debt Instrument [Line Items]
Revenue interest payments	$ 500,000,000.0
Liability Related to Sale of Future Royalties \| Scenario Two
Debt Instrument [Line Items]
Percentage of annual net sales	1.00%
Liability Related to Sale of Future Royalties \| Scenario Two \| Minimum
Debt Instrument [Line Items]
Revenue interest payments	$ 1,000,000,000.0
Term Loans \| Pharmakon Loan Agreement
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%
Term Loans \| Pharmakon Loan Agreement \| Prepaid Prior to Third Anniversary of Funding Date
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	3.00%
Term Loans \| Pharmakon Loan Agreement \| 3rd Anniversary but, Prior to 4th Anniversary of Funding Date
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	2.00%
Term Loans \| Pharmakon Loan Agreement \| 4th Anniversary of Funding Date
Debt Instrument [Line Items]
Prepayment premium on percentage of term loan	1.00%
Pharmakon Loan Agreement, Tranche A \| Pharmakon Loan Agreement
Debt Instrument [Line Items]
Effective interest rate	10.32%	10.86%
BioPharma Credit PLC \| Secured Debt \| Pharmakon Loan Agreement
Debt Instrument [Line Items]
Line of credit, maturity period	5 years
BioPharma Credit PLC \| Secured Debt \| Pharmakon Loan Agreement \| Pharmakon Loan Agreement, Tranche A
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 125,000,000.0
BioPharma Credit PLC \| Secured Debt \| Pharmakon Loan Agreement \| Pharmakon Loan Agreement, Tranche B and C
Debt Instrument [Line Items]
Number of additional tranches \| tranche	2
Maximum borrowing capacity under term loan	$ 125,000,000.0
BioPharma Credit PLC \| Secured Debt \| Pharmakon Loan Agreement \| Pharmakon Loan Agreement, Tranche B
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	75,000,000.0
BioPharma Credit PLC \| Secured Debt \| Pharmakon Loan Agreement \| Pharmakon Loan Agreement, Tranche C
Debt Instrument [Line Items]
Maximum borrowing capacity under term loan	$ 50,000,000.0

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Contract research organization and clinical trial costs	$ 4,247	$ 3,677
Manufacturing activities	8,557	38,657
Professional, legal and accounting fees	2,904	881
Interest payable	0	3,110
Accrued revenue adjustments	5,938	3,486
Other	2,263	1,529
Accrued liabilities	$ 23,909	$ 51,340

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets:
Marketable securities	$ 268,299	$ 321,648
Total	310,536	377,458
Liabilities:
Sale of future royalties	129,042	129,582
Total	129,042	129,582
U.S. Treasury securities
Assets:
Marketable securities	30,937	22,951
Government-sponsored enterprise
Assets:
Marketable securities	0
Commercial paper
Assets:
Marketable securities	92,001	84,382
Corporate notes
Assets:
Marketable securities	133,513	209,253
Money market funds
Assets:
Cash, cash equivalents and restricted cash	41,962	50,557
Certificate of deposit
Assets:
Cash, cash equivalents and restricted cash	275	274
Municipal securities
Assets:
Cash, cash equivalents and restricted cash	11,848	10,041
Level 1
Assets:
Total	42,237	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
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	41,962	50,557
Level 1 \| Certificate of deposit
Assets:
Cash, cash equivalents and restricted cash	275	274
Level 1 \| Municipal securities
Assets:
Cash, cash equivalents and restricted cash	0	0
Level 2
Assets:
Total	268,299	326,627
Liabilities:
Sale of future royalties	0	0
Total	0	0
Level 2 \| U.S. Treasury securities
Assets:
Marketable securities	30,937	22,951
Level 2 \| Government-sponsored enterprise
Assets:
Marketable securities	0
Level 2 \| Commercial paper
Assets:
Marketable securities	92,001	84,382
Level 2 \| Corporate notes
Assets:
Marketable securities	133,513	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	11,848	10,041
Level 3
Assets:
Total	0	0
Liabilities:
Sale of future royalties	129,042	129,582
Total	129,042	129,582
Level 3 \| U.S. Treasury securities
Assets:
Marketable securities	0	0
Level 3 \| Government-sponsored enterprise
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

INVENTORY

9 Months Ended

Sep. 30, 2026

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, 2026 and December 31, 2025:


	September 30,		December 31,
(in thousands)	2026		2025
Raw materials	$	7,942	$	8,927
Work-in-process	102,579		91,969
Finished goods	16,082		15,740
Total inventory	$	126,603	$	116,636

REVENUE RECOGNITION - Additional Information (Details) - Accounts Receivable - Customer Concentration Risk	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	45.00%	43.00%
Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	38.00%	38.00%
Customer Three
Concentration Risk [Line Items]
Concentration risk, percentage	16.00%	17.00%

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

DEBT - Schedule of Future Minimum Payments Under Loan Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Long-Term Debt, Fiscal Year Maturity [Abstract]
2026	$ 6,054
2027	12,009
2028	12,042
2029	135,034
Thereafter	0
Total	165,139
Less: amount representing interest	(40,139)
Less: unamortized debt discount and issuance costs	(4,561)
Noncurrent portion of debt	$ 120,439	$ 119,547

