0001628280-26-070657 | 10-Q | XBRL Viewer

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Revolving Credit Agreement (Details) - Line of credit	Jul. 29, 2022 USD ($)	Sep. 30, 2026 USD ($)
Debt Instrument [Line Items]
Issuance of letters of credit	$ 6,000,000.0
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000.0
Debt instrument, term	5 years
Debt issuance costs, net	$ 1,100,000
Outstanding borrowings		$ 0
Leverage ratio	3.50
Increase option for leverage ratio	4.00
Revolving credit facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (in percent)	0.20%
Revolving credit facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (in percent)	0.25%
Revolving credit facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.10%
Revolving credit facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.25%
Revolving credit facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	2.50%
Revolving credit facility \| Base rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.25%
Revolving credit facility \| Base rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.50%
Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000.0

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Vericel are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenue and expenses. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary to state fairly the financial position and results of operations as of and for the periods indicated. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenue and expenses. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026 (“Annual Report”). Recent Accounting Pronouncements In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The Company has elected to early adopt the treasury stock retirement guidance (Issue 10) in ASU 2025-12. Under this amendment, the Company has established an accounting policy to record the full repurchase price of shares repurchased and retired as a reduction to common stock, as the Company’s common stock has no par value. The adoption of this update did not have a material impact on total shareholders’ equity. No other new accounting standards were adopted during the nine months ended September 30, 2026. The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”), as noted below: In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. These updates require new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. This standard is effective for annual periods in fiscal years beginning after December 15, 2026, and interim periods within those annual periods beginning after December 15, 2027, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606. The expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of the asset. This amendment is effective for annual periods in fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The standard establishes authoritative guidance in U.S. GAAP about accounting for government grants received by business entities and clarifies the appropriate accounting in an effort to reduce diversity in practice, and increase consistency of application across business entities. It is effective for annual reporting periods beginning after December 15, 2028, and interim periods thereafter, with early adoption permitted, and may be applied prospectively, retrospectively, or with a modified retrospective approach. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Organization	9 Months Ended
Organization	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Vericel Corporation, a Michigan corporation (together with its consolidated subsidiaries referred to herein as the Company, or Vericel), was incorporated in March 1989 and began employee-based operations in 1991. The Company is a fully-integrated, commercial-stage biopharmaceutical and medical technology company and a leading provider of advanced therapies for the sports medicine and severe burn care markets. Vericel currently markets three commercial-stage products in the U.S., MACI®, Epicel® and NexoBrid®. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Since MACI’s commercial launch, the product’s FDA-approved labeling has provided for a treating surgeon to use MACI to treat a patient through an open surgical procedure. In August 2024, the U.S. Food and Drug Administration (“FDA”) approved a supplemental Biologics License Application (“sBLA”) expanding the MACI indication to add instructions for the arthroscopic delivery of MACI to the product’s approved labeling. MACI Arthro® allows surgeons to evaluate and prepare the cartilage defect site as well as deliver the MACI implant through small incisions using custom-designed arthroscopic instruments developed by the Company (“MACI Arthro instruments”). MACI Arthro became commercially available in the U.S. during the third quarter of 2024, and the Company began selling MACI Arthro instruments at that time. Epicel (cultured epidermal autografts) is a permanent skin replacement Humanitarian Use Device (“HUD”) indicated for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30 percent of a patient’s total body surface area (“TBSA”). The Company also holds an exclusive license from MediWound Ltd. (“MediWound”) for North American rights to NexoBrid (anacaulase-bcdb), a topically-administered biological orphan product containing proteolytic enzymes, which is indicated for the removal of eschar in adult and pediatric patients with deep partial-thickness and/or full-thickness thermal burns. The Company is subject to risks common to companies in the life sciences industry including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies. Liquidity The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of September 30, 2026, the Company had an accumulated deficit of $366.2 million and had a net income of $10.1 million during the nine months ended September 30, 2026. The Company had cash and cash equivalents of $133.5 million and investments of $102.1 million as of September 30, 2026. The Company expects that cash from the sales of its products and existing cash, cash equivalents, investments, and available borrowing capacity will be sufficient to support the Company’s current operations through at least 12 months from the issuance of these condensed consolidated financial statements. If revenues decline for a sustained period, the Company may need to access additional capital; however, the Company may not be able to obtain additional financing on acceptable terms or at all. The terms of any additional financing may adversely affect the holdings or the rights of the Company’s shareholders.

Shareholders’ Equity (Details) - USD ($)	3 Months Ended	9 Months Ended
Shareholders’ Equity (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2026	Jul. 31, 2026
Equity [Abstract]
Authorized repurchase amount			$ 200,000,000.0
Shares repurchased under repurchase program (in shares)	220,744	220,744
Shares repurchased cost	$ 8,847,000	$ 8,800,000
Shares acquired, average cost per share (in USD per share)	$ 40.08	$ 40.08
Shares repurchased, remaining amount	$ 191,200,000	$ 191,200,000

- Definition

Number of shares that have been repurchased and retired during the period.

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+ Details

- Definition

Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital).

+ References

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

•Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The commercial paper, corporate notes, U.S. government securities, and U.S. government agency bonds are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. The deferred compensation plan liabilities are recorded at the value of the amount owed to the plan participants, with changes in value recognized as compensation expense. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants. There were no transfers into or out of Level 3 from December 31, 2025 to September 30, 2026.

The following table summarizes the valuation of the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:


	September 30, 2026								December 31, 2025
			Fair value measurement category								Fair value measurement category
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	80,557	$	80,557	$	—	$	—	$	38,110	$	38,110	$	—	$	—
Commercial paper (a)	3,989		—		3,989		—		7,111		—		7,111		—
Corporate notes	88,275		—		88,275		—		83,034		—		83,034		—
U.S. government agency bonds	9,847		—		9,847		—		10,651		—		10,651		—
U.S. government securities (a)	42,397		—		42,397		—		47,766		—		47,766		—
	$	225,065	$	80,557	$	144,508	$	—	$	186,672	$	38,110	$	148,562	$	—

Liabilities:
Deferred compensation plan liabilities	$	1,483	$	—	$	1,483	$	—	$	1,422	$	—	$	1,422	$	—
Total liabilities	$	1,483	$	—	$	1,483	$	—	$	1,422	$	—	$	1,422	$	—

(a) Approximately $42.4 million of U.S. government securities had an original maturity of 90 days or less and were recorded as a cash equivalent as of September 30, 2026. Approximately $47.8 million of U.S. government securities and $2.0 million of commercial paper had an original maturity of 90 days or less and were recorded as a cash equivalent as of December 31, 2025.

The fair values of the cash equivalents and marketable securities are based on observable market prices. The Company’s accounts receivable, accounts payable and accrued expenses are valued at cost which approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table and descriptions below show the products from which the Company generated its revenue for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue by product (in thousands)	2026		2025		2026		2025
MACI implants, kits, and instruments
Implants based on contracted rate sold through a specialty pharmacy (a)	$	49,859	$	41,090	$	141,728	$	113,086
Implants subject to third party reimbursement sold through a specialty pharmacy (b)	5,006		4,034		15,730		9,605
Implants sold direct based on contracted rates (c)	9,719		8,032		24,622		25,358
Implants sold direct subject to third-party reimbursement (d)	1,712		1,056		5,696		3,624
Biopsy kits and instruments - direct bill	606		652		1,826		1,890
Change in estimates related to prior periods (e)	470		798		(327)		1,853
Total MACI implants, kits, and instruments	67,372		55,662		189,275		155,416
Epicel
Direct bill (hospital)	12,714		10,375		34,004		23,954

NexoBrid (f)	5,285		1,466		7,974		3,971
Total revenue	$	85,371	$	67,503	$	231,253	$	183,341

(a) Represents implants sold through Orsini and AllCare whereby such specialty pharmacies have a direct contract with the underlying insurance provider. The amount of reimbursement is based on contracted rates at the time of sale supported by the pharmacy’s direct contracts.

(b) Represents implants sold through Orsini and AllCare whereby such specialty pharmacy does not have a direct contract with the underlying payer and is subject to third-party reimbursement. The amount of reimbursement is established based on publicly available rates, fee schedules or past payer precedents.

(c) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. Also represents direct sales under a contract to specialty distributor DMS.

(d) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. The payment terms are subject to third-party reimbursement from an underlying insurance provider.

(e) Primarily represents changes in estimates related to implants sold through Orsini or AllCare and relate to changes to the initial expected reimbursement or collection expectations upon completion of the billing claims process. The change in estimates is a result of additional information, changes in collection expectations or actual cash collections received in the current period.

