BIOLIFE SOLUTIONS INC
For the period ended Mar 31, 2026. Filed May 7, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 7, 2026
BLFS$38.61+3.5%Stored close · as of Oct 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-06.
0001628280-25-050190
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-032148
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 63 current paragraphs.
28 unchanged; 18 reworded; 16 added; 39 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 4 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
References herein to “us”, “we”, or “our” refer to BioLife Solutions, Inc., and its consolidated subsidiaries, and to the “Company” or “BioLife” refer to BioLife Solutions, Inc. only.
Current report
•Cell processing and other products
Current report
During the three months ended March 31, 2026, we changed our inventory valuation method. At December 31, 2025, we valued biopreservation media inventory at cost or, if lower, net realizable value, using the specific identification method. For thaw inventory, we utilized cost or, if lower, net realizable value, using the average costing method. All other inventory was valued using cost or, if lower, net realizable value, using the first-in, first-out method. As of March 31, 2026, all inventories are now valued at cost or, if lower, net realizable value, using the weighted average costing method. We believe this change is preferable as it provides a consistent, uniform costing method for all inventories across the Company and improves comparability with peers. These changes did not have a material effect on inventory, net, cost of revenue, or net income for all periods presented; therefore, prior comparative financial statements have not been restated.
Current report
Revenue
Current report
Cost of revenue and Gross margin
Current report
Cost of revenue increased $2.8 million, or 38%, for the three months ended March 31, 2026 compared to the same period in 2025. The increase during the three months ended March 31, 2026 is primarily due to the increase in sales compared to the same period in the prior year in addition to an increase in sales in lower margin products.
Current report
Gross margin decreased by 3% for the three months ended March 31, 2026 compared to the same period in 2025. The decrease is primarily due to a less favorable product mix compared to the same period in the prior year.
Current report
Operating expenses
Current report
G&A expenses increased $0.9 million, or 8%, for the three months ended March 31, 2026 compared to the same period in 2025. The increase for the three months ended March 31, 2026 is primarily driven by an increase in personnel costs, including stock-based compensation. These increases were offset by a reduction in acquisition costs compared to the same period during the prior year.
Current report
S&M expenses increased $83 thousand, or 3%, for the three months ended March 31, 2026. The increase for the three months ended March 31, 2026 is primarily due to an increase in salaries compared to the same period in the prior year, partially offset by a decrease in spend on advertising materials.
Current report
R&D expenses increased $1.2 million, or 84%, for the three months ended March 31, 2026 compared to the same period in 2025. The increase for the three months ended March 31, 2026 is primarily driven by an increase in personnel costs from the increase in headcount related to the acquisition of PanTHERA during the prior year.
Current report
Other income
Current report
Interest income, net
Current report
Other income
Current report
Other income consists of various non-cash income and expenses, primarily reflecting activity in the accretion or amortization of our available-for-sale securities and other investments. The increase in other income during the three months ended March 31, 2026 is primarily due to increased income from the accretion of our available-for-sale securities in addition to the increase in the balance of our financial instruments measured at fair value.
Current report
Net cash used in financing activities totaled $7.9 million during the three months ended March 31, 2026, compared to $3.0 million used in financing activities during the three months ended March 31, 2025. The increase in net cash used in financing activities was primarily the result of our election to cover minimum statutory tax withholding obligations for the vesting of share based awards in cash rather than through sell-to-cover transactions. This used $5.6 million in cash compared to the prior year. For additional information on our election, see Note 13: Stock-based compensation within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Removed paragraphs (39)
Previous report
On November 14, 2024, the Company entered into a Stock Purchase Agreement (the “CBS Purchase Agreement”), by and among the Company, Standex International Corporation, a Delaware corporation (“CBS Buyer”), and Arctic Solutions, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (doing business as Custom Biogenic Systems, “CBS”), for the sale by the Company of all of the issued and outstanding shares of common stock (the “CBS Shares”) of
Previous report
CBS to CBS Buyer (the “CBS Divestiture”). Upon the execution of the CBS Purchase Agreement, the CBS business is presented in the accompanying Unaudited Condensed Consolidated Financial Statements as a discontinued operation for all periods presented. See Item I, Note 3: Discontinued operations, to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further details regarding the CBS Divestiture.