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended						9 Months Ended
SEGMENT REPORTING (Details) $ in Thousands	Sep. 30, 2026 USD ($) segment	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1						1
Number of reportable segments \| segment	1						1
Revenues:
Total revenues	$ 60,190			$ 47,227			$ 169,507	$ 135,866
Costs and operating expenses:
Cost of goods sold	6,051			1,043			16,983	3,439
Research and development
Research and development	12,709			21,070			49,695	57,884
Selling, general and administrative
Selling, general and administrative	35,702			39,001			109,990	117,588
Total costs and operating expenses	54,391			61,114			176,046	178,911
Income (loss) from operations	5,799			(13,887)			(6,539)	(43,045)
Net income (loss)	1,350	$ (16,680)	$ (3,642)	(18,428)	$ (16,375)	$ (19,835)	(18,972)	(54,638)
Reportable Segment
Revenues:
Total revenues	60,200			47,300			169,500	135,900
Costs and operating expenses:
Cost of goods sold	6,100			1,000			17,000	3,400
Selling, general and administrative
Other general and administrative expenses	16,400			16,200			48,600	52,300
Total costs and operating expenses	54,400			61,100			176,000	178,900
Income (loss) from operations	5,800			(13,900)			(6,500)	(43,000)
Total interest and other income (expense)	(4,400)			(4,500)			(12,500)	(11,600)
Net income (loss)	1,400			(18,400)			(19,000)	(54,600)
Product revenue, net
Revenues:
Total revenues	60,114			47,167			169,358	135,610
Product revenue, net \| Reportable Segment
Revenues:
Total revenues	60,100			47,200			169,400	135,600
Royalties
Revenues:
Total revenues	76			60			149	256
Royalties \| Reportable Segment
Revenues:
Total revenues	100			100			100	300
Research and clinical expenses \| Reportable Segment
Research and development
Research and development	11,700			18,000			38,500	51,500
Chemistry, manufacturing, and control expenses \| Reportable Segment
Research and development
Research and development	900			3,000			10,900	6,400
Commercial expenses \| Reportable Segment
Selling, general and administrative
Selling, general and administrative	15,600			18,600			49,900	55,000
Medical Affairs \| Reportable Segment
Selling, general and administrative
Selling, general and administrative	$ 3,700			$ 4,300			$ 11,100	$ 10,300

RESTRUCTURING (Tables)

9 Months Ended

Sep. 30, 2026

Restructuring and Related Activities [Abstract]

Schedule of Charges and Spending Related to Restructuring


(in thousands)	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
Expenses and adjustments	(157)
Payments	(2,771)
Accrued balance as of June 30, 2026	$	178
Expenses and adjustments	$	(51)
Payments	(71)
Accrued balance as of September 30, 2026	$	56

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2026:
Assets:
Money market funds(1)(2)	$	41,962	$	—	$	—	$	41,962
Certificate of deposit(2)	275		—		—		275
Municipal securities(3)(4)	—		11,848		—		11,848
U.S. Treasury securities(3)	—		30,937		—		30,937
Government-sponsored enterprises(3)	—		—		—		—
Commercial paper(1)(3)	—		92,001		—		92,001
Corporate notes(3)(4)	—		133,513		—		133,513
Total	$	42,237	$	268,299	$	—	$	310,536
Liabilities:
Sale of future royalties(5)	—		—		129,042		129,042
Total	$	—	$	—	$	129,042	$	129,042
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)	—		—		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 and noncurrent portion of liabilities related to sale of future royalties on our consolidated balance sheets.

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Payables and Accruals [Abstract]
Cash and cash equivalents	$ 69,179	$ 77,560	$ 78,117
Restricted cash	1,892	$ 1,880	1,876
Total cash, cash equivalents, and restricted cash	$ 71,071		$ 79,993

SEGMENT REPORTING

9 Months Ended

Sep. 30, 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 income (loss) reported on the consolidated statement of operations and comprehensive income (loss) 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. During the three months ended September 30, 2026, the Company revised the presentation of certain financial information regularly provided to the CODM, Accordingly, prior period segment expense disclosures have been recast to conform to the current period presentation. The following table reconciles reported revenues to net income (loss) under the significant expense principle for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Revenues:
Product revenue, net	$	60.1	$	47.2	$	169.4	$	135.6
Royalties	0.1		0.1		0.1		0.3
Total revenues	$	60.2	$	47.3	$	169.5	$	135.9
Costs and operating expenses:
Cost of goods sold	6.1		1.0		17.0		3.4
Research and development
Research and clinical expenses	11.7		18.0		38.5		51.5
Chemistry, manufacturing, and control expenses	0.9		3.0		10.9		6.4
Selling, general and administrative
Commercial expenses	15.6		18.6		49.9		55.0
Medical Affairs	3.7		4.3		11.1		10.3
Other general and administrative expenses*	16.4		16.2		48.6		52.3
Total cost and operating expenses	$	54.4	$	61.1	$	176.0	$	178.9
Income (loss) from operations	5.8		(13.9)		(6.5)		(43.0)
Total interest and other income (expense)	(4.4)		(4.5)		(12.5)		(11.6)
Net income (loss)	$	1.4	$	(18.4)	$	(19.0)	$	(54.6)

___________________________

*Other general and administrative 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 segment reporting.

