0001628280-25-008447 | 10-K | XBRL Viewer

Print Document

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Projected annual limitation on the use of the net operating losses that existed prior to September 17, 2014	$ 800
General business tax credit carryforward	10,937	$ 10,781
Increase (decrease) in valuation allowance	(4,600)	$ 2,500
Federal \| Internal Revenue Service
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	56,600
Net operating loss carryforwards which begin to expire in 2033	10,900
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 54,900

Selected Balance Sheet Components - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Depreciation and amortization expense	$ 4,900,000	$ 4,000,000	$ 4,000,000
Licensing Agreements
Property, Plant and Equipment
Intangible assets	7,500,000	7,500,000
Amortization of intangible assets	$ 600,000	$ 600,000	$ 0

Selected Balance Sheet Components - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property and equipment, net:
Property and equipment	$ 130,060	$ 63,841
Less accumulated depreciation	(26,899)	(22,206)
Total property and equipment, net	103,161	41,635
Machinery and equipment
Property and equipment, net:
Property and equipment	12,161	5,562
Furniture, fixtures and office equipment
Property and equipment, net:
Property and equipment	5,109	1,731
Computer equipment and software
Property and equipment, net:
Property and equipment	12,318	9,116
Leasehold improvements
Property and equipment, net:
Property and equipment	77,990	14,901
Construction in process
Property and equipment, net:
Property and equipment	$ 22,482	$ 32,531

Selected Balance Sheet Components

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Selected Balance Sheet Components

Inventory

Inventory consisted of the following:


	December 31,
(In thousands)	2024		2023
Raw materials	$	12,827	$	11,348
Work-in-process	1,571		1,210
Finished goods	2,975		529
Total inventory	$	17,373	$	13,087

Property and Equipment

Property and Equipment, net consisted of the following:


	December 31,
(In thousands)	2024		2023
Machinery and equipment	$	12,161	$	5,562
Furniture, fixtures and office equipment	5,109		1,731
Computer equipment and software	12,318		9,116
Leasehold improvements	77,990		14,901
Construction in process	22,482		32,531

Total property and equipment, gross	130,060		63,841
Less accumulated depreciation	(26,899)		(22,206)
Total property and equipment, net	$	103,161	$	41,635

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 was $4.9 million, $4.0 million and $4.0 million, respectively.

Intangible Assets

Intangible assets, net consisted of the following:


			December 31, 2024						December 31, 2023
(In thousands)	Useful Life (in years)	Amortization Method	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
NexoBrid license	12	Straight-line	$	7,500	$	(1,250)	$	6,250	$	7,500	$	(625)	$	6,875

Amortization expense for the years ended December 31, 2024 and 2023 was $0.6 million and $0.6 million, respectively. There was no amortization expense recognized during the year ended December 31, 2022. The NexoBrid intangible asset is amortized to cost of product sales.

Future amortization expense of intangible assets as of December 31, 2024 is estimated to be as follows:


(In thousands)	Amount
2025	$	625
2026	625
2027	625
2028	625
2029	625
Thereafter	3,125
Total	$	6,250

Accrued Expenses

Accrued Expenses consisted of the following:


	December 31,
(In thousands)	2024		2023
Bonus related compensation	$	10,313	$	9,757
Employee related accruals	3,269		3,503
Insurance reimbursement-related liabilities	3,159		3,591
Other accrued expenses	324		364
Total accrued expenses	$	17,065	$	17,215

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 74,520	$ 69,088
Restricted cash	10,529	17,778
Short-term investments	41,693	40,469
Accounts receivable (net of allowance for doubtful accounts of $10 and $43, respectively)	61,375	58,356
Inventory	17,373	13,087
Other current assets	7,287	6,853
Total current assets	212,777	205,631
Property and equipment, net	103,161	41,635
Intangible assets, net	6,250	6,875
Right-of-use assets	70,098	73,462
Long-term investments	39,880	25,283
Other long-term assets	556	771
Total assets	432,722	353,657
Current liabilities:
Accounts payable	23,848	22,347
Accrued expenses	17,065	17,215
Current portion of operating lease liabilities	9,257	6,187
Other current liabilities	116	0
Total current liabilities	50,286	45,749
Operating lease liabilities	89,593	81,856
Other long-term liabilities	876	100
Total liabilities	140,755	127,705
COMMITMENTS AND CONTINGENCIES (Note 14)
Shareholders’ equity:
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 49,628 and 47,829, respectively	684,778	629,229
Accumulated other comprehensive loss	4	(100)
Accumulated deficit	(392,815)	(403,177)
Total shareholders’ equity	291,967	225,952
Total liabilities and shareholders’ equity	$ 432,722	$ 353,657

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Gain (loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		46,880,000
Beginning balance at Dec. 31, 2021	$ 170,462	$ 553,902	$ (154)	$ (383,286)
Increase (Decrease) in Shareholders' Equity
Net income (loss)	(16,709)			(16,709)
Stock-based compensation expense	37,183	$ 37,183
Stock option exercises (in shares)		234,000
Stock option exercises	2,401	$ 2,401
Shares issued under the Employee Stock Purchase Plan (in shares)		49,000
Shares issued under the Employee Stock Purchase Plan	1,251	$ 1,251
Issuance of stock for restricted stock unit vesting (shares)		134,000
Restricted stock withheld for employee tax remittance (in shares)		(44,000)
Restricted stock withheld for employee tax remittance	(1,492)	$ (1,492)
Unrealized gain (loss) on investments	(824)		(824)
Ending balance (in shares) at Dec. 31, 2022		47,253,000
Ending balance at Dec. 31, 2022	192,272	$ 593,245	(978)	(399,995)
Increase (Decrease) in Shareholders' Equity
Net income (loss)	(3,182)			(3,182)
Stock-based compensation expense	32,325	$ 32,325
Stock option exercises (in shares)		378,000
Stock option exercises	4,737	$ 4,737
Shares issued under the Employee Stock Purchase Plan (in shares)		54,000
Shares issued under the Employee Stock Purchase Plan	1,263	$ 1,263
Issuance of stock for restricted stock unit vesting (shares)		224,000
Restricted stock withheld for employee tax remittance (in shares)		(80,000)
Restricted stock withheld for employee tax remittance	(2,341)	$ (2,341)
Unrealized gain (loss) on investments	$ 878		878
Ending balance (in shares) at Dec. 31, 2023	47,829,000	47,829,000
Ending balance at Dec. 31, 2023	$ 225,952	$ 629,229	(100)	(403,177)
Increase (Decrease) in Shareholders' Equity
Net income (loss)	10,362			10,362
Stock-based compensation expense	$ 36,495	$ 36,495
Stock option exercises (in shares)	1,544,653	1,545,000
Stock option exercises	$ 23,125	$ 23,125
Shares issued under the Employee Stock Purchase Plan (in shares)		42,000
Shares issued under the Employee Stock Purchase Plan	1,391	$ 1,391
Issuance of stock for restricted stock unit vesting (shares)		324,000
Restricted stock withheld for employee tax remittance (in shares)		(112,000)
Restricted stock withheld for employee tax remittance	(5,462)	$ (5,462)
Unrealized gain (loss) on investments	$ 104		104
Ending balance (in shares) at Dec. 31, 2024	49,628,000	49,628,000
Ending balance at Dec. 31, 2024	$ 291,967	$ 684,778	$ 4	$ (392,815)

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Assets and liabilities

Operating and finance lease assets and liabilities are as follows:


		December 31,
(In thousands)	Classification	2024		2023
Assets
Operating	Right-of-use assets	$	70,098	$	73,462
Finance	Property and equipment, net	686		—
Total leased assets		$	70,784	$	73,462
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	9,257	$	6,187
Finance	Other current liabilities	116		—

Non-current
Operating	Operating lease liabilities	89,593		81,856
Finance	Other long-term liabilities	570		—
Total leased liabilities		$	99,536	$	88,043

Maturity of lease liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2025	$	13,677	$	116	$	13,793
2026	13,969		116		14,085
2027	14,351		116		14,467
2028	14,743		116		14,859
2029	15,146		116		15,262
Thereafter	73,339		219		73,558
Total lease payments	$	145,225	$	799	$	146,024
Less: tenant improvement allowances	(4,419)		—		(4,419)
Less: interest	(41,956)		(113)		(42,069)
Present value of lease liabilities	$	98,850	$	686	$	99,536

Maturity of lease liabilities

Future minimum lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2025	$	13,677	$	116	$	13,793
2026	13,969		116		14,085
2027	14,351		116		14,467
2028	14,743		116		14,859
2029	15,146		116		15,262
Thereafter	73,339		219		73,558
Total lease payments	$	145,225	$	799	$	146,024
Less: tenant improvement allowances	(4,419)		—		(4,419)
Less: interest	(41,956)		(113)		(42,069)
Present value of lease liabilities	$	98,850	$	686	$	99,536

Lease term and discount rate

Lease terms and discount rates are as follows:


	December 31,
	2024	2023
Weighted-average remaining lease term (years)
Operating leases	9.7	10.0
Finance leases	6.9	—
Weighted-average discount rate
Operating leases	6.9%	6.8%
Finance leases	5.0%	—%

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes are summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
U.S.	$	10,580	$	(2,381)	$	(15,912)
Foreign	(70)		13		(76)
Income (loss) before income taxes	$	10,510	$	(2,368)	$	(15,988)

A reconciliation of income taxes computed using the U.S. federal statutory rate to the taxes reported in the consolidated statements of operations is as follows:


	Year Ended December 31,
(In thousands)	2024			2023			2022
Income (loss) before income taxes	$	10,510		$	(2,368)		$	(15,988)
Federal statutory rate	21		%	21		%	21		%
Taxes computed at federal statutory rate	2,207			(497)			(3,357)
State and local income taxes	381			(389)			(630)
Nondeductible stock-based compensation	(6,547)			(586)			1,168
Federal and state rate change	1,090			(704)			574
Research and orphan drug credits	(156)			362			(644)
Other	402			162			267
Deferred tax adjustment	7,374			—			—
Change in valuation allowance	(4,603)			2,466			3,343
Reported income taxes	$	148		$	814		$	721

Deferred tax assets (liabilities) consist of the following:


	Year Ended December 31,
(In thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	15,481	$	4,505
Employee benefits and stock-based compensation	18,606		24,812
Research and development costs	4,778		5,176
Intangible assets	786		962
Operating lease liabilities	20,664		20,849
Inventory reserve	2,540		3,570
Tax credit carryforward	10,937		10,781
Other, net	3		12
Total deferred tax assets	73,795		70,667
Less: valuation allowance	(45,153)		(49,755)
Total net deferred tax assets	28,642		20,912
Deferred tax liabilities:
Right-of-use assets	(18,056)		(19,296)
Property and equipment, net	(10,586)		(1,616)
Total net deferred tax liabilities	(28,642)		(20,912)
Net deferred tax assets and liabilities	$	—	$	—

As of December 31, 2024, the Company had U.S. federal net operating loss carryforwards of $56.6 million, of which $10.9 million begin to expire in 2033 and the remainder do not expire but are subject to 80% limitation. As of December 31, 2024, the Company had state net operating loss carryforwards of $54.9 million that begin to expire in 2027. The projected annual limitation on the use of the net operating losses that existed prior to September 17, 2014 resulting from the Company’s change in control in 2014 per Section 382 of the Internal Revenue Code is $0.8 million. As a result, a significant portion of the net operating losses and tax credit carryforwards will expire prior to their utilization, regardless of the level of future profitability. As of December 31, 2024, the Company’s U.S. federal tax credit carryforwards available to offset future profits are $10.9 million. These credit carryforwards expire between 2027 and 2044.

In accordance with the accounting guidance for income taxes, the Company estimates whether recoverability of its deferred tax assets is “more likely than not”, based on forecasts of taxable income in the related tax jurisdictions. In this estimate, the Company uses historical results, projected future operating results based upon approved business plans, eligible carry forward periods, tax planning opportunities and other relevant considerations. Based on these factors, including historical losses incurred by the Company, a full valuation allowance for the deferred tax assets, including the deferred tax assets for the aforementioned net operating losses and credits has been provided, since they are not more likely than not to be realized. If sufficient positive evidence exists in future periods to support a release of some or all of the valuation allowance, such a release would likely have a material impact on the Company’s results of operations. The change in the valuation allowance was a decrease of $4.6 million and an increase of $2.5 million for the years ended December 31, 2024 and 2023, respectively.

The Company assesses uncertain tax positions in accordance with the guidance for accounting for uncertain tax positions. This pronouncement prescribes a recognition threshold and measurement methodology for recording within the consolidated financial statements uncertain tax positions taken, or expected to be taken, in the Company’s income tax returns. To the extent the uncertain tax positions do not meet the “more likely than not” threshold, the Company derecognizes such positions. To the extent the uncertain tax positions meet the “more likely than not” threshold, the Company measures and records the highest probable benefit, and establishes appropriate reserves for benefits that exceed the amount likely to be sustained upon examination. The Company currently has not recorded any uncertain tax positions and does not anticipate that unrecognized tax benefits will significantly increase or decrease within the next twelve months.

