Vericel Corporation
(NASDAQ:VCEL)

Vericel Corporation, a commercial-stage biopharmaceutical company, researches, develops, manufactures, and distributes cellular therapies for sports medicine and severe burn care markets in the United States. The company markets autologous cell therapy products comprising MACI, an autologous cellula...

Website: http://vcel.com

Founded: 1989

Full Time Employees: 241

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2013-03-24	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2012-03-24	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2011-03-24	2010-09-30	2010-06-30	2010-03-31	2010-03-24	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2009-03-24	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2008-03-24	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2007-03-24	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2006-03-24	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2005-03-24	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2004-03-24	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2003-03-24	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2002-03-24	2001-12-31	2001-09-30	2001-06-30

product sales	67,503,000	63,240,000	52,598,000	75,376,000	57,905,000	52,662,000	51,281,000	64,996,000	45,581,000	45,922,000	41,017,000	52,694,000	38,326,000	36,826,000	35,852,000	47,050,000	33,718,000	38,680,000	33,627,000	44,256,000	31,020,000	20,014,000	26,678,000	39,390,000	30,499,000	26,151,000	21,810,000	31,335,000	22,484,000	19,011,000	18,027,000	22,186,000	14,260,000	16,953,000	9,361,000	16,523,000	10,929,000	12,823,000	14,108,000	15,420,000	11,309,000	13,590,000	10,849,000	14,706,000	9,658,000	4,432,000
total revenue	67,503,000	63,240,000	52,598,000	75,376,000	57,905,000	52,662,000	51,281,000	64,996,000	45,581,000	45,922,000	41,017,000	52,694,000	38,551,000	37,046,000	36,074,000	47,591,000	34,506,000	39,519,000	34,568,000	45,229,000	32,258,000
yoy	16.58%	20.09%	2.57%	15.97%	27.04%	14.68%	25.02%	23.35%	18.24%	23.96%	13.70%	10.72%	11.72%	-6.26%	4.36%	5.22%	6.97%
qoq	6.74%	20.23%	-30.22%	30.17%	9.96%	2.69%	-21.10%	42.59%	-0.74%	11.96%	-22.16%	36.69%	4.06%	2.69%	-24.20%	37.92%	-12.69%	14.32%	-23.57%	40.21%
cost of product sales	17,918,000	16,627,000	16,325,000	16,877,000	16,252,000	16,061,000	15,927,000	16,489,000	14,973,000	15,981,000	14,497,000	14,445,000	13,318,000	14,192,000	12,622,000	13,559,000	12,408,000	12,609,000	11,583,000	11,582,000	9,787,000	8,660,000	9,922,000	10,585,000	9,324,000	9,022,000	8,640,000	8,629,000	8,138,000	7,727,000	7,666,000	8,389,000	7,186,000	7,670,000	7,109,000	7,591,000	6,856,000	7,300,000	6,560,000	7,229,000	6,772,000	6,901,000	5,568,000	6,752,000	5,532,000	5,009,000
gross profit	49,585,000	46,613,000	36,273,000	58,499,000	41,653,000	36,601,000	35,354,000	48,507,000	30,608,000	29,941,000	26,520,000	38,249,000	25,233,000	22,854,000	23,452,000	34,032,000	22,098,000	26,910,000	22,985,000	33,647,000	22,471,000	11,354,000	16,756,000	28,805,000	21,175,000	17,129,000	13,170,000	22,706,000	14,346,000	11,284,000	10,361,000	14,961,000	7,074,000	9,283,000	2,252,000	8,932,000	4,073,000	5,523,000	7,548,000	8,191,000	4,537,000	6,689,000	5,281,000	7,954,000	4,126,000
yoy	19.04%	27.35%	2.60%	20.60%	36.09%	22.24%	33.31%	26.82%	21.30%	31.01%	13.08%	12.39%	14.19%	-15.07%	2.03%	1.14%	-1.66%	137.01%	37.17%	16.81%	6.12%	-33.71%	27.23%	26.86%	47.60%	51.80%	27.11%	51.77%	102.80%	21.56%	360.08%	67.50%	73.68%	68.08%	-70.16%	9.05%	-10.23%	-17.43%	42.93%	2.98%	9.96%
qoq	6.38%	28.51%	-37.99%	40.44%	13.80%	3.53%	-27.12%	58.48%	2.23%	12.90%	-30.66%	51.58%	10.41%	-2.55%	-31.09%	54.00%	-17.88%	17.08%	-31.69%	49.74%	97.91%	-32.24%	-41.83%	36.03%	23.62%	30.06%	-42.00%	58.27%	27.14%	8.91%	-30.75%	111.49%	-23.80%	312.21%	-74.79%	119.30%	-26.25%	-26.83%	-7.85%	80.54%	-32.17%	26.66%	-33.61%	92.78%
gross margin %	73.46%	73.71%	68.96%	77.61%	71.93%	69.50%	68.94%	74.63%	67.15%	65.20%	64.66%	72.59%	65.45%	61.69%	65.01%	71.51%	64.04%	68.09%	66.49%	74.39%	69.66%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
research and development	6,318,000	6,731,000	7,261,000	4,923,000	6,093,000	7,363,000	6,418,000	4,901,000	5,676,000	5,253,000	5,212,000	5,245,000	5,046,000	4,792,000	4,860,000	3,924,000	4,284,000	4,449,000	3,630,000	3,118,000	2,913,000	3,226,000	3,763,000	3,217,000	3,096,000	21,070,000	3,008,000	3,018,000	3,113,000	3,739,000	3,729,000	3,587,000	2,919,000	2,971,000	3,467,000	4,258,000	3,443,000	4,058,000	3,536,000	7,404,000	3,740,000	3,369,000	4,377,000	5,793,000	7,835,000	4,364,000	3,271,000	3,315,000	2,575,000	3,676,000	5,538,000		6,013,000	6,147,000	7,069,000	6,796,000		5,904,000	5,750,000	5,304,000	4,372,000		4,167,000	3,619,000	2,845,000		3,283,000	2,911,000	2,949,000	2,785,000		2,829,000	2,726,000	3,449,000	4,032,000		3,895,000	3,873,000	3,480,000	3,096,000		2,563,000	2,304,000	2,739,000	2,597,000		2,195,000	1,953,000	1,948,000	2,095,000	104,791,000	1,596,000	1,567,000	1,818,000	1,660,000	95,004,000	1,455,000	1,356,000	1,479,000	1,351,000		1,432,000	1,385,000	1,386,000	1,439,000		1,396,000	1,207,000
selling, general and administrative	39,817,000	41,911,000	41,804,000	35,097,000	38,025,000	35,269,000	34,400,000	30,875,000	29,989,000	30,649,000	29,485,000	26,919,000	26,975,000	27,144,000	25,865,000	25,967,000	22,775,000	26,190,000	22,660,000	18,240,000	16,041,000	16,486,000	18,069,000	16,378,000	14,982,000	16,259,000	13,520,000	13,693,000	12,569,000	11,791,000	10,954,000	10,183,000	8,186,000	8,833,000	8,408,000	7,925,000	7,010,000	6,449,000	6,004,000	5,744,000	5,674,000	5,585,000	5,476,000	4,507,000	4,313,000	3,581,000	1,374,000	1,616,000	1,066,000	1,560,000	1,633,000		1,619,000	2,138,000	2,231,000	1,762,000		1,930,000	1,696,000	2,203,000	1,895,000		1,686,000	1,521,000	1,418,000		1,316,000	946,000	1,041,000	1,260,000		1,333,000	1,316,000	1,668,000	1,429,000		1,725,000	1,614,000	1,896,000	2,070,000		2,332,000	2,384,000	2,390,000	2,438,000		2,257,000	2,016,000	1,745,000	1,624,000	43,762,000	1,289,000	1,314,000	1,190,000	1,279,000	34,831,000	1,356,000	1,565,000	1,148,000	854,000		902,000	1,113,000	792,000	886,000		931,000	919,000
total operating expenses	46,135,000	48,642,000	49,065,000	40,020,000	44,118,000	42,632,000	40,818,000	35,776,000	35,665,000	35,902,000	34,697,000	32,164,000	32,021,000	31,936,000	30,725,000	29,891,000	27,059,000	30,639,000	26,290,000	21,358,000	18,954,000	19,712,000	21,832,000	19,595,000	18,078,000	37,329,000	16,528,000	16,711,000	15,682,000	15,530,000	14,683,000	13,770,000	11,105,000	11,804,000	11,875,000	14,821,000	10,453,000	10,507,000	9,540,000	13,148,000	9,414,000	8,954,000	9,853,000	10,300,000	12,148,000	7,945,000
income from operations	3,450,000	-2,029,000	-12,792,000	18,479,000	-2,465,000	-6,031,000	-5,464,000	12,731,000	-5,057,000	-5,961,000	-8,177,000	6,085,000	-6,788,000	-9,082,000	-7,273,000	4,141,000	-4,961,000	-3,729,000	-3,305,000	12,289,000	3,517,000	-8,358,000	-5,076,000	9,210,000	3,097,000	-20,200,000	-3,358,000	5,995,000	-1,336,000	-4,246,000	-4,322,000	1,191,000	-4,031,000	-2,521,000	-9,623,000	-5,889,000	-6,380,000	-4,984,000	-1,992,000	-4,957,000	-4,877,000	-2,265,000	-4,572,000																		-6,260,000		-5,853,000	-5,140,000	-4,263,000		-4,585,000	-3,816,000	-3,986,000	-4,012,000		-4,152,000	-4,019,000	-4,993,000	-5,289,000		-5,537,000	-5,400,000	-5,223,000	-4,922,000		-4,740,000	-4,584,000	-4,801,000	-4,799,000		-4,339,000	-3,794,000	-3,605,000	-3,553,000	-139,787,000	-2,550,000	-2,709,000	-2,803,000	-2,528,000	-121,946,000	-2,440,000	-2,886,000	-2,768,000	-2,132,000		-2,320,000	-2,493,000	-2,007,000	-2,133,000		-2,126,000	-2,015,000
yoy	-239.96%	-66.36%	134.11%	45.15%	-51.26%	1.17%	-33.18%	109.22%	-25.50%	-34.36%	12.43%	46.95%	36.83%	143.55%	120.06%	-66.30%	-241.06%	-55.38%	-34.89%	33.43%	13.56%	-58.62%	51.16%	53.63%	-331.81%	375.74%	-22.30%	403.36%	-66.86%	68.43%	-55.09%	-120.22%	-36.82%	-49.42%	383.08%	18.80%	30.82%	120.04%	-56.43%																						46.84%		27.66%	34.70%	6.95%			-8.09%	-0.82%	-19.65%			-27.42%	-7.54%	1.26%			13.92%	13.94%	2.52%			5.65%	26.54%	33.12%		-96.90%	48.78%	33.07%	26.76%	5429.55%	-97.91%	11.02%	-2.88%	-8.67%	5619.79%		24.40%	11.03%	6.23%			17.26%	-0.40%
qoq	-270.03%	-84.14%	-169.22%	-849.66%	-59.13%	10.38%	-142.92%	-351.75%	-15.17%	-27.10%	-234.38%	-189.64%	-25.26%	24.87%	-275.63%	-183.47%	33.04%	12.83%	-126.89%	249.42%	-142.08%	64.66%	-155.11%	197.38%	-115.33%	501.55%	-156.01%	-548.73%	-68.54%	-1.76%	-462.89%	-129.55%	59.90%	-73.80%	63.41%	-7.70%	28.01%	150.20%	-59.81%	1.64%	115.32%	-50.46%																					13.87%	20.57%			20.15%	-4.26%	-0.65%			3.31%	-19.51%	-5.60%			2.54%	3.39%	6.12%			3.40%	-4.52%	0.04%			14.36%	5.24%	1.46%	-97.46%	5381.84%	-5.87%	-3.35%	10.88%	-97.93%	4897.79%	-15.45%	4.26%	29.83%			-6.94%	24.22%	-5.91%			5.51%
operating margin %	5.11%	-3.21%	-24.32%	24.52%	-4.26%	-11.45%	-10.66%	19.59%	-11.09%	-12.98%	-19.94%	11.55%	-17.61%	-24.52%	-20.16%	8.70%	-14.38%	-9.44%	-9.56%	27.17%	10.90%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%		NaN%	NaN%	NaN%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%
other income:
