On November 2, 2026 Cerus Corporation (Nasdaq: CERS) reported financial results for the third quarter ended September 30, 2026, and provided a business update.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"Our solid performance in Q3 builds upon a strong first half of 2026 and increases our confidence as we approach year-end," said Vivek Jayaraman, Cerus’s president and chief executive officer. "Continued growth from our IFC business, core platelet franchise and international INT 200 rollout strengthens our foundation as we work to establish INTERCEPT as the global standard of care. The positive topline results we announced today from the Phase 3 RedeS study mark an important milestone as we drive toward extending the benefits of pathogen reduction to red cell transfusions. I’m pleased with our progress and grateful to my colleagues who remain focused on delivering for our customers and the patients they serve."
Achieved third-quarter 2026 product revenue of $57.7 million representing 10% growth compared to the prior year period.
Three Months Ended
Nine Months Ended
September 30,
Change
September 30,
Change
2026
2025
$
%
2026
2025
$
%
Product Revenue
$
57.7
$
52.7
$
5.0
10
%
$
168.8
$
148.4
$
20.4
14
%
Government Contract Revenue
6.3
7.5
(1.2
)
-16
%
18.4
20.8
(2.4
)
-12
%
Total Revenue
$
64.0
$
60.2
$
3.8
6
%
$
187.2
$
169.2
$
18.0
11
%
Numbers may not sum due to rounding. Percentages calculated from unrounded figures.
Drove approximately 80% growth in INTERCEPT Fibrinogen Complex (IFC) volumes – including kits and finished therapeutic doses (measured in FC15* equivalent units) compared to the prior year period. Third quarter U.S. IFC sales totaled $5.6 million, up from $3.9 million in the prior year period.
Announced positive topline results from the Phase 3 RedeS trial of the INTERCEPT Blood System for red blood cells.
Appointed Betsy Jensen as chief human resources officer, fully effective December 2026. Ms. Jensen joins Cerus from Standard BioTools, where she has served as senior vice president and chief human resources officer.
Generated operating cash flow of $3.0 million in the third quarter of 2026. Increased cash, cash equivalents, and short-term investments by $0.8 million compared to June 30, 2026 to $57.1 million at September 30, 2026.
Revenue
Product revenue for the third quarter of 2026 was $57.7 million, compared to $52.7 million for the prior year period, representing year-over-year growth of 10%. Third quarter growth was driven by higher U.S. IFC sales, strength of the U.S. platelet franchise, and INT200 illuminator sales in EMEA.
Government contract revenue for the third quarter of 2026 was $6.3 million, compared to $7.5 million during the prior year period. The decrease reflects the completion of the Company’s FDA contract in 2025 and the wind-down of the Biomedical Advanced Research and Development Authority (BARDA) 2016 contract which was offset in part by an increase in expenses related to the BARDA 2024 contract.
Product Gross Profit & Margin
Product gross profit for the third quarter of 2026 was $30.3 million, compared to $28.1 million, increasing by 8% over the prior year period. Product gross margin for the third quarter was 52.4% compared to 53.4% in the same period last year. The year-over-year decrease in gross margin was largely driven by a weaker U.S. dollar relative to the euro and higher product costs driven by inflationary pressures offset partially by pricing and favorable product mix shift.
Operating Expenses
Total operating expenses for the third quarter of 2026 were $36.2 million, compared to $34.4 million for the same period of the prior year, reflecting a year-over-year increase of 5%.
R&D expenses for the third quarter of 2026 were $14.3 million, compared to $15.8 million in the third quarter of 2025. The decrease primarily reflected lower costs associated with the RedeS study following completion of enrollment, INT200 development following the U.S. PMA submission, and expenses tied to government-funded projects, as reflected in government contract revenue.
SG&A expenses totaled $21.9 million for the third quarter of 2026, compared to $18.6 million for the third quarter of 2025. The year-over-year increase in SG&A expenses was due in part to higher employee-related expenses. In addition, SG&A expenses for Q3 2025 benefited from a one-time tax credit.
Net Loss Attributable to Cerus Corporation
Net loss attributable to Cerus Corporation for the third quarter of 2026 was $0.6 million, or $0.00 per basic and diluted share, compared to a net loss attributable to Cerus Corporation of $0.02 million, or $0.00 per basic and diluted share, for the same period of the prior year. Net loss attributable to Cerus Corporation for the first nine months of 2026 was $5.1 million, compared to net loss attributable to Cerus Corporation of $13.4 million for the first nine months of 2025.
Non-GAAP Adjusted EBITDA
Non-GAAP adjusted EBITDA for the third quarter of 2026 was positive $5.7 million, compared to non-GAAP adjusted EBITDA of positive $5.0 million for the same period of the prior year. Non-GAAP adjusted EBITDA for the first nine months of 2026 was a positive $12.7 million compared to non-GAAP adjusted EBITDA of positive $6.1 million for the first nine months of 2025.
Balance Sheet and Cash Flows
At September 30, 2026, the Company had cash, cash equivalents, and short-term investments of $57.1 million, compared to $82.9 million at December 31, 2025 and $56.3 million at June 30, 2026.
As of September 30, 2026, the Company had $35.0 million outstanding on its term loan and $28.5 million drawn on its revolving credit facility, down from $30.1 million drawn at June 30, 2026. Subject to borrowing base levels, the Company’s revolving line of credit allows for an additional $16.5 million as of September 30, 2026.
For the third quarter of 2026, cash generated from operations totaled $3.0 million, compared to $1.9 million generated during the same period of the prior year. Cash generated from operations in the third quarter of 2026 was driven by sequentially improved bottom-line results and inventory management.
Reiterating Full-Year 2026 Product Revenue Guidance
The Company continues to expect full-year 2026 product revenue to be in the range of $229 million to $231 million, reflecting growth of 11% to 12% from 2025. Included in this range is full-year 2026 IFC revenue guidance of $23 million to $25 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, topline results from the Phase 3 RedeS study, 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 View Source
A replay will be available on Cerus’ website approximately three hours after the call through November 23, 2026.
*FC15 equivalent to a therapeutic dose of a cryoAHF pool.
Development of the INTERCEPT Blood System for Red Blood Cells has been supported in whole or in part with federal funds from the Department of Health and Human Services; Administration for Strategic Preparedness and Response; Center for Biomedical Advanced Research and Development Authority (BARDA), under contract numbers HHSO100201600009C and 75A50124C00046.
(Press release, Cerus, NOV 2, 2026, View Source [SID1234674030])