Previous report
On November 12, 2024, the Company entered into a Stock Purchase Agreement (the “SciSafe Purchase Agreement”), by and among the Company, Subzero Purchaser Corp., a Delaware corporation (“SciSafe Buyer”), SciSafe, Inc., a Delaware corporation and an indirect wholly owned subsidiary of the Company (“SciSafe Seller”), and SciSafe, Inc., a New Jersey corporation and an indirect wholly owned subsidiary of the Company (“SciSafe”), for the sale by SciSafe Seller of all of the issued and outstanding shares of common stock of SciSafe to SciSafe Buyer (the "SciSafe Divestiture"). Upon the execution of the SciSafe Purchase Agreement, the SciSafe business is presented in the accompanying Unaudited Condensed Consolidated Financial Statements as a discontinued operation for all periods presented. The Company dissolved SciSafe Seller on November 12, 2024. See Item I, Note 3: Discontinued operations, to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further details regarding the SciSafe Divestiture.
Previous report
On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock of Global Cooling, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Global Cooling”) to GCI Holdings Company, LLC, an Ohio limited liability company (“GCI Holdings”), pursuant to a Stock Purchase Agreement, dated April 17, 2024 (the “Global Cooling Purchase Agreement”), by and between the Company and GCI Holdings (the “Global Cooling Divestiture”). Upon the execution of the Global Cooling Purchase Agreement, the Global Cooling business is presented in the accompanying Unaudited Condensed Consolidated Financial Statements as a discontinued operation for all periods presented. See Item I, Note 3: Discontinued operations, to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q for further details regarding the Global Cooling Divestiture.
Previous report
•Cell processing
Previous report
•Evo and ThawSTAR devices
Previous report
◦Cloud connected “smart” shipping containers
Previous report
Revenues
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Product revenue
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Product revenue: Cell processing
Previous report
Product revenue from our cell processing products increased by $6.3 million, or 33%, during the three months ended September 30, 2025 compared with the same period in 2024. The increase in product revenue from cell processing products is primarily driven by an increase in demand from customers with commercially approved therapies compared to the same period in the prior year. Additionally, during the three months ended September 30, 2025, we received approximately $1.3 million in revenue that we anticipated for shipment in the fourth quarter of 2025, but shipped early at the request of the customer.
Previous report
Product revenue from our cell processing products increased $16.6 million, or 31%, during the nine months ended September 30, 2025 compared with the same period in 2024. The increase in revenue from cell processing products is driven by an overall market improvement compared to the prior year when our customers reduced safety stock levels. During the six months ended June 30, 2024, our revenues were impacted by our customers' reduction in purchases. This trend of reduced safety stock abated after our second quarter of 2024. Our largest customers additionally increased demand of purchases during the nine months ended September 30, 2025 when compared to the same period in 2024.
Previous report
Product revenue: evo and Thaw
Previous report
Product revenue from our evo and Thaw products increased by $0.1 million, or 8%, during the three months ended September 30, 2025 compared with the same period in 2024. Overall revenue remained relatively consistent for evo and Thaw products between the two periods, with increases in pricing on our Thaw products during the three months ended September 30, 2025 being offset by decreases in volume of consumable products from the evo product line sold during the three months ended September 30, 2025 compared with the same period in 2024.
Previous report
Product revenue from our evo and Thaw products increased by $0.9 million, or 54%, during the nine months ended September 30, 2025 compared with the same period in 2024. The increase in the nine months ended September 30, 2025 is primarily due to new customer acquisitions and an increase in demand and price on our Thaw products compared to the same period in 2024. The increase during the nine months ended September 30, 2025 can also be attributed to timing of returns in the prior year that offset revenues earned on Thaw products during the nine months ended September 30, 2024.
Previous report
Service revenue
Previous report
Service revenues, which are primarily generated from various customer service agreements to provide warranty and other engineering services, were an immaterial portion of our total revenues earned during the three and nine months ended September 30, 2025 and 2024.
