$GERN
Geron Corp

2022 Q3 Form 10-Q Financial Statement

#000095017022022712 Filed on November 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2021 Q3
Revenue $297.0K $109.0K
YoY Change 172.48% -0.91%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.64M $7.256M
YoY Change 115.57% 11.46%
% of Gross Profit
Research & Development $24.60M $18.53M
YoY Change 32.8% 36.13%
% of Gross Profit
Depreciation & Amortization $79.00K $53.00K
YoY Change 49.06% 6.0%
% of Gross Profit
Operating Expenses $40.25M $25.78M
YoY Change 56.09% 28.15%
Operating Profit -$39.95M -$25.67M
YoY Change 55.6%
Interest Expense $1.817M -$946.0K
YoY Change -292.07% -330.73%
% of Operating Profit
Other Income/Expense, Net -$138.0K -$77.00K
YoY Change 79.22% 54.0%
Pretax Income -$41.05M -$26.70M
YoY Change 53.77% 35.86%
Income Tax
% Of Pretax Income
Net Earnings -$41.05M -$26.70M
YoY Change 53.77% 35.86%
Net Earnings / Revenue -13821.89% -24492.66%
Basic Earnings Per Share -$0.10 -$0.08
Diluted Earnings Per Share -$0.10 -$81.16K
COMMON SHARES
Basic Shares Outstanding 377.8M 328.9M
Diluted Shares Outstanding 405.2M 328.9M

Balance Sheet

Concept 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $194.8M $176.1M
YoY Change 10.6% -22.62%
Cash & Equivalents $61.10M $29.40M
Short-Term Investments $133.7M $147.1M
Other Short-Term Assets $5.060M $2.625M
YoY Change 92.76% -20.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $222.1M $179.4M
YoY Change 23.82% -22.66%
LONG-TERM ASSETS
Property, Plant & Equipment $733.0K $5.500M
YoY Change -86.67% -9.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $39.36M
YoY Change -100.0% -14.06%
Other Assets $5.507M $4.880M
YoY Change 12.85% 132.38%
Total Long-Term Assets $10.54M $49.74M
YoY Change -78.82% -7.71%
TOTAL ASSETS
Total Short-Term Assets $222.1M $179.4M
Total Long-Term Assets $10.54M $49.74M
Total Assets $232.6M $229.1M
YoY Change 1.53% -19.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.183M $4.714M
YoY Change 73.59% 27.41%
Accrued Expenses $53.11M $33.76M
YoY Change 57.34% 65.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.96M
YoY Change
Total Short-Term Liabilities $82.81M $38.47M
YoY Change 115.26% 58.97%
LONG-TERM LIABILITIES
Long-Term Debt $37.80M $34.67M
YoY Change 9.03% 45.15%
Other Long-Term Liabilities $3.826M $4.405M
YoY Change -13.14% -10.1%
Total Long-Term Liabilities $37.80M $34.67M
YoY Change 9.03% 45.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.81M $38.47M
Total Long-Term Liabilities $37.80M $34.67M
Total Liabilities $120.6M $77.54M
YoY Change 55.53% 46.42%
SHAREHOLDERS EQUITY
Retained Earnings -$1.371B
YoY Change
Common Stock $1.480B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.2M $151.6M
YoY Change
Total Liabilities & Shareholders Equity $232.6M $229.1M
YoY Change 1.53% -19.84%

Cashflow Statement

Concept 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$41.05M -$26.70M
YoY Change 53.77% 35.86%
Depreciation, Depletion And Amortization $79.00K $53.00K
YoY Change 49.06% 6.0%
Cash From Operating Activities -$29.58M -$22.84M
YoY Change 29.52% 47.83%
INVESTING ACTIVITIES
Capital Expenditures -$171.0K -$94.00K
YoY Change 81.91%
Acquisitions
YoY Change
Other Investing Activities $10.01M -$5.312M
YoY Change -288.5% -139.15%
Cash From Investing Activities $9.842M -$5.406M
YoY Change -282.06% -139.84%
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -29.58M -22.84M
Cash From Investing Activities 9.842M -5.406M
Cash From Financing Activities 4.778M 0.000
Net Change In Cash -14.96M -28.25M
YoY Change -47.03% -227.81%
FREE CASH FLOW
Cash From Operating Activities -$29.58M -$22.84M
Capital Expenditures -$171.0K -$94.00K
Free Cash Flow -$29.41M -$22.75M
YoY Change 29.3% 47.22%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-73388000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
291000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
104000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
97336000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
116482000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
140706000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
178574000
us-gaap Proceeds From Sale Of Equity Securities Fv Ni
ProceedsFromSaleOfEquitySecuritiesFvNi
1594000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
43079000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
63582000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1962000
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
3638000
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
175000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
75341000
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
10000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26232000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
19111000
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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
61467000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29399000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-41051000
us-gaap Net Income Loss
NetIncomeLoss
-99266000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-92198000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1371007000
CY2022Q3 gern Cash Restricted Cash Cash Equivalents And Marketable Securities
CashRestrictedCashCashEquivalentsAndMarketableSecurities
195151000
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
CY2022Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
644000
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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2063000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2008000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5813000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5775000
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
CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
434000
CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
31865000
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
51521000
CY2022Q3 gern Cash And Cash Equivalents Unrealized Losses
CashAndCashEquivalentsUnrealizedLosses
7000
CY2022Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
51514000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
364000
CY2022Q3 us-gaap Restricted Investments At Fair Value
RestrictedInvestmentsAtFairValue
364000
CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
134318000
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000
CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
637000
CY2022Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
133684000
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
CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
129166000
CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
210000
CY2022Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
161031000
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
CY2022Q3 gern Accrued Clinical Research Organizations And Clinical Trial Costs Current
AccruedClinicalResearchOrganizationsAndClinicalTrialCostsCurrent
22235000
CY2021Q4 gern Accrued Clinical Research Organizations And Clinical Trial Costs Current
AccruedClinicalResearchOrganizationsAndClinicalTrialCostsCurrent
22804000
CY2022Q3 gern Securities Class Action Settlement
SecuritiesClassActionSettlement
24000000
CY2022Q3 gern Accrued Manufacturing Activities Current
AccruedManufacturingActivitiesCurrent
2325000
CY2021Q4 gern Accrued Manufacturing Activities Current
AccruedManufacturingActivitiesCurrent
4123000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3408000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2030000
CY2022Q3 us-gaap Interest Payable Current
InterestPayableCurrent
479000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
336000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
664000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
541000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
53111000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
29834000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1495000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
26409000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
33858000
CY2022Q3 gern Long Term Debt Gross
LongTermDebtGross
61762000
CY2022Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
8487000
CY2022Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
747000
CY2022Q3 gern Debt Instrument Unamortized End Of Term Charge
DebtInstrumentUnamortizedEndOfTermCharge
1770000
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
12959000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
37799000

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