Shares of Geron Corporation ( GERN ) were down 6.09% after the company reported first quarter 2014 results. Geron posted a net loss of 6 cents per share in the first quarter of 2014, in line with the Zacks Consensus Estimate but narrower than the year-ago loss of 9 cents. First quarter revenues of $474,000 were below the year-ago revenues of $765,000 and the Zacks Consensus Estimate of $1 million. A significant decline in expenses led to the narrower loss. Quarter in Detail Revenues consisted entirely of royalties and license fees. Total operating expenses declined 27.8% to $9.2 million. Research and development expenses declined 34.9% to $5.2 million due to reduced personnel-related costs as well as lower costs resulting from the winding-down of the imetelstat (metastatic breast cancer and advanced non-small cell lung cancer) and GRN1005 (brain metastases) studies. This was partially offset by higher costs related to the manufacturing of imetelstat. Meanwhile, general and administrative expenses declined 15.9% to $4 million mainly due to lower patent costs and transaction expenses associated with the Oct 2013 closing of the stem cell divestiture. R&D expenses will remain consistent through the rest of the year unless the full clinical hold on imetelstat … Continue reading
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