The Company files U.S. federal and state income tax returns with varying statutes of limitations. During the year ended December 31, 2020, examinations by U.S. tax authorities were completed for 2017 and 2018. The Company is currently under examination by U.S. tax authorities for the tax year ended December 31, 2021. Due to the Company’s net operating loss carryforwards, federal income tax returns from incorporation are still subject to examination. The Company files in several state tax jurisdictions and is subject to examination in years ranging from incorporation to 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			120 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Stock-Based Compensation
Awards available for future grant under the Plan (in shares)	1,189,503			1,189,503
Expected to vest (in shares)	5,615,834			5,615,834
Total unrecognized compensation cost	$ 18.7			$ 18.7
Intrinsic value of stock options exercised	$ 50.1	$ 7.5	$ 5.4
Stock options
Stock-Based Compensation
Expiration period	10 years
Vesting period	4 years
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 7 months 6 days
Restricted stock units
Stock-Based Compensation
Granted (in USD per share)	$ 48.20	$ 30.36	$ 33.71
Unrecognized compensation cost	$ 27.0			$ 27.0
Weighted average period over which unrecognized compensation is expected to be recognized	2 years 8 months 12 days
Fair value of vested awards	$ 15.7	$ 6.8
Restricted stock units \| Awarded annually \| Nonemployee directors
Stock-Based Compensation
Vesting period	1 year
Restricted stock units \| Awarded upon initial appointment to the BOD \| Nonemployee directors
Stock-Based Compensation
Vesting period	3 years
Employee Stock Purchase Plan
Stock-Based Compensation
Common stock available for issuance (in shares)	1,000,000			1,000,000
Shares of common stock issued (in shares)				889,342

Selected Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of inventory

Inventory consisted of the following:


	December 31,
(In thousands)	2024		2023
Raw materials	$	12,827	$	11,348
Work-in-process	1,571		1,210
Finished goods	2,975		529
Total inventory	$	17,373	$	13,087

Schedule of property and equipment, net

Property and Equipment, net consisted of the following:


	December 31,
(In thousands)	2024		2023
Machinery and equipment	$	12,161	$	5,562
Furniture, fixtures and office equipment	5,109		1,731
Computer equipment and software	12,318		9,116
Leasehold improvements	77,990		14,901
Construction in process	22,482		32,531

Total property and equipment, gross	130,060		63,841
Less accumulated depreciation	(26,899)		(22,206)
Total property and equipment, net	$	103,161	$	41,635

Schedule of finite-lived intangible assets

Intangible assets, net consisted of the following:


			December 31, 2024						December 31, 2023
(In thousands)	Useful Life (in years)	Amortization Method	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
NexoBrid license	12	Straight-line	$	7,500	$	(1,250)	$	6,250	$	7,500	$	(625)	$	6,875

Schedule of finite-lived intangible assets, future amortization expense

Future amortization expense of intangible assets as of December 31, 2024 is estimated to be as follows:


(In thousands)	Amount
2025	$	625
2026	625
2027	625
2028	625
2029	625
Thereafter	3,125
Total	$	6,250

Schedule of accrued expenses

Accrued Expenses consisted of the following:


	December 31,
(In thousands)	2024		2023
Bonus related compensation	$	10,313	$	9,757
Employee related accruals	3,269		3,503
Insurance reimbursement-related liabilities	3,159		3,591
Other accrued expenses	324		364
Total accrued expenses	$	17,065	$	17,215

Selected Balance Sheet Components -Schedule of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Total	$ 6,250	$ 6,875
Licensing Agreements
Property, Plant and Equipment
Useful Life (in years)	12 years	12 years
Cost	$ 7,500	$ 7,500
Accumulated Amortization	(1,250)	(625)
Total	$ 6,250	$ 6,875

NexoBrid License and Supply Agreements (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2023	May 31, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Purchases of intangible assets			$ 0	$ 7,500	$ 0
MediWound Ltd
Related Party Transaction [Line Items]
Consideration payment for license		$ 17,500
Contingent consideration		7,500			7,500
Milestone payments, assumed intangible assets					$ 7,500
Purchases of intangible assets	$ 7,500
Maximum contingent consideration		125,000
Sales threshold for first milestone		$ 75,000
Term of supply agreement		5 years
Renewal term of supply agreement		24 months
Supply agreement additional term		10 years

Revolving Credit Agreement (Details) - Line of Credit	Jul. 29, 2022 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Issuance of letters of credit	$ 6,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Debt instrument, term	5 years
Debt issuance costs, net	$ 1,100,000
Outstanding borrowings		$ 0
Leverage ratio	3.50
Increase option for leverage ratio	4.00
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (in percent)	0.20%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee (in percent)	0.25%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.10%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.25%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	2.50%
Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.25%
Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.50%
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000

Investments - Schedule of Fair Value of Securities, Not Including Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 81,569	$ 65,852
Gains	122	1
Losses	(118)	(101)
Credit Losses	0	0
Estimated Fair Value	81,573	65,752
Short-term investments
Marketable Securities [Line Items]
Estimated Fair Value	41,693	40,469
Long-term investments
Marketable Securities [Line Items]
Estimated Fair Value	39,880	25,283
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	1,953	3,638
Gains	1	1
Losses	(1)	0
Credit Losses	0	0
Estimated Fair Value	1,953	3,639
Corporate notes
Marketable Securities [Line Items]
Amortized Cost	71,733	47,228
Gains	117	0
Losses	(87)	(69)
Credit Losses	0	0
Estimated Fair Value	71,763	47,159
U.S. government securities
Marketable Securities [Line Items]
Amortized Cost		983
Gains		0
Losses		0
Credit Losses		0
Estimated Fair Value		983
U.S. government agency bonds
Marketable Securities [Line Items]
Amortized Cost	7,883	14,003
Gains	4	0
Losses	(30)	(32)
Credit Losses	0	0
Estimated Fair Value	$ 7,857	$ 13,971

Stock-Based Compensation - Schedule of activity for service-based stock options (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Options
Outstanding at the beginning of the period (in shares)	6,716,686
Granted (in shares)	767,037
Exercised (in shares)	(1,544,653)
Expired (in shares)	(28,247)
Forfeited (in shares)	(146,716)
Outstanding at the end of the period (in shares)	5,764,107	6,716,686
Exercisable at the end of the period (in shares)	4,381,393
Weighted Average Exercise Price
Outstanding at the beginning of the period (in USD per share)	$ 25.85
Granted (in USD per share)	48.49
Exercised (in USD per share)	14.97
Expired (in USD per share)	53.73
Forfeited (in USD per share)	42.44
Outstanding at the end of the period (in USD per share)	31.22	$ 25.85
Exercisable at the end of the period (in USD per share)	$ 28.38
Weighted Average Remaining Contractual Term
Outstanding	6 years 1 month 6 days	6 years 2 months 12 days
Exercisable at end of period	5 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding	$ 137,365	$ 88,387
Exercisable at end of period	$ 116,951

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, certain judgments regarding revenue recognition, inventory valuation, stock option valuation, lease valuation, deferred tax assets and liabilities and accrued expenses. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments reflected in these consolidated financial statements or a revision of the carrying value of its assets or liabilities as of the issuance of these consolidated financial statements. These estimates may change as new events occur and additional information is obtained. Actual results could materially differ from those estimates. Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less from the date of purchase and consist primarily of demand deposits, money market funds, U.S. government securities, U.S. government agency bonds and commercial paper. Restricted Cash Restricted cash as of December 31, 2024 and 2023, represents amounts in a construction escrow account. See Note 5, “Leases” for further discussion. Investments Investments classified as short-term have maturities of less than one year. Investments classified as long-term are those that: (i) have a maturity of greater than one year, and (ii) the Company does not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale. The Company’s investment strategy is to buy short-duration marketable securities with a high credit rating. As of December 31, 2024 and 2023, all marketable securities held by the Company had remaining contractual maturities of three years or less. Unrealized gains are included as a component of accumulated other comprehensive income in the consolidated balance sheets and consolidated statements of shareholders’ equity and a component of total comprehensive income (loss) in the consolidated statements of comprehensive income (loss), until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses (“ASC 326”), to determine if the impairment is credit-related or non-credit- related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and non-credit-related impairment is recognized in other comprehensive income (loss), net of taxes. Leases The Company determines if an arrangement is a lease at inception, in accordance with ASC Topic 842, Leases. Operating lease commitments with a lease term greater than 12 months are recognized as right-of-use assets and liabilities, on a discounted basis on the balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Certain of the Company’s lease agreements include lease payments that are adjusted periodically for an index or rate. The leases are initially measured using the present value of the projected payments adjusted for the index or rate in effect at the commencement date. In addition to rent, the leases may require the Company to pay additional amounts for taxes, insurance, maintenance and other expenses, which do not transfer a good or service to the Company and are generally referred to as non-lease components. Variable non-lease components are not measured as part of the right-of-use asset and liability. Only when lease components and their associated non-lease components are fixed are they accounted for as a single lease component and are recognized as part of a right-of-use asset and liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company has options to renew lease terms for facilities and other assets. Some leases contain clauses for renewal at the Company’s option with renewal terms that generally extend the lease term from 1 to 10 years. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. Certain lease agreements contain options to terminate the lease. A portfolio approach is applied to certain lease contracts with similar characteristics. The Company uses a discount rate to calculate the present value of lease payments in order to determine lease classification and measurement of the lease asset and liability. In the absence of a rate of interest that is readily determinable in the contract, the Company estimates the incremental borrowing rate (“IBR”) for each lease based on the information available at commencement. The IBR reflects the rate of interest that the Company would pay on the lease commencement date to borrow an amount equal to the lease payments on a collateralized basis over a similar term in similar economic environments. Inventory Inventories are measured at the lower of cost or net realizable value. Cost is calculated based upon standard-cost which approximates costs determined on the first-in, first-out method. The Company periodically reviews its inventories for excess or obsolescence and writes down obsolete or other unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than that estimated by the Company, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. In all cases, product inventory is carried at the lower of cost or its estimated net realizable value. Amounts written down are charged to cost of product sales. Accounts Receivable Accounts receivable are initially recorded at the contractual amount owed by the customer or based on expected payments from the insurance provider, hospital or patient. Allowances for doubtful accounts are established when the facts and circumstances indicate that a receivable may not be collectible. Potential credit risk exposure has been evaluated for the Company’s accounts receivable in accordance with ASC 326. The Company assesses risk and determines a loss percentage by pooling accounts receivable based on similar risk characteristics. The loss percentage is calculated through the use of forecasts that are based on current and historical economic and financial information. Property and Equipment, net Property and equipment are initially measured and recognized at acquisition cost, including any directly attributable cost of preparing the asset for its intended use. After initial measurement, property and equipment are carried at cost less accumulated depreciation. Repair and maintenance costs of property and equipment are expensed as incurred. The depreciable value of property and equipment is depreciated on a straight-line basis over the useful life of the asset. The useful life of an asset is usually equivalent to its economic life. The useful lives of property and equipment are as follows: •Machinery and equipment: 3 to 10 years •Furniture, fixtures and office equipment: 5 years •Computer equipment and software: 3 years •Leasehold improvements: shorter of the remaining life of the lease or 15 years The costs of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts, with any gain or loss realized upon sale or disposal credited or charged to operations. Intangible Assets, net The Company amortizes its intangible assets on a straight-line basis over their estimated economic lives, unless another amortization method is deemed to be more appropriate. In determining the useful lives of intangible assets, the Company considers the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, market influence and other economic factors. Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable. No impairment was identified or recorded during the years ended December 31, 2024, 2023 and 2022. Revenue Recognition The Company recognizes product revenue from sales to a customer following the five step model in Accounting Standards Codification 606, Revenue Recognition (“ASC 606”): (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation. Under this revenue standard, the Company recognizes revenue when its customer obtains control of the promised goods, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. There are no contractual rights of returns, refunds or similar obligations related to MACI, MACI biopsy kits, MACI Arthro instruments or Epicel; however, in certain limited cases the Company will accept a product return if a surgery is canceled. Revenue is not recognized in certain canceled cases. There are limited contractual rights of returns, refunds, or similar obligations related to NexoBrid. For MACI, MACI biopsy kits, MACI Arthro instruments, Epicel and NexoBrid, there are no variable pricing arrangements related to warranties or rebates offered to customers. The majority of orders are due within 30 to 90 days of delivery. Shipping and handling fees are included as a component of revenue. The Company recognizes any commission fees as an expense when incurred. These fees are included in selling, general, and administrative expenses. See Note 3, “Revenue” for further discussion on revenues. Research and Development Expense Research and development expenses are expensed as incurred. These expenditures relate to the development of new products, improvement of existing products, technical support of products and compliance with governmental regulations for the protection of consumers and patients. Stock-Based Compensation The Company’s accounting for stock-based compensation requires it to determine the fair value of common stock issued in the form of stock option awards and restricted stock units. The fair value of restricted stock units held by employees and non-employee directors is determined based on the fair value of the Company’s common stock on the date of the grant. Compensation expense is recorded for restricted stock units that are expected to vest over the expected vesting period. The fair value of stock options held by employees and non-employee directors is determined using a Black-Scholes option valuation method. Key assumptions in determining fair value include volatility, risk-free interest rate, dividend yield and expected term. The assumptions used in calculating the fair value of stock options represent the Company’s best estimates; however, these estimates involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and different assumptions are used, the stock-based compensation expense could be materially different in the future. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those stock options expected to vest over the service period. The estimated forfeiture rate considers the historical experience of the Company’s stock-based awards. If the actual forfeiture rate is different from the estimate, expense is adjusted accordingly. The Company records the expense for stock options and restricted stock units using a graded-vesting attribution method. The Company also has an Employee Stock Purchase Plan (“ESPP”) which is a compensatory plan. Compensation expense is recorded based on the fair value of the purchased options at the grant date, which corresponds to the first day of each purchase period, and is amortized over the purchase period. Comprehensive Income (Loss) Comprehensive income (loss) is the change in shareholders’ equity during a period arising from unrealized gains or losses related to the Company’s investments. Income Taxes Deferred tax assets are recognized for deductible temporary differences and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized based on the weight of available evidence. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include the ability to carry back losses, future reversals of existing temporary differences, tax planning strategies, and expectations of future earnings. The Company records uncertain tax positions in the consolidated financial statements only if it is more likely than not that the uncertain tax position will be sustained upon examination by the taxing authorities. The Company records interest and penalties related to uncertain tax positions in income tax expense. Net Income (Loss) Per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the potential dilutive effect of other securities if those securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per common share is calculated by dividing the net loss by the weighted-average shares of common stock outstanding and potentially dilutive securities are excluded from the calculation because their effect would be antidilutive. Financial Instruments The Company’s financial instruments include cash, cash equivalents, accounts receivables, accounts payable and accrued expenses for which the current carrying amounts approximate market value, based upon their short-term nature, deferred compensation plan liability carried at fair value, and marketable debt securities which are classified as available-for-sale and carried at fair value on a settlement date basis. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 as of December 31, 2024 and the adoption of this standard is disclosed in the footnotes of the Company’s consolidated financial statements. No other accounting standards were adopted during the year ended December 31, 2024. The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASU's”) issued by the Financial Accounting Standards Board (“FASB”), as noted below. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to provide more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. This standard is effective for annual periods in fiscal years beginning after December 15, 2026, and interim periods thereafter, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net Income (Loss) Attributable to Parent [Abstract]
Net income (loss)	$ 10,362	$ (3,182)	$ (16,709)
Basic weighted-average common shares outstanding (in shares)	48,848	47,590	47,130
Effect of dilutive stock options and restricted stock units (in shares)	2,831	0	0
Diluted weighted-average common shares outstanding (in shares)	51,679	47,590	47,130
Basic income (loss) per common share (in USD per share)	$ 0.21	$ (0.07)	$ (0.35)
Diluted income (loss) per common share (in USD per share)	$ 0.20	$ (0.07)	$ (0.35)
Stock options
Anti-dilutive shares excluded from diluted net loss per common share:
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares)	1,887	6,717	6,609
Restricted stock units
Anti-dilutive shares excluded from diluted net loss per common share:
Anti-dilutive shares excluded from the calculation of diluted earnings per share (in shares)	23	931	648