(f) During the three and nine months ended September 30, 2026, the Company recognized $3.0 million of NexoBrid revenue, related to the BARDA Agreement (see Note 15, “The BARDA Agreement” for further details).

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Non-Cash Stock-Based Compensation Expense

Non-cash stock-based compensation expense (service-based stock options, restricted stock units and the employee stock purchase plan) is summarized in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Cost of product sales	$	899	$	1,029	$	3,311	$	3,279
Research and development	950		1,015		3,293		3,650
Selling, general and administrative	5,974		6,655		21,596		23,415
Total non-cash stock-based compensation expense	$	7,823	$	8,699	$	28,200	$	30,344

Leases - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Assets
Operating	$ 60,590	$ 64,774
Finance	503	686
Total leased assets	61,093	65,460
Current
Operating	14,254	13,969
Finance	116	116
Non-current
Operating	76,319	82,284
Finance	458	522
Total leased liabilities	$ 91,147	$ 96,891
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Disaggregation of Revenue [Line Items]
Product sales, net	$ 85,371	$ 67,503	$ 231,253	$ 183,341
Total revenue	85,371	67,503	231,253	183,341
U.S. Biomedical Advanced Research and Development Authority (BARDA)
Disaggregation of Revenue [Line Items]
Total revenue	3,000		3,000
Change in estimates related to prior periods
Disaggregation of Revenue [Line Items]
Product sales, net	470	798	(327)	1,853
Total MACI implants, kits, and instruments
Disaggregation of Revenue [Line Items]
Product sales, net	67,372	55,662	189,275	155,416
NexoBrid \| U.S. Biomedical Advanced Research and Development Authority (BARDA)
Disaggregation of Revenue [Line Items]
Nexobrid	3,000		3,000
Through Intermediary \| MACI implants, kits, and instruments \| Contract rate
Disaggregation of Revenue [Line Items]
Product sales, net	49,859	41,090	141,728	113,086
Through Intermediary \| MACI implants, kits, and instruments \| Time-and-materials contract
Disaggregation of Revenue [Line Items]
Product sales, net	5,006	4,034	15,730	9,605
Time-and-materials contract \| MACI implants, kits, and instruments \| Time-and-materials contract
Disaggregation of Revenue [Line Items]
Product sales, net	1,712	1,056	5,696	3,624
Provider or Facility \| MACI implants, kits, and instruments \| Contract rate
Disaggregation of Revenue [Line Items]
Product sales, net	9,719	8,032	24,622	25,358
Provider or Facility \| NexoBrid
Disaggregation of Revenue [Line Items]
Nexobrid	5,285	1,466	7,974	3,971
Directly to consumer \| Biopsy kits and instruments - direct bill
Disaggregation of Revenue [Line Items]
Product sales, net	606	652	1,826	1,890
Directly to consumer \| Epicel
Disaggregation of Revenue [Line Items]
Product sales, net	$ 12,714	$ 10,375	$ 34,004	$ 23,954

Selected Balance Sheet Components -Schedule of Finite-Lived Intangible assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Total	$ 5,156	$ 5,625
Licensing Agreements
Intangible Asset, Finite-Lived [Line Items]
Remainder of 2026	156
2027	625
2028	625
2029	625
2030	625
Thereafter	2,500
Total	$ 5,156	$ 5,625

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

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+ Details

Selected Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property and equipment, net:
Total property and equipment, gross	$ 144,400	$ 139,947
Less accumulated depreciation	(39,321)	(31,550)
Total property and equipment, net	105,079	108,397
Machinery and equipment
Property and equipment, net:
Total property and equipment, gross	26,131	14,498
Furniture, fixtures and office equipment
Property and equipment, net:
Total property and equipment, gross	5,302	5,424
Computer equipment and software
Property and equipment, net:
Total property and equipment, gross	19,594	18,953
Leasehold improvements
Property and equipment, net:
Total property and equipment, gross	80,103	76,421
Construction in process
Property and equipment, net:
Total property and equipment, gross	$ 13,270	$ 24,651

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
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+ Details

Selected Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Inventory:
Raw materials	$ 13,348	$ 12,953
Work-in-process	1,281	1,584
Finished goods	2,427	3,023
Total inventory	$ 17,056	$ 17,560

Revenue

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition and Product Sales, Net

The Company recognizes product revenue from sales of MACI biopsy kits, MACI implants, MACI Arthro instruments, Epicel grafts, and NexoBrid following the five-step model in Accounting Standards Codification (“ASC”) 606, Revenue Recognition.

MACI Biopsy Kits

MACI biopsy kits are sold directly to hospitals and ambulatory surgical centers based on contracted rates set forth in an approved contract or sales order. The Company recognizes MACI kit revenue upon delivery of the biopsy kit, at which time the customer (the facility) is in control of the kit. The kit is used by the treating surgeon to provide a sample of cartilage tissue to the Company, which can later be used to manufacture a MACI implant. The ordering of the kit does not obligate the Company to manufacture an implant nor does the receipt of the cartilage tissue by the Company from the customer following biopsy. The customer’s order of an implant is separate from the process of ordering the biopsy kit. Therefore, the sale of the biopsy kit and any subsequent sale of an implant are distinct contracts and are accounted for separately.

MACI Arthro Instruments

MACI Arthro instruments are sold directly to hospitals and ambulatory surgical centers based upon rates set forth in price lists. The Company recognizes revenue from the sale of MACI Arthro instruments upon delivery of the instruments, at which time the customer (the facility) is in control of the instruments. MACI Arthro instruments can be used by an orthopedic surgeon to deliver MACI to a treated patient using an arthroscopic approach. The customer’s order of a MACI implant is separate from the process of ordering the MACI Arthro instruments. Therefore, the sale of the MACI Arthro instruments and any sale of an implant are distinct and are accounted for separately.

MACI Implants

The Company contracts with two specialty pharmacies, Orsini Pharmaceutical Services, Inc. (“Orsini”) and AllCare Plus Pharmacy, Inc. (“AllCare”) to distribute MACI in a manner in which the Company retains the credit and collection risk from the end customer. The Company pays each specialty pharmacy a fee in each instance when it dispenses MACI for use in treating a patient. Both Orsini and AllCare perform collection activities to collect payment from customers. In addition, the Company sells MACI directly to hospitals pursuant to an agreed upon purchase order and to a distributor, DMS Pharmaceutical Group, Inc. (“DMS”) at a contracted rate for the treatment of patients at military facilities throughout the U.S. The Company engages a third party to provide services in connection with a patient support program to manage patient cases and to ensure that complete and correct billing information is provided to the insurers and hospitals.

Prior authorization and confirmation of coverage level by the patient’s private insurance plan, hospital or government payer is a prerequisite to the shipment of a MACI implant to a patient. The Company recognizes product revenue from sales of all MACI implants upon delivery at which time the customer obtains control of the implant and the claim is billable. The total consideration that the Company expects to collect in exchange for MACI implants (the “Transaction Price”) may be fixed or variable. Direct sales to hospitals or distributors are recorded at a contracted price, and there are typically no forms of variable consideration related to warranties to customers.

When the Company sells MACI through its specialty pharmacies, the Company is typically reimbursed by a third-party insurer or government payer, subject to a patient co-pay amount. Reimbursements from third-party insurers and government payers vary by patient and payer and are based on either contracted rates, publicly available rates, fee schedules or past payer precedents. Net product revenue is recognized net of estimated contractual allowances, which considers historical collection experience from both the payer and patient, denial rates and the terms of the Company’s contractual arrangements. The Company estimates expected collections for these transactions using the portfolio approach. The Company records a reduction to revenue at the time of sale for its estimate of the amount of consideration that will not be collected. In addition, potential credit risk exposure has been evaluated for the Company’s accounts receivable in accordance with ASC 326, Financial Instruments - Credit Losses. The Company assesses risk and determines a loss percentage by pooling accounts receivable based on similar risk characteristics. The loss percentage is calculated through the use of forecasts that are based on current and historical economic and financial information. This loss percentage was applied to the accounts receivable as of September 30, 2026. The total allowance for uncollectible consideration as of September 30, 2026 and December 31, 2025 was $9.6 million and $8.4 million, respectively. Changes to the estimate of the amount of consideration that will not be collected could have a material impact on

the revenue recognized. A 50 basis points change to the estimated uncollectible percentage could result in an approximately $0.6 million decrease or increase in the revenue recognized for the nine months ended September 30, 2026.