interest income	1,808,000	1,657,000	1,657,000	1,560,000	1,578,000	1,510,000	1,762,000	1,436,000	1,262,000	1,095,000	839,000	763,000	342,000	148,000	88,000	61,000	44,000	43,000	76,000	117,000	121,000	147,000	306,000	321,000	385,000	428,000	480,000	507,000	307,000	83,000		8,000	2,000	3,000	1,000	1,000		2,000	5,000	7,000	7,000	9,000	13,000	15,000	3,000	4,000	4,000	4,000	4,000	3,000	5,000		10,000	14,000	20,000	6,000		5,000	12,000	17,000	20,000		25,000	32,000	34,000		21,000	28,000	43,000	57,000		69,000	127,000	153,000	266,000		386,000	365,000	394,000	439,000		515,000	527,000	505,000	250,000		197,000	306,000	245,000	192,000	6,468,000	97,000	60,000	56,000	28,000	5,431,000	37,000	48,000	30,000	30,000		33,000	41,000	53,000	61,000		106,000	122,000
interest expense	-158,000	-157,000	-153,000	-154,000	-154,000	-153,000	-153,000	-156,000	-150,000	-149,000	-145,000	-223,000	-105,000	-20,000	-18,000	-1,000	-1,000	-1,000	-1,000	-1,000	-2,000	-1,000	-2,000	-2,000	-2,000	-2,000	-2,000	-392,000	-460,000	-448,000	-432,000	-229,000	-317,000	-299,000	-262,000	-222,000	-86,000	-3,000	-3,000	-3,000	-2,000	-2,000	-2,000																		-2,000		-5,000	-7,000	-9,000		-11,000	-13,000	-15,000	-17,000		-20,000	-21,000	-23,000	-25,000		-21,000	-15,000													-267,000					-267,000
other income	-26,000	-24,000	42,000	70,000	140,000			82,000	-1,000	-5,000	-12,000	-3,000	-5,000	-9,000	112,000	7,000	-13,000	-27,000	84,000	-2,000	-18,000	-57,000	67,000	2,000	-10,000	-18,000	36,000	-79,000		2,000	46,000	-98,000	5,000	1,000																																																								12,000	1,249,000					1,237,000
total other income	1,624,000	1,476,000	1,546,000	1,476,000	1,564,000	1,349,000	1,602,000	1,362,000	1,111,000	941,000	682,000	537,000	232,000	119,000	182,000	67,000	30,000	15,000	159,000	111,000	101,000	89,000	371,000	291,000	373,000	408,000	514,000	-753,000	267,000	-405,000	-3,337,000	-904,000	-1,376,000	133,000	-155,000	-308,000	-295,000	1,940,000	-1,658,000	47,000	461,000	113,000	-290,000	-24,000	1,105,000	3,884,000		2,008,000	1,368,000	345,000	1,621,000		967,000	2,251,000	1,965,000			5,045,000	5,505,000		1,272,000		20,000					15,000					106,000					350,000					527,000					306,000					60,000			6,401,000
net income	5,074,000	-553,000	-11,246,000	19,807,000	-901,000	-4,682,000	-3,862,000	12,993,000	-3,660,000	-5,020,000	-7,495,000	5,922,000	-6,577,000	-8,963,000	-7,091,000	4,535,000	-4,931,000	-3,786,000	-3,289,000	12,220,000	3,618,000	-8,269,000	-4,705,000	9,501,000	3,470,000	-19,792,000	-2,844,000	5,242,000	-1,069,000	-4,651,000	-7,659,000	287,000	-5,407,000	-2,388,000	-9,778,000	-6,197,000	-6,675,000	-3,044,000	-3,650,000	-4,910,000	-4,416,000	-2,152,000	-4,862,000	-2,370,000	-6,917,000	-4,638,000	-5,995,000	-2,916,000	-2,273,000									-2,789,000	-1,934,000	-9,957,000	-4,988,000		-5,833,000	-5,115,000	-4,238,000		-4,575,000	-3,801,000	-3,958,000	-3,972,000		-4,103,000	-3,913,000	-4,863,000	-5,048,000		-5,172,000	-5,050,000	-4,829,000	-4,483,000		-4,225,000	-4,057,000	-4,296,000	-4,549,000		-4,142,000	-3,488,000	-3,360,000	-3,349,000	-132,337,000	-2,453,000	-2,649,000	-2,747,000	-2,500,000	-115,545,000	-2,403,000	-2,838,000	-2,738,000	-2,102,000		-2,287,000	-2,452,000	-1,954,000	-2,072,000		-2,020,000	-1,893,000
yoy	-663.15%	-88.19%	191.20%	52.44%	-75.38%	-6.73%	-48.47%	119.40%	-44.35%	-43.99%	5.70%	30.58%	33.38%	136.74%	115.60%	-62.89%	-236.29%	-54.21%	-30.10%	28.62%	4.27%	-58.22%	65.44%	81.25%	-424.60%	325.54%	-62.87%	1726.48%	-80.23%	94.77%	-21.67%	-104.63%	-19.00%	-21.55%	167.89%	26.21%	51.15%	41.45%	-24.93%	107.17%	-36.16%	-53.60%	-18.90%	-18.72%	204.31%														-66.84%	94.66%	17.70%		27.50%	34.57%	7.07%			-7.36%	1.15%	-18.32%			-24.34%	-3.70%	4.54%			19.53%	19.03%	4.35%			-2.05%	23.17%	35.39%		-96.87%	42.19%	26.84%	21.91%	5193.48%	-97.88%	10.24%	-3.21%	-8.69%	5396.91%		24.09%	11.66%	7.57%			21.39%	3.22%
qoq	-1017.54%	-95.08%	-156.78%	-2298.34%	-80.76%	21.23%	-129.72%	-455.00%	-27.09%	-33.02%	-226.56%	-190.04%	-26.62%	26.40%	-256.36%	-191.97%	30.24%	15.11%	-126.91%	237.76%	-143.75%	75.75%	-149.52%	173.80%	-117.53%	595.92%	-154.25%	-590.36%	-77.02%	-39.27%	-2768.64%	-105.31%	126.42%	-75.58%	57.79%	-7.16%	119.28%	-16.60%	-25.66%	11.19%	105.20%	-55.74%	105.15%	-65.74%	49.14%	-22.64%	105.59%	28.29%										44.21%	-80.58%	99.62%			14.04%	20.69%			20.36%	-3.97%	-0.35%			4.86%	-19.54%	-3.66%			2.42%	4.58%	7.72%			4.14%	-5.56%	-5.56%			18.75%	3.81%	0.33%	-97.47%	5294.90%	-7.40%	-3.57%	9.88%	-97.84%	4708.36%	-15.33%	3.65%	30.26%			-6.73%	25.49%	-5.69%			6.71%
net income margin %	7.52%	-0.87%	-21.38%	26.28%	-1.56%	-8.89%	-7.53%	19.99%	-8.03%	-10.93%	-18.27%	11.24%	-17.06%	-24.19%	-19.66%	9.53%	-14.29%	-9.58%	-9.51%	27.02%	11.22%	-Infinity%	-Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	NaN%		NaN%	NaN%	NaN%	NaN%		-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%
net income per common share:
basic	100
diluted	100
weighted-average common shares outstanding:
basic	50,489,000			48,848,000				47,590,000				47,130,000	47,182,000	47,117,000	46,985,000	46,472,000
diluted	51,908,000			51,679,000				47,590,000				47,130,000	47,182,000	47,117,000	46,985,000	46,472,000
net loss per common share:
basic and diluted		-10	-230	-47.5	-20	-100	-80	-85	-80	-110	-160
weighted-average common shares outstanding:
basic and diluted		50,368,000	49,905,000		49,085,000	48,686,000	48,141,000		47,649,000	47,572,000	47,387,000
income before income taxes				19,955,000	-901,000			14,093,000	-3,946,000			6,622,000	-6,556,000	-8,963,000	-7,091,000
income tax benefit
other expense						-8,000	-7,000																													-2,500			-10,000
other revenue													225,000	220,000	222,000	541,000	788,000	839,000	941,000	973,000	1,238,000
income tax expense								1,100,000	-286,000			700,000	21,000
net loss per common share:
basic												-120	-140	-190	-150
diluted												-120	-140	-190	-150
income before tax expense																-2,947,500	-4,931,000
tax expense																-53,750
net income per common share																-65	-110
weighted-average common shares outstanding																	46,669,000			45,221
net loss before tax provision																		-3,714,000	-3,146,000
tax provision																		-72,000	-143,000
net income per share																		-0.08	-0.07	0.27	0.08	-0.18	-0.1	0.22	0.08	-0.45	-0.07	0.14	-0.02	-0.12	-0.21	0.02	-0.16	-0.07	-0.31	-0.34	-0.38	-0.22	-0.24	-0.28	-0.26	-0.16	-0.27	0.67	-0.82	-0.94	-1.26	-6.62	-0.06	-0.11	-0.15		-0.18	-0.17	-0.22	-0.25		-0.07	-0.05	-0.26	-0.13		-0.21	-0.17	-0.16		-0.03		-0.02	-0.03		-0.03					-0.04					-0.04		-0.03	-0.04		-0.04		-0.04	-0.03		-0.03					-0.03		-0.035	-0.04				-0.035	-0.05
weighted-average number of common shares outstanding																		46,403	45,984		45,272	45,137	44,924	44,180	44,251	43,956	43,725	40,242	42,925	38,349	36,140	33,355	33,667	32,765	31,896	23,093	22,744	22,684	22,604	23,760	23,788	23,786	23,786	11,642			5,868	3,016	60,847	45,664	44,864		41,199	43,336	38,882	38,742		38,627	38,632	38,622	38,617		28,255	24,729				165,433	143,016				132,796	129,120				120,607	119,523				119,177	106,314,000				102,483,000	93,541,000				82,738,000	73,703,000				70,662,000	50,984,000				44,886,000	42,121,000
increase in fair value of warrants																																							-1,640,000				-317,000
decrease in fair value of warrants																												-631,000	420,000	-37,000	-2,907,000	255,000	-1,060,000	441,000	107,000	24,750	-203,000	1,942,000		68,000	461,000	112,000						2,006,000	1,367,000	345,000	1,619,000		959,000	2,241,000	1,948,000			5,043,000	5,496,000		1,254,000
foreign currency translation loss																												-12,250		-5,000		-5,000	-6,000	-13,000	-1,000
foreign currency translation																															-44,000
revenues:
total revenues																																				9,465,000	10,929,000	12,823,000	14,108,000	15,420,000	11,309,000	13,590,000	10,849,000	14,706,000	9,658,000	4,432,000		8,000		3,000	8,000		19,000			2,000			9,000		9,000						16,000	73,000	69,000	58,000		28,000	27,000	149,000	202,000		84,000	87,000	165,000	258,000		158,000	104,000	328,000	238,000		117,000	180,000	203,250	252,000	11,568,000	374,000	187,000	273,000	416,000	10,549,000
costs and expenses:
foreign currency translation gain																																				12,000	-6,000	-1,000	-10,000	-72,000	-5,000	-6,000	16,000	-2,000	154,000
bargain purchase gain																																												-161,000		3,634,000
(increase) decrease in fair value of warrants																																													949,000	248,000
weighted average number of common shares outstanding																																													10,273	6,518
product sales and rentals																																																8,000		3,000	8,000		19,000			2,000			9,000		9,000						16,000	73,000	69,000	58,000		28,000	27,000	69,000	103,000		24,000	12,000	32,000	44,000		6,000	12,000	17,000	85,000		42,000	15,000	10,000	150,000	1,175,000	212,000	15,000	4,000	10,000	746,000	10,000	25,000	16,000	130,000		161,000	7,000				80,000
research and development agreements																																																																																											2,105,000				75,000	2,105,000						10,000
grants																																																																										80,000	99,000		60,000	75,000	133,000	214,000		152,000	92,000	311,000	153,000		75,000	165,000	86,000	102,000	8,288,000	162,000	172,000	206,000	331,000	7,698,000	366,000	275,000	159,000	150,000		125,000	86,000	227,000	232,000		187,000	151,000
