Cryoport, Inc.

Previous wording

This Quarterly Report contains forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 and concern matters that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. In some cases, you can identify these statements by terminology such as “believes,” “may,” “will,” “expects,” “intends,” “estimates,” “anticipates,” “plans,” “seeks,” “continues,” “predicts,” “potential,” “likely,” or “opportunity”, or similar words which are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Reference is made in particular to forward-looking statements regarding our expectations about future business plans, new products or services, regulatory approvals, strategies, development timelines, prospective financial performance and opportunities, including potential acquisitions; expectations about future benefits of our acquisitions and our ability to successfully integrate those businesses and our plans related thereto; liquidity and capital resources; plans relating to our cost reduction and capital realignment measures and expectations about resulting annual cost savings and financial impact; assumptions relating to the impairment of assets; plans relating to any repurchase of our common stock and/or convertible notes; projected trends in the market in which we operate; our expectations relating to current supply chain impacts; inflationary pressures and the effect of foreign currency fluctuations; anticipated regulatory filings or approvals with respect to the products of our clients; expectations about securing and managing strategic relationships with global couriers or large clinical research organizations; our future capital needs and ability to raise capital on favorable terms or at all; results of our research and development efforts; and approval of our patent applications. Forward-looking statements also include, but are not limited to, those related to the anticipated disposition of CRYOPDP (the “CRYOPDP Transaction”), such as the expected timetable for closing the CRYOPDP Transaction, including the satisfaction or waiver of closing conditions, and the expected benefits relating to the CRYOPDP Transaction.

Current wording

This Quarterly Report contains forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 and concern matters that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. In some cases, you can identify these statements by terminology such as “believes,” “may,” “will,” “expects,” “intends,” “estimates,” “anticipates,” “plans,” “seeks,” “continues,” “predicts,” “potential,” “likely,” or “opportunity”, or similar words which are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Reference is made in particular to forward-looking statements regarding our expectations about future business plans, new products or services, regulatory approvals, strategies, development timelines, prospective financial performance and opportunities, including potential acquisitions; expectations about future benefits of our acquisitions and our ability to successfully integrate those businesses and our plans related thereto; expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with DHL; liquidity and capital resources; plans relating to our cost reduction and capital realignment measures and expectations about resulting annual cost savings and financial impact; assumptions relating to the impairment of assets; plans relating to any repurchase of our common stock and/or convertible notes; projected trends in the markets in which we operate; our expectations relating to current supply chain impacts; inflationary pressures and the effect of foreign currency fluctuations; anticipated regulatory filings or approvals with respect to the products of our clients; expectations about securing and managing strategic relationships with global couriers or large clinical research organizations; our future capital needs and ability to raise capital on favorable terms or at all; results of our research and development efforts; and approval of our patent applications.

Previous wording

Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this Quarterly Report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Quarterly Report. You should be aware that these statements are projections or estimates as to future events and are subject to a number of factors that may tend to influence the accuracy of the statements, including, but not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, the impact of tariffs and trade policies, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. Additional risks and uncertainties relating to the CRYOPDP Transaction include, but are not limited to, whether all conditions precedent to the closing of the CRYOPDP Transaction will be satisfied in a timely manner or at all, including regulatory approval under relevant government antitrust and foreign direct investment laws, our ability to retain and hire key personnel, the risk that disruption resulting from the CRYOPDP Transaction may adversely affect our businesses and business relationships, including with employees and suppliers, or delays in satisfying other closing conditions and disruptions in the global credit and financial markets that could have a negative impact on the completion of the CRYOPDP Transaction. Other important factors that could cause our actual results to differ materially from those in our forward-looking statements include those we describe in the reports we file from time to time with the Securities and Exchange Commission (“SEC”), including those contained in this Quarterly Report, in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 7, 2025 (the “2024 Annual Report”), and those reports filed after the date of this Quarterly Report.

