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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
____________________________________________________
FORM 10-Q
þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from          to
Commission File Number 001-36362
____________________________________________________
BioLife Solutions, Inc.
(Exact name of registrant as specified in its charter)
Img 0.jpg
____________________________________________________
Delaware94-3076866
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
3303 Monte Villa Parkway, Suite 310, Bothell, Washington, 98021
(Address of registrant’s principal executive offices, Zip Code)
(425) 402-1400
(Telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of exchange on which registered
Common stock, par value $0.001 per shareBLFS
The NASDAQ Stock Market, LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (S232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit said files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer o Non-accelerated filer o Smaller reporting company o Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No þ
As of November 5, 2024, 46,387,214 shares of the registrant’s common stock were outstanding.
1
BIOLIFE SOLUTIONS, INC.
FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
TABLE OF CONTENTS
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BioLife Solutions, Inc.
Unaudited Condensed Consolidated Balance Sheets
September 30,December 31,
(In thousands, except per share and share data)20242023
Assets
Current assets:
Cash and cash equivalents$23,977 $33,317 
Restricted cash184 31 
Available-for-sale securities, current portion10,211 16,288 
Accounts receivable, trade, net of allowance for credit losses of $955 and $1,707 as of September 30, 2024 and December 31, 2023, respectively
17,918 16,928 
Inventories32,179 32,208 
Prepaid expenses and other current assets4,914 6,463 
Current assets, discontinued operations— 15,369 
Total current assets89,383 120,604 
Assets held for rent, net10,822 7,713 
Property and equipment, net17,709 20,930 
Operating lease right-of-use assets, net14,402 11,446 
Financing lease right-of-use assets, net30 94 
Long-term deposits and other assets271 270 
Available-for-sale securities, long-term4,884 548 
Equity investments995 5,069 
Intangible assets, net18,415 21,149 
Goodwill224,741 224,741 
Long-term assets, discontinued operations— 150 
Total assets$381,652 $412,714 
Liabilities and Shareholders’ Equity
  
Current liabilities:  
Accounts payable$3,838 $3,573 
Accrued expenses and other current liabilities8,449 10,775 
Sales taxes payable4,351 4,962 
Warranty liability186 350 
Lease liabilities, operating, current portion2,788 2,534 
Lease liabilities, financing, current portion323 355 
Debt, current portion12,231 6,833 
Current liabilities, discontinued operations— 12,796 
Total current liabilities32,166 42,178 
Lease liabilities, operating, long-term15,189 12,189 
Lease liabilities, financing, long-term913 1,158 
Debt, long-term7,823 18,311 
Deferred tax liabilities100 188 
Long-term liabilities, discontinued operations— 1,027 
Total liabilities56,191 75,051 
Commitments and contingencies (Note 12)
Shareholders’ equity:  
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023
- - 
3
Common stock, $0.001 par value; 150,000,000 shares authorized, 46,227,940 and 45,167,225 shares issued and outstanding, respectively, as of September 30, 2024 and December 31, 2023
46 45 
Additional paid-in capital673,183 652,880 
Accumulated other comprehensive loss, net of taxes(208)(345)
Accumulated deficit(347,560)(314,917)
Total shareholders’ equity325,461 337,663 
Total liabilities and shareholders’ equity$381,652 $412,714 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
4
BioLife Solutions, Inc.
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands, except per share and share data)2024202320242023
  
Product revenue$23,457 $17,137 $64,624 $63,444 
Service revenue4,660 4,377 14,173 12,573 
Rental revenue2,454 2,059 6,881 5,975 
Total product, rental, and service revenue30,571 23,573 85,678 81,992 
Costs and operating expenses:  
Cost of product revenue (exclusive of intangible assets amortization)8,765 6,572 25,163 29,223 
Cost of service revenue (exclusive of intangible assets amortization)3,401 3,937 10,247 11,624 
Cost of rental revenue (exclusive of intangible assets amortization)2,110 1,069 4,868 4,142 
General and administrative11,351 10,813 33,953 37,568 
Sales and marketing3,543 4,876 10,401 12,731 
Research and development2,050 3,739 6,827 10,772 
Asset impairment charges— 8,310 — 8,310 
Intangible asset amortization910 1,312 2,734 4,135 
Change in fair value of contingent consideration— (1,580)— (1,778)
Total operating expenses32,130 39,048 94,193 116,727 
Operating loss(1,559)(15,475)(8,515)(34,735)
Other (expense) income:  
Change in fair value of equity investments— — (4,074)— 
Gain on settlement of Global Cooling escrow— — — 5,115 
Interest expense, net(267)(449)(796)(1,216)
Other income95 235 417 1,002 
Total other (expense) income, net(172)(214)(4,453)4,901 
  
