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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON D.C. 20549

 

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2023

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to .

 

Commission File Number: 000-20859

 

 

GERON CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

75-2287752

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

919 EAST HILLSDALE BOULEVARD, SUITE 250, FOSTER CITY, CA

 

94404

(Address of principal executive offices)

 

(Zip Code)

 

(650) 473-7700

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading symbol(s):

Name of each exchange on which registered:

Common Stock, $0.001 par value

GERN

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class:

 

Outstanding at October 31, 2023:

Common Stock, $0.001 par value

 

543,063,950 shares

 

 

 


 

GERON CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED September 30, 2023

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1:

 

Financial Statements (Unaudited)

 

3

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

6

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

Notes to Condensed Consolidated Financial Statements

 

9

Item 2:

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

23

Item 3:

 

Quantitative and Qualitative Disclosures About Market Risk

 

31

Item 4:

 

Controls and Procedures

 

31

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1:

 

Legal Proceedings

 

32

Item 1A:

 

Risk Factors

 

32

Item 2:

 

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

 

78

Item 3:

 

Defaults Upon Senior Securities

 

78

Item 4:

 

Mine Safety Disclosures

 

78

Item 5:

 

Other Information

 

78

Item 6:

 

Exhibits

 

79

 

 

SIGNATURES

 

80

 

 


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

GERON CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

 

 

SEPTEMBER 30,

 

 

DECEMBER 31,

 

 

 

2023

 

 

2022

 

 

 

(UNAUDITED)

 

 

(NOTE 1)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

30,709

 

 

$

56,845

 

Restricted cash

 

 

536

 

 

 

364

 

Marketable securities

 

 

282,818

 

 

 

115,901

 

Interest and other receivables

 

 

14,754

 

 

 

3,144

 

Prepaid and other current assets

 

 

6,268

 

 

 

3,992

 

Total current assets

 

 

335,085

 

 

 

180,246

 

Noncurrent marketable securities

 

 

67,821

 

 

 

 

Property and equipment, net

 

 

1,231

 

 

 

793

 

Operating leases, right-of-use assets

 

 

3,683

 

 

 

4,147

 

Deposits and other assets

 

 

5,197

 

 

 

5,389

 

 

 

$

413,017

 

 

$

190,575

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

13,684

 

 

$

10,190

 

Accrued compensation and benefits

 

 

10,837

 

 

 

11,534

 

Operating lease liabilities

 

 

943

 

 

 

925

 

Debt

 

 

22,060

 

 

 

20,945

 

Accrued liabilities

 

 

41,862

 

 

 

33,100

 

Total current liabilities

 

 

89,386

 

 

 

76,694

 

Noncurrent operating lease liabilities

 

 

3,179

 

 

 

3,671

 

Noncurrent debt

 

 

29,838

 

 

 

30,212

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock

 

 

542

 

 

 

390

 

Additional paid-in capital

 

 

1,836,818

 

 

 

1,493,469

 

Accumulated deficit

 

 

(1,545,796

)

 

 

(1,413,642

)

Accumulated other comprehensive loss

 

 

(950

)

 

 

(219

)

Total stockholders' equity

 

 

290,614

 

 

 

79,998

 

 

 

$

413,017

 

 

$

190,575

 

See accompanying notes.

3


 

GERON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(UNAUDITED)

 

 

THREE MONTHS ENDED

 

 

NINE MONTHS ENDED

 

 

 

SEPTEMBER 30,

 

 

SEPTEMBER 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Royalties

 

$

164

 

 

$

297

 

 

$

214

 

 

$

493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

29,426

 

 

 

24,603

 

 

 

92,135

 

 

 

67,308

 

General and administrative

 

 

18,350

 

 

 

15,642

 

 

 

47,734

 

 

 

29,784

 

Total operating expenses

 

 

47,776

 

 

 

40,245

 

 

 

139,869

 

 

 

97,092

 

Loss from operations

 

 

(47,612

)

 

 