cost of product sales and rentals																																																1,000		1,000	2,000		4,000			2,000			2,000		2,000						2,000	32,000	65,000	25,000		18,000	4,000	25,000	30,000		1,000		12,000	14,000		3,000			2,000		4,000	5,000	8,000	77,000	563,000	39,000	15,000	258,000	5,000	430,000	5,000	12,000	761,000	21,000		282,000	88,000	56,000	40,000		66,000	40,000
total costs and expenses																																															4,645,000	4,932,000	3,641,000	5,237,000	7,173,000		7,636,000	8,285,000	9,300,000	8,560,000		7,834,000	7,448,000	7,507,000	6,269,000		5,853,000	5,140,000	4,263,000		4,601,000	3,889,000	4,055,000	4,070,000		4,180,000	4,046,000	5,142,000	5,491,000		5,621,000	5,487,000	5,388,000	5,180,000		4,898,000	4,688,000	5,129,000	5,037,000		4,456,000	3,974,000	2,406,250	3,805,000	151,355,000	2,924,000	2,896,000	2,236,500	2,944,000	132,495,000
accretion of convertible preferred stock																																																			1,263,000		1,255,000	1,218,000	1,231,000	289,000
net loss attributable to common shareholders																																																		-4,889,000	-6,807,000		-7,905,000	-7,252,000	-8,566,000	-9,744,000
cost of product sales and rentals — provision for obsolete and excess inventory																																																																																									2,250	9,000
computation of net loss per share applicable to common shares:
weighted-average number of shares outstanding																																																																	26,737		173,707			146,614		134,575			132,719		130,467					119,516,000			103,033,000		102,681,000			100,140,000		89,485,000			72,204,000		71,294,000			51,656,000		48,550,000			42,506,000		42,343,000
net loss per common share																																																																				-0.02					-0.03															-0.03					-0.03					-0.04
cost of product sales and rentals - - provision for obsolete and excess inventory
cost of product sales and rentals – provision for obsolete and excess inventory																																																																																																		253,000
weighted-average number of shares
outstanding																																																																															29,860.75	119,640
cost of product sales and rentals — benefit from obsolete and excess inventory																																																																																											2,239,000
cost of product sales and rentals - provision for obsolete and excess inventory																																																																																														63,250					111,250	186,000
computation of net loss applicable to common shares:
cost of product sales and rentals – benefit from obsolete and excess inventory																																																																																																2,230,000
computation of net income applicable to common shares:
computation of net loss applicable to common shares:
weighted-average number of common shares outstanding																																																																																																												39,934,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30

assets
current assets:
cash and cash equivalents	100,403,000	80,532,000	73,490,000	74,520,000	53,681,000	50,291,000	62,938,000	69,088,000	60,473,000	43,023,000	61,834,000	51,067,000	65,216,000	56,054,000	55,659,000	68,330,000	54,553,000	51,761,000	58,154,000	33,620,000	43,507,000	55,704,000	45,623,000	26,889,000	36,905,000	13,962,000	35,084,000	18,286,000	53,289,000	94,969,000																			10,816,000	4,494,000	9,226,000	13,638,000	21,089,000	28,666,000	36,733,000	5,530,000	11,947,000	18,521,000	24,621,000	14,119,000	14,119,000	17,844,000	17,000,000	17,000,000	17,000,000	19,076,000	16,492,000	16,492,000	16,492,000	26,713,000	13,439,000	13,439,000	13,439,000	27,608,000	9,034,000	9,034,000	9,034,000	12,838,000	14,408,000	14,408,000	14,408,000	13,494,000	16,926,000	16,926,000	16,926,000	10,426,000	10,512,000	10,512,000	10,512,000	5,064,000	8,605,000	8,605,000	8,605,000	10,953,000	10,659,000	10,659,000	10,659,000
restricted cash			6,215,000	10,529,000	16,669,000	25,563,000	7,804,000	17,778,000	23,088,000	27,794,000				6,184,000	6,184,000	211,000	211,000	211,000	211,000	211,000	211,000	89,000	89,000	89,000
short-term investments	34,977,000	36,349,000	39,412,000	41,693,000	48,053,000	52,217,000	47,710,000	40,469,000	44,870,000	54,808,000	57,442,000	68,471,000	45,724,000	44,638,000	44,888,000	35,068,000	43,738,000	39,214,000	25,402,000	42,187,000	42,035,000				37,760,000	52,047,000																																		5,000,000	5,000,000	5,000,000					5,970,000	5,970,000	5,970,000		14,886,000	14,886,000	14,886,000	4,999,000	33,963,000	33,963,000	33,963,000	9,500,000	18,006,000	18,006,000	18,006,000	21,941,000									1,000,000	1,000,000	1,000,000	1,000,000
accounts receivable	60,426,000	64,290,000	52,899,000	61,375,000	48,479,000	47,996,000	49,934,000	58,356,000	39,729,000	38,319,000	38,359,000	46,539,000	34,296,000	33,664,000	31,855,000	37,437,000	28,910,000	31,732,000	29,122,000	34,504,000	26,174,000	23,655,000	24,171,000	32,168,000	19,958,000	21,084,000	18,774,000	23,454,000	15,528,000	17,499,000	13,162,000	18,270,000	15,430,000	14,729,000	12,127,000	17,093,000	7,871,000	9,031,000	9,669,000	10,919,000	7,639,000	8,980,000	9,166,000	8,191,000	3,959,000	4,317,000
inventory	18,155,000	16,831,000	17,106,000	17,373,000	15,756,000	14,887,000	13,557,000	13,087,000	12,621,000	13,883,000	15,370,000	15,986,000	16,729,000	15,929,000	14,385,000	13,381,000	13,059,000	12,959,000	10,322,000	9,356,000	10,080,000	8,417,000	7,282,000	6,816,000	6,823,000	4,788,000	4,063,000	3,558,000	3,638,000	3,725,000	3,905,000	3,793,000	4,049,000	3,155,000	3,958,000	3,488,000	3,607,000	2,393,000	1,942,000	1,379,000	1,639,000	2,078,000	2,005,000	1,920,000	1,711,000	1,922,000																	1,000	1,000																		226,000	389,000	389,000	389,000		806,000	806,000	806,000	1,132,000	1,397,000	1,397,000	1,397,000	994,000	725,000	725,000	725,000
other current assets	8,006,000	6,575,000	8,518,000	7,287,000	7,882,000	6,432,000	7,775,000	6,853,000	5,430,000	5,044,000	4,540,000	4,803,000	4,410,000	4,809,000	5,093,000	4,246,000	4,686,000	2,854,000	4,213,000	3,893,000	3,586,000	2,900,000	3,504,000	2,953,000	3,272,000	2,167,000	2,679,000	2,847,000	2,339,000	1,327,000	1,358,000	1,581,000	1,366,000	1,116,000	1,018,000	1,164,000	741,000	1,046,000	662,000	464,000	514,000	2,270,000	845,000	1,036,000	1,468,000	610,000	400,000	417,000	545,000	236,000	300,000	324,000	364,000	455,000	453,000	636,000	622,000	524,000	439,000	383,000	383,000	591,000	732,000	732,000	732,000	959,000	1,583,000	1,583,000	1,583,000	1,865,000	1,766,000	1,766,000	1,766,000	478,000	528,000	528,000	528,000	447,000	421,000	421,000	421,000	471,000	271,000	271,000	271,000	483,000	185,000	185,000	185,000	454,000	225,000	225,000	225,000	350,000	213,000	213,000	213,000
total current assets	221,967,000	204,577,000	197,640,000	212,777,000	190,520,000	197,386,000	189,718,000	205,631,000	186,211,000	182,871,000	177,545,000	186,866,000	166,375,000	155,094,000	151,880,000	158,462,000	144,946,000	138,520,000	127,213,000	123,560,000	125,382,000	115,762,000	116,537,000	111,655,000	104,718,000	94,048,000	109,601,000	112,783,000	119,256,000	117,520,000	48,202,000	50,506,000	36,311,000	33,041,000	36,950,000	44,723,000	21,099,000	22,305,000	25,817,000	27,343,000	28,516,000	33,546,000	37,919,000	41,490,000	44,716,000	14,112,000	9,236,000	8,476,000	11,361,000	4,730,000	9,526,000	13,990,000	21,462,000	29,130,000	37,197,000	6,175,000	12,578,000	19,045,000	25,078,000	19,518,000	19,518,000	23,435,000	17,791,000	17,791,000	17,791,000	20,289,000	24,063,000	24,063,000	24,063,000	28,641,000	30,177,000	30,177,000	30,177,000	33,189,000	43,665,000	43,665,000	43,665,000	22,980,000	33,144,000	33,144,000		36,391,000	17,832,000	17,832,000		11,863,000											11,726,000
property and equipment	109,380,000	109,848,000	108,294,000	103,161,000	88,413,000	73,086,000	56,392,000	41,635,000	30,216,000	23,408,000	18,197,000	15,837,000	15,918,000	15,919,000	14,451,000	13,308,000	11,819,000	10,590,000	9,076,000	7,633,000	7,115,000	7,040,000	7,423,000	7,144,000	7,190,000	6,963,000	6,445,000	5,906,000	5,207,000	4,673,000	4,207,000	4,071,000	3,967,000	3,493,000	3,638,000	3,875,000	4,215,000	4,351,000	4,393,000	4,049,000	4,315,000	4,616,000	3,446,000	2,892,000	2,398,000	2,387,000	642,000	739,000	841,000	953,000	1,056,000	1,188,000	1,246,000	1,309,000	1,467,000	1,564,000	1,494,000	1,259,000	1,153,000	1,013,000	1,013,000	1,134,000	1,485,000	1,485,000	1,485,000	1,666,000	2,154,000	2,154,000	2,154,000	2,321,000	2,671,000	2,671,000	2,671,000	1,380,000	1,216,000	1,216,000	1,216,000	1,101,000	753,000	753,000	753,000	614,000	334,000	334,000	334,000	308,000	302,000
intangible assets	5,781,000	5,938,000	6,094,000	6,250,000	6,406,000	6,563,000	6,719,000	6,875,000	7,031,000	7,188,000	7,344,000	7,500,000																									2,708,000	2,778,000	2,847,000	2,917,000	2,987,000	3,057,000	3,127,000	3,197,000	3,267,000	3,337,000
