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• An early-stage Moderna, but specializing in a single experimental drug for blood cancers.
• A focused oncology biotech, similar to Incyte in its specialized approach to blood cancers, but with its value largely tied to its lead experimental drug, imetelstat.

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• Rytelo (imetelstat): An oligonucleotide telomerase inhibitor approved for the treatment of adult patients with lower-risk myelodysplastic syndromes (MDS) who have become transfusion-dependent and are refractory or ineligible for erythropoiesis-stimulating agents (ESAs).

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Geron (GERN) is a biopharmaceutical company that has recently received FDA approval for its first commercial product, RYTELO™ (imetelstat), for the treatment of adult patients with lower-risk myelodysplastic syndromes (LR-MDS) with transfusion-dependent anemia. As such, Geron sells its product primarily to other companies within the pharmaceutical supply chain rather than directly to individuals.

The major customers for a pharmaceutical manufacturer like Geron are typically large drug wholesalers and specialty distributors. These companies purchase the drug directly from Geron and then distribute it to hospitals, clinics, and specialty pharmacies, which in turn dispense the medication to patients.

Based on standard pharmaceutical distribution models in the United States, Geron's major customers (or those with whom they will establish distribution agreements) would likely include:

• McKesson Corporation (Symbol: MCK)
• Cencora (Symbol: COR, formerly AmerisourceBergen Corporation)
• Cardinal Health, Inc. (Symbol: CAH)

These entities form the backbone of the drug distribution network, ensuring that RYTELO™ can reach the healthcare providers and patients who need it.

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Harout Semerjian, President and Chief Executive Officer, Board of Directors Member

Mr. Semerjian has been the President, Director, and Chief Executive Officer of Geron since August 2025. He brings over 30 years of commercial experience across hematology and oncology. Previously, he served as Chief Executive Officer of GlycoMimetics and Immunomedics. Prior to that, he was the Executive Vice President, Chief Commercial Officer of Ipsen and Head of the U.S. hematology franchise of Novartis. His career includes pivotal contributions to oncology drug launches such as Gleevec and KISQALI.

Michelle Robertson, Executive Vice President, Chief Financial Officer and Treasurer

Ms. Robertson has served as Geron's Executive Vice President, Chief Financial Officer, and Treasurer since September 2023. She has 30 years of financial and commercial operations experience. Prior to joining Geron, she was the Chief Financial Officer and Treasurer of Editas Medicine Inc. from January 2020 to May 2023. Before that, she served as Chief Financial Officer of Momenta Pharmaceuticals from 2018 until 2020, when Momenta was acquired by Johnson & Johnson. Ms. Robertson also held multiple commercial finance roles at Baxalta Inc., Ironwood Pharmaceuticals Inc., and Genzyme Corporation.

Ahmed ElNawawi (“Nawawi”), Executive Vice President, Chief Commercial Officer

Mr. ElNawawi was appointed Executive Vice President, Chief Commercial Officer, effective October 20, 2025. He previously served as Senior Vice President and U.S. Commercial Head at Stemline Therapeutics, where he was responsible for expanding the team and delivering three consecutive years of growth.

Scott A. Samuels, Executive Vice President, Chief Legal Officer and Secretary

Mr. Samuels has served as Geron's Executive Vice President, Chief Legal Officer and Secretary since 2023. His prior roles include Chief Legal Officer and Chief Compliance Officer of Prilenia Therapeutics Inc. and Senior Vice President, General Counsel of BeiGene Ltd. He also served as Assistant General Counsel and Acting General Counsel at ARIAD Pharmaceuticals Inc.

Shannon T. Odam, Senior Vice President and Chief People Officer

Ms. Odam has served as Senior Vice President and Chief People Officer of Geron since January 2024. She joined Geron in June 2019 as Vice President of Human Resources. Prior to Geron, Ms. Odam was Vice President of Human Resources at BioElectron Technology Corp. and held various human capital roles at PricewaterhouseCoopers.

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The public company Geron (symbol: GERN) faces several key business risks, primarily centered around its reliance on a single product, intense market competition, and ongoing financial challenges.

