$GERN
Geron Corp

2022 Q3 Form 10-Q Financial Statement

#000095017022016839 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $297.0K $73.00K $123.0K
YoY Change 172.48% -31.78% -10.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.64M $7.443M $6.699M
YoY Change 115.57% 5.44% -10.44%
% of Gross Profit
Research & Development $24.60M $20.61M $22.10M
YoY Change 32.8% -6.07% 4.67%
% of Gross Profit
Depreciation & Amortization $79.00K $72.00K $57.00K
YoY Change 49.06% 41.18% 18.75%
% of Gross Profit
Operating Expenses $40.25M $28.05M $28.80M
YoY Change 56.09% -3.27% 0.72%
Operating Profit -$39.95M -$27.98M -$28.68M
YoY Change 55.6% -3.16% 0.78%
Interest Expense $1.817M $1.581M $1.479M
YoY Change -292.07% 96.64% 99.06%
% of Operating Profit
Other Income/Expense, Net -$138.0K $1.110M -$56.00K
YoY Change 79.22% -6629.41% -104.67%
Pretax Income -$41.05M -$28.12M -$30.10M
YoY Change 53.77% -4.93% 8.19%
Income Tax
% Of Pretax Income
Net Earnings -$41.05M -$28.12M -$30.10M
YoY Change 53.77% -4.93% 8.17%
Net Earnings / Revenue -13821.89% -38516.44% -24469.92%
Basic Earnings Per Share -$0.10 -$0.07 -$0.09
Diluted Earnings Per Share -$0.10 -$0.07 -$90.64K
COMMON SHARES
Basic Shares Outstanding 377.8M 403.9M 332.1M
Diluted Shares Outstanding 405.2M 403.9M 332.1M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.8M $219.3M $166.7M
YoY Change 10.6% 10.62% -21.01%
Cash & Equivalents $61.10M $76.06M $31.33M
Short-Term Investments $133.7M $143.2M $135.3M
Other Short-Term Assets $5.060M $3.834M $4.015M
YoY Change 92.76% 36.59% 14.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $222.1M $227.4M $175.9M
YoY Change 23.82% 12.69% -18.29%
LONG-TERM ASSETS
Property, Plant & Equipment $733.0K $641.0K $643.0K
YoY Change -86.67% -88.59% -88.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $10.95M
YoY Change -100.0% -100.0% -67.13%
Other Assets $5.507M $5.703M $6.323M
YoY Change 12.85% 33.47% 47.05%
Total Long-Term Assets $10.54M $10.79M $22.50M
YoY Change -78.82% -78.6% -48.04%
TOTAL ASSETS
Total Short-Term Assets $222.1M $227.4M $175.9M
Total Long-Term Assets $10.54M $10.79M $22.50M
Total Assets $232.6M $238.2M $198.4M
YoY Change 1.53% -5.56% -23.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.183M $4.521M $6.245M
YoY Change 73.59% 20.3% 38.78%
Accrued Expenses $53.11M $30.67M $35.80M
YoY Change 57.34% -7.77% 48.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.96M $5.162M
YoY Change
Total Short-Term Liabilities $82.81M $46.88M $46.63M
YoY Change 115.26% 26.66% 63.04%
LONG-TERM LIABILITIES
Long-Term Debt $37.80M $45.26M $50.18M
YoY Change 9.03% 31.5% 107.35%
Other Long-Term Liabilities $3.826M $3.977M $4.125M
YoY Change -13.14% -12.4% -12.23%
Total Long-Term Liabilities $37.80M $45.26M $50.18M
YoY Change 9.03% 31.5% 73.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.81M $46.88M $46.63M
Total Long-Term Liabilities $37.80M $45.26M $50.18M
Total Liabilities $120.6M $92.14M $96.81M
YoY Change 55.53% 21.28% 68.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.371B -$1.330B -$1.302B
YoY Change
Common Stock $1.480B $1.473B $1.400B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.2M $142.0M $97.49M
YoY Change
Total Liabilities & Shareholders Equity $232.6M $238.2M $198.4M
YoY Change 1.53% -5.56% -23.27%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$41.05M -$28.12M -$30.10M
YoY Change 53.77% -4.93% 8.17%
Depreciation, Depletion And Amortization $79.00K $72.00K $57.00K
YoY Change 49.06% 41.18% 18.75%
Cash From Operating Activities -$29.58M -$28.64M -$33.97M
YoY Change 29.52% 60.75% 3.79%
INVESTING ACTIVITIES
Capital Expenditures -$171.0K -$70.00K $50.00K
YoY Change 81.91% 400.0%
Acquisitions
YoY Change
Other Investing Activities $10.01M $2.880M $30.48M
YoY Change -288.5% -90.68% -19.99%
Cash From Investing Activities $9.842M $2.810M $30.43M
YoY Change -282.06% -90.91% -20.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.778M 70.56M 0.000
YoY Change 457.5% -100.0%
NET CHANGE
Cash From Operating Activities -29.58M -28.64M -33.97M
Cash From Investing Activities 9.842M 2.810M 30.43M
Cash From Financing Activities 4.778M 70.56M 0.000
Net Change In Cash -14.96M 44.73M -3.547M
YoY Change -47.03% 73.73% -116.41%
FREE CASH FLOW
Cash From Operating Activities -$29.58M -$28.64M -$33.97M
Capital Expenditures -$171.0K -$70.00K $50.00K
Free Cash Flow -$29.41M -$28.57M -$34.02M
YoY Change 29.3% 60.35% 3.91%