Current wording

variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. Additional risks and uncertainties relating to the CRYOPDP Transaction (as defined in this Quarterly Report) include, but are not limited to, our ability to retain and hire key personnel, and the risk that any disruption resulting from the CRYOPDP Transaction may adversely affect our businesses and business relationships, including with employees and suppliers. Other important factors that could cause our actual results to differ materially from those in our forward-looking statements include those we describe in the reports we file from time to time with the Securities and Exchange Commission (“SEC”), including those contained in this Quarterly Report, in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 7, 2025 (the “2024 Annual Report”), and those reports filed after the date of this Quarterly Report.

Previous wording

Forward-looking statements should not be regarded as a representation by the Company or any other person that the events or plans of the Company will be achieved. You should not unduly rely on these forward-looking statements, which speak only as of the

Current wording

Forward-looking statements should not be regarded as a representation by the Company or any other person that the events or plans of the Company will be achieved. You should not unduly rely on these forward-looking statements, which speak only as of the date of this Quarterly Report. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Quarterly Report or to reflect the occurrence of unanticipated events

Previous wording

The following management’s discussion and analysis of the Company’s financial condition and results of operations (“MD&A”) should be read in conjunction with the condensed consolidated balance sheet as of March 31, 2025 (unaudited) and the consolidated balance sheet as of December 31, 2024 (audited) and the related unaudited condensed consolidated statements of operations, comprehensive loss, and stockholders equity for the three months ended March 31, 2025 and 2024, and cash flows for the three months ended March 31, 2025 and 2024 and the related notes thereto (see Part I, Item 1. Financial Statements), as well as the audited consolidated financial statements of the Company for the years ended December 31, 2024, 2023 and 2022, included in the Company’s 2024 Annual Report.

Current wording

The following management’s discussion and analysis of the Company’s financial condition and results of operations (“MD&A”) should be read in conjunction with the condensed consolidated balance sheet as of June 30, 2025 (unaudited) and the consolidated balance sheet as of December 31, 2024 (audited) and the related unaudited condensed consolidated statements of operations, comprehensive loss, and stockholders equity for the three and six months ended June 30, 2025 and 2024, and cash flows for the six months ended June 30, 2025 and 2024 and the related notes thereto (see Part I, Item 1. Financial Statements), as well as the audited consolidated financial statements of the Company for the years ended December 31, 2024, 2023 and 2022, included in the Company’s 2024 Annual Report.

Previous wording

Over the last several years, we have grown to become a leader in supporting the clinical trials and commercial launches of cell and gene therapies globally. As of March 31, 2025, we supported 711 clinical trials, of which 79 were in Phase 3, and 19 commercial therapies. We believe regenerative medicine advanced therapies that successfully advance through the clinical trial process and receive commercial approval from the respective regulatory agencies will represent opportunities to become significant revenue drivers for us as the majority of them will require comprehensive temperature-controlled supply chain support and other services at commercial scale. Additionally, we expect that most will select us as their critical supply chain solution partner as a result of our work in connection with their respective clinical trials and our long track record of innovation and market responsiveness.

Current wording

Over the last several years, we have grown to become a leader in supporting the clinical trials and commercial launches of cell and gene therapies globally. As of June 30, 2025, we supported 728 clinical trials, of which 82 were in Phase 3, and 18 commercial therapies. We believe regenerative medicine advanced therapies that successfully advance through the clinical trial process and receive commercial approval from the respective regulatory agencies will represent opportunities to become significant revenue drivers for us as the majority of them will require comprehensive temperature-controlled supply chain support and other services at commercial scale. Additionally, we expect that most will select us as their critical supply chain solution partner as a result of our work in connection with their respective clinical trials and our long track record of innovation and market responsiveness. The revenue from our support of commercial therapies (Commercial Cell & Gene Therapy revenue) is currently comprised of BioLogistics Solutions revenue and Life Sciences Products revenue.

Previous wording

In addition, we also support the animal health market and the human reproductive market on a global basis with an advanced temperature-controlled supply chain platform. The animal health market is primarily composed of supporting animal husbandry, and companion and recreation animal health. The human reproductive market is primarily composed of In-Vitro Fertilization (IVF) support for patients and fertility clinics.