Loss before income tax benefit (expense)(1,731)(15,689)(12,968)(29,834)
Income tax benefit (expense)28 (115)(93)(209)
Net loss from continuing operations(1,703)(15,804)(13,061)(30,043)
Discontinued operations:
Loss from discontinued operations— (13,328)(19,572)(22,999)
Income tax expense— — (10)(3)
Loss from discontinued operations— (13,328)(19,582)(23,002)
Net loss$(1,703)$(29,132)$(32,643)$(53,045)
  
Loss from continuing operations, attributable to common shareholders:
Basic and Diluted$(1,703)$(15,804)$(13,061)$(30,043)
Loss from discontinued operations, attributable to common shareholders:
Basic and Diluted$— $(13,328)$(19,582)$(23,002)
Loss per share from continuing operations, attributable to common shareholders:
Basic and Diluted$(0.04)$(0.36)$(0.28)$(0.69)
5
Loss per share from discontinued operations, attributable to common shareholders:
Basic and Diluted$— $(0.31)$(0.43)$(0.53)
Net loss attributable to common shareholders:
Basic and Diluted$(1,703)$(29,132)$(32,643)$(53,045)
Net loss per share attributable to common shareholders:
Basic and Diluted$(0.04)$(0.67)$(0.71)$(1.22)
Weighted average shares used to compute loss per share attributable to common shareholders:
Basic and Diluted46,175,34543,570,43845,871,71543,348,412
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
6
BioLife Solutions, Inc.
Unaudited Condensed Consolidated Statements of Comprehensive Loss
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)2024202320242023
Net loss$(1,703)$(29,132)$(32,643)$(53,045)
Other comprehensive income (loss):  
Foreign currency translation adjustment, net of tax282 (165)91 (25)
Unrealized gain on available-for-sale securities, net of tax65 4 46 44 
Comprehensive loss$(1,356)$(29,293)$(32,506)$(53,026)
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
7
BioLife Solutions, Inc.
Unaudited Condensed Consolidated Statements of Shareholders’ Equity

Three Months Ended September 30, 2024
(In thousands, except share data)Series A
Preferred
Stock
Shares		Series A
Preferred
Stock
Amount		Common
Stock
Shares		Common
Stock
Amount		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income
Accumulated Deficit
Total Shareholders’ Equity
Balance, June 30, 2024-$- 46,104,888$46 $667,808 $(555)$(345,857)$321,442 
Stock-based compensation-- -- 5,329 - - 5,329 
Stock option exercises-- 22,500- 46 - - 46 
Stock issued – on vested RSUs-- 100,552- - - - - 
Foreign currency translation-- -- - 282 - 282 
Unrealized loss on available-for-sale securities-- -- - 65 - 65 
Net loss-- -- - - (1,703)(1,703)
Balance, September 30, 2024-$- 46,227,940$46 $673,183 $(208)$(347,560)$325,461 


Three Months Ended September 30, 2023
(In thousands, except share data)Series A
Preferred
Stock
Shares		Series A
Preferred
Stock
Amount		Common
Stock
Shares		Common
Stock
Amount
Additional Paid-in Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total Shareholders’ Equity
Balance, June 30, 2023-$- 43,442,250$43 $623,412 $(499)$(270,828)$352,128 
Stock-based compensation-- -- 9,117 - - 9,117 
Stock option exercises-- 31,000- 64 - - 64 
Stock issued – on vested RSAs-- 358,1011 - - - 1 
Foreign currency translation-- -- - (165)- (165)
Unrealized gain on available-for-sale securities-- -- - 4 - 4 
Net loss-- -- - - (29,132)(29,132)
Balance, September 30, 2023-$- 43,831,351$44 $632,593 $(660)$(299,960)$332,017 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
8
BioLife Solutions, Inc.
Unaudited Condensed Consolidated Statements of Shareholders’ Equity



Nine Months Ended September 30, 2024
(In thousands, except share data)Series A
Preferred
Stock
Shares		Series A
Preferred
Stock
Amount		Common
Stock
Shares		Common
Stock
Amount		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income
Accumulated Deficit
Total Shareholders’ Equity
Balance, December 31, 2023-$- 45,167,225$45 $652,880 $(345)$(314,917)$337,663 
Stock-based compensation-- -- 20,231 - - 20,231 
Stock option exercises-- 58,750- 137 - - 137 
Stock issued – on vested RSUs-- 1,001,9651 - - - 1 
Common stock shares issued- - -- (65)- - (65)
Foreign currency translation-- -- - 91 - 91 
Unrealized gain on available-for-sale securities-- -- - 46 - 46 
Net loss-- -- - - (32,643)(32,643)
Balance, September 30, 2024-$- 46,227,940$46 $673,183 $(208)$(347,560)$325,461 

