Dear Shareholders,

2025 is off to a strong fundamental start for Cerus. I am grateful for this chance to share with you how our recent accomplishments establish an important foundation to realize our mission of making INTERCEPT the standard of care in transfusion medicine globally, as well as our expectations for continued growth moving forwards.

Next Stop: The 20 Million Mark

Today, based on the number of cumulative kits sold, I am proud that roughly 20 million transfusible doses of INTERCEPT-treated blood components have been made available to patients. These doses represent real people – real patients – who depend on safe blood transfusions, whether in a period of injury or illness, or throughout a lifetime of chronic disease. They are mothers and fathers, sisters and brothers, children, friends, service people, and colleagues. As this number grows and the criticality of what Cerus does increases, so does Cerus’ focus on a responsive and secure supply chain for our customers. 

Foundational Financial Performance

With our supply chain and technology evolution in mind, Cerus’ financial performance has taken center stage as we continue to grow the business. We achieved a major milestone in Cerus’ history in 2024, improving GAAP net loss while reaching full-year positive non-GAAP adjusted EBITDA. We are committed to sustaining full-year non-GAAP adjusted EBITDA positivity for 2025 as well. This has important implications for Cerus’ ability to invest in the global availability of our technology for patients as well as innovations in our product portfolio. 

Next-Generation LED Illuminator Is Our Platform for Innovation

Already in the first quarter of this year, we were delighted to receive CE mark approval of our next-generation LED-based illumination device - the INT200 - for the INTERCEPT Blood System for platelets and plasma under the European Union (EU) Medical Device Regulation (MDR). This innovation embodies our customer-centric approach to blood safety and availability, using customer feedback as a driving force in its design. The INT200 offers an enhanced physical design and a novel software interface while remaining compatible with the existing INTERCEPT kits and processing steps. The INT200 also goes beyond today and into our future, creating a foundational platform for geographic expansion and future product improvements, contributing to the future growth of our business and providing further benefit to our blood center customers.

Expanding Access to Pathogen Inactivation

In addition to the momentum the INT200 provides for the future of the INTERCEPT Blood System for platelets and plasma, our U.S. INTERCEPT Fibrinogen Complex (IFC) product and our development activities for red blood cells (RBCs) round out our complete product portfolio. We are excited by the ongoing growth of our IFC business, which provides rapidly-available post-thaw fibrinogen supplementation for the massive hemorrhage patient across patient settings like trauma, obstetrics, and surgery. Clinician experience has been very positive, and we are excited about the role for IFC in improving patient care and in streamlining transfusion service operations. By the same token, we remain committed to addressing the need for a pathogen reduced RBC for patients with acute and chronic anemia. In Europe, we recently submitted our updated CE Mark application for the INTERCEPT RBC system to our notified body for regulatory approval. I look forward to providing future updates on the RBC program in the EU and U.S. as it advances further.

Securing Blood Safety and Availability around the World

Our global community is more connected today than ever before, and it is increasingly evident that new innovations to secure a safe and available blood supply are critical for any functional healthcare system. At Cerus, we take seriously the integral role that the INTERCEPT Blood System plays in this global infrastructure and are proud of how our technology optimizes blood donor availability by addressing many donor deferral concerns. As you can see from our recent accomplishments, the Cerus team is focused on investing in the innovative technology necessary to support, expand, and enhance the power of our blood center customers to deliver safe and effective blood products to patients around the world.

As always, I thank you for your continued interest in Cerus and the critical role our products play in the global healthcare system.

Sincerely,

William “Obi” Greenman
President and Chief Executive Officer
June 2025