Financial Analysis

Note 7. Commitments and Contingencies Purchase Commitments The Company is party to agreements with certain providers for certain components of the INTERCEPT Blood System. Certain of these agreements require minimum purchase commitments from the Company. As of June 30, 2026 , the Company had $ 28.1 million of short-term purchase commitments and $ 3.5 million of long-term purchase commitments, which are not recorded in the Companys condensed consolidated balance sheets. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 5. Debt Debt at June 30, 2026, consisted of the following (in thousands): Principal Unamortized Discount Net Carrying Value Term Loan $ 35,000 $ ( 172 ) $ 34,828 Revolving Loan 30,088 30,088 Total debt 65,088 ( 172 ) 64,916 Less: current portion 30,088 30,088 Non-current portion $ 35,000 $ ( 172 ) $ 34,828 Debt at December 31, 2025, consisted of the following (in thousands): Principal Unamortized Discount Net Carrying Value Term Loan $ 65,000 $ ( 80 ) $ 64,920 Revolving Loan 18,968 18,968 Total debt 83,968 ( 80 ) 83,888 Less: current portion 43,343 43,343 Non-current portion $ 40,625 $ ( 80 ) $ 40,545 Principal, interest and fee payments on the Term Loan Credit Agreement (as defined below) at June 30, 2026, are expected to be as follows (in thousands): Year ending December 31, Principal Interest and Fees Total 2026 $ $ 1,667 $ 1,667 2027 3,325 3,325 2028 3,334 3,334 2029 3,325 3,325 2030 20,417 2,839 23,256 2031 14,583 1,047 15,630 Total $ 35,000 $ 15,537 $ 50,537 Loan Agreements On March 31, 2023, the Company entered into an Amended and Restated Credit, Security and Guaranty Agreement (Term Loan) (the Prior Term Loan Credit Agreement) which amended and restated its then existing term loans. The Prior Term Loan Credit Agreement provides a secured term loan facility in an aggregate principal amount of up to $ 75.0 million. The Company borrowed the first advance of $ 40.0 million (Tranche 1) and the second advance of $ 15.0 million (Tranche 2) on the closing date to refina …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Product revenue by geographical locations of customers during the three and six months ended June 30, 2026 and 2025, was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Product revenue: North America $ 38,356 $ 35,286 $ 75,111 $ 65,886 Europe, Middle East and Africa 18,336 16,612 34,014 28,824 Other 749 547 1,977 974 Total product revenue $ 57,441 $ 52,445 $ 111,102 $ 95,684

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Note 9. Stock-Based Compensation Employee Stock Plans Employee Stock Purchase Plan The Company maintains an Employee Stock Purchase Plan (the Purchase Plan), which is intended to qualify as an employee stock purchase plan within the meaning of Section 423(b) of the Internal Revenue Code. Under the Purchase Plan, the Companys Board of Directors may authorize participation by eligible employees, including officers, in periodic offerings. Under the Purchase Plan, eligible employee participants may purchase shares of common stock of the Company at a purchase price equal to 85 % of the lower of the fair market value per share on the start date of the offering period or the fair market value per share on the purchase date. The Purchase Plan consists of a fixed offering period of 12 months with two purchase periods within each offering period. In June 2020, the Companys stockholders approved an amendment and restatement of the Purchase Plan that increased the aggregate number of shares of common stock authorized for issuance under the Purchase Plan by 1.5 million shares. In June 2024, the Companys stockholders approved an amendment and restatement of the Purchase Plan that increased the aggregate number of shares of common stock authorized for issuance under the Purchase Plan by 2.0 million shares. At June 30, 2026 , the Company had 1.6 million shares available for future issuance. Equity Incentive Plans The Company also maintains an equity compensation plan to provide long-term inc …