1. Single Product Dependence and Market Saturation: Geron's business is heavily reliant on the success of its flagship product, Rytelo (imetelstat), approved for lower-risk myelodysplastic syndromes (MDS). This singular focus presents a significant risk to the company's long-term stability and growth. Without a diverse product portfolio, Geron is vulnerable to market fluctuations, regulatory changes, or unexpected clinical outcomes related to Rytelo. There is also a risk of sales plateau or decline if the addressable patient population for Rytelo becomes saturated, especially without new pipeline products to drive future growth. The company's third-quarter 2025 report indicated a 3% quarter-over-quarter decline in Rytelo demand, highlighting this near-term risk.
2. Intense Competition: The hematologic malignancies market is highly competitive, with numerous established pharmaceutical companies and emerging biotechnology firms vying for market share. Geron faces the ongoing challenge of differentiating Rytelo from existing treatments and potential new entrants. Larger pharmaceutical companies with more extensive resources could develop more effective therapies, offer more competitive pricing, or leverage broader market reach, potentially making it difficult for Geron to maintain or expand its market position.
3. Financial Health and Profitability Concerns: Geron has consistently reported negative earnings per share (EPS) and has been burning through cash. Despite a strong liquidity position with cash exceeding liabilities, financial health indicators such as a low Piotroski F-Score and an Altman Z-Score placing the company in the "distress zone" suggest potential underlying operational challenges and financial distress. Additionally, the company has faced lawsuits alleging false statements regarding Rytelo's potential, which led to a significant stock crash in early 2025.

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Geron's main product, imetelstat (marketed as RYTELO), targets hematological diseases, specifically lower-risk myelodysplastic syndromes (LR-MDS) and relapsed/refractory myelofibrosis (R/R MF). RYTELO is approved in the United States and the European Union for certain adult patients with LR-MDS with transfusion-dependent anemia. The company is also conducting a pivotal Phase 3 clinical trial for imetelstat in relapsed/refractory myelofibrosis (R/R MF).

The estimated addressable market for imetelstat in these indications is as follows:

• Geron estimates a total addressable market value of $7 billion by 2031 for imetelstat across hematological diseases such as MDS and MF. This market size is for the U.S. and E.U. markets combined.
• Specifically, the market opportunity for LR-MDS is estimated at approximately $3.5 billion, and for myelofibrosis, also approximately $3.5 billion. These estimates refer to the U.S. and E.U. markets.

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Geron Corporation (GERN) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, primarily centered around its flagship product, RYTELO (imetelstat).

1. Increased Adoption and Utilization of RYTELO in the U.S. Market: Geron is focused on enhancing healthcare professional (HCP) awareness and improving the effectiveness of its commercial strategies in the U.S. market to boost RYTELO's adoption. This includes expanding the prescriber base and specifically targeting increased usage in first- and second-line therapies for lower-risk Myelodysplastic Syndromes (MDS). The company aims to drive new patient starts and extend the duration of therapy.
2. Expansion of RYTELO into European Markets: Having received marketing authorization for RYTELO from the European Commission, Geron plans to expand its commercial strategies into EU markets by 2026. This strategic move represents a significant opportunity to reach a broader patient population and diversify revenue streams.
3. Potential Approval and Commercialization for Myelofibrosis (MF): Geron's Phase 3 IMpactMF trial evaluating imetelstat for relapsed/refractory myelofibrosis (MF) has completed enrollment by year-end 2025, with an interim analysis expected in the second half of 2026. A successful outcome and subsequent approval for this indication would open a substantial new market, representing a significant expansion opportunity beyond lower-risk MDS.
4. Sales Force Expansion and Enhanced Commercial Execution: Geron has been actively investing in and expanding its commercial sales force and medical affairs teams. These efforts are designed to increase brand awareness, provide physician education, and drive deeper market penetration for RYTELO. The company's strategy involves direct engagement with hematologists and treatment centers to support uptake.

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Share Repurchases

Geron has not reported any significant share repurchase programs or actual share repurchases over the last 3-5 years.

Share Issuance

• In January 2023, Geron completed an underwritten public offering of common stock and pre-funded warrants, generating approximately $213.3 million in net cash proceeds.
• During 2023, the company received $105.9 million in cash proceeds from the exercise of outstanding warrants.
• Stockholders approved an increase of 20,000,000 shares for the 2018 Equity Incentive Plan and an additional 6,000,000 shares for the 2014 Employee Stock Purchase Plan in May 2025.

Inbound Investments

• Geron received net cash proceeds from synthetic royalty and debt financings in November 2024, contributing to a larger marketable securities portfolio.

Outbound Investments

Geron has not reported any significant outbound strategic investments in other companies over the last 3-5 years.

Capital Expenditures

• Capital expenditures amounted to approximately $0.4 million in 2020, $0.21 million in 2021, $0.43 million in 2022, $0.83 million in 2023, and $0.68 million in 2024.