Cerus Corporation (CERS): Business Model Canvas [Dec-2025 Updated]

You're analyzing a company whose entire value rests on making the blood supply safer, and Cerus Corporation's business model is a fascinating study in niche, high-stakes technology. Their core is the INTERCEPT pathogen reduction system, which operates like a classic razor-and-blades play: the recurring revenue from those proprietary disposable kits is the engine, not the initial hardware sale. Honestly, the near-term health looks solid, with product revenue guidance for 2025 landing between $202 million and $204 million, plus they still pull in crucial R&D funding, like the $7.5 million from BARDA in Q3 alone. Let's dive into the nine blocks to see how they manage manufacturing, regulatory hurdles, and those key blood center partnerships that keep the revenue flowing.

Cerus Corporation (CERS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Cerus Corporation maintains to drive its technology adoption and commercial scale, especially for the INTERCEPT Blood System. These partnerships are critical, particularly the government funding that underpins the high-cost, late-stage development of the Red Blood Cell (RBC) system.

The relationship with the U.S. Biomedical Advanced Research and Development Authority (BARDA) is foundational for the INTERCEPT RBC program.

• BARDA contract for INTERCEPT RBC system is valued up to $248 million over a six-year agreement.
• The initial base period funding awarded under this contract was $32.1 million.
• Government Contract Revenue for Cerus Corporation in the third quarter of 2025 totaled $7.5 million.
• Government Contract Revenue for the first nine months of 2025 was $20.8 million.

This funding supports pivotal trials like the RedeS trial, which, as of the third quarter of 2025, completed patient enrollment. The study results are now anticipated in the second half of 2026.

For the INTERCEPT Fibrinogen Complex (IFC), Cerus Corporation relies on a network of blood center manufacturing partners. This decentralized manufacturing approach helps scale supply to meet growing demand, which saw U.S. IFC sales reach $3.9 million in the third quarter of 2025.

The growth in IFC adoption is significant; third-quarter 2025 volumes were up approximately 110% compared to the prior year period. Cerus Corporation's full-year 2025 IFC revenue guidance is set between $16 million to $17 million.

Regarding Canadian operations, Cerus Corporation has a key partnership with Canadian Blood Services (CBS).

• Canadian Blood Services manufactures approximately 115,000 platelet doses annually.
• The Health Canada approval for the INTERCEPT Blood System for Platelets allows CBS to use double dose kits to yield two therapeutic platelet doses per kit.

These partnerships are clearly tied to the company's financial performance; Cerus Corporation's total product revenue for Q3 2025 was $52.7 million, with a revised full-year 2025 product revenue guidance of $202 million to $204 million. The company held $80.9 million in cash, cash equivalents, and short-term investments as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

Cerus Corporation (CERS) - Canvas Business Model: Key Activities

Manufacturing and global distribution of INTERCEPT disposable kits

Cerus Corporation focuses on the manufacturing and global distribution of its INTERCEPT disposable kits, which are central to its revenue generation. The company's product revenue for the third quarter of 2025 reached $52.7 million, representing a 15% year-over-year growth. For the first nine months of 2025, total revenue was $169.2 million. The full-year 2025 product revenue guidance was raised to a range of $202 million to $204 million. The INTERCEPT Blood System for platelets and plasma is available globally and holds both CE Mark and FDA approval for these components.

The commercial execution drives the sales of these kits, with specific product lines showing significant traction:

• Adoption of INTERCEPT Fibrinogen Complex (IFC) continues to increase.
• Third-quarter 2025 U.S. IFC sales totaled $3.9 million, up from $2.3 million in the prior year period.
• IFC volume demand in Q3 2025 increased approximately 110% compared to the prior year period.
• Full-year 2025 IFC revenue guidance is set between $16 million to $17 million.

Here's a look at the regional commercial performance based on Q2 2025 data, which informs the late 2025 execution strategy:

Research and development (R&D) for next-generation products like INTERCEPT RBC

Cerus Corporation actively invests in R&D for future products, notably the INTERCEPT Red Blood Cell (RBC) system. R&D expenses for the third quarter of 2025 were $15.8 million, an increase from $14.0 million in the third quarter of 2024. This spending was driven by costs related to the U.S. Phase 3 RedeS trial and U.S. development costs for INT200, the new LED-based illumination device. Government contract revenue, which supports R&D activities, was $7.5 million in Q3 2025.

Key next-generation product development activities include:

• Advancement of the INTERCEPT RBC system.
• Development costs on INT200, which received CE Mark in Q1 2025.
• Development of next-generation pathogen reduction technology for whole-blood treatment.
• Development of lyophilized IFC.

