Dear Shareholders,
I am grateful for this opportunity to reflect on Cerus’ progress in 2025 and look ahead to the next chapter of our company. This year’s letter is especially meaningful for me. As previously announced, on July 1, I will transition from President and Chief Executive Officer to Executive Chairman of the Board, and Vivek Jayaraman will become Cerus’ next President and Chief Executive Officer.
After more than 15 years as CEO and more than 30 years with Cerus, I have never been more confident in the company’s future. We enter this leadership transition from a position of strength, with continued global momentum across our core platelet franchise, growing adoption of INTERCEPT Fibrinogen Complex (IFC), meaningful progress in our red blood cell program, and a strengthening financial profile.
Expanding Access to Safer Blood
At Cerus, our mission is clear: to establish INTERCEPT as the global standard of care for all transfused blood components. Every day, patients around the world rely on safe and available blood — whether they are undergoing cancer therapy, receiving chronic transfusion support, experiencing trauma, giving birth, or undergoing a complex surgery. Last year, an estimated 600,000 patients received INTERCEPT-treated blood components.
2025: A Milestone Year of Commercial and Financial Execution
2025 was a milestone year for Cerus. We reported record product revenue, reflecting strong execution across our global platelet franchise, continued growth for INTERCEPT Fibrinogen Complex, and increasing traction from our international launch of the INT200 illuminator.
Our U.S. franchise is foundational to Cerus’ commercial business. INTERCEPT-treated platelets are the standard of care in the United States, representing approximately two thirds of all platelets transfused. IFC also continued to gain significant momentum in 2025. We see opportunity for further INTERCEPT growth over time, supported in part by our group purchasing agreement with Blood Centers of America, whose member centers account for approximately half of the U.S. blood supply.
Internationally, our EMEA business delivered robust growth during 2025, with strong demand across both platelet and plasma kits and encouraging early traction from the INT200 launch. Our recent multi-year agreement with the French Blood Establishment, EFS, reinforces the value that long-standing customers continue to see in our products. We also continue to view Germany as a meaningful opportunity over the medium term, with the INITIATE study building the clinical and operational foundation for broader adoption of pathogen reduced platelets.
Alongside revenue growth, Cerus continued to deliver improving operating leverage. This progress reflects the execution of Cerus’ commercial and financial strategy, enabling a business model that is highly scalable. The fourth quarter of 2025 marked the seventh consecutive quarter of positive non-GAAP adjusted EBITDA, reflecting Cerus’ commitment to financial health. We also generated positive operating cash flow for the full year while continuing to invest in growth initiatives.
Innovation Across the INTERCEPT Platform
In 2025, we received CE mark approval and launched the INT200, our next-generation LED-based illuminator for the INTERCEPT Blood System for platelets and plasma. Customer feedback has been very positive, and we view INT200 as an important platform for future product improvements and geographic expansion.
Red blood cells are the most transfused blood component globally, and a pathogen-reduced red blood cell product could significantly expand the potential clinical impact of the INTERCEPT platform. In Europe, our CE Mark resubmission for the INTERCEPT red blood cell system has advanced through review at our Notified Body, TÜV, and the dossier is now under French ANSM competent authority review. In the United States, enrollment is complete in the Phase 3 RedeS study, which includes the broader chronic transfusion experience required for a future FDA PMA.
Entering 2026 with Momentum
Cerus entered 2026 with strong momentum. We delivered strong first quarter revenue and raised our full-year revenue guidance. We reported our eighth consecutive quarter of positive adjusted EBITDA. We made progress across all three priorities that will continue to guide the company: driving sustainable growth, advancing innovation, and strengthening our financial foundation.
This is the right moment for Vivek to lead Cerus into its next chapter. Since joining the company in 2016, first as Chief Commercial Officer and then as Chief Operating Officer, Vivek has played a central role in Cerus’ growth from approximately $40 million in annual revenue to more than $200 million today.
Building an Enduring Company
When I reflect on my time at Cerus, I do so with deep gratitude: to our shareholders, employees, blood center partners, clinicians, and the patients who depend on safe and available blood. For many of us, this mission has always been personal. We remember the devastating impact that HIV and hepatitis had on the blood supply in the 1980s and 1990s, and we were determined to help create a different future — one in which transfusion-transmitted infections would pose far less risk, and blood centers and hospitals would be better equipped to respond to emerging threats. Our blood center customers undertake critical work every day to collect and make blood components available to patients, and Cerus plays an important role in helping make a safer and more sustainable blood supply.
While we have made meaningful progress toward making INTERCEPT the global standard of care, I believe the opportunity ahead is even greater. I am pleased to pass the baton to Vivek, who will build on this foundation and lead Cerus through its next phase of growth, innovation, and value creation.
As always, I thank you for your continued interest in Cerus and for your support of our mission to help safeguard the world’s blood supply.
Sincerely,
William “Obi” Greenman
President and Chief Executive Officer
June 2026