+ References

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

NET INCOME (LOSS) PER COMMON SHARE - Schedule of Basic and Dilutive Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 1,350	$ (16,680)	$ (3,642)	$ (18,428)	$ (16,375)	$ (19,835)	$ (18,972)	$ (54,638)
Weighted-average common shares - basic (in shares)	672,293			667,102			670,799	666,397
Effect of dilutive securities:
Weighted-average common shares- diluted (in shares)	674,052			667,102			670,799	666,397
Net income (loss) per share - basic (in dollars per share)	$ 0.00			$ (0.03)			$ (0.03)	$ (0.08)
Net income (loss) per share - diluted (in dollars per share)	$ 0.00			$ (0.03)			$ (0.03)	$ (0.08)
Options
Effect of dilutive securities:
Effect of dilutive securities (in shares)	1,575			0			0	0
Restricted stock units and restricted stock awards
Effect of dilutive securities:
Effect of dilutive securities (in shares)	184			0			0	0

NET INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

NET INCOME (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 is 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.

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Net income (loss)	$	1,350	$	(18,428)	$	(18,972)	$	(54,638)

Weighted-average common shares - basic	672,293		667,102		670,799		666,397
Effect of dilutive securities:
Options	1,575		—		—		—
Restricted stock units and restricted stock awards	184		—		—		—
Weighted-average common shares - diluted	674,052		667,102		670,799		666,397

Net income (loss) per share - basic	$	0.00	$	(0.03)	$	(0.03)	$	(0.08)
Net income (loss) per share - diluted	$	0.00	$	(0.03)	$	(0.03)	$	(0.08)

The following table sets forth the potential weighted-average common shares excluded from the calculation of diluted net income (loss) per share because their inclusion would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2026	2025	2026	2025
Options	75,538	72,981	78,140	67,772
Employee stock purchase plan	772	939	399	421
Restricted stock units and restricted stock awards	675	3,371	1,142	2,728
Total	76,985	77,291	79,681	70,921

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Oct. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		644,238,859
Entity Central Index Key	0000886744
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Fiscal Year Focus	2026

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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)

9 Months Ended

Sep. 30, 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 September 30, 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	$	40,345	$	—	$	—	$	40,345
	$	40,345	$	—	$	—	$	40,345

Restricted cash:
Money market fund	$	1,617	$	—	$	—	$	1,617
Certificate of deposit	275		—		—		275
	$	1,892	$	—	$	—	$	1,892

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	30,963	$	—	$	(26)	$	30,937
Municipal securities (due in less than one year)	9,963		—		(38)		9,925
Municipal securities (due in one to two years)	1,918		5		—		1,923
Commercial paper (due in less than one year)	92,144		—		(143)		92,001
Corporate notes (due in less than one year)	84,560		5		(127)		84,438
Corporate notes (due in one to two years)	49,346		—		(271)		49,075
	$	268,894	$	10	$	(605)	$	268,299

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 September 30, 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 September 30, 2026:

U.S. Treasury securities (due in less than one year)	30,937		(26)		—		—		30,937		(26)
Municipal securities (due in less than one year)	9,925		(38)		—		—		9,925		(38)

Commercial paper (due in less than one year)	92,001		(143)		—		—		92,001		(143)
Corporate notes (due in less than one year)	69,403		(127)		—		—		69,403		(127)
Corporate notes (due in one to two years)	49,075		(271)		—		—		49,075		(271)
	$	251,341	$	(605)	$	—	$	—	$	251,341	$	(605)

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)

DEBT - Schedule of Sale of Future Royalties (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2026	Sep. 30, 2025
Royalties [Roll Forward]
Carrying value of liability related to sale of future royalties at beginning of period			$ 129,582	$ 129,582
Royalty payments				(12,187)	$ (10,503)
Carrying value of liability related to sale of future royalties at end of period	$ 129,042			129,042
Liability Related to Sale of Future Royalties
Royalties [Roll Forward]
Carrying value of liability related to sale of future royalties at beginning of period	129,625	$ 129,773	129,582	129,582
Interest expense recognized	3,871	3,864	3,912
Royalty payments	(4,454)	(4,012)	(3,721)
Carrying value of liability related to sale of future royalties at end of period	$ 129,042	$ 129,625	$ 129,773	$ 129,042

NET INCOME (LOSS) PER COMMON SHARE - Schedule of Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
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)	76,985	77,291	79,681	70,921
Options
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)	75,538	72,981	78,140	67,772
Employee stock purchase plan
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)	772	939	399	421
Restricted stock units and restricted stock awards
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)	675	3,371	1,142	2,728