Changes in estimates of the Transaction Price are recorded through revenue in the period in which such change occurs. Changes in estimates related to prior periods are shown in the Revenue by Product and Customer table below and relate primarily to changes in the initial expected reimbursement or collection expectation upon completion of the billing claims process for MACI implants that occurred in a prior period.

Epicel

The Company sells Epicel directly to hospitals and burn centers based on contracted rates stated in an approved contract or purchase order. In some cases, volume-based rebates are offered. Similar to MACI, there is no obligation to manufacture Epicel grafts upon receipt of a skin biopsy. The Company recognizes product revenue from sales of Epicel upon delivery to the hospital, at which time the customer is in control of the Epicel grafts and the claim is billable to the hospital.

NexoBrid

The Company entered into exclusive license and supply agreements with MediWound in May 2019, pursuant to which MediWound will manufacture and supply NexoBrid on a unit price basis, which may be increased pursuant to the terms of the agreements.

In December 2022, the FDA approved a BLA for NexoBrid, granting a license for its commercial use in the U.S. NexoBrid is a topically-administered biological orphan product containing proteolytic enzymes. Through the 2022 BLA, NexoBrid was originally indicated for the removal of eschar in adults with deep partial-thickness and/or full-thickness thermal burns. In August 2024, the FDA authorized the expansion of the product’s indication to include pediatric patients.

The Company sells NexoBrid to specialty distributors. These customers subsequently resell NexoBrid to hospitals and burn centers. Product revenue is recorded net of reserves for specialty distributor fees, prompt payment or other discounts and allowances for returns, as applicable. The Company recognizes product revenue from sales of NexoBrid when the specialty distributors take control of the product, which typically occurs upon its delivery to the specialty distributors.

In March 2026, the Company entered into an agreement with the U.S. Biomedical Advanced Research and Development Authority (“BARDA”), to procure certain quantities of NexoBrid, establish a Vendor Managed Inventory (“VMI”) system for NexoBrid, potentially design and validate a U.S.-based NexoBrid manufacturing facility, and develop a next generation formulation and an additional indication for the product (see Note 15, “The BARDA Agreement” for further details).

Revenue by Product and Customer

The following table and descriptions below show the products from which the Company generated its revenue for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue by product (in thousands)	2026		2025		2026		2025
MACI implants, kits, and instruments
Implants based on contracted rate sold through a specialty pharmacy (a)	$	49,859	$	41,090	$	141,728	$	113,086
Implants subject to third party reimbursement sold through a specialty pharmacy (b)	5,006		4,034		15,730		9,605
Implants sold direct based on contracted rates (c)	9,719		8,032		24,622		25,358
Implants sold direct subject to third-party reimbursement (d)	1,712		1,056		5,696		3,624
Biopsy kits and instruments - direct bill	606		652		1,826		1,890
Change in estimates related to prior periods (e)	470		798		(327)		1,853
Total MACI implants, kits, and instruments	67,372		55,662		189,275		155,416
Epicel
Direct bill (hospital)	12,714		10,375		34,004		23,954

NexoBrid (f)	5,285		1,466		7,974		3,971
Total revenue	$	85,371	$	67,503	$	231,253	$	183,341

(a) Represents implants sold through Orsini and AllCare whereby such specialty pharmacies have a direct contract with the underlying insurance provider. The amount of reimbursement is based on contracted rates at the time of sale supported by the pharmacy’s direct contracts.

(b) Represents implants sold through Orsini and AllCare whereby such specialty pharmacy does not have a direct contract with the underlying payer and is subject to third-party reimbursement. The amount of reimbursement is established based on publicly available rates, fee schedules or past payer precedents.

(c) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. Also represents direct sales under a contract to specialty distributor DMS.

(d) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. The payment terms are subject to third-party reimbursement from an underlying insurance provider.

(e) Primarily represents changes in estimates related to implants sold through Orsini or AllCare and relate to changes to the initial expected reimbursement or collection expectations upon completion of the billing claims process. The change in estimates is a result of additional information, changes in collection expectations or actual cash collections received in the current period.

(f) During the three and nine months ended September 30, 2026, the Company recognized $3.0 million of NexoBrid revenue, related to the BARDA Agreement (see Note 15, “The BARDA Agreement” for further details).

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Disaggregated Amounts that Comprise Selling, General and Administrative Expenses

In addition to the significant expense categories within the Company’s consolidated statements of operations, see below for disaggregated amounts that comprise selling, general and administrative expenses:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Selling and marketing	$	25,529	$	21,200	$	80,531	$	66,299
General and administrative	18,010		18,617		60,709		57,233
Total selling, general and administrative expenses	$	43,539	$	39,817	$	141,240	$	123,532

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Selected Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Accrued expenses
Bonus-related compensation	$ 9,920	$ 11,253
Employee-related accruals	4,336	3,009
Insurance reimbursement-related liabilities	2,599	4,401
Accrued rebates	2,725	273
Other accrued expenses	811	300
Total accrued expenses	$ 20,391	$ 19,236

Fair Value Measurements - Schedule of Valuation of the Company's Investments and Financial Instruments that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	$ 102,111	$ 98,802
Balance Sheet Location [Axis]: us-gaap:AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	65,336	61,395
Balance Sheet Location [Axis]: us-gaap:ShortTermInvestments
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	36,775	37,407
Commercial paper
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	3,989	5,117
U.S. government agency bonds
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	9,847	10,651
Recurring
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	225,065	186,672
Deferred compensation plan liabilities	1,483	1,422
Total liabilities	1,483	1,422
Recurring \| Level 1
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	80,557	38,110
Deferred compensation plan liabilities	0	0
Total liabilities	0	0
Recurring \| Level 2
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	144,508	148,562
Deferred compensation plan liabilities	1,483	1,422
Total liabilities	1,483	1,422
Recurring \| Level 3
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	0	0
Deferred compensation plan liabilities	0	0
Total liabilities	0	0
Recurring \| Commercial paper
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	3,989	7,111
Recurring \| Commercial paper \| Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value		2,000
Recurring \| Commercial paper \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Commercial paper \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	3,989	7,111
Recurring \| Commercial paper \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Corporate notes
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	88,275	83,034
Recurring \| Corporate notes \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Corporate notes \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	88,275	83,034
Recurring \| Corporate notes \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government agency bonds
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	9,847	10,651
Recurring \| U.S. government agency bonds \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government agency bonds \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	9,847	10,651
Recurring \| U.S. government agency bonds \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government securities
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	42,397	47,766
Recurring \| U.S. government securities \| Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	42,400	47,800
Recurring \| U.S. government securities \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government securities \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	42,397	47,766
Recurring \| U.S. government securities \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Money market funds
Liabilities that are measured at fair value on a recurring basis
Money market funds	80,557	38,110
Recurring \| Money market funds \| Level 1
Liabilities that are measured at fair value on a recurring basis
Money market funds	80,557	38,110
Recurring \| Money market funds \| Level 2
Liabilities that are measured at fair value on a recurring basis
Money market funds	0	0
Recurring \| Money market funds \| Level 3
Liabilities that are measured at fair value on a recurring basis
Money market funds	$ 0	$ 0

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Valuation of the Company's Investments and Financial Instruments that are Measured at Fair Value on a Recurring Basis

The following table summarizes the valuation of the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:


	September 30, 2026								December 31, 2025
			Fair value measurement category								Fair value measurement category
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	80,557	$	80,557	$	—	$	—	$	38,110	$	38,110	$	—	$	—
Commercial paper (a)	3,989		—		3,989		—		7,111		—		7,111		—
Corporate notes	88,275		—		88,275		—		83,034		—		83,034		—
U.S. government agency bonds	9,847		—		9,847		—		10,651		—		10,651		—
U.S. government securities (a)	42,397		—		42,397		—		47,766		—		47,766		—
	$	225,065	$	80,557	$	144,508	$	—	$	186,672	$	38,110	$	148,562	$	—

Liabilities:
Deferred compensation plan liabilities	$	1,483	$	—	$	1,483	$	—	$	1,422	$	—	$	1,422	$	—
Total liabilities	$	1,483	$	—	$	1,483	$	—	$	1,422	$	—	$	1,422	$	—