Regulatory approval and compliance (FDA, CE Mark) for global markets

Maintaining regulatory compliance is a core activity, supporting global market access. The INTERCEPT Blood System for platelets and plasma has both CE Mark and FDA approval. For the INTERCEPT RBC system, the company is pursuing regulatory clearance in key markets. In Europe, the CE Mark submission review process under the Medical Device Regulation (MDR) is ongoing, with the clinical module successfully reviewed by Notified Body TÜV-SÜD and transferred to SÚKL in the Czech Republic for consultation as of July 2025. The U.S. development is supported by a new BARDA contract valued at up to $248 million, intended to fund activities through anticipated Premarket Approval (PMA) licensure and into commercialization.

Commercial execution and driving adoption in North America and EMEA

Driving adoption involves strong commercial execution across North America and EMEA. The record Q3 2025 product revenue of $52.7 million reflects this strong execution. The company's non-GAAP adjusted EBITDA for Q3 2025 was a positive $5.0 million, marking the sixth consecutive quarter of positive non-GAAP adjusted EBITDA. The product gross profit for Q3 2025 was $28.1 million, with a product gross margin of 53.4%.

Clinical studies to generate evidence for new indications and products

Generating clinical evidence supports both current product use expansion and future product approvals. The company completed enrollment in the U.S. RedeS trial, a pivotal Phase 3 clinical trial for the INTERCEPT Blood System for Red Blood Cells. Results from the RedeS trial are expected in the second half of 2026. Clinical data is also being presented to showcase the applicability of the system for cryoprecipitated fibrinogen complex and the potential benefits of RBC treatment. Government contract funding, including from BARDA, is specifically tied to supporting the U.S. Phase 3 studies for INTERCEPT RBC.

Cerus Corporation (CERS) - Canvas Business Model: Key Resources

You're looking at the core assets that Cerus Corporation uses to deliver its value proposition of safeguarding the world's blood supply. These aren't just abstract concepts; they are tangible and intangible assets that underpin every dollar of revenue.

The most critical intangible asset is the Proprietary INTERCEPT pathogen reduction technology. This process relies on the chemical amotosalen, which binds to DNA and RNA, stopping the replication of many bacteria, viruses, parasites, and white blood cells when activated by UV light. The system is designed to inactivate a broad spectrum of pathogens and T cells. This technology is what makes the INTERCEPT Blood System for platelets and plasma the only pathogen reduction system with both CE mark and FDA approval globally. The INTERCEPT red blood cell system remains in late-stage clinical development in the U.S..

Protection for this core technology comes from a portfolio of Intellectual property (patents). Cerus Corporation actively maintains patent protection in the U.S. and elsewhere for its key products. For example, the INTERCEPT Illuminator INT200 is protected by several U.S. patents, including US 11,554,185, US 11,883,544, US 12,011,510, and US 12,214,092. Similarly, the INTERCEPT Blood System for Platelets DS Processing Set is covered by patents such as US 11,235,090 and US 12,064,537.

Tangible resources include the necessary infrastructure for production and distribution. Cerus Corporation maintains its Global Headquarters at 1220 Concord Avenue, Concord, CA US 94520, and its European Headquarters at Stationsstraat 79-D, 3811 MH Amersfoort, Netherlands. The supply chain for disposable kits has seen regulatory enhancements that support inventory management; for instance, the U.S. FDA granted a 12-month shelf life for INTERCEPT Platelet Processing Sets in March 2024, extending the previous six-month term.

The financial foundation is represented by the balance sheet strength as of the end of the third quarter of 2025. You need to know the liquidity position.

This cash position supported operations, which generated $1.9 million in operating cash flow for Q3 2025.

Finally, the specialized human capital is indispensable for R&D, regulatory navigation, and commercial execution. This team includes leaders like Dr. Nina Mufti, Senior Vice President, Research and Development, who guides product design and PMA submissions, and Ms. Moore, Senior Vice President, Regulatory Affairs, Quality, and Clinical. The company also benefits from the scientific insight of its founder and chief scientific officer, Dr. Laurence Corash.

Key personnel and their oversight areas include:

• Dr. Nina Mufti: Oversees all Research and Development activities.
• Vivek Jayaraman: Oversees commercial operations, supply chain, and manufacturing.
• Ms. Moore: Leads Regulatory Affairs, Quality, and Clinical functions.
• Dr. Laurence Corash: Founder and chief scientific officer.

The successful navigation of complex regulatory pathways, such as the FDA approval for the INTERCEPT Blood System for Cryoprecipitation in 2020, is a direct result of this specialized personnel base. It's a defintely high barrier to entry for competitors.

