UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the year ended December 31, ~~2024~~2025

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)


Delaware			94-3076866
(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 class			Trading symbol			Name of exchange on which registered
Common stock, par value $0.001 per share			BLFS			The ~~NASDAQ~~Nasdaq Stock Market, LLC

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No o

Indicate by check mark whether the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ☑

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 ☑ 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 such said files). Yes ☑ 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.

Table of Contents

Large accelerated filer ☑ 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ☑

As of the registrant’s most recently completed second fiscal quarter, the aggregate market value of common equity (based on closing price on June 2830, ~~2024~~2025 of $21.4354 per share) held by non-affiliates was approximately $~~784~~845 million.

As of February 2419, ~~2025~~2026, 4748.03 million shares of the registrant’s common stock were outstanding.

Table of Contents

		Page No.
PART I
ITEM 1.	BUSINESS	8
ITEM 1A.	RISK FACTORS	15
ITEM 1B.	UNRESOLVED STAFF COMMENTS	3133
ITEM 1C.	CYBERSECURITY	3133
ITEM 2.	PROPERTIES	3133
ITEM 3.	LEGAL PROCEEDINGS	3134
ITEM 4.	MINE SAFETY DISCLOSURES	3134
PART II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	3234
ITEM 6.	RESERVED	3235
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3335
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	4346
ITEM 8.	CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	4548
	INDEX TO FINANCIAL STATEMENTS	4548
	REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	90
ITEM 9A.	CONTROLS AND PROCEDURES	90
ITEM 9B.	OTHER INFORMATION	9392
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	9492
PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE	9492
ITEM 11.	EXECUTIVE COMPENSATION	9492
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	9492
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	9492
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	9493
PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	9493
ITEM 16.	FORM 10-K SUMMARY	9795
	SIGNATURES	9896

References throughout this Annual Report on Form 10-K to “BioLife Solutions, Inc.”, “BioLife”, “we”, “us”, “our”, or the “Company” refer to BioLife Solutions, Inc. and its subsidiaries, taken as a whole, unless the context otherwise indicates.

Table of Contents

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K (“Form 10-K” or “Annual Report”) contains forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements ~~in this Annual Report~~, other than statements of historical ~~facts~~fact, in this Annual Report, including, without limitation, statements regarding our strategy, future operations, future operating expenses, future financial position, future revenue, projected costs, prospects, plans, intentions, expectations, goals and objectives may be forward‑looking statements. The forward-looking statements in this Annual Report do not constitute guarantees of future performance, and actual results could differ materially from those expressed or implied in any forward-looking statements. Forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “contemplate,” “estimate,” “project,” “forecast,” “would,” “may,” “should,” “will,” “could,” “can,” “potential,” “possible,” “proposed,” “plan,” “develop,” “opportunity,” “intend,” “initiative,” “target,” “maintain,” “continue,” “strive,” “progress,” “aim,” or similar expressions.

The forward-looking statements in this Annual Report include, but are not limited to, statements about:

•the development, production and commercialization of our products and our ability to maintain reliable, high-quality products;

•our ability to compete effectively against current technologies and develop and market products that are competitive in the continually changing technological landscape;

•the ability of our customers to integrate our products into their bioproduction workflow process for cell and gene therapies;

•our ability to successfully increase our customer’s product yield and efficacy;

•the determination that our products are not subject to U.S. Food and Drug Administration ("FDA") or other regulatory approvals and the possibility that we could be subject to regulatory approvals in the future;

•the potential utility of and market for our products and services;

•our ability to implement our business strategy and anticipated business and operations (including with respect to acquired businesses);

•our future financial and operational performance;

•our ability to protect our proprietary position and the validity and enforceability of our patents and trade secrets;

•our anticipated future growth strategy;

•the expected benefits and other statements relating to our divestitures and acquisitions, capital requirements, intellectual property, suppliers, joint venture partners, future financial and operating results;

•our ability to protect our information systems and networks and the proprietary and confidential information in our possession;

•the impact of adverse changes in economic, political and market conditions in the areas that we serve, the U.S. and globally, including but not limited to, disruption in our supply chain, inflation in pricing for key materials or labor, the imposition of trade tariffs or other adverse changes resulting from epidemics, pandemics, and outbreaks of contagious diseases, natural disasters, economic or political instability, terrorist attacks and wars, including the ongoing war in Ukraine, ~~and~~conflict in the ~~Israel-Hamas~~Middle ~~war~~East, U.S. involvement in Venezuela, or other adverse ~~widespread~~geopolitical developments;

•interest rates and interest rate fluctuations and their potential impact on the general economy and our profitability;

•~~potential~~potentially adverse impacts of climate change ~~and~~including ~~increasingly~~increased ~~stringent~~frequency ~~environmental~~and ~~laws,~~severity ~~rules~~of natural disasters and ~~regulations~~extreme weather events such as hurricanes, ~~and~~tornados, ~~customer~~wildfires ~~expectations~~(exacerbated ~~and~~by ~~other~~drought), ~~environmental~~flooding, ~~liabilities;~~and extreme heat

•the increase in laws and regulations aimed at reducing greenhouse gas emissions and other measures to mitigate the impact of climate change, and related customer expectations and other environmental liabilities;

•legislative, regulatory and tax law and/or policy developments;

•declines in revenue relative to historical levels that we are unable to offset;

•our ability to effectively manage our operations, operating expenses, capital expenditures, debt service requirements and cash paid for income taxes and liquidity; and

•the availability and terms of any capital financing agreements.

We intend that such forward-looking statements be subject to the safe harbors for such statements. These forward-looking statements are based on the current beliefs and expectations of our management and speak only as of the date of this Annual Report or, in the case of documents referred to or incorporated by reference, the date of those documents. You should not place undue reliance on these forward-looking statements, which are subject to significant known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control and which could materially affect results. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results may differ materially from current expectations and projections. Factors that might cause actual results and our current expectations and projections to differ materially include, among other things, those discussed under the section titled “Risk Factors,” as well as those discussed elsewhere in the Annual Report.

Table of Contents

We dointend ~~not~~that ~~undertake~~such ~~any~~forward-looking ~~obligation~~statements be subject to ~~release~~the ~~publicly~~safe ~~any~~harbors ~~revisions~~for tosuch ~~these~~statements. These forward-looking statements toare ~~reflect~~based ~~events~~on orthe ~~circumstances~~current ~~after~~beliefs, expectations and projections of our management and speak only as of the date of this Annual Report or, toin ~~reflect~~ the ~~occurrence~~case of ~~unanticipated~~documents ~~events,~~referred ~~except~~to asor ~~may~~incorporated beby ~~required~~reference, bythe ~~law~~date of those documents. IfYou weshould donot ~~update~~place ~~one~~undue orreliance ~~more~~on these forward-looking statements, nowhich ~~inference~~are ~~should~~subject beto ~~drawn~~significant ~~that~~known weand ~~will~~unknown ~~make~~risks, ~~additional~~uncertainties ~~updates~~and ~~with~~other ~~respect~~factors, toincluding those described in Part I, Item 1A, “Risk Factors” in this Annual Report which are in some cases, beyond our control and which could materially affect results. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. If underlying assumptions prove inaccurate or ~~other~~unknown ~~forward-looking~~risks ~~statements~~or uncertainties materialize, actual results may differ materially from current expectations and projections.

We do not plan to release publicly any revisions to these forward-looking statements to reflect new information, future events or changed circumstances or otherwise after the date of this Annual Report, except as may be required by law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to such updated forward-looking statements or other forward-looking statements.

This Annual Report includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience, trademarks and tradenames referred to in this Annual Report appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights, to these trademarks and tradenames.

Table of Contents

SUMMARY RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part I, Item 1A Risk Factors in this Annual Report. You should carefully consider these risks and uncertainties when investing in our common stock. The principal risks and uncertainties affecting our business include the following:

•If our products or the products of our competitors do not perform as expected or the reliability of the technology on which our products are based is questioned, we could experience lost revenue, delayed or reduced market acceptance of our products, increased costs, and damage to our reputation.

•We operate in a highly competitive industry and if we cannot compete effectively, our business, financial condition and operating results could be materially and adversely affected.

•Despite our increasingly diversified customer base, we depend on a limited number of customers and products in a limited number of market sectors. If we lose any of these large customers or if there are disruptions in the sales of these products, our net product revenue and operating results could decline significantly.

•We expect our operating results to fluctuate significantly from period to period.

•If intangible assets and goodwill become impaired, we may have to take significant charges against earnings.

•We depend on outside suppliers for all our manufacturing supplies, parts and components.

•Our success will depend on our ability to attract and retain key personnel.

•Our business may be subject to product liability claims or product recalls, which could be expensive and could result in a diversion of management’s attention.

•Difficulties in manufacturing could have an adverse effect upon our expenses and our product revenues.

•We are dependent on our suppliers and third-party manufacturers, including single-source and sole-source suppliers, and disruptions in our supply chain could adversely affect our ability to manufacture and deliver products.

•While we are not currently subject to FDA or other regulatory approvals, if our products become subject to regulatory requirements, the manufacture and sale of our products may be delayed or prevented, or we may become subject to increased expenses.

•We and our customers are subject to various international governmental regulations. Compliance with or changes in such regulations may cause us to incur significant expenses, and if we fail to maintain satisfactory compliance with certain regulations, we may be forced to recall products and cease their manufacture and distribution, and we could be subject to civil or criminal penalties.

•Healthcare reform measures could adversely affect our business and financial results.

•Insurance coverage is increasingly difficult to obtain or maintain.

•We are and may become the subject of various claims, litigation or investigations which could have a material adverse effect on our business, financial condition, or results of operations or the price of our common stock.

•Our business and operations could be negatively affected by securities litigation or stockholder activism, which could impact the trading price and volatility of our common stock and may constrain capital deployment opportunities and adversely impact our ability to expand our business.

•Our acquisitions expose us to risks that could adversely affect our business, and we may not achieve the anticipated benefits of acquisitions of businesses or technologies.

•Our recent divestitures expose us to ongoing risks and uncertainties, one or more of which could have a material adverse effect on our business, financial condition, results of operations, cash flows, and/or stock price.

•Our proprietary rights may not adequately protect our technologies and products.

•Expiration of our patents may subject us to increased competition and reduce our opportunity to generate product revenue.

•We may not be able to protect our intellectual property rights throughout the world.

•We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights, and we may be unable to protect our rights to, or use of, our technology.

•Even if we are granted a patent, in certain circumstances we may be unable to protect our rights to, or use of, our technology.

•We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.

•Our inability to protect our information systems and networks and the proprietary and confidential information in our possession from continually evolving cybersecurity risks or other technological risks, including as a result of breaches of our associated third parties' information technology systems, could materially adversely impact our business, financial condition and results of operations, in addition to our reputation and relationships with our employees, customers, suppliers and business partners.

Table of Contents

•The development, deployment and use of artificial intelligence ("AI") technologies present new risks and challenges that could adversely impact our business

•Our stock price and volume may be volatile, and purchasers of our securities could incur substantial losses.

•A significant percentage of our outstanding common stock is held by one stockholder, and this stockholder therefore has significant influence on us and our corporate actions.

•We have not paid dividends on our common stock in the past and do not expect to pay dividends in the foreseeable future. Any return on investment may be limited to the value of our common stock.

•Certain provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.

•Our Amended and Restated Bylaws designate the Court of Chancery of the State of Delaware and U.S. federal district courts as the exclusive forums for certain types of actions and proceedings that may be initiated by our stockholders, which limits our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, or other employees.

•WeThough our internal control over financial reporting for the year ended December 31, 2025 was concluded to be operating effectively, we have historically identified material weaknesses in our internal control over financial reporting,. ~~and~~We ifhave remediated our ~~remediation~~historical ~~of such~~ material weaknesses ~~is not effective~~, orthough if we are unable to ~~develop and~~ maintain an effective system of internal control over financial reporting or disclosure controls and procedures, we may not be able to accurately and timely report financial results or prevent fraud, and our ability to meet our reporting obligations and the trading price of our common stock could be negatively affected.

•~~Our~~Changes ~~ability~~in ~~to use net operating loss and~~ tax ~~credit~~laws ~~carryforwards~~ and ~~certain~~regulations, ~~built-in~~including ~~losses~~international ~~to reduce future~~ tax ~~payments is limited by provisions of the Internal Revenue Code~~developments, ~~and~~could itadversely isaffect ~~possible that certain transactions or a combination of certain transactions may result in material additional limitations on~~ our ~~ability~~financial tocondition ~~use our net operating loss~~ and ~~tax~~results ~~credit~~of ~~carryforwards~~operations.

•~~Public~~Our ~~health~~ability ~~crises~~to ~~have~~use ~~adversely~~net ~~affected,~~operating loss ("NOL") and ~~could~~tax credit carryforwards and certain built-in ~~the~~losses to reduce future ~~adversely~~tax ~~affect~~payments is limited by provisions of the Internal Revenue Code of 1986, ~~our~~as ~~business~~amended (the “Internal Revenue Code”), ~~financial~~and ~~condition.~~it ~~results~~is possible that certain transactions or a combination of ~~operations~~certain transactions may result in material additional limitations on our ability to use our NOL and ~~cash~~tax ~~flows~~credit carryforwards.

•Natural disasters, geopolitical unrest, war, terrorism, public health issues or other catastrophic events could disrupt the supply, delivery or demand of products, which could negatively affect our operations and performance.

•Global climate change and related legal and regulatory developments could negatively affect our business, financial condition and results of operations.

•Tariffs and other trade policies could have a substantial impact on our business.

•Unfavorable currency exchange rate fluctuations may lead to lower operating margins or may cause us to raise prices for our products and services, which could result in reduced sales.

•Public health crises have adversely affected, and could in the future adversely affect, our business, financial condition, results of operations, and cash flows.

•Global climate change and related legal and regulatory developments could negatively affect our business, financial condition and results of operations.

Table of Contents

PART I

ITEM 1. BUSINESS

The following discussion of our business contains forward-looking statements that involve risks and uncertainties (see the section entitled “Forward-Looking Statements” herein). Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including those factors set forth under “Risk Factors” and elsewhere in this Form 10-K.

Overview

We are a life sciences company that develops, manufactures, and markets bioproduction products and services which are designed to improve quality and de-risk biologic manufacturing, distribution, and transportation in the cell and gene therapy ("CGT") industry. Our products are used in basic and applied research and commercial manufacturing of biologic-based therapies. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, and distribution.

We currently operate as one bioproduction products and services business which supports several steps in the biologic material manufacturing and delivery process. WeOur ~~have a diversified~~ portfolio of tools and services ~~that~~ focuses on biopreservation, ~~cell~~media ~~processing, cold chain management tools,~~ and ~~thawing~~cell ofprocessing ~~biologic materials~~products. We have in-house expertise in cryobiology and the broader CGT workflow, and continue to evaluate opportunities to maximize the value of our product platforms for our extensive customer base through organic growth innovations, partnerships, and acquisitions.

Recent divestitures and acquisitions

On October 6, 2025, the Company entered into a Limited Liability Company Membership Interest Purchase Agreement (the “SAVSU Purchase Agreement”), by and between the Company and Peli BioThermal LLC, a Delaware limited liability company (“SAVSU Buyer”), for the sale by the Company of all of the issued and outstanding limited liability company membership interests (the “SAVSU Interests”) of SAVSU Cleo Technologies, LLC, a Delaware limited liability company ("SAVSU"), to SAVSU Buyer (the “SAVSU Divestiture”). SAVSU contained our evo cloud connected “smart” shipping container products that provided passive storage and transport for temperature-sensitive biologics and pharmaceuticals. Upon the execution of the SAVSU Purchase Agreement, the SAVSU business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

On April 4, 2025, pursuant to a Stock Purchase Agreement (the “PanTHERA Purchase Agreement”), by and among the Company, Casdin Partners Master Fund L.P. and each other person listed on Schedule A thereto (the “PanTHERA Sellers”), 2699979 Alberta LTD., an Alberta corporation and a wholly owned subsidiary of the Company (“PanTHERA Buyer Sub”), PanTHERA CryoSolutions Inc., an Alberta corporation (“PanTHERA”) and Dr. Jason Acker, solely in his capacity as Sellers’ Representative, the Company acquired the remaining 90% of the issued and outstanding shares of common stock of PanTHERA not owned by the Company from the PanTHERA Sellers (the “PanTHERA Transaction”). PanTHERA contains a patented Ice Recrystallization Inhibitor (“IRI”) GEN 2 cryopreservation technology that we expect to ultimately enhance the Company’s core capabilities in biopreservation and within the CGT market upon achievement of commercial viability.