(39,948

)

 

 

(139,655

)

 

 

(96,599

)

Interest income

 

 

4,965

 

 

 

852

 

 

 

13,556

 

 

 

1,294

 

Interest expense

 

 

(2,066

)

 

 

(1,817

)

 

 

(5,991

)

 

 

(4,877

)

Other income and (expense), net

 

 

(92

)

 

 

(138

)

 

 

(64

)

 

 

916

 

Net loss

 

$

(44,805

)

 

$

(41,051

)

 

$

(132,154

)

 

$

(99,266

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

$

(0.08

)

 

$

(0.10

)

 

$

(0.23

)

 

$

(0.26

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing
   basic and diluted net loss per share

 

 

579,508,305

 

 

 

405,237,474

 

 

 

562,445,577

 

 

 

380,659,049

 

See accompanying notes.

4


 

GERON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(IN THOUSANDS)

(UNAUDITED)

 

 

THREE MONTHS ENDED

 

 

NINE MONTHS ENDED

 

 

 

SEPTEMBER 30,

 

 

SEPTEMBER 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net loss

 

$

(44,805

)

 

$

(41,051

)

 

$

(132,154

)

 

$

(99,266

)

Net unrealized loss on marketable securities

 

 

(11

)

 

 

153

 

 

 

(722

)

 

 

(468

)

Foreign currency translation adjustments

 

 

6

 

 

 

9

 

 

 

(9

)

 

 

21

 

Comprehensive loss

 

$

(44,810

)

 

$

(40,889

)

 

$

(132,885

)

 

$

(99,713

)

See accompanying notes.

5


 

GERON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Gain (Loss)

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

390,262,524

 

 

$

390

 

 

$

1,493,469

 

 

$

(1,413,642

)

 

$

(219

)

 

$

79,998

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(38,122

)

 

 

 

 

 

(38,122

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75

 

 

 

75

 

Foreign currency translation
   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16

)

 

 

(16

)

Issuance of common stock and
   pre-funded warrant to purchase
   common stock in public
   offering, net of issuance
   costs of $
14,507

 

 

68,007,741

 

 

 

68

 

 

 

213,269

 

 

 

 

 

 

 

 

 

213,337

 

Issuance of common stock in
   connection with exercise of
   warrants

 

 

44,983,193

 

 

 

45

 

 

 

59,790

 

 

 

 

 

 

 

 

 

59,835

 

Stock-based compensation related
   to issuance of common stock
   and options in exchange
   for services

 

 

9,360

 

 

 

1

 

 

 

111

 

 

 

 

 

 

 

 

 

112

 

Issuance of common stock
    under equity plans

 

 

5,469,028

 

 

 

5

 

 

 

7,870

 

 

 

 

 

 

 

 

 

7,875

 

Stock-based compensation for
   equity-based awards to
   employees and directors

 

 

 

 

 

 

 

 

2,961

 

 

 

 

 

 

 

 

 

2,961

 

Balance at March 31, 2023

 

 

508,731,846

 

 

 

509

 

 

 

1,777,470

 

 

 

(1,451,764

)

 

 

(160

)

 

 

326,055

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(49,227

)

 

 

 

 

 

(49,227

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(786

)

 

 

(786

)

Foreign currency translation
   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Issuance of common stock in
   connection with exercise of
   warrants

 

 

12,842,857

 

 

 

13

 

 

 

17,754

 

 

 

 

 

 

 

 

 

17,767

 

Stock-based compensation related
   to issuance of common stock
   and options in exchange
   for services

 

 

6,327

 

 

 

 

 

 

99

 

 

 

 

 

 

 

 

 

99

 

Issuance of common stock
    under equity plans

 

 

361,074

 

 

 

 

 

 

573

 

 

 

 

 

 

 

 

 

573

 

Stock-based compensation for
   equity-based awards to
   employees and directors

 

 

 

 

 

 

 

 

3,945

 

 

 

 

 

 

 

 

 

3,945

 

