Cerus Corporation Announces Second Quarter 2025 Financial Results

Second Quarter Total Revenue of $60.1 Million; Record Product Revenue of $52.4 Million, Up 16% Year-Over-Year

Raising Full-Year 2025 Product Revenue Guidance Range to $200 Million - $203 Million

Conference Call Today at 4:30 pm ET

CONCORD, Calif.--(BUSINESS WIRE)-- Cerus Corporation (Nasdaq:CERS) announced financial results for the second quarter ended June 30, 2025, and provided a business update.

“With our singular focus to advance blood safety and availability around the globe by establishing INTERCEPT as the standard of care, this quarter’s commercial results are evidence of the progress we are making in multiple geographies and across our INTERCEPT product portfolio. The early launch and adoption of our next generation, LED-based INT200 illumination device continues to surpass our expectations around performance and customer experience, and advancements in our product development pipeline are encouraging, including the early resubmission for RBC CE Mark and the recent DoD award for the CRYO-First study,” said William “Obi” Greenman, Cerus’ president and chief executive officer.

“In addition, the continued strong commercial and financial execution in Q2 resulted in record product sales, a year-over-year narrowing of net loss attributable to Cerus, and another quarter of positive non-GAAP adjusted EBITDA,” continued Greenman. “Given the anticipated sales trajectory, we are raising our full-year 2025 product revenue guidance today.”

Additional highlights include:

• Second-quarter 2025 total revenue comprised of (in millions, except percentages):

	Three Months Ended												Six Months Ended
	June 30,						Change						June 30,						Change
		2025			2024		$			%				2025			2024		$			%
Product Revenue	$	52.4		$	45.1		$	7.4		16	%		$	95.7		$	83.4		$	12.2		15	%
Government Contract Revenue		7.7			5.4			2.2		41	%			13.3			10.5			2.8		27	%
Total Revenue	$	60.1		$	50.5		$	9.6		19	%		$	109.0		$	93.9		$	15.1		16	%
Numbers may not sum due to rounding. Percentages calculated from unrounded figures.

• Customer demand for Pathogen Reduced, Cryoprecipitated Fibrinogen Complex (commonly referred to as INTERCEPT Fibrinogen Complex, or IFC) continues to increase with second quarter IFC revenue of $5.6 million compared to $2.0 million in the prior year period.
• The European regulatory review of our CE Mark application for the INTERCEPT Blood System for Red Blood Cells (RBCs) continues. TÜV-SÜD, the Notified Body, has completed their review of several modules of the submission, including the clinical module, and transferred the dossier to the State Institute for Drug Control (SÚKL), our Competent Authority, in the Czech Republic, for consultation.
• Awarded an additional $7.2 million in funding from the U.S. Department of Defense Industrial Base Analysis and Sustainment (IBAS) program for the development of lyophilized IFC.
• Second-quarter net loss attributable to Cerus Corporation was $5.7 million. Second-quarter non-GAAP adjusted EBITDA of $0.9 million, marking another quarter of positive non-GAAP adjusted EBITDA.
• Cash, cash equivalents, and short-term investments were $78.0 million at June 30, 2025.

Revenue

Product revenue during the second quarter of 2025 was $52.4 million, compared to $45.1 million during the prior year period. This year-over-year increase of 16% was led by growth in IFC and global platelet sales. Second-quarter product revenue included U.S. sales of IFC, which were $5.6 million, up from $2.0 million during the prior year period.

Second-quarter 2025 government contract revenue was $7.7 million, compared to $5.4 million during the prior year period. Our government contract revenue was comprised of funding associated with research and development (R&D) activities related to the INTERCEPT RBC program as well as efforts related to the development of next-generation pathogen reduction technology to treat whole-blood and development of lyophilized IFC. The year-over-year increase was primarily driven by increasing enrollment in the Phase 3 RedeS trial for the INTERCEPT RBC system covered under the Company’s 2016 agreement with BARDA and the activities for the advancement of the INTERCEPT RBC system covered under the Company’s 2024 BARDA contract.