Nine Months Ended September 30, 2023
(In thousands, except share data)Series A
Preferred
Stock
Shares		Series A
Preferred
Stock
Amount		Common
Stock
Shares		Common
Stock
Amount
Additional Paid-in Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total Shareholders’ Equity
Balance, December 31, 2022-$- 42,832,231$43 $611,739 $(679)$(246,915)$364,188 
Stock-based compensation-- -- 23,337 - - 23,337 
Stock option exercises-- 175,043- 369 - - 369 
Stock issued – on vested RSAs-- 923,1281 - - - 1 
Contingent consideration shares issued-- 116,973- 2,263 - - 2,263 
Settlement of Global Cooling escrow-- (216,024)- (5,115)- - (5,115)
Foreign currency translation-- -- - (25)- (25)
Unrealized loss on available-for-sale securities-- -- - 44 - 44 
Net loss-- -- - - (53,045)(53,045)
Balance, September 30, 2023-$- 43,831,351$44 $632,593 $(660)$(299,960)$332,017 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
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BioLife Solutions, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended
September 30,
(In thousands)20242023
Cash flows from operating activities
Net loss$(32,643)$(53,045)
Adjustments to reconcile net loss to net cash used in operating activities
Impairment of intangible assets- 5,758 
Impairment of long-lived assets- 9,727 
Settlement of Global Cooling escrow- (5,115)
Depreciation4,223 5,646 
Amortization of intangible assets2,734 4,266 
Amortization of loan costs- 13 
Stock-based compensation20,231 23,337 
Non-cash lease expense265 494 
Deferred income tax (benefit) expense(88)36 
Change in fair value of contingent consideration- (1,778)
Change in fair value of equity investments4,074 - 
Accretion of available-for-sale investments(407)(1,049)
(Gain) loss on disposal of property and equipment, net(62)227 
Loss on disposal of assets held for rent, net458 443 
Loss on disposal of Global Cooling8,897 - 
Change in operating assets and liabilities, net of effects of acquisitions
Accounts receivable, trade, net(1,666)9,437 
Inventories2,124 (8,450)
Prepaid expenses and other assets1,514 (1,045)
Accounts payable(1,139)(3,380)
Accrued expenses and other current liabilities(96)(1,692)
Warranty liability(478)(97)
Sales taxes payable(889)1,330 
Other(266)128 
Net cash provided by (used in) operating activities6,786 (14,809)
Cash flows from investing activities
Purchases of available-for-sale securities(16,014)(22,688)
Proceeds from sale of available-for-sale securities2,609 2,971 
Maturities of available-for-sale securities15,600 42,450 
Purchases of assets held for rent(2,028)(3,453)
Purchases of property and equipment(2,465)(5,400)
Payments on divestiture of Global Cooling(13,039)- 
Net cash (used in) provided by investing activities(15,337)13,880 
Cash flows from financing activities
Payments on equipment loans(682)(383)
Proceeds from exercises of common stock options137 370 
Payments on term loans(2,500)(300)
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Proceeds from financed insurance premium2,094 2,639 
Payments on financed insurance premium(1,730)(1,653)
Other(16)77 
Net cash (used in) provided by financing activities(2,697)750 
Net decrease in cash, cash equivalents, and restricted cash(11,248)(179)
Cash, cash equivalents, and restricted cash – beginning of period35,438 19,473 
Effects of currency translation on cash, cash equivalents, and restricted cash(29)(28)
Cash, cash equivalents, and restricted cash – end of period$24,161 $19,266 
Non-cash investing and financing activities
Purchase of property and equipment not yet paid$97 $4,064 
Assets acquired under operating leases$5,302 $880 
Assets acquired under financing leases$- $1,682 
Unrealized (losses) gains on currency translation$3 $(11)
Unrealized gains on available-for-sale securities$(46)$(44)
Cashless issuance of SciSafe earnout shares$- $2,263 
Cash interest paid$1,236 $1,394 
Returned shares from settlement of Global Cooling escrow$- $(5,115)
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
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BioLife Solutions, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
1.    Organization and significant accounting policies
Business
BioLife Solutions, Inc. (“BioLife”, “us”, “we”, “our”, or the “Company”) is a developer, manufacturer, and supplier of a portfolio of bioproduction tools and services including proprietary biopreservation media, automated thawing devices, cloud-connected shipping containers, and biological and pharmaceutical materials storage. Our CryoStor® freeze media and HypoThermosol® hypothermic storage media are optimized to preserve cells in the regenerative medicine market. These novel biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. Our Sexton cell processing product line includes human platelet lysates (“hPL”) for cell expansion, reducing risk and improving downstream performance over fetal bovine serum, human serum, and other chemically defined media, CellSeal® cryogenic vials that are purpose-built rigid containers used in cell and gene therapy (“CGT”) that can be filled manually or with high throughput systems, CryoCase™ cryo-compatible transparent rigid containers designed for closed-system fill and retrieval, and automated cell processing machines that bring multiple processes traditionally performed by manual techniques under a higher level of control to protect therapies from loss or contamination. Our ThawSTAR® product line is composed of a family of automated thawing devices for frozen cell and gene therapies packaged in cryovials and cryobags. These products help administer temperature-sensitive biologic therapies to patients by standardizing the thawing process and reducing the risks of contamination and overheating, which are inherent with the use of traditional water baths. Our evo® shipping containers provide cloud-connected passive storage and transport containers for temperature-sensitive biologics and pharmaceuticals. Our biological and pharmaceutical materials storage services provide facilities that allow for real-time tracking of biologic materials and vaccines that can be stored at a wide range of temperatures.
On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock of Global Cooling, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Global Cooling”), to GCI Holdings Company, LLC, an Ohio limited liability company (“GCI Holdings”) pursuant to a Stock Purchase Agreement (the “Purchase Agreement”), by and between the Company and GCI Holdings (the “Global Cooling Divestiture”). Upon the execution of the Purchase Agreement, on April 17, 2024, the Global Cooling business is presented in the accompanying unaudited condensed financial statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations for further details regarding the divestiture.
On November 12, 2024, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”), by and among the Company, Subzero Purchaser Corp., a Delaware corporation (“Buyer”), SciSafe, Inc., a Delaware corporation and an indirect, wholly owned subsidiary of the Company (“Seller”), and SciSafe, Inc., a New Jersey corporation and an indirect wholly owned subsidiary of the Company (“SciSafe”), for the sale by Seller of all of the issued and outstanding shares of common stock (the “Shares”) of SciSafe to Buyer. The divestiture of SciSafe was considered a subsequent event to the financial results presented as of September 30, 2024. SciSafe is therefore presented as a part of our continuing operations as of the three and nine months ended September 30, 2024. For additional information on the divestiture of SciSafe, see Note 19: Subsequent events.
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Significant estimates and assumptions by management affect the Company’s net realizable value of inventory, sales tax liabilities, valuation of market-based stock awards, valuations, fair value of marketable debt securities, expected future cash flows including growth rates, discount rates, terminal values and other assumptions and estimates used to evaluate the recoverability of long-lived assets, estimated fair values of intangible assets and goodwill, amortization methods and periods, warranty reserves, certain accrued expenses, stock-based compensation, contingent consideration from business combinations, and provision for income taxes.
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The Company regularly assesses these estimates; however, actual results could differ materially from these estimates. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.
Basis of presentation

