0001628280-26-031742 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Expense (Details) - Employee stock purchase plan and service-based stock options - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	$ 11,294	$ 11,505
Cost of product sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	1,424	1,141
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	1,335	1,487
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total non-cash stock-based compensation expense	$ 8,535	$ 8,877

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Vericel are unaudited and have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates, judgments, and assumptions that may affect the reported amounts of assets, liabilities, equity, revenue and expenses. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The financial statements reflect, in the opinion of management, all adjustments (consisting only of normal, recurring adjustments) necessary to state fairly the financial position and results of operations as of and for the periods indicated. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenue and expenses. The condensed consolidated balance sheet as of December 31, 2025 has been derived from the audited consolidated financial statements at that date, but does not include all the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 26, 2026 (“Annual Report”). Recent Accounting Pronouncements No new accounting standards were adopted during the three months ended March 31, 2026. The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”), as noted below: 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, and in January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. These updates require 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 within those annual periods beginning after December 15, 2027, 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. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606. The expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of the asset. This amendment is effective for annual periods in fiscal years beginning after December 15, 2025, 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. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The standard establishes authoritative guidance in U.S. GAAP about accounting for government grants received by business entities and clarifies the appropriate accounting in an effort to reduce diversity in practice, and increase consistency of application across business entities. It is effective for annual reporting periods beginning after December 15, 2028, and interim periods thereafter, with early adoption permitted, and may be applied prospectively, retrospectively, or with a modified retrospective approach. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Organization	3 Months Ended
Organization	Mar. 31, 2026
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 and medical technology company and 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 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 U.S. during the third quarter of 2024, and the Company began selling MACI Arthro instruments at that time. Epicel (cultured epidermal autografts) is a permanent skin replacement Humanitarian Use Device (“HUD”) 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. Liquidity The accompanying condensed 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 March 31, 2026, the Company had an accumulated deficit of $382.6 million and had a net loss of $6.3 million during the three months ended March 31, 2026. The Company had cash and cash equivalents of $109.3 million and investments of $101.3 million as of March 31, 2026. 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 condensed 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.

Stock-Based Compensation - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Compensation
Stock options granted (in shares)	525,690	502,098
Stock options weighted average grant-date fair value (in dollars per share)	$ 19.92	$ 29.93
Restricted stock units
Stock-Based Compensation
Restricted stock units granted (shares)	551,401	468,886
Restricted stock units weighted-average grant date fair value (in dollars per share)	$ 38.11	$ 54.30

- 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.

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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

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, 2025 to March 31, 2026.

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


	March 31, 2026								December 31, 2025
			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	$	43,174	$	43,174	$	—	$	—	$	38,110	$	38,110	$	—	$	—
Commercial paper (a)	5,437		—		5,437		—		7,111		—		7,111		—
Corporate notes	86,248		—		86,248		—		83,034		—		83,034		—
U.S. government agency bonds	9,644		—		9,644		—		10,651		—		10,651		—
U.S. government securities (a)	53,259		—		53,259		—		47,766		—		47,766		—
	$	197,762	$	43,174	$	154,588	$	—	$	186,672	$	38,110	$	148,562	$	—

Liabilities:
Deferred compensation plan liabilities	$	1,416	$	—	$	1,416	$	—	$	1,422	$	—	$	1,422	$	—
Total liabilities	$	1,416	$	—	$	1,416	$	—	$	1,422	$	—	$	1,422	$	—

(a) Approximately $53.3 million of U.S. government securities had an original maturity of 90 days or less and were recorded as a cash equivalent as of March 31, 2026. Approximately $47.8 million of U.S. government securities and $2.0 million of commercial paper had an original maturity of 90 days or less and were recorded as a cash equivalent as of December 31, 2025.

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.

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+ Details

Selected Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of inventory

Inventory consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Raw materials	$	13,751	$	12,953
Work-in-process	1,507		1,584
Finished goods	3,093		3,023
Total inventory	$	18,351	$	17,560

Schedule of property and equipment, net

Property and Equipment, net consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Machinery and equipment	$	26,086	$	14,498
Furniture, fixtures and office equipment	5,690		5,424
Computer equipment and software	19,078		18,953
Leasehold improvements	81,393		76,421
Construction in process	9,527		24,651

Total property and equipment, gross	141,774		139,947
Less accumulated depreciation	(34,661)		(31,550)
Total property and equipment, net	$	107,113	$	108,397

Schedule of finite-lived intangible assets

Intangible assets, net consisted of the following:


			March 31, 2026						December 31, 2025
(In thousands)	Useful Life (in years)	Amortization Method	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
NexoBrid license	12	Straight-line	$	7,500	$	(2,031)	$	5,469	$	7,500	$	(1,875)	$	5,625

