Vericel Corp
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
VCEL$59.03+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
Table of Contents
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net income (loss) | $16,518 | $10,362 | $(3,182) |
| Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||
| Depreciation and amortization expense | 11,544 | 5,504 | 4,632 |
| Stock-based compensation expense | 38,767 | 36,495 | 32,325 |
| Amortization of premiums and discounts on marketable securities | (183) | (657) | (824) |
| Amortization of debt issuance costs | 215 | 215 | 215 |
| Non-cash lease costs | 5,350 | 6,651 | 6,070 |
| Provision for excess and obsolete inventory | 1,043 | — | — |
| Other | 13 | 43 | 39 |
| Changes in operating assets and liabilities: | |||
| Inventory | (1,230) | (4,286) | 2,899 |
| Accounts receivable | (23,259) | (3,019) | (11,817) |
| Other current assets | (457) | (434) | (1,733) |
| Accounts payable | 2,974 | (287) | 3,049 |
| Accrued expenses | 2,171 | (149) | 1,025 |
| Operating lease liabilities | (2,623) | 7,520 | 2,513 |
| Other non-current assets and liabilities, net | 1,067 | 205 | 100 |
| Net cash provided by operating activities | 51,910 | 58,163 | 35,311 |
| Investing activities: | |||
| Purchases of investments | (72,371) | (68,211) | (55,225) |
| Sales and maturities of investments | 55,596 | 53,151 | 79,608 |
| Expenditures for property and equipment | (27,162) | (63,974) | (20,013) |
| Purchases of intangible assets | — | — | (7,500) |
| Net cash used in investing activities | (43,937) | (79,034) | (3,130) |
| Financing activities: | |||
| Net proceeds from common stock issuance | 13,934 | 24,516 | 6,000 |
| Payments on employee's behalf for taxes related to vesting of restricted stock unit awards | (6,817) | (5,462) | (2,341) |
| Other | (47) | — | (41) |
| Net cash provided by financing activities | 7,070 | 19,054 | 3,618 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 15,043 | (1,817) | 35,799 |
| Cash, cash equivalents, and restricted cash at beginning of period | 85,049 | 86,866 | 51,067 |
| Cash, cash equivalents, and restricted cash at end of period | $100,092 | $85,049 | $86,866 |
Table of Contents
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosure of cash flow information: | |||
| Non-cash information: | |||
| Right-of-use assets and operating lease liabilities recognized | $— | $3,287 | $37,960 |
| Property and equipment obtained in exchange for financing lease liabilities | — | 686 | — |
| Additions to property and equipment included in accounts payable | 891 | 11,898 | 10,152 |
| Cash information: | |||
| Interest paid | $489 | $399 | $383 |
| Taxes paid | $580 | $628 | $1,166 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Reconciliation of amounts within the consolidated balance sheets: | |||
| Cash and cash equivalents | $100,092 | $74,520 | $69,088 |
| Restricted cash | — | 10,529 | 17,778 |
| Total cash, cash equivalents, and restricted cash at end of period | $100,092 | $85,049 | $86,866 |
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