Product Gross Profit and Margin

Product gross profit for the second quarter of 2025 was $29.0 million, increasing by 17% over the prior year period. Product gross margin for the second quarter of 2025 was 55.2% compared to 54.7% for the second quarter of 2024. A number of offsetting factors resulted in relatively stable product gross margin in the second quarter of 2025.

Operating Expenses

Total operating expenses for the second quarter of 2025 were $40.1 million, compared to $33.9 million for the same period of the prior year, reflecting a year-over-year increase of 18%. Both R&D and selling, general, and administrative (SG&A) expenses increased year-over-year, reflecting investments in our business to drive future revenue growth.

R&D expenses for the second quarter of 2025 were $18.9 million, compared to $15.0 million for the second quarter of 2024. The primary drivers for the increase in R&D expenses were related to development costs on INT200, the new LED-based illumination device, higher government contract costs incurred to support the higher government contract revenue and higher employee compensation expenses tied to cost-of-living adjustments which became effective earlier in the year.

SG&A expenses totaled $21.2 million for the second quarter of 2025, compared to $19.0 million for the second quarter of 2024. The primary driver for the increase in SG&A expenses was higher employee compensation expenses tied to cost-of-living adjustments which became effective earlier in the year.

Net Loss Attributable to Cerus Corporation

Net loss attributable to Cerus Corporation for the second quarter of 2025 was $5.7 million, or $0.03 per basic and diluted share, compared to a net loss attributable to Cerus Corporation of $5.8 million, or $0.03 per basic and diluted share, for the same period of the prior year. Net loss attributable to Cerus Corporation for the first half of 2025 was $13.4 million compared to net loss attributable to Cerus Corporation of $15.5 million for the first half of 2024.

Non-GAAP Adjusted EBITDA

Non-GAAP adjusted EBITDA for the second quarter of 2025 was positive $0.9 million, compared to non-GAAP adjusted EBITDA of positive $0.8 million for the same period of the prior year. Non-GAAP adjusted EBITDA for the first half of 2025 was a positive $1.1 million compared to non-GAAP adjusted EBITDA of negative $1.9 million for the first half of 2024.

The Company remains committed to its goal of achieving positive, full-year 2025 non-GAAP adjusted EBITDA. For additional information, please see definitions and the reconciliation of this non-GAAP measure to net loss attributable to Cerus Corporation accompanying this release.

Balance Sheet and Cash Flows

At June 30, 2025, the Company had cash, cash equivalents, and short-term investments of $78.0 million, compared to $80.5 million at December 31, 2024. The Company’s revolving line of credit allows for an additional $15.0 million as of June 30, 2025, which is dependent on eligible assets supporting the borrowing base.

For the second quarter of 2025, cash used from operations totaled $2.4 million compared to $0.4 million generated during the same period of the prior year. Cash use from operations in the second quarter of 2025 was tied to an increase in working capital, namely inventory in support of the expected growth.

Increasing Full-Year 2025 Product Revenue Guidance

Given the strong performance during the first half of 2025, coupled with increasing conviction about expected second half growth, the Company now expects full-year 2025 product revenue will be in the range of $200 million to $203 million. These revisions include increased IFC guidance, which the Company now expects to be between $16 million to $18 million for 2025. Previously, the Company’s 2025 product revenue guidance range was $194 million to $200 million, including 2025 IFC revenue guidance between $12 million and $15 million.

Quarterly conference Call

The Company will host a conference call at 4:30 P.M. ET this afternoon, during which management will discuss the Company’s financial results and provide a general business overview and outlook. To listen to the live webcast, please visit the Investor Relations page of the Cerus website at http://www.cerus.com/ir.

A replay will be available on Cerus’ website approximately three hours after the call through August 26, 2025.