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The Company has elected to early adopt the treasury stock retirement guidance (Issue 10) in ASU 2025-12. Under this amendment, the Company has established an accounting policy to record the full repurchase price of shares repurchased and retired as a reduction to common stock, as the Company’s common stock has no par value. The adoption of this update did not have a material impact on total shareholders’ equity. No other new accounting standards were adopted during the nine months ended September 30, 2026. The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”), as noted below: In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. These updates require new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. This standard is effective for annual periods in fiscal years beginning after December 15, 2026, and interim periods within those annual periods beginning after December 15, 2027, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606. The expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of the asset. This amendment is effective for annual periods in fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The standard establishes authoritative guidance in U.S. GAAP about accounting for government grants received by business entities and clarifies the appropriate accounting in an effort to reduce diversity in practice, and increase consistency of application across business entities. It is effective for annual reporting periods beginning after December 15, 2028, and interim periods thereafter, with early adoption permitted, and may be applied prospectively, retrospectively, or with a modified retrospective approach. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Selected Balance Sheet Components -Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total	$ 5,156	$ 5,625
Licensing Agreements
Property, Plant, and Equipment [Line Items]
Useful Life (in years)	12 years	12 years
Cost	$ 7,500	$ 7,500
Accumulated Amortization	(2,344)	(1,875)
Total	$ 5,156	$ 5,625

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stock-Based Compensation - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Stock-Based Compensation
Stock options granted (in shares)	0	13,500	580,440	590,223
Stock options weighted average grant-date fair value (in USD per share)		$ 17.74	$ 19.71	$ 28.59
Restricted stock units
Stock-Based Compensation
Restricted stock units granted (in shares)	10,380	20,760	599,931	576,711
Restricted stock units weighted-average grant date fair value (in USD per share)	$ 42.78	$ 33.95	$ 37.98	$ 51.22

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Vericel Corporation 2022 Omnibus Incentive Plan (“2022 Plan”) was approved on April 27, 2022, and the Vericel Corporation Amended and Restated 2022 Omnibus Incentive Plan (“Amended and Restated 2022 Plan”) was approved on April 30, 2025. The Amended and Restated 2022 Plan provides incentives through the grant of stock options, stock appreciation rights, restricted stock awards and restricted stock units. The exercise price of stock options granted under the Amended and Restated 2022 Plan shall not be less than the fair market value of the Company’s common stock on the date of grant. The Amended and Restated 2022 Plan amended and restated the 2022 Plan, which replaced the 1992 Stock Option Plan, the 2001 Stock Option Plan, the Amended and Restated 2004 Equity Incentive Plan, the 2009 Second Amended and Restated Omnibus Incentive Plan, the 2017 Omnibus Incentive Plan and the Amended and Restated 2019 Omnibus Incentive Plan (collectively the “Prior Plans”), and no new grants have been granted under the Prior Plans after approval of the 2022 Plan. However, the expiration or forfeiture of options previously granted under the Prior Plans will increase the number of shares available for issuance under the Amended and Restated 2022 Plan.

Stock Compensation Expense

Non-cash stock-based compensation expense (service-based stock options, restricted stock units and the employee stock purchase plan) is summarized in the following table:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Cost of product sales	$	899	$	1,029	$	3,311	$	3,279
Research and development	950		1,015		3,293		3,650
Selling, general and administrative	5,974		6,655		21,596		23,415
Total non-cash stock-based compensation expense	$	7,823	$	8,699	$	28,200	$	30,344

Service-Based Stock Options

During the nine months ended September 30, 2026, the Company granted service-based options to purchase common stock of 580,440, at a weighted-average grant-date fair value of $19.71 per option. There were no service-based options granted during the three months ended September 30, 2026. During the three and nine months ended September 30, 2025, the Company granted service-based options to purchase common stock of 13,500 and 590,223, respectively. The weighted-average grant-date fair value of service-based options granted during the three and nine months ended September 30, 2025 was $17.74 and $28.59 per option, respectively.

Restricted Stock Units

During the three and nine months ended September 30, 2026, the Company granted 10,380 and 599,931 restricted stock units, respectively, and 20,760 and 576,711, respectively, for the same periods in 2025. The weighted-average grant-date fair value of restricted stock units granted during the three and nine months ended September 30, 2026 was $42.78 and $37.98 per unit, respectively, and $33.95 and $51.22 per unit, respectively, for the same periods in 2025.

Investments - Schedule of Fair Value of Securities, Not Including Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Amortized Cost	$ 103,166	$ 98,527
Gross Unrealized Gains	10	315
Gross Unrealized Losses	(1,065)	(40)
Credit Losses	0	0
Estimated Fair Value	102,111	98,802
Balance Sheet Location [Axis]: us-gaap:AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
Marketable Securities [Line Items]
Estimated Fair Value	65,336	61,395
Balance Sheet Location [Axis]: us-gaap:ShortTermInvestments
Marketable Securities [Line Items]
Estimated Fair Value	36,775	37,407
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	4,005	5,117
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(16)	(1)
Credit Losses	0	0
Estimated Fair Value	3,989	5,117
Corporate notes
Marketable Securities [Line Items]
Amortized Cost	89,233	82,754
Gross Unrealized Gains	10	308
Gross Unrealized Losses	(968)	(28)
Credit Losses	0	0
Estimated Fair Value	88,275	83,034
U.S. government agency bonds
Marketable Securities [Line Items]
Amortized Cost	9,928	10,656
Gross Unrealized Gains	0	6
Gross Unrealized Losses	(81)	(11)
Credit Losses	0	0
Estimated Fair Value	$ 9,847	$ 10,651

Segment Information - Schedule of Disaggregated Amounts that Comprise Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total selling, general and administrative expenses	$ 43,539	$ 39,817	$ 141,240	$ 123,532
Single Reportable Segment
Segment Reporting [Line Items]
Selling and marketing	25,529	21,200	80,531	66,299
General and administrative	18,010	18,617	60,709	57,233
Total selling, general and administrative expenses	$ 43,539	$ 39,817	$ 141,240	$ 123,532

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

NexoBrid License and Supply Agreements (Details) - MediWound Ltd - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2023	May 31, 2019	Dec. 31, 2022
Related Party Transaction [Line Items]
Consideration payment for license		$ 17.5
Contingent consideration		7.5	$ 7.5
Milestone payments, assumed intangible assets			$ 7.5
Purchases of intangible assets	$ 7.5
Maximum contingent consideration		125.0
Sales threshold for first milestone		$ 75.0
Term of supply agreement		5 years
Renewal term of supply agreement		24 months
Supply agreement additional term		10 years

Shareholders’ Equity	9 Months Ended
Shareholders’ Equity	Sep. 30, 2026
Equity [Abstract]
Shareholders’ Equity	Shareholders’ Equity Repurchase Program In July 2026, the Company’s Board of Directors authorized the repurchase of up to $200.0 million of the Company’s common stock, with no expiration date. The authorization allows for repurchases to be made in the open market, privately negotiated transactions, or otherwise, in accordance with applicable federal securities laws, including through Rule 10b5‐1 trading plans and under Rule 10b‐18 of the Securities Exchange Act of 1934, as amended. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The share repurchase program does not obligate the Company to acquire any specific amount of the Company’s common stock and may be suspended or discontinued at any time at the Company’s discretion. During the three and nine months ended September 30, 2026, the Company repurchased and retired 220,744 shares of its common stock for a total cost of $8.8 million, or an average of $40.08 per share. As of September 30, 2026, the Company had $191.2 million available to repurchase under the repurchase program. Repurchased shares are automatically retired and constitute authorized but unissued shares.

- Definition

The entire disclosure for equity.