Current wording

In addition, we also support the animal health market and the human reproductive market on a global basis with an advanced temperature-controlled supply chain platform. The animal health market is primarily composed of supporting animal husbandry, and

Previous wording

On March 31, 2025, the Company entered into a Sale and Purchase Agreement (the “Agreement”) with DHL Supply Chain International Holding B.V. (the “Purchaser”, “DHL”), pursuant to which the Company would divest its CRYOPDP specialty courier business, an operating segment within its Life Sciences Services reportable segment and enter into certain ancillary agreements, including a master partnership agreement, which provides a framework for the Company, Purchaser, and CRYOPDP to provide their respective services to each other’s customers, and a transitional services agreement, pursuant to which, among other things, certain entities of the Company will provide certain operational transition services to Purchaser for a period of time after the closing. The divestiture and strategic partnership with DHL are expected to enhance the Company’s ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company’s long-term growth strategy.

Current wording

On June 11, 2025, the Company completed the previously disclosed divestiture of its specialty courier CRYOPDP business to designated affiliates of DHL Supply Chain International Holding B.V. (“DHL”) for $133.0 million. Pursuant to the terms of the sale and purchase agreement (the “Agreement”), DHL acquired 100% of the capital stock and voting rights of certain entities conducting business under the trade name “CryoPDP”, including each of PDP Courier Services (USA), Inc., Courier Polar Expres S.L., Advanced Therapy Logistics and Solutions, SAS and Cryo Express GmbH (collectively, the “Transaction”). The Transaction also includes the repayment of approximately $77.2 million of outstanding intercompany loans owed by CRYOPDP to the Company. The Company and DHL also entered into certain related transaction agreements at the closing date of the Transaction, including a master partnership agreement, a transition services agreement and other customary agreements. The divestiture and strategic partnership with DHL are expected to enhance the Company’s ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company’s long-term growth strategy.

Previous wording

Life Sciences Products revenue increased by $0.4 million, or 2.1%, from $17.8 million to $18.2 million for the three months ended March 31, 2025, as compared to the same period in 2024. Life Sciences Products revenue consists primarily of revenue from our portfolio of cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities, which includes the rapidly growing Cell and Gene Therapy market through a global network of distributors and direct client relationships.

Current wording

Life Sciences Products revenue increased by $1.5 million, or 7.8%, from $19.6 million to $21.1 million for the three months ended June 30, 2025, as compared to the same period in 2024. Life Sciences Products revenue consists primarily of revenue from our portfolio of cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities, which includes the rapidly growing Cell and Gene Therapy market through a global network of distributors and direct client relationships. Life Sciences Products revenue was primarily driven by demand from customers in the EMEA and APAC regions and strong demand from Animal Health customers in the Americas. Commercial Cell & Gene therapy revenue included in Life Sciences Products revenue was $1.2 million and $0.9 million for the three months ended June 30, 2025 and 2024.

Previous wording

Gross margin and cost of revenue. Gross margin for the three months ended March 31, 2025 was 45.4% of total revenue, as compared to 40.4% of total revenue for the three months ended March 31, 2024. Cost of total revenue increased $0.2 million to $22.4 million for the three months ended March 31, 2025, as compared to $22.2 million in the same period in 2024.

Current wording

Gross margin and cost of revenue. Gross margin for the three months ended June 30, 2025 was 47.0% of total revenue, as compared to 44.5% of total revenue for the three months ended June 30, 2024. Cost of total revenue increased $2.0 million to $24.1 million for the three months ended June 30, 2025, as compared to $22.0 million in the same period in 2024.

Previous wording

Gross margin for our Life Sciences Services revenue was 47.9%, as compared to 43.5% for the three months ended March 31, 2024. Our cost of revenue is primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions.

Current wording

Gross margin for our Life Sciences Services revenue was 48.9%, as compared to 46.7% for the three months ended June 30, 2024. Our cost of revenue is primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions.

Previous wording

Gross margin for our Life Sciences Products revenue was 42.3%, as compared to 37.0% for the three months ended March 31, 2024. Life Sciences Products revenue, related cost of revenue and resulting gross margins were primarily driven by our MVE Biological Solutions business. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process were included in cost of products revenues.