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans 401(k) Plan The Company has a 401(k) savings plan that allows participating employees to contribute a portion of their salary, subject to annual limits and minimum qualifications. The Board may, at its sole discretion, approve Company matching contributions to the plan. The Company made contributions of $1.3 million, $1.2 million and $1.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Non-Qualified Deferred Compensation Plan The Company has a deferred compensation plan which is a non-qualified deferred compensation plan that is intended to comply with Section 409A of the Code, for its non-employee directors, a select group of executive officers, senior management and highly compensated employees of the Company. Eligible employees may elect to contribute up to 75% of their annual base salary and 100% of their annual bonus, restricted stock units and/or director fees earned to the deferred compensation plan, and such employee contributions are 100% vested. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants. The deferred compensation plan obligations are payable in cash upon retirement, termination of employment and/or certain other times in lump-sum distribution or in installments, as elected by the participant in accordance with the plan. As of December 31, 2024 the deferred compensation plan liabilities total $0.3 million and are recorded in other long-term liabilities.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 10,362	$ (3,182)	$ (16,709)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	104	878	(824)
Comprehensive income (loss)	$ 10,466	$ (2,304)	$ (17,533)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 10,362	$ (3,182)	$ (16,709)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue, Product and Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]
Product sales, net	$ 237,224	$ 197,516	$ 163,698
Other revenue	0	0	667
Total revenue	$ 237,224	$ 197,516	$ 164,365
Cost, Product and Service [Extensible List]	Product [Member]	Product [Member]	Product [Member]
Cost of product sales	$ 65,117	$ 61,940	$ 54,577
Gross profit	172,107	135,576	109,788
Research and development	24,797	21,042	19,943
Selling, general and administrative	142,791	120,998	106,903
Total operating expenses	167,588	142,040	126,846
Income (loss) from operations	4,519	(6,464)	(17,058)
Other income (expense):
Interest income	6,410	4,632	1,341
Interest expense	(614)	(600)	(366)
Other income	195	64	95
Total other income	5,991	4,096	1,070
Income (loss) before income taxes	10,510	(2,368)	(15,988)
Income tax expense	148	814	721
Net income (loss)	$ 10,362	$ (3,182)	$ (16,709)
Net income (loss) per common share:
Basic (in USD per share)	$ 0.21	$ (0.07)	$ (0.35)
Diluted (in USD per share)	$ 0.20	$ (0.07)	$ (0.35)
Weighted-average common shares outstanding:
Basic (in shares)	48,848	47,590	47,130
Diluted (in shares)	51,679	47,590	47,130

Revolving Credit Agreement	12 Months Ended
Revolving Credit Agreement	Dec. 31, 2024
Debt Disclosure [Abstract]
Revolving Credit Agreement	Revolving Credit Agreement On July 29, 2022, the Company, as borrower, entered into a $150.0 million five-year senior secured revolving credit agreement by and among the Company, the other loan parties thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as the administrative agent (the “Revolving Credit Agreement”). The Revolving Credit Agreement includes a $15.0 million sub-facility for the issuance of letters of credit, of which the Company is utilizing approximately $6.2 million. Amounts available under the Revolving Credit Agreement are for the working capital needs and other general corporate purposes of the Company. The Company incurred and capitalized approximately $1.1 million of debt issuance costs related to the Revolving Credit Agreement. Outstanding borrowings under the Revolving Credit Agreement bear interest, with pricing based from time to time at the Company’s election at (i) the Secured Overnight Financing Rate (“SOFR”) plus 0.10% plus a spread ranging from 1.25% to 2.50% as determined by the Company’s Total Net Leverage Ratio (as defined in the Revolving Credit Agreement) or (ii) the alternative base rate (as defined in the Revolving Credit Agreement) plus a spread ranging from 0.25% to 1.50% as determined by the Company’s Total Net Leverage Ratio. The Revolving Credit Agreement also includes a commitment fee, which ranges from 0.20% to 0.25% as determined by the Company’s Total Net Leverage Ratio. The Company is permitted to voluntarily prepay borrowings under the Revolving Credit Agreement, in whole or in part, without premium or penalty. On any business day on which the total amount of outstanding Revolving Loans (as defined in the Revolving Credit Agreement) and letters of credit exceeds the total Revolving Commitments (as defined in the Revolving Credit Agreement), the Company must prepay the Revolving Loans in an amount equal to such excess. As of December 31, 2024, there are no outstanding borrowings under the Revolving Credit Agreement. The Revolving Credit Agreement contains a number of affirmative, negative, reporting and financial covenants, in each case subject to certain exceptions and materiality thresholds. The Revolving Credit Agreement requires the Company to be in quarterly compliance, measured on a trailing four quarter basis, with a financial covenant. The maximum Total Net Leverage Ratio (as defined in the Revolving Credit Agreement is 3.50 to 1.00. The Company may elect to increase the maximum Total Net Leverage Ratio to 4.00 to 1.00 for a period of four consecutive quarters in connection with a Permitted Acquisition (as defined in the Revolving Credit Agreement). The Revolving Credit Agreement contains usual and customary restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness (ii) create liens; (iii) consolidate, merge, sell or otherwise dispose of all, or substantially all, of its assets; (iv) sell certain assets; (v) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; (vi) make certain investments; (vii) repay subordinated indebtedness prior to stated maturity; and (viii) enter into certain transactions with its affiliates. Obligations under the Revolving Credit Agreement are secured by first priority liens over substantially all of the assets of Vericel Corporation, excluding certain subsidiaries (subject to customary exclusions set forth in the Revolving Credit Agreement and the other transaction documents).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation - Schedule of non-cash stock-based compensation expense (Details) - Employee stock purchase plan and service-based stock options - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	$ 36,495	$ 32,325	$ 37,183
Cost of product sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	3,911	2,970	3,630
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	4,068	3,705	5,261
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	$ 28,516	$ 25,650	$ 28,292

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	$ 81,573	$ 65,752
Corporate notes
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	71,763	47,159
U.S. government agency bonds
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	7,857	13,971
U.S. government securities
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value		983
Commercial paper
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	1,953	3,639
Recurring
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	141,030	125,552
Deferred compensation plan liabilities	306	100
Total liabilities	306	100
Recurring \| Level 1
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	43,307	34,672
Deferred compensation plan liabilities	0	0
Total liabilities	0	0
Recurring \| Level 2
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	97,723	90,880
Deferred compensation plan liabilities	306	100
Total liabilities	306	100
Recurring \| Level 3
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	0	0
Deferred compensation plan liabilities	0	0
Total liabilities	0	0
Recurring \| Commercial Paper
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	1,953	4,876
Recurring \| Commercial Paper \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Commercial Paper \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	1,953	4,876
Recurring \| Commercial Paper \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Corporate notes
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	71,763	47,159
Recurring \| Corporate notes \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Corporate notes \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	71,763	47,159
Recurring \| Corporate notes \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government agency bonds
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	7,857	13,971
Recurring \| U.S. government agency bonds \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government agency bonds \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	7,857	13,971
Recurring \| U.S. government agency bonds \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government securities
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	16,150	24,874
Recurring \| U.S. government securities \| Cash and Cash Equivalents
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	16,200	23,900
Recurring \| U.S. government securities \| Level 1
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| U.S. government securities \| Level 2
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	16,150	24,874
Recurring \| U.S. government securities \| Level 3
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	0	0
Recurring \| Commercial paper \| Cash and Cash Equivalents
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value		1,200
Recurring \| Money market funds
Liabilities that are measured at fair value on a recurring basis
Money market funds	43,307	34,672
Recurring \| Money market funds \| Level 1
Liabilities that are measured at fair value on a recurring basis
Money market funds	43,307	34,672
Recurring \| Money market funds \| Level 2
Liabilities that are measured at fair value on a recurring basis
Money market funds	0	0
Recurring \| Money market funds \| Level 3
Liabilities that are measured at fair value on a recurring basis
Money market funds	$ 0	$ 0

Revenue - Schedule Of Concentration Of Credit Risk (Details) - Customer One - Customer concentration	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue Concentration
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11.00%	11.00%
Accounts Receivable Concentration
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10.00%	13.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Summary of Reconciliation of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of income taxes computed using the federal statutory rate to the taxes reported in consolidated statements of operations
Income (loss) before income taxes	$ 10,510	$ (2,368)	$ (15,988)
Federal statutory rate	21.00%	21.00%	21.00%
Taxes computed at federal statutory rate	$ 2,207	$ (497)	$ (3,357)
State and local income taxes	381	(389)	(630)
Nondeductible stock-based compensation	(6,547)	(586)	1,168
Federal and state rate change	1,090	(704)	574
Research and orphan drug credits		362
Research and orphan drug credits	(156)		(644)
Other	402	162	267
Deferred tax adjustment	7,374	0	0
Change in valuation allowance	(4,603)	2,466	3,343
Reported income taxes	$ 148	$ 814	$ 721

Selected Balance Sheet Components - Schedule of inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory:
Raw materials	$ 12,827	$ 11,348
Work-in-process	1,571	1,210
Finished goods	2,975	529
Total inventory	$ 17,373	$ 13,087

Cover - USD ($)
$ in Billions

12 Months Ended

Dec. 31, 2024

Feb. 21, 2025

Jun. 30, 2024

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2024

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

001-35280

Entity Registrant Name

VERICEL CORPORATION

Entity Incorporation, State or Country Code

Entity Tax Identification Number

94-3096597

Entity Address, Address Line One

64 Sidney Street

Entity Address, City or Town

Cambridge

Entity Address, State or Province

Entity Address, Postal Zip Code

02139

City Area Code

617

Local Phone Number

588-5555

Title of 12(b) Security

Common Stock (No par value)

Trading Symbol

VCEL

Security Exchange Name

NASDAQ

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction

false

Entity Shell Company

false

Entity Public Float

$ 2.2

Entity Common Stock, Shares Outstanding

49,969,568

Documents Incorporated by Reference


Document						Form 10-K Reference
Proxy Statement for the Annual Meeting of Shareholders for the fiscal year ended December 31, 2024, scheduled for April 30, 2025						Items 10, 11, 12, 13 and 14 of Part III

Entity Central Index Key

0000887359

Document Fiscal Year Focus

2024

Document Fiscal Period Focus

Amendment Flag

false

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The Company operates its business primarily in the U.S. in one reportable segment - the research, product development, manufacture and distribution of cellular therapies and specialty biologics for use in the treatment of specific conditions. The Company is managed on a consolidated basis. The accounting policies, as described in Note 2, “Summary of Significant Accounting Policies” apply to the reportable segment.

The Company’s Chief Executive Officer was determined to be the Company’s chief operating decision maker (“CODM”). The CODM reviews and evaluates revenue, expenses and consolidated net income (loss), consistent with what is reported on the consolidated statement of operations, for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.

The Company’s revenues are generated in the U.S. and the Company’s long-lived assets, which consist primarily of property and equipment and right-of use assets, are located in U.S.