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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Oct. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-35280
Entity Registrant Name	VERICEL CORPORATION
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	94-3096597
Entity Address, Address Line One	25 Blue Sky Drive
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	617
Local Phone Number	588-5555
Title of 12(b) Security	Common Stock (No par value)
Trading Symbol	VCEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,029,770
Entity Central Index Key	0000887359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Stock-Based Compensation - Schedule of Non-Cash Stock-Based Compensation Expense (Details) - Employee stock purchase plan and service-based stock options - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	$ 7,823	$ 8,699	$ 28,200	$ 30,344
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	899	1,029	3,311	3,279
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	950	1,015	3,293	3,650
Income Statement Location [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	$ 5,974	$ 6,655	$ 21,596	$ 23,415

NexoBrid License and Supply Agreements	9 Months Ended
NexoBrid License and Supply Agreements	Sep. 30, 2026
Related Party Transactions [Abstract]
NexoBrid License and Supply Agreements	NexoBrid License and Supply Agreements On May 6, 2019, the Company entered into exclusive license and supply agreements with MediWound to commercialize NexoBrid in North America. NexoBrid is a topically-administered biological orphan product containing proteolytic enzymes, for which the FDA approved a BLA in December 2022, permitting the product’s use for the removal of eschar in adults with deep partial-thickness and/or full-thickness thermal burns. Subsequently, in August 2024, the FDA approved a supplemental BLA expanding NexoBrid’s indication to include pediatric patients. Pursuant to the terms of the license agreement, following the FDA’s approval of the BLA for NexoBrid, MediWound transferred the BLA to Vericel. NexoBrid is approved in the European Union (“EU”) and other international markets and has been designated as an orphan biologic in the U.S., EU and other international markets. In May 2019, the Company paid MediWound $17.5 million in consideration for the license, which was recorded as research and development expense during 2019. The FDA’s December 2022 approval of NexoBrid resulted in the achievement of a $7.5 million regulatory milestone payment pursuant to the terms of the license agreement. The Company recorded the $7.5 million milestone for the licensing rights to commercially sell NexoBrid in the U.S. as an intangible asset as of December 31, 2022 (see Note 4, “Selected Balance Sheet Components” for further details). The $7.5 million milestone payment was paid to MediWound in February of 2023. Additionally, the Company is obligated to pay MediWound up to $125.0 million, which is contingent upon meeting certain sales milestones. The first sales milestone payment of $7.5 million would be triggered when annual net sales of NexoBrid or improvements to NexoBrid in North America exceed $75.0 million. As of September 30, 2026, the sales milestone payments are not yet probable and therefore, not recorded as a liability. The Company pays MediWound tiered royalties on net sales ranging from mid-high single-digit to mid-teen percentages, subject to customary reductions. Pursuant to the terms of the Company’s supply agreement with MediWound, MediWound is manufacturing, and will continue to manufacture, NexoBrid for the Company on a unit price basis, which may be increased pursuant to the terms of the supply agreement. MediWound was obligated to supply the Company with NexoBrid for sale in North America on an exclusive basis for the first five years of the term of the supply agreement. Under the supply agreement, the Company possessed the option to extend the initial term of the agreement by an additional 24 months, which it did in May 2022. After the initial term, the Company may extend the supply agreement on an annual basis for up to 10 additional years, at its sole discretion. In March 2025 and March 2026, the Company exercised the first and second of these annual extensions, respectively, extending the term of the supply agreement through at least May 2028. Under the supply agreement, the Company is permitted to establish an alternate source of supply in certain circumstances, including the event of a supply failure.

Net Income (Loss) Per Common Share - Schedule of Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Net Income (Loss) Attributable to Parent [Abstract]
Net income (loss)	$ 14,161	$ 2,206	$ (6,302)	$ 5,074	$ (553)	$ (11,246)	$ 10,065	$ (6,725)
Basic weighted-average common shares outstanding (in shares)	51,186			50,489			51,013	50,256
Effect of dilutive stock options and restricted stock units (in shares)	1,776			1,419			1,446	0
Diluted weighted-average common shares outstanding (in shares)	52,962			51,908			52,459	50,256
Basic income (loss) per common share (in USD per share)	$ 0.28			$ 0.10			$ 0.20	$ (0.13)
Diluted income (loss) per common share (in USD per share)	$ 0.27			$ 0.10			$ 0.19	$ (0.13)
Stock options
Anti-dilutive shares excluded from diluted net income (loss) per common share:
Anti-dilutive shares excluded from diluted net income (loss) per common share (in shares)	2,883			2,996			3,070	5,586
Restricted stock units
Anti-dilutive shares excluded from diluted net income (loss) per common share:
Anti-dilutive shares excluded from diluted net income (loss) per common share (in shares)	3			1,185			10	1,185

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kevin McLaughlin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 19, 2026, Kevin McLaughlin, a member of the Vericel Corporation Board of Directors, entered into a Rule 10b5-1 trading arrangement providing for the potential sale of up to 26,250 shares of our common stock between February 10, 2027 and November 30, 2027.
Name	Kevin McLaughlin
Title	member of the Vericel Corporation Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2026
Expiration Date	November 30, 2027
Arrangement Duration	293 days
Aggregate Available	26,250
Dominick Colangelo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 25, 2026, Dominick Colangelo, Vericel Corporation’s Chief Executive Officer, entered into a Rule 10b5-1 trading arrangement providing for the potential sale of up to 279,307 shares of our common stock between December 9, 2026 and August 27, 2027. All of the shares subject to this arrangement are in the form of stock options that were awarded to Mr. Colangelo on February 7, 2018, and which would otherwise expire and become forfeitable on February 7, 2028.
Name	Dominick Colangelo
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 25, 2026
Expiration Date	August 27, 2027
Arrangement Duration	261 days
Aggregate Available	279,307

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jan. 28, 2022 ft²
Lessee, Lease, Description [Line Items]
Short-term lease costs (less than)	$ 0.1	$ 0.3	$ 0.1	$ 0.3
Operating lease expense	3.0	9.0	3.0	9.0
Finance lease expense (less than)	$ 0.1	$ 0.1	$ 0.1	$ 0.1
25 Network Drive, Burlington, Massachusetts
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²					126

Investments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Investments - Narrative (Details) - USD ($)	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Remaining contractual maturity period			3 years		3 years
Impairments of assets	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company could be a party to various legal proceedings arising in the ordinary course of business. The costs and outcome of litigation, regulatory, investigatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company and could have a material adverse effect on the Company’s results of operations or financial condition. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. If a matter is both probable to result in material liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible material loss or range of loss. If such loss is not probable or cannot be reasonably estimated, a liability is not recorded in its condensed consolidated financial statements. As of September 30, 2026, the Company had no material ongoing litigation in which the Company was a party or any material ongoing regulatory or other proceedings and had no knowledge of any investigations by government or regulatory authorities in which the Company is a target that could have a material adverse effect on its current business.

Net Income (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Common Share

A summary of net income (loss) per common share is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands, except per share amounts)	2026		2025		2026		2025
Net income (loss)	$	14,161	$	5,074	$	10,065	$	(6,725)

Basic weighted-average common shares outstanding	51,186		50,489		51,013		50,256
Effect of dilutive stock options and restricted stock units	1,776		1,419		1,446		—
Diluted weighted-average common shares outstanding	52,962		51,908		52,459		50,256

Basic income (loss) per common share	$	0.28	$	0.10	$	0.20	$	(0.13)
Diluted income (loss) per common share	$	0.27	$	0.10	$	0.19	$	(0.13)

Anti-dilutive shares excluded from diluted net income (loss) per common share:
Stock options	2,883		2,996		3,070		5,586
Restricted stock units	3		1,185		10		1,185

Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

The Company leases facilities in Ann Arbor, Michigan, Cambridge, Massachusetts and Burlington, Massachusetts. The Ann Arbor facility includes office space, and the Cambridge facility includes clean rooms, laboratories for MACI and Epicel manufacturing and office space. The Company also leases certain equipment.

On January 28, 2022, the Company entered into a lease agreement (as amended, the “Burlington Lease”) to lease approximately 126,000 square feet of manufacturing, laboratory and office space in Burlington, Massachusetts. The Burlington facility is complete, and the Company is currently utilizing the facility’s office space. In March 2026, the Company received FDA approval to begin MACI commercial manufacturing at the Burlington facility, and a portion of the tenant improvements to the manufacturing suites and related equipment related to MACI manufacturing were placed in service following the FDA approval. The Company is currently transitioning the Burlington facility’s manufacturing component into the primary manufacturing facility for MACI, and has begun manufacturing a portion of MACI implants at that location. The Company intends that the Burlington facility’s manufacturing component will eventually also become the primary manufacturing facility for Epicel, upon FDA qualification for Epicel manufacturing.

For each of the three and nine months ended September 30, 2026 and 2025, lease expense of less than $0.1 million and less than $0.3 million, respectively, was recorded related to short-term leases. For each of the three and nine months ended September 30, 2026 and 2025, the Company recognized $3.0 million and $9.0 million of operating lease expense, respectively. For each of the three and nine months ended September 30, 2026 and 2025, the Company recognized less than $0.1 million of financing lease expense.