On November 14, 2024, the Company entered into a Stock Purchase Agreement (the “CBS Purchase Agreement”), by and among the Company, Standex International Corporation, a Delaware corporation (“CBS Buyer”), and Arctic Solutions, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (doing business as Custom Biogenic Systems, or “CBS”), for the sale by the Company of all of the issued and outstanding shares of common stock (the “CBS Shares”) of CBS to CBS Buyer (the “CBS Divestiture”). CBS contained our LN2 cryogenic freezers and other accessory products utilizing a dry storage method. Upon the execution of the CBS Purchase Agreement, the CBS business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

On November 12, 2024, the Company entered into a Stock Purchase Agreement (the “SciSafe Purchase Agreement”), by and among the Company, Subzero Purchaser Corp., a Delaware corporation (“SciSafe 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 “SciSafe Shares”) of SciSafe to SciSafe Buyer (the “SciSafe Divestiture”). SciSafe contained our biological and pharmaceutical storage and cold chain logistics services. Upon the execution of the

Table of Contents

SciSafe Purchase Agreement, the SciSafe business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

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, dated April 17, 2024 (the “Global Cooling Purchase Agreement”), by and between the Company and GCI Holdings (the “Global Cooling Divestiture”). Global Cooling contained our portfolio of ultra-low temperature freezers. Upon the execution of the Global Cooling Purchase Agreement, the Global Cooling business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

The Company is presenting SAVSU, CBS, SciSafe, and Global Cooling within this Annual Report as discontinued operations for all periods presented within the Consolidated Balance Sheets and Consolidated Statements of Operations. The Consolidated Statements Of Comprehensive Loss, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages, and disclosures for all periods presented in this Annual Report reflect only the continuing operations of the Company unless otherwise noted. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestitures described above.

Our products

Our bioproduction products and services are comprised of ~~two~~one revenue ~~lines~~line that ~~contain~~contains ~~four~~three main offerings:

•Cell processing and other products

◦Biopreservation media

◦Human platelet lysate media (“hPL”), cryogenic ~~vials~~and ultralow temperature containers, and automated cell-processing fill machines

•Evo and ThawSTAR devices

◦Cloud-connected “smart” shipping containers

◦Automated thawing devices

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, dated April 17, 2024 (the “Global Cooling Purchase Agreement”), by and between the Company and GCI Holdings (the “Global Cooling Divestiture”). Upon the execution of the Global Cooling Purchase Agreement, the Global Cooling business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

On November 12, 2024, the Company entered into a Stock Purchase Agreement (the “SciSafe Purchase Agreement”), by and among the Company, Subzero Purchaser Corp., a Delaware corporation (“SciSafe 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 “SciSafe Shares”) of SciSafe to SciSafe Buyer. Upon the execution of the SciSafe Purchase Agreement, the SciSafe business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

On November 14, 2024, the Company entered into a Stock Purchase Agreement (the “CBS Purchase Agreement”), by and among the Company, Standex International Corporation, a Delaware corporation (“CBS Buyer”), and Arctic Solutions, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (doing business as Custom Biogenic Systems, or “CBS”), for the sale by the Company of all of the issued and outstanding shares of common stock (the “CBS Shares”) of CBS to CBS Buyer (the “CBS Transaction”). Upon the execution of the CBS Purchase Agreement, the CBS business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented.

The Company is presenting Global Cooling, SciSafe, and CBS within this Annual Report as discontinued operations for all periods presented within the Consolidated Balance Sheets and Consolidated Statements of Operations. The Consolidated

Table of Contents

Statements Of Comprehensive Loss, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages, and disclosures for all periods presented in this Annual Report reflect only the continuing operations of the Company unless otherwise noted. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestitures described above.

Cell processing

Biopreservation media

Our proprietary biopreservation media products, HypoThermosol® FRS and CryoStor® Freeze Media, are formulated to mitigate preservation-induced, delayed-onset cell damage and death which result when cells and tissues are subjected to reduced temperatures. Our technology can provide our CGT customers with significant shelf-life extension of biologic source material and final cell products, and can also greatly improve post-preservation cell and tissue viability and function. Our biopreservation media are serum-free, protein-free, fully defined, and manufactured under current Good Manufacturing Practices ("cGMP"). We strive to source wherever possible the highest available grade, Multi-compendial raw materials. Our US FDA Type II Master File applicable to our biopreservation products has been cross referenced over 750 times by our customers, and we believe our cell processing products are utilized in several hundred active clinical trials worldwide.

Stability (i.e. shelf-life) and functional recovery are crucial aspects of academic research and clinical practice in the biopreservation of biologic-based source material, intermediate derivatives, and isolated/derived/expanded cellular products and therapies. Limited stability is especially critical in the CGT field, where harvested cells and tissues will lose viability over time if not maintained appropriately at normothermic body temperature (37ºC) or stored in a hypothermic or cryogenic state in an effective preservation medium.

Chilling (hypothermia) is used to reduce metabolism and delay degradation of harvested cells and tissues. However, subjecting biologic material to hypothermic or cryogenic environments and subsequently rewarming them may also induce damaging molecular stress and structural changes. Although cooling successfully reduces metabolism (i.e., lowers demand for energy), various levels of cellular damage and death occur when using suboptimal methods. Biopreservation media can mitigate the damage from exposure to hypothermic or cryogenic temperatures and subsequent rewarming.

Traditional biopreservation media range from simple “balanced salt” (electrolyte) formulations to complex mixtures of electrolytes, energy substrates such as sugars, osmotic buffering agents, and antibiotics. The resulting limited stability from ~~the use of these traditional biopreservation media formulations is a significant shortcoming that our optimized proprietary products address with great success.~~

Table of Contents

the use of these traditional biopreservation media formulations is a significant shortcoming that our optimized proprietary products address with great success.

Our scientific research activities over the last 20+ years enabled a detailed understanding of the molecular basis for the hypothermic and cryogenic (low-temperature induced) damage/destruction of cells through apoptosis and necrosis. This research led directly to the development of our HypoThermosol FRS and CryoStor technologies. Our proprietary biopreservation media products are specifically formulated to:

•Minimize cell and tissue swelling

•Reduce free radical levels upon formation

•Maintain appropriate low temperature ionic balances

•Provide regenerative, high-energy substrates to stimulate recovery upon warming

•Avoid the creation of an acidic state (acidosis)

•Inhibit the onset of apoptosis and necrosis

A key feature of our biopreservation media products is their “fully-defined” profile. All of our cGMP products are serum-free, protein-free and are formulated and filled using aseptic processing. We strive to use USP/Multi-compendial grade or the highest quality available synthetic components. All of these features benefit prospective customers by facilitating the qualification process required to incorporate our products into their regulatory filings.

Competing biopreservation media products are often formulated with isotonic media cocktails, animal serum, and potentially a single sugar or human protein. A key differentiator of our proprietary HypoThermosol FRS and CryoStor formulations is the engineered optimization of the key ionic component concentrations for low-temperature environments. This is in contrast to media optimized for normothermic body temperature (around 37°C), as found in culture media or saline-based isotonic formulas. While competing cryopreservation freeze media is often comprised of a single permeating cryoprotectant such as dimethyl sulfoxide (“DMSO”), our CryoStor formulations incorporate multiple permeating and non-permeating cryoprotectant agents, which allows for multiple mechanisms of protection and reduces the dependence on a single cryoprotectant. We believe that our products offer significant advantages over in-house ("home brew") formulations or commercial “generic” biopreservation media. These advantages include time savings, more consistent and higher quality of components, more rigorous quality control release testing, cost effectiveness, and improved preservation efficacy.

Table of Contents

cryoprotectant such as dimethyl sulfoxide (“DMSO”), our CryoStor formulations incorporate multiple permeating and non-permeating cryoprotectant agents, which allows for multiple mechanisms of protection and reduces the dependence on a single cryoprotectant. We believe that our products offer significant advantages over in-house ("home brew") formulations or commercial “generic” biopreservation media. These advantages include time savings, more consistent and higher quality of components, more rigorous quality control release testing, cost effectiveness, and improved preservation efficacy.

The results of independent testing demonstrate that our biopreservation media products significantly extend shelf-life and improve cell and tissue post-thaw viability and function. Our products have demonstrated improved biopreservation outcomes, including greatly extended shelf-life and post-thaw viability and yield across a broad array of cell and tissue types.

Human platelet lysate media, cryogenic vials and automated cell-processing fill machines

Our bioproduction products portfolio includes human platelet lysates for cell expansion, which reduces risk and improves downstream performance over fetal bovine serum, human serum, and other chemically defined media, CellSeal® closed ~~system~~systems ~~vials~~ that are purpose-built rigid containers used in 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.

Evo and Thaw devices

Cloud connected “smart” shipping containers

We are a leading developer and supplier of next generation cold chain management tools for cell and gene therapies. Our cloud-connected shipping containers and evo.is cloud app allows biologic products to be traced and tracked in real time. Our evo platform consists of rentable cloud-connected shippers that include technologies enabling tracking software to provide customizable, real-time information on geolocation, payload temperature, ambient temperature, tilt of shipper, humidity, altitude, and alerts when a shipper has been opened. The evo Dry Vapor Shipper (“DVS”) is specifically marketed for use with cell and gene therapies. The evo DVS has several design improvements over traditional competing shipping containers, providing benefits such as extended thermal performance, reduced liquid nitrogen recharge time, improved payload extractors, and the ability to maintain temperature for longer periods if the shipper is tilted on its side.

We partner with couriers with established logistic channels and distribution centers. This strategy greatly reduces the time and resource requirements associated with establishing our own logistics services, such as acquiring and maintaining fleets of delivery vehicles and building specialized facilities around the world. Partnerships with multiple white glove couriers allow us to scale our sales and marketing efforts by leveraging couriers' existing channel relationships, as well as the ongoing efforts of their sales and service teams. Courier partners provide promotional efforts by marketing our evo platform to their existing cell and gene therapy customers as a cost-effective and innovative solution.

Automated thawing devices

The ThawSTAR® line includes thawing products that control the temperature and timing of the thawing process of biologic material. Our customizable, automated, water-free thawing products use algorithmic programmed heating plates to consistently bring biologic material from a frozen state to a liquid state in a controlled and consistent manner, helping reduce damage during the temperature transition while delivering critical process consistency across cell batches. Use of ThawSTAR products can also reduce risk of contamination versus using a traditional water bath.

Our market opportunity

The CGT market has been rapidly expanding, treating diseases once thought incurable. According to the Alliance for Regenerative Medicine (“ARM”), “~~2025~~2026 State of the Industry Briefing” there were over 1,900 ongoing clinical trials utilizing regenerative medicine at year-end 2024 in addition to nine FDA approved CGT therapies, with continued growth in CGT development companies throughout 2024. ARM also reported there was approximately $15.2 billion invested in the regenerative medicine market in 2024, with an expectation of continued regulatory approvals for cell and gene therapies during 2025.

Table of Contents

~~The~~globally ~~technologies~~utilizing ~~developed~~regenerative ~~within~~medicine ~~the~~at ~~CGT~~year-end ~~market~~2025. ~~change~~Additionally, ~~the~~ARM ~~ways~~reported ~~physicians~~an ~~treat~~expected ~~patients~~$2.0 ~~The~~billion ~~manufacturing,~~in ~~distribution~~revenues ~~and~~over the ~~delivery~~next ~~process~~five ofyears ~~these~~from recently developed and FDA approved CGT therapies, iswith ~~significantly~~continued ~~different~~investment in CGT development from ~~many~~the ~~other~~world's ~~types~~largest ofbiopharma ~~treatments~~companies throughout 2025. WeARM ~~believe~~also wereported ~~are~~there ~~well~~was ~~positioned~~approximately to$11.1 ~~address~~billion ~~many~~invested ofin the ~~unique~~regenerative ~~manufacturing~~medicine ~~challenges~~market in ~~the~~2025, ~~process~~with an expectation of ~~delivering~~continued ~~cell~~regulatory ~~and~~approvals ~~gene~~for ~~therapies~~CGTs during 2026.

The technologies developed within the CGT market change the ways physicians treat patients. The manufacturing, distribution and the delivery process of these therapies is significantly different from many other types of treatments. We believe we are well positioned to address many of the unique manufacturing challenges in the process of delivering CGTs.

The bioproduction process

Our various products and services currently integrate into several steps in our customers’ bioproduction workflow process for cell and gene therapies. See the diagram below for an illustration of this process and our product roles. We offer products that integrate into the critical steps of preservation, ~~thawing,~~ and ~~transportable~~thawing ~~storage~~ under controlled conditions.

Complementary products portfolio

Expanding Participation in Customers’ Workflow

c9f8c1c84406e801640233432e6c7be29d23a88d7815bc7220dbbde96f98.jpg

Our strategy

We are focused on the development, production, and commercialization of differentiated, best-in-class products and services that facilitate the manufacturing and delivery of cell and gene therapies and biologic materials. Our products are designed to increase our customers’ product yield and efficacy. We are committed to supporting our customers with strong customer service and applications expertise.

We leverage our numerous relationships with leading cell and gene therapy companies that use our offering of bioproduction products and services to cross-sell other parts of the portfolio. Over the last several years, we have built a strong reputation as a trusted supplier of critical tools used in cell and gene therapy and biopharma manufacturing. We believe that our relationships and reputation could enable us to drive further incremental revenue growth through the sale of additional products and services to a captive customer base. Our products are designed to increase our customers’ product

Table of Contents

strong reputation as a trusted supplier of critical tools used in cell and gene therapy and biopharma manufacturing. We believe that our relationships and reputation could enable us to drive further incremental revenue growth through the sale of additional products and services to a captive customer base. Our products are designed to increase our customers’ product yield and functionality while reducing their risk, and we are committed to supporting our customers with strong service in addition to scientific and technical expertise in the applications of our products.

Business Operations

Research and development

Our research and development activities are focused on evaluating new, potentially disruptive technologies which may add value throughout the cell and gene therapy manufacturing and delivery workflow. We routinely assess and analyze the strengths and weaknesses of competitive and adjacent products, and are engaged in business development discussions on an ongoing basis. We strive to continue to anticipate customer needs in providing enabling technologies in the CGT space.

Sales and marketing

We market and sell our products through direct sales and third-party distribution. We have ~~expanded~~experienced field-based sales employees who market our ~~global~~growing ~~commercial~~product ~~organization~~portfolio ~~over~~on ~~time~~a todirect ~~continue~~basis. ~~building~~Our ~~relationships~~technical ~~within~~applications engineers and customer care support teams have extensive experience providing support both prior and subsequent to the ~~broader~~sale ~~CGT~~of ~~market~~products.

WeOur ~~have~~products ~~experienced~~are ~~field-based~~also ~~sales~~marketed ~~employees~~and ~~who~~distributed ~~market~~by ~~our~~regional ~~growing~~distributors ~~product~~under ~~portfolio~~non-exclusive ~~on a direct basis~~agreements. ~~Our~~In ~~technical~~2025, ~~applications~~2024, ~~engineers~~ and ~~customer~~2023, ~~care~~sales ~~support~~to ~~teams~~third-party ~~have~~distributors ~~extensive~~accounted ~~experience~~for ~~providing~~34%, ~~support~~34%, ~~both prior~~ and ~~subsequent~~38% toof ~~the~~our ~~sale~~revenue, ~~of products~~respectively.

