Boston, MA 05/02/2014 (wallstreetpr) – Geron Corporation (NASDAQ:GERN) reported its first quarter earnings for the fiscal year 2014.
Q1’14 Results
Geron Corporation (NASDAQ:GERN) announced operating revenues of $474,000 while operating expenses were reported to be $9.2 million. This is comparable to $765,000 of operating revenues in the first quarter of the prior year and operating expenses of $12.8 million for the same period. Net loss for the reported quarter was $8.4 million, or equivalently $0.06 per share, as compared to the first quarter of 2013 when net loss was $11.9 million, or $0.09 per share. Geron Corporation ended the first quarter of the year with $153.5 million, including cash and investments.
Revenues for this year’s and last year’s first quarter comprised of revenues from royalty and license fee under several agreements. Interest and miscellaneous income was $83,000 for the first quarter of 2014, as compared to $81,000 for the first quarter of 2013. Geron Corporation (NASDAQ:GERN) forecasts interest income to increase this year than in 2013 on account of higher investment and cash balances. General and administrative costs were $4.0 million, down from $4.8 million from the first quarter of 2013.
RnD Division
Expenses in research and development were reported to be $5.2 million, down from $8.0 million in the same period of 2013. The decline in expenses in the research and development segment was chiefly due to lesser personnel-related expenses and decreased clinical trial costs with the shut- down of the imetelstat study in solid tumors and GRN1005 study in patients suffering with brain metastases, in part combat by boosted manufacturing expenses for imetelstat drug. The company expects expenses in the research and development division to stay steady during the rest of the year. This, however, is dependent on the FDA and is possible only if it does not lift the complete clinical hold or licenses Geron Corporation (NASDAQ:GERN) to carry our further imetelstat trails for other indications, like under a part wise clinical hold.