In additional to the significant expense categories within the Company’s consolidated statements of operations, see below for disaggregated amounts that comprise selling, general and administrative expenses:


	Year Ended December 31,
( in thousands)	2024		2023		2022
Selling and marketing	$	82,142	$	69,007	$	60,926
General and administrative	60,649		51,991		45,977
Total selling, general and administrative expenses	$	142,791	$	120,998	$	106,903

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Organization (Details) $ in Thousands	12 Months Ended
Organization (Details) $ in Thousands	Dec. 31, 2024 USD ($) product segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of commercial-stage products \| product	3
Number of reportable segments \| segment	1
Accumulated deficit	$ 392,815	$ 403,177
Net income (loss)	10,362	(3,182)	$ (16,709)
Cash and cash equivalents	74,520	$ 69,088	$ 51,067
Short term investments	$ 81,600

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation - Schedule of fair value assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Expected dividend rate	0.00%	0.00%	0.00%
Expected stock price volatility, minimum	57.30%	62.50%	63.80%
Expected stock price volatility, maximum	62.50%	66.70%	75.30%
Risk-free interest rate, minimum	3.40%	3.40%	1.50%
Risk-free interest rate, maximum	4.70%	4.70%	4.40%
Expected life (years)	5 years 6 months	5 years 6 months
Weighted average grant-date fair value (in USD per share)	$ 28.05	$ 18.85	$ 19.83
Minimum
Stock-Based Compensation
Expected life (years)			5 years 3 months 18 days
Maximum
Stock-Based Compensation
Expected life (years)			6 years 3 months 18 days

Selected Balance Sheet Components - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued expenses
Bonus related compensation	$ 10,313	$ 9,757
Employee related accruals	3,269	3,503
Insurance reimbursement-related liabilities	3,159	3,591
Other accrued expenses	324	364
Total accrued expenses	$ 17,065	$ 17,215

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table and descriptions below show the products from which the Company generated its revenue for the periods indicated:


	Year Ended December 31,
Revenue by product (in thousands)	2024		2023		2022
MACI implants, kits, and instruments
Implants based on contracted rate sold through a specialty pharmacy (a)	$	141,806	$	105,948	$	81,388
Implants subject to third party reimbursement sold through a specialty pharmacy (b)	15,058		22,203		18,695
Implants sold direct based on contracted rates (c)	31,217		27,484		24,261
Implants sold direct subject to third-party reimbursement (d)	4,603		4,921		3,499
Biopsy kits and instruments - direct bill	2,096		2,087		2,090
Change in estimates related to prior periods (e)	2,529		2,157		2,034
Total MACI implants, kits, and instruments	197,309		164,800		131,967
Epicel
Direct bill (hospital)	36,623		31,574		31,731

NexoBrid (f)	3,292		1,142		667
Total revenue	$	237,224	$	197,516	$	164,365

(a) Represents implants sold through Orsini and AllCare whereby such specialty pharmacies have a direct contract with the underlying insurance provider. The amount of reimbursement is based on contracted rates at the time of sale supported by the pharmacy’s direct contracts.

(b) Represents implants sold through Orsini and AllCare whereby such specialty pharmacy does not have a direct contract with the underlying payer and are subject to third-party reimbursement. The amount of reimbursement is established based on publicly available rates, fee schedules or past payer precedents.

(c) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. Also represents direct sales under a contract to specialty distributor DMS.

(d) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. The payment terms are subject to third-party reimbursement from an underlying insurance provider.

(e) Primarily represents changes in estimates related to implants sold through Orsini or AllCare and relate to changes to the initial expected reimbursement or collection expectations upon completion of the billing claims process. The change in estimates is a result of additional information, changes in collection expectations or actual cash collections received in the current period.

(f) Represents U.S. commercial revenue of NexoBrid for the years ended December 31, 2024 and 2023. In the year ended December 31, 2022, represents revenue based on a percentage of gross profits for sales of NexoBrid to the U.S. Biomedical Advanced Research and Development Authority (“BARDA”), pursuant to the license agreement between the Company and MediWound.

Schedules of Concentration of Credit Risk

The Company’s total revenue and accounts receivable concentrations from a single customer consisted of the following:


For the year ended and as of	Revenue		Accounts Receivable
December 31, 2023	11	%	13	%
December 31, 2024	11	%	10	%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of valuation of the Company's investments and financial instruments that are measured at fair value on a recurring basis

The following table summarizes the valuation of the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:


	December 31, 2024								December 31, 2023
			Fair value measurement category								Fair value measurement category
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	43,307	$	43,307	$	—	$	—	$	34,672	$	34,672	$	—	$	—
Commercial paper (a)	1,953		—		1,953		—		4,876		—		4,876		—
Corporate notes	71,763		—		71,763		—		47,159		—		47,159		—
U.S. government agency bonds (a)	7,857		—		7,857		—		13,971		—		13,971		—
U.S. government securities (a)	16,150		—		16,150		—		24,874		—		24,874		—
Total assets	$	141,030	$	43,307	$	97,723	$	—	$	125,552	$	34,672	$	90,880	$	—

Liabilities:
Deferred compensation plan liabilities	$	306	$	—	$	306	$	—	$	100	$	—	$	100	$	—
Total liabilities	$	306	$	—	$	306	$	—	$	100	$	—	$	100	$	—

(a) Approximately $16.2 million of U.S. government securities as of December 31, 2024, and approximately $23.9 million of U.S. government securities and $1.2 million of commercial paper as of December 31, 2023, had an original maturity of 90 days or less and were recorded as a cash equivalent.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income (loss)	$ 10,362	$ (3,182)	$ (16,709)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization expense	5,504	4,632	3,981
Stock-based compensation expense	36,495	32,325	37,183
Amortization of premiums and discounts on marketable securities	(657)	(824)	107
Amortization of debt issuance costs	215	215	90
Non-cash lease costs	6,651	6,070	4,222
Other	43	39	22
Changes in operating assets and liabilities:
Inventory	(4,286)	2,899	(2,605)
Accounts receivable	(3,019)	(11,817)	(9,102)
Other current assets	(434)	(1,733)	(557)
Accounts payable	(287)	3,049	1,437
Accrued expenses	(149)	1,025	2,145
Operating lease liabilities	7,520	2,513	(2,527)
Other non-current assets and liabilities, net	205	100	0
Net cash provided by operating activities	58,163	35,311	17,687
Investing activities:
Purchases of investments	(68,211)	(55,225)	(69,554)
Sales and maturities of investments	53,151	79,608	40,944
Expenditures for property and equipment	(63,974)	(20,013)	(7,596)
Purchases of intangible assets	0	(7,500)	0
Net cash used in investing activities	(79,034)	(3,130)	(36,206)
Financing activities:
Net proceeds from common stock issuance	24,516	6,000	3,652
Debt issuance costs	0	0	(1,076)
Payments on employee's behalf for taxes related to vesting of restricted stock unit awards	(5,462)	(2,341)	(1,492)
Other	0	(41)	(39)
Net cash provided by financing activities	19,054	3,618	1,045
Net (decrease) increase in cash, cash equivalents, and restricted cash	(1,817)	35,799	(17,474)
Cash, cash equivalents, and restricted cash at beginning of period	86,866	51,067	68,541
Cash, cash equivalents, and restricted cash at end of period	85,049	86,866	51,067
Supplemental disclosure of cash flow information:
Right-of-use assets and operating lease liabilities recognized	3,287	37,960	137
Property and equipment obtained in exchange for financing lease liabilities	686	0	0
Additions to property and equipment and intangible assets included in accounts payable	11,898	10,152	7,824
Interest paid	399	383	109
Taxes paid	628	1,166	0
Reconciliation of amounts within the consolidated balance sheets:
Cash and cash equivalents	74,520	69,088	51,067
Restricted cash	10,529	17,778	0
Total cash, cash equivalents, and restricted cash at end of period	$ 85,049	$ 86,866	$ 51,067

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of non-cash stock-based compensation expense

Non-cash stock-based compensation expense (service-based stock options, restricted stock units and employee stock purchase plan) is summarized in the following table:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cost of product sales	$	3,911	$	2,970	$	3,630
Research and development	4,068		3,705		5,261
Selling, general and administrative	28,516		25,650		28,292
Total non-cash stock-based compensation expense	$	36,495	$	32,325	$	37,183

Schedule of fair value assumptions

The fair value of each service-based stock option grant for the reported periods is estimated on the date of the grant using the Black-Scholes option-pricing model using the assumptions noted in the following table:


	Year Ended December 31,
Service-Based Stock Options	2024	2023	2022
Expected dividend rate	—%	—%	—%
Expected stock price volatility	57.3 - 62.5%	62.5 - 66.7%	63.8 - 75.3%
Risk-free interest rate	3.4 - 4.7%	3.4 - 4.7%	1.50 -4.4%
Expected life (years)	5.5	5.5	5.3 - 6.3
Weighted-average grant date fair value	$28.05	$18.85	$19.83

Summary of activity for service-based stock options

The following table summarizes the activity for service-based stock options for the indicated periods:


Service-Based Stock Options	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Thousands)
Outstanding at December 31, 2023	6,716,686	$	25.85	6.2	$	88,387
Granted	767,037	48.49
Exercised	(1,544,653)	14.97
Expired	(28,247)	53.73
Forfeited	(146,716)	42.44
Outstanding at December 31, 2024	5,764,107	$	31.22	6.1	$	137,365
Exercisable at December 31, 2024	4,381,393	$	28.38	5.4	$	116,951

Summary of activity for restricted stock awards

The following table summarizes the activity for restricted stock units for the indicated periods:


Restricted Stock Units	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2023	930,936	$	32.85
Granted	644,905	48.20
Vested	(323,435)	32.90
Forfeited	(117,145)	40.18
Unvested at December 31, 2024	1,135,261	$	40.80

Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

A summary of net income (loss) per common share is presented below:


	Year Ended December 31,
(Amounts in thousands, except per share amounts)	2024		2023		2022
Net income (loss)	$	10,362	$	(3,182)	$	(16,709)

Basic weighted-average common shares outstanding	48,848		47,590		47,130
Effect of dilutive stock options and restricted stock units	2,831		—		—
Diluted weighted-average common shares outstanding	51,679		47,590		47,130

Basic income (loss) per common share	$	0.21	$	(0.07)	$	(0.35)
Diluted income (loss) per common share	$	0.20	$	(0.07)	$	(0.35)

Anti-dilutive shares excluded from diluted net loss per common share:
Stock options	1,887		6,717		6,609
Restricted stock units	23		931		648

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

•Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

•Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability;

•Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The commercial paper, corporate notes, U.S. government securities, and U.S. government agency bonds are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. The deferred compensation plan liabilities are recorded at the value of the amount owed to the plan participants, with changes in value recognized as compensation expense. The calculation of the deferred compensation plan obligation is derived from observable market data by reference to hypothetical investments selected by the participants. There were no transfers into or out of Level 3 from December 31, 2022 to December 31, 2024.

The following table summarizes the valuation of the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:


	December 31, 2024								December 31, 2023
			Fair value measurement category								Fair value measurement category
(In thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	43,307	$	43,307	$	—	$	—	$	34,672	$	34,672	$	—	$	—
Commercial paper (a)	1,953		—		1,953		—		4,876		—		4,876		—
Corporate notes	71,763		—		71,763		—		47,159		—		47,159		—
U.S. government agency bonds (a)	7,857		—		7,857		—		13,971		—		13,971		—
U.S. government securities (a)	16,150		—		16,150		—		24,874		—		24,874		—
Total assets	$	141,030	$	43,307	$	97,723	$	—	$	125,552	$	34,672	$	90,880	$	—

Liabilities:
Deferred compensation plan liabilities	$	306	$	—	$	306	$	—	$	100	$	—	$	100	$	—
Total liabilities	$	306	$	—	$	306	$	—	$	100	$	—	$	100	$	—

The fair values of the cash equivalents and marketable securities are based on observable market prices. The Company’s accounts receivables, accounts payable and accrued expenses are valued at cost which approximates fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Commitments and Contingencies - Future Minimum Payments (Details) $ in Thousands, € in Millions	Dec. 31, 2024 USD ($)	Jul. 31, 2023 EUR (€)
Purchase commitments
Total	$ 15,416
2025	6,405	€ 12.5
2026	1,521
2027	1,802
2028	1,896
2029	1,896
More than 5 Years	1,896
Warehouse operating agreement
Total	941
2025	941
2026	0
2027	0
2028	0
2029	0
More than 5 Years	0
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total	16,357
2025	7,346
2026	1,521
2027	1,802
2028	1,896
2029	1,896
More than 5 Years	$ 1,896

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Contributions made under 401(k) savings plan	$ 1.3	$ 1.2	$ 1.1
Maximum annual base contribution percentage	75.00%
Maximum annual bonus contribution percentage	100.00%
Vesting percentage	100.00%
Deferred compensation plan liabilities, noncurrent	$ 0.3

Commitments and Contingencies - Narrative (Details) $ in Thousands, € in Millions	Jul. 01, 2023	Dec. 31, 2024 USD ($)	Jul. 31, 2023 EUR (€)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation, renewal option, term	3 years
Purchase obligation, automatic renewal, term	3 years
Purchase obligation, annual commitment		$ 6,405	€ 12.5
Supply agreement, term	8 years

Nexobrid License and Supply Agreements	12 Months Ended
Nexobrid License and Supply Agreements	Dec. 31, 2024
Related Party Transactions [Abstract]
NexoBrid License and Supply Agreements	NexoBrid License and Supply Agreements On May 6, 2019, the Company entered into exclusive license and supply agreements with MediWound to commercialize NexoBrid in North America. NexoBrid is a topically-administered biological orphan product containing proteolytic enzymes, for which the FDA approved a BLA in December 2022 permitting the product’s use for the removal of eschar in adults with deep partial-thickness and/or full thickness thermal burns. Subsequently, in August 2024, the FDA approved a supplemental BLA expanding NexoBrid’s indication to include pediatric patients. Pursuant to the terms of the license agreement, following the FDA approval of NexoBrid, MediWound transferred the BLA to Vericel. NexoBrid is approved in the European Union (“EU”) and other international markets and has been designated as an orphan biologic in the U.S., EU and other international markets. In May 2019, the Company paid MediWound $17.5 million in consideration for the license, which was recorded as research and development expense during 2019. The FDA’s December 2022 approval of NexoBrid resulted in the achievement of a $7.5 million regulatory milestone payment pursuant to the terms of the license agreement. The Company recorded the $7.5 million milestone for the licensing rights to commercially sell NexoBrid in the U.S. as an intangible asset as of December 31, 2022 (see Note 4, “Selected Balance Sheet Components” for further details). The $7.5 million milestone payment was paid to MediWound in February of 2023. Additionally, the Company is obligated to pay MediWound up to $125.0 million, which is contingent upon meeting certain sales milestones. The first sales milestone payment of $7.5 million would be triggered when annual net sales of NexoBrid or improvements to NexoBrid in North America exceed $75.0 million. As of December 31, 2024, the sales milestone payments are not yet probable and therefore, not recorded as a liability. The Company pays MediWound tiered royalties on net sales ranging from mid-high single-digit to mid-teen percentages, subject to customary reductions. Pursuant to the terms of the Company’s supply agreement with MediWound, MediWound is manufacturing, and will continue to manufacture NexoBrid for the Company on a unit price basis, which may be increased pursuant to the terms of the supply agreement. MediWound is obligated to supply the Company with NexoBrid for sale in North America on an exclusive basis for the first five years of the term of the supply agreement. Under the supply agreement, the Company possesses the option to extend the initial term of the agreement by an additional 24 months, which it did in May 2022. After the initial term, the Company may extend the supply agreement on an annual basis for up to 10 additional years, at its sole discretion. Under the supply agreement, the Company is permitted to establish an alternate source of supply in certain circumstances, including the event of a supply failure. Additionally, beginning in 2020, BARDA procured quantities of NexoBrid from MediWound for use as a medical countermeasure in the event of a mass casualty emergency in the U.S. involving thermal burns. The initial, quarterly, procurement of NexoBrid by BARDA under its agreement with MediWound was completed during the third quarter of 2022. As a part of BARDA’s commitment to procure NexoBrid, the Company received a percentage of gross profit for sales directly to BARDA. As of December 31, 2024, the Company did not hold a direct contract or distribution agreement with BARDA, or take title to the product procured by BARDA.

Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Marketable debt securities held by the Company are classified as available-for-sale pursuant to ASC 320, Investments – Debt and Equity Securities, and carried at fair value in the accompanying consolidated balance sheets on a settlement date basis. The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities:


	December 31, 2024
			Gross Unrealized
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses		Estimated Fair Value
Commercial paper	$	1,953	$	1	$	(1)	$	—	$	1,953
Corporate notes	71,733		117		(87)		—		71,763

U.S. government agency bonds	7,883		4		(30)		—		7,857
	$	81,569	$	122	$	(118)	$	—	$	81,573
Classified as:
Short-term investments									$	41,693
Long-term investments									39,880
									$	81,573


	December 31, 2023
			Gross Unrealized
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses		Estimated Fair Value
Commercial paper	$	3,638	$	1	$	—	$	—	$	3,639
Corporate notes	47,228		—		(69)		—		47,159
U.S. government securities	983		—		—		—		983
U.S. government agency bonds	14,003		—		(32)		—		13,971
	$	65,852	$	1	$	(101)	$	—	$	65,752
Classified as:
Short-term investments									$	40,469
Long-term investments									25,283
									$	65,752

There have been no impairments of the Company’s assets measured and carried at fair value during the years ended December 31, 2024 or 2023.

Leases - Narrative (Details) ft² in Thousands, $ in Thousands			1 Months Ended	12 Months Ended
	Jun. 01, 2023 USD ($) renewal_option $ / ft²	Jul. 29, 2022 USD ($)	Jan. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 30, 2023 USD ($)	Jan. 28, 2022 ft²
Lessee, Lease, Description [Line Items]
Right-of-use assets				$ 70,098	$ 73,462
Present value of lease liabilities				98,850
Short-term lease costs (less than)				300	100	$ 100
Operating lease expense				12,700	10,300	6,900
Finance lease expense (less than)				100	100	100
Measurement of lease liability				1,400	1,700	$ 5,300
25 Network Drive, Burlington, Massachusetts
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²								126
Escrow deposit amount							$ 28,300
Term of contract	144 months
Number of renewal options \| renewal_option	1
Lease option to extend term	10 years
Annual lease per square foot \| $ / ft²	57
Annual lease base rent square subject to increase percentage	2.50%
Tenant improvement allowance per square foot \| $ / ft²	200
Tenant improvement allowance	$ 24,400
Right-of-use assets	35,500			$ 3,600	$ 2,000
Present value of lease liabilities	$ 35,500
Estimated incremental borrowing rate	0.077
Term of contract	13 years 1 month 6 days
Letter of credit cash deposit			$ 6,000
Letter of credit cash deposit lease year three		$ 4,200
Letter of credit cash deposit lease year six		$ 1,800
25 Network Drive, Burlington, Massachusetts \| Minimum
Lessee, Lease, Description [Line Items]
Monthly contractual lease payments	$ 600
25 Network Drive, Burlington, Massachusetts \| Maximum
Lessee, Lease, Description [Line Items]
Monthly contractual lease payments	$ 800

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term - Operating lease term	9 years 8 months 12 days	10 years
Weighted-average remaining lease term - Finance lease term	6 years 10 months 24 days	0 years
Weighted-average discount rate - Operating lease discount rate	6.90%	6.80%
Weighted-average discount rate - Finance lease discount rate	5.00%	0.00%

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company leases facilities in Ann Arbor, Michigan, Cambridge, Massachusetts and Burlington, Massachusetts. The Ann Arbor facility includes office space, and the Cambridge facility includes clean rooms, laboratories for MACI and Epicel manufacturing and office space. The Company also leases offsite warehouse space and certain equipment.

On January 28, 2022, the Company entered into a lease agreement (as amended, the “Burlington Lease”) to lease approximately 126,000 square feet of manufacturing, laboratory and office space in Burlington, Massachusetts (the “Premises”), which has been under construction. The Burlington facility is substantially complete, and the Company is currently utilizing the facility’s office space. The remaining tenant improvements to the manufacturing suites and related equipment remain ongoing and will be placed in service when they are ready for their intended uses. Once validated, the facility’s manufacturing component will eventually become the primary manufacturing facility for MACI and Epicel.

In April 2023, in connection with the Burlington Lease, the Company entered into a construction escrow agreement (the “Construction Escrow Agreement”) with the facility’s landlord and an escrow agent. Pursuant to the terms of the Construction Escrow Agreement, in April 2023, the Company began funding, into an escrow account maintained by the escrow agent, a portion of its share of tenant improvement construction costs at the facility, which are designated as restricted cash. At the same time, the facility’s landlord began funding a portion of its tenant improvement allowance through a separate escrow account. The Company funded the remaining 50% of its required cost amount, or approximately $28.3 million, with cash on hand, pursuant to the Construction Escrow Agreement in April 2024.

The term of the Burlington Lease began on June 1, 2023 (the “Commencement Date”), when the Company gained control of and commenced tenant improvement work at the Premises. The Company’s obligation to pay rent for the Premises began on July 1, 2024 (the “Rent Commencement Date”). The initial term of the Lease is 144 months following the Rent Commencement Date. The Company has a one-time option to extend the term of the Lease for an additional 10 years, exercisable under certain conditions and at a market rate determined in accordance with the Burlington Lease.

The annual base rent of the Burlington Lease is initially $57 per square foot per year, subject to annual increases of 2.5%. Monthly contractual payments are expected to range from $0.6 million to $0.8 million. Additionally, the Company is responsible for reimbursing the landlord for the Company’s share of the Premises’ property taxes and certain other operating expenses. The Burlington Lease also provides for a tenant improvement allowance from the landlord in an amount equal to $200 per square foot of the Premises, or approximately $24.4 million. The tenant improvement allowance has been and continues to be used towards the design and construction of the tenant improvements made to the Premises, subject to the terms set forth in the Burlington Lease.

The Company was not involved in the initial construction of the core and shell of the building. On June 1, 2023, the Company gained control of the Premises to begin construction of its tenant improvements. As such, the corresponding right-of-use asset and lease liability of $35.5 million was recorded on the Company’s consolidated balance sheet. As there was not an implicit rate within the lease available, the Company estimated the incremental borrowing rate of 7.7%, based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. The lease term of 13.1 years does not include the lease extension option, as the Company is not reasonably certain to exercise that option. The Company has determined that certain improvements to the Premises are landlord-owned improvements and costs incurred for these improvements are accounted for as a variable lease payment. In the years ended December 31, 2024 and 2023, the Company recorded a right-of-use asset related to landlord-owned improvements incurred of approximately $3.6 million and $2.0 million, respectively.

In January 2022, in connection with the execution of the Burlington Lease, the Company issued a letter of credit collateralized by cash deposits of approximately $6.0 million. Subsequent to the execution of the Revolving Credit Agreement on July 29, 2022 (see Note 8, “Revolving Credit Agreement” for further details), the letter of credit is issued under the sub-facility limit of the Revolving Credit Agreement. Such letter of credit shall be reduced to approximately $4.2 million and $1.8 million at the conclusion of the third and sixth lease years, respectively, provided certain conditions set forth in the Burlington Lease are satisfied.

For the year ended December 31, 2024, lease expense of $0.3 million, and for the years ended December 31, 2023 and 2022, lease expense of less than $0.1 million, was recorded related to short-term leases. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $12.7 million, $10.3 million and $6.9 million, respectively, of operating lease expense. For the years ended December 31, 2024, 2023 and 2022, the Company recognized less than $0.1 million of financing lease expense.

Operating and finance lease assets and liabilities are as follows:


		December 31,
(In thousands)	Classification	2024		2023
Assets
Operating	Right-of-use assets	$	70,098	$	73,462
Finance	Property and equipment, net	686		—
Total leased assets		$	70,784	$	73,462
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	9,257	$	6,187
Finance	Other current liabilities	116		—

Non-current
Operating	Operating lease liabilities	89,593		81,856
Finance	Other long-term liabilities	570		—
Total leased liabilities		$	99,536	$	88,043

Cash received for amounts included in the measurement of the Company’s operating lease liabilities was $1.4 million for the year ended December 31, 2024. Cash paid for amounts included in the measurement of the Company’s operating lease liabilities was $1.7 million and $5.3 million for the years ended December 31, 2023 and 2022, respectively.

Future minimum lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2025	$	13,677	$	116	$	13,793
2026	13,969		116		14,085
2027	14,351		116		14,467
2028	14,743		116		14,859
2029	15,146		116		15,262
Thereafter	73,339		219		73,558
Total lease payments	$	145,225	$	799	$	146,024
Less: tenant improvement allowances	(4,419)		—		(4,419)
Less: interest	(41,956)		(113)		(42,069)
Present value of lease liabilities	$	98,850	$	686	$	99,536

Lease terms and discount rates are as follows:


	December 31,
	2024	2023
Weighted-average remaining lease term (years)
Operating leases	9.7	10.0
Finance leases	6.9	—
Weighted-average discount rate
Operating leases	6.9%	6.8%
Finance leases	5.0%	—%

Leases

Operating and finance lease assets and liabilities are as follows:


		December 31,
(In thousands)	Classification	2024		2023
Assets
Operating	Right-of-use assets	$	70,098	$	73,462
Finance	Property and equipment, net	686		—
Total leased assets		$	70,784	$	73,462
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	9,257	$	6,187
Finance	Other current liabilities	116		—

Non-current
Operating	Operating lease liabilities	89,593		81,856
Finance	Other long-term liabilities	570		—
Total leased liabilities		$	99,536	$	88,043

Future minimum lease payments under non-cancellable leases as of December 31, 2024 are as follows:


(In thousands)	Operating Leases		Finance Leases		Total
2025	$	13,677	$	116	$	13,793
2026	13,969		116		14,085
2027	14,351		116		14,467
2028	14,743		116		14,859
2029	15,146		116		15,262
Thereafter	73,339		219		73,558
Total lease payments	$	145,225	$	799	$	146,024
Less: tenant improvement allowances	(4,419)		—		(4,419)
Less: interest	(41,956)		(113)		(42,069)
Present value of lease liabilities	$	98,850	$	686	$	99,536

Lease terms and discount rates are as follows:


	December 31,
	2024	2023
Weighted-average remaining lease term (years)
Operating leases	9.7	10.0
Finance leases	6.9	—
Weighted-average discount rate
Operating leases	6.9%	6.8%
Finance leases	5.0%	—%

Income Taxes - Components of Income (Loss) Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S.	$ 10,580	$ (2,381)	$ (15,912)
Foreign	(70)	13	(76)
Income (loss) before income taxes	$ 10,510	$ (2,368)	$ (15,988)

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Heidi Hagen [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 14, 2024, Heidi Hagen, a member of the Vericel Corporation Board of Directors, entered into a Rule 10b5-1 trading arrangement providing for the potential sale of up to 24,000 shares of our common stock between March 3, 2025, and March 27, 2026.
Name	Heidi Hagen
Title	member of the Vericel Corporation Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 14, 2024
Expiration Date	March 27, 2026
Arrangement Duration	389 days
Aggregate Available	24,000	24,000
Joseph Mara [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 15, 2024, Joseph Mara, Vericel Corporation’s Chief Financial Officer, entered into a Rule 10b5-1 trading arrangement. Mr. Mara subsequently amended that trading arrangement on November 26, 2024. The amended trading arrangement provides for the potential sale of up to 88,500 shares of our common stock between March 3, 2025, and December 31, 2025.
Name	Joseph Mara
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 15, 2024
Expiration Date	December 31, 2025
Arrangement Duration	303 days
Aggregate Available	88,500	88,500
Michael Halpin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On November 19, 2024, Michael Halpin, Vericel Corporation’s Chief Operating Officer, entered into a Rule 10b5-1 trading arrangement providing for the potential sale of up to 30,000 shares of our common stock between March 3, 2025, and February 27, 2026.
Name	Michael Halpin
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 19, 2024
Expiration Date	February 27, 2026
Arrangement Duration	361 days
Aggregate Available	30,000	30,000
Dominick Colangelo [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 2, 2024, Dominick Colangelo, Vericel Corporation’s President and Chief Executive Officer, entered into a Rule 10b5-1 trading arrangement providing for the potential sale of up to 131,008 shares of our common stock between March 12, 2025, and June 2, 2025.
Name	Dominick Colangelo
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 2, 2024
Expiration Date	June 2, 2025
Arrangement Duration	82 days
Aggregate Available	131,008	131,008

