$BLFS

BIOLIFE SOLUTIONS INC

CIK:0000834365|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 28,466	$ 23,438	$ 55,966	$ 45,492
Cost of revenue	10,179	8,203	20,182	15,457
Gross profit	18,287	15,235	35,784	30,035
Operating expenses:
General and administrative	10,694	11,232	22,901	22,582
Sales and marketing	2,782	2,577	5,308	5,020
Research and development	2,958	1,965	5,608	3,404
IPR&D expense	0	15,521	0	15,521
Intangible asset amortization	157	66	242	132
Total operating expenses	16,591	31,361	34,059	46,659
Operating income (loss)	1,696	(16,126)	1,725	(16,624)
Other income:
Interest income, net	994	684	2,035	1,365
Other income	63	247	242	349
Total other income, net	1,057	931	2,277	1,714
Income (loss) before income tax (benefit) expense	2,753	(15,195)	4,002	(14,910)
Income tax (benefit) expense	(42,351)	126	(42,288)	140
Net income (loss) from continuing operations	45,104	(15,321)	46,290	(15,050)
Discontinued operations:
Loss from discontinued operations before income tax benefit	0	(517)	0	(1,236)
Income tax benefit	0	0	0	0
Loss from discontinued operations	0	(517)	0	(1,236)
Net income (loss)	$ 45,104	$ (15,838)	$ 46,290	$ (16,286)
Net income (loss) per share - Basic:
Continuing operations (in dollars per share)	$ 0.92	$ (0.32)	$ 0.95	$ (0.31)
Discontinued operations (in dollars per share)	0	(0.01)	0	(0.03)
Net income (loss) per share (in dollars per share)	0.92	(0.33)	0.95	(0.34)
Net income (loss) per share - Diluted:
Continuing operations (in dollars per share)	0.91	(0.32)	0.94	(0.31)
Discontinued operations (in dollars per share)	0	(0.01)	0	(0.03)
Net income per share (in dollars per share)	$ 0.91	$ (0.33)	$ 0.94	$ (0.34)
Weighted average shares used to compute income (loss) per share:
Basic (in shares)	48,866,822	47,798,146	48,663,807	47,468,266
Diluted (in shares)	49,294,679	47,798,146	49,259,528	47,468,266

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 46,290	$ (16,286)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	785	1,356
Amortization of intangible assets	723	1,410
Stock-based compensation	8,660	10,012
Non-cash lease expense	1,661	670
Deferred income tax (benefit) expense	(42,422)	51
Accretion of available-for-sale investments	(197)	(305)
Gain on disposal of assets held for rent, net	0	343
IPR&D expense	0	15,521
Change in operating assets and liabilities
Accounts receivable, trade, net	(2,699)	(892)
Inventories	(5,436)	1,260
Prepaid expenses and other assets	2,972	423
Accounts payable	836	(455)
Accrued expenses and other current liabilities	(5,155)	(3,388)
Sales taxes payable	(187)	(625)
Other	26	0
Net cash provided by operating activities	5,857	9,095
Cash flows from investing activities
Purchases of available-for-sale securities	(35,355)	(64,303)
Proceeds from sale of available-for-sale securities	4,690	1,755
Maturities of available-for-sale securities	28,586	8,390
Purchases of assets held for rent	0	(412)
Purchases of property and equipment	(1,210)	(1,918)
Investment in IPR&D	0	(10,221)
Purchase of intangible assets	(120)	0
Net cash used in investing activities	(3,409)	(66,709)
Cash flows from financing activities
Proceeds from exercises of common stock options	193	18
Payments on term loans	(5,000)	(5,000)
Payment of tax withholding on vesting of shares	(6,685)	0
Payments on financed insurance premium	0	(908)
Other	3	20
Net cash used in financing activities	(11,489)	(5,870)
Net decrease in cash and cash equivalents	(9,041)	(63,484)
Cash and cash equivalents – beginning of period	33,038	95,386
Cash and cash equivalents – end of period	23,997	31,902
Non-cash investing and financing activities
Purchase of property and equipment not yet paid	160	90
Assets acquired under operating leases	3,943	0
Unrealized gains (losses) on available-for-sale securities	(343)	47
Non-cash acquisition of PanTHERA	0	5,300
Cash interest paid	$ 103	$ 480

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 23,997	$ 33,038
Available-for-sale securities, current portion	58,419	55,889
Accounts receivable, trade, net of allowance for credit losses of $16 and $22 as of June 30, 2026 and December 31, 2025, respectively	10,652	7,953
Inventories	35,591	30,155
Prepaid expenses and other current assets	6,539	9,526
Total current assets	135,198	136,561
Property and equipment, net	15,235	14,713
Operating lease right-of-use assets, net	8,644	7,466
Other assets	3,289	3,050
Available-for-sale securities, long-term	30,654	31,250
Intangible assets, net	3,654	4,257
Deferred tax assets, net	42,233	0
Goodwill	208,587	208,587
Total assets	447,494	405,884
Current liabilities:
Accounts payable	2,482	1,486
Accrued expenses and other current liabilities	6,798	11,974
Sales taxes payable	2,074	2,279
Lease liabilities, operating, current portion	2,593	2,243
Debt, current portion	0	4,997
Total current liabilities	13,947	22,979
Lease liabilities, operating, long-term	13,145	10,657
Deferred tax liabilities	0	189
Other long-term liabilities	399	171
Total liabilities	27,491	33,996
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 150,000,000 shares authorized, 48,889,090 and 48,198,928 shares issued and outstanding, respectively, as of June 30, 2026 and December 31, 2025	49	48
Additional paid-in capital	713,571	711,404
Accumulated other comprehensive (loss) income, net of tax	(211)	132
Accumulated deficit	(293,406)	(339,696)
Total shareholders’ equity	420,003	371,888
Total liabilities and shareholders’ equity	$ 447,494	$ 405,884