ABOUT CERUS

Cerus Corporation is dedicated solely to safeguarding the world’s blood supply and aims to become the preeminent global blood products company. Headquartered in Concord, California, the company develops and supplies vital technologies and pathogen-protected blood components to blood centers, hospitals, and ultimately patients who rely on safe blood. The INTERCEPT Blood System for platelets and plasma is available globally and remains the only pathogen reduction system with both CE mark and FDA approval for these two blood components. In the U.S., the INTERCEPT Blood System for Cryoprecipitation is approved for the production of Pathogen Reduced Cryoprecipitated Fibrinogen Complex (commonly referred to as INTERCEPT Fibrinogen Complex), a therapeutic product for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency. The INTERCEPT red blood cell system is under regulatory review in Europe, and in late-stage clinical development in the U.S. For more information about Cerus, visit www.cerus.com and follow us on LinkedIn.

INTERCEPT and the INTERCEPT Blood System are trademarks of Cerus Corporation.

Forward-Looking Statements

Except for the historical statements contained herein, this press release contains forward-looking statements concerning Cerus’ products, prospects and expected results, including statements relating to: expectations with respect to the performance and customer experience of the INT200; expectations for the advancement of Cerus‘ product development pipeline, including through the early resubmission for RBC CE Mark and the recent DoD award for the CRYO-First study; expectations regarding the durability and sales trajectory of Cerus‘ INTERCEPT platelet franchise and IFC business; expectations with respect to full-year 2025 product revenue guidance and IFC revenue guidance; Cerus‘ commitment to its goal of achieving positive, full-year 2025 non-GAAP adjusted EBITDA; and other statements that are not historical fact. Actual results could differ materially from these forward-looking statements as a result of certain factors, including, without limitation: risks associated with the commercialization and market acceptance of, and customer demand for, the INTERCEPT Blood System, including the risks that Cerus may not (a) effectively commercialize the INT200 or the INTERCEPT RBC system, if approved (b) realize meaningful revenue contribution from the INT200 or the RBC system, if approved, in the near term or at all and/or (c) effectively expand its commercialization activities into additional geographies; risks associated with macroeconomic developments, including ongoing military conflict in Ukraine, the state of war between Israel and Hamas and the wider regional conflict, new or increased tariffs and escalating trade tensions and the resulting global economic and financial disruptions, and the current and potential future negative impacts to Cerus’ business operations; risks related to Cerus’ ability to demonstrate to the transfusion medicine community and other health care constituencies that pathogen reduction the INTERCEPT Blood System is safe, effective and economical; risks related to the uncertain and time-consuming development and regulatory process, including the risks that (a) Cerus may be unable to obtain and maintain the requisite in-country regulatory approvals necessary to commercialize the INT200 in a timely manner or at all (b) Cerus’ submission to SÚKL may not satisfactorily address the issues in its prior submission that prevented CE Mark approval for the INTERCEPT RBC system, (c) Cerus may be unable to meet the additional applicable requirements to complete the CE Mark application review process for INTERCEPT RBCs in a timely manner or at all, and that Cerus may otherwise determine to substantially delay or abandon its efforts to seek CE Mark approval of the INTERCEPT RBC system, (d) Cerus may otherwise be unable to obtain any regulatory approvals of the INTERCEPT RBC system in a timely manner or at all and (e) Cerus may be unable to obtain any regulatory approvals of lyophilized Pathogen Reduced, Cryoprecipitated Fibrinogen Complex in a timely manner or at all; risks that anticipated clinical trials may not be initiated on the anticipated timing or at all, or if initiated, may be extended, delayed, suspended or terminated, including as result of safety concerns; risks associated with the uncertain nature of DoD’s funding over which Cerus has no control as well as actions of Congress and governmental agencies that may adversely affect the availability of funding under Cerus’ amended DoD agreement and/or the DoD’s exercise of any potential options under the amended contract, such that the anticipated activities that Cerus expects to conduct with the funds available from DoD may be delayed or halted; risks related to product safety; risks associated with Cerus’ ability to maintain an effective, secure manufacturing supply chain, including the risks that (a) Cerus’ supply chain could be negatively impacted as a result of the evolving impact of macroeconomic developments, including the ongoing military conflict in Ukraine, the state of war between Israel and Hamas and the wider regional conflict, rising interest rates, inflation, and new or increased tariffs and escalating trade tensions, (b) Cerus’ manufacturers could be unable to comply with extensive regulatory agency requirements, and (c) Cerus may be unable to maintain its supply agreements with its third party suppliers and may be required to engage and validate a new supplier for key components of the INTERCEPT RBC system, which would substantially delay the CE Mark application review process for INTERCEPT RBCs and/or a review decision thereon; risks associated with Cerus’ need for additional funding; risks associated with the impact of legislative or regulatory healthcare reforms that may make it more difficult and costly for Cerus to produce, market and distribute the INT200 and its other products; as well as other risks detailed in Cerus’ filings with the Securities and Exchange Commission, including under the heading “Risk Factors” in Cerus’ Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025 and Cerus‘ Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the SEC on May 1, 2025. Cerus disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release.