The Unaudited Condensed Consolidated Financial Statements and related footnote disclosures as of and for the three and nine months ended September 30, 2024 are unaudited, and are not necessarily indicative of the Company’s operating results for a full year. The Unaudited Condensed Consolidated Financial Statements include all normal and recurring adjustments necessary for a fair presentation of the Company’s financial results for the three and nine months ended September 30, 2024 in accordance with U.S. GAAP, however, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the U.S. Securities and Exchange Commission (the “SEC”) rules and regulations relating to interim financial statements. These Unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Audited Consolidated Financial Statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K as of and for the fiscal year ended December 31, 2023, filed with the SEC on February 29, 2024 (the “Annual Report”).
The Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries, SAVSU Technologies, Inc. (“SAVSU”), Arctic Solutions, Inc. doing business as Custom Biogenic Systems (“CBS”), SciSafe Holdings, Inc. (“SciSafe”), BioLife Solutions B.V, and Sexton Biotechnologies, Inc. (“Sexton”). All intercompany accounts and transactions have been eliminated in consolidation.
Discontinued operations
On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock of Global Cooling and the accounting requirements for reporting the Global Cooling subsidiary as a discontinued operation were met. Unless otherwise noted, amounts and disclosures throughout these Notes to Unaudited Condensed Consolidated Financial Statements relate to the Company's continuing operations. Refer to Note 3: Discontinued operations for further details.
In the opinion of management, the accompanying Unaudited Condensed Consolidated Financial Statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year.
Foreign currency translation
The Company translates items presented on its Unaudited Condensed Consolidated Financial Statements into U.S. dollars. For the Company’s subsidiaries that operate in a local currency functional environment, all assets and liabilities are translated into U.S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of Accumulated Other Comprehensive Loss in the Unaudited Condensed Consolidated Statements of Shareholders' Equity.
Segment reporting
The Company views its operations and makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.
Significant accounting policies
The following describes an update to the Company’s accounting policies for discontinued operations during the three and nine months ended September 30, 2024. For a full discussion of significant accounting policies, refer to the Notes to the Consolidated Financial Statements described in Part II, Item 8 of our Annual Report.
In accordance with ASC 205-20: Presentation of Financial Statements: Discontinued Operations, a disposal of a component of an entity or a group of components of an entity is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. In
13
the period in which the component meets held-for-sale or discontinued operations criteria, the major current assets, non-current assets, current liabilities, and non-current liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations.
Our operations related to Global Cooling met the definition of a discontinued operation as of April 17, 2024. Accordingly, we retrospectively classified the results of our Global Cooling operations as discontinued operations in the Unaudited Condensed Consolidated Statements of Operations for all periods presented. The results of all discontinued operations, less applicable income taxes, are reported as components of net loss separate from the net loss of continuing operations. Certain assets and liabilities associated with our Global Cooling operations were classified as assets and liabilities of discontinued operations in the Unaudited Condensed Consolidated Balance Sheets for the periods presented. Additionally, the cash flows and comprehensive loss of our Global Cooling operations have not been segregated and are included in the interim Unaudited Condensed Consolidated Statements of Cash Flows and Unaudited Condensed Consolidated Statements of Comprehensive Loss, respectively, for all periods presented. All amounts included in the notes to the unaudited condensed consolidated financial statements relate to continuing operations unless otherwise noted. For additional information, see Note 3: Discontinued operations.
Liquidity and capital resources