Our products are also marketed and distributed by STEMCELL Technologies, VWR, and other regional distributors under non-exclusive agreements. In 2024, 2023, and 2022, sales to third-party distributors accounted for 35%, 44%, and 42% of our revenue, respectively.

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Years Ended December 31,
Revenue by customers’ geographic locations(1)	2024		2023		2022
Revenue by customers’ geographic locations	2025		2024		2023
United States	7580	%	8275	%	8281	%
Europe, Middle East, Africa (EMEA)	1914	%	1219	%	12	%
Other	6	%	6	%	67	%
Total revenue	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.

Manufacturing

Cell processing – We maintain and operate two independent cGMP clean room production suites for manufacturing sterile biopreservation media products in Bothell, Washington. Our quality management system (“QMS”) in Bothell is certified to the ISO 13485:2016 standard. Our QMS takes guidance from applicable sections of 21 CFR Part 820 – Quality System Regulation for Good Manufacturing Practice of medical devices, 21 CFR Parts 210 and 211 – cGMP for Finished Pharmaceuticals, FDA Guidance – Sterile Drug Products, Volume 4, EU Guidelines Annex 1 – Manufacture of Sterile Medicinal Products, ISO 13408 – Aseptic Processing of Healthcare Products, and ISO 14644 – Clean Rooms and Associated Controlled Environments.

We also maintain and operate one cGMP clean room production suite for manufacturing hPL media in Indianapolis, Indiana. Our ~~quality management system (“~~QMS”) in Indianapolis is certified to the ISO 9001:2015 standard. Our QMS takes guidance from applicable sections of 21 CFR Part 820 – Quality System Regulation for Good Manufacturing Practice of medical devices, 21 CFR Parts 210 and 211 – cGMP for Finished Pharmaceuticals, Volume 4, EU Guidelines Annex 2 – Manufacture of Biological active substances and Medicinal Products for Human Use and ISO 14644 – Clean Rooms and Associated Controlled Environments.

We seek to manage single-source supplier risk by regularly assessing the quality and capacity of our suppliers, implementing supply and quality agreements where appropriate, and actively managing lead times and inventory levels of sourced components. Pursuant to our customer and quality agreements, we are required to notify customers of any changes to our raw materials. For certain components without a secondary supplier, we estimate that it would take up to six months to find and qualify a second source. Order quantities and lead times for externally sourced components are based on our

Table of Contents

sourced components. Pursuant to our supply agreements, we are required to notify customers of any changes to our raw materials. For certain components without a secondary supplier, we estimate that it would take up to six months to find and qualify a second source. Order quantities and lead times for externally sourced components are based on our forecasts, which are derived from historical demand and anticipated future demand. Lead times for components may vary depending on the size of the order, specific supplier requirements, and current market demand for the materials and parts.

We practice continuous improvement based on routine internal audits through our own monitoring of process outputs, external feedback, and audits performed by our partners and customers. In addition, we maintain a business continuity management system that focuses on key areas such as contingency planning, safety stocks and off-site storage of raw materials and finished goods to ensure continuous supply of our products.

Thaw systems – Our ThawSTAR automated, water-free thawing products are produced by a contract manufacturing organization ("CMO") based in the United States. We believe this CMO has the skills, experience and capacity needed to meet our quality standards and demand expectations for the product line. We estimate that it would take up to six months to find and qualify an alternative CMO. To date, we have not experienced significant difficulties in obtaining our automated thaw products from our CMO.

Monitored shipping – Production of our evo cold chain management hardware products is performed by external CMOs and by personnel in our Bruce Township, Michigan facility. Our QMS in Bruce Township is certified to the ISO 9001:2015 standard.

Product regulatory status

Our products are not subject to any specific ~~United States Food and Drug Administration (“~~FDA”) or other international marketing regulations for drugs, devices, or biologics. We are not required to sponsor formal prospective, controlled clinical trials in order to establish safety and efficacy. However, to support our current and prospective clinical customers, we manufacture and release our products in compliance with cGMP and other relevant quality standards.

To assist customers with their regulatory applications, we maintain Type II Master Files at the FDA for CryoStor, HypoThermosol FRS, BloodStor 27, Stemulate, nLiven PR, T-Liven PR, CellSeal Closed System ~~Cryogenic Vials, CryoCase cryo-compatible transparent rigid~~ containers, and our Cell Thawing Media products, which provide the FDA with information regarding our manufacturing facility and process, our quality system, stability and safety, and any additional testing that has been performed. Customers engaged in clinical and commercial applications may notify the FDA of their intention to use our products in their product development and manufacturing process by requesting a cross-reference to our master files.

Intellectual property

The following table lists our granted and pending patents. We have also obtained certain trademarks and tradenames for our products to distinguish our genuine products from our competitors’ products and we maintain certain details about our processes, products, and strategies as trade secrets. While we believe that the protection of patents and trademarks is important to our business, we also rely on a combination of trade secrets, nondisclosure and confidentiality agreements, scientific expertise, and continuing technological innovation to maintain our competitive position. Despite these precautions, it may be possible for unauthorized third parties to copy certain aspects of our products and/or to obtain and use information that we regard as proprietary (see Part I, “Item 1A. Risk Factors” ofin this Annual Report for additional details). The laws of some foreign countries in which we sell our products do not protect our proprietary rights to the same extent as do the laws of the United States.

	Issued Patents	Patents Applied For	Registered Trademarks
Cell processing	57	32	41
Cell processing and other products	87	83	45
Evo and thaw	40	79	11
Total	97	111	52

Competition

Our bioproduction products and services compete on the basis of value proposition, performance, quality, cost effectiveness, and application suitability with numerous established technologies. Additional products using new technologies that may be competitive with our products may also be introduced. Many of the companies selling or developing competitive products have greater financial and human resources, R&D, manufacturing, and marketing experience than we do. They may undertake their own development of products that are substantially similar to or compete with our products, and they may succeed in developing products that are more effective or less costly than any that we may develop. These competitors may also prove to be more successful in their production, marketing and commercialization activities. We cannot be certain that the research, development, and commercialization efforts of our competitors will not render any of our existing or potential products obsolete.

Table of Contents

technologies that may be competitive with our products may also be introduced. Many of the companies selling or developing competitive products have greater financial and human resources, R&D, manufacturing, and marketing experience than we do. They may undertake their own development of products that are substantially similar to or compete with our products, and they may succeed in developing products that are more effective or less costly than any that we may develop. These competitors may also prove to be more successful in their production, marketing and commercialization activities. We cannot be certain that the research, development, and commercialization efforts of our competitors will not render any of our existing or potential products obsolete.

Human capital

We view our team members as the key to our success. As of December 31, ~~2024~~2025, we had ~~159~~155 full-time team members and no part-time team members. Our Company culture encourages strong team collaboration and an emphasis on participation in challenging tasks that expand our team's skill sets. We believe in an open-door policy at all levels of the organization and establish Company-wide quarterly townhall meetings to foster a collaborative, connected environment in which anyone can contribute to our success. Our human capital strategy revolves around retaining top talent and maintaining high engagement across our Company. We consider relations with our team members to be good and welcome feedback from all levels of the Company on how to make improvements in our business processes and Company culture.

Team Member Engagement

We value a high level of engagement from our team members. We endeavor to foster a culture of mutual respect and ensure that team members feel valued. We compete for local talent with companies that are both in our market and within proximity to our primary office locations, as well as for our remote workforce within our industry and across other industries. We offer a hybrid work model that enables our team members to work remotely and on-location as their responsibilities allow, and we support team events to build internal collaboration and engagement. We support our team members’ participation in Company social events to build community engagement and foster a sense of responsibility to the communities in which we work.

Compensation and Benefits

We view our compensation and benefits practices as critical to our recruitment, retention, and engagement efforts. We prioritize competitive health benefits for our team members and employ a pay-for-performance compensation model, paying at or above market rates for our positions. We also offer incentive programs for certain employees focused on incentivizing and retaining talent that include stock grants and bonus incentives and provide a generous paid time off program including additional holidays granted throughout the year.

Training and Development

We have a strong belief in promotion from within our Company and provide training and development opportunities to support our talented professionals in their career growth. We offer internal training, peer-to-peer learning opportunities, and mentorship of our team members.

Health and Safety

We provide a safe and healthy work environment that encourages team members to speak up and identify potential safety hazards. We conduct employee ergonomics assessments specifically in our manufacturing processes to limit and eliminate potential injuries from repetitive movements. We provide training for specific safety requirements and modify processes as needed to assure that our team members’ health and safety is a part of every aspect of our business. We provide appropriate personal protective equipment and training for the use of that equipment for safe use.

Corporate history

We were incorporated in Delaware in 1987 under the name Trans Time Medical Products, Inc. In 2002, the Company, then known as Cryomedical Sciences, Inc. was engaged in manufacturing and marketing cryosurgical products. The entity was merged with our wholly owned subsidiary, BioLife Solutions, Inc., which was engaged as a developer and marketer of biopreservation media products for cells and tissues. Following the merger, we changed our name to BioLife Solutions, Inc.

Principal offices; available information

Table of Contents

~~Principal~~those ~~offices;~~reports ~~available~~to, the Securities and Exchange Commission (the “SEC”). The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

Our principal executive offices are located at 3303 Monte Villa Parkway, Suite 310, Bothell, Washington 98021 and the telephone number is (425) 402-1400. We maintain a website at www.biolifesolutions.com. The information contained on or accessible through our website is not part of this Annual Report on Form 10-K and is not incorporated in any manner into this Annual Report. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), are available free of charge on our website as soon as reasonably practicable after we electronically file such reports with, or furnish those reports to, the Securities and Exchange Commission (the “SEC”). The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

Table of Contents

ITEM 1A. RISK FACTORS

Investing in our common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information contained in this Annual Report, including our financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” before deciding to invest in our common stock. If any of the following risks materialize, our business, financial condition, results of operation and prospects will likely be materially and adversely affected. In that event, the market price of our common stock could decline and you could lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations or financial condition.

Risks related to our business and operations

If our products or the products of our competitors do not perform as expected or the reliability of the technology on which our products are based is questioned, we could experience lost revenue, delayed or reduced market acceptance of our products, increased costs, and damage to our reputation.

Our success depends on the market’s confidence that we can provide reliable, high-quality products to our customers. We believe that customers in our target markets are likely to be particularly sensitive to product defects and errors. Our reputation and the public image of our products and technologies may be impaired if our products or similar products of our competitors fail to perform as expected. In the future, if our products experience, or are perceived to experience, a material defect or error, this could result in loss or delay of revenues, delayed or reduced market acceptance, damage to our reputation, diversion of development resources, legal claims, increased insurance costs or increased service and warranty costs, any of which could harm our business, financial condition or results of operations. Such defects or errors could also narrow the scope of the use of our products, which could hinder our success in the market. Even after any underlying concerns or problems are resolved, any lingering concerns in our target market regarding our technology or any manufacturing defects or performance errors in our products could continue to result in lost revenue, delayed or reduced market acceptance, damage to our reputation, increased service and warranty costs and claims against us.

We operate in a highly competitive industry and if we cannot compete effectively, our business, financial condition and operating results could be materially and adversely affected.

The life sciences industry is highly competitive and subject to rapid technological change. We anticipate that we will continue to face increased competition as existing companies may choose to develop new or improved products and as new companies enter the market with new technologies, any of which could compete with our products or even render our products obsolete. While there are technological and marketing barriers to entry, we cannot guarantee that these barriers will be sufficient to defend our market share against current and future competitors.

Many of our competitors are significantly larger than us and have greater financial, technical, research, marketing, sales, distribution and other resources than us and may have longer operating histories. These companies may develop technologies that are superior alternatives to our products or may be more effective at commercializing and marketing their technologies. There may also be other companies which are currently developing competitive products and services, or which may in the future develop technologies and products that are comparable, superior or less costly than our own. We may need to improve our existing technologies or develop new technologies for our products to remain competitive. Our future success depends on our ability to compete effectively against current technologies, as well as to respond effectively to technological advances by developing and marketing products that are competitive in the continually changing technological landscape. Our competitors may succeed in developing or marketing technologies and products that are more effective or commercially attractive than any that are being developed or marketed by us, or may succeed in obtaining regulatory approval, or introducing or commercializing any such products, prior to us. Such developments could have a material adverse effect on our business, financial condition and results of operations. Also, even if we can compete successfully, we may not continue do so in a profitable manner.

Despite our increasingly diversified customer base, we depend on a limited number of customers and products in a limited number of market sectors. If we lose any of these large customers or if there are disruptions in the sales of these products, our net product revenue and operating results could decline significantly.

During the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, we derived approximately 2829%, 2532%, and 3229% of our revenue from ~~two~~three customers, respectively. In the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, we derived approximately 7382%, 7380%, and 7782% of our revenue from CryoStor products, respectively. Our principal customers may vary from period to period and such customers may not continue to purchase products from us at current levels or at all. Further, the inability of some of our customers to consummate anticipated purchases of our products due to changes in end-

Table of Contents

vary from period to period and such customers may not continue to purchase products from us at current levels or at all. Further, the inability of some of our customers to consummate anticipated purchases of our products due to changes in end-user demand, and other unpredictable factors that may affect customer ordering patterns could lead to significant reductions in net product revenue which could harm our business.

We expect our operating results to fluctuate significantly from period to period.

Our revenue, operating margins and other operating results have varied significantly in the past and may continue to fluctuate from period to period in the future due to a variety of factors, many of which are beyond our control. Factors relating to our business that may contribute to these fluctuations include, but are not limited to, changes in the timing and terms of product orders and service contracts by our customers as a result of our customer concentration or otherwise, changes in the demand for the mix of products and services that we offer, the timing and market acceptance of our new product and service introductions, delays or problems in the planned introduction of new products or services, or in the performance of any such products following delivery to customers or the quality of such services, new products, services or technological innovations by our competitors, and potential supply chain issues, which can, among other things, render our products and services less competitive due to the rapid technological changes in the markets in which we provide products and services, impact our ability to reduce our costs in response to decreased demand for our products and services, impact our ability to accurately estimate customer demand, including the accuracy of demand forecasts used by us, create disruptions in our manufacturing process or in the supply of components to us, and lead to write-offs for excess or obsolete inventory, competitive pricing pressures, and increased investment into our infrastructure to support our growth, including capital equipment, research and development, as well as selling and marketing initiatives to support continuous product and services innovation, technological capability enhancements and sales efforts, among other factors described elsewhere in this Annual Report. If our quarterly operating results fail to meet expectations of investors or research analysts, the price of our common stock may decline.

If intangible assets and goodwill become impaired, we may have to take significant charges against earnings.

As of December 31, ~~2024~~2025 the net carrying value of our goodwill and other intangible assets totaled $~~221~~212.98 million. We periodically review our goodwill and the estimated useful lives of our identifiable intangible assets, taking into consideration any events or circumstances that might result in either a diminished fair value, or for intangible assets, a revised useful life. These events and circumstances include significant changes in the business climate, legal factors, operating performance indicators, advances in technology and competition. Any reduction or impairment of value of intangible assets and goodwill will result in a charge against earnings, which could materially adversely affect our results of operations and shareholders’ equity in future periods.

We depend on outside suppliers for all our manufacturing supplies, parts and components.

