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

753037fedfa24a9bb48b09cf6f02e0353378a295a306deba538d3d4dbd4817bc

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

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

Cash and cash equivalents (USD, thousands)

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Goodwill (USD, thousands)

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Debt – current (USD, thousands)

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Total liabilities (USD, thousands)

Total Cerus Corporation stockholders’ equity (USD, thousands)

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d64723ebf9bd28e0473cd96d59d5e8f27168c8d01eaf931be4316c3fb3799927

Product revenue (USD, thousands)

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Gross profit on product revenue (USD, thousands)

Government contract revenue (USD, thousands)

Research and development (USD, thousands)

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Loss before income taxes (USD, thousands)

Provision for income taxes (USD, thousands)

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Net loss attributable to Cerus Corporation (USD, thousands)

ef2324c1e4264703d770a316e90c5b66c7c51cf4ebc6f4c0c85121db14ad074a

Adjustments for Non-Cash Items (USD, thousands)

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4e162c4c7a0c933650904a04ebe4d335f6df5f444085171b0f8ca36e19660873

5ade8bd4ec79d6b87d496c7895cf3a8b03dc08faf653d146079bd8ecf2c08d72

6da5207829b97ede953d2abbd6c2bbdaee0efbb4a137f6e222adf11919d04ae7

Product Revenue

- INTERCEPT Fibrinogen Complex (IFC)

Government Grants and Cooperative Agreements Revenue

Government Contract Revenue

Total Revenue

bc9fdc1202c766c414002eaf05e5eecfebcc601f07bae47a6bf3b8c24f2b51b1

CERUS (CERS)

Financials