Operating and finance lease assets and liabilities are as follows:


(In thousands)	Classification	September 30, 2026		December 31, 2025
Assets
Operating	Right-of-use assets	$	60,590	$	64,774
Finance	Property and equipment, net	503		686
Total leased assets		$	61,093	$	65,460
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	14,254	$	13,969
Finance	Other current liabilities	116		116
Non-current
Operating	Operating lease liabilities	$	76,319	$	82,284
Finance	Other long-term liabilities	458		522
Total leased liabilities		$	91,147	$	96,891

Leases

Operating and finance lease assets and liabilities are as follows:


(In thousands)	Classification	September 30, 2026		December 31, 2025
Assets
Operating	Right-of-use assets	$	60,590	$	64,774
Finance	Property and equipment, net	503		686
Total leased assets		$	61,093	$	65,460
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	14,254	$	13,969
Finance	Other current liabilities	116		116
Non-current
Operating	Operating lease liabilities	$	76,319	$	82,284
Finance	Other long-term liabilities	458		522
Total leased liabilities		$	91,147	$	96,891

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

The BARDA Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
The BARDA Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Mar. 31, 2026
Related Party Transaction [Line Items]
Revenues	$ 85,371	$ 67,503	$ 231,253	$ 183,341
U.S. Biomedical Advanced Research and Development Authority (BARDA)
Related Party Transaction [Line Items]
Contract term (in years)					10 years
Contract value					$ 196,900
Base period maximum funding					34,900
Initial procurement funds					$ 10,000
Revenues	$ 3,000		$ 3,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 133,493	$ 100,092
Short-term investments	36,775	37,407
Accounts receivable (net of allowance for doubtful accounts of $23 and $13, respectively)	81,798	84,634
Inventory	17,056	17,560
Other current assets	11,648	7,744
Total current assets	280,770	247,437
Property and equipment, net	105,079	108,397
Intangible assets, net	5,156	5,625
Right-of-use assets	60,590	64,774
Long-term investments	65,336	61,395
Other long-term assets	179	341
Total assets	517,110	487,969
Current liabilities:
Accounts payable	19,958	15,828
Accrued expenses	20,391	19,236
Current portion of operating lease liabilities	14,254	13,969
Other current liabilities	116	116
Total current liabilities	54,719	49,149
Operating lease liabilities	76,319	82,284
Other long-term liabilities	1,900	1,896
Total liabilities	132,938	133,329
COMMITMENTS AND CONTINGENCIES (Note 13)
Shareholders’ equity:
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 51,044 and 50,620, respectively	751,459	730,662
Accumulated other comprehensive (loss) gain	(1,055)	275
Accumulated deficit	(366,232)	(376,297)
Total shareholders’ equity	384,172	354,640
Total liabilities and shareholders’ equity	$ 517,110	$ 487,969

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Statement [Abstract]
Product sales, net	$ 85,371	$ 67,503	$ 231,253	$ 183,341
Total revenue	85,371	67,503	231,253	183,341
Cost of product sales	22,761	17,918	62,975	50,870
Gross profit	62,610	49,585	168,278	132,471
Research and development	6,885	6,318	22,482	20,310
Selling, general and administrative	43,539	39,817	141,240	123,532
Total operating expenses	50,424	46,135	163,722	143,842
Income (loss) from operations	12,186	3,450	4,556	(11,371)
Other income (expense):
Interest income	2,152	1,808	5,957	5,122
Interest expense	(160)	(158)	(480)	(468)
Other (expense) income	(17)	(26)	32	(8)
Total other income	1,975	1,624	5,509	4,646
Net income (loss)	$ 14,161	$ 5,074	$ 10,065	$ (6,725)
Net income (loss) per common share:
Basic (in USD per share)	$ 0.28	$ 0.10	$ 0.20	$ (0.13)
Diluted (in USD per share)	$ 0.27	$ 0.10	$ 0.19	$ (0.13)
Weighted-average common shares outstanding:
Basic (in shares)	51,186	50,489	51,013	50,256
Diluted (in shares)	52,962	51,908	52,459	50,256
Revenue, Product and Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]	Product [Member]
Cost, Product and Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]	Product [Member]

Revolving Credit Agreement	9 Months Ended
Revolving Credit Agreement	Sep. 30, 2026
Debt Disclosure [Abstract]
Revolving Credit Agreement	Revolving Credit Agreement On July 29, 2022, the Company, as borrower, entered into a $150.0 million five-year senior secured revolving credit agreement by and among the Company, the other loan parties thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (the “Revolving Credit Agreement”). The Revolving Credit Agreement includes a $15.0 million sub-facility for the issuance of letters of credit, of which the Company is utilizing approximately $6.0 million. Amounts available under the Revolving Credit Agreement are for the working capital needs and other general corporate purposes of the Company. The Company incurred and capitalized approximately $1.1 million of debt issuance costs related to the Revolving Credit Agreement. Outstanding borrowings under the Revolving Credit Agreement bear interest, with pricing based from time to time at the Company’s election at (i) the Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus a spread ranging from 1.25% to 2.50% as determined by the Company’s Total Net Leverage Ratio (as defined in the Revolving Credit Agreement) or (ii) the alternative base rate (as defined in the Revolving Credit Agreement) plus a spread ranging from 0.25% to 1.50% as determined by the Company’s Total Net Leverage Ratio. The Revolving Credit Agreement also includes a commitment fee, which ranges from 0.20% to 0.25% as determined by the Company’s Total Net Leverage Ratio. The Company is permitted to voluntarily prepay borrowings under the Revolving Credit Agreement, in whole or in part, without premium or penalty. On any business day on which the total amount of outstanding Revolving Loans (as defined in the Revolving Credit Agreement) and letters of credit exceeds the total Revolving Commitments (as defined in the Revolving Credit Agreement), the Company must prepay the Revolving Loans in an amount equal to such excess. As of September 30, 2026, there are no outstanding borrowings under the Revolving Credit Agreement. The Revolving Credit Agreement contains a number of affirmative, negative, reporting and financial covenants, in each case subject to certain exceptions and materiality thresholds. The Revolving Credit Agreement requires the Company to be in quarterly compliance, measured on a trailing four quarter basis, with a financial covenant. The maximum Total Net Leverage Ratio (as defined in the Revolving Credit Agreement) is 3.50 to 1.00. The Company may elect to increase the maximum Total Net Leverage Ratio to 4.00 to 1.00 for a period of four consecutive quarters in connection with a Permitted Acquisition (as defined in the Revolving Credit Agreement). The Revolving Credit Agreement contains usual and customary restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness; (ii) create liens; (iii) consolidate, merge, sell or otherwise dispose of all, or substantially all, of its assets; (iv) sell certain assets; (v) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments in certain circumstances; (vi) make certain investments; (vii) repay subordinated indebtedness prior to stated maturity; and (viii) enter into certain transactions with its affiliates. Obligations under the Revolving Credit Agreement are secured by first priority liens over substantially all of the assets of Vericel Corporation, excluding certain subsidiaries (subject to customary exclusions set forth in the Revolving Credit Agreement and the other transaction documents).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-8

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(3))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S50
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+ Details

Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

Marketable debt securities held by the Company are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and carried at fair value in the accompanying condensed consolidated balance sheets on a settlement date basis. The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities:


	September 30, 2026
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	4,005	$	—	$	(16)	$	—	$	3,989
Corporate notes	89,233		10		(968)		—		88,275

U.S. government agency bonds	9,928		—		(81)		—		9,847
	$	103,166	$	10	$	(1,065)	$	—	$	102,111
Classified as:
Short-term investments									$	36,775
Long-term investments									65,336
									$	102,111


	December 31, 2025
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	5,117	$	1	$	(1)	$	—	$	5,117
Corporate notes	82,754		308		(28)		—		83,034

U.S. government agency bonds	10,656		6		(11)		—		10,651
	$	98,527	$	315	$	(40)	$	—	$	98,802
Classified as:
Short-term investments									$	37,407
Long-term investments									61,395
									$	98,802

As of September 30, 2026 and December 31, 2025, all marketable securities held by the Company had remaining contractual maturities of three years or less. There have been no impairments of the Company’s assets measured and carried at fair value during the three and nine months ended September 30, 2026 and 2025.

The BARDA Agreement	9 Months Ended
The BARDA Agreement	Sep. 30, 2026
Related Party Transactions [Abstract]
The BARDA Agreement	The BARDA Agreement On March 31, 2026, the Company entered into a ten-year agreement with the U.S. Biomedical Advanced Research and Development Authority (“BARDA”), part of the Administration for Strategic Preparedness and Response (“ASPR”) within the U.S. Department of Health and Human Services (the “BARDA Agreement”). The BARDA Agreement is valued at up to $196.9 million and details BARDA’s agreement to procure certain quantities of NexoBrid, establish a Vendor Managed Inventory (“VMI”) system for NexoBrid, potentially design and validate a U.S.-based NexoBrid manufacturing facility, and develop a next generation formulation and an additional indication for the product. The BARDA Agreement’s base period encompasses $34.9 million in BARDA funding, which includes approximately $10 million for the initial procurement of NexoBrid for emergency preparedness and VMI establishment, funding for VMI-related services and initial development activities for a potential expanded NexoBrid indication for the treatment of blast trauma injuries. The BARDA Agreement, which became effective on April 1, 2026, also includes optional awards for additional NexoBrid procurement, further clinical development for a potential blast trauma indication, design and validation of a potential U.S.-based manufacturing facility and the development and procurement of a room temperature stable formulation of NexoBrid. The Company recorded $3.0 million in revenue from this agreement during the three and nine months ended September 30, 2026.

