Geron Corporation, a commercial-stage biopharmaceutical company, reported a net loss of $83.5 million for the year ended December 31, 2025, a substantial improvement from a net loss of $174.6 million in 2024. Product revenue from RYTELO (imetelstat) reached $183.6 million in 2025, up from $76.5 million in 2024, following its U.S. FDA approval in June 2024 for lower-risk Myelodysplastic Syndromes (MDS). The European Commission (EC) also approved RYTELO in March 2025 for adults with transfusion-dependent anemia due to lower-risk MDS, with commercialization in select EU markets planned for 2026 through third-party partners. The Phase 3 IMpactMF clinical trial for relapsed/refractory myelofibrosis (MF) completed enrollment in September 2025, with interim overall survival (OS) analysis expected in the second half of 2026 and final analysis in the second half of 2028. A strategic restructuring plan was implemented in December 2025, resulting in a workforce reduction of approximately one-third, with associated charges of $17.0 million. The company maintains a cash, cash equivalents, restricted cash, and marketable securities balance of $401.1 million as of December 31, 2025. Geron is facing securities class action and derivative lawsuits alleging false and misleading statements regarding RYTELO's commercial potential, with a motion to dismiss hearing scheduled for March 19, 2026. The Pharmakon Loan Agreement was amended in January 2026, extending the availability of Tranche B ($75.0 million) and Tranche C ($50.0 million) loans until July 30, 2026, subject to certain conditions including a revenue milestone for Tranche C. A new sales agreement (2026 Sales Agreement) with TD Cowen was entered into in February 2026, allowing for the issuance and sale of common stock up to $150 million.