right-of-use assets	66,087,000	67,398,000	68,716,000	70,098,000	71,561,000	73,020,000	73,682,000	73,462,000	73,294,000	75,063,000	40,851,000	41,535,000	42,628,000	43,583,000	44,653,000	45,720,000	46,713,000	47,798,000	48,943,000	50,105,000			24,496,000	25,103,000	25,619,000	24,815,000	25,183,000
long-term investments	49,664,000	47,400,000	43,342,000	39,880,000	32,895,000	26,120,000	29,433,000	25,283,000	20,231,000	20,985,000	19,910,000	19,962,000	21,739,000	23,718,000	22,803,000	25,687,000	20,235,000	24,826,000	26,021,000	24,099,000
other long-term assets	395,000	447,000	501,000	556,000	610,000	664,000	717,000	771,000	1,142,000	1,196,000	1,249,000	1,303,000	1,357,000	317,000	317,000	317,000	219,000
total assets	453,274,000	435,608,000	424,587,000	432,722,000	390,405,000	376,839,000	356,661,000	353,657,000	318,125,000	310,711,000	265,096,000	273,003,000	248,017,000	244,815,000	240,288,000	243,705,000	224,143,000	221,945,000	211,464,000	205,608,000	157,504,000	146,691,000	150,265,000	153,238,000	137,527,000	125,826,000	141,229,000	118,689,000	124,463,000	122,193,000	52,409,000	54,577,000	40,278,000	36,534,000	40,588,000	48,598,000	28,022,000	29,434,000	33,057,000	34,309,000	35,818,000	41,219,000	44,492,000	47,579,000	50,381,000	19,836,000	9,878,000	9,215,000	12,202,000	5,683,000	10,582,000	15,178,000	22,708,000	30,439,000	38,664,000	7,739,000	14,072,000	20,304,000	26,231,000	20,531,000	20,531,000	24,569,000	19,276,000	19,276,000	19,276,000	21,955,000	26,217,000	26,217,000	26,217,000	30,962,000	32,848,000	32,848,000	32,848,000	34,569,000	44,881,000	44,881,000	44,881,000	24,081,000	33,897,000	33,897,000		37,005,000	18,166,000	18,166,000		12,171,000											11,905,000
liabilities and shareholders’ equity
current liabilities:
accounts payable	15,335,000	12,857,000	16,751,000	23,848,000	20,884,000	25,216,000	19,432,000	22,347,000	15,051,000	14,401,000	11,125,000	16,930,000	8,113,000	9,684,000	7,750,000	9,016,000	5,575,000	8,134,000	8,826,000	6,755,000	6,475,000	4,535,000	6,400,000	6,345,000	5,281,000	5,250,000	6,201,000	7,108,000	4,580,000	5,011,000	5,768,000	5,552,000	5,972,000	6,272,000	6,335,000	6,535,000	5,467,000	5,305,000	6,293,000	7,588,000	4,995,000	6,120,000	6,726,000	5,824,000
accrued expenses	16,286,000	14,404,000	11,418,000	17,065,000	14,343,000	12,856,000	11,026,000	17,215,000	13,628,000	13,971,000	13,111,000	16,190,000	13,948,000	12,133,000	10,793,000	14,045,000	10,932,000	11,077,000	9,965,000	11,293,000	8,695,000	7,975,000	6,149,000	7,948,000	6,960,000	4,701,000	4,179,000	6,930,000	5,592,000	5,111,000	4,007,000	5,573,000	4,514,000	4,135,000	6,030,000	4,523,000	3,398,000	2,892,000	4,943,000	3,603,000	3,311,000	3,258,000	4,320,000	4,714,000
current portion of operating lease liabilities	13,845,000	13,753,000	11,163,000	9,257,000	6,119,000	5,791,000	6,012,000	6,187,000	7,267,000	7,218,000	4,497,000	4,302,000	4,902,000	3,156,000	3,147,000	2,950,000	2,280,000	4,611,000	4,398,000	4,394,000	6,102,000	5,570,000	5,535,000	5,461,000	2,836,000	2,558,000	2,385,000
other current liabilities	116,000	118,000	116,000	116,000						21,000	20,000	41,000	41,000	41,000	41,000	41,000
total current liabilities	45,582,000	41,132,000	39,448,000	50,286,000	41,346,000	43,863,000	36,470,000	45,749,000	35,946,000	35,611,000	28,753,000	37,463,000	27,004,000	25,014,000	21,731,000	26,052,000	18,828,000	23,863,000	23,230,000	22,483,000	21,313,000	18,121,000	18,125,000	19,795,000	15,112,000	12,543,000	12,941,000	14,792,000	14,992,000	15,220,000	13,878,000	13,090,000	14,528,000	12,943,000	14,752,000	12,853,000	15,360,000	11,455,000	13,769,000	12,108,000	9,261,000	10,818,000	12,624,000	11,829,000	12,482,000	17,051,000	6,109,000	5,321,000	7,252,000	3,842,000	4,276,000	5,659,000	6,980,000	11,990,000	22,347,000	20,670,000	25,181,000	30,419,000	27,634,000	2,661,000	2,661,000	1,810,000	1,687,000	1,687,000	1,687,000	1,710,000	2,100,000	2,100,000	2,100,000	1,836,000	3,500,000	3,500,000	3,500,000	2,293,000	2,539,000	2,539,000	2,539,000	1,697,000	869,000	869,000		801,000	558,000	558,000		545,000											1,011,000
operating lease liabilities	84,161,000	86,011,000	87,804,000	89,593,000	91,344,000	89,801,000	86,141,000	81,856,000	77,734,000	76,144,000	42,365,000	43,268,000	43,176,000	44,964,000	46,053,000	47,147,000	48,493,000	46,928,000	47,968,000	48,789,000	21,487,000	20,881,000	21,597,000	22,242,000	25,311,000	24,607,000	25,100,000
other long-term liabilities	1,673,000	1,656,000	1,848,000	876,000	243,000	198,000	154,000	100,000	65,000	28,000				21,000	19,000	44,000	42,000	62,000	57,000	76,000	74,000	93,000	91,000	110,000	114,000	134,000	133,000														66,000	66,000	66,000
total liabilities	131,416,000	128,799,000	129,100,000	140,755,000	132,933,000	133,862,000	122,765,000	127,705,000	113,745,000	111,783,000	71,118,000	80,731,000	70,180,000	69,999,000	67,803,000	73,243,000	67,363,000	70,853,000	71,255,000	71,348,000	42,874,000	39,095,000	39,813,000	42,147,000	40,537,000	37,284,000	38,174,000	16,458,000	29,988,000	31,595,000	31,474,000	32,037,000	23,541,000	22,561,000	25,084,000	23,890,000	16,629,000	12,327,000	13,831,000	12,179,000	9,408,000	10,975,000	12,790,000		12,597,000			5,321,000	7,252,000	3,842,000	4,278,000	5,665,000	6,989,000	12,009,000	22,376,000					2,740,000
commitments and contingencies
shareholders’ equity:
common stock	721,140,000	711,240,000	699,412,000	684,778,000	669,735,000	654,971,000	641,180,000	629,229,000	621,013,000	612,059,000	602,104,000	593,245,000	584,900,000	575,011,000	563,475,000	553,902,000	544,624,000	534,005,000	519,360,000	510,061,000	502,587,000	499,103,000	493,774,000	489,749,000	485,141,000	480,050,000	474,806,000	471,180,000	468,447,000	463,483,000	389,074,000	383,020,000	377,711,000	369,540,000	368,683,000	329,720,000	310,208,000	309,437,000	308,512,000	307,766,000	307,207,000	306,625,000	305,931,000	305,008,000	304,780,000	262,789,000	259,140,000	253,270,000	251,358,000	245,976,000	245,550,000	243,215,000	242,771,000	239,448,000	229,868,000	228,877,000	227,901,000	226,967,000	225,722,000	231,343,000	231,343,000	231,059,000	213,107,000	213,107,000	213,107,000	211,683,000	203,211,000	203,211,000	203,211,000	203,242,000	187,995,000	187,995,000	187,995,000	187,191,000	184,492,000	184,492,000	184,492,000	160,238,000	158,703,000	158,703,000	158,703,000	158,519,000	131,472,000	131,472,000	131,472,000	122,743,000	114,951,000	114,951,000	114,951,000	107,372,000	104,600,000	104,600,000	104,600,000	104,601,000	96,752,000	96,752,000	96,752,000
accumulated other comprehensive gain	258,000	183,000	136,000		359,000
accumulated deficit	-399,540,000	-404,614,000	-404,061,000	-392,815,000	-412,622,000	-411,721,000	-407,039,000	-403,177,000	-416,170,000	-412,510,000	-407,490,000	-399,995,000	-405,917,000	-399,340,000	-390,377,000	-383,286,000	-387,821,000	-382,890,000	-379,104,000	-375,815,000	-388,035,000	-391,653,000	-383,384,000	-378,679,000	-388,180,000	-391,650,000	-371,858,000	-369,014,000	-374,256,000	-373,187,000	-368,536,000	-360,877,000	-361,164,000	-355,757,000	-353,369,000	-343,591,000	-337,394,000	-330,719,000	-327,675,000	-324,025,000	-319,115,000	-314,699,000	-312,547,000
total shareholders’ equity	321,858,000	306,809,000	295,487,000	291,967,000	257,472,000	242,977,000	233,896,000	225,952,000	204,380,000	198,928,000	193,978,000	192,272,000	177,837,000	174,816,000	172,485,000	170,462,000	156,780,000	151,092,000	140,209,000	134,260,000	114,630,000	107,596,000	110,452,000	111,091,000	96,990,000	88,542,000	103,055,000	102,231,000	94,475,000	90,598,000	20,935,000	22,540,000	16,737,000	13,973,000	15,504,000	24,708,000	11,393,000	17,107,000	19,226,000	22,130,000	26,410,000	30,244,000	31,702,000	35,641,000	37,784,000	2,785,000	3,769,000	3,894,000	4,950,000										-1,446,000	17,791,000	17,791,000	22,622,000	17,284,000	17,284,000	17,284,000	19,818,000	23,334,000	23,334,000	23,334,000	28,228,000	28,251,000	28,251,000	28,251,000	32,276,000	42,342,000	42,342,000	42,342,000	22,384,000	33,028,000	33,028,000		36,204,000	17,608,000	17,608,000		11,626,000											10,894,000
total liabilities and shareholders’ equity	453,274,000	435,608,000	424,587,000	432,722,000	390,405,000	376,839,000	356,661,000	353,657,000	318,125,000	310,711,000	265,096,000	273,003,000	248,017,000	244,815,000	240,288,000	243,705,000	224,143,000	221,945,000	211,464,000	205,608,000	157,504,000	146,691,000	150,265,000	153,238,000	137,527,000	125,826,000	141,229,000	118,689,000	124,463,000	122,193,000	52,409,000	54,577,000	40,278,000	36,534,000	40,588,000	48,598,000	28,022,000	29,434,000	33,057,000	34,309,000	35,818,000	41,219,000	44,492,000	47,579,000	50,381,000	19,836,000	9,878,000									7,739,000	14,072,000	20,304,000	26,231,000	20,531,000	20,531,000	24,569,000	19,276,000	19,276,000	19,276,000	21,955,000	26,217,000	26,217,000	26,217,000	30,962,000	32,848,000	32,848,000	32,848,000	34,569,000	44,881,000	44,881,000	44,881,000	24,081,000	33,897,000	33,897,000		37,005,000	18,166,000	18,166,000		12,171,000											11,905,000
accumulated other comprehensive loss				4,000		-273,000	-245,000	-100,000	-463,000	-621,000	-636,000	-978,000	-1,146,000	-855,000	-613,000
accumulated other comprehensive income																-154,000	-23,000	-23,000	-47,000	14,000
other liabilities																	41,000	41,000	41,000	41,000	41,000	41,000	41,000	41,000	35,000	34,000	176,000
right-of-use leased assets																					24,796,000	23,800,000
