Estados financieros detallados de Geron Corporation (GERN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Geron Corporation registró ingresos de $183.9M en el último ejercicio fiscal, con un CAGR de 5 años del 273.5%.
Márgenes de los últimos 12 meses: margen bruto 83.2%, margen operativo -18.3%, margen neto -34.2%.
Al precio actual de $1.29, GERN presenta beneficios negativos (P/E no significativo) y un ROE del -30.31%. La capitalización bursátil es de $828M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $6.2M | $1.1M | $1.1M | $460000 | $253000 | $1.4M | $596000 | $237000 | $77.0M | $183.9M |
| Coste de Ventas | $14.7M | $8.4M | $12.7M | $51.3M | $50.1M | 0 | 0 | 0 | $1.3M | $4.7M |
| Beneficio Bruto | -$8.5M | -$7.4M | -$11.7M | -$50.8M | -$49.8M | $1.4M | $596000 | $237000 | $75.7M | $179.1M |
| I+D | $18.0M | $11.0M | $13.4M | $52.1M | $51.5M | $85.7M | $95.5M | $125.0M | $103.7M | $73.7M |
| Generales y Administrativos | $18.8M | $19.3M | $18.7M | $21.7M | $27.1M | $29.7M | $43.6M | $69.1M | $145.7M | $159.3M |
| Gastos Operativos | $36.8M | $30.3M | $32.1M | $21.7M | $27.1M | $115.4M | $139.1M | $194.2M | $249.5M | $233.0M |
| Beneficio Operativo | -$30.6M | -$29.3M | -$31.1M | -$72.5M | -$76.9M | -$114.0M | -$138.6M | -$193.9M | -$173.7M | -$53.8M |
| EBITDA | -$30.6M | -$29.2M | -$27.0M | -$72.4M | -$76.8M | -$111.6M | -$134.2M | -$174.8M | -$154.8M | -$51.9M |
| Gastos por Intereses | $83000 | 0 | 0 | 0 | $760000 | $3.7M | $6.9M | $8.3M | $18.5M | $32.7M |
| Beneficio Antes de Impuestos | -$29.5M | -$27.9M | -$27.0M | -$68.5M | -$75.6M | -$116.1M | -$141.9M | -$184.1M | -$174.6M | -$85.8M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$29.5M | -$27.9M | -$27.0M | -$68.5M | -$75.6M | -$116.1M | -$141.9M | -$184.1M | -$174.6M | -$85.8M |
| BPA | $-0.19 | $-0.18 | $-0.15 | $-0.33 | $-0.28 | $-0.37 | $-0.37 | $-0.32 | $-0.27 | $-0.13 |
| BPA Diluido | $-0.19 | $-0.18 | $-0.15 | $-0.33 | $-0.28 | $-0.37 | $-0.37 | $-0.32 | $-0.27 | $-0.13 |
| Acciones en Circulación (Diluidas) | $159.0M | $159.2M | $176.5M | $190.2M | $271.5M | $327.6M | $380.8M | $570.6M | $646.0M | $666.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $47.2M | $48.0M | $51.8M | $57.5M |
| Beneficio Bruto | $25.1M | $46.7M | $50.1M | $48.2M |
| Beneficio Operativo | -$13.9M | -$10.8M | -$236000 | -$12.5M |
| EBITDA | -$9.7M | -$23.6M | $3.8M | -$12.4M |
| Beneficio Neto | -$18.4M | -$31.1M | -$3.6M | -$16.7M |
| BPA | $-0.03 | $-0.05 | $-0.01 | $-0.02 |
| BPA Diluido | $-0.03 | $-0.05 | $-0.01 | $-0.02 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $13.1M | $16.6M | $10.8M | $13.6M | $9.9M | $34.9M | $56.8M | $70.0M | $79.0M | $79.4M |
| Inversiones a Corto | $102.0M | $78.4M | $152.7M | $125.7M | $186.3M | $148.9M | $115.9M | $263.7M | $327.6M | $280.4M |
| Cuentas por Cobrar | $475000 | $436000 | $1.2M | $802000 | $722000 | $1.8M | $3.1M | $1.7M | $38.8M | $39.2M |
