Cerus Corporation Reports Improved Revenue and Reduced Net Losses in Q3 2024

Cerus Corporation reported its financial results for the three and nine months ended September 30, 2024, showing notable improvements in revenue and a reduction in net losses compared to the same periods in 2023. Product revenue for the third quarter reached $46.0 million, up from $39.8 million in the prior year, while revenue for the nine-month period increased to $129.5 million from $109.6 million. This growth is attributed to higher sales volumes of disposable platelet kits, particularly in North America, which saw a quarterly increase from $26.0 million to $31.5 million.

The company's gross profit on product revenue also improved, with a gross margin of 57% for the third quarter of 2024, compared to 55% in the same quarter of 2023. Total revenue for the third quarter was $50.7 million, up from $47.3 million year-over-year. However, government contract revenue decreased due to reduced funding from BARDA following the completion of the ReCePI study.

Cerus reported a net loss of $2.9 million for the third quarter of 2024, significantly lower than the $7.3 million loss in the same quarter of 2023. For the nine-month period, the net loss was $18.4 million, down from $36.3 million in the previous year. The company’s operating expenses decreased to $31.8 million for the third quarter, down from $34.5 million in 2023, primarily due to reduced research and development costs following the completion of key studies and a reduction in workforce in 2023.

As of September 30, 2024, Cerus had cash and cash equivalents of $21.6 million, a significant increase from $11.6 million at the end of 2023. Total assets decreased to $189.5 million from $197.7 million, while total liabilities also declined to $135.3 million from $144.3 million. The company’s stockholders’ equity slightly increased to $53.5 million from $52.7 million.

Strategically, Cerus continues to focus on the commercialization of the INTERCEPT Blood System, which is subject to regulatory approvals and market acceptance. The company is also working on the development of a red blood cell system, facing challenges related to regulatory compliance and clinical trial enrollment. Additionally, Cerus has entered into a new agreement with BARDA, which includes potential funding of up to $248 million, contingent upon meeting specific milestones.

Overall, while Cerus Corporation has made progress in reducing losses and increasing revenue, it continues to navigate significant operational and regulatory challenges in its efforts to expand its product offerings and market presence.