other comprehensive gain																					78,000	146,000	62,000	21,000	29,000	38,000	3,000
short term investments																						25,086,000	35,957,000	42,829,000			49,001,000	64,638,000	44,462,000
long term investments																							1,720,000	9,247,000
warrants																										104,000	104,000	104,000	302,000	302,000	397,000	397,000	190,000	190,000	190,000	190,000	190,000
deferred rent																												566,000	534,000	503,000
warrant liabilities																														1,549,000	1,921,000	1,014,000	1,269,000	209,000	650,000	757,000	658,000	455,000	2,397,000	757,000	825,000	1,286,000	1,398,000	1,081,000	1,209,000	2,974,000	3,226,000	2,019,000	4,025,000	31,000	376,000	1,995,000	2,954,000	7,221,000	17,525,000	16,625,000	21,668,000	27,164,000	24,700,000
current portion of term loan credit agreement																													4,097,000	2,848,000	1,597,000	350,000	2,557,000
other																												188,000	189,000	198,000	159,000	181,000	216,000	215,000	291,000	259,000	39,000	39,000	136,000	160,000	130,000	154,000	180,000	210,000
revolving and term loan credit agreement																													13,183,000	14,416,000	15,649,000	16,888,000	7,400,000
other comprehensive loss																												-39,000	-18,000												-71,000	-71,000	-71,000
cash																															29,777,000	26,862,000	15,466,000	14,041,000	19,847,000	22,978,000	8,880,000	9,835,000	13,544,000	14,581,000	18,724,000	20,218,000	25,903,000	30,343,000	37,578,000	7,263,000	8,836,000	8,059,000
short term deferred rent																															426,000	420,000
long term deferred rent																															1,947,000	2,059,000	1,613,000	1,567,000	1,632,000	1,687,000
other long term debt																																		11,000	21,000	32,000
series b-2 non-voting convertible preferred stock, no par value: shares authorized and reserved — 39; shares issued and outstanding — 0 and 12, respectively
series b-2 voting convertible preferred stock, no par value: shares authorized and reserved — 39, shares issued and outstanding — 0 and 12, respectively
current portion of term loan credit agreement, net of deferred costs of 110																																		2,112,000	1,446,000	779,000
revolving and term loan credit agreement, net of deferred costs of 238 and 293, respectively																																		8,040,000
revolving and term loan credit agreement, net of deferred costs of 265 and 293, respectively																																			8,679,000
series b-2 voting convertible preferred stock, no par value: shares authorized and reserved — 39, shares issued and outstanding — 0 and12, respectively
revolving and term loan credit agreement, net of deferred costs of 293																																				9,318,000
series a non-voting convertible preferred stock, no par value: shares authorized and reserved — 1; shares issued and outstanding — 0 and 1, respectively
series b-2 voting convertible preferred stock, no par value: shares authorized and reserved — 39, shares issued and outstanding — 12																																				38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000	38,389,000
treasury stock																																					-3,150,000	-3,150,000	-3,150,000	-3,150,000
revolving and term loan credit agreement, net of deferred costs of 433																																					5,566,000
short-term deferred rent																																					232,000	460,000
long-term deferred rent																																					1,227,000	820,000
long term debt																																					42,000	52,000	62,000	71,000	81,000	91,000	100,000
series a non-voting convertible preferred stock, no par value: shares authorized and reserved — 1; shares issued and outstanding — 1																																					3,150,000	3,150,000	3,150,000	3,150,000
revolving credit agreement, net of deferred costs of 96																																						2,304,000
long term liabilities																																												109,000
accounts payable and accrued expenses																																													3,390,000	9,845,000	2,475,000	2,676,000	2,918,000	3,334,000	3,015,000	3,247,000	3,244,000	3,784,000	3,384,000	2,963,000	2,448,000	2,464,000	2,308,000	1,749,000	1,749,000	1,161,000	853,000	853,000	853,000	884,000	907,000	907,000	907,000	981,000	1,823,000	1,823,000	1,823,000	1,012,000	1,084,000	1,084,000	1,084,000	638,000	533,000	533,000	533,000	614,000	382,000	382,000	382,000	380,000	406,000	406,000	406,000	391,000	589,000	589,000	589,000	741,000	856,000	856,000	856,000
accrued employee benefits																																													2,176,000	1,732,000	406,000	620,000	299,000	458,000	858,000	383,000	742,000	945,000	1,398,000	1,042,000	1,014,000	688,000	467,000	686,000	686,000	358,000	355,000	355,000	355,000	355,000	747,000	747,000	747,000	417,000	1,238,000	1,238,000	1,238,000	1,281,000	1,455,000	1,455,000	1,455,000	1,059,000	336,000	336,000	336,000	187,000	176,000	176,000	176,000	165,000	174,000	174,000
verigen payment liability																																													3,158,000
restructuring reserve and asset retirement obligation																																													2,511,000
current portion of long-term debt																																													38,000		2,000	6,000	10,000	19,000	27,000	34,000	40,000	40,000	40,000	40,000	51,000	103,000	159,000	226,000	226,000	291,000	479,000	479,000	479,000	471,000	446,000	446,000	446,000	438,000	439,000	439,000	439,000
long term debt:																																													115,000
other comprehensive income																																														5,000
short-term debt																																														2,500,000
deficit accumulated during the development stage																																																											-227,168,000	-213,552,000	-213,552,000	-208,437,000	-195,823,000	-195,823,000	-195,823,000	-191,865,000	-179,877,000	-179,877,000	-179,877,000	-175,014,000	-159,744,000	-159,744,000	-159,744,000	-154,915,000	-142,150,000	-142,150,000	-142,150,000		-125,675,000	-125,675,000	-125,675,000	-122,315,000	-113,864,000	-113,864,000	-113,864,000	-111,117,000	-103,376,000	-103,376,000	-103,376,000	-100,638,000	-93,797,000	-93,797,000	-93,797,000	-91,843,000	-85,858,000	-85,858,000	-85,858,000
liabilities, convertible preferred stock and shareholders’ equity
long-term debt																																																			2,000	6,000	9,000	19,000	29,000	40,000	49,000	43,000	43,000	79,000	79,000	137,000	305,000	305,000	305,000	427,000	783,000	783,000	783,000	898,000	1,097,000	1,097,000	1,097,000
series b-1 non-voting convertible preferred stock, no par value; shares authorized and reserved — 39; shares issued and outstanding - zero
series b-2 voting convertible preferred stock, no par value; shares authorized and reserved — 39; shares issued and outstanding — 12 and zero, respectively
total convertible preferred stock																																																		42,876,000	42,876,000	41,613,000	40,358,000
shareholders’ equity
series b-2 voting convertible preferred stock, no par value; shares authorized and reserved — 39; shares issued and outstanding — zero and 12, respectively																																																38,389,000
total liabilities, convertible preferred stock and shareholders’ equity																																																9,215,000	12,202,000
series b-1 non-voting convertible preferred stock, no par value; shares authorized and reserved — 39, shares issued and outstanding — zero																																																		5,186,000	5,186,000
series b-2 voting convertible preferred stock, no par value; shares authorized and reserved — 39, shares issued and outstanding —12 and zero, respectively
series b-2 voting convertible preferred stock, no par value: shares authorized and reserved — 39, shares issued and outstanding — zero and 12, respectively																																																	38,389,000
liabilities, convertible preferred stock and shareholders’ deficit
series b-2 voting convertible preferred stock, no par value; shares authorized and reserved — 39, shares issued and outstanding —12																																																		37,690,000	37,690,000
shareholders’ deficit:
total shareholders’ deficit
total liabilities, convertible preferred stock and shareholders’ deficit																																																		5,683,000	10,582,000	15,178,000	22,708,000	30,439,000	38,664,000
receivables																																																				28,000	9,000	9,000	11,000	9,000	9,000		18,000	16,000	16,000		58,000	58,000	58,000	254,000	18,000	18,000	18,000	63,000	78,000	78,000	78,000	96,000	139,000	139,000	139,000	192,000	193,000	193,000	193,000	259,000	246,000	246,000	246,000	276,000		350,000	350,000	320,000	120,000	120,000	120,000	145,000	129,000	129,000	129,000
series b-1 non-voting convertible preferred stock, no par value; shares authorized and reserved — zero and 39, respectively; shares issued and outstanding - zero																																																				3,923,000
series b-2 voting convertible preferred stock, no par value; shares authorized and reserved — zero and 39, respectively; shares issued and outstanding — zero and 12, respectively																																																				37,690,000		37,690,000
