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$220M-$240M in expected 2026RYTELO net product revenue,

That language is a bit confusing. The use of net here seems wrong. I think he means gross income.

Jay, not being a business person I probably can’t help much here but net income generally does not back out:

operating expenses (payroll, rent, marketing)
• interest, taxes
• cost of goods sold (COGS)

So I think the presentation is accurate: Geron is on track to show a profit maybe for the first time in its history.

I agree, presentation confusing. To me, net product revenue suggests product sales less non-company costs related to the sale of the product. Non-company costs would include product purchase costs, transportation, warehousing and distribution.

Operating expenses would include employee related expenses such as wages, salaries, and employee benefits; rent/lease payments; marketing, legal and accounting.