Previous report
Rental revenue
Previous report
Rental revenue was $1.8 million for the three months ended September 30, 2025, representing an increase of $0.3 million, or 24%, compared with the same period in 2024. The increase in the three months ended September 30, 2025 is primarily due to an increase in pricing on our rental agreements compared with the same period in 2024.
Previous report
Rental revenue was $5.0 million for the nine months ended September 30, 2025, representing an increase of $0.4 million, or 9%, compared with the same period in 2024. The increase in the nine months ended September 30, 2025 is primarily driven by an increase in pricing on our rental agreements compared with the same period in 2024, which was offset by a decrease in rental agreement volume compared with the same period in 2024.
Previous report
Costs and operating expenses
Previous report
Cost of product, rental, and service revenue
Previous report
Cost of product, rental, and service revenue increased $2.7 million, or 37%, for the three months ended September 30, 2025 compared to the same period in 2024, and increased $7.2 million, or 36%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase during the three and nine months ended September 30, 2025 is primarily due to increases in sales across multiple product lines and an increase in inventory write-offs compared to the same period in the prior year.
Previous report
Cost of revenue inclusive of intangible amortization related to acquired technology as a percentage of revenue was 38% and 37% for the three months ended September 30, 2025, and September 30, 2024, respectively. For the nine months ended September 30, 2025 and September 30, 2024, cost of revenue inclusive of intangible amortization related to acquired technology as a percentage of revenue was 38% and 37%, respectively.
Previous report
Cost of revenue inclusive of intangible amortization related to acquired technology as a percentage of revenue for the three and nine months ended September 30, 2025 remained relatively consistent to the same periods in 2024. Although we experienced increases in sales in our higher margin biopreservation media product line during the three and nine months ended September 30, 2025 compared to the same periods in 2024, we also experienced significant increases in sales of products with higher costs of revenue inclusive of intangible amortization and an increase in inventory write-offs.
Previous report
G&A expenses increased $2.7 million, or 29%, for the three months ended September 30, 2025 compared to the same period in 2024. The increase for the three months ended September 30, 2025 is primarily driven by an increase in personnel costs and professional fees, including increases of $1.5 million in stock-based compensation, $0.3 million in severance costs, and $0.2 million in legal fees. Additionally, during the three months ended September 30, 2024, we recorded $0.7 million in bad debt recovery from the settlement of an account we had previously written-off, which impacted comparability with the three months ended September 30, 2025.
Previous report
G&A expenses increased $5.9 million, or 20%, for the nine months ended September 30, 2025 compared to the same period in 2024. The increase for the nine months ended September 30, 2025 is primarily driven by an increase in personnel costs and professional fees, including increases of $3.2 million in stock-based compensation, $0.7 million in severance costs, $0.5 million in salaries, and $0.5 million in legal fees. Additionally, during the nine months ended September 30, 2024, we recorded $1.0 million in bad debt recovery from the settlement of two accounts we had previously written-off, which impacted comparability with the nine months ended September 30, 2025.
Previous report
S&M expenses increased $21 thousand, or 1%, for the three months ended September 30, 2025, and increased $0.5 million, or 7%, for the nine months ended September 30, 2025 compared to the same periods in 2024. The increase for the three and nine months ended September 30, 2025 is primarily due to an increase in marketing materials expenses and salaries compared to the same periods in the prior year.
Previous report
R&D expenses increased $0.8 million, or 43%, for the three months ended September 30, 2025 compared to the same period in 2024. The increase for the three months ended September 30, 2025 is primarily driven by an increase in personnel costs, including increases of $0.3 million in stock-based compensation, $0.2 million in salaries, and $0.1 million in bonus expenses. We also experienced increases of $0.1 million in supply costs and $0.1 million in consulting costs.
