Geron has secured FDA approval for RYTELO in low- to intermediate-1 risk MDS, marking a pivotal milestone after decades of development. Despite disappointing initial RYTELO sales, GERN forecasts 2026 revenues of $220–$240 million and is executing targeted commercial and European expansion strategies. A new management team is in place, with significant liquidity ($341 million) and a cash runway of ~2.7 years supporting ongoing pipeline and commercial efforts.