Current wording

Gross margin for our Life Sciences Products revenue was 44.9%, as compared to 42.2% for the three months ended June 30, 2024. Life Sciences Products revenue, related cost of revenue and resulting gross margins were primarily driven by our MVE Biological Solutions business. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process were included in cost of products revenue.

Previous wording

Engineering and development expenses**.** Engineering and development expenses decreased by $0.8 million, or 17.2%, for the three months ended March 31, 2025, as compared to the same period in 2024. The decrease was primarily due to a decrease of $0.4 million in wages and associated employee costs and a decrease of $0.2 million for stock compensation expense. We continually strive to improve and expand the features of our Cryoport Express®, Cryoport ELITE™ Solutions and portfolio of temperature-controlled services and products. Our primary developments are directed towards facilitating the safe, reliable and efficient transport and storage of life science commodities through innovative and technology-based solutions. This includes significantly enhancing our Cryoportal® Logistics Management Platform and related technology solutions as well as developments to expand our Cryoport Express® and shipper fleet. In addition, engineering and development efforts are also focused on MVE Biological Solutions’ portfolio of advanced cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities. We supplement our internal engineering and development resources with subject matter experts and consultants to enhance our capabilities and shorten development cycles.

Current wording

Engineering and development expenses**.** Engineering and development expenses decreased by $0.5 million, or 11.4%, for the three months ended June 30, 2025, as compared to the same period in 2024. The decrease was primarily due to a decrease of $0.2 million in wages and associated employee costs and a decrease of $0.2 million for stock compensation expense. We continually strive to improve and expand the features of our Cryoport Express®, Cryoport ELITE™ Solutions and portfolio of temperature-controlled services and products. Our primary developments are directed towards facilitating the safe, reliable and efficient transport and storage of life science commodities through innovative and technology-based solutions. This includes significantly enhancing our Cryoportal® Logistics Management Platform and related technology solutions as well as developments to expand our Cryoport Express® and shipper fleet. In addition, engineering and development efforts are also focused on MVE Biological Solutions’ portfolio of advanced cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities. We supplement our internal engineering and development resources with subject matter experts and consultants to enhance our capabilities and shorten development cycles.

Previous wording

Investment Income. Investment income decreased by $1.0 million for the three months ended March 31, 2025, as compared to the prior year.

Current wording

Investment income. Investment income decreased by $1.3 million for the three months ended June 30, 2025, as compared to the prior year.

Previous wording

Interest expense**.** Interest expense decreased by $0.7 million for the three months ended March 31, 2025, as compared to the prior year.

Current wording

Interest expense**.** Interest expense decreased by $0.6 million for the three months ended June 30, 2025, as compared to the prior year.

Previous wording

Other income, net. Other income, net decreased by $1.6 million for the three months ended March 31, 2025, as compared to the prior year. This was primarily due to a decrease of $1.9 million in short-term investment net unrealized gains, which was partially offset by a decrease of $0.4 million in foreign currency loss.

Current wording

Other income (expense), net. Other income (expense), net decreased by $1.9 million for the three months ended June 30, 2025, as compared to the prior year. This was primarily due to a decrease of $1.7 million related to foreign currency due to current period net losses, and a decrease of $0.3 million in short-term investment net unrealized losses.

Previous wording

Provision for income taxes. The provision for income taxes increased by $0.1 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, resulting in effective tax rates of negative 2.7% and negative 1.4%, respectively. The increase in tax expense and effective tax rate for the three months ended March 31, 2025, as compared to the prior year is due to higher taxable foreign earnings. The negative effective tax rate of 2.7% for the three months ended March 31, 2025, differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation.

Current wording

Provision for income taxes. The provision for income taxes increased by $0.2 million for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, resulting in effective tax rates of negative 2.3% and negative 0.1%, respectively. The decrease in tax expense and the decrease in the effective tax rate for the three months ended June 30, 2025, as compared to the prior year is primarily due to the impairment loss incurred in the three months ended June 30, 2024, and the allocation to discontinued operations. The effective tax rate of negative 2.3% for the three months ended June 30, 2025, differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation.