| Inventario | -$475000 | -$436000 | -$1.2M | 0 | 0 | 0 | 0 | 0 | $38.7M | 0 |
| Activos Corrientes | $116.1M | $96.0M | $166.1M | $141.6M | $199.9M | $187.2M | $180.2M | $341.3M | $491.0M | $520.3M |
| Inmovilizado Material | $183000 | $102000 | $59000 | $2.9M | $6.0M | $5.4M | $4.9M | $4.7M | $4.2M | $884000 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $130.2M | $110.3M | $185.3M | $165.5M | $270.7M | $226.0M | $190.6M | $394.1M | $593.8M | $570.5M |
| Cuentas por Pagar | $225000 | $503000 | $982000 | $1.2M | $6.9M | $6.7M | $10.2M | $6.2M | $8.6M | $11.3M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $20.9M | $46.9M | 0 | $18.4M |
| Pasivos Corrientes | $7.9M | $6.5M | $7.6M | $28.2M | $30.9M | $45.5M | $76.7M | $108.1M | $88.3M | $111.5M |
| Deuda a Largo | 0 | 0 | 0 | 0 | $24.0M | $49.8M | $30.2M | $35.1M | $118.5M | $231.7M |
| Pasivos Totales | $7.9M | $6.5M | $7.6M | $30.4M | $59.8M | $99.6M | $110.6M | $146.1M | $313.5M | $344.7M |
| Reservas | -$957.9M | -$985.8M | -$1.01B | -$1.08B | -$1.16B | -$1.27B | -$1.41B | -$1.60B | -$1.77B | -$1.86B |
| Patrimonio Neto | $122.4M | $103.8M | $177.7M | $135.2M | $210.9M | $126.4M | $80.0M | $247.9M | $280.3M | $225.9M |
| Deuda Total | 0 | 0 | 0 | $2.6M | $29.7M | $55.0M | $55.8M | $85.9M | $121.7M | $251.6M |
| Deuda Neta | -$115.1M | -$95.0M | -$163.6M | -$136.8M | -$166.6M | -$128.7M | -$117.0M | -$247.8M | -$284.9M | -$108.2M |
| Capital Circulante | $108.2M | $89.5M | $158.5M | $113.4M | $168.9M | $141.7M | $103.6M | $233.3M | $402.7M | $408.7M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $78.1M | $79.4M | $70.8M | $62.6M |
| Activos Totales | $567.4M | $570.5M | $534.1M | $519.0M |
| Pasivos Totales | $318.7M | $344.7M | $305.0M | $300.4M |
| Patrimonio Neto | $248.7M | $225.9M | $229.1M | $218.6M |
| Deuda Total | $121.9M | $251.6M | $251.8M | $122.1M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$29.5M | -$27.9M | -$27.0M | -$68.5M | -$75.6M | -$116.1M | -$141.9M | -$184.1M | -$174.6M | -$85.8M |
| Amortizaciones | $81000 | $76000 | $59000 | $776000 | $935000 | $783000 | $868000 | $1.0M | $1.2M | $1.2M |
| Compensación en Acciones | $8.2M | $8.1M | $6.4M | $6.1M | $6.9M | $8.1M | $8.0M | $19.4M | $31.3M | $88000 |
| Cambio en Capital Circulante | $2.1M | -$1.4M | -$245000 | $19.1M | $383000 | $10.5M | $5.0M | $6.1M | -$68.4M | -$68.5M |
| Flujo de Caja Operativo | -$18.4M | -$20.6M | -$21.0M | -$43.8M | -$66.7M | -$95.6M | -$127.4M | -$167.7M | -$218.6M | -$111.0M |
| Inversiones (CapEx) | -$57000 | 0 | -$16000 | -$413000 | -$401000 | -$207000 | -$431000 | -$830000 | -$680000 | -$49000 |
| Adquisiciones | $16000 | 0 | 0 | -$27.8M | $339000 | $1.6M | -$1.2M | $179.5M | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$18.4M | -$20.6M | -$21.0M | -$44.2M | -$67.1M | -$95.8M | -$127.8M | -$168.6M | -$219.3M | -$111.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$13.6M | -$22.1M | -$62.9M | -$15.8M |