On September 30, 2024 and December 31, 2023, we had $39.3 million and $50.2 million in cash, cash equivalents, and available-for-sale securities, respectively, in our continuing operations. Based on our current expectations with respect to our future revenue and expenses, we believe that our current level of cash, cash equivalents, and other liquid assets will be sufficient to meet our liquidity needs for at least the next twelve months from the date of the filing of this Quarterly Report on Form 10-Q (this “Form 10-Q”).
Risks and uncertainties
The preparation of financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and revenues and expenses during the reporting periods. These estimates represent management's judgment about the outcome of future events. The global business environment continues to be impacted by cost pressure, the overall effects of economic uncertainty on customers' purchasing patterns, high interest rates, and other factors. It is not possible to accurately predict the future impact of such events and circumstances. Actual results could differ from our estimates.
For additional information, see caption “Risk Factors” identified in Part I, Item 1A of our Annual Report and in Part II, Item 1A of this Form 10-Q.
Concentrations of credit risk and business risk
Significant customers are those that represent more than 10% of the Company’s total revenue or gross accounts receivable balances for the periods and as of each balance sheet date presented. For each significant customer, revenue as a percentage of total revenue and gross accounts receivable as a percentage of total gross accounts receivable as of the periods presented were as follows:
Accounts ReceivableRevenue
September 30,December 31,Three Months Ended
September 30,		Nine Months Ended
September 30,
202420232024202320242023
Customer A16 %17 %****
Customer B****11 %11 %
Customer C**11 %***
*less than 10%
Revenue from foreign customers is denominated in United States dollars or euros.
14
The following table represents the Company’s products representing more than 10% of the Company’s total revenue:
Three Months Ended
September 30,		Nine Months Ended
September 30,
Product revenue concentration2024202320242023
CryoStor52 %46 %51 %53 %
The following table represents the Company’s total revenue by geographic area (based on the location of the customer):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Revenue by customers’ geographic locations(1)
2024202320242023
United States(2)
76 %81 %77 %82 %
Europe, Middle East, Africa (EMEA)19 %15 %18 %14 %
Other5 %4 %5 %4 %
Total revenue100 %100 %100 %100 %
(1) As of the year ended December 31, 2023, the Company updated its methodology for determining the country of origin for its sales. Sales are now recorded by shipping country rather than billing country. The Company updated the methodology retrospectively, adjusting the prior year presentation for all regions presented.
(2) The line item presented above previously bifurcated sales between the United States and Canada. Due to the updated methodology for determining the country of origin for sales, it was noted that Canada no longer was a material location to separately disclose. Canada sales have been included within the "Other" line item in the table above and United States sales have been retained as a single line item to more accurately reflect origin of sales for material regions.
In the three and nine months ended September 30, 2024, no suppliers accounted for greater than 10% of purchases. In the three and nine months ended September 30, 2023, one supplier accounted for 19% and 16% of purchases, respectively.
As of September 30, 2024, one supplier accounted for 11% of our accounts payable. As of December 31, 2023, one supplier accounted for 11% of our accounts payable.
Recent accounting pronouncements
In March 2024, the SEC adopted final rules on the enhancement and standardization of climate-related disclosures of public companies. The final rules require disclosure of, among other things, material climate-related risks and their impact; activities to mitigate or adapt to material climate-related risks; governance and oversight of climate-related risks; and material Scope 1 and/or Scope 2 greenhouse gas emissions with an accompanying assurance report required following an initial transition period, at a limited assurance level, and then following an additional transition period, at a reasonable assurance level. In addition, the effects of severe weather events and other natural conditions, subject to certain thresholds, and amounts related to carbon offsets and renewable energy credits or certificates are required to be disclosed in the notes to the audited financial statements in certain circumstances.