We rely on outside suppliers, including several single-source suppliers, for all our manufacturing supplies, parts and components. Our ability to negotiate favorable terms with those suppliers may be limited, and if those suppliers experience operational, financial, quality, or regulatory difficulties, or if those suppliers and/or their facilities refuse to supply us or cease operations temporarily or permanently, or if those suppliers take unreasonable business positions, we could be forced to cease product manufacturing until the suppliers resume operations, until alternative suppliers could be identified and qualified, or permanently if the suppliers do not resume operations and no alternative suppliers could be identified and qualified. We cannot assure you that, in the future, our current or alternative sources for manufacturing supplies will be able to meet all our demands on a timely basis. Unavailability of necessary components could require us to re-engineer our products to accommodate available substitutions, which could increase costs to us and/or have a material adverse effect on manufacturing schedules, products performance and market acceptance. We might not be able to find a sufficient alternative supplier in a reasonable amount of time, or on commercially reasonable terms, if at all. If we fail to obtain an alternative supplier for the components of our products, our operations could be disrupted.

In addition, an uncorrected defect or supplier’s variation in a component or raw material, either unknown to us or incompatible with our manufacturing process, could harm our ability to manufacture products.

Our success will depend on our ability to attract and retain key personnel.

Our success in implementing our business strategy depends largely on the skills, experience and performance of key members of our executive management team and others in key management positions. The continuing service of our executive management team and other key management positions, together with our ability to attract and retain such management personnel, is critical to our ability to implement our business strategy. There is substantial competition to attract such key management personnel and the loss of one or more of these individuals could have a material adverse effect on our business and operating results.

Table of Contents

attract such key management personnel and the loss of one or more of these individuals could have a material adverse effect on our business and operating results.

In addition, a critical factor to our business is our ability to attract and retain essential engineering, scientific, sales and management personnel. Our future success depends to a significant degree upon the continued services of key scientific and technical personnel. We are continually at risk of losing such personnel or being unable to hire additional engineering, scientific, sales and management personnel. If we fail to attract and retain such personnel, our sales efforts will be hindered and we will not be able to achieve our growth objectives.

Our business may be subject to product liability claims or product recalls, which could be expensive and could result in a diversion of management’s attention.

Our business exposes us to potential product liability risks that are inherent in designing, manufacturing, and marketing our products. In particular, we are a supplier of bioproduction products to the cell and gene therapy industry. Our products are used in basic and applied research, and commercial manufacturing of biologic-based therapies and must meet stringent requirements. Products and services as sophisticated as ours could contain undetected errors or defects, especially when first introduced or when new equipment or versions are released. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, storage, and distribution of cells and tissues, and component failures, manufacturing flaws, design defects or inadequate disclosure of product-related risks with respect to these or other products we manufacture or sell could result in an unsafe condition or injury.

Table of Contents

function of biologic material during sourcing, manufacturing, storage, and distribution of cells and tissues, and component failures, manufacturing flaws, design defects or inadequate disclosure of product-related risks with respect to these or other products we manufacture or sell could result in an unsafe condition or injury.

As a result, we face an inherent risk of damage to our reputation if one or more of our products are, or are alleged to be, defective. We may be exposed to risks from product liability and warranty claims in the event that our products actually or allegedly fail to perform as expected or the use of our products results, or is alleged to result, in bodily injury and/or property damage. The outcome of litigation, particularly any class-action lawsuits, is difficult to quantify. Plaintiffs often seek recovery of very large or indeterminate amounts, including punitive damages. The magnitude of the potential losses relating to these lawsuits may remain unknown for substantial periods of time and the cost to defend against any such litigation, whether or not we are found liable, may be significant. Accordingly, we could experience product liability losses in the future and incur significant costs to defend these claims. While we maintain product liability insurance coverage, which we deem to be adequate based on historical experience, we cannot assure you that coverage will be available for such risks in the future or that, if available, it would prove sufficient to cover potential claims or that the present amount of insurance can be maintained in force at an acceptable cost to us.

In addition, if any of our products are, or are alleged to be, defective, we may voluntarily participate, or be required by applicable regulators, to participate in a recall of that product if the defect or the alleged defect relates to safety. We cannot assure you that we will be successful in initiating appropriate market recall or market withdrawal efforts that may be required in the future or that these efforts will have the intended effect of preventing product malfunctions and the accompanying product liability that may result. In the event of a recall, we may experience lost sales and be exposed to individual or class-action litigation claims and reputational risk. Product liability, warranty and recall costs may have a material adverse effect on our business, financial condition and results of operations.

Difficulties in manufacturing could have an adverse effect upon our expenses and our product revenues.

We currently manufacture all of our biopreservation media products and other related components. We currently outsource the manufacturing of certain thaw products, and certain cold chain products. Manufacturing our products is difficult and complex. To support our current and prospective clinical customers, we and our ~~outsources~~outsource manufacturers comply with, and intend to continue to comply with, cGMP in the manufacture of our products. Our ability to adequately manufacture and supply our products in a timely matter is dependent on the uninterrupted and efficient operation of our facilities and those of third parties manufacturing certain of our products or producing raw materials and supplies upon which we rely in our manufacturing. Manufacturing our products may be impacted by:

•availability or contamination of raw materials and components used in the manufacturing process, particularly those for which we have no other source or supplier;

•the ongoing capacity of our facilities and those of our outside manufacturers;

•our and our outside manufacturers’ ability to comply with existing and new regulatory requirements, including cGMP;

•inclement weather and natural disasters;

•changes in forecasts of future demand for product components;

Table of Contents

•potential facility contamination by microorganisms or viruses;

•updating of manufacturing specifications;

•product quality success rates and yields;

•labor strikes; and

•global viruses, pandemics and epidemics.

If efficient manufacturing and supply of our products is interrupted, we may experience delayed shipments or supply constraints. If we are at any time unable to provide an uninterrupted supply of our products to customers, our customers may be unable to supply their end-products incorporating our products to their patients and other customers, which could materially and adversely affect our product revenue and results of operations. In addition, if we are unable to procure a component from one of our outside manufacturers, we may be required to enter into arrangements with one or more alternative manufacturing companies, which may cause delays in producing components or result in significant increase in expenses.

Table of Contents

We are dependent on our suppliers and third-party manufacturers, including single-source and sole-source suppliers, and disruptions in our supply chain could adversely affect our ability to manufacture and deliver products.

We are dependent on our suppliers and third-party manufacturers to provide quality products and components. Some of the materials, supplies, and services used in our product manufacturing, as well as some of our products, are sourced from single- or sole-source suppliers. As a result, our ability to negotiate favorable terms with those suppliers may be limited, and if those suppliers experience operational, financial, quality, or regulatory difficulties, or if those suppliers and/or their facilities refuse to supply us or cease operations temporarily or permanently, or if those suppliers take unreasonable business positions, we could be forced to cease product manufacturing until the suppliers resume operations, until alternative suppliers could be identified and qualified, or permanently if the suppliers do not resume operations and no alternative suppliers could be identified and qualified.

We cannot assure you that, in the future, our current or alternative sources for materials, supplies, and services used in our product manufacturing, as well as some of our products, will be able to meet all our demands on a timely basis. Unavailability of necessary components could require us to re-engineer our products to accommodate available substitutions, which could increase costs to us and/or have a material adverse effect on our manufacturing schedules, products’ performance and market acceptance. We might not be able to find a sufficient alternative supplier in a reasonable amount of time, or on commercially reasonable terms, if at all. If we fail to obtain an alternative supplier for the components of our products, our operations could be disrupted.

The global supply chain is subject to disruption due to labor, geopolitical, trade and monetary issues, which may be exacerbated by ongoing instability in Ukraine and the Middle East. Although we have yet to experience any material effects of this impact on our supply chain or operations, we face the potential risk that upstream disruptions may occur. Risks relating to the lingering effects of global supply chain disruptions may even continue after current conflicts have subsided.

While we are not currently subject to FDA or other regulatory approvals, if our products become subject to regulatory requirements, the manufacture and sale of our products may be delayed or prevented, or we may become subject to increased expenses.

While none of our products are subject to FDA regulation, we comply with cGMP requirements and other relevant quality standards to support our current and prospective clinical customers. However, we cannot assure you that our products will not be subject to FDA regulation in the future, and we may develop products in the future that subject us to regulation by the FDA and similar foreign regulatory agencies. The regulations enforced by the FDA and similar foreign regulatory agencies govern a wide variety of product-related activities, including the research, development, testing, manufacture, quality control, approval, clearance, labeling, packaging, storage, record-keeping, promotion, advertising, distribution, marketing, post-approval monitoring and reporting, pricing, and export and import of pharmaceutical products. If we or any of our customers, suppliers or distributors fail to comply with applicable regulatory requirements, we may face, among other things, warning letters; adverse publicity affecting both us and our customers; investigations or notices of non-compliance, fines, injunctions, and civil penalties; import or export restrictions; partial suspensions or total shutdown of production facilities or the imposition of operating restrictions; increased difficulty in obtaining required FDA clearances or approvals or foreign equivalents; seizures or recalls of our products or those of our customers; or the inability to sell our products and services. Any such FDA or other foreign regulatory agency actions could disrupt our business and operations, lead to significant remedial costs and have a material adverse impact on our financial position and results of operations.

We and our customers are subject to various international governmental regulations. Compliance with, or changes in, such regulations may cause us to incur significant expenses, and if we fail to maintain satisfactory compliance with certain regulations, we may be forced to recall products and cease their manufacture and distribution, and we could be subject to civil or criminal penalties.

We and our customers are subject to various significant international, federal, state and local regulations, including but not limited to regulations in the areas of health and safety, employment, labor and immigration, import/export controls, trade restrictions and anti-competition. In addition, as an international organization, we are subject to data privacy and security laws, regulations, and customer-imposed controls in numerous jurisdictions as a result of having access to and processing confidential, personal, or sensitive data in the course of our business. The EU’s General Data Protection Regulation, or ("GDPR"), which became effective in May 2018, applies to our activities related to products and services that we offer to EU customers and workers. The GDPR established new requirements regarding the handling of personal data and includes significant penalties for non-compliance. Other governmental authorities around the world have passed or are considering similar types of legislative and regulatory proposals concerning data protection. Each of these privacy, security and data protection laws and regulations could impose significant limitations and increase our cost of providing our products and services where we process end user personal data and could harm our results of operations and expose us to significant fines, penalties and other damages. We must also comply with complex foreign and U.S. laws and regulations, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and other local laws prohibiting corrupt payments to governmental officials, anti-competition regulations and sanctions imposed by the U.S. Office of Foreign Assets Control and other similar laws and regulations. Violations of these laws and regulations could result in fines and penalties, criminal sanctions, restrictions on our business conduct and on our ability to offer our products in one or more countries, and could also materially affect our brand, our ability to attract and retain employees, our international operations, our business and our operating results. Although we have implemented policies and procedures designed to ensure compliance with these laws and regulations, there can be no assurance that our employees, contractors, or agents will not violate our policies. These regulations are complex, change frequently and have tended to become more stringent over time. We may be required to incur significant expenses to comply with these regulations or to remedy any violations of these regulations.

Table of Contents

~~Any~~protection ~~failure~~laws byand usregulations tocould ~~comply~~impose ~~with~~significant ~~applicable~~limitations ~~government~~and ~~regulations~~increase ~~could~~our ~~also~~cost ~~result~~of inproviding ~~the~~our ~~cessation~~products ofand ~~our~~services ~~operations~~where orwe ~~portions~~process ofend ~~our~~user ~~operations,~~personal ~~product~~data ~~recalls~~and orcould ~~impositions~~harm our results of ~~fines~~operations and ~~restrictions~~expose onus ~~our ability~~ to ~~carry~~significant onfines, orpenalties, ~~expand~~and ~~our~~other ~~operations~~damages.

We must also comply with complex foreign and U.S. laws and regulations, such as the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and other local laws prohibiting corrupt payments to governmental officials, anti-competition regulations and sanctions imposed by the U.S. Office of Foreign Assets Control and other similar laws and regulations. Violations of these laws and regulations could result in fines and penalties, criminal sanctions, restrictions on our business conduct and on our ability to offer our products in one or more countries, and could also materially affect our brand, our ability to attract and retain employees, our international operations, our business and our operating results. Although we have implemented policies and procedures designed to ensure compliance with these laws and regulations, there can be no assurance that our employees, contractors, or agents will not violate our policies. These regulations are complex, change frequently and have tended to become more stringent over time. We may be required to incur significant expenses to comply with these regulations or to remedy any violations of these regulations. Any failure by us to comply with applicable government regulations could also result in the cessation of our operations or portions of our operations, product recalls or impositions of fines and restrictions on our ability to carry on or expand our operations.

Healthcare reform measures could adversely affect our business and financial results.

In response to perceived increases in healthcare costs in recent years, the efforts of governmental and third-party payors to contain or reduce the costs of healthcare and, more generally, to reform the U.S. healthcare system may adversely affect the business and financial condition of pharmaceutical and biotechnology companies, including ours. Specifically, in both the United States and some foreign jurisdictions, there have been a number of legislative and regulatory proposals to change the healthcare system in ways that could affect our ability to sell our products profitably, including by limiting the prices we are able to charge for our products, ~~the amounts of reimbursement available for our products~~ or the acceptance and availability of our products. Efforts by governments and other third-party payors to contain or reduce the costs of healthcare through various means may limit our commercial opportunities and adversely affect our operating results and result in a decrease in the price of our common stock or limit our ability to raise capital. We anticipate additional uncertainty as debates about healthcare and public health continue.

Insurance coverage is increasingly difficult to obtain or maintain.

While we currently maintain product liability insurance, directors’ and officers’ liability insurance, general liability insurance, and other types of insurance, first- and third-party insurance is increasingly more difficult to obtain and maintain and has become more costly and narrower in scope, and we may be required to assume more risk in the future. We cannot predict the magnitude of potential liabilities and claims that may be made against us which could exceed the limits of these policies. Additionally, our insurance coverage may not protect us against all liability because our policies typically have various exceptions to the claims covered and also require us to assume some costs of the claim even though a portion of the claim may be covered. If we are subject to third-party claims or suffer a loss or damage in excess of our insurance coverage, we may be required to share that risk in excess of our insurance limits. A partially or completely uninsured claim, if successful and of significant magnitude, could have a material adverse effect on our business, financial condition and results of operations. Furthermore, any first- or third-party claims made on our insurance policies may impact our future ability to obtain or maintain product liability insurance coverage at reasonable costs, if at all.

We are and may become the subject of various claims, litigation or investigations which could have a material adverse effect on our business, financial condition, or results of operations or the price of our common stock.

We are and may become subject to various claims, including “whistleblower” complaints, litigation or investigations, including commercial disputes and employee claims, and from time to time may be involved in governmental or regulatory investigations or similar matters. Some of these claims may relate to the activities of businesses that we have acquired, even though these activities may have occurred prior to our acquisition of such businesses. Any claims asserted against us or our management, regardless of merit or eventual outcome, could harm our reputation, distract our management and have an adverse impact on our relationship with our existing or prospective clients, distribution partners and other third- parties and could lead to additional related claims. Furthermore, there is no guarantee that we will be successful in defending ourselves in pending or future litigation or similar matters under various laws. Any judgments or settlements in any pending litigation or future claims, litigation or investigation could have a material adverse effect on our business, financial condition, or results of operations or the price of our common stock.

Our business and operations could be negatively affected by securities litigation or stockholder activism, which could impact the trading price and volatility of our common stock and may constrain capital deployment opportunities and adversely impact our ability to expand our business.

Our business and operations could be negatively affected if we become subject to any securities litigation or from continued stockholder activism, which could cause us to incur significant expenses, hinder the execution of our business and growth strategy, constrain our capital deployment opportunities, and impact the price of our common stock. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Stockholder activism, which can take many forms or arise in a variety of situations, has been increasing recently. Volatility in the price of our common stock, our cash balance, our financial performance or other reasons may cause us to become the target of securities litigation or continue to be the target of stockholder activism.

Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management’s and our board of director’s attention and resources from our business. Additionally, such securities litigation

Table of Contents

~~and~~Our ~~stockholder~~business ~~activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers~~ and ~~make~~operations itcould ~~more difficult to attract and retain qualified personnel. Also, we may~~ be ~~required~~negatively toaffected ~~incur~~by ~~significant legal fees and other expenses related to any~~ securities litigation ~~and~~or ~~activist~~ stockholder ~~matters. Further~~activism, ~~the~~which ~~price of our common stock~~ could beimpact ~~subject to significant fluctuation or otherwise be adversely affected by~~ the ~~events,~~trading ~~risks~~price and ~~uncertainties~~volatility of ~~any~~our ~~securities~~common ~~litigation~~stock and ~~stockholder activism. In addition, stockholder activism~~ may constrain ~~our~~ capital deployment opportunities and ~~may~~adversely ~~limit~~impact ~~the~~our ~~types~~ability ofto ~~investments~~expand ~~that~~our ~~are available to us~~business.

~~Risks~~Our ~~related~~business and operations could be negatively affected if we become subject to any securities litigation or from continued stockholder activism, which could cause us to incur significant expenses, hinder the execution of our ~~acquisition~~business and growth strategy, constrain our capital deployment opportunities, and impact the price of our common stock. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Stockholder activism, which can take many forms or arise in a variety of situations, has been increasing recently. Volatility in the price of our common stock, our cash balance, our financial performance or other reasons may cause us to become the target of securities litigation or continue to be the target of stockholder activism.

Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert the attention of our management and our board of directors (our “Board”) and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, the price of our common stock could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and stockholder activism. In addition, stockholder activism may constrain our capital deployment opportunities and may limit the types of investments that are available to us.

Risks related to our acquisition and divestiture activities

Our acquisitions expose us to risks that could adversely affect our business, and we may not achieve the anticipated benefits of acquisitions of businesses or technologies.

From time to time, potential acquisition opportunities may become available to us, and we may periodically engage in discussions or negotiations relating to potential acquisitions, including acquisitions that may be material in size or scope to our business. As a part of our growth strategy, we have made, and may continue to make, selected acquisitions of other companies and technologies and continue to evaluate expansion through acquisitions of other companies or technologies, which may carry numerous risks and operational, financial, and managerial challenges, including, but not limited to, the following, any of which could adversely affect our business, financial condition, or results of operations:

•difficulties in integrating new operations, technologies, products, and personnel;

•problems maintaining uniform procedures, controls, and policies with respect to our financial accounting systems;

•lack of synergies or the inability to realize expected synergies and cost-savings;

•difficulties in managing geographically dispersed operations, including risks associated with entering foreign markets in which we have no or limited prior experience;

•underperformance of any acquired technology, product, or business relative to our expectations and the price we paid;

•negative near-term impacts on financial results after an acquisition, including acquisition-related earnings charges;

•the potential loss of key strategic partners of acquired companies;

•claims by terminated employees and shareholders of acquired companies or other third parties related to the transaction;

•the assumption or incurrence of additional debt obligations or expenses, or use of substantial portions of our cash;

•diversion of management’s attention and company resources from existing operations of the business;

•inconsistencies in standards, controls, procedures, and policies;

•cash expenses and non-cash accounting charges incurred in connection with acquisitions, including unanticipated costs associated with the amortization of intangible assets;

•the impairment of intangible assets as a result of technological advancements, or worse-than-expected performance of acquired companies;

Table of Contents

•assumption of, or exposure to, historical liabilities of the acquired business, including unknown contingent or similar liabilities, including product liability, that are difficult to identify or accurately quantify; and

•risks associated with acquiring intellectual property, including potential disputes regarding acquired companies’ intellectual property.

Additionally, the successful integration of acquired businesses requires significant efforts and expense across all operational areas, including sales and marketing, research and development, manufacturing, finance, legal, and information technologies. Acquisitions and strategic investments and alliances may require us to integrate and collaborate with a different company culture, management team, business model, business infrastructure and sales and distribution methodology, and assimilate and retain geographically dispersed, decentralized operations and personnel. Depending on the size and complexity of an acquisition, our successful integration of the entity depends on a variety of factors, including introducing new or modified products and meeting revenue targets as expected, the retention of key employees and key customers, increased exposure to certain governmental regulations and compliance requirements and increased costs and use of resources. The integration of acquired businesses is also likely to result in our systems and internal controls becoming increasingly complex and more difficult to manage. Any difficulties in the assimilation of acquired businesses into our control system could harm our operating results or cause us to fail to meet our financial reporting obligations. We are unable to guarantee the success of any acquisitions that we complete and such acquisitions may not be, or remain, profitable. Our failure to successfully address the foregoing integration risks may prevent us from achieving the anticipated benefits from any acquisition in a reasonable time frame, or at all.

21Even if we are able to successfully integrate acquired businesses, our ability to realize the anticipated business opportunities, growth prospects, cost savings, synergies, and other benefits of acquisitions depends on a number of factors including our ability to:

•leverage our infrastructure to sell and cross-market acquired products;

•drive adoption of acquired products in new markets;

•bring acquired products to new geographic markets;

•comply with new governmental regulations, including obtaining regulatory approvals in relevant markets;

•execute on development timelines for acquired products;

•manage inventories for product lines;

•carry, service, and manage significant debt and repayment obligations; and

•manage the unforeseen risks and uncertainties related to these transactions, including any related to intellectual property rights.

Many of these factors are outside of our control and any one of them could result in increased costs, decreased revenues, and diversion of management’s time and energy. The benefits of these transactions may not be achieved within the anticipated time frame or at all. Any of these factors could negatively impact our earnings per share, decrease or delay the expected accretive effect of the transaction, and negatively impact the price of our common stock.

Our recent divestitures expose us to ongoing risks and uncertainties, one or more of which could have a material adverse effect on our business, financial condition, results of operations, cash flows, and/or stock price.

In recent years, we completed several divestitures, including the SAVSU Transaction, the CBS Divestiture, the SciSafe Divestiture, and the Global Cooling Divestiture. These divestitures expose us to continued financial and operational risks, such as through retained liabilities and indemnification obligations, transition service obligations, potential disputes with buyers regarding purchase price adjustments or indemnification claims, loss of revenue and customers, stranded costs and inefficiencies, potential litigation and employee retention challenges.

For example, pursuant to the Global Cooling Purchase Agreement, we are required to indemnify Global Cooling for preexisting legal contingencies. Prior to the Global Cooling Divestiture, two lawsuits were filed by previous customers seeking payment for losses related to Global Cooling’s commercial freezer products. These lawsuits are described in further detail under Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

In addition, in connection with the SciSafe Divestiture, we remain liable and responsible for the full performance and observance of all of the provisions, covenants, and conditions in one of SciSafe’s operating leases. In the case of a breach

Table of Contents

~~profitable.~~or ~~Our~~violation ~~failure~~of any provision of the lease by SciSafe Buyer, we are deemed to ~~successfully~~be ~~address~~in default of the ~~foregoing~~lease ~~integration~~provisions. ~~risks~~Simultaneously, ~~may~~we ~~prevent~~received indemnification pursuant to any obligation owed by us ~~from~~under ~~achieving~~this operating lease. This indicates we undertake the ~~anticipated~~obligation ~~benefits~~to ~~from~~stand ~~any~~ready ~~acquisition~~to perform over the term of the guarantee in athe ~~reasonable~~event ~~time~~of ~~frame~~the specified triggering events noted above, or atif ~~all~~conditions, such as breach or default, occur. However, the non-contingent aspect of the guarantee enables us to recover any losses from SciSafe Buyer.

~~Even~~These ifrisks, weor ~~are~~any ~~able~~future tounforeseen ~~successfully integrate acquired businesses~~risks, wecould ~~may~~have ~~not~~a bematerial ~~able~~adverse toimpact ~~realize~~on ~~the~~our ~~revenue~~business, ~~and~~financial ~~other synergies and growth that we anticipated from the acquisition in the time frame that we expected~~condition, ~~and~~results ~~the costs~~ of ~~achieving~~operations, ~~these~~cash ~~benefits~~flows ~~may~~or ~~be higher than what we expected. As a result,~~ the ~~acquisition~~price ~~and integration~~ of ~~acquired businesses may not contribute to~~ our ~~earnings~~common ~~as expected and we may not achieve the other anticipated strategic and financial benefits of such transactions~~stock.

~~Risks~~Further, ~~related~~in toconnection ~~our~~with ~~intellectual~~these ~~property~~divestitures, we incurred significant cash and ~~cyber~~non-cash ~~security~~expenses, including transaction costs, severance payments, earn-out or adjustment settlements, and stock compensation acceleration. Any future divestitures may result in similar costs and risks.

Risks related to our intellectual property, cyber security, and artificial intelligence

Our proprietary rights may not adequately protect our technologies and products.

Our technology is critical to the implementation of our business plan, and we are dependent on our patent rights and other intellectual property rights to maintain our competitive position. Our policy is to seek to protect our proprietary position and our commercial success will depend on our ability to obtain patents and/or regulatory exclusivity and maintain adequate protection for our technologies and products in the United States and other countries. We will be able to protect our proprietary rights from unauthorized use by third- parties only to the extent that our proprietary technologies and products are covered by valid and enforceable patents or are effectively maintained as trade secrets.

We intend to apply for additional patents covering both our technologies and products, as we deem appropriate. We may, however, fail to apply for patents on important technologies or products in a timely fashion, if at all. Our existing patents and any future patents we obtain may not be sufficiently broad to prevent others from practicing our technologies or from developing competing products and technologies. In addition, the patent positions of life science industry companies are highly uncertain and involve complex legal and factual questions for which important legal principles remain unresolved. As a result, the validity and enforceability of our patents cannot be predicted with certainty. In addition, we cannot guarantee that:

•we were the first to make the inventions covered by each of our issued patents and pending patent applications;

•we were the first to file patent applications for these inventions;

•others will not independently develop similar or alternative technologies or duplicate any of our technologies;

•any of our pending patent applications will result in issued patents;

•any of our patents will be valid or enforceable;

•any patents issued to us will provide us with any competitive advantages, or will not be challenged by third parties; and

•we will develop additional proprietary technologies that are patentable, or the patents of others will not have an adverse effect on our business.

The actual protection afforded by a patent varies on a product-by-product basis, from country to country and depends on many factors, including the type of patent, the scope of its coverage, the availability of regulatory related extensions, the availability of legal remedies in a particular country and the validity and enforceability of the patents. Our ability to maintain and solidify our proprietary position for our products will depend on our success in obtaining effective claims and enforcing those claims once granted. Our issued patents and those that may be issued in the future, or those licensed to us, may be challenged, invalidated, unenforceable or circumvented, and the rights granted under any issued patents may not provide us with proprietary protection or competitive advantages against competitors with similar products. We also rely on trade secrets to protect some of our technology, especially where it is believed that patent protection is inappropriate or unobtainable. However, trade secrets are difficult to maintain. While we use reasonable efforts to protect our trade secrets, our employees, consultants, contractors, or scientific and other advisors may unintentionally or willfully disclose our proprietary information to competitors. Enforcement of claims that a third party has illegally obtained and is using trade secrets is expensive, time consuming and uncertain. In addition, non-U.S. courts are sometimes less willing than U.S. courts to protect trade secrets. If our competitors independently develop equivalent knowledge, methods, and know-how, we would not be able to assert our trade secrets against them and our business could be harmed.

~~Expiration of our patents may subject us to increased competition and reduce our opportunity to generate product revenue.~~23

Table of Contents

~~the~~Expiration ~~United~~of ~~States~~our ~~and~~patents ~~Europe, patent term extension/restoration~~ may besubject ~~available.~~us We cannot, however, be certain that an extension will be granted or, if granted, what the applicable time or the scope of patent protection afforded during any extended period will be. If we are unable to ~~obtain patent term extension/restoration or some other exclusivity, we could be subject to~~ increased competition and reduce our opportunity to ~~establish~~generate ~~or maintain~~ product revenue ~~could be substantially reduced or eliminated~~. ~~Furthermore, we may not have sufficient time to recover our development costs prior to the expiration of our U.S. and non-U.S. patents.~~

The patents for our products have varying expiration dates and, when these patents expire, we may be subject to increased competition and we may not be able to recover our development costs. In some of the larger economic territories, such as the United States and Europe, patent term extension/restoration may be available. We cannot, however, be certain that an extension will be granted or, if granted, what the applicable time or the scope of patent protection afforded during any extended period will be. If we are unable to obtain patent term extension/restoration or some other exclusivity, we could be subject to increased competition and our opportunity to establish or maintain product revenue could be substantially reduced or eliminated. Furthermore, we may not have sufficient time to recover our development costs prior to the expiration of our U.S. and non-U.S. patents.

We may not be able to protect our intellectual property rights throughout the world.

Filing, prosecuting, and defending patents on all our products in every jurisdiction would be prohibitively expensive. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products. These products may compete with our products and may not be covered by any patent claims or other intellectual property rights.

The laws of some non-U.S. countries do not protect intellectual property rights to the same extent as the laws of the United States, and many companies have encountered significant problems in protecting and defending such rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly those relating to biotechnology, which could make it difficult for us to stop the infringement of our patents. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial cost and divert our efforts and attention from other aspects of our business.

We may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights, and we may be unable to protect our rights to, or use of, our technology.

Our success will depend to a significant degree on our ability to secure and protect intellectual property rights and enforce patent and trademark protections relating to our technology. While we believe that the protection of patents and trademarks is important to our business, we also rely on a combination of copyright, trade secret, nondisclosure and confidentiality agreements, know-how and continuing technological innovation to maintain our competitive position. From time to time, litigation may be advisable to protect our intellectual property position. However, these legal means afford only limited protection and may not adequately protect our rights or permit us to gain or keep any competitive advantage. If we choose to go to court to stop someone else from using the inventions claimed in our patents or our licensed patents, that individual or company has the right to ask the court to rule that these patents are invalid and/or should not be enforced against that third party. These lawsuits are expensive and would consume time and other resources even if we were successful in stopping the infringement of these patents. In addition, there is a risk that the court will decide that these patents are invalid or unenforceable and that we do not have the right to stop the other party from using the inventions. There is also the risk that, even if the validity or enforceability of these patents is upheld, the court will refuse to stop the other party on the grounds that such other party’s activities do not infringe our rights. Any adverse outcome in litigation relating to the validity of our patents, or any failure to pursue litigation or otherwise to protect our patent position, could materially harm our business and financial condition. In addition, confidentiality agreements with our employees, consultants, customers, and key vendors may not prevent the unauthorized disclosure or use of our technology. It is possible that these agreements will be breached or that they will not be enforceable in every instance, and that we will not have adequate remedies for any such breach.

If a third party asserts that we infringed its patents or other proprietary rights, we could face a number of risks that could seriously harm our results of operations, financial condition and competitive position, including:

•patent infringement and other intellectual property claims, which would be costly and time consuming to defend, whether or not the claims have merit, and which could delay a product and divert management’s attention from our business;

•substantial damages for past infringement, which we may have to pay if a court determines that our product or technologies infringe a competitor’s patent or other proprietary rights;

Table of Contents

•a court prohibiting us from selling or licensing our technologies unless the third party licenses its patents or other proprietary rights to us on commercially reasonable terms, which it is not required to do; and

•if a license is available from a third party, we may have to pay substantial royalties or lump-sum payments or grant cross licenses to our patents or other proprietary rights to obtain that license.

We cannot predict the extent to which we might be required to seek licenses or alter our products or services so that they no longer infringe the rights of others. We also cannot guarantee that licenses will be available or the terms of any licenses we may be required to obtain will be reasonable. Similarly, changing our products, services or processes to avoid infringing the rights of others may be costly or impractical and could detract from the value of our products and services. If a judgment of infringement were obtained against us, we could be required to pay substantial damages and a court could issue an order preventing us from selling one or more of our products or offering certain of our services. Further, the cost and diversion of management attention brought about by such litigation could be substantial, even if we were to prevail. Any of these events could result in significant expense to us and may materially harm our business and our prospects.

