# Cerus Corporation (CERS)

> Source: Nexqual · https://nexqual.com/CERS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cerus Corporation (CERS), nexqual.com/CERS" · informational, not investment advice.

**Price:** USD 2.31 (-3.35% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.39 · day 2.29–2.41 · 52w 1.38–3.47 · market cap $466M · NGM

## Key facts
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $891K; 1 not under a Rule 10b5-1 plan ($53K); 0 by opportunistic insiders, 8 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 5.13 (range 4–6.5).
- Total return with dividends: 1Y +53.0% vs S&P 500 +14.9%; 5Y -63.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD -0.02, revenue estimate $61.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $160M | $188M | $187M | $201M | $234M | — |
| Operating income | -$48.9M | -$34.1M | -$30.1M | -$14.2M | -$8.7M | -$1.6M |
| Net income | -$54.4M | -$42.8M | -$37.5M | -$20.9M | -$15.6M | -$6.8M |
| EPS (diluted) | -$0.32 | -$0.24 | -$0.21 | -$0.11 | -$0.08 | — |
| Free cash flow | -$34.8M | -$27.6M | -$47.8M | $8.5M | $1.1M | -$1.8M |
| Operating margin | -30.7% | -18.1% | -16.1% | -7.1% | -3.7% | — |
| Net margin | -34.1% | -22.7% | -20.1% | -10.4% | -6.7% | — |
| Revenue growth | +39.6% | +18.1% | -0.8% | +7.8% | +16.1% | — |
| Cash + short-term investments | $129M | $102M | $65.9M | $80.5M | $82.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 6.7x · FCF yield -0.39% · Earnings yield -1.46%

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Jensen Chrystal | Chief Legal Officer | 30,000 | $90K | 3.1% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-07-16 | Jayaraman Vivek K | Chief Executive Officer | 16,666 | $53K | 0.7% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-30 | Green Kevin Dennis | Chief Financial Officer | 33,676 | $99K | 3.1% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-30 | Jayaraman Vivek K | Chief Operating Officer | 42,359 | $125K | 1.8% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-30 | Jensen Chrystal | Chief Legal Officer | 24,329 | $72K | 2.5% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-30 | Greenman William Mariner | President and CEO | 101,919 | $300K | 2% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-06-09 | Bjerkholt Eric | Director | 20,454 | $53K | 7.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-29 | Jayaraman Vivek K | Chief Operating Officer | 16,667 | $50K | 1% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
| 2026-05-01 | Jayaraman Vivek K | Chief Operating Officer | 16,667 | $50K | 1% | Yes | Routine (sold in Mar each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 5.13 (low 4, high 6.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-20 | Freedom Broker | Initiated | Buy | $6.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.0% | -63.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +53.2% | -18.0% |
| Volatility (annualized) | 75.7% | 64.4% |
| Max drawdown | -38.3% (Jan 2026→Mar 2026) | -84.7% (Nov 2021→Aug 2025) |

## Peers (Medical Devices)
ATEC (Alphatec Holdings, Inc.) USD 11.36 +4.60% · BFLY (Butterfly Network, Inc.) USD 6.81 -4.08% · ESTA (Establishment Labs Holdings Inc) USD 63.52 +1.99% · ALMR (Alamar Biosciences, Inc.) USD 29.72 -5.50% · INSP (Inspire Medical Systems, Inc.) USD 72.66 +2.24% · AXGN (AxoGen, Inc.) USD 36.68 +0.55%

## More
Full page: https://nexqual.com/CERS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CERS's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1020214/000119312526085678/cers-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Porex | "Components of the compound adsorption devices used in our platelet and plasma disposable kits are manufactured by many third-parties, including, Porex Corporation, or Porex." |
| Supplier | Fresenius Kabi | "For example, Fresenius is our sole supplier for the manufacture of finished disposable kits for the platelet and plasma systems." |
| Supplier | Purolite | "We also have an amended and restated supply agreement with Purolite LLC, formerly Purolite Corporation, or Purolite, for the supply of raw materials used to make the compound adsorption devices." |
| Supplier | Ash Stevens | "We operate with an amended manufacturing and supply agreement with Piramal, formerly, Ash Stevens, Inc., for the synthesis of amotosalen, the inactivation compound used in our platelet and plasma systems." |
| Customer | Terumo | "Our ability to commercialize our products in certain markets, particularly in Japan, may be negatively affected by Terumo's resources and their pre-existing relationships with regulators and customers." |
| Partner | Shandong Zhongbaokang Medical Implements | "In February 2021, we entered into an Equity Joint Venture Contract with Shandong Zhongbaokang Medical Implements Co., Ltd., or ZBK, to establish Cerus Zhongbaokang (Shandong) Biomedical Co., LTD., which we refer to as th…" |

## Customer concentration

Period ended 2026-06-30: 34%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Company outlook (8-K filed 2026-07-30)

- "Guidance: Range now $229 to $231 million;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $-0.01 | +50.0% | $61.1M | 2 |
| Next quarter (ends 2026-12-31) | $-0.01 | $0.00 | — | $66.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.04 | $-0.03 | +50.0% | $249.1M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.01 | $0.00 | — | $271.5M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±23.8%; last 8 reports averaged ±17%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 135.8% | ±23.8% |
| 2026-12-18 | 56 | 110.2% | ±28.8% |
| 2027-02-19 | 119 | 100.9% | ±43.3% |