series b-1 non-voting convertible preferred stock, no par value; shares authorized and reserved — 39, at september 30, 2012, shares issued and outstanding — zero																																																					2,668,000
series b-2 voting convertible preferred stock, no par value; shares authorized and reserved — 39 at september 30, 2012, shares issued and outstanding —12, at september 30, 2012																																																					37,690,000
series b-1 non-voting convertible preferred stock, no par value; shares authorized and reserved — zero and 39, respectively; shares issued and outstanding — zero																																																						1,450,000
series b-1 non-voting convertible preferred stock, no par value; shares authorized and reserved — zero and 39, respectively; shares issued and outstanding — zero and 12, respectively																																																							38,012,000
total shareholders’deficit
inventories																																																																	1,000						8,000	8,000	8,000	8,000	1,000	1,000	1,000	3,000	116,000	116,000	116,000					678,000
103,392,328, respectively deficit accumulated during the development stage																																																																														-137,854,000
property																																																																																								302,000	302,000	322,000	206,000	206,000	206,000	233,000	179,000	179,000	179,000
accrued employee expenses																																																																																									174,000	167,000	161,000	161,000	161,000	176,000	155,000	155,000	155,000
commitments
liabilities and shareholders’ equity

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2011-03-24	2010-09-30	2010-06-30	2009-12-31	2009-09-30	2009-06-30	2008-12-31	2008-09-30	2008-06-30	2008-03-24	2007-12-31	2007-09-30	2007-06-30	2007-03-24	2006-12-31	2006-09-30	2006-06-30	2006-03-24	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-24	2002-12-31	2002-09-30	2002-06-30	2002-03-24	2001-12-31	2001-09-30	2001-03-24

operating activities:
net loss	5,074,000	-553,000	-11,246,000		-901,000	-4,682,000	-3,862,000	12,993,000	-3,660,000	-5,020,000	-7,495,000		-6,577,000	-8,963,000	-7,091,000		-4,931,000	-3,786,000	-3,289,000		3,618,000	-8,269,000	-4,705,000	9,501,000	3,470,000	-19,792,000	-2,844,000	5,242,000	-1,069,000	-4,651,000	-7,659,000	287,000	-5,407,000	-2,388,000	-9,778,000	-6,197,000	-6,675,000	-3,044,000	-3,650,000	-4,910,000	-4,416,000	-2,152,000	-4,862,000	-2,370,000	-6,917,000	-4,638,000	-5,995,000	-2,916,000	-2,273,000	-4,889,000	-5,544,000	-6,650,000	-6,034,000	-7,335,000	-9,455,000	-2,789,000	-1,934,000	-9,957,000	-4,988,000		-5,833,000	-5,115,000	-4,575,000	-3,801,000	-3,958,000	-4,103,000	-3,913,000	-4,863,000		-5,172,000	-5,050,000	-4,829,000		-4,225,000	-4,057,000	-4,296,000		-4,142,000	-3,488,000	-3,360,000		-2,453,000	-2,649,000	-2,747,000		-2,403,000	-2,838,000	-2,738,000				-1,954,000		-2,020,000	-1,893,000
adjustments to reconcile net loss to net cash flows from operating activities:
depreciation and amortization expense	2,944,000	2,826,000	2,686,000	1,477,000	1,326,000	1,323,000	1,378,000	1,149,000	1,154,000	1,171,000	1,158,000	1,039,000	1,014,000	1,055,000	873,000		679,000	695,000	811,000		570,000				476,000	374,000	324,000
stock-based compensation expense	8,699,000	10,140,000	11,505,000	7,917,000	9,224,000	9,520,000	9,834,000	6,909,000	7,924,000	8,761,000	8,731,000	7,740,000	9,104,000	10,808,000	9,531,000	7,841,000
amortization of premiums and discounts on marketable securities	-70,000	-53,000	-119,000	-115,000	-177,000	-263,000	-102,000	-36,000	-284,000	-214,000	-290,000	-198,000	3,000	108,000	194,000	212,000	232,000	232,000	273,000	294,000	49,000	-5,000	-20,000	-81,000	-121,000	-193,000	-215,000
amortization of debt issuance costs	53,000	54,000	54,000	54,000	53,000	54,000	54,000	54,000	53,000	54,000	54,000	54,000
non-cash lease costs	1,312,000	1,320,000	1,382,000	1,512,000	1,659,000	1,709,000	1,771,000	1,779,000	1,825,000	1,354,000	1,112,000
other	-17,000	5,000	4,000	18,000	10,000	8,000	7,000	21,000	1,000	5,000	12,000	1,000	5,000	12,000	4,000	-10,000	33,000	2,000	-18,000	-159,000	-18,000	3,000	-17,000	3,000	-20,000	7,000	-16,000		6,000									0	93,000	0	0	0	35,000
changes in operating assets and liabilities:
inventory	-1,324,000	275,000	267,000	-1,617,000	-869,000	-1,330,000	-470,000	-466,000	1,262,000	1,487,000	616,000	743,000	-800,000	-1,544,000	-1,004,000	-322,000	-100,000	-2,637,000	-966,000	724,000	-1,663,000	-1,135,000	-466,000	7,000	-2,035,000	-725,000	-505,000	383,000	-450,000	320,000	-18,000	136,000	-966,000	736,000	-563,000	80,000	-1,226,000	-519,000	-580,000	253,000	-182,000	-72,000	-85,000	-370,000																																						272,000	-244,000		-153,000
accounts receivable	3,864,000	-11,391,000	8,476,000	-12,896,000	-483,000	1,938,000	8,422,000	-18,627,000	-1,410,000	40,000	8,180,000	-12,243,000	-632,000	-1,809,000	5,582,000	-8,527,000	2,822,000	-2,610,000	5,382,000	-8,330,000	-2,519,000	516,000	7,997,000	-12,210,000	1,126,000	-2,310,000	4,680,000	-7,926,000	1,971,000	-4,337,000	5,108,000	-2,840,000	-701,000	-2,602,000	4,966,000	-9,222,000	1,160,000	638,000	1,250,000	-3,280,000	1,341,000	186,000	-975,000
other current assets	-1,431,000	1,943,000	-1,231,000	595,000	-1,450,000	1,343,000	-922,000	-1,106,000	-386,000	-504,000	263,000	-393,000	399,000	284,000	-847,000	440,000	-1,832,000	1,359,000	-320,000	-307,000										31,000	223,000	-59,000	-250,000	-98,000	146,000	-423,000	107,000	-156,000	-229,000	51,000	1,756,000	-1,426,000	191,000				17,000			64,000	52,000	40,000	91,000	-2,000	183,000				-13,000	-13,000	-122,000	138,000	211,000	-238,000	160,000	145,000	-61,000	220,000	209,000	171,000	-658,000	-511,000	-658,000	301,000	-291,000	-81,000	-291,000	375,000	-453,000		-122,000	15,000	-460,000		147,000
accounts payable	2,804,000	8,000	-551,000	1,352,000	-1,430,000	4,674,000	-4,883,000	2,689,000	-596,000	1,230,000	-274,000	1,474,000	-1,189,000	1,371,000	-219,000	2,163,000	-2,028,000	-818,000	2,174,000	85,000	1,640,000	-1,633,000	-59,000	871,000	343,000	-870,000	-1,368,000	2,111,000	-163,000	-820,000	-229,000	-293,000	-664,000	-104,000	-300,000	1,097,000	132,000	-329,000	-1,976,000	2,625,000	-487,000	-872,000	460,000
accrued expenses	1,906,000	3,023,000	-5,721,000	2,738,000	1,506,000	1,805,000	-6,198,000	3,587,000	-343,000	860,000	-3,079,000	2,242,000	1,815,000	1,822,000	-3,734,000	3,113,000	-145,000	1,112,000	-1,328,000	2,598,000	720,000	1,891,000	-1,864,000	988,000	2,259,000	522,000	-2,751,000	1,474,000	481,000	1,104,000	-1,566,000	1,059,000	379,000	-1,895,000	1,507,000	1,125,000	506,000	-2,051,000	1,340,000	345,000	349,000	-1,064,000	-394,000
operating lease liabilities	-1,758,000	797,000	117,000	1,338,000	1,671,000	2,392,000	2,119,000	1,105,000	1,592,000	944,000	-1,128,000	-508,000	-42,000	-1,080,000	-897,000	-676,000	-766,000	-823,000	-821,000	-841,000	-1,573,000	-787,000	-750,000	-708,000	-797,000	-697,000	-310,000
other non-current assets and liabilities	26,000	-180,000	977,000	62,000	45,000	44,000	54,000	35,000	37,000											-1,000															-100,000				-24,000	-9,000	-51,000	-28,000	36,000
net cash from operating activities	22,082,000	8,214,000	6,600,000	22,242,000	10,184,000	18,535,000	7,202,000	10,086,000	7,169,000	10,196,000	7,860,000	6,975,000	4,101,000	3,143,000	3,468,000	10,551,000	3,634,000	4,769,000	10,086,000	11,337,000	4,570,000	-3,021,000	4,686,000	3,150,000	7,892,000	-18,379,000	154,000	2,611,000	2,013,000	-5,441,000	405,000	834,000	-5,241,000	-5,654,000	-3,122,000	-9,308,000	-4,182,000	-5,133,000	-1,269,000	-4,037,000	-718,000	-4,478,000	-4,113,000																-6,419,000	-6,419,000	-4,530,000			-3,840,000	-3,219,000		-3,748,000	-4,212,000	-4,483,000	-5,706,000	-5,126,000	-3,920,000	-5,126,000	-3,037,000	-4,077,000	-3,207,000	-4,077,000	-3,286,000	-3,168,000		-1,616,000	-2,300,000	-3,177,000		-1,879,000	-2,343,000	-2,523,000		-2,006,000				-2,232,000	-1,853,000	-2,322,000	-2,322,000
investing activities:
purchases of investments	-14,543,000	-15,545,000	-13,430,000	-15,599,000	-16,912,000	-13,145,000	-22,555,000	-18,971,000	-7,717,000	-18,750,000	-9,787,000	-25,604,000	-9,002,000	-22,319,000	-12,629,000	-10,646,000	-18,424,000	-20,525,000	-10,426,000
sales and maturities of investments	13,796,000	14,650,000	12,500,000	14,735,000	15,109,000	12,187,000	11,120,000	18,718,000	18,852,000	20,538,000	21,500,000	5,000,000	9,600,000	21,303,000	5,041,000	13,522,000	18,258,000	7,700,000	24,955,000
expenditures for property and equipment	-2,630,000	-8,133,000	-14,212,000	-13,787,000	-19,409,000	-16,761,000	-14,017,000	-7,835,000	-6,569,000	-4,196,000	-1,413,000	-1,125,000	-1,409,000	-1,981,000	-3,081,000	-991,000
net cash from investing activities	-3,377,000	-9,028,000	-15,142,000	-14,651,000	-21,212,000	-17,719,000	-25,452,000	-8,088,000	4,566,000	-2,408,000	2,800,000	-21,729,000	-811,000	-2,997,000	-10,669,000	1,885,000	-2,629,000	-14,943,000	12,186,000	-25,678,000	-17,436,000	12,212,000	13,742,000	-14,604,000	13,368,000	-3,811,000	15,662,000	-20,446,000	-45,602,000	-795,000	-184,000	-718,000	-519,000	-203,000	-70,000	-101,000	-333,000	-1,061,000	80,000	-97,000	-775,000	-1,202,000	-318,000																		4,932,000	-17,000	-2,000	-54,000	-1,000	-24,000	5,996,000	-5,965,000	14,962,000	-14,794,000	14,879,000	-10,369,000	14,879,000	5,030,000	6,611,000	-24,608,000	6,611,000	-2,026,000	11,585,000		-31,890,000	-10,117,000	-87,000		10,107,000	-16,000	-32,000		-78,000