Schedule of finite-lived intangible assets, future amortization expense

Future amortization expense of intangible assets as of March 31, 2026 is estimated to be as follows:


(In thousands)	Amount
Remainder of 2026	$	469
2027	625
2028	625
2029	625
2030	625
Thereafter	2,500
Total	$	5,469

Schedule of accrued expenses

Accrued Expenses consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Bonus-related compensation	$	4,670	$	11,253
Employee-related accruals	4,252		3,009
Insurance reimbursement-related liabilities	3,726		4,401
Other accrued expenses	1,319		573
Total accrued expenses	$	13,967	$	19,236

Net Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of net income (loss) per common share

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


	Three Months Ended March 31,
(Amounts in thousands, except per share amounts)	2026		2025
Net loss	$	(6,302)	$	(11,246)

Basic weighted-average common shares outstanding	50,773		49,905
Effect of dilutive stock options and restricted stock units	—		—
Diluted weighted-average common shares outstanding	50,773		49,905

Basic loss per common share	$	(0.12)	$	(0.23)
Diluted loss per common share	$	(0.12)	$	(0.23)

Anti-dilutive shares excluded from diluted net loss per common share:
Stock options	5,923		5,798
Restricted stock units	1,340		1,222

Investments - Schedule of Fair Value of Securities, Not Including Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Amortized Cost	$ 101,497	$ 98,527
Gross Unrealized Gains	97	315
Gross Unrealized Losses	(265)	(40)
Credit Losses	0	0
Estimated Fair Value	101,329	98,802
Short-term investments
Marketable Securities [Line Items]
Estimated Fair Value	36,045	37,407
Long-term investments
Marketable Securities [Line Items]
Estimated Fair Value	65,284	61,395
Commercial paper
Marketable Securities [Line Items]
Amortized Cost	5,440	5,117
Gross Unrealized Gains	0	1
Gross Unrealized Losses	(3)	(1)
Credit Losses	0	0
Estimated Fair Value	5,437	5,117
Corporate notes
Marketable Securities [Line Items]
Amortized Cost	86,392	82,754
Gross Unrealized Gains	95	308
Gross Unrealized Losses	(239)	(28)
Credit Losses	0	0
Estimated Fair Value	86,248	83,034
U.S. government agency bonds
Marketable Securities [Line Items]
Amortized Cost	9,665	10,656
Gross Unrealized Gains	2	6
Gross Unrealized Losses	(23)	(11)
Credit Losses	0	0
Estimated Fair Value	$ 9,644	$ 10,651

Selected Balance Sheet Components - Schedule of inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory:
Raw materials	$ 13,751	$ 12,953
Work-in-process	1,507	1,584
Finished goods	3,093	3,023
Total inventory	$ 18,351	$ 17,560

Selected Balance Sheet Components - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued expenses
Bonus-related compensation	$ 4,670	$ 11,253
Employee-related accruals	4,252	3,009
Insurance reimbursement-related liabilities	3,726	4,401
Other accrued expenses	1,319	573
Total accrued expenses	$ 13,967	$ 19,236

Selected Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation	$ 3.1	$ 2.5
Licensing Agreements
Property, Plant and Equipment [Line Items]
Amortization of intangible assets	$ 0.2	$ 0.2

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
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-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Selected Balance Sheet Components - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property and equipment, net:
Total property and equipment, gross	$ 141,774	$ 139,947
Less accumulated depreciation	(34,661)	(31,550)
Total property and equipment, net	107,113	108,397
Machinery and equipment
Property and equipment, net:
Total property and equipment, gross	26,086	14,498
Furniture, fixtures and office equipment
Property and equipment, net:
Total property and equipment, gross	5,690	5,424
Computer equipment and software
Property and equipment, net:
Total property and equipment, gross	19,078	18,953
Leasehold improvements
Property and equipment, net:
Total property and equipment, gross	81,393	76,421
Construction in process
Property and equipment, net:
Total property and equipment, gross	$ 9,527	$ 24,651

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

Revenue Recognition and Product Sales, Net

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 (“ASC”) 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 related to warranties to customers.

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 March 31, 2026. The total allowance for uncollectible consideration as of March 31, 2026 and December 31, 2025 was $8.6 million and $8.4 million, 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 three months ended March 31, 2026.

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 period.

Epicel

The Company sells Epicel directly to hospitals and burn centers based on contracted rates stated in an approved contract or purchase order. In some cases, volume-based rebates are offered. Similar to MACI, there is no obligation to manufacture Epicel grafts upon receipt of a skin biopsy. 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. Through the 2022 BLA, NexoBrid was originally indicated for the removal of eschar in adults with deep partial-thickness and/or full-thickness thermal burns. In August 2024, the FDA authorized the expansion of the product’s indication to include pediatric patients.

