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CERS Cerus

Cerus Corporation is dedicated solely to safeguarding the world's blood supply and aims to become the preeminent global blood products company. Headquartered in Concord, California, the company develops and supplies vital technologies and pathogen-protected blood components to blood centers, hospitals, and ultimately patients who rely on safe blood. The INTERCEPT Blood System for platelets and plasma is available globally and remains the only pathogen reduction system with both CE mark and FDA approval for these two blood components. The INTERCEPT red blood cell system is under regulatory review in Europe, and in late-stage clinical development in the US. Also in the US, the INTERCEPT Blood System for Cryoprecipitation is approved for production of Pathogen Reduced Cryoprecipitated Fibrinogen Complex, a therapeutic product for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency.

Company profile

Ticker
CERS
Exchange
Website
CEO
William Greenman
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
680262011

CERS stock data

(
)

Calendar

4 May 21
17 Jun 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Cerus earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 59.81M 59.81M 59.81M 59.81M 59.81M 59.81M
Cash burn (monthly) (positive/no burn) (positive/no burn) 5.79M 5.05M 5.99M 3.24M
Cash used (since last report) n/a n/a 14.81M 12.92M 15.34M 8.3M
Cash remaining n/a n/a 44.99M 46.88M 44.47M 51.5M
Runway (months of cash) n/a n/a 7.8 9.3 7.4 15.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
2 Jun 21 Eric Bjerkholt Common Stock Grant Aquire A No No 0 14,888 0 56,679
2 Jun 21 Eric Bjerkholt Option Common Stock Grant Aquire A No No 5.62 29,983 168.5K 29,983
2 Jun 21 Moore Timothy L. Common Stock Grant Aquire A No No 0 14,888 0 40,323
2 Jun 21 Moore Timothy L. Option Common Stock Grant Aquire A No No 5.62 29,983 168.5K 29,983
2 Jun 21 Jami K Nachtsheim Common Stock Grant Aquire A No No 0 14,888 0 40,781
2 Jun 21 Jami K Nachtsheim Option Common Stock Grant Aquire A No No 5.62 29,983 168.5K 29,983
2 Jun 21 Schulze Gail Common Stock Grant Aquire A No No 0 14,888 0 28,116
2 Jun 21 Schulze Gail Option Common Stock Grant Aquire A No No 5.62 29,983 168.5K 29,983
1 Jun 21 Anderson Timothy B Common Stock Option exercise Aquire M No No 0 13,228 0 213,993
1 Jun 21 Anderson Timothy B RSU Common Stock Option exercise Dispose M No No 0 13,228 0 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

87.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 164 164
Opened positions 20 26 -23.1%
Closed positions 20 22 -9.1%
Increased positions 60 53 +13.2%
Reduced positions 54 51 +5.9%
13F shares
Current Prev Q Change
Total value 1.03B 983.45M +4.9%
Total shares 149.93M 142.11M +5.5%
Total puts 259.6K 141.5K +83.5%
Total calls 320.9K 417.4K -23.1%
Total put/call ratio 0.8 0.3 +138.6%
Largest owners
Shares Value Change
ARK Investment Management 25.54M $153.51M -13.6%
Baker Bros. Advisors 13.71M $82.42M 0.0%
Nikko Asset Management Americas 13.39M $80.5M +20.6%
CMTDF Sumitomo Mitsui Trust 13.28M $79.82M +19.6%
BLK Blackrock 12.69M $76.25M +2.5%
Primecap Management 10.19M $61.23M -2.4%
Vanguard 8.95M $53.82M +3.1%
Wasatch Advisors 6.02M $36.2M +103.4%
STT State Street 4.56M $27.4M +4.3%
Geode Capital Management 2.91M $17.51M +9.2%
Largest transactions
Shares Bought/sold Change
ARK Investment Management 25.54M -4.03M -13.6%
Wasatch Advisors 6.02M +3.06M +103.4%
Nikko Asset Management Americas 13.39M +2.29M +20.6%
CMTDF Sumitomo Mitsui Trust 13.28M +2.18M +19.6%
Senvest Management 2.21M +2.04M +1239.2%
Norges Bank 0 -1.25M EXIT
D. E. Shaw & Co. 769.41K -1.16M -60.1%
Kennedy Capital Management 1.87M +833.89K +80.4%
Granahan Investment Management 741.85K +741.85K NEW
Paradigm Capital Management 2.17M +459.3K +26.9%