Selected Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Line Items]
Depreciation	$ 3.5	$ 2.8	$ 10.0	$ 8.0
Licensing Agreements
Property, Plant, and Equipment [Line Items]
Amortization of intangible assets	$ 0.2	$ 0.5	$ 0.2	$ 0.5

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

+ References

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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
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-Topic 230
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue - Narrative (Details) $ in Millions	9 Months Ended
Revenue - Narrative (Details) $ in Millions	Sep. 30, 2026 USD ($) pharmacy	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Number of specialty pharmacies \| pharmacy	2
Allowance for doubtful accounts	$ 9.6	$ 8.4
Change in estimate of uncollectible (percent)	0.50%
Change in revenue recognized due to 0.5% change in uncollectible percentage	$ 0.6

Selected Balance Sheet Components

9 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Selected Balance Sheet Components

Inventory

Inventory consisted of the following:


(In thousands)	September 30, 2026		December 31, 2025
Raw materials	$	13,348	$	12,953
Work-in-process	1,281		1,584
Finished goods	2,427		3,023
Total inventory	$	17,056	$	17,560

Property and Equipment

Property and Equipment, net consisted of the following:


(In thousands)	September 30, 2026		December 31, 2025
Machinery and equipment	$	26,131	$	14,498
Furniture, fixtures and office equipment	5,302		5,424
Computer equipment and software	19,594		18,953
Leasehold improvements	80,103		76,421
Construction in process	13,270		24,651

Total property and equipment, gross	144,400		139,947
Less accumulated depreciation	(39,321)		(31,550)
Total property and equipment, net	$	105,079	$	108,397

Depreciation expense for the three and nine months ended September 30, 2026 was $3.5 million and $10.0 million, respectively, and $2.8 million and $8.0 million, respectively, for the same periods in 2025.

Intangible Assets

Intangible assets, net consisted of the following:


			September 30, 2026						December 31, 2025
(In thousands)	Useful Life (in years)	Amortization Method	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
NexoBrid license	12	Straight-line	$	7,500	$	(2,344)	$	5,156	$	7,500	$	(1,875)	$	5,625

Amortization expense for each of the three and nine months ended September 30, 2026 and 2025 was $0.2 million and $0.5 million, respectively. The NexoBrid intangible asset is amortized to cost of product sales.

Future amortization expense of intangible assets as of September 30, 2026 is estimated to be as follows:


(In thousands)	Amount
Remainder of 2026	$	156
2027	625
2028	625
2029	625
2030	625
Thereafter	2,500
Total	$	5,156

Accrued Expenses

Accrued Expenses consisted of the following:


(In thousands)	September 30, 2026		December 31, 2025
Bonus-related compensation	$	9,920	$	11,253
Employee-related accruals	4,336		3,009
Insurance reimbursement-related liabilities	2,599		4,401
Accrued rebates	2,725		273
Other accrued expenses	811		300
Total accrued expenses	$	20,391	$	19,236

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Operating activities:
Net income (loss)	$ 10,065	$ (6,725)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization expense	10,514	8,456
Stock-based compensation expense	28,200	30,344
Amortization of premiums and discounts on marketable securities	(133)	(242)
Amortization of debt issuance costs	161	161
Non-cash lease costs	4,184	4,014
Provision for excess and obsolete inventory	300	0
Other	59	(8)
Changes in operating assets and liabilities:
Inventory	204	(782)
Accounts receivable	2,836	949
Other current assets	(3,904)	(719)
Accounts payable	2,568	2,261
Accrued expenses	854	(792)
Operating lease liabilities	(5,680)	(844)
Other non-current assets and liabilities, net	69	823
Net cash provided by operating activities	50,297	36,896
Investing activities:
Purchases of investments	(39,659)	(43,518)
Sales and maturities of investments	35,161	40,946
Expenditures for property and equipment	(5,231)	(24,975)
Net cash used in investing activities	(9,729)	(27,547)
Financing activities:
Net proceeds from common stock issuance	6,390	12,679
Payments on employees’ behalf for taxes related to vesting of restricted stock unit awards	(4,945)	(6,648)
Repurchases of common stock	(8,547)	0
Other	(65)	(26)
Net cash (used in) provided by financing activities	(7,167)	6,005
Net increase in cash, cash equivalents, and restricted cash	33,401	15,354
Cash, cash equivalents, and restricted cash at beginning of period	100,092	85,049
Cash and cash equivalents at end of period	133,493	100,403
Supplemental disclosure of cash flow information:
Additions to property and equipment included in accounts payable	2,406	1,128
Common stock repurchased but not yet settled	$ 300	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		49,628,000
Beginning balance at Dec. 31, 2024	$ 291,967	$ 684,778	$ 4	$ (392,815)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(11,246)			(11,246)
Stock-based compensation expense	11,505	$ 11,505
Stock option exercises (in shares)		398,000
Stock option exercises	9,158	$ 9,158
Shares issued under the Employee Stock Purchase Plan (in shares)		7,000
Shares issued under the Employee Stock Purchase Plan	251	$ 251
Issuance of stock for restricted stock unit vesting (in shares)		332,000
Restricted stock withheld for employee tax remittance (in shares)		(113,000)
Restricted stock withheld for employee tax remittance	(6,280)	$ (6,280)
Unrealized gain (loss) on investments	132		132
Ending balance (in shares) at Mar. 31, 2025		50,252,000
Ending balance at Mar. 31, 2025	295,487	$ 699,412	136	(404,061)
Beginning balance (in shares) at Dec. 31, 2024		49,628,000
Beginning balance at Dec. 31, 2024	291,967	$ 684,778	4	(392,815)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(6,725)
Unrealized gain (loss) on investments	254
Ending balance (in shares) at Sep. 30, 2025		50,550,000
Ending balance at Sep. 30, 2025	321,858	$ 721,140	258	(399,540)
Beginning balance (in shares) at Mar. 31, 2025		50,252,000
Beginning balance at Mar. 31, 2025	295,487	$ 699,412	136	(404,061)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(553)			(553)
Stock-based compensation expense	10,140	$ 10,140
Stock option exercises (in shares)		147,000
Stock option exercises	1,320	$ 1,320
Shares issued under the Employee Stock Purchase Plan (in shares)		13,000
Shares issued under the Employee Stock Purchase Plan	468	$ 468
Issuance of stock for restricted stock unit vesting (in shares)		33,000
Restricted stock withheld for employee tax remittance (in shares)		(4,000)
Restricted stock withheld for employee tax remittance	(100)	$ (100)
Unrealized gain (loss) on investments	47		47
Ending balance (in shares) at Jun. 30, 2025		50,441,000
Ending balance at Jun. 30, 2025	306,809	$ 711,240	183	(404,614)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	5,074			5,074
Stock-based compensation expense	8,699	$ 8,699
Stock option exercises (in shares)		84,000
Stock option exercises	1,097	$ 1,097
Shares issued under the Employee Stock Purchase Plan (in shares)		10,000
Shares issued under the Employee Stock Purchase Plan	385	$ 385
Issuance of stock for restricted stock unit vesting (in shares)		22,000
Restricted stock withheld for employee tax remittance (in shares)		(7,000)
Restricted stock withheld for employee tax remittance	(281)	$ (281)
Unrealized gain (loss) on investments	75		75
Ending balance (in shares) at Sep. 30, 2025		50,550,000
Ending balance at Sep. 30, 2025	$ 321,858	$ 721,140	258	(399,540)
Beginning balance (in shares) at Dec. 31, 2025	50,620,000	50,620,000
Beginning balance at Dec. 31, 2025	$ 354,640	$ 730,662	275	(376,297)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(6,302)			(6,302)
Stock-based compensation expense	11,294	$ 11,294
Stock option exercises (in shares)		129,000
Stock option exercises	1,307	$ 1,307
Shares issued under the Employee Stock Purchase Plan (in shares)		10,000
Shares issued under the Employee Stock Purchase Plan	256	$ 256
Issuance of stock for restricted stock unit vesting (in shares)		371,000
Restricted stock withheld for employee tax remittance (in shares)		(120,000)
Restricted stock withheld for employee tax remittance	(4,521)	$ (4,521)
Unrealized gain (loss) on investments	(443)		(443)
Ending balance (in shares) at Mar. 31, 2026		51,010,000
Ending balance at Mar. 31, 2026	$ 356,231	$ 738,998	(168)	(382,599)
Beginning balance (in shares) at Dec. 31, 2025	50,620,000	50,620,000
Beginning balance at Dec. 31, 2025	$ 354,640	$ 730,662	275	(376,297)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	$ 10,065
Shares repurchased under repurchase program (in shares)	(220,744)
Shares repurchased and retired	$ (8,800)
Unrealized gain (loss) on investments	$ (1,330)
Ending balance (in shares) at Sep. 30, 2026	51,044,000	51,044,000
Ending balance at Sep. 30, 2026	$ 384,172	$ 751,459	(1,055)	(366,232)
Beginning balance (in shares) at Mar. 31, 2026		51,010,000
Beginning balance at Mar. 31, 2026	356,231	$ 738,998	(168)	(382,599)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	2,206			2,206
Stock-based compensation expense	9,083	$ 9,083
Stock option exercises (in shares)		113,000
Stock option exercises	2,318	$ 2,318
Shares issued under the Employee Stock Purchase Plan (in shares)		20,000
Shares issued under the Employee Stock Purchase Plan	540	$ 540
Issuance of stock for restricted stock unit vesting (in shares)		32,000
Restricted stock withheld for employee tax remittance (in shares)		(4,000)
Restricted stock withheld for employee tax remittance	(140)	$ (140)
Unrealized gain (loss) on investments	(197)		(197)
Ending balance (in shares) at Jun. 30, 2026		51,171,000
Ending balance at Jun. 30, 2026	370,041	$ 750,799	(365)	(380,393)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	14,161			14,161
Stock-based compensation expense	7,823	$ 7,823
Stock option exercises (in shares)		63,000
Stock option exercises	1,497	$ 1,497
Shares issued under the Employee Stock Purchase Plan (in shares)		17,000
Shares issued under the Employee Stock Purchase Plan	472	$ 472
Issuance of stock for restricted stock unit vesting (in shares)		20,000
Restricted stock withheld for employee tax remittance (in shares)		(6,000)
Restricted stock withheld for employee tax remittance	$ (285)	$ (285)
Shares repurchased under repurchase program (in shares)	(220,744)	(221,000)
Shares repurchased and retired	$ (8,847)	$ (8,847)
Unrealized gain (loss) on investments	$ (690)		(690)
Ending balance (in shares) at Sep. 30, 2026	51,044,000	51,044,000
Ending balance at Sep. 30, 2026	$ 384,172	$ 751,459	$ (1,055)	$ (366,232)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 23	$ 13
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	51,044,000	50,620,000
Common stock, shares outstanding (in shares)	51,044,000	50,620,000