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 its 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:


	Three Months Ended March 31,
Revenue by product (in thousands)	2026		2025
MACI implants, kits, and instruments
Implants based on contracted rate sold through a specialty pharmacy (a)	$	41,507	$	31,836
Implants subject to third party reimbursement sold through a specialty pharmacy (b)	4,788		2,738
Implants sold direct based on contracted rates (c)	7,409		8,421
Implants sold direct subject to third-party reimbursement (d)	2,074		1,631
Biopsy kits and instruments - direct bill	606		596
Change in estimates related to prior periods (e)	14		1,075
Total MACI implants, kits, and instruments	56,398		46,297
Epicel
Direct bill (hospital)	10,885		4,964

NexoBrid	1,142		1,337
Total revenue	$	68,425	$	52,598

(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 is 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Organization (Details) $ in Thousands	3 Months Ended
Organization (Details) $ in Thousands	Mar. 31, 2026 USD ($) product	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of commercial-stage products \| product	3
Accumulated Deficit	$ 382,599		$ 376,297
Net loss	6,302	$ 11,246
Cash and cash equivalents	109,295	$ 73,490	$ 100,092
Investments	$ 101,300

- 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/exampleRef
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+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Leases - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Jan. 28, 2022 ft²
Lessee, Lease, Description [Line Items]
Short-term lease costs (less than)	$ 0.1	$ 0.2
Operating lease expense	3.0	3.0
Finance lease expense (less than)	$ 0.1	$ 0.1
25 Network Drive, Burlington, Massachusetts
Lessee, Lease, Description [Line Items]
Area of real estate property \| ft²			126

Revolving Credit Agreement (Details) - Line of credit	Jul. 29, 2022 USD ($)	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
Issuance of letters of credit	$ 6,000,000.0
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000.0
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 \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.10%
Revolving credit facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	1.25%
Revolving credit facility \| 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	$ 15,000,000.0

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

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 the employee stock purchase plan) is summarized in the following table:


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of product sales	$	1,424	$	1,141
Research and development	1,335		1,487
Selling, general and administrative	8,535		8,877
Total non-cash stock-based compensation expense	$	11,294	$	11,505

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

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


	Three Months Ended March 31,
Revenue by product (in thousands)	2026		2025
MACI implants, kits, and instruments
Implants based on contracted rate sold through a specialty pharmacy (a)	$	41,507	$	31,836
Implants subject to third party reimbursement sold through a specialty pharmacy (b)	4,788		2,738
Implants sold direct based on contracted rates (c)	7,409		8,421
Implants sold direct subject to third-party reimbursement (d)	2,074		1,631
Biopsy kits and instruments - direct bill	606		596
Change in estimates related to prior periods (e)	14		1,075
Total MACI implants, kits, and instruments	56,398		46,297
Epicel
Direct bill (hospital)	10,885		4,964

NexoBrid	1,142		1,337
Total revenue	$	68,425	$	52,598

(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 is 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.

Selected Balance Sheet Components -Schedule of finite-lived intangible assets, future amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Total	$ 5,469	$ 5,625
Licensing Agreements
Finite-Lived Intangible Assets [Line Items]
Remainder of 2026	469
2027	625
2028	625
2029	625
2030	625
Thereafter	2,500
Total	$ 5,469	$ 5,625

- 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.

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+ Details

NexoBrid License and Supply Agreements (Details) - MediWound Ltd - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2023	May 31, 2019	Dec. 31, 2022
Related Party Transaction [Line Items]
Consideration payment for license		$ 17.5
Contingent consideration		7.5	$ 7.5
Milestone payments, assumed intangible assets			$ 7.5
Purchases of intangible assets	$ 7.5
Maximum contingent consideration		125.0
Sales threshold for first milestone		$ 75.0
Term of supply agreement		5 years
Renewal term of supply agreement		24 months
Supply agreement additional term		10 years

Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

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


	Three Months Ended March 31,
(Amounts in thousands, except per share amounts)	2026		2025
Net loss	$	(6,302)	$	(11,246)

Basic weighted-average common shares outstanding	50,773		49,905
Effect of dilutive stock options and restricted stock units	—		—
Diluted weighted-average common shares outstanding	50,773		49,905

Basic loss per common share	$	(0.12)	$	(0.23)
Diluted loss per common share	$	(0.12)	$	(0.23)

Anti-dilutive shares excluded from diluted net loss per common share:
Stock options	5,923		5,798
Restricted stock units	1,340		1,222

Investments - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
Investments - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Remaining contractual maturity period	3 years		3 years
Impairments of assets	$ 0	$ 0

The BARDA Agreement (Details) - U.S. Biomedical Advanced Research and Development Authority (BARDA) $ in Millions	Mar. 31, 2026 USD ($)
Related Party Transaction [Line Items]
Contract term (in years)	10 years
Contract value	$ 196.9
Base period maximum funding	34.9
Initial procurement funds	$ 10.0

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Vericel Corporation 2022 Omnibus Incentive Plan (“2022 Plan”) was approved on April 27, 2022, and the Vericel Corporation Amended and Restated 2022 Omnibus Incentive Plan (“Amended and Restated 2022 Plan”) was approved on April 30, 2025. The Amended and Restated 2022 Plan 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 Amended and Restated 2022 Plan shall not be less than the fair market value of the Company’s common stock on the date of grant. The Amended and Restated 2022 Plan amended and restated the 2022 Plan, which 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 Amended and Restated 2022 Plan.