Cerus Corporation (CERS) - Canvas Business Model: Value Propositions

The core value proposition of Cerus Corporation centers on establishing the INTERCEPT Blood System as the standard of care for pathogen protection across all transfused blood components. This is supported by the system being the only one with both CE mark and FDA approval for platelets and plasma.

The global adoption metric shows that pathogen inactivation has been established for about 25% of the global platelet supply. In the U.S., INTERCEPT adoption is growing, reaching the mid-60% vicinity, with a stated goal of surpassing 80% penetration.

The value proposition related to logistics simplification is evidenced by the growing demand for 100% pathogen inactivated platelet inventory in the U.S., driven by benefits in managing logistics and inventories. The rollout of the next-generation, LED-based INT200 illumination device is also a key operational value driver, having received CE Mark approval.

For massive hemorrhage treatment, the Pathogen Reduced Cryoprecipitated Fibrinogen Complex (IFC) shows increasing commercial traction. Full-year 2025 IFC revenue guidance is set between $16 million to $17 million. U.S. IFC sales for the third quarter of 2025 reached $3.9 million, a significant increase from $2.3 million in the prior year period. The business model is actively shifting, with approximately 70% of IFC dose equivalent unit sales tied to kits in the third quarter of 2025, up from less than 25% the year before, with a forecast for nearly all sales to be in kit format by the end of 2026.

The potential to improve blood availability is an inherent benefit of pathogen reduction technology, which supports the company's mission. The INTERCEPT red blood cell system, which is under regulatory review in Europe, is in late-stage clinical development in the U.S., with enrollment completed in the Phase 3 RedeS trial, with results expected in the second half of 2026.

Here's a quick look at the recent financial performance supporting these value drivers:

The ongoing commercial execution and development progress are reflected in the following operational highlights:

• INTERCEPT Blood System for platelets and plasma holds both CE mark and FDA approval.
• EMEA product revenues increased 21% in Q3 2025, driven by Middle Eastern platelet sales and initial shipments to Germany.
• North American product revenues grew 11% in Q3 2025.
• The company achieved its sixth consecutive quarter of positive non-GAAP adjusted EBITDA as of Q3 2025.
• Cash, cash equivalents, and short-term investments totaled $78.5 million at September 30, 2025.

Cerus Corporation (CERS) - Canvas Business Model: Customer Relationships

The relationship model for Cerus Corporation centers on deep, ongoing engagement with blood centers and hospitals, moving beyond simple product transactions to establish the INTERCEPT Blood System as the standard of care.

High-touch, consultative sales and implementation support for blood centers is evidenced by the strong commercial execution driving revenue growth. For the third quarter of 2025, product revenue reached $52.7 million, a 15% year-over-year increase. Furthermore, the company is experiencing a significant shift in its INTERCEPT Fibrinogen Complex (IFC) sales model, moving toward an IFC kit sale to blood center customers who then produce IFC for their own hospital accounts, indicating a deeper integration into the customer's operational workflow. Full-year 2025 product revenue guidance has been raised to a range of $202 million to $204 million.

The provision of extensive implementation tools and nurse training modules is tied to the rollout of next-generation hardware. Cerus Corporation has started the commercial rollout of its INT200 illumination device, which features touch screen navigation and intuitive software, designed with input from global customers to enhance daily blood center operations. The company expects to convert its existing installed base of INT100 devices in the Europe, Middle East, and Africa (EMEA) region to the new INT200 platform over the next three years.

Long-term, collaborative partnerships with blood centers and hospitals are key, especially as adoption of the IFC product accelerates. Third quarter 2025 IFC volume demand increased approximately 110% compared to the prior year period, with Q3 U.S. IFC sales totaling $3.9 million. This growth is bolstered by positive case studies from large academic hospitals that have implemented IFC in routine use.

Dedicated technical support for the INTERCEPT Illuminator devices is implied by the planned conversion strategy and the global availability of the system. The INTERCEPT Blood System for platelets and plasma is available globally. The company, which has approximately 384 employees as of October 2025, is focused on establishing INTERCEPT as the standard of care.

Clinical education and case studies for healthcare practitioners are actively used to drive adoption. The company presents new clinical data on the INTERCEPT Blood System at major congresses, covering its use for platelets, plasma, IFC, and red blood cells.

Key customer-facing financial and operational metrics as of late 2025:

The success in driving product revenue is supported by consistent operational performance, including achieving positive non-GAAP adjusted EBITDA of $5.0 million for the third quarter of 2025.