23Even if we are granted a patent, in certain circumstances we may be unable to protect our rights to, or use of, our technology.

Table of Contents

may be required to obtain will be reasonable. Similarly, changing our products, services or processes to avoid infringing the rights of others may be costly or impractical and could detract from the value of our products and services. If a judgment of infringement were obtained against us, we could be required to pay substantial damages and a court could issue an order preventing us from selling one or more of our products or offering certain of our services. Further, the cost and diversion of management attention brought about by such litigation could be substantial, even if we were to prevail. Any of these events could result in significant expense to us and may materially harm our business and our prospects.

Even if we are granted a patent, in certain circumstances we may be unable protect our rights to, or use of, our technology.

The biotechnology industry has produced a proliferation of patents, and it is not always clear to industry participants, including us, which patents cover various types of products or methods of use. The coverage of patents is subject to interpretation by the courts, and the interpretation is not always uniform. If we are sued for patent infringement, we would need to demonstrate that our products or methods of use either do not infringe the patent claims of the relevant patent, and/or that the patent claims are invalid, and/or that the patent is unenforceable, and we may not be able to do this. Proving invalidity, in particular, is difficult since it requires a showing of clear and convincing evidence to overcome the presumption of validity enjoyed by issued patents.

U.S. patent laws as well as the laws of some foreign jurisdictions provide for provisional rights in published patent applications beginning on the date of publication, including the right to obtain reasonable royalties, if a patent subsequently issues and certain other conditions are met.

Because some patent applications in the United States may be maintained in secrecy until the patents are issued, because patent applications in the United States and many foreign jurisdictions are typically not published until 18 months after filing, and because publications in the scientific literature often lag behind actual discoveries, we cannot be certain that others have not filed patent applications for technology covered by our issued patents or our pending applications, or that we were the first to invent the technology.

Patent applications filed by third parties that cover technology similar to ours may have priority over our patent applications and could further require us to obtain rights to issued patents covering such technologies. If another party files a U.S. patent application on an invention similar to ours, we may elect to participate in or be drawn into an interference proceeding declared by the U.S. Patent and Trademark Office to determine priority of invention in the United States. The costs of these proceedings could be substantial, and it is possible that such efforts would be unsuccessful, resulting in a loss of our U.S. patent position with respect to such inventions. Some of our competitors may be able to sustain the costs of complex patent litigation more effectively than we can because they have substantially greater resources. In addition, any uncertainties resulting from the initiation and continuation of any litigation could have a material adverse effect on our ability to raise the funds necessary to continue our operations. We cannot predict whether third parties will assert these claims against us, or whether those claims will harm our business. If we are forced to defend against these claims, whether they are with or without any merit and whether they are resolved in favor of or against us, we may face costly litigation and diversion of management’s attention and resources. As a result of these disputes, we may have to develop costly non-infringing technology, or enter into licensing agreements. These agreements, if necessary, may be unavailable on terms acceptable to us, if at all, which could seriously harm our business or financial condition.

We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.

We employ individuals who previously worked with other companies, including our competitors or potential competitors. We may be subject to claims that we or our employees, consultants or independent contractors have inadvertently or otherwise used or disclosed confidential information, including trade secrets or other proprietary information, of former employers or other third parties. We may also be subject to claims that former employers or other third parties have an ownership interest in our patents. Litigation may be necessary to defend against these claims. We may not be successful in defending these claims, and even if we are successful, litigation could result in substantial cost and be a distraction to our management and other employees. Any litigation or the threat thereof may adversely affect our ability to hire employees and we may lose valuable intellectual property rights if we fail in defending any such claims. A loss of key personnel or their work product could diminish or prevent our ability to commercialize our products, which could have an adverse effect on our business, results of operations and financial condition.

2425

Table of Contents

defending these claims, and even if we are successful, litigation could result in substantial costs and be a distraction to our management and other employees. Any litigation or the threat thereof may adversely affect our ability to hire employees, and we may lose valuable intellectual property rights if we fail in defending any such claims. A loss of key personnel or their work product could diminish or prevent our ability to commercialize our products, which could have an adverse effect on our business, results of operations and financial condition.

Our inability to protect our information systems and networks and the proprietary and confidential information in our possession from continually evolving cybersecurity risks or other technological risks, including as a result of breaches of our associated third parties' information technology systems, could materially adversely impact our business, financial condition and results of operations, in addition to our reputation and relationships with our employees, customers, suppliers and business partners.

In conducting our business, we collect, process, transmit and store sensitive, proprietary and confidential information about our employees, customers, vendors, and other parties, including business and personal information, which may be entitled to protection under a number of regulatory regimes. This information may, include, but is not limited to, account access credentials, credit and debit card numbers, bank account numbers, social security numbers, driver’s license numbers, names and addresses and other types of sensitive business or personal information. Some of this information is also processed and stored by our third-party service providers to whom we outsource certain functions and other agents, including our customers, which we refer to collectively as our associated third parties.

Although we take the security of our network systems and information seriously, there can be no assurance that the security measures we and our associated third parties employ will effectively prevent unauthorized persons from obtaining unauthorized access to our systems and information due to the evolving nature and intensity of cyberattacks and threats to data security, in light of new and sophisticated tools and methods used by criminals and cyberterrorists to penetrate and compromise systems, including computer viruses, malware, ransomware, phishing, misrepresentation, social engineering and forgery, which make it increasingly challenging to anticipate, harder to detect, and more difficult to adequately mitigate these risks. Additionally, threats to our systems and our associated third parties’ systems can derive and have derived from human error, fraud or malice on the part of employees or third parties, or may result from accidental technological failure, including as a result of natural disasters, power failures or other events beyond our control. While we have cyber security insurance, we may incur significant costs in the event of a successful cyber incident against us or in responding to and recovering from a cyber incident that are not covered by, or exceed the limits of, such insurance. Additionally, the cost and operational consequences of implementing, maintaining and enhancing further data or system protection measures could increase significantly to overcome increasingly intense, complex and sophisticated global cyber threats.

The frequency, intensity, and sophistication of cyberattacks and data security incidents has significantly increased in recent years and is constant. We are continually subject to cyberattacks and the risk of data security incidents, some of which have been successful. Such incidents include malicious third party attempts to identify and exploit system vulnerabilities and/or penetrate or bypass our security measures in order to gain unauthorized access to our networks and systems or those of our associated third parties. Such access has led and could lead in the future to the compromise of sensitive, business, personal or confidential information or instructions to transfer funds by us or customers to unauthorized recipients. InAlthough ~~the~~we ~~third~~have ~~quarter~~experienced ~~during~~security ~~the~~breaches ~~year~~in ~~ended~~the ~~December 31~~past, ~~2022,~~none weof ~~experienced~~these anbreaches ~~immaterial~~have ~~security~~resulted ~~breach~~in ~~that~~a ~~successfully~~material ~~redirected~~liability ~~payments~~or ~~from~~loss ~~our customers~~ to ~~unauthorized bank accounts~~us. As a result of such breaches, we proactively employ multiple methods at different layers of our systems to defend our systems against intrusion and attack and to protect the data we collect. ~~These measures have been breached in the past~~However, ~~and~~ we cannot be certain that ~~they~~these measures will be successful and sufficient to counter current and emerging technology threats that are designed to breach our systems in order to gain access to confidential information. Further, while we select our associated third parties carefully, and we seek to ensure that our customers adequately protect their systems and data, we do not control their actions and are not able to oversee their processes. Any problems experienced by our associated third parties, including those resulting from breakdowns or other disruptions in the services provided by such parties or cyber-attacks and security breaches, could adversely affect our ability to conduct our business and our financial condition.

The protection and security of our network systems and our own information, as well as information relating to our employees, customers, suppliers, business partners and others, is vitally important to us. Any failure of us or our associated third parties to maintain the security of our network systems and the proprietary, confidential, and personal data in our possession, including via the penetration of our network security and the misappropriation of proprietary, confidential and personal information, could result in costly investigations and remediation, business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation with potentially large costs, and also result in deterioration in our employees’, customers’, suppliers’ and business partners’ confidence in us and ~~other competitive disadvantages, and thus could have a material adverse effect on our business, financial condition and results of operations.~~

~~Risks related to our common stock~~26

Table of Contents

other competitive disadvantages, and thus could have a material adverse effect on our business, financial condition and results of operations.

The development, deployment and use of AI technologies present new risks and challenges that could adversely impact our business.

AI is increasingly being used across the global business landscape, including in the life sciences and healthcare industries. We are beginning to integrate AI and machine learning technologies into our business to enhance our operations, products, technology, and services and expect our use of AI to increase as the technology rapidly evolves and improves. However, AI presents risks and challenges that could adversely impact our business.

The development, deployment, and use of AI, including within the life sciences industry, is still in its early stages, where the use of insufficiently developed AI technologies and premature deployment practices could result in unintended outcomes that harm our business. AI technologies may be developed using inaccurate, incomplete, flawed or biased algorithms, training methodologies or data, which could result in competitive harm, regulatory penalties, legal liability, or brand or reputational harm. Further, a failure to timely and effectively use or deploy AI and integrate it into new product offerings and services could negatively impact our competitiveness, particularly ahead of evolving industry trends and evolving consumer demands, and require investments that increase our costs.

Laws and regulations regarding AI technologies are rapidly evolving as well, including in the areas of intellectual property, cybersecurity, privacy, and data protection. As such, it remains uncertain how AI laws and regulations will impact our business or the associated cost or risks related to compliance therewith or with respect to incorporating compliance mechanisms appropriately and effectively into our operations. Compliance with new or changing laws, regulations, or industry standards relating to AI may impose significant operational and financial burdens and may limit our ability to develop, deploy, or use AI technologies in our business.

Risks related to our common stock

Our stock price and volume may be volatile, and purchasers of our securities could incur substantial losses.

The trading price and volume of our common stock, traded on the ~~NASDAQ~~Nasdaq Capital Market, or("Nasdaq") ~~NASDAQ,~~ has been highly volatile and could fluctuate widely in price in response to various factors, many of which are beyond our control. In addition, the securities markets have from time-to-time experienced significant price and volume fluctuations that are unrelated to the operating performance of companies. These market fluctuations may also materially and adversely affect the market price of our common stock. For example, in the year ended December 31, ~~2024~~2025, the highest intra-day sale price of our common stock on ~~NASDAQ~~Nasdaq was $2829.8862 per share and the lowest intra-day sale price of our common stock on ~~NASDAQ~~Nasdaq was $1419.5010 per share. Our highest trading day volume was 1,~~692~~625,~~900~~800 shares traded and the lowest trading day volume was ~~106~~105,~~600~~900 shares traded. We may continue to incur substantial increases or decreases in our stock price and volume in the foreseeable future.

Our stock price and trading volume and the market prices and trading volume of many publicly traded companies, including companies in the life sciences industry, have been, and can be expected to be, highly volatile. The future market price and trading volume of our common stock could be significantly impacted by numerous factors, including, but not limited to:

•Future sales of our common stock or other capital raising events by us;

•Sales of our common stock by existing shareholders;

•Changes in our capital structure, including stock splits or reverse stock splits;

•Changes in our product offerings and business structure through acquisitions or divestitures, and public perception of our announced acquisitions and divestitures;

•Announcements of technological innovations for new commercial products by our present or potential competitors;

•Developments concerning proprietary rights;

•Adverse results in our field or with clinical tests of our products in customer applications;

•Adverse litigation;

•Unfavorable legislation or regulatory decisions;

Table of Contents

•Public concerns regarding our products;

•Variations in quarterly operating results;

•General trends in the health care and biotechnology industries;

•Global viruses, epidemics, and pandemics; and

•Other factors outside of our control, including significant market fluctuations.

In addition, sales of a substantial number of shares of our common stock or other securities in the public markets (including an issuance by us of additional securities in a public offering or private placement), or the perception that these sales may occur, could cause the market price of our common stock or other securities to decline and could materially impair our ability to raise capital through the sale of additional securities. The sale of a large number of shares of our common stock or other securities also might make it more difficult for us to sell equity or equity-related securities in the future at a time and at the prices that we deem appropriate.

A significant percentage of our outstanding common stock is held by one stockholder, and this stockholder therefore has significant influence on us and our corporate actions.

As of December 31, ~~2024~~2025, based on our review of public filings and our records, one of our existing stockholders, Casdin Capital, LLC owned 85,~~707~~957,165 shares of our common stock, representing 1812.64% of the issued and outstanding shares of common stock. Accordingly, this stockholder has had, and will continue to have, significant influence in determining the outcome of any corporate transaction or other matter submitted to our stockholders for approval, including mergers, consolidations and the sale of all or substantially all our assets, election of directors and other significant corporate actions. In addition, without the consent of this stockholder where a stockholder vote may be necessary, we could be prevented from entering into transactions that could be beneficial to us.

We have not paid dividends on our common stock in the past and do not expect to pay dividends in the foreseeable future. Any return on investment may be limited to the value of our common stock.

We have never paid cash dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our ~~board of directors (the "~~Board"), subject to compliance with covenants in current and future agreements governing our indebtedness, and will depend on our results of operations, financial condition, capital requirements, contractual arrangements and other factors that our Board deems relevant. Our current policy is to retain all funds and earnings for use in the operation and expansion of our business.

Table of Contents

of operations, financial condition, capital requirements, contractual arrangements and other factors that our Board deems relevant. Our current policy is to retain all funds and earnings for use in the operation and expansion of our business.

Certain provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.

Certain provisions in our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws may have the effect of delaying or preventing a change of control or changes in our management, including, among other things, provisions that:

•authorize our Board to issue, without further action by the stockholders, shares of preferred stock and to determine the price and other terms, including preferences and voting rights;

•restrict the ability of our stockholders to call a special meeting of stockholders except upon written request of the holders of 35% of the outstanding shares entitled to vote thereat;

•establish advance notice procedural mechanics and disclosure requirements applicable to stockholder nominations of directors and submissions of proposals regarding other business at stockholder meetings; and

•provide that any vacancies on our Board resulting from death, resignation, disqualification, removal or other cause or in increase in the authorized number of directors may be filled only by a majority of directors then in office, even though less than a quorum, or by the sole remaining director.

As a Delaware corporation, we are also subject to certain Delaware anti-takeover provisions. Under Delaware law, a corporation may not engage in a business combination with any holder of 15% or more of its capital stock unless the holder has held the stock for three years or, among other things, the Board has approved the transaction. Our Board could rely on Delaware law to prevent or delay an acquisition of us. These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our Board, which is responsible for appointing the members of our management.

Table of Contents

Our Amended and Restated Bylaws designate the Court of Chancery of the State of Delaware and U.S. federal district courts as the exclusive forums for certain types of actions and proceedings that may be initiated by our stockholders, which limits our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers, or other employees.

Our Amended and Restated Bylaws provide that, with certain limited exceptions, any:

•derivative action, suit or proceeding brought on our behalf;

•action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees to us or our stockholders;

•civil action to interpret, apply or enforce any provision of the General Corporation Law of the State of Delaware;

•civil action to interpret, apply, enforce or determine the validity of the provisions of our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws; or

•action asserting a claim governed by the internal affairs doctrine;

will be exclusively brought in the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction, the sole and exclusive forum for such action shall be another state or federal court located within the State of Delaware).

Furthermore, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States of America will be the sole and exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act.

The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation or similar governing documents has been challenged in legal proceedings, and it is possible that a court could find the choice of forum provisions contained in our bylaws to be inapplicable or unenforceable, including with respect to claims arising under the U.S. federal securities laws.