Previous report
R&D expenses increased $1.6 million, or 27%, for the nine months ended September 30, 2025 compared with the same period in 2024. The increase for the nine months ended September 30, 2025 is primarily due to an increase in personnel costs, including increases of $0.5 million in salaries, $0.4 million in stock-based compensation, and $0.4 million in bonus expenses. We also experienced increases of $0.3 million in consulting costs, $0.1 million in supply costs, and $0.1 million in software costs. These increases were offset by lower research milestone payments in relation to our historical PanTHERA Development and License Agreement. For additional information on the details of the PanTHERA Development and License Agreement, see Item 1, Note 2: Acquisition within the Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous report
IPR&D expense
Previous report
IPR&D expense during the nine months ended September 30, 2025 consists of the immediate $15.5 million expense of the IPR&D asset we acquired in the PanTHERA Transaction. For additional information on the details of the PanTHERA Transaction, see Item I, Note 2: Acquisition within the Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous report
Other income (expense)
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Change in fair value of equity investments
Previous report
Reflects the change in fair value of our historical equity investments. During the second quarter of 2024, the Company determined that the fair value of an equity interest was less than its carrying amount, and no longer recoverable. The equity investment was fully impaired as a result of the analysis.
Previous report
Interest income (expense), net
Previous report
On October 6, 2025, the Company entered into the SAVSU Purchase Agreement, by and among the Company and the SAVSU Buyer for the sale by the Company of all of the issued and outstanding shares of common stock of SAVSU to SAVSU Buyer for an aggregate purchase price of $25.5 million (subject to adjustment as set forth in the SAVSU Purchase Agreement). The Company has not yet finalized its accounting for the SAVSU transaction, though expects proceeds from the Transaction to be finalized during the fourth quarter of 2025. For additional information on the SAVSU Transaction, see Item I, Note 20: Subsequent events within the Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous report
On April 17, 2024, we consummated the Global Cooling Divestiture. In connection with the closing of this transaction, we provided $6.7 million in cash funding to effectuate this transaction and paid $0.6 million to the brokers, attorneys, and other external parties. In addition, we recognized $6.1 million in cash expenditures from operations during the third quarter of 2024 to meet certain post-closing requirements, costs to sell Global Cooling, the assumption of certain liabilities and debt, and severance expenses related to the Reduction in Force ("RIF") implemented on the business of Global Cooling, which reduced our workforce by 47 employees. We are also required to indemnify Global Cooling for preexisting legal contingencies. Prior to the Global Cooling Divestiture, a lawsuit was filed by a previous customer related to Global Cooling's commercial freezer products seeking payment of up to $4.0 million for losses the customer claims to have incurred. The product liability claim is subject to insurance recovery, which management believes is probable as enforceable under our insurance policy, covering the entirety of the loss contingency aside from our insurance deductibles. We estimate the legal expenses to be incurred will be immaterial. For additional information on the details of the Global Cooling Divestiture, the RIF and its related costs, see Item I, Note 3: Discontinued operations within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous report
Net cash used in financing activities totaled $8.4 million during the nine months ended September 30, 2025, compared to $2.7 million used in financing activities during the nine months ended September 30, 2024. The increase in net cash used in financing activities was primarily the result of a $7.5 million increase in payments on the Term Loan compared to the same period in the prior year in addition to $2.0 million less in proceeds from financing our insurance premiums during the same period in 2024.
Reworded paragraphs (18)
Previous wording
Management’s discussion and analysis provides additional insight into the Company and is provided as a supplement to, and should be read in conjunction with, our Annual Report.
Current wording
Management’s discussion and analysis provides additional insight into us and is provided as a supplement to, and should be read in conjunction with, our Annual Report.