| Inversiones (CapEx) | $89000 | -$32000 | -$252000 | -$223000 |
| Flujo de Caja Libre | -$13.5M | -$22.1M | -$63.2M | -$16.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $6.8M | $7.4M | $4.9M | $4.9M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -82.7% | +0.1% | -56.8% | -45.0% | +450.6% | -57.2% | -60.2% | +32386.9% | +138.8% |
| Crecimiento Beneficio Neto (anual) | | +5.5% | +3.2% | -153.7% | -10.3% | -53.6% | -22.2% | -29.8% | +5.2% | +50.9% |
| Crecimiento BPA (anual) | | +5.3% | +16.7% | -120.0% | +15.2% | -32.1% | +0.0% | +13.5% | +15.6% | +51.9% |
| Cambio en Acciones (anual) | | +0.1% | +10.9% | +7.7% | +42.8% | +20.7% | +16.2% | +49.9% | +13.2% | +3.2% |
| Crecimiento FCF (anual) | | -11.6% | -2.3% | -110.4% | -51.6% | -42.8% | -33.5% | -31.9% | -30.1% | +49.3% |
| Margen Bruto | -138.5% | -692.2% | -1093.5% | -11046.1% | -19683.4% | 100.0% | 100.0% | 100.0% | 98.4% | 97.4% |
| Margen Operativo | -497.3% | -2746.9% | -2914.9% | -15762.0% | -30400.4% | -8183.7% | -23246.6% | -81832.9% | -225.6% | -29.3% |
| Margen EBITDA | -496.0% | -2739.8% | -2528.9% | -15748.0% | -30337.9% | -8010.7% | -22508.6% | -73747.7% | -201.1% | -28.2% |
| Margen Neto | -479.3% | -2621.2% | -2534.4% | -14901.7% | -29888.1% | -8335.4% | -23808.9% | -77690.7% | -226.7% | -46.7% |
| Margen FCF | -299.0% | -1930.1% | -1972.3% | -9617.8% | -26503.2% | -6874.6% | -21444.6% | -71127.8% | -284.8% | -60.4% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.12 | $-0.13 | $-0.12 | $-0.23 | $-0.25 | $-0.29 | $-0.34 | $-0.30 | $-0.34 | $-0.17 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $159.0M | $159.2M | $176.5M | $190.2M | $271.5M | $327.6M | $380.8M | $570.6M | $646.0M | $666.7M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -30.31% |
| Rentabilidad sobre capital invertido | -8.32% |
| Rentabilidad sobre activos | -13.47% |
| Margen bruto | 83.21% |
| Margen operativo | -18.29% |
| Margen neto | -34.17% |
Salud financiera
| Deuda / Patrimonio | 0.56 |
| Ratio corriente | 6.92 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -2.15 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.89 | -10.00 | -6.67 | -4.12 | -5.68 | -3.30 | -6.54 | -6.59 | -13.11 | -10.15 |
| P/VC | 2.69 | 2.76 | 0.99 | 1.91 | 2.05 | 3.16 | 11.52 | 4.86 | 8.16 | 3.90 |
| P/V | 53.43 | 269.11 | 165.58 | 562.21 | 1706.02 | 286.94 | 1546.14 | 5080.43 | 29.70 | 4.79 |
| Margen Bruto | -138.5% | -692.2% | -1093.5% | -11046.1% | -19683.4% | 100.0% | 100.0% | 100.0% | 98.4% | 97.4% |
| Margen Operativo | -497.3% | -2746.9% | -2914.9% | -15762.0% | -30400.4% | -8183.7% | -23246.6% | -81832.9% | -225.6% | -29.3% |
| Margen Neto | -479.3% | -2621.2% | -2534.4% | -14901.7% | -29888.1% | -8335.4% | -23808.9% | -77690.7% | -226.7% | -46.7% |