This exclusive forum provision may limit the ability of a stockholder to commence litigation in a forum that the stockholder prefers, or may require a stockholder to incur additional costs in order to commence litigation in Delaware or U.S. federal district court, each of which may discourage such lawsuits against us or our directors or officers. Alternatively, if a court were to find this exclusive forum provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings described above, we may incur additional costs associated with resolving such matters in other jurisdictions, which could negatively affect our business, results of operations, and financial condition.

Table of Contents

U.S. federal district court, each of which may discourage such lawsuits against us or our directors or officers. Alternatively, if a court were to find this exclusive forum provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings described above, we may incur additional costs associated with resolving such matters in other jurisdictions, which could negatively affect our business, results of operations, and financial condition.

Risks related to accounting matters

We have identified material weaknesses in our internal control over financial reporting, and if our remediation of such material weaknesses is not effective, or if we are unable to develop and maintain an effective system of internal control over financial reporting or disclosure controls and procedures, we may not be able to accurately and timely report financial results or prevent fraud, and our ability to meet our reporting obligations and the trading price of our common stock could be negatively affected.

As described in Item 9A — Controls and Procedures and elsewhere in this Form 10-K, Management concluded our disclosure controls and procedures were effective as of December 31, 2025. However, Management identified a material ~~weaknesses~~weakness in our internal control over financial reporting for the fiscal ~~years~~year ended December 31, 2024. ~~and~~While ~~2023.~~this ~~Effective~~material weakness was remediated during the year ended December 31, 2025, effective internal control over financial reporting is necessary to provide reliable financial reports and to assist in the effective prevention of fraud. Any inability to provide reliable financial reports or prevent fraud could harm our business. We regularly review and update our system of internal control over financial reporting, disclosure controls and procedures, and corporate governance policies. In addition, we are required under the Sarbanes-Oxley Act of 2002 to report annually on our internal control over financial reporting. Any system of internal controls, however well designed and operated, is based in part on certain assumptions and can provide only reasonable, not absolute, assurances that the objectives of the system are met. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Accordingly, a material weakness increases the risk that the financial information we report contains material errors.

In the course of making our assessment of the effectiveness of internal control over financial reporting as of December 31, 2024, we identified one material weakness. The material weakness identified was in relation to not maintaining effective internal controls to verify that key inputs for our stock-based awards were entered correctly into the equity system early in 2024, which was attributable to an outdated internal policy with unclear guidance regarding appropriate inputs.29

InTable ~~the course~~ of making our assessment of the effectiveness of internal control over financial reporting as of December 31, 2023, we identified several material weaknesses. Material weaknesses were identified in relation to (i) ineffective control environment attributed to the acquisition of six private companies in 2019 – 2021 without the proper internal control infrastructure in place, insufficient resources with the appropriate level of internal controls training, knowledge, and expertise to meet our financial reporting requirements and provide adequate oversight over the performance of internal controls, and turnover in the first half of 2023 in key positions, resulting in a delay in establishing control activities to effectively mitigate the risks; (ii) internal control procedures over certain financial statement areas; and (iii) change management controls over certain key financial systems.Contents

The aforementioned material weaknesses did not result in any identified material misstatements to our financial statements, and there were only immaterial changes to previously released financial results.

To address our material weaknesses, we ~~have~~had ~~developed~~implemented ~~and begun to implement~~ the remediation plans described in Item 9A — Controls and Procedures in this Form 10-K. ~~However, elements of our remediation plans can only be accomplished over time and we can offer no assurance that these initiatives will ultimately have the intended effects.~~ Any failure to establish and maintain effective internal control over financial reporting and disclosure controls and procedures could adversely impact our ability to report our financial results on a timely and accurate basis. If our financial statements are not accurate, investors may not have a complete understanding of our operations or may lose confidence in our reported financial information. Likewise, if our financial statements are not filed on a timely basis as required by the SEC and The ~~NASDAQ~~Nasdaq Stock Market LLC, we could face severe consequences from those authorities. In either case, it could result in a material adverse effect on our business or have a negative effect on the trading price of our common stock. Further, if we fail to remedy these deficiencies (or any other future deficiencies) or maintain the adequacy of our internal control over financial reporting and disclosure controls and procedures, we could be subject to regulatory scrutiny, civil or criminal penalties or shareholder litigation. We can give no assurance that the measures we have taken and plan to take in the future will remediate the material weaknesses identified or that any additional material weaknesses or restatements of our financial statements will not arise in the future due to a failure to implement and maintain adequate internal control over financial reporting or disclosure controls and procedures.

28Further, in the future, if we cannot conclude that we have effective internal control over financial reporting or disclosure controls and procedures, or if our independent registered public accounting firm is unable to provide an unqualified opinion regarding the effectiveness of our internal control over financial reporting, investors could lose confidence in the reliability of our financial statements, which could lead to a decline in our stock price. Failure to comply with reporting requirements could also subject us to sanctions and/or investigations by the SEC, The Nasdaq Stock Market LLC or other regulatory authorities.

Changes in tax laws and regulations could adversely affect our financial condition and results of operations.

We are subject to regular examination by the U.S. Internal Revenue Service and state, local and foreign tax authorities. We regularly assess the likelihood of favorable or unfavorable outcomes resulting from these examinations to determine the adequacy of our expense for income taxes. Although we believe our tax estimates are reasonable, there can be no assurance that any final determination will not be materially different from the treatment reflected in our historical income tax expenses and accruals, which could materially and adversely affect our financial condition and results of operations.

Our ability to utilize our NOL carryforwards to offset future taxable income may be limited by a lack of sufficient profits in the jurisdictions where these NOLs were generated. We have accumulated significant NOLs in various tax jurisdictions from historical operating losses, but if we do not generate adequate taxable income in those jurisdictions before the NOLs expire, we may be unable to fully utilize them, resulting in higher effective tax rates and increased cash tax payments in profitable periods. Tax laws in certain jurisdictions impose restrictions on NOL usage, such as annual utilization caps or requirements for income in the same entity or jurisdiction, which could further constrain our ability to offset taxes.

Our ability to use NOL and tax credit carryforwards and certain built-in losses to reduce future tax payments is limited by provisions of the Internal Revenue Code, and it is possible that certain transactions or a combination of certain transactions may result in material additional limitations on our ability to use our NOL and tax credit carryforwards.

Section 382 and 383 of the Internal Revenue Code contain rules that limit the ability of a company that undergoes an ownership change, which is generally any change in ownership of more than 50% of its stock over a three-year period, to utilize its NOL and tax credit carryforwards and certain built-in losses recognized in years after the ownership change. These rules generally operate by focusing on ownership changes involving stockholders owning directly or indirectly 5% or more of the stock of a company and any change in ownership arising from a new issuance of stock by us. Generally, if an ownership change occurs, the yearly taxable income limitation on the use of NOL and tax credit carryforwards and certain built-in losses is equal to the product of the applicable long-term, tax-exempt rate and the value of our stock immediately before the ownership change. We may be unable to offset our taxable income with losses, or our tax liability with credits, before such losses and credits expire and therefore would incur larger federal income tax liability.

Table of Contents

Further, in the future, if we cannot conclude that we have effective internal control over financial reporting or disclosure controls and procedures, or if our independent registered public accounting firm is unable to provide an unqualified opinion regarding the effectiveness of our internal control over financial reporting, investors could lose confidence in the reliability of our financial statements, which could lead to a decline in our stock price. Failure to comply with reporting requirements could also subject us to sanctions and/or investigations by the SEC, The NASDAQ Stock Market LLC or other regulatory authorities.

Our ability to use net operating loss and tax credit carryforwards and certain built-in losses to reduce future tax payments is limited by provisions of the Internal Revenue Code, and it is possible that certain transactions or a combination of certain transactions may result in material additional limitations on our ability to use our net operating loss and tax credit carryforwards.

Section 382 and 383 of the Internal Revenue Code of 1986, as amended, contain rules that limit the ability of a company that undergoes an ownership change, which is generally any change in ownership of more than 50% of its stock over a three-year period, to utilize its net operating loss and tax credit carryforwards and certain built-in losses recognized in years after the ownership change. These rules generally operate by focusing on ownership changes involving stockholders owning directly or indirectly 5% or more of the stock of a company and any change in ownership arising from a new issuance of stock by us. Generally, if an ownership change occurs, the yearly taxable income limitation on the use of net operating loss and tax credit carryforwards and certain built-in losses is equal to the product of the applicable long-term, tax-exempt rate and the value of our stock immediately before the ownership change. We may be unable to offset our taxable income with losses, or our tax liability with credits, before such losses and credits expire and therefore would incur larger federal income tax liability.

Risks related to disruptive events

Natural disasters, geopolitical unrest, war, terrorism, public health issues or other catastrophic events could disrupt the supply, delivery or demand of products, which could negatively affect our operations and performance.

Earthquakes, floods and other natural disasters, fire, power shortages, geopolitical unrest or other political conditions (including government shutdowns), wars and other military conflicts (such as the ongoing war in Ukraine, conflict in the Middle East and recent U.S. involvement in Venezuela), terrorist attacks and other hostile acts and other events beyond our control and the control of the third parties on which we depend could negatively affect our operations and performance. Any of these events, whether in the United States or abroad, may have a strong negative impact on the global economy, our employees, facilities, partners, suppliers, distributors or customers, and could decrease demand for our products, create delays and inefficiencies in our supply chain and make it difficult or impossible for us to deliver products to our customers. If any of these events result in the destruction or disruption of our data centers or our critical business or information technology systems it could severely affect our ability to conduct normal business operations and, as a result, our operating results would be adversely affected.

Tariffs and other trade policies could have a substantial impact on our business.

Our business is dependent upon the availability of supplies for our products. U.S. relations with the rest of the world remain uncertain with respect to taxes, trade policies, and tariffs, especially under an increasingly volatile political landscape within the United States and abroad. Throughout 2025 and during the first quarter of 2026, there have been significant tariffs imposed on imported goods within the United States and there are currently indications that future tariffs are likely to be imposed. While many of these tariffs have been suspended or reduced temporarily, the imposition of such tariffs may strain international trade relations and has led to foreign governments implementing retaliatory tariffs on goods imported from the United States.

Political tensions resulting from changes in U.S. trade policies could reduce trade volume, investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets and could significantly reduce global trade.

Increases in tariffs, additional taxes or other trade restrictions and retaliatory measures may increasingly impact customer demand and customer investment in manufacturing equipment, increase our manufacturing costs, decrease margins, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial condition.

Unfavorable currency exchange rate fluctuations may impact our operating margins, or may cause us to raise prices for our products and services, which could result in reduced sales.

As we increase sales in international markets, any such international instability and reduction in global trade could negatively impact our expansion plans and international sales. Such risks may also affect our customers’ budgets and their policies which may adversely affect our sales revenue.

During the year ended December 31, 2025, approximately 20% of our revenue was derived from customers located outside the United States, primarily in Europe, Middle East, and Africa. Currency exchange rate fluctuations could have an adverse effect on our sales, cost of sales, and results of operations. Most sales to foreign customers are denominated in the currency of the country in which these products are sold or services are provided, and the currency received in payment for such sales could be less valuable as compared to the U.S. dollar at the time of receipt as a result of exchange rate fluctuations. Unfavorable currency fluctuations could require us to increase prices for our products and services to customers, which could result in lower net sales. Alternatively, if we do not adjust prices for our products and services in response to unfavorable currency fluctuations, our results of operations, including our margins, could be materially and adversely affected. We currently hold an immaterial amount of cash and cash equivalents denominated in foreign currencies. However, should we increase the amount of cash and cash equivalents denominated in foreign currencies held by us, our financial results and capital ratios may be materially impacted by movements in exchange rates. We could experience losses with respect to forward exchange contracts into which we may enter, and from time to time, we may enter into forward exchange contracts and cross-currency swap agreements to reduce currency exposure, but we cannot be certain that our efforts will be adequate to protect us against significant currency fluctuations.

Table of Contents

Public health crises have adversely affected, and could in the future adversely affect, our business, financial condition. results of operations and cash flows.

We are subject to risks associated with public heath crises, including those related to pandemics and epidemics. The occurrence of such public health risks could materially affect our business, financial condition, results of operations and cash flows, including due to negative impacts to the global economy, disruptions to global supply chains and workforce participation, and volatility and disruption of financial markets. For example, the COVID-19 pandemic created significant volatility, uncertainty, and economic disruption, which had an adverse effect on our business operations, results of operations, cash flows and financial condition.

In particular, the financial or operational impacts as a result of public health crises have included, and may in the future include:

•The temporary closure of our manufacturing facilities and/or those of our outside manufacturers;

•Unavailability of supplies and other components for our products;

•Costs associated with protecting the health of our employees and adhering to any guidance or orders of various governmental authorities, such masking, testing, and social distancing requirements;

•Risks associated with remote work, including increased cybersecurity risk;

•Widespread staffing shortages;

•Outbreaks of disease in our facilities or those of our third-party service providers, which could require us or them to temporarily shut down business operations or cause a disruption to, or shortage in, our or their workforce;

•Significant volatility or reductions in demand for our products;

•Delays in shipments of our products, which could harm our customer relations and adversely impact our competitive position and sales;

•Restrictions on the ability of our personnel to access customers;

•Challenges to our capacity to manufacture, sell and support the use of our products; and

•Volatility in credit or financial markets.

The extent to which public health crises, including health pandemics and epidemics and other outbreaks, impact our business operations, financial performance and results of operations remains uncertain and will depend on many factors outside our control, including the timing, extent, trajectory and duration of the public health crisis, the emergence of new variants, the development, availability, distribution and effectiveness of vaccines and treatments, and the imposition of protective public safety measures. Additional future impacts on us may include material adverse effects on our manufacturing, supply chain and distribution channels, our ability to execute our strategic plans, and our profitability. The potential effects of public health crises may also impact and potentially heighten many of our other risk factors discussed in this “Risk Factors” section.

Table of Contents

protective public safety measures. Additional future impacts on us may include material adverse effects on our manufacturing, supply chain and distribution channels, our ability to execute our strategic plans, and our profitability. The potential effects of public health crises may also impact and potentially heighten many of our other risk factors discussed in this “Risk Factors” section.

We are subject to the risk of disruption by earthquakes, floods and other natural disasters, fire, power shortages, geopolitical unrest, war, terrorist attacks and other hostile acts and other events beyond our control and the control of the third parties on which we depend. Any of these catastrophic events, whether in the United States or abroad, may have a strong negative impact on the global economy, our employees, facilities, partners, suppliers, distributors or customers, and could decrease demand for our products, create delays and inefficiencies in our supply chain and make it difficult or impossible for us to deliver products to our customers. A catastrophic event that results in the destruction or disruption of our data centers or our critical business or information technology systems would severely affect our ability to conduct normal business operations and, as a result, our operating results would be adversely affected.

Global climate change and related legal and regulatory developments could negatively affect our business, financial condition and results of operations.

Climate change presents risks to us and to our customers, with the risks expected to increase over time. Our products and services are subject to and affected by environmental regulation by federal, state, and local authorities in the United States and regulatory authorities with jurisdiction over our international operations. Future regulations or voluntary actions on our part in response to climate change could result in costly changes to our facilities to reduce carbon emissions. ~~and~~They could also increase energy costs as a result of switching to less carbon-intensive, but more expensive, sources of energy to operate our facilities and to transport and ship products and samples. There can be no assurance that climate change or environmental regulation and response will not have a negative competitive impact on our ability to provide our products or that economic returns will match the investments that we are making in the development of new products and services. We will likely face increasing complexity related to product design, the use of regulated materials, energy consumption and efficiency, and the reuse, recycling, or disposal of products and their components at end-of-use or useful life. There continues to be a lack of consistent climate legislation among local, state, federal and international governmental authorities, which creates economic and regulatory uncertainty regarding future incentives for energy-efficiency and costs of compliance, which may impact the demand for our products and services, our costs associated with providing our products and services, and our results of operations and financial condition. In addition, the potential physical impacts of climate change on our operations are highly uncertain ~~and would be particular to the geographic circumstances in areas in which we operate. These may include changes in global weather patterns~~, which ~~could~~is ~~include~~enhanced ~~local~~by ~~changes~~the inparticularities ~~rainfall~~of ~~and~~the ~~storm~~geographic patterns and intensities, water shortages, changing sea levels, and changing temperature averages or extremes. These impacts may also adversely affect our properties, our business, financial condition and results of operations.