BASIS OF PRESENTATION, PRINCIPLES OF CONSOLIDATION, USE OF ESTIMATES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 and nine months ended September 30, 2026 are consistent with those discussed in Note 1 to the consolidated financial statements in the 2025 Form 10-K, except for the policy related to product return reserves. Effective November 1, 2026, the Company revised its returned goods policy to significantly limit the circumstances under which customers may return product. As a result, the Company expects future product returns to be limited. Estimated returns, when applicable, continue to be recognized as a reduction of product revenue.
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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-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

REVENUE RECOGNITION - Schedule of Reconciliation of Gross Product Sales to Net Product Sales (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Net product revenue	$ 60,190	$ 47,227	$ 169,507	$ 135,866
Net product revenue
Disaggregation of Revenue [Line Items]
Net product revenue	60,114	47,167	169,358	135,610
Gross product revenue
Disaggregation of Revenue [Line Items]
Net product revenue	74,496	60,188	212,285	163,374
Total gross-to-net adjustments
Disaggregation of Revenue [Line Items]
Net product revenue	(14,382)	(13,021)	(42,927)	(27,764)
Chargebacks
Disaggregation of Revenue [Line Items]
Net product revenue	(9,670)	(7,042)	(27,023)	(17,154)
Distributor service fees
Disaggregation of Revenue [Line Items]
Net product revenue	(2,481)	(2,041)	(7,021)	(5,516)
Government rebates
Disaggregation of Revenue [Line Items]
Net product revenue	(2,264)	(2,143)	(5,892)	(2,668)
Sales returns and allowances
Disaggregation of Revenue [Line Items]
Net product revenue	$ 33	$ (1,795)	$ (2,991)	$ (2,426)

- 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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- Definition

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

+ References

+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 2026:
Assets:
Money market funds(1)(2)	$	41,962	$	—	$	—	$	41,962
Certificate of deposit(2)	275		—		—		275
Municipal securities(3)(4)	—		11,848		—		11,848
U.S. Treasury securities(3)	—		30,937		—		30,937
Government-sponsored enterprises(3)	—		—		—		—
Commercial paper(1)(3)	—		92,001		—		92,001
Corporate notes(3)(4)	—		133,513		—		133,513
Total	$	42,237	$	268,299	$	—	$	310,536
Liabilities:
Sale of future royalties(5)	—		—		129,042		129,042
Total	$	—	$	—	$	129,042	$	129,042
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)	—		—		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 and 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.

+ References

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 69,179	$ 77,560
Restricted cash	1,892	1,880
Marketable securities	217,300	280,359
Accounts receivable, net	45,979	36,987
Interest and other receivables	2,028	2,239
Inventory	126,603	116,636
Prepaid and other current assets	5,761	4,610
Total current assets	468,742	520,271
Noncurrent marketable securities	50,999	41,289
Property and equipment, net	1,106	884
Operating leases, right-of-use assets	563	2,151
Deposits and other assets	5,696	5,945
Total assets	527,106	570,540
Current liabilities:
Accounts payable	15,464	11,257
Accrued compensation and benefits	10,768	30,497
Operating lease liabilities	789	1,000
Liability related to sale of future royalties	23,318	17,448
Accrued liabilities	23,909	51,340
Total current liabilities	74,248	111,542
Noncurrent operating lease liabilities	0	1,445
Noncurrent liability related to sale of future royalties	105,724	112,134
Noncurrent debt	120,439	119,547
Total liabilities	300,411	344,668
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value	0	0
Common stock, $0.001 par value	644	640
Additional paid-in capital	2,101,451	2,080,804
Accumulated deficit	(1,874,813)	(1,855,841)
Accumulated other comprehensive income (loss)	(587)	269
Total stockholders' equity	226,695	225,872
Total liabilities and stockholders' equity	$ 527,106	$ 570,540

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Total revenues	$ 60,190,000	$ 47,227,000	$ 169,507,000	$ 135,866,000
Costs and operating expenses:
Cost of goods sold	6,051,000	1,043,000	16,983,000	3,439,000
Research and development	12,709,000	21,070,000	49,695,000	57,884,000
Selling, general and administrative	35,702,000	39,001,000	109,990,000	117,588,000
Restructuring charges	(71,000)	0	(622,000)	0
Total costs and operating expenses	54,391,000	61,114,000	176,046,000	178,911,000
Income (loss) from operations	5,799,000	(13,887,000)	(6,539,000)	(43,045,000)
Interest income	3,025,000	4,264,000	9,417,000	14,072,000
Interest expense	(7,207,000)	(8,644,000)	(21,500,000)	(25,360,000)
Other income (expense), net	(267,000)	(161,000)	(350,000)	(305,000)
Net income (loss)	$ 1,350,000	$ (18,428,000)	$ (18,972,000)	$ (54,638,000)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.00	$ (0.03)	$ (0.03)	$ (0.08)
Diluted (in dollars per share)	$ 0.00	$ (0.03)	$ (0.03)	$ (0.08)
Weighted-average common shares:
Basic (in shares)	672,293	667,102	670,799	666,397
Diluted (in shares)	674,052	667,102	670,799	666,397
Product revenue, net
Revenues:
Total revenues	$ 60,114,000	$ 47,167,000	$ 169,358,000	$ 135,610,000
Royalties
Revenues:
Total revenues	$ 76,000	$ 60,000	$ 149,000	$ 256,000