The customer relationship strategy involves several key engagement points:

• Device Platform Updates: Phased global launch of the INT200 illumination device.
• Regulatory Milestones: Securing key approvals like CE Mark, ANSM (France), and SwissMedic for the INT200 platform in 1H 2025.
• Product Focus: Continued penetration with U.S. platelet customers and geographic expansion.
• Clinical Advocacy: Presenting data at events like the ISBT Congress to reinforce safety and efficacy.
• Government Collaboration: Receiving a $7.2 million award from the U.S. Department of Defense for developing lyophilized IFC.

The company's focus on establishing the INTERCEPT Blood System as the standard of care is a direct driver of these customer-centric activities.

Cerus Corporation (CERS) - Canvas Business Model: Channels

Cerus Corporation channels reflect a global commercial execution strategy focused on driving adoption of the INTERCEPT Blood System across various geographies and customer types. The company is actively shifting its distribution approach, particularly for the INTERCEPT Fibrinogen Complex (IFC).

The transition in the IFC business model is moving away from direct hospital sales toward a kit-based distribution model, leveraging blood center channels. For the third quarter of 2025, approximately 70% of the dose equivalent unit sales were tied to kits, a significant increase from less than 25% the year prior. The company forecasts that by the end of 2026, nearly all IFC sales will be in the kit format. U.S. IFC sales for Q3 2025 totaled $3.9 million, with full-year 2025 IFC revenue guidance set between $16 million to $17 million.

The global commercial presence shows growth across key regions. North American product revenues saw an increase of 11% in the third quarter of 2025. EMEA product revenues grew by 21% in the same period, supported by Middle Eastern platelet sales and initial shipments into Germany. Overall, INTERCEPT products are established as the standard-of-care in over 40 countries. Canadian Blood Services has completed its transition to 100% routine use of INTERCEPT platelets.

New hardware deployment is a key channel strategy, particularly in Europe. The next-generation LED-based illumination device, the INT200, received CE Mark approval in the European Union in March 2025. This approval allows commercialization throughout the EU and other CE mark-recognizing regions. The INT200 is now approved for commercial sale in approximately 40 countries. However, the regulatory path for the INTERCEPT red blood cell system in Europe faces a delay, with the company expecting a CE Mark decision delay of at least six months.

Cerus Corporation utilizes online platforms for communication and product information dissemination. The company hosts live webcasts and makes presentation slides available on its Investor Relations website at http://ir.cerus.com.

Here's a look at the regional revenue performance contributing to the overall channel success as of late 2025:

The operational execution through these channels is driving the overall business performance. The company delivered its sixth consecutive quarter of positive non-GAAP adjusted EBITDA in Q3 2025, totaling $5.0 million for the quarter.

• INTERCEPT adoption in the U.S. has reached the mid-60% vicinity.
• The company has a goal of surpassing 80% U.S. INTERCEPT adoption.
• Approximately 20 million INTERCEPT units have been used globally.
• SG&A expenses for Q3 2025 were $18.6 million.

Cerus Corporation (CERS) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Cerus Corporation (CERS) as of late 2025. These are the entities that purchase the INTERCEPT Blood System and its associated consumables to ensure blood safety.

Major Blood Collection Centers and Blood Banks (e.g., U.S. blood centers)

This segment drives the volume for the core platelet business and is increasingly adopting the INTERCEPT Fibrinogen Complex (IFC). The evolving standard of care in transfusion medicine incorporates pathogen and activation for about 25% of the global platelet supply.

• Canadian Blood Services has fully transitioned to 100% routine use of INTERCEPT platelets.
• Full-year 2025 IFC revenue guidance is between $16 million to $17 million.
• Q3 2025 IFC revenue was $3.9 million, compared to $2.3 million a year prior.
• Q3 2025 volume demand for IFC increased approximately 110% year-over-year.

Hospital Transfusion Services and Trauma Centers (IFC users)

Hospitals are a key driver for the INTERCEPT Fibrinogen Complex (IFC) product, which is used therapeutically. Hospital demand for 100% pathogen inactivated platelet inventory is increasing in the U.S..

Government Agencies Focused on Public Health and Biodefense (e.g., BARDA)

This segment provides non-product revenue through research and development contracts, primarily focused on the INTERCEPT Red Blood Cell (RBC) system. Cerus Corporation is advancing the INTERCEPT RBC system under contracts with the Biomedical Advanced Research and Development Authority (BARDA).

• Q3 2025 government contract revenue was $7.5 million, compared to $4.6 million in the prior year period.
• The 2024 BARDA contract supports the program through U.S. Phase 3 studies to anticipated premarket approval.
• The total value of the 2024 BARDA contract is up to $248 million.
• Initial phase funding from the October 2024 BARDA award was $32.1 million.