Stock Compensation Expense

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


	Three Months Ended March 31,
(In thousands)	2026		2025
Cost of product sales	$	1,424	$	1,141
Research and development	1,335		1,487
Selling, general and administrative	8,535		8,877
Total non-cash stock-based compensation expense	$	11,294	$	11,505

Service-Based Stock Options

During the three months ended March 31, 2026 and 2025, the Company granted service-based options to purchase common stock of 525,690 and 502,098, respectively. The weighted-average grant-date fair value of service-based options granted during the three months ended March 31, 2026 and 2025 was $19.92 and $29.93 per option, respectively.

Restricted Stock Units

During the three months ended March 31, 2026 and 2025, the Company granted 551,401 and 468,886 restricted stock units, respectively. The weighted-average grant-date fair value of restricted stock units granted during the three months ended March 31, 2026 and 2025, was $38.11 and $54.30 per unit, respectively.

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-35280
Entity Registrant Name	VERICEL CORPORATION
Entity Incorporation, State or Country Code	MI
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	MA
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		51,068,228
Entity Central Index Key	0000887359
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Income (Loss) Attributable to Parent [Abstract]
Net loss	$ (6,302)	$ (11,246)
Basic weighted-average common shares outstanding (in shares)	50,773	49,905
Effect of dilutive stock options and restricted stock units (in shares)	0	0
Diluted weighted-average common shares outstanding (in shares)	50,773	49,905
Basic loss per common share (in USD per share)	$ (0.12)	$ (0.23)
Diluted loss per common share (in USD per share)	$ (0.12)	$ (0.23)
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)	5,923	5,798
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)	1,340	1,222

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 condensed consolidated financial statements. As of March 31, 2026, 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.

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Selling and marketing	$ 26,546	$ 22,803
General and administrative	22,680	19,001
Total selling, general and administrative expenses	$ 49,226	$ 41,804

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements No new accounting standards were adopted during the three months ended March 31, 2026. The Company considers the applicability and impact of any recent Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”), as noted below: 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, and in January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. These updates require 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 within those annual periods beginning after December 15, 2027, 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. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update introduces a practical expedient for all entities when estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606. The expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the remaining life of the asset. This amendment is effective for annual periods in fiscal years beginning after December 15, 2025, 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. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to software development stages. It also requires that an entity capitalizes software when both: (1) management has authorized and committed funding to the project and (2) it is probable that the project will be completed and the software is used to perform the intended function. This ASU may be adopted prospectively, retrospectively, or on a modified transition approach based on the status of the project and whether software costs were capitalized before the date of adoption. It is effective for annual periods beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures. In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The standard establishes authoritative guidance in U.S. GAAP about accounting for government grants received by business entities and clarifies the appropriate accounting in an effort to reduce diversity in practice, and increase consistency of application across business entities. It is effective for annual reporting periods beginning after December 15, 2028, and interim periods thereafter, with early adoption permitted, and may be applied prospectively, retrospectively, or with a modified retrospective approach. The Company is currently evaluating the impact of this guidance on the consolidated financial statements and disclosures.

Leases - Schedule of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Operating	$ 63,409	$ 64,774
Finance	686	686
Total leased assets	64,095	65,460
Current
Operating	14,063	13,969
Finance	116	116
Non-current
Operating	80,362	82,284
Finance	501	522
Total leased liabilities	$ 95,042	$ 96,891
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

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	$ 101,329	$ 98,802
Commercial paper
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	5,437	5,117
Commercial paper \| Cash and cash equivalents
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value		2,000
U.S. government agency bonds
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	9,644	10,651
Recurring
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	197,762	186,672
Deferred compensation plan liabilities	1,416	1,422
Total liabilities	1,416	1,422
Recurring \| Level 1
Liabilities that are measured at fair value on a recurring basis
Assets, fair value	43,174	38,110
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	154,588	148,562
Deferred compensation plan liabilities	1,416	1,422
Total liabilities	1,416	1,422
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	5,437	7,111
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	5,437	7,111
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	86,248	83,034
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	86,248	83,034
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	9,644	10,651
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	9,644	10,651
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	53,259	47,766
Recurring \| U.S. government securities \| Cash and cash equivalents
Liabilities that are measured at fair value on a recurring basis
Debt securities, fair value	53,300	47,800
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	53,259	47,766
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 \| Money market funds
Liabilities that are measured at fair value on a recurring basis
Money market funds	43,174	38,110
Recurring \| Money market funds \| Level 1
Liabilities that are measured at fair value on a recurring basis
Money market funds	43,174	38,110
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

Segment Information

3 Months Ended

Mar. 31, 2026

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 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.