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 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. On May 18, 2026, we filed our motion to dismiss the second amended complaint. A hearing on the motion to dismiss was held on August 6, 2026, and on August 13, 2026, the Court entered an order denying our motion to dismiss. The case currently is in discovery, and we are vigorously defending against all claims. 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 motion to dismiss in the Securities Class Action. On September 8, 2026, the Court extended the stay in the Consolidated Derivative Action pending the resolution of class certification 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 Hyung v. Bir, et al., No. 3:25-cv-08575 (the "Hyung Derivative Action"). 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 November 4, 2025, the Court stayed the Hyung Derivative Action pending a final ruling on the motion to dismiss in the Securities Class Action. On September 8, 2026, the Court extended the stay in the Hyung Derivative Action pending the resolution of class certification in the Securities Class Action. Additionally, 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. On September 8, 2026, one of the purported stockholders filed a suit in the United States District Court for the Northern District of California, captioned Russo v. Scarlett, et al., No. 3:26-cv-09979 (the "Russo Derivative Action"). The derivative lawsuit names certain of our current and former directors and officers. The allegations in the Russo Derivative Action are substantially similar to the Securities Class Action, the Consolidated Derivative Action, and the Hyung Derivative Action. On September 24, 2026, the plaintiffs in the Hyung Derivative Action and Russo Derivative Action filed a joint stipulation to consolidate the two derivative actions and stay the consolidated action pending the resolution of class certification in the Securities Class Action. On September 29, 2026, a purported stockholder filed a derivative complaint in the United States District Court for the District of New Jersey, captioned Weinstein v. Scarlett, et al., No. 2:26-cv-12796 (the “Weinstein Derivative Action”). The lawsuit names certain of our current and former directors and officers and alleges 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 are substantially similar to the Securities Class Action, the Consolidated Derivative Action, the Hyung Derivative Action, and the Russo Derivative Action. The plaintiff seeks damages and an award of reasonable costs, including attorneys’ and experts’ fees. On October 19, 2026, the Court entered an order staying the Weinstein Derivative Action pending the resolution of class certification in 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 a company-wide severance plan that provides severance benefits upon qualifying terminations, including enhanced benefits in connection with a change of control. As of September 30, 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 severance 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 $31.6 million that can be cancelled, but would incur cancellation penalties, and approximately $9.9 million in agreed upon manufacturing commitments that can be adjusted based on commercial demand of RYTELO as of September 30, 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. In September 2026, the Company entered into agreements with a third-party service provider to support the commercial launch of RYTELO in Germany and France. The arrangements include medical and commercial field personnel and related operational support, and have initial terms through December 31, 2028. The underlying agreements may be terminated for convenience by either party upon nine months’ prior written notice. During the notice period, monthly fees may not be less than the average monthly fees earned during the preceding 12 months. Upon termination, the Company may also be responsible for services performed through the termination date, approved noncancelable or nonrefundable commitments, certain vehicle lease termination charges, and applicable severance and employee-transition costs. After the initial term, agreements may be renewed for successive 12-month periods. Operating Leases New Jersey Office Space Leases In September 2026, the Company entered into a new lease agreement for an office space in Parsippany, New Jersey. The new lease has an initial term of approximately eight and one-half years following commencement, with an option to extend the lease for an additional five years. Lease commencement is expected to occur upon substantial completion of certain landlord-funded improvements, which is currently expected in the first quarter of 2027. Concurrent with entering into the new lease, the Company entered into an agreement to terminate its existing lease for an office space in Parsippany, New Jersey. The existing lease will terminate, without a termination fee, upon substantial completion of the landlord’s work under the new lease. The Company accounted for the new lease and the termination of the existing lease as a combined contract under ASC 842, Leases. As a result, the Company reallocated the remaining consideration between the existing and new lease components based on their relative standalone prices and remeasured the lease liability associated with the existing lease over its shortened term, with a corresponding adjustment of $1.0 million to the related right-of-use asset. No gain or loss was recognized as a result of the modification. The Company expects to recognize a right-of-use asset and corresponding lease liability for the new lease when the lease commences. The new lease provides for initial annual base rent of approximately $0.4 million, subject to annual increases over the lease term. California Office Space Lease In October 2019, we entered into an operating lease agreement for office space located in Foster City, California, or the Foster City Lease. The Foster City Lease commenced on March 10, 2020, and its initial term extends through June 2027, with an option to extend the lease for an additional five years. In October 2026, we notified the landlord that we do not intend to exercise the five-year renewal option. Accordingly, the Foster City Lease is expected to expire in June 2027 in accordance with its existing terms.

