Lucide Ledger

A filing-first public record from Lucide House.

Issue 005 | U.S. Pilot | US

GERN

GERON CORP

Screen state: Passing Source state: Verified 10-Q | 2026-05-06 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 99.5%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
498,531,000USD
Total Liabilities
305,012,000USD
NCAV
193,519,000USD
Cash
68,895,000USD
NCAV per share
0.30USD/share
Evidence
10 annual | 21 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
2
Unavailable
7
Requires inspection Negative OCF -62,906,000
Latest
-62,906,0002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0000886744-26-000032

Supporting observation Current Ratio > 1.5 6.78
Latest
6.782026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0000886744-26-000032

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0000886744-26-000032 2026-05-06 10-Q Verified Data Vault | sec/cleaned/cik=0000886744/accession=0000886744-26-000032/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: normalize_to_latest_verified_split_basis | quality: verified

Display basis

Verified split events: reverse 30.0 on 2020-12-01

Known Unknowns

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
2023-12-31
10-K
USD
2022-12-31
10-K
USD
2021-12-31
10-K
USD
2020-12-31
10-K
USD
2019-12-31
10-K
USD
2018-12-31
10-K
USD
2017-12-31
10-K
USD
2016-12-31
10-K
USD
Revenue n/a n/a 237,000 596,000 1,393,000 253,000 460,000 1,066,000 1,065,000 6,162,000
Operating Income -68,585,000 -173,732,000 -193,944,000 -138,550,000 -113,999,000 -76,913,000 -72,505,000 -31,073,000 -29,255,000 -30,646,000
Net Income -83,500,000 -174,572,000 -184,127,000 -141,901,000 -116,112,000 -75,617,000 -68,548,000 -27,017,000 -27,916,000 -29,537,000
Cash From Operations -111,037,000 -218,618,000 -167,743,000 -127,379,000 -95,556,000 -66,652,000 -43,829,000 -21,009,000 -20,556,000 -18,369,000
Capex n/a -680,000 -830,000 -431,000 -207,000 -401,000 -413,000 -16,000 -90,000 -57,000
Free Cash Flow n/a -219,298,000 -168,573,000 -127,810,000 -95,763,000 -67,053,000 -44,242,000 -21,025,000 -20,646,000 -18,426,000
Cash And Equivalents 77,560,000 79,016,000 70,023,000 56,845,000 34,871,000 9,925,000 13,644,000 10,575,000 16,335,000 12,810,000
Accounts Receivable 36,987,000 35,946,000 n/a n/a n/a n/a n/a n/a n/a n/a
Inventory 116,636,000 38,714,000 n/a n/a n/a n/a n/a n/a n/a n/a
Total Current Assets 520,271,000 490,992,000 341,348,000 180,246,000 187,206,000 199,857,000 141,608,000 166,058,000 95,970,000 116,112,000
Total Assets 570,540,000 593,781,000 394,076,000 190,575,000 226,034,000 270,728,000 165,517,000 185,284,000 110,313,000 130,249,000
Total Current Liabilities 111,542,000 88,298,000 108,070,000 76,694,000 45,521,000 30,940,000 28,162,000 7,551,000 6,516,000 7,869,000
Total Liabilities 344,668,000 313,461,000 146,127,000 110,577,000 99,618,000 59,781,000 30,362,000 7,551,000 6,516,000 7,869,000
Shareholders Equity 225,872,000 280,320,000 247,949,000 79,998,000 126,416,000 210,947,000 135,155,000 177,733,000 103,797,000 122,380,000
Shares Outstanding 640,544,661 636,904,470 546,059,309 508,722,486 323,731,591 318,527,540 6,678,160 6,213,089 5,355,134 5,305,288
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 666,662,989 646,033,247 570,645,405 380,784,846 327,631,814 271,460,265 6,338,677 5,883,500 5,307,500 5,301,521
Weighted Avg Shares Basic 666,662,989 646,033,247 570,645,405 380,784,846 327,631,814 271,460,265 6,338,677 5,883,500 5,307,500 5,301,521
Net Share Count Change (Normalized) 0.2% 0.5% 0.4% 2.4% 1.0% 4562.8% 7.2% 16.6% 0.5% Insufficient evidence
Ownership Claim Change (Normalized) -0.2% -0.5% -0.4% -2.3% -1.0% -97.9% -6.7% -14.2% -0.4% Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Metric
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
2024-12-31
10-K
USD
2024-09-30
10-Q
USD
2024-06-30
10-Q
USD
2024-03-31
10-Q
USD
2023-12-31
10-K
USD
2023-09-30
10-Q
USD
2023-06-30
10-Q
USD
2023-03-31
10-Q
USD
2022-12-31
10-K
USD
2022-09-30
10-Q
USD
2022-06-30
10-Q
USD
2022-03-31
10-Q
USD
2021-12-31
10-K
USD
2021-09-30
10-Q
USD
2021-06-30
10-Q
USD
Revenue 51,837,000 n/a n/a 47,227,000 49,036,000 39,603,000 n/a 28,271,000 882,000 304,000 23,000 164,000 29,000 21,000 103,000 297,000 73,000 123,000 1,040,000 109,000 107,000
Operating Income 158,000 -25,540,000 -25,540,000 -13,887,000 -12,454,000 -16,704,000 -20,050,000 -28,215,000 -69,333,000 -56,134,000 -54,289,000 -47,612,000 -51,951,000 -40,092,000 -41,951,000 -39,948,000 -27,976,000 -28,675,000 -30,982,000 -25,674,000 -28,889,000