In addition 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:


	Three Months Ended March 31,
( in thousands)	2026		2025
Selling and marketing	$	26,546	$	22,803
General and administrative	22,680		19,001
Total selling, general and administrative expenses	$	49,226	$	41,804

- 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

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-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

+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule disaggregated amounts that comprise selling, general and administrative expenses


	Three Months Ended March 31,
( in thousands)	2026		2025
Selling and marketing	$	26,546	$	22,803
General and administrative	22,680		19,001
Total selling, general and administrative expenses	$	49,226	$	41,804

Leases

3 Months Ended

Mar. 31, 2026

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 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 Burlington facility is complete, and the Company is currently utilizing the facility’s office space. In March 2026, the Company received FDA approval to begin MACI commercial manufacturing at the Burlington facility, and a portion of the tenant improvements to the manufacturing suites and related equipment related to MACI manufacturing were placed in service following the FDA approval. The Company has begun transitioning the Burlington facility’s manufacturing component into the primary manufacturing facility for MACI. The Company intends that the Burlington facility’s manufacturing component will eventually also become the primary manufacturing facility for Epicel, upon FDA qualification for Epicel manufacturing.

For the three months ended March 31, 2026 and 2025, lease expense of less than $0.1 million and $0.2 million, respectively, was recorded related to short-term leases. For each of the three months ended March 31, 2026 and 2025, the Company recognized $3.0 million of operating lease expense. For each of the three months ended March 31, 2026 and 2025, the Company recognized less than $0.1 million of financing lease expense.

Operating and finance lease assets and liabilities are as follows:


(In thousands)	Classification	March 31, 2026		December 31, 2025
Assets
Operating	Right-of-use assets	$	63,409	$	64,774
Finance	Property and equipment, net	686		686
Total leased assets		$	64,095	$	65,460
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	14,063	$	13,969
Finance	Other current liabilities	116		116
Non-current
Operating	Operating lease liabilities	$	80,362	$	82,284
Finance	Other long-term liabilities	501		522
Total leased liabilities		$	95,042	$	96,891

Leases

Operating and finance lease assets and liabilities are as follows:


(In thousands)	Classification	March 31, 2026		December 31, 2025
Assets
Operating	Right-of-use assets	$	63,409	$	64,774
Finance	Property and equipment, net	686		686
Total leased assets		$	64,095	$	65,460
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	14,063	$	13,969
Finance	Other current liabilities	116		116
Non-current
Operating	Operating lease liabilities	$	80,362	$	82,284
Finance	Other long-term liabilities	501		522
Total leased liabilities		$	95,042	$	96,891

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 109,295	$ 100,092
Short-term investments	36,045	37,407
Accounts receivable (net of allowance for doubtful accounts of $13 and $13, respectively)	72,383	84,634
Inventory	18,351	17,560
Other current assets	7,990	7,744
Total current assets	244,064	247,437
Property and equipment, net	107,113	108,397
Intangible assets, net	5,469	5,625
Right-of-use assets	63,409	64,774
Long-term investments	65,284	61,395
Other long-term assets	288	341
Total assets	485,627	487,969
Current liabilities:
Accounts payable	19,009	15,828
Accrued expenses	13,967	19,236
Current portion of operating lease liabilities	14,063	13,969
Other current liabilities	116	116
Total current liabilities	47,155	49,149
Operating lease liabilities	80,362	82,284
Other long-term liabilities	1,879	1,896
Total liabilities	129,396	133,329
COMMITMENTS AND CONTINGENCIES (Note 12)
Shareholders’ equity:
Common stock, no par value; shares authorized — 75,000; shares issued and outstanding — 51,010 and 50,620, respectively	738,998	730,662
Accumulated other comprehensive (loss) gain	(168)	275
Accumulated deficit	(382,599)	(376,297)
Total shareholders’ equity	356,231	354,640
Total liabilities and shareholders’ equity	$ 485,627	$ 487,969