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS

Accrued liabilities consisted of the following as of September 30, 2026 and December 31, 2025:


(In thousands)	SEPTEMBER 30, 2026		DECEMBER 31, 2025
Contract research organization and clinical trial costs	$	4,247	$	3,677
Manufacturing activities	8,557		38,657
Professional, legal and accounting fees	2,904		881
Interest payable	—		3,110
Accrued revenue adjustments	5,938		3,486
Other	2,263		1,529
	$	23,909	$	51,340

Accrued compensation and benefits consisted of the following as of September 30, 2026 and December 31, 2025:


(In thousands)	SEPTEMBER 30, 2026		DECEMBER 31, 2025
Accrued bonuses	$	8,383	$	10,335
Accrued vacation	1,964		2,581
Accrued restructuring charges	56		17,032
Accrued other	365		549
	$	10,768	$	30,497

Cash, cash equivalents, and restricted cash included in the Company's condensed consolidated statement of cash flows were as follows:


(In thousands)	SEPTEMBER 30, 2026		SEPTEMBER 30, 2025
Cash and cash equivalents	$	69,179	$	78,117
Restricted cash	1,892		1,876
Total cash, cash equivalents, and restricted cash	$	71,071	$	79,993

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

The following table presents our inventory as of September 30, 2026 and December 31, 2025:


	September 30,		December 31,
(in thousands)	2026		2025
Raw materials	$	7,942	$	8,927
Work-in-process	102,579		91,969
Finished goods	16,082		15,740
Total inventory	$	126,603	$	116,636

OTHER CONDENSED CONSOLIDATED FINANCIAL STATEMENT DETAILS - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued bonuses	$ 8,383	$ 10,335
Accrued vacation	1,964	2,581
Accrued restructuring charges	56	17,032
Accrued other	365	549
Accrued compensation and benefits	$ 10,768	$ 30,497

FINANCIAL INSTRUMENTS - Schedule of Cash Equivalents, Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Sep. 30, 2025
Included in cash and cash equivalents:
Amortized Cost	$ 40,345	$ 53,929
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	0
Fair Value	40,345	53,930
Restricted cash:
Amortized Cost	1,892	1,880	$ 1,876
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,892	1,880
Marketable securities:
Amortized Cost	268,894	321,417
Gross Unrealized Gains	10	285
Gross Unrealized Losses	(605)	(54)
Fair Value	268,299	321,648
Money market funds
Included in cash and cash equivalents:
Amortized Cost	40,345	48,950
Gross Unrealized Gains	0	1
Gross Unrealized Losses	0	0
Fair Value	40,345	48,951
Restricted cash:
Amortized Cost	1,617	1,606
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	1,617	1,606
Commercial paper
Included in cash and cash equivalents:
Amortized Cost		4,979
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Fair Value		4,979
Marketable securities:
Fair Value	92,001	84,382
Certificate of deposit
Restricted cash:
Amortized Cost	275	274
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	275	274
U.S. Treasury securities (due in less than one year)
Marketable securities:
Amortized Cost	30,963	22,910
Gross Unrealized Gains	0	41
Gross Unrealized Losses	(26)	0
Fair Value	30,937	22,951
Municipal securities (due in less than one year)
Marketable securities:
Amortized Cost	9,963	10,032
Gross Unrealized Gains	0	9
Gross Unrealized Losses	(38)	0
Fair Value	9,925	10,041
Municipal securities (due in one to two years)
Marketable securities:
Amortized Cost	1,918
Gross Unrealized Gains	5
Gross Unrealized Losses	0
Fair Value	1,923
Commercial paper (due in less than one year)
Marketable securities:
Amortized Cost	92,144	79,354
Gross Unrealized Gains	0	49
Gross Unrealized Losses	(143)	0
Fair Value	92,001	79,403
Corporate notes (due in less than one year)
Marketable securities:
Amortized Cost	84,560	167,805
Gross Unrealized Gains	5	175
Gross Unrealized Losses	(127)	(16)
Fair Value	84,438	167,964
Corporate notes (due in one to two years)
Marketable securities:
Amortized Cost	49,346	41,316
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(271)	(38)
Fair Value	$ 49,075	$ 41,289

FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2026

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS

Financial Instruments

Cash equivalents, restricted cash and marketable securities by security type at September 30, 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	$	40,345	$	—	$	—	$	40,345
	$	40,345	$	—	$	—	$	40,345

Restricted cash:
Money market fund	$	1,617	$	—	$	—	$	1,617
Certificate of deposit	275		—		—		275
	$	1,892	$	—	$	—	$	1,892

Marketable securities:
U.S. Treasury securities (due in less than one year)	$	30,963	$	—	$	(26)	$	30,937
Municipal securities (due in less than one year)	9,963		—		(38)		9,925
Municipal securities (due in one to two years)	1,918		5		—		1,923
Commercial paper (due in less than one year)	92,144		—		(143)		92,001
Corporate notes (due in less than one year)	84,560		5		(127)		84,438
Corporate notes (due in one to two years)	49,346		—		(271)		49,075
	$	268,894	$	10	$	(605)	$	268,299

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 September 30, 2026:

U.S. Treasury securities (due in less than one year)	30,937		(26)		—		—		30,937		(26)
Municipal securities (due in less than one year)	9,925		(38)		—		—		9,925		(38)

