5ade8bd4ec79d6b87d496c7895cf3a8b03dc08faf653d146079bd8ecf2c08d72

6da5207829b97ede953d2abbd6c2bbdaee0efbb4a137f6e222adf11919d04ae7

Product Revenue

- INTERCEPT Fibrinogen Complex (IFC)

Government Grants and Cooperative Agreements Revenue

Government Contract Revenue

Total Revenue

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Cash and cash equivalents (USD, thousands)

Short-term investments (USD, thousands)

Accounts receivable, net (USD, thousands)

Current inventories (USD, thousands)

Prepaid and other current assets (USD, thousands)

Total current assets (USD, thousands)

Property and equipment, net (USD, thousands)

Operating lease right-of-use assets (USD, thousands)

Goodwill (USD, thousands)

Restricted cash (USD, thousands)

Non-current inventories (USD, thousands)

Other assets (USD, thousands)

Total assets (USD, thousands)

Accounts payable (USD, thousands)

Accrued liabilities (USD, thousands)

Debt – current (USD, thousands)

Operating lease liabilities – current (USD, thousands)

Deferred revenue (USD, thousands)

Total current liabilities (USD, thousands)

Debt – non-current (USD, thousands)

Operating lease liabilities – non-current (USD, thousands)

Other non-current liabilities (USD, thousands)

Total liabilities (USD, thousands)

Total Cerus Corporation stockholders’ equity (USD, thousands)

Noncontrolling interest (USD, thousands)

Total liabilities and stockholders’ equity (USD, thousands)

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Product revenue (USD, thousands)

Cost of product revenue (USD, thousands)

Gross profit on product revenue (USD, thousands)

Government contract revenue (USD, thousands)

Research and development (USD, thousands)

Selling, general and administrative (USD, thousands)

Restructuring (USD, thousands)

Total operating expenses (USD, thousands)

Loss from operations (USD, thousands)

Foreign exchange (loss) gain (USD, thousands)

Interest expense (USD, thousands)

Other income, net (USD, thousands)

Total non-operating expense, net (USD, thousands)

Loss before income taxes (USD, thousands)

Provision for income taxes (USD, thousands)

Net loss (USD, thousands)

Net loss attributable to noncontrolling interest (USD, thousands)

Net loss attributable to Cerus Corporation (USD, thousands)

ef2324c1e4264703d770a316e90c5b66c7c51cf4ebc6f4c0c85121db14ad074a

Cerus Corporation’s cash balance rebounded sharply in Q1 2024 because of a combination of factors. **Operational performance improved significantly**, as the company generated positive operating cash flows of **$2 million** compared to a negative **$8.5 million** during the prior year period.  **[CERS_3382226_5]** **[0000950170-24-052053_cers-ex99_1.htm:2]**  Additionally, there was a substantial increase in **net cash provided by financing activities**—partly due to higher proceeds from the Term Loan Credit Agreement—and a shift in **investing activities** from negative to positive cash flow, with better proceeds from maturing and selling investments and lower capital expenditures.  **[0000950170-24-052296_cers-20240331.htm:47]** 

Why did the cash balance rebound sharply in Q1 2024?

The significant decline in total assets for Q2 2024 was primarily driven by **reductions in several balance sheet components**. Specifically, **accounts receivable** dropped from **$35,500 thousand** to **$23,740 thousand**, **inventories** fell from **$59,369 thousand** to **$53,091 thousand**, **operating lease right‐of‐use assets** decreased from **$10,713 thousand** to **$9,581 thousand**, and **property and equipment, net** declined from **$8,640 thousand** to **$7,781 thousand**. These decreases more than offset an increase in **short-term investments**, leading to a total decline of **$12,252 thousand**.  **[0000950170-24-089390_cers-20240630.htm:2]** 

What drove the significant decline in total assets by Q2 2024?

The jump in non-current debt in Q1 2024 was primarily driven by an **additional $5.0 million drawdown under Tranche 3 of the Term Loan Credit Agreement**, which increased the non-current debt from **$59,796 thousand in Q4 2023** to **$64,826 thousand in Q1 2024**.  **[0000950170-24-052296_cers-20240331.htm:47]** **[0000950170-24-052296_cers-20240331.htm:20]** **[0000950170-24-052296_cers-20240331.htm:46]** 

What factors contributed to the jump in non-current debt in Q1 2024?

The spike in **accounts receivable** appears to be related to a **notable increase in product revenue** in Q4 2023, where Cerus Corporation reported **$46,768 thousand** in product revenue—up **6% year-over-year** and **18% sequentially** from Q3—suggesting higher outstanding receivables from customers due to increased invoice volumes.  **[0000950170-24-025891_cers-ex99_1.htm:0]** **[0000950170-24-025891_cers-ex99_1.htm:7]**  Additionally, **seasonal or timing factors** and potential changes in **customer mix** may have contributed, although the documents do not provide a definitive explanation.  **[0000950170-24-052296_cers-20240331.htm:2]** **[0000950170-24-026195_cers-20231231.htm:179]** 

Why did accounts receivable spike in Q4 2023?

