Geron (GERN) reports Q1/11 Results
Q1/11 total revenues were $1.5M included funding from collaboration agreements and royalty and license fee revenues under various agreements versus $918K for Q1/10. Interest and other income amounted to $296K, compared to $202K for Q1/10. Q1/11 R&D expenses were $16.8M, compared to $13.5M for Q1/10. The increase in R&D expenses reflected higher drug purchases and increased clinical trial expenses for initiation and enrollment of 4 oncology P2 clinical trials of imetelstat and the P1 clinical trial for GRNOPC1 in patients with spinal cord injury. GERN expects R&D expenses to increase in the future with the continued enrollment in the imetelstat P2 trials and the planned initiation of the GRN1005 P2 clinical trials in the 2nd half of FY11 in patients with brain metastases. G&A expenses were $9.1M, compared to $3.9M for Q1/10. The increase in G&A expenses reflects costs related to the management transition, primarily non-cash stock-based compensation expense and higher legal costs for the financing-related class action and derivative litigation. All such cases have now been voluntarily dismissed. For Q1/11, GERN reported operating expenses of $25.9M, compared to $17.4M for Q1/10. Net loss for Q1/11 was $24.4M or $0.20 per share, compared to $16.6M or $0.18 per share for Q1/10. Shares used in computing basic and diluted net loss shares were 123M as compared to Q1/10 numbers of 95M.
- GERN ended 3/31/11 with $207.3M in cash and investments.