Commercial paper (due in less than one year)	92,001		(143)		—		—		92,001		(143)
Corporate notes (due in less than one year)	69,403		(127)		—		—		69,403		(127)
Corporate notes (due in one to two years)	49,075		(271)		—		—		49,075		(271)
	$	251,341	$	(605)	$	—	$	—	$	251,341	$	(605)

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 U.S. Treasury securities, municipal securities, commercial paper and corporate notes as of September 30, 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 and nine months ended September 30, 2026 as we have not identified any unrealized losses for these securities attributable to credit factors. 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	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities:
Net loss	$ (18,972)	$ (54,638)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	407	387
Accretion and amortization on investments, net	(2,257)	(5,477)
Amortization of debt issuance costs/debt discounts	892	788
Non-cash interest expense on liabilities for sales of future royalties	11,647	15,043
Inventory write-off	11,197	0
Stock-based compensation expense	14,675	20,958
Amortization of right-of-use assets	587	542
Decrease in allowance for doubtful accounts	(821)	(4)
Changes in assets and liabilities:
Inventory	(21,164)	(56,708)
Accounts receivable, net	(8,171)	589
Prepaid expenses and other assets	(691)	167
Accounts payable	4,207	2,516
Accrued compensation and benefits	(19,729)	(6,420)
Accrued liabilities	(27,431)	4,379
Payments on royalty agreement	(12,187)	(10,503)
Operating lease liabilities	(655)	(589)
Net cash used in operating activities	(68,466)	(88,970)
Cash flows from investing activities:
Purchases of property and equipment	(629)	(49)
Purchases of marketable securities	(220,867)	(200,202)
Proceeds from maturities and sales of marketable securities	275,737	286,353
Net cash provided by investing activities	54,241	86,102
Cash flows from financing activities:
Proceeds from issuances of common stock from equity plans	4,151	1,389
Proceeds from the exercise of warrants	1,511	0
Proceeds from employee stock purchase plan	314	500
Net cash provided by financing activities	5,976	1,889
Net effect of exchange rates on cash, cash equivalents and restricted cash	(120)	96
Net decrease in cash, cash equivalents and restricted cash	(8,369)	(883)
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	71,071	79,993
Supplemental disclosure of noncash activities
Reduction of operating lease right-of-use assets and lease liabilities due to lease modification	$ 1,001	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ 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		606,388,000
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 income (loss)	(19,835)			(19,835)
Other comprehensive loss	55				55
Foreign currency translation adjustment	(12)				(12)
Exercise of pre-funded warrant (in shares)		30,370,000
Exercise of Pre-Funded Warrant	31	$ 31
Issuance of common stock under equity plans (in shares)		155,000
Issuances of common stock under equity plans	256	$ 0	256
Stock-based compensation related to issuances of common stock and options for services (in shares)		5,000
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		636,918,000
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		606,388,000
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 income (loss)	(54,638)
Foreign currency translation adjustment	65
Balance at end of period (in shares) at Sep. 30, 2025		638,356,000
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		636,918,000
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 income (loss)	(16,375)			(16,375)
Other comprehensive loss	(191)				(191)
Foreign currency translation adjustment	4				4
Issuance of common stock under equity plans (in shares)		509,000
Issuances of common stock under equity plans	591	$ 1	590
Stock-based compensation related to issuances of common stock and options for services (in shares)		6,000
Stock-based compensation related to issuances of common stock and options for services	26		26
Stock-based compensation for equity-based awards to employees and directors	6,738		6,738
Employee stock purchases (in shares)		417,000
Employee stock purchases	500		500
Balance at end of period (in shares) at Jun. 30, 2025		637,850,000
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 income (loss)	(18,428)			(18,428)
Other comprehensive loss	218				218
Foreign currency translation adjustment	73				73
Issuance of common stock under equity plans (in shares)		500,000
Issuances of common stock under equity plans	542	$ 0	542
Stock-based compensation related to issuances of common stock and options for services (in shares)		6,000
Stock-based compensation related to issuances of common stock and options 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		638,356,000
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 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 income (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)
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 income (loss)	(18,972)
Foreign currency translation adjustment	(124)
Balance at end of period (in shares) at Sep. 30, 2026		644,238
Balance at end of period at Sep. 30, 2026	226,695	$ 644	2,101,451	(1,874,813)	(587)
Balance at beginning of period (in shares) at Mar. 31, 2026		641,033
Balance at beginning of period at Mar. 31, 2026	229,108	$ 641	2,088,141	(1,859,483)	(191)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(16,680)			(16,680)
Other comprehensive loss	(55)				(55)
Foreign currency translation adjustment	(93)				(93)
Issuance of common stock under equity plans (in shares)		1,131
Issuances of common stock under equity plans	1,071	$ 1	1,070
Stock-based compensation related to issuances of common stock and options for services (in shares)		6
Stock-based compensation related to issuances of common stock and options for services	16		16
Stock-based compensation for equity-based awards to employees and directors	4,933		4,933
Employee stock purchases (in shares)		300
Employee stock purchases	314		314
Balance at end of period (in shares) at Jun. 30, 2026		642,470
Balance at end of period at Jun. 30, 2026	218,614	$ 642	2,094,474	(1,876,163)	(339)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	1,350			1,350
Other comprehensive loss	(265)				(265)
Foreign currency translation adjustment	17				17
Issuance of common stock under equity plans (in shares)		1,761
Issuances of common stock under equity plans	2,166	$ 2	2,164
Stock-based compensation related to issuances of common stock and options for services (in shares)		7
Stock-based compensation related to issuances of common stock and options for services	14		14
Stock-based compensation for equity-based awards to employees and directors	4,799		4,799
Balance at end of period (in shares) at Sep. 30, 2026		644,238
Balance at end of period at Sep. 30, 2026	$ 226,695	$ 644	$ 2,101,451	$ (1,874,813)	$ (587)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 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 income (loss) under the significant expense principle for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2026		2025		2026		2025
Revenues:
Product revenue, net	$	60.1	$	47.2	$	169.4	$	135.6
Royalties	0.1		0.1		0.1		0.3
Total revenues	$	60.2	$	47.3	$	169.5	$	135.9
Costs and operating expenses:
Cost of goods sold	6.1		1.0		17.0		3.4
Research and development
Research and clinical expenses	11.7		18.0		38.5		51.5
Chemistry, manufacturing, and control expenses	0.9		3.0		10.9		6.4
Selling, general and administrative
Commercial expenses	15.6		18.6		49.9		55.0
Medical Affairs	3.7		4.3		11.1		10.3
Other general and administrative expenses*	16.4		16.2		48.6		52.3
Total cost and operating expenses	$	54.4	$	61.1	$	176.0	$	178.9
Income (loss) from operations	5.8		(13.9)		(6.5)		(43.0)
Total interest and other income (expense)	(4.4)		(4.5)		(12.5)		(11.6)
Net income (loss)	$	1.4	$	(18.4)	$	(19.0)	$	(54.6)