Previous wording

Discontinued operations. Revenue from discontinued operations decreased by $0.2 million, or 1.2%, from $17.3 million to $17.1 million for the three months ended March 31, 2025, as compared to the same period in 2024. Loss from discontinued operations, net of income tax decreased $0.9 million, or 23.5%, from $3.9 million to $3.0 million for the three months ended March 31, 2025, as compared to the same period in 2024. This was primarily due to cost reduction initiatives implemented during 2024.

Current wording

Discontinued operations. Revenue from discontinued operations decreased by $2.0 million, or 11.2%, from $17.9 million to $15.9 million for the three months ended June 30, 2025, as compared to the same period in 2024. Income from discontinued operations, net of income tax increased $118.8 million for the three months ended June 30, 2025, as compared to the same period in 2024, due to the gain on sale of the CRYOPDP business recorded in discontinued operations in 2025.

Previous wording

Life Sciences Services revenue increased by $3.4 million, or 17.3%, from $19.5 million to $22.9 million for the three months ended March 31, 2025, as compared to the same period in 2024. This increase was driven by year-over-year growth in BioStorage/BioServices and Commercial Cell & Gene therapy revenue of 22.8% and 32.9%, respectively, demonstrating strong demand for our services offerings. We also continued to gain clinical trial market share with Cryoport supporting a total of 711 clinical trials globally at March 31, 2025, of which 79 of these clinical trials were in phase 3, representing an overall increase of 36 clinical trials from 675 clinical trials at March 31, 2024. Our company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of cell & gene therapies and our future growth.

Current wording

offerings. Commercial Cell & Gene therapy revenue included in BioLogistics Solutions revenue was $14.6 million for the six months ended June 30, 2025, representing a 31.5% year-over-year increase from $11.1 million in the prior year period. We also continued to gain clinical trial market share with Cryoport supporting a total of 728 clinical trials globally at June 30, 2025, of which 82 of these clinical trials were in phase 3, representing an overall increase of 53 clinical trials from 675 clinical trials at year end 2024. Our company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of cell & gene therapies and our future growth.

Previous wording

Selling, general and administrative expenses**.** Selling, general and administrative (“SG&A”) expenses include the costs associated with selling our services and products, costs required to support our marketing efforts including legal, accounting, patent, and shareholder services, amortization of intangible assets and other administrative functions.

Current wording

Selling, general and administrative expenses**.** Selling, general and administrative (“SG&A”) expenses include the costs associated with selling our products and services and costs required to support our marketing efforts including legal, accounting, patent, shareholder services, amortization of intangible assets and other administrative functions.

Previous wording

SG&A expenses decreased by $3.6 million, or 13.0% as compared to the same period in 2024. This decrease was primarily driven by the decrease in contingent consideration of $5.2 million, and decrease of $1.3 million in stock compensation. These decreases were offset by divestiture costs of $2.4 million related to the purchase agreement with DHL to divest the CRYOPDP operating segment. Facility and other overhead allocations increased $0.7 million and depreciation and amortization increased $0.3 million, primarily due to additional fixed assets purchased or acquired due to the build out of facilities in Houston.

Current wording

SG&A expenses decreased by $6.2 million, or 11.3% as compared to the same period in 2024. This decrease was primarily driven by the decrease in contingent consideration of $4.5 million and the decrease of $3.1 million in stock compensation. These decreases were offset by facility and other overhead allocations increase of $1.2 million.

Previous wording

Adjusted EBITDA is defined as loss from continuing operations adjusted for interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, divestiture costs, investment income, unrealized gain or loss on investments, foreign currency gain or loss, gain on insurance claim, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.

Current wording

Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized gain or loss on investments, foreign currency gain or loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.

Previous wording

We believe that revenue growth is a key indicator of how our Company is progressing from period to period and we believe that the non-GAAP financial measure “revenue at constant currency” is useful to investors in analyzing the underlying trends in revenue. Under U.S. GAAP, revenue received in local (non-U.S. dollar) currency is translated into U.S. dollars at the average exchange rate for the period presented. As a result, fluctuations in foreign currency exchange rates affect the results of our operations and the value of our foreign assets and liabilities, which in turn may adversely affect results of operations and cash flows and the comparability of period-to-period results of operations. When we use the term “constant currency,” it means that we have translated local currency revenue for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenue into U.S. dollars that we used to translate local currency revenue for the comparable reporting period of the prior year.

