Business Description
Cerus Corporation operates as a biotechnology firm dedicated to advancing and marketing the INTERCEPT Blood System. This proprietary technology significantly enhances the safety of transfusable blood components by neutralizing biological threats, thereby reducing the risk of blood-borne pathogens. The company's product line includes INTERCEPT systems specifically engineered to deactivate pathogens in donated platelets and plasma. It also offers a dedicated INTERCEPT Blood System for the inactivation of harmful agents in red blood cell components. Furthermore, Cerus markets an INTERCEPT Blood System for Cryoprecipitation, which leverages its plasma technology to produce two key pathogen-reduced blood products: a cryoprecipitated fibrinogen complex for treating and controlling bleeding, particularly massive hemorrhages stemming from fibrinogen deficiency, and pathogen-reduced, cryoprecipitate-reduced plasma. Cerus distributes these platelet and plasma systems globally through a combination of its direct sales force and an extensive network of distributors, reaching markets in North America, Europe, the Commonwealth of Independent States, the Middle East, and Latin America. Established in 1991, Cerus Corporation maintains its corporate headquarters in Concord, California.
Business History
Generated: May 2, 2026 11:16amPrice Overview
Last updated: Jun 27, 2026 7:14am (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): -0.08
Total Equity: $64.22M
Shares: 190,594,000
Total Debt: $83.89M
Cash: $19.96M
EBITDA: -$4.94M
Total Debt: $83.89M
Cash: $19.96M
Revenue: $206.13M
Shares: 190,594,000
Revenue: $206.13M
Revenue: $206.13M
Revenue: $206.13M
Total Equity: $64.22M
Tax Rate: -2.3%
Equity: $64.22M
Total Debt: $83.89M
Cash: $19.96M
Current Liabilities: $100.80M
Long-Term Debt: $40.55M
Total Debt: $83.89M
Total Equity: $64.22M
Shares: 190,594,000
Shares: 190,594,000
CapEx: -$2.84M
Shares: 190,594,000
Stock Price: $2.92
Net Income: -$15.63M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 23, 2026 6:22am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $130.9M | $162.0M | $156.4M | $180.3M | $206.1M |
| Cost of Revenue | $63.5M | $75.0M | $70.0M | $80.7M | $95.8M |
| Gross Profit | $67.4M | $87.1M | $86.4M | $99.5M | $110.3M |
| Operating Expenses | $116.3M | $121.2M | $116.5M | $113.7M | $146.6M |
| Operating Income | -$48.9M | -$34.1M | -$30.1M | -$14.2M | -$36.3M |
| Net Income | -$54.4M | -$42.8M | -$37.5M | -$20.9M | -$15.6M |
| EBITDA | -$46.0M | -$33.5M | -$26.3M | -$10.0M | -$4.9M |
| EPS | $-0.32 | $-0.24 | $-0.21 | $-0.11 | $-0.08 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 6:22am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $48.8M | $35.6M | $11.6M | $20.3M | $20.0M |
| Total Current Assets | $187.1M | $170.1M | $144.4M | $152.0M | $174.4M |
| Total Assets | $237.5M | $218.1M | $197.7M | $200.9M | $221.9M |
| Current Liabilities | $78.6M | $117.1M | $67.5M | $63.6M | $100.8M |
| Long-Term Debt | $54.7M | $13.6M | $59.8M | $64.9M | $40.5M |
| Total Liabilities | $151.9M | $149.5M | $144.3M | $144.0M | $156.9M |
| Total Equity | $84.6M | $67.6M | $52.7M | $56.1M | $64.2M |
| Retained Earnings | -$964.3M | -$1.0B | -$1.0B | -$1.1B | -$1.1B |
Cash Flow (Annual)
Last updated: Jun 23, 2026 6:22am (4d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$33.9M | -$25.6M | -$43.2M | $11.4M | $11.4M |
| Capital Expenditure | $-910,000 | -$2.0M | -$4.6M | -$2.8M | -$2.8M |
| Free Cash Flow | -$34.8M | -$27.6M | -$47.8M | $8.5M | $8.5M |