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Product sales, net	$ 68,425	$ 52,598
Total revenue	68,425	52,598
Cost of product sales	19,159	16,325
Gross profit	49,266	36,273
Research and development	8,104	7,261
Selling, general and administrative	49,226	41,804
Total operating expenses	57,330	49,065
Loss from operations	(8,064)	(12,792)
Other income (expense):
Interest income	1,851	1,657
Interest expense	(160)	(153)
Other income	71	42
Total other income	1,762	1,546
Net loss	$ (6,302)	$ (11,246)
Net loss per common share:
Basic (in USD per share)	$ (0.12)	$ (0.23)
Diluted (in USD per share)	$ (0.12)	$ (0.23)
Weighted-average common shares outstanding:
Basic (in shares)	50,773	49,905
Diluted (in shares)	50,773	49,905
Revenue, Product and Service [Extensible List]	Product [Member]	Product [Member]
Cost, Product and Service [Extensible List]	Product [Member]	Product [Member]

Revolving Credit Agreement	3 Months Ended
Revolving Credit Agreement	Mar. 31, 2026
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 $6.0 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 March 31, 2026, 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: 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 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
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Reference 16: 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 17: 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 18: 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 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Investments

3 Months Ended

Mar. 31, 2026

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 condensed consolidated balance sheets on a settlement date basis. The following tables summarize the gross unrealized gains and losses of the Company’s marketable securities:


	March 31, 2026
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	5,440	$	—	$	(3)	$	—	$	5,437
Corporate notes	86,392		95		(239)		—		86,248

U.S. government agency bonds	9,665		2		(23)		—		9,644
	$	101,497	$	97	$	(265)	$	—	$	101,329
Classified as:
Short-term investments									$	36,045
Long-term investments									65,284
									$	101,329


	December 31, 2025
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	5,117	$	1	$	(1)	$	—	$	5,117
Corporate notes	82,754		308		(28)		—		83,034

U.S. government agency bonds	10,656		6		(11)		—		10,651
	$	98,527	$	315	$	(40)	$	—	$	98,802
Classified as:
Short-term investments									$	37,407
Long-term investments									61,395
									$	98,802

As of March 31, 2026 and December 31, 2025, all marketable securities held by the Company had remaining contractual maturities of three years or less. There have been no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2026 and 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Selected Balance Sheet Components -Schedule of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total	$ 5,469	$ 5,625
Licensing Agreements
Property, Plant and Equipment [Line Items]
Useful Life (in years)	12 years	12 years
Cost	$ 7,500	$ 7,500
Accumulated Amortization	(2,031)	(1,875)
Total	$ 5,469	$ 5,625

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Product sales, net	$ 68,425	$ 52,598
Total revenue	68,425	52,598
Change in estimates related to prior periods
Disaggregation of Revenue [Line Items]
Product sales, net	14	1,075
M A C I Implants and kits
Disaggregation of Revenue [Line Items]
Product sales, net	56,398	46,297
Through Intermediary \| MACI implants, kits, and instruments \| Contract rate
Disaggregation of Revenue [Line Items]
Product sales, net	41,507	31,836
Through Intermediary \| MACI implants, kits, and instruments \| Time-and-materials contract
Disaggregation of Revenue [Line Items]
Product sales, net	4,788	2,738
Time-and-materials contract \| MACI implants, kits, and instruments \| Time-and-materials contract
Disaggregation of Revenue [Line Items]
Product sales, net	2,074	1,631
Provider or Facility \| MACI implants, kits, and instruments \| Contract rate
Disaggregation of Revenue [Line Items]
Product sales, net	7,409	8,421
Provider or Facility \| NexoBrid
Disaggregation of Revenue [Line Items]
NexoBrid	1,142	1,337
Directly to consumer \| Biopsy kits
Disaggregation of Revenue [Line Items]
Product sales, net	606	596
Directly to consumer \| Epicel
Disaggregation of Revenue [Line Items]
Product sales, net	$ 10,885	$ 4,964

Selected Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Selected Balance Sheet Components

Inventory

Inventory consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Raw materials	$	13,751	$	12,953
Work-in-process	1,507		1,584
Finished goods	3,093		3,023
Total inventory	$	18,351	$	17,560

Property and Equipment

Property and Equipment, net consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Machinery and equipment	$	26,086	$	14,498
Furniture, fixtures and office equipment	5,690		5,424
Computer equipment and software	19,078		18,953
Leasehold improvements	81,393		76,421
Construction in process	9,527		24,651

Total property and equipment, gross	141,774		139,947
Less accumulated depreciation	(34,661)		(31,550)
Total property and equipment, net	$	107,113	$	108,397

Depreciation expense for the three months ended March 31, 2026 and 2025, was $3.1 million and $2.5 million, respectively.

Intangible Assets

Intangible assets, net consisted of the following:


			March 31, 2026						December 31, 2025
(In thousands)	Useful Life (in years)	Amortization Method	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
NexoBrid license	12	Straight-line	$	7,500	$	(2,031)	$	5,469	$	7,500	$	(1,875)	$	5,625

Amortization expense for each of the three months ended March 31, 2026 and 2025 was $0.2 million. The NexoBrid intangible asset is amortized to cost of product sales.