___________________________

DEBT (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2026 (in thousands):


2026	$	6,054
2027	12,009
2028	12,042
2029	135,034
Thereafter	—
Total	$	165,139
Less: amount representing interest	(40,139)
Less: unamortized debt discount and issuance costs	(4,561)


Noncurrent portion of debt	$	120,439

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, 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
Interest expense recognized	3,864
Royalty payments	(4,012)
Carrying value of liability related to sale of future royalties at June 30, 2026	$	129,625
Interest expense recognized	3,871
Royalty payments	(4,454)
Carrying value of liability related to sale of future royalties at September 30, 2026	$	129,042

RESTRUCTURING

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2025.


(in thousands)	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
Expenses and adjustments	(157)
Payments	(2,771)
Accrued balance as of June 30, 2026	$	178
Expenses and adjustments	$	(51)
Payments	(71)
Accrued balance as of September 30, 2026	$	56

NET INCOME (LOSS) PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Dilutive Net Income per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2026		2025		2026		2025
Net income (loss)	$	1,350	$	(18,428)	$	(18,972)	$	(54,638)

Weighted-average common shares - basic	672,293		667,102		670,799		666,397
Effect of dilutive securities:
Options	1,575		—		—		—
Restricted stock units and restricted stock awards	184		—		—		—
Weighted-average common shares - diluted	674,052		667,102		670,799		666,397

Net income (loss) per share - basic	$	0.00	$	(0.03)	$	(0.03)	$	(0.08)
Net income (loss) per share - diluted	$	0.00	$	(0.03)	$	(0.03)	$	(0.08)

Schedule of Diluted Net Income per Share

The following table sets forth the potential weighted-average common shares excluded from the calculation of diluted net income (loss) per share because their inclusion would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2026	2025	2026	2025
Options	75,538	72,981	78,140	67,772
Employee stock purchase plan	772	939	399	421
Restricted stock units and restricted stock awards	675	3,371	1,142	2,728
Total	76,985	77,291	79,681	70,921

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,350	$ (18,428)	$ (18,972)	$ (54,638)
Net unrealized gain (loss) on marketable securities	(265)	218	(732)	82
Foreign currency translation adjustment	17	73	(124)	65
Comprehensive income (loss)	$ 1,102	$ (18,137)	$ (19,828)	$ (54,491)

- 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

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 7,942	$ 8,927
Work-in-process	102,579	91,969
Finished goods	16,082	15,740
Total inventory	$ 126,603	$ 116,636

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Gross product revenue	$	74,496	$	60,188	$	212,285	$	163,374
Gross-to-net adjustments:
Chargebacks	(9,670)		(7,042)		(27,023)		(17,154)
Distributor service fees	(2,481)		(2,041)		(7,021)		(5,516)
Government rebates	(2,264)		(2,143)		(5,892)		(2,668)
Sales returns and allowances	33		(1,795)		(2,991)		(2,426)
Total gross-to-net adjustments	(14,382)		(13,021)		(42,927)		(27,764)
Net product revenue	$	60,114	$	47,167	$	169,358	$	135,610