Geron Corporation

Hello, and welcome to the Geron Corporation fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to turn the call over to Dawn Shotland, Senior Vice President, Investor Relations and Corporate Affairs. You may begin.

Good morning, everyone. Welcome to the Jaron Corporation fourth quarter 2025 earnings conference call. Before we begin, please note that during the course of this presentation and question and answer session, we will be making forward-looking statements regarding future events, performance, plans, expectations, and other projections including those relating to our 2026 financial guidance, the expected benefits and other impacts of our strategic restructuring plan, our current VITAL commercialization strategy and related opportunities, the therapeutic potential of VITAL, other anticipated clinical and commercial events and related timelines, the sufficiency of our financial resources, our ability to access additional debt financing, and other statements that are not historical fact, which of course include risks and uncertainties that cause actual events, performance, and results to differ materially from those contained in these forward-looking statements. Therefore, I refer you to the risks and uncertainties described in today's earnings release under the heading Risk Factors in Jaron's most recent periodic report filed with the SEC, which identify important factors that could cause actual results to differ materially from those contained in these forward-looking statements. and future updates to Jeroen's risk and uncertainties, including in its upcoming annual report on Form 10-K. Jeroen undertakes no duty or obligation to update its forward-looking statements. Joining me on today's call are several members of Jeroen's management team, Harut Samerjian, Chief Executive Officer, Ahmed El-Nawawi, our Chief Commercial Officer, Dr. Joseph Eade, Executive Vice President of Research and Development and Chief Medical Officer, and Michelle Robertson, our Chief Financial Officer. With that, I'll turn the call over to Harut to review Geron's progress and strategy.

Thank you, Dawn, and good morning, everyone. The strategic alignment work we completed in 2025 positions Geron for growth in 2026 and places us on the path to becoming the hematology powerhouse in the long term. In 2025, we made deliberate choices to evolve the company into a more commercially-minded organization. We strengthened our leadership team, developed a more focused commercial strategy, and improved financial discipline by aligning our financial resources and people to our growth priorities. Bitello's growth strategy is built on three initiatives, two commercially-driven and one medical affairs-led. From a commercial side, we're continuing to increase awareness and education for Ritello amongst U.S. healthcare professionals with a refined engagement plan to help identify appropriate second-line patients faster, and complementing our field-force efforts by increasing our in-person and digital presence in hematology forums through accelerated investment in our surround sound approach. From a medical affairs perspective, we are expanding our research partnerships and IST programs with the U.S. Hematology Community to grow our knowledge and real-world experience with Ritello. Nawawi and Joe will discuss these initiatives in more detail. As for our Q4 2025 and full-year results, Ritello's fourth quarter net revenue was $48 million, in line with our expectations. For the full year 2025, we delivered Ritalio net revenue of $184 million, a meaningful number for a hematology drug in its first full commercial year. Total operating expenses for the full year 2025 were approximately $255 million, in line with our previous guidance of $250 million to $260 million. Looking ahead, we're laser focused on operational execution and delivering for patients. Our Ritello net revenue expectations for 2026 is $220 million to $240 million with the underlying assumption of driving consistent Ritello quarter-over-quarter demand growth. Our 2026 total operating expenses are projected to be between $230 million and $240 million, a roughly $20 million year-over-year reduction at the midpoint. This guidance reflects a streamlined company aligned to create near and long-term growth and value. The market opportunity for Rytello is clear, and it is validated by the iMerge data, Rytello's FDA label, and the NCCN guidelines. We are confident in our Rytello revenue growth strategy and our ability to execute it. With that, I'll turn it over to Nawawi to provide more details on Rightello's commercial performance and execution.