Financial report summary

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Risks
  • The COVID-19 pandemic has materially affected how we, our customers, and our suppliers are operating our businesses, and the duration and extent to which this will impact our future results of operations and overall financial performance remains uncertain.
  • We depend substantially upon the commercial success of the INTERCEPT Blood System for platelets, plasma and cryoprecipitation in the U.S., and our inability to successfully commercialize the INTERCEPT Blood System in the U.S. would have a material adverse effect on our business, financial condition, results of operations and growth prospects.
  • The INTERCEPT Blood System may not achieve broad market adoption.
  • We may be unable to develop and maintain an effective and qualified U.S. based commercial organization or educate blood centers, clinicians and hospital personnel. As a result, we may not be able to successfully educate the market on the value of pathogen reduction or commercialize our products in the U.S.
  • We may be liable and we may need to withdraw our products from the market if our products harm people. We may be liable if an accident occurs in our controlled use of hazardous materials. Our insurance coverage may be inadequate to offset losses we may incur.
  • A recall of our products, either voluntarily or at the direction of the FDA or another governmental authority, or the discovery of serious safety issues with our products that leads to corrective actions, could have a significant adverse impact on us.
  • If our competitors develop products superior to ours, market their products more effectively, or receive regulatory approval before our products, our commercial opportunities could be reduced or be eliminated.
  • Our platelet and plasma products and product candidates are not compatible with some collection, production and storage methods or combinations thereof. Further, blood centers using INTERCEPT must have access to those certain devices, blood bags, assays or platelet additive solutions that are compatible with our products.
  • Risks Related to Regulatory Approval and Oversight, and Other Legal Compliance Matters
  • Our company, our products, blood products treated with the INTERCEPT Blood System are subject to extensive regulation by domestic and foreign authorities. We will have to refile and obtain CE Mark approval under the MDR for all of our products and product candidates. If our preclinical and clinical data are not considered sufficient by a country’s regulatory authorities to grant marketing approval, we will be unable to commercialize our products and generate product revenue in that country. Our investigational red blood cell system requires extensive additional testing and development.
  • If we or our third-party suppliers fail to comply with the FDA’s or other regulatory agency’s good manufacturing practice regulations, it could impair our ability to market our products in a cost-effective and timely manner.
  • If we modify our FDA-approved products, we may need to seek additional approvals, which, if not granted, would prevent us from selling our modified products.
  • We operate a complex global commercial organization, with limited experience in many countries. We have limited resources and experience complying with regulatory, legal, tax and political complexities as we expand into new and increasingly broad geographies. We may be distracted by expansion into new geographies where we do not have experience and we may be unsuccessful in monetizing such opportunities for the benefit of our organization at large.
  • We are subject to federal, state and foreign laws governing our business practices which, if violated, could result in substantial penalties and harm our reputation and business.
  • Legislative, regulatory, or other healthcare reforms may make it more difficult and costly for us to obtain regulatory approval of our products and to produce, market and distribute our products after approval is obtained.
  • A significant portion of the funding for the development of the red blood cell system is expected to come from our BARDA agreement, and if BARDA were to eliminate, reduce, delay, or object to extensions for funding of our agreement, it would have a significant, negative impact on our revenues and cash flows, and we may be forced to suspend or terminate our U.S. red blood cell development program or obtain alternative sources of funding.
  • Unfavorable provisions in government contracts, including in our contract with BARDA, may harm our business, financial condition and operating results.
  • Laws and regulations affecting government contracts, including our agreements with BARDA and the FDA, make it more costly and difficult for us to successfully conduct our business. Failure to comply with laws and regulations could result in significant civil and criminal penalties and adversely affect our business.
  • Risks Related to Our Reliance on Third Parties
  • We rely on third parties to market, sell, distribute and maintain our products and to maintain customer relationships in certain countries.
  • Our manufacturing supply chain exposes us to significant risks.
  • We expect to continue to generate losses.
  • If we fail to obtain the capital necessary to fund our future operations or if we are unable to generate positive cash flows from our operations, we will need to curtail planned development or sales and commercialization activities.
  • Covenants in our Term Loan Credit Agreement and Revolving Loan Credit Agreement restrict our business and operations in many ways and if we do not effectively manage our covenants, our financial conditions and results of operations could be adversely affected. In addition, our operations may not provide sufficient cash to meet the repayment obligations of our debt incurred under the Term Loan Credit Agreement.
  • If we fail to attract, retain and motivate key personnel or to retain the members of our executive management team, our operations and our future growth may be adversely affected.
  • As our international operations grow, we may be subject to adverse fluctuations in exchange rates between the U.S. dollar and foreign currencies, as well as to tariffs and other trade restrictions.
  • Virtually all of our research and development activities and the significant majority of our general and administrative activities are performed in or managed from a single site that may be subject to lengthy business interruption in the event of a severe earthquake. We also may suffer loss of computerized information and may be unable to make timely filings with regulatory agencies in the event of catastrophic failure of our data storage and backup systems.
  • Significant disruptions of information technology systems or breaches of data security could adversely affect our business.
  • We currently have a limited trading volume, which results in higher price volatility for, and reduced liquidity of, our common stock.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes is uncertain and may be limited.
  • We may not be able to protect our intellectual property or operate our business without infringing intellectual property rights of others.
  • Adverse market and economic conditions may exacerbate certain risks affecting our business.
  • Provisions of our charter documents, our compensatory arrangements and Delaware law could make it more difficult for a third-party to acquire us, even if the offer may be considered beneficial by our stockholders.
Management Discussion
  • Product revenue increased during the three months ended March 31, 2021, compared to the three months ended March 31, 2020, primarily due to year-over-year sales volume growth in disposable platelet system kit sales in the U.S., in addition to increased plasma system kit sales in Europe and Middle East regions, as well as a strengthened Euro compared to the U.S. dollar during the three months ended March 31, 2021, as compared to the three months ended March 31, 2020. We anticipate product revenue for INTERCEPT disposable kits will increase in future periods driven by the expected continued expansion of U.S. sales as well as increased market acceptance of the INTERCEPT Blood System and adoption of the INTERCEPT Blood System in geographies where commercialization efforts are underway. In addition, we plan to begin selling PRCFC to U.S. hospital customers in a limited launch beginning this year. However, a deterioration of the Euro relative to the U.S. dollar has in the past and could in the future have a material impact on our product revenues, as a significant portion of our product revenue is expected to come from Euro denominated markets over the near term. As a result of these and other factors, the historical results may not be indicative of INTERCEPT Blood System product revenue in the future.
Content analysis
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