Current wording

We believe that revenue growth is a key indicator of how our Company is progressing from period to period and we believe that the non-GAAP financial measure “revenue at constant currency” is useful to investors in analyzing the underlying trends in revenue. Under U.S. GAAP, revenue received in local (non-U.S. dollar) currency is translated into U.S. dollars at the average exchange rate for the period presented. As a result, fluctuations in foreign currency exchange rates affect the results of our operations and the value of our foreign assets and liabilities, which in turn may affect results of operations and cash flows and the comparability of period-to-period results of operations. When we use the term “constant currency,” it means that we have translated local currency revenue for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenue into U.S. dollars that we used to translate local currency revenue for the comparable reporting period of the prior year.

Previous wording

Recent fluctuations in foreign currency exchange rates has adversely impacted our results of operations and cash flow from our operations in EMEA and APAC. For the three months ended March 31, 2025, our revenue would have been $0.3 million higher in constant currency.

Current wording

Recent fluctuations in foreign currency exchange rates have favorably impacted our results of operations and cash flows from our operations in EMEA and APAC. Our revenue would have been $0.3 million lower in constant currency for the three months ended June 30, 2025. Our revenue would have remained flat in constant currency for the six months ended June 30, 2025.

Previous wording

As of March 31, 2025, the Company had cash and cash equivalents of $36.1 million, $207.9 million in short-term investments and had working capital of $337.2 million. We expect to continue to incur significant expenses in the foreseeable future and to incur operating losses in the near term while we make investments in new supply chain initiatives, geographic expansion and technology to support our anticipated growth, and repay our 2025 Convertible Senior Notes. Historically, we have financed our operations primarily through sales of equity securities and debt instruments.

Current wording

As of June 30, 2025, the Company had cash and cash equivalents of $243.4 million, $182.6 million in short-term investments and had working capital of $459.3 million. We expect to continue to incur significant expenses in the foreseeable future and to incur operating losses in the near term while we make investments in new supply chain initiatives, geographic expansion and technology to support our anticipated growth. Historically, we have financed our operations primarily through sales of equity securities and debt instruments. Following the sale of the CRYOPDP business, we expect to use the net proceeds for general corporate purposes.

Previous wording

For the three months ended March 31, 2025, our cash used in operating activities of $4.3 million reflects the net loss of $12.0 million offset by non-cash expenses of $8.7 million primarily comprised of $7.6 million of depreciation and amortization, $3.7 million of stock-based compensation, $1.9 million of non-cash operating lease expense, which was partially offset by a gain recognized on the change in fair value of contingent consideration of $5.2 million, and a gain on available-for-sale investments of $0.9 million. Also contributing to the cash impact of our net operating loss, excluding non-cash items wasan increase in inventories of $2.3 million, a decrease in accounts payable and other accrued expenses of $0.8 million, and a decrease in operating lease liabilities of $1.3 million, which were partially offset by an increase in accrued compensation and related expenses of $1.6 million, a decrease in accounts receivable of $0.8 million, and an increase in deferred revenue of $0.7 million.

Current wording

For the six months ended June 30, 2025, our cash used in operating activities of $11.7 million reflects the net income of $93.2 million offset by non-cash income of $94.8 million primarily comprised of the gain on sale of CRYOPDP of $116.7 million, and a change in contingent consideration of $5.2 million, which was partially offset by $14.9 million of depreciation and amortization, $6.1 million of stock-based compensation, $4.0 million of non-cash operating lease expense, and a loss on available-for-sale investments of $1.9 million. Also contributing to the cash impact of our net operating loss, excluding non-cash items was an increase in accounts receivable of $5.9 million, a decrease in operating lease liabilities of $2.9 million, an increase in inventories of $1.7 million, a decrease in accrued compensation and related expenses of $1.6 million, and a decrease in accounts payable and other accrued expenses of $2.6 million, which were partially offset by, a decrease in prepaid expenses and other current assets of $3.2 million.