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
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+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains and Losses

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities:


	September 30, 2026
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	4,005	$	—	$	(16)	$	—	$	3,989
Corporate notes	89,233		10		(968)		—		88,275

U.S. government agency bonds	9,928		—		(81)		—		9,847
	$	103,166	$	10	$	(1,065)	$	—	$	102,111
Classified as:
Short-term investments									$	36,775
Long-term investments									65,336
									$	102,111


	December 31, 2025
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	5,117	$	1	$	(1)	$	—	$	5,117
Corporate notes	82,754		308		(28)		—		83,034

U.S. government agency bonds	10,656		6		(11)		—		10,651
	$	98,527	$	315	$	(40)	$	—	$	98,802
Classified as:
Short-term investments									$	37,407
Long-term investments									61,395
									$	98,802

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Selected Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consisted of the following:


(In thousands)	September 30, 2026		December 31, 2025
Raw materials	$	13,348	$	12,953
Work-in-process	1,281		1,584
Finished goods	2,427		3,023
Total inventory	$	17,056	$	17,560

Schedule of Property and Equipment, Net

Property and Equipment, net consisted of the following:


(In thousands)	September 30, 2026		December 31, 2025
Machinery and equipment	$	26,131	$	14,498
Furniture, fixtures and office equipment	5,302		5,424
Computer equipment and software	19,594		18,953
Leasehold improvements	80,103		76,421
Construction in process	13,270		24,651

Total property and equipment, gross	144,400		139,947
Less accumulated depreciation	(39,321)		(31,550)
Total property and equipment, net	$	105,079	$	108,397

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following:


			September 30, 2026						December 31, 2025
(In thousands)	Useful Life (in years)	Amortization Method	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
NexoBrid license	12	Straight-line	$	7,500	$	(2,344)	$	5,156	$	7,500	$	(1,875)	$	5,625

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Future amortization expense of intangible assets as of September 30, 2026 is estimated to be as follows:


(In thousands)	Amount
Remainder of 2026	$	156
2027	625
2028	625
2029	625
2030	625
Thereafter	2,500
Total	$	5,156

Schedule of Accrued Expenses

Accrued Expenses consisted of the following:


(In thousands)	September 30, 2026		December 31, 2025
Bonus-related compensation	$	9,920	$	11,253
Employee-related accruals	4,336		3,009
Insurance reimbursement-related liabilities	2,599		4,401
Accrued rebates	2,725		273
Other accrued expenses	811		300
Total accrued expenses	$	20,391	$	19,236

Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

A summary of net income (loss) per common share is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in thousands, except per share amounts)	2026		2025		2026		2025
Net income (loss)	$	14,161	$	5,074	$	10,065	$	(6,725)

Basic weighted-average common shares outstanding	51,186		50,489		51,013		50,256
Effect of dilutive stock options and restricted stock units	1,776		1,419		1,446		—
Diluted weighted-average common shares outstanding	52,962		51,908		52,459		50,256

Basic income (loss) per common share	$	0.28	$	0.10	$	0.20	$	(0.13)
Diluted income (loss) per common share	$	0.27	$	0.10	$	0.19	$	(0.13)

Anti-dilutive shares excluded from diluted net income (loss) per common share:
Stock options	2,883		2,996		3,070		5,586
Restricted stock units	3		1,185		10		1,185

Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Schedule of Operating and Finance Lease Assets and Liabilities

Operating and finance lease assets and liabilities are as follows:


(In thousands)	Classification	September 30, 2026		December 31, 2025
Assets
Operating	Right-of-use assets	$	60,590	$	64,774
Finance	Property and equipment, net	503		686
Total leased assets		$	61,093	$	65,460
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	14,254	$	13,969
Finance	Other current liabilities	116		116
Non-current
Operating	Operating lease liabilities	$	76,319	$	82,284
Finance	Other long-term liabilities	458		522
Total leased liabilities		$	91,147	$	96,891

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14,161	$ 5,074	$ 10,065	$ (6,725)
Other comprehensive income (loss):
Unrealized (loss) gain on investments	(690)	75	(1,330)	254
Comprehensive income (loss)	$ 13,471	$ 5,149	$ 8,735	$ (6,471)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Organization (Details) $ in Thousands	3 Months Ended						9 Months Ended
Organization (Details) $ in Thousands	Sep. 30, 2026 USD ($) product	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Sep. 30, 2026 USD ($) product	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of commercial-stage products \| product	3						3
Accumulated deficit	$ 366,232						$ 366,232		$ 376,297
Net income	14,161	$ 2,206	$ (6,302)	$ 5,074	$ (553)	$ (11,246)	10,065	$ (6,725)
Cash and cash equivalents	133,493						133,493		$ 100,092
Investments	$ 102,100						$ 102,100

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

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+ Details

Segment Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Information

The Company operates its business primarily in the U.S. in one reportable segment - the research, product development, manufacture and distribution of cellular therapies and specialty biologics for use in the treatment of specific conditions. The Company is managed on a consolidated basis.

The Company’s Chief Executive Officer was determined to be the Company’s chief operating decision maker (“CODM”). The CODM reviews and evaluates revenue, expenses and consolidated net income (loss), consistent with what is reported on the consolidated statement of operations, for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2026		2025		2026		2025
Selling and marketing	$	25,529	$	21,200	$	80,531	$	66,299
General and administrative	18,010		18,617		60,709		57,233
Total selling, general and administrative expenses	$	43,539	$	39,817	$	141,240	$	123,532

- Definition

The entire disclosure for segment reporting.

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+ Details