Cambridge biotech tracker · Burlington
Vericel
Listed on Nasdaq as VCEL, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $199M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- None
- avg. operating cash flow, 4 qtrs
- Runway
- Self-funding
- Self-funding
- Net loss
- +$14.2M
- Q3 '26 · net income
- R&D expense
- $6.9M
- 14% of opex
- Raised, last 4 qtrs
- −$6.1M
- net financing cash flow
- Next readout
- Feb 2030
- Phase 3 · self-funding
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
Self-funding
Cash at Q3 '26 divided by the average burn of the last four quarters.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Feb 2030estimated
A Study of MACI in Patients Aged 10 to 17 Years With Symptomatic Chondral or Osteochondral Defects of the Knee
Chondral Defect · Osteochondritis Dissecans (OCD) · Articular Cartilage Defect
NCT03588975 on ClinicalTrials.govDoes the cash reach it?
Self-funding
- Runway
- Self-funding
- Time to the date
- 39 months
It is about 39 months out. Operating cash flow is positive on average, so the date is not a financing deadline.
Pipeline
2 active trials, through phase 3.
Phase 3 · 2
| Study | Phase | Status | Enrolled | Primary completion |
|---|---|---|---|---|
| A Study of MACI in Patients Aged 10 to 17 Years With Symptomatic Chondral or Osteochondral Defects of the KneeNCT03588975 · Chondral Defect, Osteochondritis Dissecans (OCD)Phase 3Feb 2030est. | Phase 3 | Recruiting | ||
| A Study of MACI in Patients Aged 17 to 65 Years With Symptomatic Chondral or Osteochondral Defects of the AnkleNCT06915233 · Chondral Defect, Articular Cartilage DefectPhase 3Jul 2030est. | Phase 3 | Recruiting |
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companySelf-funding on an operating basis
Operating cash flow was positive on average over the last four quarters, so runway is not the constraint. Cash and investments stood at $199M at Q3 '26.
Cash position up $82.6M since Q4 '24
Net financing outflows of $6.1M over the last four quarters, meaning repayments or buybacks exceeded any new capital. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 14% of operating expenses
$6.9M of R&D against $50.4M of total operating expenses in Q3 '26, with G&A at $43.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $85.4M in Q3 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $366M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $116M | $22.2M | $19.8M | $4.9M | $14.0M | $75.4M | $7.9M | $7.1M |
| Q1 '25 · Mar 31, 25 | $117M | $6.6M | −$11.2M | $7.3M | $19.0M | $52.6M | $11.5M | $3.2M |
| Q2 '25 · Jun 30, 25 | $128M | $8.2M | −$553K | $6.7M | $19.6M | $63.2M | $10.1M | $1.6M |
| Q3 '25 · Sep 30, 25 | $150M | $22.1M | $5.1M | $6.3M | $18.6M | $67.5M | $8.7M | $1.2M |
| Q4 '25 · Dec 31, 25 | $161M | $15.0M | $23.2M | $7.3M | $19.6M | $92.9M | $8.4M | $1.1M |
| Q1 '26 · Mar 31, 26 | $175M | $16.4M | −$6.3M | $8.1M | $22.7M | $68.4M | $11.3M | −$3.0M |
| Q2 '26 · Jun 30, 26 | $190M | $16.2M | $2.2M | $7.5M | $48.5M | $77.5M | $9.1M | $2.7M |
| Q3 '26 · Sep 30, 26 | $199M | $17.7M | $14.2M | $6.9M | $43.5M | $85.4M | $7.8M | −$6.9M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.