Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GERON CORP files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
6.16
1.07
1.07
0.46
0.25
1.39
0.6
0.24
Research and development
18
11
13.4
52.1
51.5
85.7
95.5
125
104
71.4
Selling, general and administrative
43.6
69.1
146
159
General and administrative
18.8
19.3
18.7
20.9
25.7
29.7
43.6
69.1
Operating expenses
36.8
30.3
32.1
73
77.2
115
139
194
251
252
Operating income
-30.6
-29.3
-31.1
-72.5
-76.9
-114
-139
-194
-174
-68.6
Interest expense
0.76
3.74
6.88
8.31
18.5
32.7
Interest income
3.25
4.22
1.83
0.53
2.53
18.2
19.6
18.1
Other non-operating income
-0.11
-0.07
0.17
1.1
1
-0.02
-0.24
-0.38
Pre-tax income
-142
-182
-175
-83.4
Income tax
0.02
0.45
0.08
Net income
-29.5
-27.9
-27
-68.5
-75.6
-116
-142
-184
-175
-83.5
EBITDA
-30.6
-29.2
-31
-72.4
-76.8
-114
-138
-194
-173
-68.1
EPS, basic
-0.19
-0.18
-0.15
-0.36
-0.28
-0.35
-0.37
-0.32
-0.27
-0.13
EPS, diluted
-0.19
-0.18
-0.15
-0.36
-0.28
-0.35
-0.37
-0.32
-0.27
-0.13
Shares, basic (weighted)
159
159
177
190
271
328
381
571
646
667
Shares, diluted (weighted)
159
159
177
190
271
328
381
571
646
667
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
12.8
16.3
10.6
13.6
9.93
34.9
56.8
70
79
77.6
Short-term investments
78.4
153
126
186
149
116
264
328
Receivables
35.9
37
Inventory
38.7
117
Other current assets
0.52
0.58
1.33
1.21
2.5
1.36
3.99
4.88
5.05
4.61
Total current assets
116
96
166
142
200
187
180
341
491
520
Property, plant and equipment
0.18
0.1
0.06
0.41
0.66
0.65
0.79
1.18
1.31
0.88
Lease right-of-use assets
2.5
5.3
4.73
4.15
3.56
2.88
2.15
Long-term investments
14.2
18.6
19.7
63.4
28.7
43.3
94.5
Other non-current assets
0.59
Total assets
130
110
185
166
271
226
191
394
594
571
Accounts payable
0.23
0.5
0.98
1.18
6.92
6.69
10.2
6.16
8.6
11.3
Accrued liabilities
1.43
0.93
1.32
7.53
14.9
29.8
33.1
40.3
35.5
51.3
Short-term debt
20.9
46.9
0
Total current liabilities
7.87
6.52
7.55
28.2
30.9
45.5
76.7
108
88.3
112
Long-term debt
24
49.8
30.2
35.1
118
120
Lease liabilities
2.2
4.8
4.27
3.67
3.01
2.27
1.45
Total liabilities
7.87
6.52
7.55
30.4
59.8
99.6
111
146
313
345
Total debt
24
49.8
51.2
81.9
118
120
Paid-in capital
1,080
1,090
1,189
1,215
1,366
1,398
1,493
1,845
2,052
2,081
Retained earnings
-958
-986
-1,011
-1,080
-1,156
-1,272
-1,414
-1,598
-1,772
-1,856
Other comprehensive income
-0.05
-0.21
-0.18
0.13
0.08
-0.17
-0.22
0.19
0.26
0.27
Shareholders' equity
122
104
178
135
211
126
80
248
280
226
Total equity
122
104
178
135
211
126
80
248
280
226
Total liabilities and equity
130
110
185
166
271
226
191
394
594
571
Shares outstanding
159
160
186
200
311
324
390
545
606
640
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-29.5
-27.9
-27
-68.5
-75.6
-116
-142
-184
-175
-83.5
Depreciation and amortization
0.08
0.08
0.06
0.06
0.16
0.22
0.29
0.44
0.55
0.47
Stock-based compensation
8.25
8.14
6.37
6.08
6.9
8.08
8
18.5
31.2
26.7
Change in receivables
0
-35.7
-0.99
Change in inventory
0
-38
-77.9
Change in payables
0.07
0.28
0.48
0.2
5.73
-0.23
3.5
-4.03
2.44
2.66
Cash from operations
-18.4
-20.6
-21
-43.8
-66.7
-95.6
-127
-168
-219
-111
Capital expenditures
-0.06
-0.02
-0.41
-0.4
-0.21
-0.43
-0.83
-0.68
Purchases of investments
-129
-100
-188
-153
-313
-177
-258
-476
-477
-304
Sales and maturities of investments
138
123
111
181
200
248
321
296
372
412
Cash from investing
8.76
23
-77.7
27.4
-105
71.9
62.1
-180
-106
107
Debt issued
23.9
24.9
29.7
121
0
Debt repaid
0
-86.6
0
Stock issued
1.17
1.06
86
19.3
4.08
20.4
0
12.4
31.6
1.5
Cash from financing
1.17
1.11
93
19.5
168
48.6
87.3
362
334
2.27
Exchange rate effect
-0.03
-0.01
0.09
Net change in cash
-8.44
3.53
-5.76
3.07
-3.63
24.9
22
13.9
9.74
-1.44
Free cash flow
-18.4
-21
-44.2
-67.1
-95.8
-128
-169
-219
Interest paid
0.39
2.7
5.15
7.02
10.4
11.7
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.26 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-30.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-13.0%
Net income / average total assets.
Return on invested capital (ROIC)
-14.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-19.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
41.3%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
1.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-3.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
44.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
16.1%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
20.5%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
19.7%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
6.92x
Current assets / current liabilities.
Quick ratio
1.62x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.89x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.55x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
23.1%
Total debt / total assets.
Liabilities / assets
57.9%
Total liabilities / total assets.
Net debt
$57.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$170.53
Cash from operations / diluted weighted shares.
Book value per share
$325.95
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
3.70x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
3.70x
Market cap / tangible book value, when positive.
Earnings yield
-8.4%
Net income / market cap (the inverse of P/E).
Was GERON CORP profitable in fiscal 2025?
No. It reported a net loss of $83.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.