financing activities:
net proceeds from common stock issuance	1,482,000	1,788,000	9,409,000	7,261,000	5,795,000	4,434,000	7,026,000	1,386,000	1,116,000	1,273,000	2,225,000	612,000	829,000	746,000	1,465,000	1,483,000
payments on employee’s behalf for taxes related to vesting of restricted stock unit awards	-305,000	-136,000	-6,207,000		-271,000	-138,000	-4,900,000		-86,000	-79,000	-2,097,000		-44,000	-498,000	-943,000
net cash from financing activities	1,166,000	1,641,000	3,198,000	7,108,000	5,524,000	4,296,000	2,126,000	1,307,000	1,009,000	1,195,000	107,000	605,000	-312,000	249,000	503,000	1,341,000	1,787,000	3,781,000	2,262,000	4,454,000	791,000	890,000	306,000	1,527,000	1,683,000	1,068,000	982,000	-17,168,000	1,909,000	71,428,000	2,694,000	11,280,000	7,185,000	51,000	61,000	23,507,000	3,560,000	2,485,000	152,000	-9,000	-1,000	-5,000	-9,000				5,451,000	1,586,000	10,461,000	-10,000	2,367,000	-9,000	160,000	-113,000	37,888,000				-60,000	-60,000	-55,000	-53,000	750,000	4,251,000	1,144,000	991,000	-40,000	-44,000	-25,000	12,459,000	1,108,000	120,000	1,108,000	262,000	156,000	24,011,000	156,000	430,000	282,000		26,257,000	10,010,000	1,333,000		-3,976,000	33,000	5,153,000		388,000				1,008,000	0	6,841,000	6,841,000
net decrease in cash, cash equivalents, and restricted cash	19,871,000	827,000	-5,344,000
cash, cash equivalents, and restricted cash at beginning of period	0	0	85,049,000	0	0	0	86,866,000	0	0	0	51,067,000	0	0	0	68,541,000	0	0	0	33,831,000	0	0	0	26,978,000
cash, cash equivalents, and restricted cash at end of period	19,871,000	827,000	79,705,000	14,699,000	-5,504,000	5,112,000	70,742,000	3,305,000	12,744,000	8,983,000	61,834,000	-14,149,000	2,978,000	395,000	61,843,000	13,777,000	2,792,000	-6,393,000	58,365,000	-9,887,000	-12,075,000	10,081,000	45,712,000
net income																																																												-4,988,000													-5,050,000				-4,057,000																			-1,893,000
adjustments to reconcile net income to net cash flows from operating activities:
purchases of intangible assets								0	0	0	-7,500,000
debt issuance costs												0
payments on employee's behalf for taxes related to vesting of restricted stock unit awards																					0	-66,000	-97,000
net increase in cash, cash equivalents, and restricted cash				14,699,000	-5,504,000	5,112,000	-16,124,000	3,305,000	12,744,000	8,983,000	10,767,000	-14,149,000	2,978,000	395,000	-6,698,000	13,777,000	2,792,000	-6,393,000	24,534,000	-9,887,000	-12,075,000	10,081,000	18,734,000
non-cash lease cost													965,000	1,079,000	1,076,000	1,002,000	1,095,000	1,154,000	1,171,000					776,000	872,000
depreciation and amortization																							533,000							386,000	427,000	426,000	402,000	375,000	409,000	493,000	470,000	478,000	445,000	410,000	510,000	344,000	328,000	256,000	250,000	149,000	97,000	102,000	112,000	125,000	150,000	162,000	146,000	162,000	179,000	183,000	168,000	162,000	134,000	134,000	129,000	138,000	150,000	151,000	182,000	175,000	175,000	181,000	181,000	184,000	186,000	186,000	186,000	102,000	103,000	93,000	103,000	80,000	68,000		-38,000	37,000	35,000		19,000
adjustments to reconcile net loss to net cash from operating activities:
payments on employee's behalf for taxes related to vesting of restricted stock units																	-57,000	-61,000	-1,501,000
stock compensation expense																		10,866,000	7,019,000	3,024,000	2,675,000	4,376,000	3,768,000	3,084,000	3,285,000	4,182,000	2,628,000	1,484,000	1,932,000	2,465,000	1,342,000	627,000	755,000	796,000	502,000	526,000	654,000	831,000	488,000	559,000	574,000	692,000	922,000	186,000	202,000	181,000	270,000	398,000	145,000			444,000	1,127,000	1,224,000	815,000	976,000	919,000	1,232,000	616,000	616,000	485,000	284,000	303,000	47,000	233,000	393,000	363,000	-32,000	528,000	557,000	550,000	658,000	550,000	874,000	571,000	243,000	571,000	306,000	195,000		-423,000
foreign currency translation loss																		25,000	2,000	4,000	14,000	38,000	7,000	21,000	8,000	7,000	6,000	2,000	0	5,000	44,000	17,000	7,000	12,000	1,000	-12,000	6,000	1,000	10,000
loss on sale of fixed assets																				0	0
expenditures for property, plant and equipment																		-2,118,000	-2,343,000	-1,070,000	-370,000	-469,000	-717,000	-361,000	-1,031,000	-992,000	-232,000	-577,000	-1,122,000	-795,000	-184,000	-718,000	-519,000	-203,000	-70,000	-101,000	-240,000	-1,061,000	-13,000	-97,000	-775,000	-1,202,000	-353,000
net proceeds from common stock issuance due to stock option exercises																		3,840,000	3,781,000	4,450,000	809,000	953,000	420,000	1,524,000	1,703,000	1,061,000	998,000
gain on sale of fixed assets																			-22,000
adjustments to reconcile net income to net cash from operating activities:
change in fair value of warrants																												0	-420,000	37,000	2,907,000	-255,000	1,060,000	-441,000	-107,000		203,000	-1,942,000	1,640,000	-68,000	-461,000	-112,000	317,000	-128,000	-949,000	-248,000	1,352,000
loss on extinguishment of debt
net proceeds from equity offering																												0	-62,000
proceeds from exercise of warrants																												0	751,000	238,000	1,727,000
payments on long-term debt																																-6,899,000	-232,000	-10,000	-10,000	-10,000	-9,000	-10,000	-9,000	-9,000	-9,000	-8,000	-9,000
fee on long-term debt
amortization and interest accretion related to operating leases																					1,709,000	809,000	794,000
purchases of short-term investments																									-13,901,000
maturities of short-term investments																									28,300,000																																				5,000,000				0	0	6,000,000	0	15,000,000	10,000,000	15,000,000	10,000,000	15,000,000	20,000,000	21,500,000	8,000,000	21,500,000	6,078,000	12,000,000	4,000,000	-14,078,000							0	0			0
prepaid and other current assets																						602,000	-549,000	319,000	-1,105,000	512,000	168,000	-509,000
purchases of short term investments																						19,000	-5,676,000				-10,686,000	-22,069,000
maturities of short term investments																						12,662,000	20,135,000				26,580,000
purchases of long term investments
deferred financing costs																															-8,000						-148,000	1,000	-97,000
borrowings under revolving and term loan credit agreements
warrants issued in connection with debt arrangement																																				0
payments on term loan credit agreement
change in operating assets and liabilities:
other assets and liabilities																									111,000	-141,000	-46,000		1,000	69,000	4,000		32,000
net increase in cash and cash equivalents																									22,943,000	-21,122,000	16,798,000		-41,680,000																							-7,451,000	-7,577,000	-8,067,000	31,203,000				-6,627,000	-6,627,000	347,000	-3,725,000	-2,618,000	357,000	-2,076,000	-2,374,000	2,208,000	-10,221,000	10,454,000	-8,041,000	10,861,000	-14,169,000	10,861,000	2,255,000	2,690,000	-3,804,000	2,690,000	-4,882,000	8,699,000	914,000	-7,249,000	-2,407,000	-1,931,000	6,500,000	4,252,000	-2,326,000	2,598,000	5,448,000	-1,696,000	-170,000	-1,675,000	-2,348,000	2,172,000	-1,879,000	1,000	1,000
cash and cash equivalents at beginning of period																									0	0	18,286,000		0																				0	0	13,638,000	0	0	0	5,530,000	0	0	0	31,248,000	31,248,000	14,119,000	0	0	17,000,000	0	0	16,492,000	0	0	0	13,439,000	0	13,439,000	0	9,034,000	0	9,034,000	0	14,408,000	0	2,518,000	0	16,926,000	0	-6,414,000	0	10,512,000	0	0	0	8,605,000	0	0	0	10,659,000	10,659,000
cash and cash equivalents at end of period																									22,943,000	-21,122,000	35,084,000		-41,680,000																				6,322,000	-4,732,000	9,226,000	-7,451,000	-7,577,000	-8,067,000	36,733,000	-6,417,000	-6,574,000	-6,100,000	24,621,000	24,621,000	14,466,000	-3,725,000	-2,618,000	17,357,000	-2,076,000	-2,374,000	18,700,000	-10,221,000	10,454,000	-8,041,000	24,300,000	-14,169,000	24,300,000	2,255,000	11,724,000	-3,804,000	11,724,000	-4,882,000	23,107,000	914,000	-4,731,000	-2,407,000	14,995,000	6,500,000	-2,162,000	-2,326,000	13,110,000	5,448,000	-1,696,000	-170,000	6,930,000	-2,348,000	2,172,000	-1,879,000	10,660,000	10,660,000
amortization of right-of-use assets																											387,000
impairment of intangible asset
deferred rent																												-115,000	-115,000	89,000	-106,000
sales and maturities of short term investments
net proceeds from issuance of common stock																															985,000	671,000	7,417,000	61,000	71,000		117,000	94,000	258,000																									4,300,000	1,191,000		5,000	1,000			1,107,000	146,000	1,107,000	262,000	156,000	24,011,000	156,000	430,000	282,000	102,000	26,257,000	10,010,000	1,333,000
net increase in cash																															2,915,000									-4,143,000			-4,440,000				777,000
cash at beginning of period																															26,862,000	0	0	0	22,978,000	0	0	0	14,581,000	0	0	0	30,343,000	0	0	0	8,059,000