On April 4, 2024, the SEC voluntarily stayed the implementation of the final rules pending the completion of judicial review of the consolidated challenges to the final rules by the Court of Appeals for the Eighth Circuit. The final rules, as originally issued, would be effective for the Company in various fiscal years, starting with its Annual Report on Form 10-K for fiscal year 2025. Disclosures pursuant to the final rules, as originally issued, would be required prospectively, with information for prior periods required only to the extent it was previously disclosed in an SEC filing. The Company is currently evaluating the impact of the final rules on its Consolidated Financial Statements and disclosures.
2.    Correction of immaterial errors
During the three months ended March 31, 2024, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified we had not properly accelerated stock compensation expense related to unvested shares of market-based awards of certain employees upon their termination during the fourth quarter of 2023. The error was evaluated under the U.S. Securities and Exchange Commission's ("SEC's") Staff Accounting Bulletin ("SAB")
15
Topic 1M, "Materiality," and SEC SAB Topic 1N, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements" to determine the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not material to the previously issued consolidated financial statements. Although the error was not material to any period, we corrected the accompanying historical consolidated financial statements for the year ended December 31, 2023 to reflect the additional stock compensation expense incurred within each period for comparative purposes.
The following table represents the adjustments to our Consolidated Balance Sheet as of December 31, 2023 in accordance with ASC 250. The adjustments to our Consolidated Statement of Shareholders’ Equity was limited to the adjustments outlined below.
The effect of the adjustments to our Consolidated Balance Sheet as of December 31, 2023 was as follows (in thousands):
December 31, 2023
(In thousands)As reportedAdjustmentAs corrected
Additional paid-in-capital$651,305 $1,575 $652,880 
Accumulated deficit(313,342)(1,575)(314,917)
3.     Discontinued operations
On April 17, 2024, the Company entered into the Purchase Agreement by and between the Company and GCI Holdings, which is wholly owned by a former consulting contractor of Global Cooling, for the sale of all of the issued and outstanding shares of common stock of Global Cooling to GCI Holdings. Upon the execution of the Purchase Agreement, the Global Cooling business is presented in the accompanying condensed financial statements as a discontinued operation for all periods presented.
As a condition of the Purchase Agreement, Global Cooling was required to have $7.0 million in cash on its balance sheet, of which, $6.7 million in cash was funded by the Company, and the Company was required to repay approximately $2.6 million of outstanding indebtedness of Global Cooling, and assume certain other liabilities of Global Cooling of $2.6 million. Following the execution of the Purchase Agreement, the divestiture of Global Cooling was consummated on April 17, 2024. The Company recognized a loss on disposal of Global Cooling, calculated as follows:
(In thousands)
Selling price: $1
$— 
Cash to Global Cooling funded by Company(6,652)
Costs to sell Global Cooling(1)
(582)
Negative selling price(7,234)
Global Cooling carrying basis as of April 17, 2024, inclusive of assumed liabilities(3,589)
Assumed liabilities: Accounts payable(2)
2,643 
Assumed liabilities: Debt(3)
2,596 
Global Cooling carrying basis as of April 17, 20241,650 
Release of Global Cooling currency translation adjustment(13)
Net loss on disposal$(8,897)
(1) Represents the costs incurred in connection with the divestiture of Global Cooling, including fees to be paid to the broker, attorneys, and other external parties.
(2) As a closing condition, the Company assumed certain accounts payable and accrued expenses from Global Cooling, totaling $0.5 million and $2.1 million, respectively.
(3) As a closing condition, the Company repaid the balance of the Global Cooling Amended Term Notes. For additional information on the terms of the Global Cooling Term Notes, see Note 13: Long-term debt.
In connection with the Company’s entry into the Purchase Agreement, the Company implemented a reduction in force (the “RIF”) related to the business of Global Cooling, which reduced the Company’s workforce by 47 employees (representing
16
approximately 11% of its full-time employees). The Company’s Board of Directors approved the RIF on March 29, 2024, and all affected employees were informed by April 18, 2024, following the execution of the Purchase Agreement. Additionally, the Company accelerated the unvested shares granted to both the employees impacted by the RIF and Global Cooling employees that remained with Global Cooling upon the closing of the GCI Divestiture. The Company recognized the following charges in connection with the RIF and stock compensation expense acceleration:
(In thousands)SeveranceStock CompensationTotal
RIF employee costs$291 $1,255 $1,546 
Former Global Cooling employees— 1,925 1,925 
Total employment related divestiture expenditures$291 $3,180 $3,471 

