Geron Corporation (NASDAQ: GERN) saw its shares plummet 5.22% in pre-market trading on Wednesday following the release of its third-quarter earnings report. The biotechnology company's financial results revealed a mixed performance, with earnings meeting expectations but revenue falling significantly short of analyst estimates.

According to the earnings report, Geron posted a quarterly loss of $0.03 per share, which was in line with Wall Street expectations. However, the company's revenue for the quarter came in at $47.227 million, missing the analyst consensus estimate of $52.881 million. This substantial revenue shortfall appears to be the primary driver behind the stock's pre-market decline.

Further details from the earnings report show that Geron's Q3 net income stood at a loss of $18.428 million. The company reported product revenue of $47.167 million for the quarter. Additionally, Geron's operating loss was $13.887 million, which was better than the IBES estimate of a $17.3 million loss. Despite this improved operating performance, investors seem to be focusing on the top-line miss, leading to the negative sentiment in early trading.

In conjunction with the earnings release, Geron also updated its financial guidance for fiscal year 2025. The company now expects total operating expenses to be between $250 million and $260 million, down from the previously announced range of $270 million to $285 million. This reduction in expected expenses, however, did not appear to offset concerns about the revenue miss in investors' minds.