Hematology-Oncology Patients Requiring Frequent Platelet Transfusions

While Cerus Corporation does not sell directly to patients, this group represents the ultimate beneficiary of the pathogen-reduced platelets and IFC, driving the clinical adoption in the hospital setting. The company aims to establish INTERCEPT as the standard of care for all transfused blood components.

International Markets with High Pathogen Risk or Regulatory Mandates

International sales contribute significantly to product revenue growth, with the EMEA region showing strong performance. The INT200 illumination device rollout supports this global customer base.

The next-generation, LED-based INT200 illumination device is approved for commercial sale in approximately 40 countries.

Overall product revenue for full-year 2025 is expected to be in the range of $202 million to $204 million.

Cerus Corporation (CERS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Cerus Corporation's business as of late 2025, focusing on where the money is going to support their global commercial efforts and pipeline development. It's a mix of heavy investment in the future and managing current operational pressures.

Research and Development (R&D) remains a significant cost center, reflecting the commitment to advancing the pipeline. For the third quarter of 2025, R&D expenses totaled $15.8 million, which was an increase from the $14.0 million reported in the third quarter of 2024. This spending is directly tied to key programs.

The cost of product revenue, which directly impacts the gross margin, is facing headwinds. Product gross margin for the third quarter of 2025 settled at 53.4%, down from 56.9% in the third quarter of 2024. This compression is attributed to external market factors affecting the cost of goods sold for their disposable INTERCEPT kits and other products.

Here's a quick look at the key operating expense components for Q3 2025:

SG&A expenses for the global commercial teams, which cover selling and administrative functions, were $18.6 million in the third quarter of 2025. That's up from $17.8 million in the same period last year, though the company noted year-over-year SG&A was relatively consistent due to offsetting factors, showing a focus on driving leverage.

Manufacturing and production costs for the disposable INTERCEPT kits are being influenced by supply chain issues. Specifically, management noted that import tariffs, inflationary pressure, and higher IFC production costs to meet increasing demand impacted the product gross margin compared to the prior year. The company's product revenue for Q3 2025 was $52.7 million, yielding a product gross profit of $28.1 million.

Clinical trial costs are embedded within the R&D spend, particularly for late-stage programs. The enrollment in the Phase 3 RedeS trial for the INTERCEPT Red Blood Cell system was cited as a primary driver for the R&D expense increase in Q3 2025. This trial is pivotal for expanding the system's application.

You can see the cost drivers affecting the margin and R&D clearly:

• Higher government contract costs supporting research activities.
• Enrollment costs for the Phase 3 RedeS trial.
• U.S. development costs for the new INT200 illumination device.
• Higher employee compensation expenses tied to cost-of-living adjustments.

Finance: draft 13-week cash view by Friday.

Cerus Corporation (CERS) - Canvas Business Model: Revenue Streams

Cerus Corporation (CERS) generates revenue through several distinct streams tied to its INTERCEPT Blood System platform.

The primary driver is product revenue from sales of INTERCEPT disposable kits for platelets and plasma. For the full-year 2025, Cerus Corporation raised its product revenue guidance to be in the range of $202 million to $204 million.

A significant component of product revenue comes from the INTERCEPT Fibrinogen Complex (IFC). For the full-year 2025, sales of INTERCEPT Fibrinogen Complex (IFC) are guided to be in the range of $16 million to $17 million. In the third quarter of 2025, U.S. IFC sales totaled $3.9 million, up from $2.3 million during the prior year period. The volume demand for IFC in Q3 2025 was up approximately 110% compared to the prior year period.

Government contract revenue from research and development (R&D) funding, such as from the Biomedical Advanced Research and Development Authority (BARDA), also contributes to the top line. Third-quarter 2025 government contract revenue was $7.5 million, compared to $4.6 million during the prior year period. The Q3 2025 government contract revenue represented a 63% increase year-over-year.

Other revenue sources include sales of hardware, specifically the Illuminator devices, and related service fees. The next-generation, LED-based INT200 illumination device launch continues to progress.

Here's a look at the key revenue figures reported for the third quarter of 2025:

The company also reported its sixth consecutive quarter of positive Non-GAAP Adjusted EBITDA, totaling $5.0 million for the third quarter of 2025.

The revenue streams can be summarized by product and funding source:

• Product revenue from INTERCEPT disposable kits for platelets and plasma.
• INTERCEPT Fibrinogen Complex (IFC) sales.
• Government contract revenue for R&D activities.
• Sales of hardware (Illuminator devices) and service fees.