Net Income -3,642,000 -28,862,000 -28,862,000 -18,428,000 -16,375,000 -19,835,000 -25,352,000 -26,447,000 -67,383,000 -55,390,000 -51,973,000 -44,805,000 -49,227,000 -38,122,000 -42,635,000 -41,051,000 -28,117,000 -30,098,000 -32,017,000 -26,697,000 -29,574,000
Cash From Operations -62,906,000 -22,067,000 -22,067,000 -13,576,000 -27,415,000 -47,979,000 -43,945,000 -58,942,000 -53,478,000 -62,253,000 -40,938,000 -50,839,000 -29,601,000 -46,365,000 -35,181,000 -29,582,000 -28,642,000 -33,974,000 -22,168,000 -22,840,000 -17,814,000
Capex n/a n/a n/a n/a n/a n/a 141,000 0 -206,000 -615,000 -64,000 -192,000 -202,000 -372,000 -140,000 -171,000 -70,000 -50,000 -103,000 -94,000 0
Free Cash Flow n/a n/a n/a n/a n/a n/a -43,804,000 -58,942,000 -53,684,000 -62,868,000 -41,002,000 -51,031,000 -29,803,000 -46,737,000 -35,321,000 -29,753,000 -28,712,000 -34,024,000 -22,271,000 -22,934,000 -17,814,000
Cash And Equivalents 68,895,000 77,560,000 77,560,000 78,117,000 77,734,000 83,745,000 79,016,000 60,344,000 116,945,000 189,761,000 70,023,000 30,709,000 56,903,000 112,777,000 56,845,000 61,103,000 76,057,000 31,325,000 34,871,000 29,036,000 57,282,000
Total Current Assets 498,531,000 520,271,000 520,271,000 522,342,000 505,595,000 495,769,000 490,992,000 398,057,000 373,308,000 451,509,000 341,348,000 335,085,000 377,279,000 387,023,000 180,246,000 222,070,000 227,375,000 175,924,000 187,206,000 179,355,000 201,762,000
Total Liabilities 305,012,000 344,668,000 344,668,000 318,675,000 295,667,000 294,212,000 313,461,000 152,666,000 142,704,000 137,206,000 146,127,000 122,403,000 116,869,000 98,822,000 110,577,000 124,434,000 96,114,000 100,934,000 99,618,000 77,544,000 75,969,000
Shares Outstanding 641,520,974 639,856,222 640,544,661 638,355,275 638,017,073 636,917,758 636,904,470 604,501,016 602,795,563 593,132,540 546,059,309 543,063,950 523,370,675 508,766,846 508,722,486 381,235,046 377,818,875 377,447,107 323,731,591 321,949,041 320,599,195
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 669,375,000 666,662,989 667,452,550 667,101,756 666,170,358 665,905,469 664,199,550 662,158,182 653,904,978 603,493,451 610,510,134 579,508,305 547,280,946 544,459,004 381,158,134 405,237,474 403,868,713 332,066,889 330,833,780 328,934,491 327,026,907
Weighted Avg Shares Basic 669,375,000 666,662,989 667,452,550 667,101,756 666,170,358 665,905,469 664,199,550 662,158,182 653,904,978 603,493,451 610,510,134 579,508,305 547,280,946 544,459,004 381,158,134 405,237,474 403,868,713 332,066,889 330,833,780 328,934,491 327,026,907
Net Share Count Change (Normalized) 0.2% 0.2% 0.2% 0.1% 0.1% 5.0% 0.5% 0.3% 1.7% 8.5% 0.4% 3.9% 2.6% 30.4% 2.4% 0.9% 16.7% 0.0% 1.0% 0.0% 3.2%
Ownership Claim Change (Normalized) -0.2% -0.2% -0.2% -0.1% -0.1% -4.8% -0.5% -0.3% -1.6% -7.8% -0.4% -3.8% -2.5% -23.3% -2.3% -0.9% -14.3% -0.0% -1.0% -0.0% -3.1%
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 498,531,000USD us-gaap:AssetsCurrent 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Total Liabilities 305,012,000USD us-gaap:Liabilities 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Cash 68,895,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-03-31 1.00 Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Shares Outstanding 641,520,974 dei:EntityCommonStockSharesOutstanding 2026-03-31 1.00 n/a
NCAV 193,519,000USD derived 2026-03-31 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 0.30USD derived 2026-03-31 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 99.5% derived 2026-03-31 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0000886744
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0000886744/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
26
Imported At
2026-08-15T12:52:03+00:00
Rendered At
2026-08-16T03:30:00+00:00

Run Audit

Mary Run
062cd84c6cec4533b9bb580392e1f3bf
Mary As Of
2026-08-07
Accession
0000886744-26-000032
CIK
0000886744
Mary Filing Date
2026-05-06
Filing Currency
USD
Internal Discount
99.5%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=062cd84c6cec4533b9bb580392e1f3bf; mary_as_of=2026-08-07; mary_filing_date=2026-05-06; mary_accession=0000886744-26-000032; mary_cik=0000886744; gnni_supporting_filing_date=2026-05-06; internal_discount=0.994881; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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