Future amortization expense of intangible assets as of March 31, 2026 is estimated to be as follows:


(In thousands)	Amount
Remainder of 2026	$	469
2027	625
2028	625
2029	625
2030	625
Thereafter	2,500
Total	$	5,469

Accrued Expenses

Accrued Expenses consisted of the following:


(In thousands)	March 31, 2026		December 31, 2025
Bonus-related compensation	$	4,670	$	11,253
Employee-related accruals	4,252		3,009
Insurance reimbursement-related liabilities	3,726		4,401
Other accrued expenses	1,319		573
Total accrued expenses	$	13,967	$	19,236

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (6,302)	$ (11,246)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization expense	3,267	2,686
Stock-based compensation expense	11,294	11,505
Amortization of premiums and discounts on marketable securities	(27)	(119)
Amortization of debt issuance costs	54	54
Non-cash lease costs	1,365	1,382
Provision for excess and obsolete inventory	173	0
Other	21	4
Changes in operating assets and liabilities:
Inventory	(964)	267
Accounts receivable	12,251	8,476
Other current assets	(246)	(1,231)
Accounts payable	2,590	(551)
Accrued expenses	(5,269)	(5,721)
Operating lease liabilities	(1,828)	117
Other non-current assets and liabilities, net	4	977
Net cash provided by operating activities	16,383	6,600
Investing activities:
Purchases of investments	(17,193)	(13,430)
Sales and maturities of investments	14,249	12,500
Expenditures for property and equipment	(1,257)	(14,212)
Net cash used in investing activities	(4,201)	(15,142)
Financing activities:
Net proceeds from common stock issuance	1,563	9,409
Payments on employees’ behalf for taxes related to vesting of restricted stock unit awards	(4,521)	(6,207)
Other	(21)	(4)
Net cash (used in) provided by financing activities	(2,979)	3,198
Net increase (decrease) in cash, cash equivalents, and restricted cash	9,203	(5,344)
Cash, cash equivalents, and restricted cash at beginning of period	100,092	85,049
Cash, cash equivalents, and restricted cash at end of period	109,295	79,705
Supplemental disclosure of cash flow information:
Additions to property and equipment included in accounts payable	1,461	5,347
Restricted stock held for employee tax remittance included in accounts payable	0	73
Reconciliation to amounts within the condensed consolidated balance sheets:
Cash and cash equivalents	109,295	73,490
Restricted cash	0	6,215
Total cash, cash equivalents, and restricted cash at end of period	$ 109,295	$ 79,705

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		49,628
Beginning balance at Dec. 31, 2024	$ 291,967	$ 684,778	$ 4	$ (392,815)
Increase (Decrease) in Shareholders' Equity
Net loss	(11,246)			(11,246)
Stock-based compensation expense	11,505	$ 11,505
Stock option exercises (in shares)		398
Stock option exercises	9,158	$ 9,158
Shares issued under the Employee Stock Purchase Plan (in shares)		7
Shares issued under the Employee Stock Purchase Plan	251	$ 251
Issuance of stock for restricted stock unit vesting (in shares)		332
Restricted stock withheld for employee tax remittance (in shares)		(113)
Restricted stock withheld for employee tax remittance	(6,280)	$ (6,280)
Unrealized (loss) gain on investments	132		132
Ending balance (in shares) at Mar. 31, 2025		50,252
Ending balance at Mar. 31, 2025	$ 295,487	$ 699,412	136	(404,061)
Beginning balance (in shares) at Dec. 31, 2025	50,620	50,620
Beginning balance at Dec. 31, 2025	$ 354,640	$ 730,662	275	(376,297)
Increase (Decrease) in Shareholders' Equity
Net loss	(6,302)			(6,302)
Stock-based compensation expense	11,294	$ 11,294
Stock option exercises (in shares)		129
Stock option exercises	1,307	$ 1,307
Shares issued under the Employee Stock Purchase Plan (in shares)		10
Shares issued under the Employee Stock Purchase Plan	256	$ 256
Issuance of stock for restricted stock unit vesting (in shares)		371
Restricted stock withheld for employee tax remittance (in shares)		(120)
Restricted stock withheld for employee tax remittance	(4,521)	$ (4,521)
Unrealized (loss) gain on investments	$ (443)		(443)
Ending balance (in shares) at Mar. 31, 2026	51,010	51,010
Ending balance at Mar. 31, 2026	$ 356,231	$ 738,998	$ (168)	$ (382,599)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 13	$ 13
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	51,010,000	50,620,000
Common stock, shares outstanding (in shares)	51,010,000	50,620,000

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule 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:


