Geron Corporation (GERN) shares surged 19.86% in after-hours on Thursday, June 17, 2021, and close the day at $1.69 per share. Earlier in the morning session, GERN’s stock price remained unchanged. GERN shares have fallen 19.43% over the last 12 months, and they have moved down 5.37% in the past week. Over the past three months, the stock has lost 19.43%, while over the past six months, it has shed 16.07%.
Publication of IMbark Phase 2 Data
On June 17, 2021, Geron Corporation published the data from the IMbark Phase 2 clinical trial in the Journal of Clinical Oncology in a paper entitled, “Randomized, Single-Blind, Multicenter Phase II Study of Two Doses of Imetelstat in Relapsed or Refractory Myelofibrosis.” The publication highlights the clinical benefits observed in the study, including symptom response and overall survival, as well as the evidence of disease-modifying activity from biomarker and bone marrow fibrosis assessments.
Participation in Hematology Association Annual Congress
Geron Corporation did two poster presentations of new clinical data and analyses related to imetelstat, the Company’s first-in-class telomerase inhibitor, which is now available on Geron’s website as well as to participants of the EHA2021 Virtual Congress.
The first presentation is Efficacy of Imetelstat is Independent of Molecular Subtypes in Heavily Transfused Non-Del(5q) Lower Risk MDS (LR-MDS) Relapsed/Refractory (R/R) to Erythropoiesis Stimulating Agents (ESA)
Poster Code: EP910.
The 2nd one is, Imetelstat Demonstrates an Acceptable Safety Profile in Myeloid Malignancies
Poster Code: EP1106
Recent financial results announcement
On May 10, 2021, Geron Corporation announced its financial results for the first quarter ended March 31, 2021.
Q1 2021 financial results
- Geron Corporation earned a revenue of $137,000 for Q1 2021 compared to $52,000 for the same period in 2020.
- The company suffered a net loss of $27.8 million, or $0.09 per share in Q1 2021 compared with $16.4 million, or $0.08 per share, for Q1 2020.
- Total operating expenses were $28.6 million for the first quarter of 2021 compared to $16.9 million for the same period in 2020.
- Research and development expenses for the first quarter of 2021 were $21.1 million compared to $10.8 million in Q1 2020.
- Interest income was $173,000 for the first quarter of 2021 compared to $754,000 for Q1 2020.
- Net other income was $1.2 million for the first quarter of 2021 compared to net other expense of $44,000 for the first quarter of 2020.
On April 23, 2021, Geron Corporation granted non-statutory stock options to purchase an aggregate of 220,000 shares of Geron common stock at an exercise price of $1.48 per share as inducements to newly hired employees in connection with the commencement of employment with the Company.
The GERN stock surged in the after-hours after the company announced the publication of IMbark Phase 2 Data and GERN can continue its rally on the last day of the week.