For Q3/11, Geron (GERN) last week reported a net loss of $19.5M, or $0.16 per share, compared with $18.3M, or $0.19 per share, for Q3/10.
Revenue was $220K, compared with $546K for Q3/10. Revenue for Q3/11included funding from collaboration agreements and royalty and license fee revenue under various agreements.
R&D expenses were $16.3M, compared with $13.7M for Q3/10. G&A expenses were $3.8M, compared with $5M for Q3/10. R&D expenses increased, as a result of higher clinical drug product purchases, increased clinical trial expenses related to the enrollment of 4 oncology P2 clinical trials of imetelstat and the P1 clinical trial for GRNOPC1 in patients with spinal cord injury and start-up activities for 2 oncology P2 clinical trials for GRN1005.
SG&A expenses were $3.8M. Total operating expenses were $20.2M, compared with $18.7M for the comparable 2010 period. Loss from operations was $19.93M. Unrealized gain (loss) from derivatives, net was $291K. Interest and other income amounted to $237K, compared with $223K for Q3/10. Shares used in computing basic and diluted net loss per share were 125.1M.
- GERN ended Q3/11 with $180.8M in cash and investments
First 9 months: Revenue was $2.2M compared with $2.5M for the comparable 2FY10 period. Interest and other income for was $820K, compared with $619K for the comparable FY10 period, which reflects the increase in cash and investment balances. Total operating expenses were $67.9M, compared with $54M for the comparable 2FY10 period. R&D expenses were $49.6M, compared with $40.7M for the comparable FY10 period. G&A expenses were $18.3M, compared with $13.4M for the comparable 2FY10 period. The variations in G&A expenses for the 3- and 9-month periods ending 9/30/11, compared with the same periods in FY10, primarily reflected differences in non-cash stock-based compensation expense recognized during the respective periods. Net loss was $65M, or $0.52 per share, compared with $52M, or $0.54 per share, for the comparable 2FY10 period.
Guidance: GERN expects R&D expenses to increase in the future with the initiation of the GRN1005 P2 clinical trials in patients with brain metastases and ongoing support of the imetelstat P2 trials and the GRNOPC1 P1 trial.
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