Geron Corporation Investors: Company Investigated by the Portnoy Law Firm
LOS ANGELES, Aug. 14, 2025 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises Geron Corporation ('Geron' or 'the Company') (NASDAQ: GERN) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. Geron investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
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Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: [email protected], to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.
The Complaint alleges that, throughout the Class Period, Defendants provided investors with material information regarding the anticipated launch and growth potential of Rytelo (imetelstat). Specifically, the Complaint asserts that Defendants repeatedly expressed confidence in Geron's ability to capitalize on the purportedly significant unmet medical need for the drug and to execute its commercial plan targeting first-line ESA-ineligible patients, while downplaying or minimizing risks associated with the weekly monitoring requirements for Rytelo, as well as the potential impacts of seasonality and competition on the drug's sales.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm's founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
[email protected]
310-692-8883
www.portnoylaw.com
Attorney Advertising
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
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Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of June 30, 2025 (Unaudited) and December 31, 2024 (Dollars in thousands, except per share) December 31, 2024 Assets Current Assets: Cash $ 9,878 $ 7,843 Restricted cash 2,215 1,150 Accounts receivable, net (allowance for expected credit losses of $244 at June 30, 2025 and December 31, 2024) 2,649 2,693 Prepaid expenses and other current assets 2,236 1,781 Equipment held for sale - 28 Total Current Assets 16,978 13,495 Restricted cash, noncurrent 3,060 1,460 Other assets 1,107 2,724 Deposits and credits on equipment 1,046 5,145 Property, plant and equipment, net 56,521 47,283 Intangible assets, net 12,957 17,620 Operating lease right-of-use assets 283 313 Total Assets $ 91,952 $ 88,040 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 3,942 $ 2,840 Accrued liabilities 5,934 6,785 Accrued interest payable 3,286 2,275 Contract liability 19,348 20,015 Current portion of debt 13,255 14,444 Income tax payable 62 37 Customer deposits 1,962 1,416 Operating lease liability 63 61 Total Current Liabilities 47,852 47,873 Other liabilities 333 235 Long-term debt 10,021 7,061 Operating lease liability 220 252 Deferred tax liability, net 4,207 5,257 Total Liabilities 62,633 60,678 Commitments and Contingencies (Note 10) Stockholders' Equity: 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,953,545 shares issued and outstanding as of June 30, 2025 and December 31, 2024 5 5 Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024 — — Common stock, par value $0.001 per share, authorized 75,000,000; 19,095,863 shares issued and 19,055,122 shares outstanding as of June 30, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024 19 11 Additional paid-in capital 323,557 315,607 Accumulated deficit (329,242 ) (314,304 ) Common stock in treasury, at cost, 40,741 shares at June 30, 2025 and December 31, 2024 (13,798 ) (13,798 ) Total Soluna Holdings, Inc. Stockholders' (Deficit) Equity (19,459 ) (12,479 ) Non-Controlling Interest 48,778 39,841 Total Stockholders' Equity 29,319 27,362 Total Liabilities and Stockholders' Equity $ 91,952 $ 88,040 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Expand Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three and Six Months Ended June 30, 2025 and 2024 (Dollars in thousands, except per share) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Cryptocurrency mining revenue $ 2,861 $ 4,484 $ 5,860 $ 10,880 Data hosting revenue 3,136 4,898 5,538 10,176 Demand response service revenue 161 293 668 1,168 High-performance computing service revenue - - 28 - Total revenue 6,158 9,675 12,094 22,224 Operating costs: Cost of cryptocurrency mining revenue, exclusive of depreciation 1,767 1,883 3,721 3,724 Cost of data hosting revenue, exclusive of depreciation 1,617 2,176 2,945 4,427 Cost of high-performance computing services - - 7 - Cost of cryptocurrency mining revenue- depreciation 1,074 1,065 2,147 2,152 Cost of data hosting revenue- depreciation 512 441 913 877 Total costs of revenue 4,970 5,565 9,733 11,180 Operating expenses: General and administrative expenses, exclusive of depreciation and amortization 5,397 5,382 11,344 9,378 Depreciation and amortization associated with general and administrative expenses 2,403 2,403 4,807 4,805 Total general and administrative expenses 7,800 7,785 16,151 14,183 Impairment on fixed assets 12 - 12 130 Operating loss (6,624 ) (3,675 ) (13,802 ) (3,269 ) Interest expense (1,196 ) (449 ) (2,034 ) (873 ) (Loss) gain on debt extinguishment and revaluation, net - (5,600 ) 551 (8,698 ) Loss on sale of fixed assets (22 ) (21 ) (22 ) (21 ) Other expense, net (546 ) (49 ) (860 ) (25 ) Loss before income taxes (8,388 ) (9,794 ) (16,167 ) (12,886 ) Income tax benefit, net 608 649 1,033 1,197 Net loss (7,780 ) (9,145 ) (15,134 ) (11,689 ) (Less) Net (loss) income attributable to non-controlling interest (398 ) 1,728 (196 ) 4,438 Net loss attributable to Soluna Holdings, Inc. $ (7,382 ) $ (10,873 ) $ (14,938 ) $ (16,127 ) Basic and Diluted loss per common share: Weighted average shares outstanding (Basic and Diluted) 14,991,125 4,563,696 13,473,983 3,683,558 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Expand Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, 2025 and 2024 Six Months Ended June 30, (Dollars in thousands) 2025 2024 Operating Activities Net loss $ (15,134 ) $ (11,689 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 3,121 3,091 Amortization expense 4,746 4,743 Stock-based compensation 3,789 2,029 Deferred income taxes (1,051 ) (1,259 ) Impairment on fixed assets 12 130 Provision for credit losses - 244 Amortization of operating lease asset 30 122 (Gain) loss on debt extinguishment and revaluation, net (551 ) 8,698 Amortization of deferred financing costs and discount on notes 338 59 SEPA fair value revaluation 118 - Loss on sale of fixed assets 22 21 Changes in operating assets and liabilities: Accounts receivable 44 (486 ) Prepaid expenses and other current assets (455 ) (10,767 ) Other long-term assets 1,607 1 Accounts payable 1,102 353 Contract liability (667 ) - Operating lease liabilities (30 ) (123 ) Other liabilities and customer deposits 644 (404 ) Accrued liabilities and interest payable 1,042 1,764 Net cash used in operating activities (1,273 ) (3,473 ) Investing Activities Purchases of property, plant and equipment (12,365 ) (278 ) Purchases of intangible assets (83 ) (64 ) Proceeds from sale of property, plant and equipment - 215 Deposits on equipment, net 4,099 (2,096 ) Net cash used in investing activities (8,349 ) (2,223 ) Financing Activities Proceeds from common stock warrant exercises - 2,304 Proceeds from sale of common stock on SEPA 2,005 - Proceeds from notes 5,269 13,220 Proceeds from sale of common stock on ATM 2,178 - Payments on notes and deferred financing costs (3,275 ) (1,910 ) Payments on ATM (132 ) - Contributions from non-controlling interest 11,852 - Distributions to non-controlling interest (3,575 ) (5,776 ) Net cash provided by financing activities 14,322 7,838 Increase in cash & restricted cash 4,700 2,142 Cash & restricted cash – beginning of period 10,453 10,367 Cash & restricted cash – end of period $ 15,153 $ 12,509 Supplemental Disclosure of Cash Flow Information Interest paid on debt 685 203 Warrant consideration in relation to convertible notes and revaluation of warrant liability - 7,648 Notes converted to common stock - 3,712 Noncash membership distribution accrual 323 456 Warrant consideration in relation to Soluna Cloud - 314 Fair value consideration for Green Cloud issuance of shares 810 - The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Expand Segment Information The following table details revenue, cost of revenues, and other operating costs for the Company's reportable segments for three months ended June 30, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations: For the three months ended June 30, 2024 Reconciliation of revenue Demand response revenue (a) - 293 9,675 Less: Segment cost of revenue Utility costs 1,322 1,363 - 2,685 Wages, benefits, and employee related costs 190 468 - 658 Facilities and Equipment costs 336 323 - 659 Cost of revenue- depreciation 1,065 441 - 1,506 Other cost of revenue* 127 92 - 219 Total segment cost of revenue 3,040 2,687 - 5,727 General and administrative expenses 106 146 58 310 Impairment on fixed assets - - - - Segment operating income $ 1,338 $ 2,065 $ (58 ) $ 3,345 Expand (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs. Expand The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the three months ended June 30, 2025 and 2024. Expand The following table details revenue, cost of revenues, and other operating costs for the Company's reportable segments for six months ended June 30, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations: For the six months ended June 30, 2024 Segment Revenue: Revenue from external customers $ 10,880 $ 10,176 $ - $ 21,056 Reconciliation of revenue Demand response revenue (a) - 1,168 22,224 Less: Segment cost of revenue Utility costs 2,699 2,720 - 5,419 Wages, benefits, and employee related costs 381 927 - 1,308 Facilities and Equipment costs 511 622 - 1,133 Cost of revenue- depreciation 2,152 877 - 3,029 Other cost of revenue* 304 309 - 613 Total segment cost of revenue 6,047 5,455 - 11,502 General and administrative expenses 107 153 58 318 Impairment on fixed assets 130 - - 130 Segment operating income (loss) $ 4,596 $ 4,568 $ (58 ) $ 9,106 Expand (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs. Expand The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the six months ended June 30, 2025 and 2024. Expand Gross Profit Breakout: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended June 30, 2025: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended June 30, 2024: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the six months ended June 30, 2025: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the six months ended June 30, 2024: EBITDA and Adjusted EBITDA Tables: Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table below: The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through June 30, 2025. The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024.
