$GERN
Geron Corp

2023 Q2 Form 10-Q Financial Statement

#000095017023020853 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $29.00K $21.00K $123.0K
YoY Change -60.27% -82.93% -10.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.49M $12.89M $6.699M
YoY Change 121.55% 92.48% -10.44%
% of Gross Profit
Research & Development $35.49M $27.22M $22.10M
YoY Change 72.23% 23.17% 4.67%
% of Gross Profit
Depreciation & Amortization $121.0K $99.00K $57.00K
YoY Change 68.06% 73.68% 18.75%
% of Gross Profit
Operating Expenses $51.98M $40.11M $28.80M
YoY Change 85.32% 39.29% 0.72%
Operating Profit -$51.95M -$40.09M -$28.68M
YoY Change 85.7% 39.82% 0.78%
Interest Expense $2.003M $1.922M $1.479M
YoY Change 26.69% 29.95% 99.06%
% of Operating Profit
Other Income/Expense, Net -$11.00K $39.00K -$56.00K
YoY Change -100.99% -169.64% -104.67%
Pretax Income -$49.23M -$38.12M -$30.10M
YoY Change 75.08% 26.66% 8.19%
Income Tax
% Of Pretax Income
Net Earnings -$49.23M -$38.12M -$30.10M
YoY Change 75.08% 26.66% 8.17%
Net Earnings / Revenue -169748.28% -181533.33% -24469.92%
Basic Earnings Per Share -$0.09 -$0.07 -$0.09
Diluted Earnings Per Share -$0.09 -$0.07 -$90.64K
COMMON SHARES
Basic Shares Outstanding 508.8M 508.7M 332.1M
Diluted Shares Outstanding 547.3M 544.5M 332.1M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $371.4M $380.7M $166.7M
YoY Change 69.36% 128.44% -21.01%
Cash & Equivalents $56.90M $112.8M $31.33M
Short-Term Investments $314.5M $268.0M $135.3M
Other Short-Term Assets $4.714M $4.686M $4.015M
YoY Change 22.95% 16.71% 14.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $377.3M $387.0M $175.9M
YoY Change 65.93% 119.99% -18.29%
LONG-TERM ASSETS
Property, Plant & Equipment $1.147M $1.066M $643.0K
YoY Change 78.94% 65.79% -88.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $28.28M $28.10M $10.95M
YoY Change 156.74% -67.13%
Other Assets $4.748M $4.693M $6.323M
YoY Change -16.75% -25.78% 47.05%
Total Long-Term Assets $38.02M $37.85M $22.50M
YoY Change 252.47% 68.26% -48.04%
TOTAL ASSETS
Total Short-Term Assets $377.3M $387.0M $175.9M
Total Long-Term Assets $38.02M $37.85M $22.50M
Total Assets $415.3M $424.9M $198.4M
YoY Change 74.38% 114.13% -23.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.673M $3.383M $6.245M
YoY Change 69.72% -45.83% 38.78%
Accrued Expenses $45.04M $34.69M $35.80M
YoY Change 46.84% -3.09% 48.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.84M $0.00
YoY Change 110.03%
Total Short-Term Liabilities $72.57M $43.91M $46.63M
YoY Change 54.8% -5.83% 63.04%
LONG-TERM LIABILITIES
Long-Term Debt $40.80M $51.40M $50.18M
YoY Change -9.85% 2.43% 107.35%
Other Long-Term Liabilities $3.498M $3.512M $4.125M
YoY Change -12.04% -14.86% -12.23%
Total Long-Term Liabilities $40.80M $51.40M $50.18M
YoY Change -9.85% 2.43% 73.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.57M $43.91M $46.63M
Total Long-Term Liabilities $40.80M $51.40M $50.18M
Total Liabilities $113.4M $95.31M $96.81M
YoY Change 23.05% -1.55% 68.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.501B -$1.452B -$1.302B
YoY Change 12.86% 11.52%
Common Stock $1.800B $1.778B $1.400B
YoY Change 22.24% 27.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $298.4M $326.1M $97.49M
YoY Change
Total Liabilities & Shareholders Equity $415.3M $424.9M $198.4M
YoY Change 74.38% 114.13% -23.27%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$49.23M -$38.12M -$30.10M
YoY Change 75.08% 26.66% 8.17%
Depreciation, Depletion And Amortization $121.0K $99.00K $57.00K
YoY Change 68.06% 73.68% 18.75%
Cash From Operating Activities -$29.60M -$46.37M -$33.97M
YoY Change 3.35% 36.47% 3.79%
INVESTING ACTIVITIES
Capital Expenditures $202.0K $372.0K $50.00K
YoY Change -388.57% 644.0% 400.0%
Acquisitions
YoY Change
Other Investing Activities -$44.24M -$178.4M $30.48M
YoY Change -1636.18% -685.23% -19.99%
Cash From Investing Activities -$44.44M -$178.7M $30.43M
YoY Change -1681.64% -687.42% -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 18.34M 281.0M 0.000
YoY Change -74.01% -100.0%
NET CHANGE
Cash From Operating Activities -29.60M -46.37M -33.97M
Cash From Investing Activities -44.44M -178.7M 30.43M
Cash From Financing Activities 18.34M 281.0M 0.000
Net Change In Cash -55.71M 55.93M -3.547M
YoY Change -224.53% -1676.91% -116.41%
FREE CASH FLOW
Cash From Operating Activities -$29.60M -$46.37M -$33.97M
Capital Expenditures $202.0K $372.0K $50.00K
Free Cash Flow -$29.80M -$46.74M -$34.02M
YoY Change 4.31% 37.36% 3.91%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
35235000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
113142000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
31689000
