Geron Corporation
GERN Healthcare Biotechnology
Geron Corporation’s revenue for fiscal 2025 (year ended December 2025) was $183.9 million, up 138.8% from fiscal 2024. In the quarter to June 2026, revenue grew 17.2%, EPS was flat, free cash flow grew 41.8% and total debt was flat, each against the same quarter a year earlier.
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Geron Corporation (GERN) Altman Z-score
Geron Corporation's Altman Z-score for fiscal 2025 is −2.24, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.24 | (2.41) |
| FY2024 | 0.18 | 1.82 |
| FY2023 | −1.65 | 5.48 |
| FY2022 | −7.13 | (0.75) |
| FY2021 | −6.38 | (4.54) |
| FY2020 | −1.83 | 2.81 |
| FY2019 | −4.64 | (11.51) |
| FY2018 | 6.86 | (7.13) |
| FY2017 | 13.99 | (1.09) |
| FY2016 | 15.07 | (46.48) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.72 | — | 0.86 | |
| Retained earnings / total assets | (3.25) | — | −4.55 | |
| EBIT / total assets | (0.12) | — | −0.40 | |
| Market value of equity / total liabilities | 2.55 | — | 1.53 | |
| Sales / total assets | 0.32 | — | 0.32 | |
| Altman Z-score | Distress zone | −2.24 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −6.02 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| HELP Cybin Inc. compare | 13.0× |
| ARDX Ardelyx, Inc. compare | 1.1× |
| ALMS Alumis Inc. compare | −1.4× |
| GERN Geron Corporation | −2.2× |
| VSTM Verastem, Inc. compare | −6.3× |
| DNA Ginkgo Bioworks Holdings, Inc. compare | −7.6× |
| SANA Sana Biotechnology, Inc. compare | — |
| CRVS Corvus Pharmaceuticals, Inc. compare | — |
| AVBP ArriVent BioPharma, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets