Demonstrações financeiras detalhadas de Geron Corporation (GERN): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Geron Corporation registou receitas de $183.9M no último exercício, com um CAGR de 5 anos de 273.5%.
Margens dos últimos 12 meses: margem bruta 83.2%, margem operacional -18.3%, margem líquida -34.2%.
Ao preço atual de $1.29, GERN apresenta lucros negativos (P/L não significativo) e um ROE de -30.31%. A capitalização de mercado é de $828M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $6.2M | $1.1M | $1.1M | $460000 | $253000 | $1.4M | $596000 | $237000 | $77.0M | $183.9M |
| Custo da Receita | $14.7M | $8.4M | $12.7M | $51.3M | $50.1M | 0 | 0 | 0 | $1.3M | $4.7M |
| Lucro Bruto | -$8.5M | -$7.4M | -$11.7M | -$50.8M | -$49.8M | $1.4M | $596000 | $237000 | $75.7M | $179.1M |
| P&D | $18.0M | $11.0M | $13.4M | $52.1M | $51.5M | $85.7M | $95.5M | $125.0M | $103.7M | $73.7M |
| Despesas Gerais e Administrativas | $18.8M | $19.3M | $18.7M | $21.7M | $27.1M | $29.7M | $43.6M | $69.1M | $145.7M | $159.3M |
| Despesas Operacionais | $36.8M | $30.3M | $32.1M | $21.7M | $27.1M | $115.4M | $139.1M | $194.2M | $249.5M | $233.0M |
| Lucro Operacional | -$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 |
| Despesas com Juros | $83000 | 0 | 0 | 0 | $760000 | $3.7M | $6.9M | $8.3M | $18.5M | $32.7M |
| Lucro Antes de Impostos | -$29.5M | -$27.9M | -$27.0M | -$68.5M | -$75.6M | -$116.1M | -$141.9M | -$184.1M | -$174.6M | -$85.8M |
| Imposto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucro Líquido | -$29.5M | -$27.9M | -$27.0M | -$68.5M | -$75.6M | -$116.1M | -$141.9M | -$184.1M | -$174.6M | -$85.8M |
| LPA | $-0.19 | $-0.18 | $-0.15 | $-0.33 | $-0.28 | $-0.37 | $-0.37 | $-0.32 | $-0.27 | $-0.13 |
| LPA Diluído | $-0.19 | $-0.18 | $-0.15 | $-0.33 | $-0.28 | $-0.37 | $-0.37 | $-0.32 | $-0.27 | $-0.13 |
| Ações em Circulação (Diluídas) | $159.0M | $159.2M | $176.5M | $190.2M | $271.5M | $327.6M | $380.8M | $570.6M | $646.0M | $666.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $47.2M | $48.0M | $51.8M | $57.5M |
| Lucro Bruto | $25.1M | $46.7M | $50.1M | $48.2M |
| Lucro Operacional | -$13.9M | -$10.8M | -$236000 | -$12.5M |
| EBITDA | -$9.7M | -$23.6M | $3.8M | -$12.4M |
| Lucro Líquido | -$18.4M | -$31.1M | -$3.6M | -$16.7M |
| LPA | $-0.03 | $-0.05 | $-0.01 | $-0.02 |
| LPA Diluído | $-0.03 | $-0.05 | $-0.01 | $-0.02 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $13.1M | $16.6M | $10.8M | $13.6M | $9.9M | $34.9M | $56.8M | $70.0M | $79.0M | $79.4M |
| Investimentos de Curto Prazo | $102.0M | $78.4M | $152.7M | $125.7M | $186.3M | $148.9M | $115.9M | $263.7M | $327.6M | $280.4M |
| Contas a Receber | $475000 | $436000 | $1.2M | $802000 | $722000 | $1.8M | $3.1M | $1.7M | $38.8M | $39.2M |
| Estoque | -$475000 | -$436000 | -$1.2M | 0 | 0 | 0 | 0 | 0 | $38.7M | 0 |
| Ativos Circulantes | $116.1M | $96.0M | $166.1M | $141.6M | $199.9M | $187.2M | $180.2M | $341.3M | $491.0M | $520.3M |
| Imobilizado | $183000 | $102000 | $59000 | $2.9M | $6.0M | $5.4M | $4.9M | $4.7M | $4.2M | $884000 |
| Ágio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Intangíveis | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Totais | $130.2M | $110.3M | $185.3M | $165.5M | $270.7M | $226.0M | $190.6M | $394.1M | $593.8M | $570.5M |
| Contas a Pagar | $225000 | $503000 | $982000 | $1.2M | $6.9M | $6.7M | $10.2M | $6.2M | $8.6M | $11.3M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | $20.9M | $46.9M | 0 | $18.4M |
| Passivos Circulantes | $7.9M | $6.5M | $7.6M | $28.2M | $30.9M | $45.5M | $76.7M | $108.1M | $88.3M | $111.5M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | $24.0M | $49.8M | $30.2M | $35.1M | $118.5M | $231.7M |
| Passivos Totais | $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 |
| Patrimônio Líquido | $122.4M | $103.8M | $177.7M | $135.2M | $210.9M | $126.4M | $80.0M | $247.9M | $280.3M | $225.9M |
| Dívida Total | 0 | 0 | 0 | $2.6M | $29.7M | $55.0M | $55.8M | $85.9M | $121.7M | $251.6M |
| Dívida Líquida | -$115.1M | -$95.0M | -$163.6M | -$136.8M | -$166.6M | -$128.7M | -$117.0M | -$247.8M | -$284.9M | -$108.2M |
| Capital de Giro | $108.2M | $89.5M | $158.5M | $113.4M | $168.9M | $141.7M | $103.6M | $233.3M | $402.7M | $408.7M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $78.1M | $79.4M | $70.8M | $62.6M |
| Ativos Totais | $567.4M | $570.5M | $534.1M | $519.0M |
| Passivos Totais | $318.7M | $344.7M | $305.0M | $300.4M |
| Patrimônio Líquido | $248.7M | $225.9M | $229.1M | $218.6M |
| Dívida Total | $121.9M | $251.6M | $251.8M | $122.1M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$29.5M | -$27.9M | -$27.0M | -$68.5M | -$75.6M | -$116.1M | -$141.9M | -$184.1M | -$174.6M | -$85.8M |
| Depreciação e Amortização | $81000 | $76000 | $59000 | $776000 | $935000 | $783000 | $868000 | $1.0M | $1.2M | $1.2M |
| Compensação em Ações | $8.2M | $8.1M | $6.4M | $6.1M | $6.9M | $8.1M | $8.0M | $19.4M | $31.3M | $88000 |
| Variação Capital de Giro | $2.1M | -$1.4M | -$245000 | $19.1M | $383000 | $10.5M | $5.0M | $6.1M | -$68.4M | -$68.5M |
| Fluxo de Caixa Operacional | -$18.4M | -$20.6M | -$21.0M | -$43.8M | -$66.7M | -$95.6M | -$127.4M | -$167.7M | -$218.6M | -$111.0M |
| CapEx | -$57000 | 0 | -$16000 | -$413000 | -$401000 | -$207000 | -$431000 | -$830000 | -$680000 | -$49000 |
| Aquisições | $16000 | 0 | 0 | -$27.8M | $339000 | $1.6M | -$1.2M | $179.5M | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$18.4M | -$20.6M | -$21.0M | -$44.2M | -$67.1M | -$95.8M | -$127.8M | -$168.6M | -$219.3M | -$111.1M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | -$13.6M | -$22.1M | -$62.9M | -$15.8M |
| CapEx | $89000 | -$32000 | -$252000 | -$223000 |
| Fluxo de Caixa Livre | -$13.5M | -$22.1M | -$63.2M | -$16.1M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $6.8M | $7.4M | $4.9M | $4.9M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -82.7% | +0.1% | -56.8% | -45.0% | +450.6% | -57.2% | -60.2% | +32386.9% | +138.8% |
| Crescimento Lucro Líquido (anual) | | +5.5% | +3.2% | -153.7% | -10.3% | -53.6% | -22.2% | -29.8% | +5.2% | +50.9% |
| Crescimento LPA (anual) | | +5.3% | +16.7% | -120.0% | +15.2% | -32.1% | +0.0% | +13.5% | +15.6% | +51.9% |
| Variação de Ações (anual) | | +0.1% | +10.9% | +7.7% | +42.8% | +20.7% | +16.2% | +49.9% | +13.2% | +3.2% |
| Crescimento FCF (anual) | | -11.6% | -2.3% | -110.4% | -51.6% | -42.8% | -33.5% | -31.9% | -30.1% | +49.3% |
| Margem Bruta | -138.5% | -692.2% | -1093.5% | -11046.1% | -19683.4% | 100.0% | 100.0% | 100.0% | 98.4% | 97.4% |
| Margem Operacional | -497.3% | -2746.9% | -2914.9% | -15762.0% | -30400.4% | -8183.7% | -23246.6% | -81832.9% | -225.6% | -29.3% |
| Margem EBITDA | -496.0% | -2739.8% | -2528.9% | -15748.0% | -30337.9% | -8010.7% | -22508.6% | -73747.7% | -201.1% | -28.2% |
| Margem Líquida | -479.3% | -2621.2% | -2534.4% | -14901.7% | -29888.1% | -8335.4% | -23808.9% | -77690.7% | -226.7% | -46.7% |
| Margem FCF | -299.0% | -1930.1% | -1972.3% | -9617.8% | -26503.2% | -6874.6% | -21444.6% | -71127.8% | -284.8% | -60.4% |
| Taxa Efetiva de Imposto | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.12 | $-0.13 | $-0.12 | $-0.23 | $-0.25 | $-0.29 | $-0.34 | $-0.30 | $-0.34 | $-0.17 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $159.0M | $159.2M | $176.5M | $190.2M | $271.5M | $327.6M | $380.8M | $570.6M | $646.0M | $666.7M |
O que olhar em Biotech
A maioria das biotechs pequenas perde dinheiro. Analisar com P/E não faz sentido — olha caixa e pipeline.
- Cash Runway — Meses de caixa ao ritmo atual de gasto. <18 meses = risco de diluição urgente
- Cash burn anual — Ritmo a que queimam caixa operacional. Comparar com posição de caixa para projetar runway
- Dívida Total — Biotech sem receita + dívida = receita para falência
- I+D / Capitalização — Quanto investem em pipeline vs valor da empresa — indicador de intensidade de pesquisa
- Market cap / Caixa — Se cota perto do caixa, o mercado dá ~0 valor ao pipeline — oportunidade ou armadilha
Rentabilidade
| Retorno sobre patrimônio | -30.31% |
| Retorno sobre capital investido | -8.32% |
| Retorno sobre ativos | -13.47% |
| Margem bruta | 83.21% |
| Margem operacional | -18.29% |
| Margem líquida | -34.17% |
Saúde financeira
| Dívida / Patrimônio | 0.56 |
| Liquidez corrente | 6.92 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -2.15 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -10.89 | -10.00 | -6.67 | -4.12 | -5.68 | -3.30 | -6.54 | -6.59 | -13.11 | -10.15 |
| P/VP | 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 |
| Margem Bruta | -138.5% | -692.2% | -1093.5% | -11046.1% | -19683.4% | 100.0% | 100.0% | 100.0% | 98.4% | 97.4% |
| Margem Operacional | -497.3% | -2746.9% | -2914.9% | -15762.0% | -30400.4% | -8183.7% | -23246.6% | -81832.9% | -225.6% | -29.3% |
| Margem Líquida | -479.3% | -2621.2% | -2534.4% | -14901.7% | -29888.1% | -8335.4% | -23808.9% | -77690.7% | -226.7% | -46.7% |