Previous wording
On October 6, 2025, the Company entered into the Limited Liability Company Membership Interest Purchase Agreement (the “SAVSU Purchase Agreement”), by and between the Company and Peli BioThermal LLC, a Delaware limited liability company (“SAVSU Buyer”) for the sale by the Company of all of the issued and outstanding limited liability company membership interests of SAVSU to SAVSU Buyer (the “SAVSU Transaction”). The divestiture of SAVSU was considered a subsequent event to the financial results presented as of September 30, 2025. SAVSU is therefore presented as a part of our continuing operations as of the three and nine months ended September 30, 2025. For additional information on the divestiture of SAVSU, see Note 20: Subsequent events, to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
Current wording
On October 6, 2025, the Company entered into a Limited Liability Company Membership Interest Purchase Agreement (the “SAVSU Purchase Agreement”), by and between the Company and Peli BioThermal LLC, a Delaware limited liability company (“SAVSU Buyer”), for the sale by the Company of all of the issued and outstanding limited liability company membership interests (the “SAVSU Interests”) of SAVSU Cleo Technologies, LLC, a Delaware limited liability company ("SAVSU"), to SAVSU Buyer (the “SAVSU Divestiture”). SAVSU contained our evo cloud connected “smart” shipping container products that provided passive storage and transport for temperature-sensitive biologics and pharmaceuticals. Upon the execution of the SAVSU Purchase Agreement, the SAVSU business is presented in the accompanying Unaudited Condensed Consolidated Financial Statements as a discontinued operation for all periods presented.
Previous wording
On April 4, 2025, pursuant to a Stock Purchase Agreement (the “PanTHERA Purchase Agreement”), by and among the Company, Casdin Partners Master Fund L.P. and each other person listed on Schedule A thereto (the “PanTHERA Sellers”), 2699979 Alberta LTD., an Alberta corporation and a wholly owned subsidiary of the Company (“PanTHERA Buyer Sub”), PanTHERA CryoSolutions Inc., an Alberta corporation (“PanTHERA”) and Dr. Jason Acker, solely in his capacity as Sellers’ Representative, the Company acquired all of the issued and outstanding shares of common stock of PanTHERA from the Sellers (the “PanTHERA Transaction”). For additional information on the PanTHERA Transaction, see Item I, Note 2: Acquisitionto the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.
Current wording
On April 4, 2025, pursuant to a Stock Purchase Agreement (the “PanTHERA Purchase Agreement”), by and among the Company, Casdin Partners Master Fund L.P. and each other person listed on Schedule A thereto (the “PanTHERA Sellers”), 2699979 Alberta LTD., an Alberta corporation and a wholly owned subsidiary of the Company (“PanTHERA Buyer Sub”), PanTHERA CryoSolutions Inc., an Alberta corporation (“PanTHERA”) and Dr. Jason Acker, solely in his capacity as Sellers’ Representative, the Company acquired the remaining 90% of the issued and outstanding shares of common stock of PanTHERA not owned by the Company from the PanTHERA Sellers (the “PanTHERA Transaction”). PanTHERA contains a patented Ice Recrystallization Inhibitor (“IRI”) GEN 2 cryopreservation technology that we expect to ultimately enhance our core capabilities in biopreservation and within the CGT market upon achievement of commercial viability. For additional information on the acquisition of PanTHERA, see Note 2: Acquisition within the Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous wording
Our bioproduction products and services are comprised of two revenue lines that contain four main offerings:
Current wording
Our bioproduction products and services are comprised of one revenue line that contains three main offerings:
Previous wording
◦Human platelet lysate media (“hPL”), cryogenic vials and rigid containers, and automated cell-processing fill machines
Current wording
◦Human platelet lysate media (“hPL”), cryogenic vials, and automated cell-processing fill machines
Previous wording
Total revenue for the three and nine months ended September 30, 2025 and 2024 consisted of the following:
Current wording
Total revenue for the three months ended March 31, 2026 and 2025 consisted of the following:
Previous wording
Product revenue was $26.3 million for the three months ended September 30, 2025, representing an increase of $6.3 million, or 32%, compared with the same period in 2024, and was $72.3 million for the nine months ended September 30, 2025, representing an increase of $17.5 million, or 32%, compared with the same period in 2024. The increase in product revenues for the three and nine months ended September 30, 2025 was largely driven by an increase in customer demand for our cell processing products compared to the same periods in the prior year.
Current wording
Revenue was $27.5 million for the three months ended March 31, 2026, representing an increase of $5.4 million, or 25%, compared with the same period in 2025. The increase in product revenues for the three months ended March 31, 2026 was largely driven by an increase in customer demand for our biopreservation media products compared to the same period in the prior year.