Previous wording

Net cash provided by investing activities of $5.9 million during the three months ended March 31, 2025 was primarily due to the maturity of short-term investments of $10.0 million, which was partially offset by facility expansions (including leasehold improvements, furniture and equipment) and additional purchases of Cryoport Express® Shippers, Smart Pak IITM Condition Monitoring Systems, freezers and computer equipment for $3.2 million.

Current wording

Net cash provided by investing activities of $236.0 million during the six months ended June 30, 2025 was primarily due to the proceeds from the sale of CRYOPDP of $210.2 million and the maturity of short-term investments of $36.0 million, which was partially offset by facility expansions (including leasehold improvements, furniture and equipment) and additional purchases of Cryoport Express® Shippers, Smart Pak IITM Condition Monitoring Systems, freezers and computer equipment for $7.5 million.

Previous wording

Net cash used in financing activities totaled $0.2 million during the three months ended March 31, 2025.

Current wording

Net cash used in financing activities totaled $16.1 million during the six months ended June 30, 2025, as a result of $14.3 million paid for the repayment of 2025 Senior Notes and $4.3 million paid for the repurchase of common stock, partially offset by proceeds of $3.0 million from the exercise of stock options.

Previous wording

In March 2022, the Company’s Board of Directors authorized a repurchase program (the “2022 Repurchase Program”) through December 31, 2025, authorizing the repurchase of common stock and/or Convertible Senior Notes in the amount of up to $100.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion. The size and timing of any repurchases under the 2022 Repurchase Program will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements.

Current wording

In March 2022, the Company’s Board of Directors authorized a repurchase program (the “2022 Repurchase Program”) through December 31, 2025, authorizing the repurchase of common stock and/or Convertible Senior Notes in the amount of up to $100.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion.

Previous wording

In August 2024, the Company’s Board of Directors authorized a repurchase program through December 31, 2027, authorizing the repurchase of common stock and/or convertible senior notes in the amount of up to $200.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion (the “2024 Repurchase Program” and, together with the 2022 Repurchase Program, the “Repurchase Programs”). The size and timing of any repurchases under the 2024 Repurchase Program will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements. The authorized amount under the 2024 Repurchase Program was in addition to the 2022 Repurchase Program and did not modify the 2022 Repurchase Program.

Current wording

In August 2024, the Company’s Board of Directors authorized a repurchase program through December 31, 2027, authorizing the repurchase of common stock and/or convertible senior notes in the amount of up to $200.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion (the “2024 Repurchase Program” and, together with the 2022 Repurchase Program, the “Repurchase Programs”). The authorized amount under the 2024 Repurchase Program was in addition to the 2022 Repurchase Program and did not modify the 2022 Repurchase Program. The size and timing of any repurchases under the Repurchase Programs will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements.

Previous wording

Additionally, in August 2024, the Company repurchased approximately $160.0 million aggregate principal amount of the 2026 Convertible Senior Notes for a cash repurchase price of $141.6 million, plus accrued and unpaid interest. The repurchase was made pursuant to the 2024 Repurchase Program.

Current wording

During the six months ended June 30, 2024, the Company repurchased $25.0 million aggregate principal amount of the Company’s 0.75% Convertible Senior Notes due in 2026 (the “2026 Senior Notes”) for an aggregate cash repurchase price of $21.6 million, plus accrued and unpaid interest. The repurchase was made pursuant to the 2022 Repurchase Program.

Previous wording

As of March 31, 2025, the Company has approximately $14.3 million and $186.2 million in principal amount of the 2025 Convertible Senior Notes and the 2026 Convertible Senior Notes outstanding and has approximately $73.9 million of repurchase authorization available under the Repurchase Programs. For additional information about the Convertible Senior Notes, see Note 11 in our accompanying consolidated financial statements.

Current wording

As of June 30, 2025, the Company has approximately $186.2 million in principal amount of the 2026 Senior Notes outstanding and has approximately $69.7 million of repurchase authorization available under the Repurchase Programs.