$VCEL

AASTROM BIOSCIENCES INC

CIK:0000887359|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Product sales, net	$ 77,457	$ 63,240	$ 145,882	$ 115,838
Total revenue	77,457	63,240	145,882	115,838
Cost of product sales	21,055	16,627	40,214	32,952
Gross profit	56,402	46,613	105,668	82,886
Research and development	7,493	6,731	15,597	13,992
Selling, general and administrative	48,475	41,911	97,701	83,715
Total operating expenses	55,968	48,642	113,298	97,707
Income (loss) from operations	434	(2,029)	(7,630)	(14,821)
Other income (expense):
Interest income	1,954	1,657	3,805	3,314
Interest expense	(160)	(157)	(320)	(310)
Other income (expense)	(22)	(24)	49	18
Total other income	1,772	1,476	3,534	3,022
Net income (loss)	$ 2,206	$ (553)	$ (4,096)	$ (11,799)
Net income (loss) per common share:
Basic (in USD per share)	$ 0.04	$ (0.01)	$ (0.08)	$ (0.24)
Diluted (in USD per share)	$ 0.04	$ (0.01)	$ (0.08)	$ (0.24)
Weighted-average common shares outstanding:
Basic (in shares)	51,075	50,368	50,925	50,138
Diluted (in shares)	52,312	50,368	50,925	50,138
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]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (4,096)	$ (11,799)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization expense	6,887	5,512
Stock-based compensation expense	20,377	21,645
Amortization of premiums and discounts on marketable securities	(79)	(172)
Amortization of debt issuance costs	108	108
Non-cash lease costs	2,760	2,702
Provision for excess and obsolete inventory	325	0
Other	32	9
Changes in operating assets and liabilities:
Inventory	(1,147)	542
Accounts receivable	8,922	(2,915)
Other current assets	(434)	712
Accounts payable	4,161	(543)
Accrued expenses	(1,588)	(2,698)
Operating lease liabilities	(3,716)	914
Other non-current assets and liabilities, net	62	797
Net cash provided by operating activities	32,574	14,814
Investing activities:
Purchases of investments	(29,043)	(28,975)
Sales and maturities of investments	25,211	27,150
Expenditures for property and equipment	(3,189)	(22,345)
Net cash used in investing activities	(7,021)	(24,170)
Financing activities:
Net proceeds from common stock issuance	4,421	11,197
Payments on employees’ behalf for taxes related to vesting of restricted stock unit awards	(4,664)	(6,343)
Other	(44)	(15)
Net cash (used in) provided by financing activities	(287)	4,839
Net increase (decrease) in cash, cash equivalents, and restricted cash	25,266	(4,517)
Cash, cash equivalents, and restricted cash at beginning of period	100,092	85,049
Cash and cash equivalents at end of period	125,358	80,532
Supplemental disclosure of cash flow information:
Additions to property and equipment included in accounts payable	1,483	1,439
Restricted stock held for employee tax remittance included in accounts payable	$ 4	$ 38

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 125,358	$ 100,092
Short-term investments	37,100	37,407
Accounts receivable (net of allowance for doubtful accounts of $23 and $13, respectively)	75,712	84,634
Inventory	18,382	17,560
Other current assets	8,178	7,744
Total current assets	264,730	247,437
Property and equipment, net	105,603	108,397
Intangible assets, net	5,313	5,625
Right-of-use assets	62,014	64,774
Long-term investments	64,973	61,395
Other long-term assets	233	341
Total assets	502,866	487,969
Current liabilities:
Accounts payable	20,614	15,828
Accrued expenses	17,644	19,236
Current portion of operating lease liabilities	14,158	13,969
Other current liabilities	116	116
Total current liabilities	52,532	49,149
Operating lease liabilities	78,379	82,284
Other long-term liabilities	1,914	1,896
Total liabilities	132,825	133,329
COMMITMENTS AND CONTINGENCIES (Note 12)
Shareholders’ equity:
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 51,171 and 50,620, respectively	750,799	730,662
Accumulated other comprehensive (loss) gain	(365)	275
Accumulated deficit	(380,393)	(376,297)
Total shareholders’ equity	370,041	354,640
Total liabilities and shareholders’ equity	$ 502,866	$ 487,969