In addition, upon the closing of the Transaction, the Company and Global Cooling entered into a transition services agreement ("TSA"), pursuant to which the Company agreed to provide certain transition services to Global Cooling for up to 90 days following the date of the closing of the Transaction. The TSA has since expired pursuant to its terms on the stated expiration date.

The following table summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the condensed consolidated balance sheets:
April 17,December 31,
(In thousands)20242023
Cash and cash equivalents$275 $2,090 
Accounts receivable, net2,430 1,728 
Inventories9,152 11,248 
Prepaid expenses and other current assets379 303 
Total current assets, discontinued operations12,236 15,369 
Property and equipment, net153 146 
Long-term deposits and other assets4 4 
Total assets, discontinued operations12,393 15,519 
Accounts payable1,425 3,367 
Accrued expenses and other current liabilities911 1,637 
Warranty liability7,193 7,507 
Lease liabilities, operating, current portion242 263 
Lease liabilities, financing, current portion16 22 
Total current liabilities, discontinued operations9,787 12,796 
Lease liabilities, operating, long-term948 1,016 
Lease liabilities, financing, long-term8 11 
Total liabilities, discontinued operations$10,743 $13,823 
Global Cooling had no remaining balances as of September 30, 2024.



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The key components of loss from discontinued operations were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2024202320242023
Revenue$— $9,755 $7,157 $28,546 
Cost of revenue— 10,100 8,389 28,048 
Gross profit— (345)(1,232)498 
Operating expenses— (5,789)(9,418)(16,259)
Asset impairment charges— (7,175)— (7,175)
Other income (expense), net— (19)(25)(63)
Loss on disposal— — (8,897)— 
Loss before income taxes— (13,328)(19,572)(22,999)
Income tax expense— — (10)(3)
Loss from discontinued operations, net of income taxes$— $(13,328)$(19,582)$(23,002)
During the three and nine months ended September 30, 2024, Global Cooling did not incur material depreciation, amortization, capital expenditure, or other noncash related costs. For the three months ended September 30, 2023, Global Cooling incurred depreciation and capital expenditure costs of $0.1 million and $0.2 million, respectively. During the nine months ended September 30, 2023, Global Cooling incurred depreciation, amortization, and capital expenditure costs of $0.4 million, $0.1 million, and $0.7 million, respectively.
We do not anticipate incurring any material additional charges in connection with the sale of Global Cooling.
4.    Fair value measurement
In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures, (“ASC Topic 820”), the Company measures its financial instruments at fair value on a recurring basis. The carrying values of certain of our financial instruments including cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of their short maturities. The carrying value of our marketable debt securities, which are accounted for as available-for-sale, are classified within either Level 1 or Level 2 in the fair value hierarchy because we use quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The carrying values of our long-term debt, which is classified within Level 2 in the fair value hierarchy, approximates fair value as our borrowings with lenders are at interest rates that approximate market rates for comparable loans. The fair values of investments and contingent consideration classified as Level 3 were derived from management assumptions. The Company also measures certain assets and liabilities at fair value on a non-recurring basis when applying acquisition accounting. ASC Topic 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC Topic 820 establishes a three-tier value fair hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1 – Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Observable inputs other than quoted prices included in Level 1 for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
Level 3 – Unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.
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The fair value of the SciSafe contingent consideration liability was valued based on unobservable inputs using a Monte Carlo simulation. These inputs included the estimated amount and timing of projected future revenue, a discount rate of 4.5%, a risk-free rate of approximately 0.2%, asset volatility of 60%, and revenue volatility of 15%. Significant changes in any of those inputs in isolation would result in a significant change in the fair value measurement of the liability. Generally, changes used in the assumptions for projected future revenue and revenue volatility would be accompanied by a directionally similar change in the fair value measurement. Conversely, changes in the discount rate would be accompanied by a directionally opposite change in the related fair value measurement. However, due to the contingent consideration having a maximum payout amount, changes in these assumptions would not affect the fair value of the contingent consideration if they increase (decrease) beyond certain amounts. At the acquisition date, the contingent consideration was determined to have a fair value of $3.7 million. Subsequent to the acquisition date, the SciSafe contingent consideration liability was re-measured to fair value with changes recorded in the Change in fair value of contingent consideration in the Unaudited Condensed Consolidated Statements of Operations.
During the most recent re-measurement of the contingent consideration liability as of December 31, 2023, the Company determined it appropriate to write-off the remaining balance of the SciSafe contingent consideration liability. The target revenue required for earnout was not met during the year ended December 31, 2023 and had been determined to not be probable to achieve in future years. The change in fair value of contingent consideration of $1.6 million and $1.8 million associated with the contingent consideration liability was included within the Change in fair value of contingent consideration in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023, respectively.
There were no remeasurements to fair value during the three and nine months ended September 30, 2024 of financial assets and liabilities that are not measured at fair value on a recurring basis.
The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, based on the three-tier fair value hierarchy:
(In thousands)
As of September 30, 2024Level 1Level 2Level 3Total
Assets:
Cash equivalents:
Money market accounts$13,731 $- $- $13,731 
Available-for-sale securities:    
U.S. government securities2,679 - - 2,679 
Corporate debt securities395 8,735 - 9,130 
Other debt securities- 3,286 - 3,286 
Total$16,805 $12,021 $- $28,826 
As of December 31, 2023
Assets:
Cash equivalents:
Money market accounts$25,034 $- $- $25,034 
Available-for-sale securities:
U.S. government securities5,170 - - 5,170 
Corporate debt securities- 9,674 - 9,674 
Other debt securities- 1,992 - 1,992 
Total$30,204 $11,666 $- $41,870 
There have been no transfers of assets or liabilities between the fair value measurement levels.
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The following table presents the changes in fair value of contingent consideration liabilities that are measured using Level 3 inputs for the three and nine months ended September 30, 2023. There was no contingent consideration liability outstanding as of September 30, 2024.
Nine Months Ended September 30,
(In thousands)2023
Balance at beginning of period$4,456 
Change in fair value recognized in net loss(1,778)
Payment of contingent consideration earned$(2,263)
Balance at end of period$415 