Use of Non-GAAP Financial Measures

We define adjusted EBITDA as net loss attributable to Cerus Corporation as reported on the consolidated statement of operations, as adjusted to exclude, as applicable for the reporting period(s) presented, (i) net loss attributable to noncontrolling interest, (ii) provision for income taxes, (iii) foreign exchange (loss)/gain, (iv) interest income (expense), (v) other income (expense), net, (vi) depreciation and amortization, (vii) share-based compensation, (viii) goodwill and asset impairments, (ix) costs associated with our noncontrolling interest in our joint venture in China and, (x) revenue and direct costs associated with our government contracts. We are presenting this non-GAAP financial measure to assist investors in assessing our operating results. Management believes this non-GAAP information is useful for investors, when considered in conjunction with Cerus’ GAAP financial statements, because management uses such information internally for its operating, budgeting and financial planning purposes. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Cerus’ operating results as reported under GAAP. This non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. This non-GAAP financial measure is not necessarily comparable to similarly-titled measures presented by other companies.

Investors should note that Cerus has not provided a reconciliation of anticipated positive non-GAAP adjusted EBITDA for the year ending December 31, 2025 to projected GAAP net loss attributable to Cerus Corporation for the year ending December 31, 2025 because certain items such as share-based compensation that are components of GAAP net loss attributable to Cerus Corporation cannot be reasonably projected due to the significant impact of changes in Cerus’ stock price and other factors. These components of GAAP net loss attributable to Cerus Corporation could significantly impact the reported GAAP net loss attributable to Cerus Corporation.

Supplemental Tables

	Three Months Ended	Six Months Ended
	June 30,	June 30,
	2025 vs. 2024	2025 vs. 2024
Platelet Kit Growth
North America	2%	8%
International	4%	-2%
Worldwide	3%	6%
Change in Calculated Number of Treatable Platelet Doses
North America	2%	8%
International	1%	-4%
Worldwide	1%	4%
Dose treatable calculation based on the number of kits sold and the product configuration (single, double, and triple dose kits)

Cerus Corporation REVENUE BY REGION (in thousands, except percentages)
	Three Months Ended													Six Months Ended
	June 30,						Change							June 30,						Change
		2025			2024		$				%				2025			2024		$				%
North America	$	35,286		$	30,097		$	5,189			17	%		$	65,886		$	55,195		$	10,691			19	%
Europe, Middle East and Africa		16,612			13,725			2,887			21	%			28,824			26,439			2,385			9	%
Other		547			1,257			(710	)		-56	%			974			1,810			(836	)		-46	%
Total product revenue	$	52,445		$	45,079		$	7,366			16	%		$	95,684		$	83,444		$	12,240			15	%

CERUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED (in thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
			2025				2024				2025				2024
Product revenue		$	52,445			$	45,079			$	95,684			$	83,444
Cost of product revenue			23,470				20,413				41,285				37,506
Gross profit on product revenue			28,975				24,666				54,399				45,938
Government contract revenue			7,684				5,440				13,298				10,470
Operating expenses:
Research and development			18,900				14,969				35,505				29,451
Selling, general and administrative			21,182				18,973				41,468				38,772
Total operating expenses			40,082				33,942				76,973				68,223
Loss from operations			(3,423	)			(3,836	)			(9,276	)			(11,815	)
Total non-operating expense, net			(2,216	)			(1,995	)			(4,007	)			(3,632	)
Loss before income taxes			(5,639	)			(5,831	)			(13,283	)			(15,447	)
Provision for (benefit from) income taxes			76				(56	)			150				18
Net loss			(5,715	)			(5,775	)			(13,433	)			(15,465	)
Net loss attributable to noncontrolling interest			(8	)			-				(9	)			(2	)
Net loss attributable to Cerus Corporation		$	(5,707	)		$	(5,775	)		$	(13,424	)		$	(15,463	)
Net loss per share attributable to Cerus Corporation:
Basic and diluted		$	(0.03	)		$	(0.03	)		$	(0.07	)		$	(0.08	)
Weighted average shares outstanding:
Basic and diluted			191,301				184,982				189,195				183,536

Cerus Corporation Condensed Consolidated Balance Sheets (in thousands)
		June 30,			December 31,
		2025			2024
ASSETS		(unaudited)
Current assets:
Cash and cash equivalents		$	15,991		$	20,266
Short-term investments			62,034			60,186
Accounts receivable, net			31,394			29,777
Current inventories			54,529			38,150
Prepaid and other current assets			4,586			3,643
Total current assets			168,534			152,022
Non-current assets:
Property and equipment, net			6,891			7,154
Operating lease right-of-use assets			8,665			8,384
Goodwill			1,316			1,316
Non-current inventories			14,349			14,145
Other assets and restricted cash			13,316			17,896
Total assets		$	213,071		$	200,917
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities		$	51,418		$	40,638
Debt – current			28,125			19,297
Operating lease liabilities – current			2,604			2,275
Deferred revenue – current			2,211			1,398
Total current liabilities			84,358			63,608
Non-current liabilities:
Debt – non-current			56,766			64,862
Operating lease liabilities – non-current			11,403			11,663
Other non-current liabilities			4,374			3,888
Total liabilities			156,901			144,021
Stockholders' equity:			55,428			56,145
Noncontrolling interest			742			751
Total liabilities and stockholders' equity		$	213,071		$	200,917

CERUS CORPORATION UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTED EBITDA (in thousands)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
			2025				2024				2025				2024
Net loss attributable to Cerus Corporation		$	(5,707	)		$	(5,775	)		$	(13,424	)		$	(15,463	)
Adjustments to net loss attributable to Cerus Corporation:
Net loss attributable to noncontrolling interest			(8	)			-				(9	)			(2	)
Provision for (benefit from) income taxes			76				(56	)			150				18
Total non-operating expense, net (i)			2,216				1,995				4,007				3,632
Loss from operations			(3,423	)			(3,836	)			(9,276	)			(11,815	)
Adjustments to loss from operations:
Operating depreciation and amortization			1,049				1,127				2,064				2,344
Government contract revenue (ii)			(7,684	)			(5,440	)			(13,298	)			(10,470	)
Direct expenses attributable to government contracts (iii)			5,297				3,250				9,268				6,475
Share-based compensation (iv)			5,681				5,678				12,316				11,533
Costs attributable to noncontrolling interest (v)			15				-				18				3
Non-GAAP adjusted EBITDA		$	935			$	779			$	1,092			$	(1,930	)

i.		Includes interest income/expense and foreign exchange gains/losses.
ii.		Represents revenue related to the cost reimbursement provisions under our government contracts.
iii.		Represents the direct expenses attributable to work supporting government contracts, which are reimbursed and reflect under government contract revenue in the condensed consolidated statement of operations.
iv.		Represents non-cash stock-based compensation.
v.		Represents costs associated with the noncontrolling interest in Cerus Zhongbaokang (Shandong) Biomedical Co., LTD.

 

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Tim Lee – Head of Investor Relations

Cerus Corporation

ir@cerus.com

925-288-6128

Source: Cerus Corporation