	March 31, 2026								December 31, 2025
			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	$	43,174	$	43,174	$	—	$	—	$	38,110	$	38,110	$	—	$	—
Commercial paper (a)	5,437		—		5,437		—		7,111		—		7,111		—
Corporate notes	86,248		—		86,248		—		83,034		—		83,034		—
U.S. government agency bonds	9,644		—		9,644		—		10,651		—		10,651		—
U.S. government securities (a)	53,259		—		53,259		—		47,766		—		47,766		—
	$	197,762	$	43,174	$	154,588	$	—	$	186,672	$	38,110	$	148,562	$	—

Liabilities:
Deferred compensation plan liabilities	$	1,416	$	—	$	1,416	$	—	$	1,422	$	—	$	1,422	$	—
Total liabilities	$	1,416	$	—	$	1,416	$	—	$	1,422	$	—	$	1,422	$	—

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of assets and liabilities

Operating and finance lease assets and liabilities are as follows:


(In thousands)	Classification	March 31, 2026		December 31, 2025
Assets
Operating	Right-of-use assets	$	63,409	$	64,774
Finance	Property and equipment, net	686		686
Total leased assets		$	64,095	$	65,460
Liabilities
Current
Operating	Current portion of operating lease liabilities	$	14,063	$	13,969
Finance	Other current liabilities	116		116
Non-current
Operating	Operating lease liabilities	$	80,362	$	82,284
Finance	Other long-term liabilities	501		522
Total leased liabilities		$	95,042	$	96,891

NexoBrid License and Supply Agreements	3 Months Ended
NexoBrid License and Supply Agreements	Mar. 31, 2026
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’s approval of the BLA for 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 March 31, 2026, 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 was 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 possessed 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. In March 2025 and March 2026, the Company exercised the first and second of these annual extensions, respectively, extending the term of the supply agreement through at least May 2028. 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.

Investments (Tables)

3 Months Ended

Mar. 31, 2026

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:


	March 31, 2026
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	5,440	$	—	$	(3)	$	—	$	5,437
Corporate notes	86,392		95		(239)		—		86,248

U.S. government agency bonds	9,665		2		(23)		—		9,644
	$	101,497	$	97	$	(265)	$	—	$	101,329
Classified as:
Short-term investments									$	36,045
Long-term investments									65,284
									$	101,329


	December 31, 2025
			Gross Unrealized						Estimated Fair Value
(In thousands)	Amortized Cost		Gains		Losses		Credit Losses
Commercial paper	$	5,117	$	1	$	(1)	$	—	$	5,117
Corporate notes	82,754		308		(28)		—		83,034

U.S. government agency bonds	10,656		6		(11)		—		10,651
	$	98,527	$	315	$	(40)	$	—	$	98,802
Classified as:
Short-term investments									$	37,407
Long-term investments									61,395
									$	98,802

- 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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (6,302)	$ (11,246)
Other comprehensive income (loss):
Unrealized (loss) gain on investments	(443)	132
Comprehensive loss	$ (6,745)	$ (11,114)

- 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

+ Details

Revenue - Narrative (Details) $ in Millions	3 Months Ended
Revenue - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) pharmacy	Dec. 31, 2025 USD ($)
Revenue from Contract with Customer [Abstract]
Number of specialty pharmacies \| pharmacy	2
Allowance for doubtful accounts	$ 8.6	$ 8.4
Change in estimate of uncollectible (percent)	0.50%
Change in revenue recognized due to 0.5% change in uncollectible percentage	$ 0.5

The BARDA Agreement	3 Months Ended
The BARDA Agreement	Mar. 31, 2026
Related Party Transactions [Abstract]
The BARDA Agreement	The BARDA Agreement On March 31, 2026, the Company entered into a ten-year agreement with the U.S. Biomedical Advanced Research and Development Authority (“BARDA”), part of the Administration for Strategic Preparedness and Response (“ASPR”) within the U.S. Department of Health and Human Services (the “BARDA Agreement”). The BARDA Agreement is valued at up to $196.9 million and details BARDA’s agreement to procure certain quantities of NexoBrid, the establishment of a Vendor Managed Inventory (“VMI”) system for NexoBrid, the potential design and manufacture of a U.S.-based NexoBrid manufacturing facility, and the development of a next generation formulation and additional indication for the product. The BARDA Agreement’s base period encompasses $34.9 million in BARDA funding, which includes approximately $10 million for the initial procurement of NexoBrid for emergency preparedness and VMI establishment, funding for VMI-related services and initial development activities for a potential expanded NexoBrid indication for the treatment of blast trauma injuries. The BARDA Agreement, which became effective on April 1, 2026, also includes optional awards for additional NexoBrid procurement, further clinical development for a potential blast trauma indication, design and validation of a potential U.S.-based manufacturing facility and the development and procurement of a room temperature stable formulation of NexoBrid.