5.    Investments
Available-for-sale securities
The Company’s portfolio of available-for-sale marketable securities consists of the following:
September 30, 2024
Amortized
Cost		Gross unrealizedEstimated
Fair Value
(In thousands)GainsLosses
Available-for-sale securities, current portion    
U.S. government securities$2,676 $3 $- $2,679 
Corporate debt securities6,149 16 - 6,165 
Other debt securities1,363 4 - 1,367 
Total short-term10,188 23 - 10,211 
     
Available-for-sale securities, long-term    
Corporate debt securities2,944 21 - 2,965 
Other debt securities1,910 9 - 1,919 
Total marketable securities$15,042 $53 $- $15,095 
December 31, 2023
Amortized
Cost		Gross unrealizedEstimated
Fair Value
(In thousands)GainsLosses
Available-for-sale securities, current portion
U.S. government securities$5,169 $1 $- $5,170 
Corporate debt securities9,673 5 (4)9,674 
Other debt securities1,443 1 - 1,444 
Total short-term16,285 7 (4)16,288 
Available-for-sale securities, long-term
Other debt securities545 3 - 548 
Total marketable securities$16,830 $10 $(4)$16,836 
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September 30, 2024
(In thousands)Amortized
Cost		Estimated
Fair Value
Due in one year or less$10,188 $10,211 
Due after one year through five years4,854 4,884 
Total$15,042 $15,095 
Equity investments
The Company periodically invests in non-marketable equity securities of private companies without a readily determinable fair value to promote business and strategic objectives. The Company has adopted the measurement alternative whereby equity securities are carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar transactions of the same issuer. These securities included Series E Preferred Stock in PanTHERA CryoSolutions, Inc. carried at $1.0 million as of September 30, 2024 and December 31, 2023.
The Company also owns securities of Series A-1 and A-2 Preferred Stock in iVexSol, Inc. carried at $4.1 million for the period ending December 31, 2023. During the six months ended June 30, 2024, the Company received communications that triggered a going concern for the investment. As of June 30, 2024, the Company determined that the fair value of its equity interest was less than its carrying amount, and no longer recoverable, triggering an impairment charge of $4.1 million. The carrying value was zero as of September 30, 2024.
6.    Inventories
Inventories consist of the following as of September 30, 2024 and December 31, 2023:
September 30,December 31,
(In thousands)20242023
Raw materials$12,722 $16,932 
Work in progress6,647 5,890 
Finished goods12,810 9,386 
Total inventories$32,179 $32,208 
7.    Leases
The Company has various operating lease agreements for office space, warehouses, manufacturing, and production locations as well as vehicles and other equipment. Our real estate leases had original lease terms of three to eleven years and have remaining lease terms of one to eight years. We exclude options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms, with all other lease payments consisting of variable lease costs. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. Vehicle and other equipment operating leases had original lease terms of four to five years and have remaining terms between one and five years.
Our financing leases relate to research equipment, machinery, and other equipment.
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The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of September 30, 2024 and December 31, 2023:
September 30,December 31,
(In thousands)20242023
Weighted average discount rate - operating leases5.8 %4.4 %
Weighted average discount rate - finance leases8.4 %8.3 %
Weighted average remaining lease term in years - operating leases6.16.6
Weighted average remaining lease term in years - finance leases3.54.1
The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(In thousands)2024202320242023
Operating lease costs$1,018 $810 $2,639 $2,460 
Financing lease costs57 - 173 - 
Short-term lease costs452 510 1,263 1,266 
Total operating lease costs1,527 1,320 4,075 3,726 
   
Variable lease costs446 299 1,166 903 
Total lease costs$1,973 $1,619 5,241 4,629 
Maturities of our lease liabilities as of September 30, 2024 are as follows:
(In thousands)Operating
Leases		Financing
Leases
2024 (3 months remaining)$857 $103 
20253,630 413 
20263,249 389 
20272,970 387 
20283,021 134 
Thereafter7,794 - 
Total lease payments21,521 1,426 
Less: interest(3,544)(190)
Total present value of lease liabilities$17,977 $1,236 
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8.     Assets held for rent
Assets held for rent consist of the following as of September 30, 2024 and December 31, 2023:
September 30,