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-62616000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-50548000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
120000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
57049000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
82430000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
90406000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
149834000
us-gaap Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
1594000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
33237000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
68988000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
761000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
204000
gern Proceeds From Public Offering Issuance Of Common Stock And Warrants
ProceedsFromPublicOfferingIssuanceOfCommonStockAndWarrants
69916000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
16234000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2479000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
10000000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
114000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70563000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
28917000
gern Effect Of Unrealized Losses And Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfUnrealizedLossesAndExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
41186000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
47357000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35235000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10288000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
76421000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
57645000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.035;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.035;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. 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 and equity investments, operating leases, right-of-use assets, lease liabilities, income taxes, and stock-based compensation. 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.</span></p>
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P4Y
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2058000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1973000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3750000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3767000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
580000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
18390000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
221000
CY2022Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
170735000
CY2022Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
801000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
128591000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
170000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
4993000
CY2021Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
7000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
133584000
CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
177000
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
69032000
CY2022Q2 gern Cash And Cash Equivalents Unrealized Losses
CashAndCashEquivalentsUnrealizedLosses
10000
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
69022000
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
364000
CY2022Q2 us-gaap Restricted Investments At Fair Value
RestrictedInvestmentsAtFairValue
364000
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
144014000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
791000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
143230000
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
31706000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
31706000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
364000
CY2021Q4 us-gaap Restricted Investments At Fair Value
RestrictedInvestmentsAtFairValue
364000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
177675000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
177000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
177502000
CY2022Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
152345000
CY2022Q2 gern Accrued Clinical Research Organizations And Clinical Trial Costs Current
AccruedClinicalResearchOrganizationsAndClinicalTrialCostsCurrent
21581000
CY2021Q4 gern Accrued Clinical Research Organizations And Clinical Trial Costs Current
AccruedClinicalResearchOrganizationsAndClinicalTrialCostsCurrent
22804000
CY2022Q2 gern Accrued Manufacturing Activities Current
AccruedManufacturingActivitiesCurrent
5699000
CY2021Q4 gern Accrued Manufacturing Activities Current
AccruedManufacturingActivitiesCurrent
4123000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2602000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2030000
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
422000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
336000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
366000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
541000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30670000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
29834000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2653000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
25880000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
33498000
CY2022Q2 gern Long Term Debt Gross
LongTermDebtGross
62031000
CY2022Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
8756000
CY2022Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
801000
CY2022Q2 gern Debt Instrument Unamortized End Of Term Charge
DebtInstrumentUnamortizedEndOfTermCharge
2054000
CY2022Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
5162000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
45258000

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