Balance at June 30, 2023

 

 

521,942,104

 

 

$

522

 

 

$

1,799,841

 

 

$

(1,500,991

)

 

$

(945

)

 

$

298,427

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(44,805

)

 

 

 

 

 

(44,805

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

(11

)

Foreign currency translation
   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

6

 

Issuance of common stock in
   connection with exercise of
   warrants

 

 

19,523,808

 

 

 

19

 

 

 

28,290

 

 

 

 

 

 

 

 

 

28,309

 

Stock-based compensation related
   to issuance of common stock
   and options in exchange
   for services

 

 

9,581

 

 

 

 

 

 

440

 

 

 

 

 

 

 

 

 

440

 

Issuance of common stock
    under equity plans

 

 

1,004,173

 

 

 

1

 

 

 

1,043

 

 

 

 

 

 

 

 

 

1,044

 

Stock-based compensation for
   equity-based awards to
   employees and directors

 

 

 

 

 

 

 

 

7,204

 

 

 

 

 

 

 

 

 

7,204

 

Balance at September 30, 2023

 

 

542,479,666

 

 

$

542

 

 

$

1,836,818

 

 

$

(1,545,796

)

 

$

(950

)

 

$

290,614

 

 

6


 

GERON CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(IN THOUSANDS, EXCEPT SHARE DATA)

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

Other

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Accumulated

 

 

Comprehensive

 

 

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Gain (Loss)

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

323,731,591

 

 

$

324

 

 

$

1,398,006

 

 

$

(1,271,741

)

 

$

(173

)

 

$

126,416

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(30,098

)

 

 

 

 

 

(30,098

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(539

)

 

 

(539

)

Foreign currency translation
   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

Stock-based compensation related
   to issuance of common stock
   and options in exchange
   for services

 

 

5,284

 

 

 

 

 

 

15

 

 

 

 

 

 

 

 

 

15

 

Stock-based compensation for
   equity-based awards to
   employees and directors

 

 

 

 

 

 

 

 

1,692

 

 

 

 

 

 

 

 

 

1,692

 

Balance at March 31, 2022

 

 

323,736,875

 

 

 

324

 

 

 

1,399,713

 

 

 

(1,301,839

)

 

 

(711

)

 

 

97,487

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(28,117

)

 

 

 

 

 

(28,117

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82

)

 

 

(82

)

Foreign currency translation
   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11

 

 

 

11

 

Issuance of common stock,
   pre-funded warrant and
   warrants to purchase
   common stock in public
   offering, net of issuance
   costs of $
5,066

 

 

53,333,334

 

 

 

53

 

 

 

69,863

 

 

 

 

 

 

 

 

 

69,916

 

Stock-based compensation related
   to issuance of common stock
   and options in exchange
   for services

 

 

4,637

 

 

 

 

 

 

13

 

 

 

 

 

 

 

 

 

13

 

Issuance of common stock
    under equity plans

 

 

589,913

 

 

 

1

 

 

 

760

 

 

 

 

 

 

 

 

 

761

 

Stock-based compensation for
   equity-based awards to
   employees and directors

 

 

 

 

 

 

 

 

2,058

 

 

 

 

 

 

 

 

 

2,058

 

Balance at June 30, 2022

 

 

377,664,759

 

 

$

378

 

 

$

1,472,407

 

 

$

(1,329,956

)

 

$

(782

)

 

$

142,047

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(41,051

)

 

 

 

 

 

(41,051

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

162

 

 

 

162

 

Foreign currency translation
   adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation
   related to issuance of common
   stock and options in exchange
   for services

 

 

3,071

 

 

 

 

 

 

112

 

 

 

 

 

 

 

 

 

112

 

Issuance of common stock in
   connection with exercise of
   warrants

 

 

2,798,003

 

 

 

3

 

 

 

3,635

 

 

 

 

 

 

 

 

 

3,638

 

Issuances of common stock
    under equity plans

 

 

748,493

 

 

 

1