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Note 2. Available-for-sale Securities and Fair Value on Financial Instruments Available-for-sale Securities The following is a summary of available-for-sale securities at June 30, 2026 (in thousands): June 30, 2026 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Money market funds $ 4,361 $ $ $ 4,361 United States government agency securities 17,589 1 ( 70 ) 17,520 Corporate debt securities 18,344 6 ( 33 ) 18,317 Mortgage-backed securities 2,667 3 ( 223 ) 2,447 Total available-for-sale securities $ 42,961 $ 10 $ ( 326 ) $ 42,645 The following is a summary of available-for-sale securities at December 31, 2025 (in thousands): December 31, 2025 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Money market funds $ 1,810 $ $ $ 1,810 United States government agency securities 23,431 49 ( 1 ) 23,479 Corporate debt securities 36,768 55 ( 1 ) 36,822 Mortgage-backed securities 2,795 7 ( 185 ) 2,617 Total available-for-sale securities $ 64,804 $ 111 $ ( 187 ) $ 64,728 Available-for-sale securities at June 30, 2026 and December 31, 2025, consisted of the following by contractual maturity (in thousands): June 30, 2026 December 31, 2025 Amortized Cost Fair Value Amortized Cost Fair Value One year or less $ 27,543 $ 27,538 $ 46,128 $ 46,209 Greater than one year and less than five years 15,418 15,107 18,676 18,519 Total available-for-sale securities $ 42,961 $ 42,645 $ 64,804 $ 64,728 The following tables show all available-for-sale marketable secu …

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Note 10. Income Taxes The Company recorded income tax expense of $ 0.1 million and $ 0.1 million during the three months ended June 30, 2026 and 2025 , respectively, primarily related to the operating activities of the Companys Cerus Europe B.V. subsidiary. The Company recorded income tax expense of $ 0.2 million and $ 0.1 million during the six months ended June 30, 2026 and 2025 , respectively, primarily related to the operating activities of the Companys Cerus Europe B.V. subsidiary. …

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Note 12. Segment, Customer and Geographic Information The Company manages its business activities on a consolidated basis and operates in one reportable segment. The Companys Chief Executive Officer is the Chief Operating Decision Maker (CODM). The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using loss from operations. Significant expenses within loss from operations include cost of product revenue, research and development, and selling, general and administrative expenses, which are each separately presented on the Companys condensed consolidated statements of operations. The measure of segment assets is the Companys total assets which is reported on the Companys condensed consolidated balance sheets. The Companys operations outside of the U.S. include a wholly-owned subsidiary headquartered in Europe. The Companys operations in the U.S. are responsible for the R&D and global and domestic commercialization of the INTERCEPT Blood System, while operations in Europe are responsible for the commercialization efforts of the platelet and plasma systems in Europe, the Commonwealth of Independent States and the Middle East. Product revenues are attributed to each region based on the location of the customer, and in the case of non-product revenues, on the location of the collaboration partner. The Company had the following significant customers that accounted for more than 10% of the Companys total …

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Note 1. Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The accompanying unaudited condensed consolidated financial statements include those of Cerus Corporation, its subsidiary, and its variable interest entity in which the Company is the primary beneficiary in accordance with the consolidation accounting guidance, after elimination of all intercompany accounts and transactions (together with Cerus Corporation, hereinafter Cerus or the Company). These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring entries, considered necessary for a fair presentation have been made. Operating results for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or for any future periods. These condensed consolidated financial statements and notes thereto should be read in conjunction with the Companys audited consolidated financial statements and notes thereto for the year ended December 31, 2025, which were in …

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Note 8. Stockholders Equity Sales Agreement On December 11, 2020, the Company entered into the Controlled Equity Offering SM Sales Agreement (the Sales Agreement) with Cantor Fitzgerald & Co. and Stifel, Nicolaus & Company, Incorporated (each a Sales Agent and collectively, the Sales Agents), under which the Company may issue and sell from time to time up to $ 100.0 million of the Companys common stock through or to the Sales Agents, as sales agent or principal. On March 1, 2023, the Company entered into Amendment No.1 to the Sales Agreement (the Amended Sales Agreement). Under the Amended Sales Agreement, the Company is able to issue and sell from time to time up to $ 96.8 million of the Companys common stock through or to the Sales Agents, as sales agent or principal. Under the Amended Sales Agreement, each Sales Agent receives compensation based on an aggregate of 3 % of the gross proceeds on the sale price per share of the Companys common stock. The issuance and sale of these shares by the Company pursuant to the Amended Sales Agreement are deemed an at-the-market offering and are registered under the Securities Act of 1933, as amended. During the six months ended June 30, 2026 , no shares of the Companys common stock were sold under the Amended Sales Agreement. At June 30, 2026 , the Company had approximately $ 96.8 million of common stock available to be sold under the Amended Sales Agreement. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing