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Geron Corporation Reports 2011 Third Quarter Financial Results And Events

Geron Corporation (Nasdaq: GERN) today reported financial results for the three and nine months ended September 30, 2011.

For the third quarter of 2011, the company reported a net loss of $19.5 million, or $0.16 per share, compared to $18.3 million, or $0.19 per share, for the comparable 2010 period. Net loss for the first nine months of 2011 was $65.0 million, or $0.52 per share, compared to $52.0 million, or $0.54 per share, for the comparable 2010 period. The company ended the quarter with $180.8 million in cash and investments.

Revenues for the third quarter of 2011 were $220,000, compared to $546,000 for the comparable 2010 period. Revenues for the first nine months of 2011 were $2.2 million, compared to $2.5 million for the comparable 2010 period. Revenues for the third quarter and year-to-date periods of 2011 and 2010 included funding from collaboration agreements and royalty and license fee revenues under various agreements.

Interest and other income for the third quarter of 2011 amounted to $237,000, compared to $223,000 for the comparable 2010 period. Interest and other income for the first nine months of 2011 was $820,000, compared to $619,000 for the comparable 2010 period which reflects the increase in cash and investment balances. The company has not incurred any impairment charges on its marketable debt securities portfolio.

Total operating expenses for the third quarter of 2011 were $20.2 million, compared to $18.7 million for the comparable 2010 period. Research and development expenses for the third quarter of 2011 were $16.3 million, compared to $13.7 million for the comparable 2010 period. General and administrative expenses for the third quarter of 2011 were $3.8 million, compared to $5.0 million for the comparable 2010 period.

Total operating expenses for the first nine months of 2011 were $67.9 million, compared to $54.0 million for the comparable 2010 period. Research and development expenses for the first nine months of 2011 were $49.6 million, compared to $40.7 million for the comparable 2010 period. General and administrative expenses for the first nine months of 2011 were $18.3 million, compared to $13.4 million for the comparable 2010 period.

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