| Acquisitions (net) | $910,000 | -$10.5M | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $-104,000 | $-175,000 | $0 | $0 |
| Net Change in Cash | $12.1M | -$13.7M | -$24.0M | $8.0M | $8.0M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 1:38am (5h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$231.0M $223.6M – $244.4M
|
$252.8M $243.6M – $270.5M
|
$274.2M $266.4M – $287.0M
|
$312.0M $298.5M – $325.5M
|
| EBITDA |
$63.4M $61.4M – $67.1M
|
$69.4M $66.9M – $74.2M
|
$75.2M $73.1M – $78.8M
|
$85.6M $81.9M – $89.3M
|
| Net Income |
-$9.6M -$122.0M – $91.5M
|
-$6.2M -$6.8M – -$6.1M
|
$-645,988 $-683,176 – $-608,799
|
$19.0M $18.3M – $20.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 6:22am (4d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +23.8% | -3.5% | +15.3% | +14.3% |
| Gross Profit Growth | +29.3% | -0.8% | +15.2% | +10.8% |
| Operating Income Growth | +30.4% | +11.8% | +52.7% | -155.5% |
| Net Income Growth | +21.3% | +12.4% | +44.2% | +25.3% |
| EBITDA Growth | +27.1% | +21.4% | +61.9% | +50.7% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 1:38am (5h ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-09 | BJERKHOLT ERIC | S-Sale | 20,454.00 | $2.60 | $53,180 |
| 2026-06-02 | Lucena Ann | A-Award | 60,000.00 | $0.00 | $0 |
| 2026-06-02 | BJERKHOLT ERIC | A-Award | 60,000.00 | $0.00 | $0 |
| 2026-06-02 | NACHTSHEIM JAMI K | A-Award | 60,000.00 | $0.00 | $0 |
| 2026-05-29 | Jayaraman Vivek K | S-Sale | 16,667.00 | $3.00 | $50,001 |
| 2026-06-02 | Witney Frank | A-Award | 60,000.00 | $0.00 | $0 |
| 2026-06-02 | Gregory Dean A. | A-Award | 60,000.00 | $0.00 | $0 |
| 2026-06-02 | Shan Hua | A-Award | 60,000.00 | $0.00 | $0 |
| 2026-05-01 | Jayaraman Vivek K | S-Sale | 16,667.00 | $3.00 | $50,001 |
| 2026-04-01 | Green Kevin Dennis | A-Award | 200,000.00 | $0.00 | $0 |
| 2026-04-01 | Jensen Chrystal | A-Award | 200,000.00 | $0.00 | $0 |
| 2025-03-12 | Jensen Chrystal | S-Sale | 113,008.00 | $1.66 | $187,277 |
| 2026-03-12 | Jayaraman Vivek K | S-Sale | 165,200.00 | $1.66 | $273,769 |
| 2026-03-12 | Greenman William Mariner | S-Sale | 447,757.00 | $1.66 | $742,023 |
| 2026-03-12 | Green Kevin Dennis | S-Sale | 127,544.00 | $1.66 | $211,366 |
| 2026-03-12 | Benjamin Richard J | S-Sale | 101,740.00 | $1.66 | $168,604 |
| 2026-03-05 | Benjamin Richard J | S-Sale | 61,233.00 | $2.06 | $126,299 |
| 2026-03-05 | Green Kevin Dennis | A-Award | 63,854.00 | $0.00 | $0 |
| 2026-03-05 | Green Kevin Dennis | S-Sale | 55,225.00 | $2.06 | $113,902 |
| 2026-03-06 | Green Kevin Dennis | S-Sale | 27,796.00 | $2.01 | $55,745 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw quarterlies first: Cerus posted $53.7M in Q1 2026 vs $43.2M Q1 2025 — that's 24.3% YoY, an acceleration from the 14% trailing CAGR the momentum module flagged. Q4 2025 hit $57.8M (+13.8% YoY), Q3 was effectively breakeven at -$19K, and the full-year 2025 came in at $206.1M vs $180.3M (+14.3%). Gross margin held at 53.5% — flat, not expanding meaningfully (2024 gross was 55.2%, actually slightly down). The synthesis claim of "margins improving 400+ basis points annually" doesn't square with the gross line; it must be referencing operating leverage, but operating loss actually *widened* from -$14.2M in 2024 to -$36.3M in 2025. That's a meaningful deterioration the synthesis glosses over. Net loss did improve ($15.6M vs $20.9M) but only because of non-operating items. So the "path to profitability" narrative is shakier than the prior models present.
