Cerus makes the INTERCEPT Blood System, a technology that inactivates pathogens — including viruses, bacteria, and parasites — in donated blood components before transfusion. INTERCEPT works by treating donated blood with a proprietary chemical compound and UV light, which bonds to pathogen nucleic acid and prevents replication. Cerus has two commercialized products: the INTERCEPT Blood System for platelets and the INTERCEPT Blood System for plasma. A third product, INTERCEPT Fibrinogen Complex (IFC), uses the plasma system to produce a pathogen-reduced cryoprecipitate for patients with life-threatening bleeding. A fourth product for red blood cells is in clinical development. Cerus sells primarily to blood centers — the organizations that collect and distribute donated blood — rather than directly to hospitals. The American Red Cross is the largest single U.S. customer. Cerus' business model is a recurring consumable model: blood centers purchase disposable processing kits for every unit of blood treated, creating revenue tied to blood center production volumes. UV light illuminators are sold or placed as capital equipment, but kit sales are the core economic driver. For IFC, Cerus is shifting from selling finished doses directly to hospitals toward selling kits to blood centers, which improves margins and leverages blood centers' existing hospital relationships. Cerus also earns government contract revenue from BARDA and the DoD, primarily funding red blood cell and IFC research. Key growth priorities include increasing U.S. platelet penetration beyond the current mid-60% level, expanding IFC adoption, entering Germany and the Middle East, and eventually commercializing the red blood cell system.