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 15,481	$ 4,505
Employee benefits and stock-based compensation	18,606	24,812
Research and development costs	4,778	5,176
Intangible assets	786	962
Operating lease liabilities	20,664	20,849
Inventory reserve	2,540	3,570
Tax credit carryforward	10,937	10,781
Other, net	3	12
Total deferred tax assets	73,795	70,667
Less: valuation allowance	(45,153)	(49,755)
Total net deferred tax assets	28,642	20,912
Deferred tax liabilities:
Right-of-use assets	(18,056)	(19,296)
Property and equipment, net	(10,586)	(1,616)
Total net deferred tax liabilities	(28,642)	(20,912)
Net deferred tax assets and liabilities	$ 0	$ 0

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Product sales, net	$ 237,224	$ 197,516	$ 163,698
Other revenue	0	0	667
Total revenue	237,224	197,516	164,365
Change in estimates related to prior periods
Disaggregation of Revenue [Line Items]
Product sales, net	2,529	2,157	2,034
Total MACI implants, kits, and instruments
Disaggregation of Revenue [Line Items]
Product sales, net	197,309	164,800	131,967
Through Intermediary \| MACI implants, kits, and instruments \| Contract rate
Disaggregation of Revenue [Line Items]
Product sales, net	141,806	105,948	81,388
Through Intermediary \| MACI implants, kits, and instruments \| Time-and-materials contract
Disaggregation of Revenue [Line Items]
Product sales, net	15,058	22,203	18,695
Time-and-materials contract \| MACI implants, kits, and instruments \| Time-and-materials contract
Disaggregation of Revenue [Line Items]
Product sales, net	4,603	4,921	3,499
Provider or Facility \| MACI implants, kits, and instruments \| Contract rate
Disaggregation of Revenue [Line Items]
Product sales, net	31,217	27,484	24,261
Provider or Facility \| NexoBrid
Disaggregation of Revenue [Line Items]
Other revenue	3,292	1,142	667
Directly to consumer \| Biopsy kits and instruments - direct bill
Disaggregation of Revenue [Line Items]
Product sales, net	2,096	2,087	2,090
Directly to consumer \| Epicel
Disaggregation of Revenue [Line Items]
Product sales, net	$ 36,623	$ 31,574	$ 31,731

Revenue - Narrative (Details) $ in Millions	12 Months Ended
Revenue - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) pharmacy	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of specialty pharmacies \| pharmacy	2
Allowance for doubtful accounts	$ 5.4	$ 5.6
Change in estimate of uncollectible (percent)	0.50%
Change in revenue recognized due to 0.5% change in uncollectible percentage	$ 0.5

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts

Investments - Narrative (Details) - USD ($)	12 Months Ended
Investments - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Asset impairment charges	$ 0	$ 0

Segment Information (Details) $ in Thousands	12 Months Ended
Segment Information (Details) $ in Thousands	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Selling and marketing	$ 82,142	$ 69,007	$ 60,926
General and administrative	60,649	51,991	45,977
Selling, general and administrative	$ 142,791	$ 120,998	$ 106,903

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and investments in marketable debt securities. The Company may maintain deposits in financial institutions in excess of the insurance coverage offered by the Federal Deposit Insurance Corporation, the loss of which could have a negative effect on its operations and liquidity. The Company believes that it is not exposed to significant credit risk as its deposits, including cash and cash equivalents, are held at multiple high-credit-quality financial institutions. The Company has not experienced any losses on these deposits; however, no assurances can be provided that there will not be losses experienced in the future. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated based on the fact that many of these securities are either government-backed or of high credit rating.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, certain judgments regarding revenue recognition, inventory valuation, stock option valuation, lease valuation, deferred tax assets and liabilities and accrued expenses. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments reflected in these consolidated financial statements or a revision of the carrying value of its assets or liabilities as of the issuance of these consolidated financial statements. These estimates may change as new events occur and additional information is obtained. Actual results could materially differ from those estimates.
Cash Equivalents	Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less from the date of purchase and consist primarily of demand deposits, money market funds, U.S. government securities, U.S. government agency bonds and commercial paper.
Restricted Cash	Restricted Cash Restricted cash as of December 31, 2024 and 2023, represents amounts in a construction escrow account. See Note 5, “Leases” for further discussion.
Investments	Investments Investments classified as short-term have maturities of less than one year. Investments classified as long-term are those that: (i) have a maturity of greater than one year, and (ii) the Company does not intend to liquidate within the next twelve months, although these funds are available for use and, therefore, are classified as available-for-sale. The Company’s investment strategy is to buy short-duration marketable securities with a high credit rating. As of December 31, 2024 and 2023, all marketable securities held by the Company had remaining contractual maturities of three years or less. Unrealized gains are included as a component of accumulated other comprehensive income in the consolidated balance sheets and consolidated statements of shareholders’ equity and a component of total comprehensive income (loss) in the consolidated statements of comprehensive income (loss), until realized. Unrealized losses are evaluated for impairment under ASC 326, Financial Instruments - Credit Losses (“ASC 326”), to determine if the impairment is credit-related or non-credit- related. Credit-related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to earnings, and non-credit-related impairment is recognized in other comprehensive income (loss), net of taxes.
Leases	Leases The Company determines if an arrangement is a lease at inception, in accordance with ASC Topic 842, Leases. Operating lease commitments with a lease term greater than 12 months are recognized as right-of-use assets and liabilities, on a discounted basis on the balance sheet. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Certain of the Company’s lease agreements include lease payments that are adjusted periodically for an index or rate. The leases are initially measured using the present value of the projected payments adjusted for the index or rate in effect at the commencement date. In addition to rent, the leases may require the Company to pay additional amounts for taxes, insurance, maintenance and other expenses, which do not transfer a good or service to the Company and are generally referred to as non-lease components. Variable non-lease components are not measured as part of the right-of-use asset and liability. Only when lease components and their associated non-lease components are fixed are they accounted for as a single lease component and are recognized as part of a right-of-use asset and liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company has options to renew lease terms for facilities and other assets. Some leases contain clauses for renewal at the Company’s option with renewal terms that generally extend the lease term from 1 to 10 years. The exercise of lease renewal options is generally at the Company’s sole discretion. The Company evaluates renewal and termination options at the lease commencement date to determine if it is reasonably certain to exercise the option on the basis of economic factors. Certain lease agreements contain options to terminate the lease. A portfolio approach is applied to certain lease contracts with similar characteristics. The Company uses a discount rate to calculate the present value of lease payments in order to determine lease classification and measurement of the lease asset and liability. In the absence of a rate of interest that is readily determinable in the contract, the Company estimates the incremental borrowing rate (“IBR”) for each lease based on the information available at commencement. The IBR reflects the rate of interest that the Company would pay on the lease commencement date to borrow an amount equal to the lease payments on a collateralized basis over a similar term in similar economic environments.
Inventory	Inventory Inventories are measured at the lower of cost or net realizable value. Cost is calculated based upon standard-cost which approximates costs determined on the first-in, first-out method. The Company periodically reviews its inventories for excess or obsolescence and writes down obsolete or other unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than that estimated by the Company, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. In all cases, product inventory is carried at the lower of cost or its estimated net realizable value. Amounts written down are charged to cost of product sales.
Accounts Receivable	Accounts Receivable Accounts receivable are initially recorded at the contractual amount owed by the customer or based on expected payments from the insurance provider, hospital or patient. Allowances for doubtful accounts are established when the facts and circumstances indicate that a receivable may not be collectible. Potential credit risk exposure has been evaluated for the Company’s accounts receivable in accordance with ASC 326. The Company assesses risk and determines a loss percentage by pooling accounts receivable based on similar risk characteristics. The loss percentage is calculated through the use of forecasts that are based on current and historical economic and financial information.
Property and Equipment, net	Property and Equipment, net Property and equipment are initially measured and recognized at acquisition cost, including any directly attributable cost of preparing the asset for its intended use. After initial measurement, property and equipment are carried at cost less accumulated depreciation. Repair and maintenance costs of property and equipment are expensed as incurred. The depreciable value of property and equipment is depreciated on a straight-line basis over the useful life of the asset. The useful life of an asset is usually equivalent to its economic life. The useful lives of property and equipment are as follows: •Machinery and equipment: 3 to 10 years •Furniture, fixtures and office equipment: 5 years •Computer equipment and software: 3 years •Leasehold improvements: shorter of the remaining life of the lease or 15 years The costs of assets retired or otherwise disposed of and the accumulated depreciation thereon are removed from the accounts, with any gain or loss realized upon sale or disposal credited or charged to operations.
Intangible Assets, net	Intangible Assets, net The Company amortizes its intangible assets on a straight-line basis over their estimated economic lives, unless another amortization method is deemed to be more appropriate. In determining the useful lives of intangible assets, the Company considers the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, market influence and other economic factors.
Long-Lived Assets	Long-Lived Assets The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be fully recoverable.
Revenue Recognition	Revenue Recognition The Company recognizes product revenue from sales to a customer following the five step model in Accounting Standards Codification 606, Revenue Recognition (“ASC 606”): (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation. Under this revenue standard, the Company recognizes revenue when its customer obtains control of the promised goods, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods. There are no contractual rights of returns, refunds or similar obligations related to MACI, MACI biopsy kits, MACI Arthro instruments or Epicel; however, in certain limited cases the Company will accept a product return if a surgery is canceled. Revenue is not recognized in certain canceled cases. There are limited contractual rights of returns, refunds, or similar obligations related to NexoBrid. For MACI, MACI biopsy kits, MACI Arthro instruments, Epicel and NexoBrid, there are no variable pricing arrangements related to warranties or rebates offered to customers. The majority of orders are due within 30 to 90 days of delivery. Shipping and handling fees are included as a component of revenue. The Company recognizes any commission fees as an expense when incurred. These fees are included in selling, general, and administrative expenses.
Research and Development Expense	Research and Development Expense Research and development expenses are expensed as incurred. These expenditures relate to the development of new products, improvement of existing products, technical support of products and compliance with governmental regulations for the protection of consumers and patients.
Stock-Based Compensation	Stock-Based Compensation The Company’s accounting for stock-based compensation requires it to determine the fair value of common stock issued in the form of stock option awards and restricted stock units. The fair value of restricted stock units held by employees and non-employee directors is determined based on the fair value of the Company’s common stock on the date of the grant. Compensation expense is recorded for restricted stock units that are expected to vest over the expected vesting period. The fair value of stock options held by employees and non-employee directors is determined using a Black-Scholes option valuation method. Key assumptions in determining fair value include volatility, risk-free interest rate, dividend yield and expected term. The assumptions used in calculating the fair value of stock options represent the Company’s best estimates; however, these estimates involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and different assumptions are used, the stock-based compensation expense could be materially different in the future. In addition, the Company estimates the expected forfeiture rate and only recognizes expense for those stock options expected to vest over the service period. The estimated forfeiture rate considers the historical experience of the Company’s stock-based awards. If the actual forfeiture rate is different from the estimate, expense is adjusted accordingly. The Company records the expense for stock options and restricted stock units using a graded-vesting attribution method. The Company also has an Employee Stock Purchase Plan (“ESPP”) which is a compensatory plan. Compensation expense is recorded based on the fair value of the purchased options at the grant date, which corresponds to the first day of each purchase period, and is amortized over the purchase period.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is the change in shareholders’ equity during a period arising from unrealized gains or losses related to the Company’s investments.
Income Taxes	Income Taxes Deferred tax assets are recognized for deductible temporary differences and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized based on the weight of available evidence. When evaluating the realizability of the deferred tax assets, all evidence, both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include the ability to carry back losses, future reversals of existing temporary differences, tax planning strategies, and expectations of future earnings. The Company records uncertain tax positions in the consolidated financial statements only if it is more likely than not that the uncertain tax position will be sustained upon examination by the taxing authorities. The Company records interest and penalties related to uncertain tax positions in income tax expense.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the potential dilutive effect of other securities if those securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per common share is calculated by dividing the net loss by the weighted-average shares of common stock outstanding and potentially dilutive securities are excluded from the calculation because their effect would be antidilutive.
Financial Instruments	Financial Instruments The Company’s financial instruments include cash, cash equivalents, accounts receivables, accounts payable and accrued expenses for which the current carrying amounts approximate market value, based upon their short-term nature, deferred compensation plan liability carried at fair value, and marketable debt securities which are classified as available-for-sale and carried at fair value on a settlement date basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The disclosure requirements must be applied retrospectively to all prior periods presented in the financial statements. The effective date for the standard is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 as of December 31, 2024 and the adoption of this standard is disclosed in the footnotes of the Company’s consolidated financial statements. No other accounting standards were adopted during the year ended December 31, 2024. The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASU's”) issued by the Financial Accounting Standards Board (“FASB”), as noted below. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, to provide more detailed income tax disclosure requirements. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the standard is for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires new disclosures to disaggregate prescribed natural expenses underlying any income statement caption. This standard is effective for annual periods in fiscal years beginning after December 15, 2026, and interim periods thereafter, with early adoption permitted, and will be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option, Restricted Stock Units and Equity Incentive Plans

The Company has historically had various stock incentive plans and agreements that provide for the issuance of non-qualified and incentive stock options and restricted stock units as well as other equity awards. Such awards may be granted by the Company’s Board of Directors to certain of the Company’s employees, directors and consultants.