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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;">Prior Period Reclassification</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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 prior period presentations of other comprehensive loss in the condensed consolidated statements of stockholders' equity and accrued liabilities have been updated to conform to current period presentation. See Note 3 on Accrued Liabilities.</span></p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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;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, 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>
CY2023Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P4Y
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2961000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1692000
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
76458000
CY2023Q1 gern Cash And Cash Equivalents Unrealized Gains
CashAndCashEquivalentsUnrealizedGains
6000
CY2023Q1 gern Cash And Cash Equivalents Unrealized Losses
CashAndCashEquivalentsUnrealizedLosses
30000
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
76434000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
365000
CY2023Q1 us-gaap Restricted Investments At Fair Value
RestrictedInvestmentsAtFairValue
365000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
296205000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
109000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
250000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
296064000
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
39771000
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
39771000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
364000
CY2022Q4 us-gaap Restricted Investments At Fair Value
RestrictedInvestmentsAtFairValue
364000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
116142000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
247000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
115901000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
198312000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
257000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
10979000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
23000
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
209291000
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
280000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
75721000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
165000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
28435000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
82000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
104156000
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
247000
CY2023Q1 gern Accrued Clinical Research Organizations And Clinical Trial Costs Current
AccruedClinicalResearchOrganizationsAndClinicalTrialCostsCurrent
18863000
CY2022Q4 gern Accrued Clinical Research Organizations And Clinical Trial Costs Current
AccruedClinicalResearchOrganizationsAndClinicalTrialCostsCurrent
17040000
CY2023Q1 gern Accrued Manufacturing Activities Current
AccruedManufacturingActivitiesCurrent
4335000
CY2022Q4 gern Accrued Manufacturing Activities Current
AccruedManufacturingActivitiesCurrent
5321000
CY2023Q1 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
8350000
CY2022Q4 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
8350000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
898000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1318000
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
585000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
561000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1660000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
510000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
34691000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
33100000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
5244000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
39193000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
20006000
CY2023Q1 gern Long Term Debt Gross
LongTermDebtGross
64443000
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
11168000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
556000
CY2023Q1 gern Debt Instrument Unaccrued End Of Term Charge
DebtInstrumentUnaccruedEndOfTermCharge
1320000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
51399000
CY2023Q1 gern Loss Contingency Triggering Event Employee Termination Without Cause Following Change Of Control Period
LossContingencyTriggeringEventEmployeeTerminationWithoutCauseFollowingChangeOfControlPeriod
P12M
CY2023Q1 gern Loss Contingency Triggering Event Period Following Change Of Control During Which No Comparable Employment Is Offered By Entity
LossContingencyTriggeringEventPeriodFollowingChangeOfControlDuringWhichNoComparableEmploymentIsOfferedByEntity
P30D
CY2023Q1 gern Loss Contingency Triggering Event Period Following Change Of Control Within Which Employee Resigns Due To Material Change In Terms Of Employment
LossContingencyTriggeringEventPeriodFollowingChangeOfControlWithinWhichEmployeeResignsDueToMaterialChangeInTermsOfEmployment
P12M

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