21c57aaf07eada5520c081060943fc09379b625d891f7004851ffecd8d0a8bf8

The turnaround in **Loss from operations in Q4 2023** was driven primarily by a **reduction in operating expenses**—with a decline from **$41,774,000** to **$31,557,000** (a **24% reduction**) due to the impact of the **June 2023 restructuring** and lower **non-restructuring-related compensation costs**—coupled with **stable gross margins** (with product margins at **55.5%**) and **revenue growth** (a **6% year-over-year** increase to **$46,768,000**) that together helped improve operating performance.  **[0000950170-24-025891_cers-ex99_1.htm:7]** **[0000950170-24-025891_cers-ex99_1.htm:0]** **[CERS_3376465_4]** **[CERS_3376465_3]** 

What drove the turnaround in Loss from operations in Q4 2023?

The jump in Q4 2023 product revenue was driven by **growth in the INTERCEPT Platelet sales**, particularly in **North America** where both the U.S. and Canada contributed to the increase.  **[0000950170-24-025891_cers-ex99_1.htm:1]** **[0000950170-24-002726_cers-ex99_1.htm:0]**  Additionally, **sequential growth** from Q3 2023—especially in the U.S. market—helped lift revenues significantly.  **[CERS_3376465_3]** **[0000950170-24-002726_cers-ex99_1.htm:0]**  The performance was further boosted by **beneficial foreign exchange impacts** in the EMEA region, where FX shifts supported the revenue increase.  **[CERS_3376465_3]**  Finally, enhanced **market dynamics** including broader market acceptance of the INTERCEPT Blood System and ongoing commercialization efforts across various geographies also played a role.  **[0000950170-24-026195_cers-20231231.htm:145]** 

What factors contributed to the jump in product revenue in Q4 2023?

The lower loss from operations in **Q3 2024** was driven by several factors: **increased product revenue** (with a 16% year-over-year growth driven by higher sales volumes in North America and consistent performance in EMEA), **improved gross profit margins** (a 20% increase due to lower product and supply chain costs that boosted margins from 54.9% to 56.9%), and **reduced operating expenses** (with a 17% drop in R&D expenses following the completion of the ReCePI Phase 3 clinical trial and the elimination of restructuring charges seen in Q3 2023).  **[0000950170-24-118948_cers-ex99_1.htm:9]** **[0000950170-24-118948_cers-ex99_1.htm:0]** **[CERS_3405016_5]** 

Why was Loss from operations significantly lower in Q3 2024?

The negative provision in **Q2 2024** resulted primarily from the activities of **Cerus Europe B.V.**, where the tax provision reversed to a **benefit of $56,000**. This change was also influenced by management's determination—based on the company’s history of cumulative operating losses—that it was unlikely all net deferred tax assets would be realized, leading to **substantially all U.S. deferred tax assets being subject to a valuation allowance**.  **[0000950170-24-089390_cers-20240630.htm:47]** 

Why did the Provision for income taxes turn negative in Q2 2024?

5f6f55269ca2c3305708ebf7a200db0f076745b84f9358597330b976fc98ac96

Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

4e162c4c7a0c933650904a04ebe4d335f6df5f444085171b0f8ca36e19660873

Depreciation and amortization (USD, thousands)

Stock-based compensation (USD, thousands)

Non-cash operating lease cost (USD, thousands)

Changes in valuation of warrant investment (USD, thousands)

Net gain on sale of available-for-sale securities (USD, thousands)

Unrealized gain on investments (USD, thousands)

Impairment charges for facilities consolidation (USD, thousands)

Non-cash interest expense (USD, thousands)

Foreign currency remeasurement (gain) loss (USD, thousands)

Net cash used in operating activities (USD, thousands)

Capital expenditures (USD, thousands)

Purchases of investments (USD, thousands)

Proceeds from maturities and sale of investments (USD, thousands)

Net cash provided by investing activities (USD, thousands)

Net proceeds from equity incentives (USD, thousands)

Net costs from public offerings (USD, thousands)

Net proceeds on revolving line of credit (USD, thousands)

Proceeds from loans (USD, thousands)

Debt issuance costs (USD, thousands)

Net cash provided by financing activities (USD, thousands)

Effect of exchange rates on cash, cash equivalents, and restricted cash (USD, thousands)

Net decrease in cash, cash equivalents, and restricted cash (USD, thousands)

Accounts receivable (USD, thousands)

Inventories (USD, thousands)

Prepaid and other assets (USD, thousands)

Accrued liabilities and other non-current liabilities (USD, thousands)

Deferred product revenue (USD, thousands)

Cash, cash equivalents, and restricted cash, beginning of period (USD, thousands)

Cash, cash equivalents, and restricted cash, end of period (USD, thousands)

753037fedfa24a9bb48b09cf6f02e0353378a295a306deba538d3d4dbd4817bc

Cerus Corp (CERS)

Financials