Options granted to employees and non-employees under these plans expire no later than ten years from the date of grant. Options and restricted stock units generally become exercisable or vest over a four year period (other than options and restricted stock units awarded annually to non-employee directors, which generally vest over one year, and options and restricted stock units awarded to non-employee directors upon initial appointment to the Vericel Board of Directors, which generally vest over a three year period), under a graded-vesting methodology for stock options and annually on the anniversary grant date for restricted stock units, following the date of grant. The Company generally issues new shares upon the exercise of stock options or vesting of restricted stock units.

The Vericel Corporation 2022 Omnibus Incentive Plan (“2022 Plan”) was approved on April 27, 2022, and provides incentives through the grant of stock options, stock appreciation rights, restricted stock awards and restricted stock units. The exercise price of stock options granted under the 2022 Plan shall not be less than the fair market value of the Company’s common stock on the date of grant. The 2022 Plan replaced the 1992 Stock Option Plan, the 2001 Stock Option Plan, the Amended and Restated 2004 Equity Incentive Plan, the 2009 Second Amended and Restated Omnibus Incentive Plan, the 2017 Omnibus Incentive Plan, and the Amended and Restated 2019 Omnibus Incentive Plan (collectively the “Prior Plans”), and no new grants have been granted under the Prior Plans after approval of the 2022 Plan. However, the expiration or forfeiture of options previously granted under the Prior Plans will increase the number of shares available for issuance under the 2022 Plan.

As of December 31, 2024, there were 1,189,503 shares available for future grant under the 2022 Plan.

Stock Compensation Expense

Non-cash stock-based compensation expense (service-based stock options, restricted stock units and employee stock purchase plan) is summarized in the following table:


	Years Ended December 31,
(in thousands)	2024		2023		2022
Cost of product sales	$	3,911	$	2,970	$	3,630
Research and development	4,068		3,705		5,261
Selling, general and administrative	28,516		25,650		28,292
Total non-cash stock-based compensation expense	$	36,495	$	32,325	$	37,183

Service-Based Stock Options


	Year Ended December 31,
Service-Based Stock Options	2024	2023	2022
Expected dividend rate	—%	—%	—%
Expected stock price volatility	57.3 - 62.5%	62.5 - 66.7%	63.8 - 75.3%
Risk-free interest rate	3.4 - 4.7%	3.4 - 4.7%	1.50 -4.4%
Expected life (years)	5.5	5.5	5.3 - 6.3
Weighted-average grant date fair value	$28.05	$18.85	$19.83

The following table summarizes the activity for service-based stock options for the indicated periods:


Service-Based Stock Options	Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (Thousands)
Outstanding at December 31, 2023	6,716,686	$	25.85	6.2	$	88,387
Granted	767,037	48.49
Exercised	(1,544,653)	14.97
Expired	(28,247)	53.73
Forfeited	(146,716)	42.44
Outstanding at December 31, 2024	5,764,107	$	31.22	6.1	$	137,365
Exercisable at December 31, 2024	4,381,393	$	28.38	5.4	$	116,951

As of December 31, 2024, 5,615,834 shares are vested and expected to vest. As of December 31, 2024, there was approximately $18.7 million of total unrecognized compensation cost related to non-vested service-based stock options granted under the 2022 Plan and the Prior Plans. That cost is expected to be recognized over a weighted-average period of 2.6 years.

The total intrinsic value of stock options exercised for the years ended December 31, 2024, 2023, and 2022 was $50.1 million, $7.5 million and $5.4 million, respectively.

Restricted Stock Units

The following table summarizes the activity for restricted stock units for the indicated periods:


Restricted Stock Units	Number of Restricted Stock Units	Weighted-Average Grant Date Fair Value
Outstanding at December 31, 2023	930,936	$	32.85
Granted	644,905	48.20
Vested	(323,435)	32.90
Forfeited	(117,145)	40.18
Unvested at December 31, 2024	1,135,261	$	40.80

The weighted-average grant-date fair value of restricted stock units granted during the years ended December 31, 2024, 2023, and 2022 was $48.20, $30.36 and $33.71, respectively.

At December 31, 2024 the total unrecognized compensation cost related to the restricted stock units was $27.0 million, and the weighted-average period over which that cost is expected to be recognized was 2.7 years. The total fair value of restricted stock units vested in the years ended December 31, 2024 and 2023 was $15.7 million and $6.8 million respectively.

Employee Stock Purchase Plan

Employees are able to purchase stock under the ESPP. The ESPP allows for the issuance of an aggregate of 1.0 million shares of common stock of which 889,342 have been issued since the inception of the benefit in 2015. Participation in this plan is available to substantially all employees. The ESPP is a compensatory plan accounted for under the expense recognition provisions of the share-based payment accounting standards. Compensation expense is recorded based on the fair market value of the purchase options at the grant date, which corresponds to the first day of each purchase period and is amortized over the purchase period.

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition and Product Sales, Net

As disclosed in Note 2, the Company recognizes product revenue from sales of MACI biopsy kits, MACI implants, MACI Arthro instruments, Epicel grafts, and NexoBrid following the five-step model in Accounting Standards Codification 606, Revenue Recognition.

MACI Biopsy Kits

MACI biopsy kits are sold directly to hospitals and ambulatory surgical centers based on contracted rates set forth in an approved contract or sales order. The Company recognizes MACI kit revenue upon delivery of the biopsy kit, at which time the customer (the facility) is in control of the kit. The kit is used by the treating surgeon to provide a sample of cartilage tissue to the Company, which can later be used to manufacture a MACI implant. The ordering of the kit does not obligate the Company to manufacture an implant nor does the receipt of the cartilage tissue by the Company from the customer following biopsy. The customer’s order of an implant is separate from the process of ordering the biopsy kit. Therefore, the sale of the biopsy kit and any subsequent sale of an implant are distinct contracts and are accounted for separately.

MACI Arthro Instruments

MACI Arthro instruments are sold directly to hospitals and ambulatory surgical centers based upon rates set forth in price lists. The Company recognizes revenue from the sale of MACI Arthro instruments upon delivery of the instruments, at which time the customer (the facility) is in control of the instruments. MACI Arthro instruments can be used by an orthopedic surgeon to deliver MACI to a treated patient using an arthroscopic approach. The customer’s order of a MACI implant is separate from the process of ordering the MACI Arthro instruments. Therefore, the sale of the MACI Arthro instruments and any sale of an implant are distinct and are accounted for separately.

MACI Implants

The Company contracts with two specialty pharmacies, Orsini Pharmaceutical Services, Inc. (“Orsini”) and AllCare Plus Pharmacy, Inc. (“AllCare”) to distribute MACI in a manner in which the Company retains the credit and collection risk from the end customer. The Company pays each specialty pharmacy a fee in each instance when it dispenses MACI for use in treating a patient. Both Orsini and AllCare perform collection activities to collect payment from customers. In addition, the Company sells MACI directly to hospitals pursuant to an agreed upon purchase order and to a distributor, DMS Pharmaceutical Group, Inc. (“DMS”) at a contracted rate for the treatment of patients at military facilities throughout the U.S. The Company engages a third party to provide services in connection with a patient support program to manage patient cases and to ensure that complete and correct billing information is provided to the insurers and hospitals.

Prior authorization and confirmation of coverage level by the patient’s private insurance plan, hospital or government payer is a prerequisite to the shipment of a MACI implant to a patient. The Company recognizes product revenue from sales of all MACI implants upon delivery at which time the customer obtains control of the implant and the claim is billable. The total consideration that the Company expects to collect in exchange for MACI implants (the “Transaction Price”) may be fixed or variable. Direct sales to hospitals or distributors are recorded at a contracted price, and there are typically no forms of variable consideration.

When the Company sells MACI through its specialty pharmacies, the Company is typically reimbursed by a third-party insurer or government payer, subject to a patient co-pay amount. Reimbursements from third-party insurers and government payers vary by patient and payer and are based on either contracted rates, publicly available rates, fee schedules or past payer precedents. Net product revenue is recognized net of estimated contractual allowances, which considers historical collection experience from both the payer and patient, denial rates and the terms of the Company’s contractual arrangements. The Company estimates expected collections for these transactions using the portfolio approach. The Company records a reduction to revenue at the time of sale for its estimate of the amount of consideration that will not be collected. In addition, potential credit risk exposure has been evaluated for the Company’s accounts receivable in accordance with ASC 326, Financial Instruments - Credit Losses. The Company assesses risk and determines a loss percentage by pooling accounts receivable based on similar risk characteristics. The loss percentage is calculated through the use of forecasts that are based on current and historical economic and financial information. This loss percentage was applied to the accounts receivables as of December 31, 2024. The total allowance for uncollectible consideration was $5.4 million and $5.6 million as of December 31, 2024, and 2023, respectively. Changes to the estimate of the amount of consideration that will not be collected could have a material impact on the revenue recognized. A 50 basis points change to the estimated uncollectible percentage could result in an approximately $0.5 million decrease or increase in the revenue recognized for the year ended December 31, 2024.

Changes in estimates of the Transaction Price are recorded through revenue in the period in which such change occurs. Changes in estimates related to prior periods are shown in the Revenue by Product and Customer table below and relate primarily to changes in the initial expected reimbursement or collection expectation upon completion of the billing claims process for MACI implants that occurred in a prior year.

Epicel

The Company sells Epicel directly to hospitals and burn centers based on contracted rates stated in an approved contract or purchase order. Similar to MACI, there is no obligation to manufacture Epicel grafts upon receipt of a skin biopsy, and Vericel has no contractual right to receive payment until the product is delivered to the hospital. The Company recognizes product revenue from sales of Epicel upon delivery to the hospital, at which time the customer is in control of the Epicel grafts and the claim is billable to the hospital.

NexoBrid

The Company entered into exclusive license and supply agreements with MediWound in May 2019, pursuant to which MediWound will manufacture and supply NexoBrid on a unit price basis, which may be increased pursuant to the terms of the agreements.

In December 2022, the FDA approved a BLA for NexoBrid, granting a license for its commercial use in the U.S. NexoBrid is a topically-administered biological orphan product containing proteolytic enzymes, which is indicated for the removal of eschar in adults with deep partial-thickness and/or full thickness thermal burns. In August 2024, the FDA additionally approved NexoBrid for pediatric use.

The Company sells NexoBrid to specialty distributors. These customers subsequently resell NexoBrid to hospitals and burn centers. Product revenue is recorded net of reserves for specialty distributor fees, prompt payment or other discounts and allowances for returns, as applicable. The Company recognizes product revenue from sales of NexoBrid when the specialty distributors take control of the product, which typically occurs upon delivery to the specialty distributors.

Revenue by Product and Customer

The following table and descriptions below show the products from which the Company generated its revenue for the periods indicated:


	Year Ended December 31,
Revenue by product (in thousands)	2024		2023		2022
MACI implants, kits, and instruments
Implants based on contracted rate sold through a specialty pharmacy (a)	$	141,806	$	105,948	$	81,388
Implants subject to third party reimbursement sold through a specialty pharmacy (b)	15,058		22,203		18,695
Implants sold direct based on contracted rates (c)	31,217		27,484		24,261
Implants sold direct subject to third-party reimbursement (d)	4,603		4,921		3,499
Biopsy kits and instruments - direct bill	2,096		2,087		2,090
Change in estimates related to prior periods (e)	2,529		2,157		2,034
Total MACI implants, kits, and instruments	197,309		164,800		131,967
Epicel
Direct bill (hospital)	36,623		31,574		31,731

NexoBrid (f)	3,292		1,142		667
Total revenue	$	237,224	$	197,516	$	164,365

(a) Represents implants sold through Orsini and AllCare whereby such specialty pharmacies have a direct contract with the underlying insurance provider. The amount of reimbursement is based on contracted rates at the time of sale supported by the pharmacy’s direct contracts.

(b) Represents implants sold through Orsini and AllCare whereby such specialty pharmacy does not have a direct contract with the underlying payer and are subject to third-party reimbursement. The amount of reimbursement is established based on publicly available rates, fee schedules or past payer precedents.

(c) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. Also represents direct sales under a contract to specialty distributor DMS.

(d) Represents implants sold directly from the Company to the facility based on a contract and known price agreed upon prior to the surgery date. The payment terms are subject to third-party reimbursement from an underlying insurance provider.

(e) Primarily represents changes in estimates related to implants sold through Orsini or AllCare and relate to changes to the initial expected reimbursement or collection expectations upon completion of the billing claims process. The change in estimates is a result of additional information, changes in collection expectations or actual cash collections received in the current period.

(f) Represents U.S. commercial revenue of NexoBrid for the years ended December 31, 2024 and 2023. In the year ended December 31, 2022, represents revenue based on a percentage of gross profits for sales of NexoBrid to the U.S. Biomedical Advanced Research and Development Authority (“BARDA”), pursuant to the license agreement between the Company and MediWound.

Concentration of Credit Risk

The Company’s total revenue and accounts receivable concentrations from a single customer consisted of the following:


For the year ended and as of	Revenue		Accounts Receivable
December 31, 2023	11	%	13	%
December 31, 2024	11	%	10	%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Proceedings

From time-to-time, the Company could be a party to various legal proceedings arising in the ordinary course of business. The costs and outcome of litigation, regulatory, investigatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company and could have a material adverse effect on the Company’s results of operations or financial condition. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. If a matter is both probable to result in material liability and the amount of loss can be reasonably estimated, the Company estimates and discloses the possible material loss or range of loss. If such loss is not probable or cannot be reasonably estimated, a liability is not recorded in its consolidated financial statements.