The cash flow picture is the genuinely interesting fact and where I partially side with the bulls: $11.4M operating CF and $8.5M FCF in 2025, first time meaningfully positive. But cash on hand is just $20.0M with no disclosed debt figure (a red flag in itself — Cerus historically carries ~$60-70M in term debt; absence here means the data is incomplete, not that the balance sheet is clean). At a $36M operating loss run-rate with only $20M cash, the gap between GAAP operating loss and positive FCF is being bridged by working capital and stock-based comp. That's exactly what the Market Forces module flagged as "poor cash conversion" and a "binary bet" before dilution — and I think that module is closer to right than the synthesis verdict of "Reasonable Premium." A capital raise at $2.72 with 200M+ shares outstanding would be dilutive and ugly.
Insider activity tells a clearer story than "Neutral." On 2026-03-12 alone, insiders dumped roughly 943,000 shares across five separate sales, plus another ~116,000 on 03-05. That's over a million shares sold in a one-week window against just 463,854 in awards. Calling that "neutral" is generous — it's net selling at depressed prices ($2.72, near 52-week lows per the pre-flight note), which insiders typically avoid unless they have to. Either liquidity needs are pressing or they don't see a near-term catalyst. The contrarian counter is that 10b5-1 plans and tax-related sales on award vesting can mechanically produce this pattern, and the absolute dollar value (~$3M) is small for a company this size. But the pattern doesn't support the bull case.
I dissent from the "Reasonable Premium" synthesis verdict and lean toward Market Forces' framing. The 1.9x P/S looks cheap for medtech only if you believe the 24% Q1 acceleration is sustainable AND that operating losses compress without a raise. Both are unproven. INTERCEPT platelets is a 20-year-old product; the RBC program is the optionality, but it's been "coming soon" for a decade. At $2.72 and $0.55B market cap, the stock is pricing in execution risk fairly — it's neither obviously cheap nor obviously expensive. Fair value in a no-raise, sustained-20%-growth scenario is probably $3.50-4.00; in a dilutive-raise scenario, $2.00-2.25. The asymmetry isn't compelling at current price given $20M cash against $36M operating losses. I'd want to see Q2 2026 confirm the acceleration AND a financing event (or clear evidence one isn't needed) before committing capital. The prior models are too sanguine about the balance sheet fragility.
GPT Critique
Upon reviewing Cerus Corporation's financials independently, several key elements emerge. The most striking is the company's revenue growth, which has shown a consistent upward trajectory, with the latest quarter posting a 24.3% year-over-year increase to $53.7 million. This growth outpaces the recent revenue CAGR of 14.8%, indicating potential acceleration. However, despite the positive revenue trend, the company's profitability remains elusive, with quarterly margins consistently negative and operating losses widening significantly from $14.2 million in 2024 to $36.3 million in 2025. This contrast between revenue growth and deteriorating operating margins is concerning, suggesting that Cerus's cost structure is not improving in tandem with its top-line expansion. Furthermore, the cash position of $20 million against a significant operating loss run-rate raises red flags about the company's financial sustainability without additional capital infusion.
I find myself in agreement with several of Opus's points. For instance, the analysis correctly highlights that the gross margin has been relatively flat and even slightly down from 55.2% to 53.5%, contradicting any claims of significant margin expansion. This supports Opus's skepticism towards the "path to profitability" narrative. Additionally, I concur with Opus's view on the precarious cash situation. The positive operating cash flow of $11.4 million and free cash flow of $8.5 million are promising, yet they are overshadowed by the company's limited cash reserves and the absence of any disclosed debt on the balance sheet, suggesting an incomplete financial picture.
However, I diverge from Opus's interpretation of insider activity. While Opus sees insider sales as signaling a lack of confidence, I would argue that the volume of sales, given the context of stock awards, does not inherently indicate bearish sentiment. The sales could be part of routine portfolio management or tax obligations rather than a direct reflection of insider outlooks. Moreover, Opus's assertion that the market is not pricing in the RBC program's potential seems overly cautious. While the RBC product has been delayed, its eventual success could provide a substantial upside, which current valuations may not fully account for.
A skeptic might argue that both analyses underestimate the potential for Cerus's revenue growth to eventually lead to profitability, especially given the company's historical challenges. They might also question the emphasis on insider sales, pointing out that such transactions are not always predictive of future performance and can be influenced by personal financial decisions unrelated to company prospects.