Cerus Corp (NASDAQ: CERS)

Cerus Corp is a biomedical products company focused on developing and commercializing the INTERCEPT Blood System to enhance blood safety. The INTERCEPT Blood System, based on proprietary technology for controlling biological replication, is designed to reduce blood-borne pathogens in donated blood components intended for transfusion. It is intended for use with blood components and certain of their derivatives: platelets, plasma, red blood cells and to produce INTERCEPT Fibrinogen Complex, or IFC, and pathogen reduced plasma, cryoprecipitate reduced.

Cerus Corp generates revenue primarily through the sale of the INTERCEPT Blood System for platelets and plasma, including disposable kits and related components, sold via direct sales force and distributors. The company also sells IFC or disposable kits to manufacture IFC in the U. S. using its direct sales force. Revenue is derived from commercial sales of pathogen-reduced blood products and associated technologies to blood centers, hospitals, and other healthcare providers globally.

Cerus Corp operates through the following segments:

• INTERCEPT Blood System—Platelets: This segment provides pathogen reduction technology for apheresis platelet components collected and stored in 100% plasma or InterSol to reduce the risk of transfusion-transmitted infection, including sepsis, and as an alternative to gamma irradiation for prevention of transfusion-associated graft versus host disease. The platelet system received CE Certificate of Conformity and CE Marked under MDR in 2023 and is commercialized in the U. S., Canada and a number of countries in Europe, the CIS, the Middle East, and selected countries in other regions around the world. The FDA has approved the platelet system for ex vivo preparation of pathogen-reduced apheresis platelet components.

• INTERCEPT Blood System—Plasma: This segment provides pathogen reduction technology for plasma to reduce the risk of transfusion-transmitted infection when treating patients requiring therapeutic plasma transfusion and as an alternative to gamma irradiation for prevention of transfusion-associated graft versus host disease. The plasma system received CE Certificate of Conformity and CE Marked under MDR in 2023 and is commercialized in the U. S. and a number of countries in Europe, the CIS, the Middle East, and selected countries in other regions around the world. The company received FDA approval of the premarket approval supplement, or PMA, to produce IFC in 2020.

• INTERCEPT Blood System—Red Blood Cells: This segment is designed to inactivate blood-borne pathogens in red blood cells intended for transfusion using the proprietary compound amustaline. The red blood cell system is currently in development and has not been commercialized anywhere in the world, with ongoing Phase 3 clinical trials including the RedeS study and ReCePI study. The company is pursuing a CE Certificate of Conformity under MDR in the European Union and FDA approval through a planned modular PMA application for the red blood cell system.

• INTERCEPT Blood System—Cryoprecipitation: This segment uses the plasma system to produce IFC for the treatment and control of bleeding, including massive hemorrhage, associated with fibrinogen deficiency and to produce pathogen reduced plasma, cryoprecipitate reduced. The company received FDA approval of the premarket approval supplement with respect to IFC in 2020 and has U. S. agreements with certain blood center manufacturing partners. The INTERCEPT Illuminator—LED-based, used in this segment, received CE Certificate of Conformity and CE Marked under MDR in 2025 and is commercialized in a number of countries in Europe and selected countries in other regions around the world.

Cerus Corp holds a leading position in the pathogen reduction technology market for blood products, with the INTERCEPT Blood System being one of the few approved systems for platelets and plasma in major global markets. The company faces competition from entities such as Terumo BCT, Grifols, Octapharma AG, MacoPharma International, and Kedrion Biopharma, which are developing or selling commercial pathogen reduction products, systems, or services. Competitive advantages include the system’s ability to inactivate a broad range of pathogens while preserving therapeutic properties of blood components, integration with existing blood center procedures, and strong intellectual property protection, including 21 issued or allowed U. S. patents and approximately 154 issued or allowed foreign patents as of December 31, 2025.

Cerus Corp serves blood collection organizations, hospitals, universities, and government agencies as its primary customer base, with key customers including the American Red Cross in the U. S. and national blood transfusion services such as the Établissement Français du Sang in France, the National Blood Service in England, and the Japanese Red Cross in Japan. The company also relies on distributors in regions where it has limited direct commercialization capabilities, including certain countries in the CIS, the Middle East, Latin America, and Southeast Asia.