As of December 31, 2024, the Company had no material ongoing litigation in which the Company was a party or any material ongoing regulatory or other proceedings and had no knowledge of any investigations by government or regulatory authorities in which the Company is a target that could have a material adverse effect on its current business.

Manufacturing and Supply Agreements

Matricel — On July 1, 2023, the Company renewed its long-term supply agreement with Matricel GmbH (“Matricel”) for the supply of ACI-Maix collagen membranes used in the manufacture of MACI (the “Matricel Supply Agreement”). In the event Matricel is unable to supply the membranes, the Company may license the technology and procure the membranes from another source. The Matricel Supply Agreement provides that Matricel shall supply the ACI-Maix membranes exclusively to the Company during the term of the agreement. The Matricel Supply Agreement is effective until December 31, 2030, with an option to extend its term for three additional years to December 31, 2033. Thereafter, the Matricel Supply Agreement may be renewed for additional three-year periods. Under the terms of the Matricel Supply Agreement, the Company has committed to annual minimum purchase values totaling approximately €12.5 million over the eight-year term.

Manufacture, Supply and Other Agreements — The Company has entered into various agreements relating to the manufacture of its products and the supply of certain components. If the manufacturing or supply agreements expire or are otherwise terminated, the Company may not be able to identify and obtain ancillary materials that are necessary to develop its products and such expiration and termination could have a material effect on the Company’s business.

The Company’s purchase commitments consist of minimum purchase amounts of raw materials and finished goods used in the Company’s cell manufacturing process to manufacture its marketed cell therapy products. In addition, the Company also pays for usage of offsite warehouse space.

Future minimum purchase commitments related to the Company’s contractual obligations are as follows:


			Payments Due by Period
Contractual Obligations (In thousands)	Total		2025		2026		2027		2028		2029		More than 5 Years
Purchase commitments	$	15,416	$	6,405	$	1,521	$	1,802	$	1,896	$	1,896	$	1,896
Warehouse operating agreement	941		941		—		—		—		—		—
Total	$	16,357	$	7,346	$	1,521	$	1,802	$	1,896	$	1,896	$	1,896

Net Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of net loss attributable to common shareholders and share data used in the basic and diluted earnings per share computations using the two class method

A summary of net income (loss) per common share is presented below:


	Year Ended December 31,
(Amounts in thousands, except per share amounts)	2024		2023		2022
Net income (loss)	$	10,362	$	(3,182)	$	(16,709)

Basic weighted-average common shares outstanding	48,848		47,590		47,130
Effect of dilutive stock options and restricted stock units	2,831		—		—
Diluted weighted-average common shares outstanding	51,679		47,590		47,130

Basic income (loss) per common share	$	0.21	$	(0.07)	$	(0.35)
Diluted income (loss) per common share	$	0.20	$	(0.07)	$	(0.35)

Anti-dilutive shares excluded from diluted net loss per common share:
Stock options	1,887		6,717		6,609
Restricted stock units	23		931		648

Stock-Based Compensation - Schedule of restricted stock awards activity (Details) - Restricted stock units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Restricted Stock Units
Outstanding at beginning of period (in shares)	930,936
Granted (in shares)	644,905
Vested (in shares)	(323,435)
Forfeited (in shares)	(117,145)
Unvested at end of period (in shares)	1,135,261	930,936
Weighted-Average Grant Date Fair Value
Unvested at beginning of period (in USD per share)	$ 32.85
Granted (in USD per share)	48.20	$ 30.36	$ 33.71
Vested (in USD per share)	32.90
Forfeited (in USD per share)	40.18
Unvested at end of period (in USD per share)	$ 40.80	$ 32.85

Leases - Assets And Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Operating	$ 70,098	$ 73,462
Finance	686	0
Total leased assets	70,784	73,462
Current
Operating	9,257	6,187
Finance	116	0
Non-current
Operating	89,593	81,856
Finance	570	0
Present value of lease liabilities	$ 99,536	$ 88,043
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property and equipment, net	Property and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of fair value of securities, not including cash

The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities:


	December 31, 2024
			Gross Unrealized
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses		Estimated Fair Value
Commercial paper	$	1,953	$	1	$	(1)	$	—	$	1,953
Corporate notes	71,733		117		(87)		—		71,763

U.S. government agency bonds	7,883		4		(30)		—		7,857
	$	81,569	$	122	$	(118)	$	—	$	81,573
Classified as:
Short-term investments									$	41,693
Long-term investments									39,880
									$	81,573


	December 31, 2023
			Gross Unrealized
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses		Estimated Fair Value
Commercial paper	$	3,638	$	1	$	—	$	—	$	3,639
Corporate notes	47,228		—		(69)		—		47,159
U.S. government securities	983		—		—		—		983
U.S. government agency bonds	14,003		—		(32)		—		13,971
	$	65,852	$	1	$	(101)	$	—	$	65,752
Classified as:
Short-term investments									$	40,469
Long-term investments									25,283
									$	65,752

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Organization	12 Months Ended
Organization	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Vericel Corporation, a Michigan corporation (together with its consolidated subsidiaries referred to herein as the Company, or Vericel), was incorporated in March 1989 and began employee-based operations in 1991. The Company is a fully-integrated, commercial-stage biopharmaceutical company and is a leading provider of advanced therapies for the sports medicine and severe burn care markets. Vericel currently markets three commercial-stage products in the U.S., MACI®, Epicel® and NexoBrid®. MACI (autologous cultured chondrocytes on porcine collagen membrane) is an autologous cellularized scaffold product that is indicated for the repair of symptomatic, single or multiple full-thickness cartilage defects of the knee with or without bone involvement in adults. Since MACI’s commercial launch, the product’s FDA-approved labeling has provided for a treating surgeon to use MACI to treat a patient through an open surgical procedure. In August 2024, the U.S. Food & Drug Administration (“FDA”) approved a supplemental Biologics License Application (“sBLA”) expanding the MACI indication to add instructions for the arthroscopic delivery of MACI to the product’s approved labeling. MACI Arthro™ allows surgeons to evaluate and prepare the cartilage defect site as well as deliver the MACI implant through small incisions using custom-designed arthroscopic instruments developed by the Company (“MACI Arthro instruments”). MACI Arthro became commercially available in the United States during the third quarter of 2024 and the Company began selling the MACI Arthro instruments at that time. Epicel (cultured epidermal autografts) is a permanent skin replacement indicated for the treatment of adult and pediatric patients with deep-dermal or full-thickness burns comprising greater than or equal to 30 percent of a patient’s total body surface area (“TBSA”). The Company also holds an exclusive license from MediWound Ltd. (“MediWound”) for North American rights to NexoBrid (anacaulase-bcdb), a topically administered biological orphan product containing proteolytic enzymes, which is indicated for the removal of eschar in adult and pediatric patients with deep partial-thickness and/or full thickness thermal burns. The Company is subject to risks common to companies in the life sciences industry including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies. The Ongoing Conflicts in the Middle East In May 2019, the Company entered into exclusive license and supply agreements with MediWound, under which MediWound manufactures and supplies NexoBrid to the U.S. market on a unit price basis. MediWound develops and manufactures NexoBrid, in part, at its facilities in Yavne, Israel. The Company continues to monitor the ongoing conflicts in the Middle East region involving Israel, and the Company is in close communication with MediWound leadership. MediWound’s NexoBrid manufacturing operations are continuing and, as of the date of this disclosure, MediWound does not anticipate a material disruption to its ongoing supply of commercial NexoBrid to the United States. To the extent the conflicts in the Middle East region intensify or expand and MediWound’s facilities in Israel are damaged or destroyed, travel to and from Israel is halted or inhibited, or significant key MediWound operational personnel are called to military service, MediWound’s ability to continue to supply NexoBrid to the U.S. market could be disrupted. As of the date of this report, the Company maintains an ample supply of NexoBrid at its U.S.-based third-party logistics provider. Liquidity The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of December 31, 2024, the Company had an accumulated deficit of $392.8 million and had a net income of $10.4 million during the year ended December 31, 2024. The Company had cash and cash equivalents of $74.5 million and investments of $81.6 million as of December 31, 2024. The Company expects that cash from the sales of its products and existing cash, cash equivalents, investments, and available borrowing capacity will be sufficient to support the Company’s current operations through at least 12 months from the issuance of these consolidated financial statements. If revenues decline for a sustained period, the Company may need to access additional capital; however, the Company may not be able to obtain additional financing on acceptable terms or at all. The terms of any additional financing may adversely affect the holdings or the rights of the Company’s shareholders. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and investments in marketable debt securities. The Company may maintain deposits in financial institutions in excess of the insurance coverage offered by the Federal Deposit Insurance Corporation, the loss of which could have a negative effect on its operations and liquidity. The Company believes that it is not exposed to significant credit risk as its deposits, including cash and cash equivalents, are held at multiple high-credit-quality financial institutions. The Company has not experienced any losses on these deposits; however, no assurances can be provided that there will not be losses experienced in the future. The Company believes that the market risk arising from its holdings of these financial instruments is mitigated based on the fact that many of these securities are either government-backed or of high credit rating.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 10	$ 43
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	49,628,000	47,829,000
Common stock, shares outstanding (in shares)	49,628,000	47,829,000

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment
Impairment of long-lived asset	$ 0	$ 0	$ 0
Furniture, fixtures and office equipment
Property, Plant and Equipment
Useful lives (in years)	5 years
Computer equipment and software
Property, Plant and Equipment
Useful lives (in years)	3 years
Leasehold improvements
Property, Plant and Equipment
Useful lives (in years)	15 years
Minimum
Property, Plant and Equipment
Duration of lease renewal terms	1 year
Minimum \| Machinery and equipment
Property, Plant and Equipment
Useful lives (in years)	3 years
Maximum
Property, Plant and Equipment
Duration of lease renewal terms	10 years
Maximum \| Machinery and equipment
Property, Plant and Equipment
Useful lives (in years)	10 years

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Disaggregated Amounts of Selling, General and Administrative Expenses


	Year Ended December 31,
( in thousands)	2024		2023		2022
Selling and marketing	$	82,142	$	69,007	$	60,926
General and administrative	60,649		51,991		45,977
Total selling, general and administrative expenses	$	142,791	$	120,998	$	106,903

Selected Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
2025	$ 625
2026	625
2027	625
2028	625
2029	625
Thereafter	3,125
Total	$ 6,250	$ 6,875

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of components of (loss) income before income taxes

The components of loss before income taxes are summarized as follows:


	Year Ended December 31,
(In thousands)	2024		2023		2022
U.S.	$	10,580	$	(2,381)	$	(15,912)
Foreign	(70)		13		(76)
Income (loss) before income taxes	$	10,510	$	(2,368)	$	(15,988)

Schedule of reconciliation of income taxes computed using the federal statutory rate to the taxes reported in consolidated statements of operations

A reconciliation of income taxes computed using the U.S. federal statutory rate to the taxes reported in the consolidated statements of operations is as follows:


	Year Ended December 31,
(In thousands)	2024			2023			2022
Income (loss) before income taxes	$	10,510		$	(2,368)		$	(15,988)
Federal statutory rate	21		%	21		%	21		%
Taxes computed at federal statutory rate	2,207			(497)			(3,357)
State and local income taxes	381			(389)			(630)
Nondeductible stock-based compensation	(6,547)			(586)			1,168
Federal and state rate change	1,090			(704)			574
Research and orphan drug credits	(156)			362			(644)
Other	402			162			267
Deferred tax adjustment	7,374			—			—
Change in valuation allowance	(4,603)			2,466			3,343
Reported income taxes	$	148		$	814		$	721

Schedule of deferred tax assets and liabilities

Deferred tax assets (liabilities) consist of the following:


	Year Ended December 31,
(In thousands)	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	15,481	$	4,505
Employee benefits and stock-based compensation	18,606		24,812
Research and development costs	4,778		5,176
Intangible assets	786		962
Operating lease liabilities	20,664		20,849
Inventory reserve	2,540		3,570
Tax credit carryforward	10,937		10,781
Other, net	3		12
Total deferred tax assets	73,795		70,667
Less: valuation allowance	(45,153)		(49,755)
Total net deferred tax assets	28,642		20,912
Deferred tax liabilities:
Right-of-use assets	(18,056)		(19,296)
Property and equipment, net	(10,586)		(1,616)
Total net deferred tax liabilities	(28,642)		(20,912)
Net deferred tax assets and liabilities	$	—	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum purchase commitments related to contractual obligations

Future minimum purchase commitments related to the Company’s contractual obligations are as follows:


			Payments Due by Period
Contractual Obligations (In thousands)	Total		2025		2026		2027		2028		2029		More than 5 Years
Purchase commitments	$	15,416	$	6,405	$	1,521	$	1,802	$	1,896	$	1,896	$	1,896
Warehouse operating agreement	941		941		—		—		—		—		—
Total	$	16,357	$	7,346	$	1,521	$	1,802	$	1,896	$	1,896	$	1,896

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
2025	$ 13,677
2026	13,969
2027	14,351
2028	14,743
2029	15,146
Thereafter	73,339
Total lease payments	145,225
Less: tenant improvement allowances	(4,419)
Less: interest	(41,956)
Present value of lease liabilities	98,850
Finance Leases
2025	116
2026	116
2027	116
2028	116
2029	116
Thereafter	219
Total lease payments	799
Less: interest	(113)
Present value of lease liabilities	686
Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	13,793
2026	14,085
2027	14,467
2028	14,859
2029	15,262
Thereafter	73,558
Total lease payments	146,024
Less: tenant improvement allowances	(4,419)
Less: interest	(42,069)
Present value of lease liabilities	$ 99,536	$ 88,043