Geron Corporation (NASDAQ: GERN) shares hiked Monday, on the released of fourth-quarter and year-end financial information.
The company out of Menlo Park, California, reported a net loss of $7.4 million, or $0.05 per share for the fourth-quarter, compared to $8.5 million, or $0.05 per share, for the comparable 2016 period.
For 2017, the company reported a net loss of $27.9 million, or $0.18 per share, compared to $29.5 million, or $0.19 per share, for 2016. The company ended 2017 with $109.2 million in cash and investments.
Revenues for the fourth quarter of 2017 were $191,000 compared to $94,000 for the comparable 2016 period. Revenues for 2017 were $1.1 million compared to $6.2 million for 2016. Revenues in 2016 included the full recognition of an upfront payment of $5.0 million from Janssen Pharmaceuticals, Inc. under a license agreement that was signed in September 2016 for certain rights to specialized oligonucleotide backbone chemistry and novel amidates.
Research and development expenses for the fourth quarter of 2017 were $2.5 million compared to $4.1 million for the comparable 2016 period. Research and development expenses for 2017 were $11.0 million compared to $18.0 million for 2016.
The decrease in research and development expenses in 2017 compared to 2016 primarily reflects lower costs for the company’s proportionate share of clinical development expenses under the imetelstat collaboration with Janssen Biotech, Inc. and reduced personnel related expenses.
Shares in Geron galloped 95 cents, or 28.2%, to a new 52-week high of $4.32, towering over a 52-week low of $1.74