cash at end of period																															29,777,000	11,396,000	1,425,000	-5,806,000	19,847,000	14,098,000	-955,000	-3,709,000	13,544,000	-4,143,000	-1,494,000	-5,685,000	25,903,000	-7,235,000	30,315,000	-1,573,000	8,836,000
inventory provision																													537,000	-140,000	-94,000	120,000	72,000	67,000	93,000	39,000	12,000	69,000	17,000	6,000
loss on sales of fixed assets																														1,000	22,000
net proceeds from issuance of common stock due to stock option exercises
repayments of short-term debt																															-10,000
deferred rent expense																																-15,000	-49,000	-51,000	102,000	232,000	178,000
write down of asset retirement obligation
supplemental cash flow information
shares exchanged between common and preferred stock																																		0	38,389,000
additions to equipment in process included in accounts payable																																-145,000	357,000	27,000	102,000	-18,000	25,000	-695,000	706,000	-23,000	-635,000	242,000	458,000
tenant improvement reimbursement																																				0	291,000
borrowings under revolving credit agreement and term loan
net decrease in cash																																	1,425,000	-5,806,000	-3,131,000		-955,000	-3,709,000	-1,037,000
conversion of preferred stock into common stock
supplementary cash flows information:
interest paid, net of interest capitalized																																	239,000	231,000	221,000	153,000
bargain purchase gain
asset retirement obligation																																								187,000
acquisition of ctrm business, net of cash acquired
net proceeds from issuance of common stock and warrants																																								0	8,000			-302,000	41,319,000	3,462,000	5,455,000	1,590,000	10,470,000	0	2,378,000	0	170,000	0	176,000	0	15,000	13,000	4,000	4,000
financing costs paid
effect of exchange rate changes on cash
acquisition of business through promissory note
warrants exchanged for common stock																																												0	816,000	4,000	145,000					0	2,026,000
equipment acquired under capital lease
gain on sales of fixed assets																																									0	0	-35,000
borrowings under revolving credit agreement
accretion of convertible preferred stock																																																0	0	0	1,263,000	1,255,000	1,218,000	1,231,000	289,000
common shares exchanged for preferred stock
foreign currency translation gain																																									-5,000	26,000	-16,000
verigen liability payment
restructuring reserve
acquisition of business through issuance of promissory note
equipment acquired under capital lease obligations
adjustments to reconcile net loss to net cash used for operating activities:
write down of retirement asset obligation
other liabilities
net cash used for operating activities
property and equipment purchases																																																											-148,000	-148,000	-68,000	-17,000	-2,000	-54,000	-1,000	-24,000	-4,000	-14,000	-38,000	-42,000	-121,000	-586,000	-121,000	-156,000	-110,000	-208,000	-110,000	-104,000	-415,000	-196,000	129,000	-117,000	-87,000
net proceeds from issuance of preferred stock																																																				0	0	-103,000	37,723,000
accounts payable and accrued expenses																																																				3,000	-540,000	400,000	421,000				-592,000	-592,000	990,000	588,000	31,000	482,000	-31,000	135,000	43,000	-74,000	65,000			705,000		8,000	-172,000	446,000	-172,000	-142,000	339,000		35,000	-101,000	219,000		-144,000
accrued employee benefits																																													-41,000					-400,000	475,000				356,000	28,000			-329,000	-329,000	-178,000	328,000	18,000	-21,000	0	-82,000	-277,000	330,000	-392,000	-382,000	-47,000	-43,000	-47,000	168,000	-226,000	396,000	-226,000	198,000	101,000		-288,000	12,000	2,000		-23,000
verigen payment liability
restructuring reserve and asset retirement obligation
net cash used for investing activities
pay downs of debt
net cash provided by financing activities																																													41,319,000
net increase (decrease) in cash
unrealized currency translation gain
inventories																																																														0	0	1,000				0	0			0		-12,000	1,000	2,000	1,000	16,000	95,000
principal payments under long-term debt obligations																																																											-64,000	-64,000	-55,000
loss on property held for resale
amortization of discounts and premiums on investments																																																																	0	0	-30,000	-19,000	-70,000	-178,000	-114,000	-104,000	-114,000	-236,000	-41,000	-63,000	-41,000	-23,000	-49,000
inventory write downs
stock issued pursuant to license agreement
provision for losses on accounts receivable
organizational costs
purchase of short-term investments																																																														0						-5,951,000	0			-19,783,000		-14,814,000	-14,779,000	-32,400,000	-14,779,000			3,000	-17,941,000											0	-1,000,000	0	-4,500,000	-4,500,000
proceeds from sale of property held for resale
payments received for stock purchase rights and other
proceeds from long-term debt
decrease in fair value of warrant liabilities
net cash provided used for investing activities																																																											-148,000	-148,000
payments received for stock purchase rights
supplemental cash flow information:
interest paid																																																																13,000			21,000				15,000		15,000
decrease due to change in fair value of warrants
inventory write downs and reserves
increase due to change in fair value of warrants
benefit from losses on accounts receivable
warrant liabilities
increase in fair value of warrant liabilities
receivables																																																								0	-9,000	18,000	7,000	7,000	-1,000	-16,000	496,000	-461,000	196,000	-4,000	-48,000	45,000	44,000	-36,000	7,000	18,000	7,000	-17,000	35,000	14,000	35,000	46,000	24,000		-83,000	-82,000	-80,000		236,000
restricted cash used as compensating balance																																																														70,000	69,000	68,000	67,000	64,000	63,000	62,000	61,000	60,000	58,000		58,000
decrease in fair value of warrants																																																											-1,254,000	-1,254,000
increase in fair value of warrants																																																							900,000
repurchase of common stock
payments received under shareholder notes
changes in assets and liabilities:
net cash (used for) operating activities
principal payments under long-term obligations																																																															-119,000	-117,000		-110,000	-108,000			-86,000	-57,000		-57,000
inventories write downs and reserves
principal payments under long-term debt
principal payments under debt obligations
principal payments under capital lease obligations
capital expenditures	-2,630,000	-8,133,000	-14,212,000	-13,787,000	-19,409,000	-16,761,000	-14,017,000	-7,835,000	-6,569,000	-4,196,000	-1,413,000	-1,125,000	-1,409,000	-1,981,000	-3,081,000	-991,000	0	-2,118,000	-2,343,000	-1,070,000	-370,000	-469,000	-717,000	-361,000	-1,031,000	-992,000	-232,000	-577,000	-1,122,000	-795,000	-184,000	-718,000	-519,000	-203,000	-70,000	-101,000	-240,000	-1,061,000	-13,000	-97,000	-775,000	-1,202,000	-353,000																0	0	0			0	0		0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0		0	0	0		0				0	0	0	0
free cash flows	19,452,000	81,000	-7,612,000	8,455,000	-9,225,000	1,774,000	-6,815,000	2,251,000	600,000	6,000,000	6,447,000	5,850,000	2,692,000	1,162,000	387,000	9,560,000	3,634,000	2,651,000	7,743,000	10,267,000	4,200,000	-3,490,000	3,969,000	2,789,000	6,861,000	-19,371,000	-78,000	2,034,000	891,000	-6,236,000	221,000	116,000	-5,760,000	-5,857,000	-3,192,000	-9,409,000	-4,422,000	-6,194,000	-1,282,000	-4,134,000	-1,493,000	-5,680,000	-4,466,000																-6,419,000	-6,419,000	-4,530,000			-3,840,000	-3,219,000		-3,748,000	-4,212,000	-4,483,000	-5,706,000	-5,126,000	-3,920,000	-5,126,000	-3,037,000	-4,077,000	-3,207,000	-4,077,000	-3,286,000	-3,168,000		-1,616,000	-2,300,000	-3,177,000		-1,879,000	-2,343,000	-2,523,000		-2,006,000				-2,232,000	-1,853,000	-2,322,000	-2,322,000
issuance of preferred stock
issuance of common stock																																																																																						33,000	5,153,000	7,636,000	388,000			-1,000	1,008,000	0	6,841,000	6,841,000
capital purchases																																																																																							-32,000	-10,000	-78,000			-5,000	-104,000	-26,000	-18,000	-18,000
additions to capital lease obligations
adjustments to reconcile net loss to net cash used for operating activities:
net cash from investing activities																																																																																														-26,000	-4,518,000	-4,518,000
write down of inventory
accrued employee expenses
adjustments to reconcile net income to net cash used for operating activities:

Vericel Corporation(NASDAQ:VCEL)

Vericel Corporation
(NASDAQ:VCEL)