Previous wording
Total costs and operating expenses for three and nine months ended September 30, 2025 and 2024 were composed of the following:
Current wording
Total costs and operating expenses for three months ended March 31, 2026 and 2025 were composed of the following:
Previous wording
Total other income (expense) for the three and nine months ended September 30, 2025 and 2024 was composed of the following:
Current wording
Total other income for the three months ended March 31, 2026 and 2025 was composed of the following:
Previous wording
Interest income (expense), net incurred during the three and nine months ended September 30, 2025 related primarily to the Term Loan (as defined in Note 13: Long-term debt, to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q) obtained in September 2022 and indirect tax liabilities. We also earn interest on cash held in our money market account and available-for-sale securities. The increase in our interest income (expense), net during the three and nine months ended September 30, 2025 can be attributed to the increases in interest income from our available-for-sale securities compared to the same periods in 2024 in addition to decreases in our long-term debt balance, decreasing interest expenses when compared to the same periods in 2024.
Current wording
Interest income, net incurred during the three months ended March 31, 2026 related primarily to the Term Loan (as defined in Note 12: Long-term debt, to the Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q) and indirect tax liabilities. We also earn interest on cash held in our money market account and available-for-sale securities. The increase in our interest income, net during the three months ended March 31, 2026 can be attributed to the increases in interest income from our available-for-sale securities compared to the same periods in 2025 in addition to decreases in our long-term debt balance, decreasing interest expenses when compared to the same periods in 2025.
Previous wording
On September 30, 2025 and December 31, 2024, we had $98.4 million and $109.2 million in cash, cash equivalents, and available-for-sale securities, respectively.
Current wording
On March 31, 2026 and December 31, 2025, we had $111.5 million and $120.2 million in cash, cash equivalents, and available-for-sale securities, respectively.
Previous wording
On November 12, 2024, we consummated the SciSafe Divestiture. In connection with the closing of this transaction, we received net proceeds of $71.3 million. We also incurred additional expenses related to this transaction, including $0.5 million to the brokers, attorneys, and other external parties for legal and other transaction services, and incurred $0.4 million in severance costs. We also paid the former stockholders of SciSafe approximately $3.3 million in cash to waive all rights with respect to certain potential earn-out payments and recognized $4.0 million in stock compensation expense in connection with the acceleration of unvested shares for all of our former employees that remained with SciSafe upon the closing of this transaction. For additional information on the SciSafe Divestiture, see Item I, Note 3: Discontinued operations within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Current wording
On October 6, 2025, we consummated the SAVSU Divestiture. In connection with the closing of the transaction, we received net proceeds of $23.9 million, including a $2.5 million indemnity holdback which we expect to receive in full one year after the closing date. We also incurred additional expenses related to the SAVSU Divestiture, including $1.5 million to the brokers, attorneys, and other external parties for legal and other transaction services. We also recognized $1.3 million in stock compensation expense in connection with the acceleration of unvested shares for all former employees that remained with SAVSU upon the closing of this transaction in addition to providing a retention bonus for all former employees of $0.5 million. For additional information on the SAVSU Divestiture, see Note 3: Discontinued operations within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous wording
On April 4, 2025, we consummated the PanTHERA Transaction. The aggregate purchase price of the acquisition was $16.8 million, which included $11.5 million in cash and 213,360 shares of our common stock. Additionally, pursuant to the PanTHERA Purchase Agreement, the PanTHERA Sellers are eligible to receive up to $7.2 million in cash or equivalent shares of the Company's common stock (as elected by the PanTHERA Sellers) over a three-year earnout period upon the achievement of certain revenue targets based on the Company's earnings derived from the acquired IRI GEN 2 cryopreservation technology in addition to the achievement of an operational milestone within the first year of the earnout period. For additional information on the PanTHERA Transaction, see Item I, Note 2: Acquisition within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Current wording
PanTHERA Purchase Agreement, the PanTHERA Sellers are eligible to receive up to $7.2 million in cash or equivalent shares of the Company's common stock (as elected by the PanTHERA Sellers) over a three-year earnout period upon the achievement of certain revenue targets based on our earnings derived from the acquired IRI GEN 2 cryopreservation technology in addition to the achievement of an operational milestone within the first year of the earnout period. For additional information on the PanTHERA Transaction, see Item I, Note 2: Acquisition within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.
Previous wording
Based on our current expectations with respect to our future revenue and expenses, we believe that our current level of cash, cash equivalents, and other liquid assets will be sufficient to meet our liquidity needs for at least the next twelve months from the date of the filing of this Quarterly Report on Form 10-Q and for the foreseeable future. However, the Company may choose to raise additional capital through a debt or equity financing for strategic purposes. Additional capital, if required, may not be available on reasonable terms, if at all.
Current wording
Based on our current expectations with respect to our future revenue and expenses, we believe that our current level of cash, cash equivalents, and other liquid assets will be sufficient to meet our liquidity needs for at least the next twelve months from the date of the filing of this Quarterly Report on Form 10-Q and for the foreseeable future. However, we may choose to raise additional capital through a debt or equity financing for strategic purposes. Additional capital, if required, may not be available on reasonable terms, if at all.
Previous wording
Net cash provided by operating activities
Current wording
Net cash (used in) provided by operating activities
Previous wording
Net cash provided by operating activities was $15.2 million during the nine months ended September 30, 2025 compared to $6.8 million provided by operating activities during the nine months ended September 30, 2024. The increase in net cash provided by operating activities was primarily due to stronger revenues compared to the prior year in addition to the timing of collection and disbursement of working capital related items in inventories, prepaid expenses, and accrued expenses.
Current wording
Net cash used in operating activities was $0.5 million during the three months ended March 31, 2026 compared to $1.7 million provided by operating activities during the three months ended March 31, 2025. The increase in net cash used in operating activities was primarily due to the timing of collection and disbursement of working capital related items in accounts receivable, inventories, and accounts payable.
Previous wording
Net cash used in investing activities totaled $72.7 million during the nine months ended September 30, 2025 compared to $15.3 million used in investing activities for the nine months ended September 30, 2024. The increase in net cash used in investing activities was primarily driven by the $61.4 million in additional purchases of our investments in available-for-sale marketable securities and the $2.0 million investment in a convertible promissory note compared to the same period in 2024. This was offset by an increase of $3.8 million in maturities of available-for-sale securities compared to the same period in the prior year. Additionally, during the nine months ended September 30, 2025 and 2024, we made investments in strategic acquisition and divestiture activities. We used $10.2 million in cash for the acquisition of PanTHERA during the nine months ended September 30, 2025. This was $2.8 million less than the cash used for the divestiture of Global Cooling during the second quarter of 2024.
Current wording
Net cash used in investing activities totaled $1.8 million during the three months ended March 31, 2026 compared to $27.2 million used in investing activities for the three months ended March 31, 2025. The decrease in net cash used in investing activities was primarily driven by a decrease of $10.0 million in purchases of our investments in available-for-sale marketable securities. There was additionally an increase of $13.4 million in maturities of available-for-sale securities, providing a greater offset to purchases of available for sale securities than in the prior year.
Previous wording
Purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable pricing provisions and the approximate timing of the transactions. As of September 30, 2025, our total short-term obligations were $7.4 million.
Current wording
Purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable pricing provisions and the approximate timing of the transactions. As of March 31, 2026, our total short-term obligations were $17.3 million.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
On April 4, 2025, we consummated the PanTHERA Transaction. The aggregate purchase price of the acquisition was $16.8 million, which included $11.5 million in cash and 213,360 shares of our common stock. Additionally, pursuant to the
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
On November 14, 2024, we consummated the CBS Divestiture. In connection with the closing of this transaction, we received net proceeds of $3.4 million. We also incurred additional expenses related to this transaction, including $0.1 million to the brokers, attorneys, and other external parties for legal and other transaction services. We also recognized $2.0 million in stock compensation expense in connection with the acceleration of unvested shares for all former employees that remained with CBS upon the closing of this transaction. For additional information on the CBS Divestiture, see Item I,
Previous report — wording carried elsewhere
Note 3: Discontinued operations within the Unaudited Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.