~~Tariffs and other trade policies could have a substantial impact on our business.~~32

Our business is dependent upon the availability of supplies for our products. U.S. relations with the rest of the world remains uncertain with respect to taxes, trade policies and tariffs, especially under an increasingly volatile political landscape within the U.S. and abroad. Changes in U.S. administrative policy may lead to significant increases in tariffs for imported goods among other possible changes. There have been significant tariffs imposed on imported goods within the U.S. and there are currently indications that future tariffs are likely to be imposed. The imposition of such tariffs may strain international trade relations and increase the risk that foreign governments implement retaliatory tariffs on goods imported from the United States. Similarly, interest rates may continue to rise and create further uncertainty and volatility in the market which would negatively impact our business, financial condition and results of operations. In addition, the potential exists that other countries may impose retaliatory tariffs, which could adversely affect our sales to those countries.

These political and economic changes could have a material effect on global economic conditions and the stability of financial markets and could significantly reduce global trade. In addition to potential increases on tariffs, wars or conflicts could affect our ability to obtain raw materials. Ongoing and future conflicts and other geopolitical events may result in sanctions or other export controls imposed by the U.S. or United Nations.

Table of Contents

Ascircumstances wein ~~increase~~areas ~~sales~~ in ~~international~~which ~~markets,~~we ~~any~~operate. ~~such~~These ~~international~~impacts ~~instability~~may ~~and~~include ~~reduction~~changes in global ~~trade~~weather patterns, which could ~~negatively~~include ~~impact~~local ~~our~~changes ~~expansion~~in ~~plans~~rainfall and ~~international~~storm ~~sales.~~patterns ~~Such~~and ~~risks~~intensities, ~~may~~water ~~also~~shortages, ~~affect~~changing ~~our~~sea ~~customers’~~levels, ~~budgets~~ and ~~their~~changing ~~policies~~temperature ~~which~~averages or extremes. These impacts may also adversely affect our ~~sales~~properties, ~~revenue~~our business, financial condition and results of operations.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

We have a thorough process for identifying, assessing, and managing cybersecurity risks. We design and assess our cybersecurity risk management program leveraging the National Institute of Standards and Technology Cybersecurity Framework ("NIST") within our broader risk management framework. WeThe ~~gather~~cybersecurity team gathers insights from external experts and internal threat intelligence teams ~~for~~to support our cybersecurity risk management program. A dedicated team oversees cybersecurity risk management, led by professionals with deep expertise, including our Vice President of Technology, ~~Cybersecurity~~who has over 20 years of experience in technology and ~~Information~~cybersecurity ~~Security~~focused ~~Officer~~roles. Our executive leadership, supported by our cybersecurity team, oversees our enterprise risk management and regularly considers cybersecurity and other material risks. We promote a culture of security, sending out monthly cybersecurity awareness trainings to our employees.

Within our cybersecurity risk management system, our incident management team tracks and logs privacy and security incidents across the Company and third-party service providers. Significant incidents undergo review by a cross-functional group, with immediate escalation for potentially material incidents. We have an incident response retainer with a leading professional services network, ensuring immediate support in the event of a cybersecurity incident. We consult with outside counsel as needed, with final decisions made by ~~senior~~the ~~management~~CFO and CEO.

The Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee ~~oversees~~oversight of steps the Company has taken to monitor or mitigate significant cybersecurity risks. ~~and~~The ~~incidents,~~Audit ~~ensuring~~Committee additionally ensures compliance with disclosure requirements and cooperation with law enforcement. Senior management regularly updates the ~~committee~~Audit Committee on cyber risks and any material incidents.

While our business strategy and financial condition have not been materially affected by cybersecurity risks, we cannot guarantee future immunity. For more details, refer to Part I, Item 1A, “Risk Factors” in ~~our~~this Annual Report ~~on Form 10-K~~.

ITEM 2. PROPERTIES

Our material office and manufacturing leases are detailed below:

Location

Square Feet

Principal Use

Lease Expiration

Bothell, WA

75,~~168~~241

Corporate headquarters, manufacturing, research and development, marketing, and administrative offices

July 2031

Woodinville, WA

13,578

Warehouse

~~January~~February 2030

Albuquerque, NM

2,940

Research and development and administrative offices

April 2027

Manchester, CT

524

Research and development

August 2026

Indianapolis, IN

1110,~~415~~890

Manufacturing, research and development, and administrative offices

~~December~~June ~~2026~~2027

Edmonton, AB

200

Research and development

March 2026

Ottawa, ON

200

Research and development

December 2026

We consider the facilities to be in a condition suitable for their current uses. Due to the increasing requirements of customers or regulatory agencies, we may need to acquire additional space or upgrade and enhance existing space. We believe that adequate facilities will be available upon the conclusion of our leases.

Table of Contents

ITEM 3. LEGAL PROCEEDINGS

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently aware of any such proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

PART II

Table of Contents

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market information for common stock

Our common stock is traded on the ~~NASDAQ~~Nasdaq Stock Market under the trading symbol “BLFS.”

Stockholders and dividends

As of February 2419, ~~2025~~2026, there were approximately ~~221~~214 holders of record of our common stock. We have never paid cash dividends on our common stock and do not anticipate that any cash dividends will be paid in the foreseeable future. We anticipate that we will retain all earnings, if any, to support our operations. Any future determination as to the payment of dividends will be at the sole discretion of our Board and will depend on our financial condition, results of operations, capital requirements and other factors our Board deems relevant.

Performance graph

The following information is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A under the Exchange Act, or to the liabilities of Section 18 of the Exchange Act, and will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent we specifically incorporate it by reference into such a filing.

The following graph shows the cumulative total stockholder return on our common stock with the cumulative total return of the S&P Small Cap 600 Index and our peer group, assuming an initial investment of $100 on December 31, ~~2019~~2020 and the reinvestment of all dividends.

Table of Contents

Issuer repurchases of equity securities

Not applicable.

ITEM 6. RESERVED

Reserved.

Table of Contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Company Overview

We are a life sciences company that develops, manufactures, and markets bioproduction products and services which are designed to improve quality and de-risk biologic manufacturing, distribution, and transportation in the cell and gene therapy industry. Our products are used in basic and applied research and commercial manufacturing of biologic-based therapies. Customers use our products to maintain the health and function of biologic material during sourcing, manufacturing, and distribution.

Our current portfolio of bioproduction products and services ~~are~~is comprised of ~~two~~one revenue ~~lines~~line that ~~contain~~contains ~~four~~three main offerings: (i) cell processing (including biopreservation media for the preservation of cells and tissues, human platelet lysate media for the supplementation of cell expansion, cryogenic vials and automated fill machines that provide high-quality, efficient, and precise mixes of solutions) and (ii) Evo and ThawSTAR devices (including “smart”, cloud connected devices for transporting biologic payloads and automated thawing systems).

On•Cell ~~April~~processing ~~17, 2024, the Company sold all of the issued~~ and ~~outstanding~~other shares of common stock of Global Cooling to GCI Holdings pursuant to the Global Cooling Purchase Agreement. Upon the execution of the Global Cooling Purchase Agreement, the Global Cooling business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture.products

On◦Biopreservation November 12, 2024, the Company entered into the SciSafe Purchase Agreement with the Sci Safe Buyer for the sale by Seller of all of the issued and outstanding SciSafe Shares to SciSafe Buyer. Upon the execution of the SciSafe Purchase Agreement, the SciSafe business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture.media

◦Human platelet lysate media (“hPL”), cryogenic cryogenic and ultralow temperature containers, and automated cell-processing fill machines

◦Automated thawing devices

On October 6, 2025, the Company entered into the SAVSU Purchase Agreement by and between the Company and the SAVSU Buyer for the sale by the Company of all SAVSU Interests to the SAVSU Buyer. Upon the execution of the SAVSU Purchase Agreement, the SAVSU business is presented in the accompanying Consolidated Financial Statements as

Table of Contents

a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture.

On April 4, 2025, pursuant to the PanTHERA Purchase Agreement by and among the Company, the PanTHERA Sellers, the PanTHERA Buyer Sub, and Dr. Jason Acker, solely in his capacity as Sellers’ Representative, the Company acquired the remaining 90% of the issued and outstanding shares of common stock of PanTHERA not owned by the Company in the PanTHERA Transaction. See Note 2: Acquisition within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the transaction.

On November 14, 2024, the Company entered into the CBS Purchase Agreement with CBS Buyer and CBS for the sale by the Company of all of the issued and outstanding CBS Shares to CBS Buyer. Upon the execution of the CBS Purchase Agreement, the CBS business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture.

WeOn ~~currently~~November ~~operate~~12, as2024, ~~one~~the ~~bioproduction~~Company ~~products~~entered ~~and~~into ~~services~~the ~~business~~SciSafe ~~which~~Purchase ~~supports~~Agreement ~~several~~with ~~steps in~~ the ~~biologic~~Sci ~~material~~Safe ~~manufacturing~~Buyer ~~and~~for ~~delivery~~the ~~process.~~sale Weby ~~have~~Seller aof ~~diversified~~all ~~portfolio~~ of ~~tools~~the issued and ~~services~~outstanding ~~that~~SciSafe ~~focuses~~Shares onto ~~biopreservation,~~SciSafe ~~cell~~Buyer. ~~processing,~~Upon ~~and~~the ~~thawing~~execution of ~~biologic~~the ~~materials.~~SciSafe WePurchase ~~have~~Agreement, ~~in-house~~the ~~expertise~~SciSafe inbusiness ~~cryobiology~~is ~~and~~presented in the ~~broader~~accompanying ~~CGT~~Consolidated ~~workflow,~~Financial ~~and~~Statements ~~continue~~as toa ~~evaluate~~discontinued ~~opportunities~~operation tofor ~~maximize~~all ~~the~~periods ~~value~~presented. ofSee ~~our~~Note ~~product~~3: ~~platforms~~Discontinued ~~for~~operations ~~our~~within ~~extensive~~the ~~customer~~Consolidated ~~base~~Financial ~~through~~Statements ~~organic~~in ~~growth~~Part ~~innovations~~II, ~~partnerships,~~Item ~~and~~8 ~~acquisitions~~of this Annual Report for further details regarding the divestiture.

On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock of Global Cooling to GCI Holdings pursuant to the Global Cooling Purchase Agreement. Upon the execution of the Global Cooling Purchase Agreement, the Global Cooling business is presented in the accompanying Consolidated Financial Statements as a discontinued operation for all periods presented. See Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for further details regarding the divestiture.

We currently operate as one bioproduction products and services business which supports several steps in the biologic material manufacturing and delivery process. Our portfolio of tools and services focuses on biopreservation media and cell processing products. We have in-house expertise in cryobiology and the broader CGT workflow, and continue to evaluate opportunities to maximize the value of our product platforms for our extensive customer base through organic growth innovations, partnerships, and acquisitions.

Segment reporting

Management views the Company's operations and makes decisions regarding how to allocate resources as one reportable segment and one reporting unit. For additional information on the Company's segment considerations, Note 1615: Segment, customer, and geographic information within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

Critical accounting policies and estimates

We have identified the policies and estimates below as being critical to our business operations and the understanding of our results of operations. These policies require management’s most difficult, subjective, or complex ~~judgements~~judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The impact of any associated risks related to these policies on our business operations are discussed throughout “Management’s Discussion and Analysis of Financial Condition,” including in the “Results of Operations” section, where such policies affect our reported and expected financial results. Although we believe that our estimates, assumptions, and ~~judgements~~judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or conditions.

Table of Contents

Revenue recognition

To determine revenue recognition for contractual arrangements that we determine are within the scope of Financial Accounting Standards Board (“FASB”) Topic 606, Revenue from Contracts with Customers, we perform the following five steps: (i) identify each contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to our performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the relevant performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price, taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 90 days.

The Company primarily recognizes product revenues, service revenues, and rental revenues. Product revenues are generated from the sale of biopreservation media and ThawSTAR products. We recognize product revenue, including shipping and handling charges billed to customers, when we transfer control of our products to our customers. Shipping and handling costs are classified as part of cost of product revenue in the Consolidated Statement of Operations. 36

~~Service~~Table revenues are generated from various customer service agreements to provide warranty and other engineering services. We recognize service revenues over time as services are performed or ratably over the contract term. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component or variable consideration as of and during the years ended December 31, 2024, 2023, and 2022.Contents

~~The~~it ~~Company~~is ~~also~~probable ~~generates~~that ~~revenue~~we ~~from~~will collect the ~~leasing~~consideration ofwe ~~our~~are ~~evo~~entitled ~~cold~~to ~~chain~~in ~~systems~~exchange tofor ~~customers~~the ~~pursuant~~goods toor ~~rental~~services ~~arrangements~~we ~~entered~~transfer ~~into~~to ~~with~~ the customer. ~~Revenue~~Contracts ~~from~~with ~~these~~customers ~~arrangements~~may iscontain ~~not~~multiple ~~within~~performance obligations. For such arrangements, the ~~scope~~transaction ofprice ~~FASB~~is ~~ASC~~allocated ~~Topic~~to ~~606~~each asperformance itobligation isbased ~~within~~on the ~~scope~~estimated ofrelative ~~FASB~~standalone ~~ASC~~selling ~~Topic~~prices ~~842,~~of ~~Leases.~~the ~~All~~promised ~~customers~~products ~~leasing~~or ~~shippers~~services ~~currently~~underlying doeach soperformance ~~under~~obligation. ~~rental~~The ~~arrangements~~Company ~~for~~determines ~~durations~~standalone ofselling ~~one~~prices ~~year~~based oron ~~less,~~the ~~with~~price ~~each~~at ~~unit~~which ~~having~~ the ~~option~~performance toobligation ~~continue~~is ~~its~~sold ~~rental~~separately. ~~arrangement~~If onthe astandalone ~~month-to-month~~selling ~~basis~~price ~~until~~is ~~returned~~not toobservable through past transactions, the Company ~~beyond~~estimates the ~~initial~~standalone ~~rental~~selling ~~period.~~price, Wetaking into account ~~for~~available ~~these~~information ~~rental~~such ~~transactions~~ as ~~operating~~market ~~leases~~conditions and ~~record~~internally ~~rental~~approved ~~revenue~~pricing onguidelines related to the performance obligations. Payment terms and conditions vary, although terms generally include a ~~straight-line~~requirement ~~basis~~of ~~over~~payment ~~the~~within ~~rental~~30 ~~term~~to 60 days.

The Company primarily recognizes product revenues. Product revenues are generated from the sale of biopreservation media and cell processing tools. We recognize product revenue, including shipping and handling charges billed to customers, at a point in time when we transfer control of our products to our customers, which is upon shipment for substantially all transactions. Shipping and handling costs are classified as part of cost of product revenue in the Consolidated Statements of Operations.

Any remaining revenues earned, which primarily consisted of service revenues generated from various customer service agreements for the provision of warranty and other engineering services and equipment rental arrangement revenues, were not significant in any of the periods presented.

Intangible assets and goodwill

Intangible assets

Intangible assets with a definite life are amortized over their estimated useful lives using the straight-line method and the amortization expense is recorded within intangible asset amortization in the Consolidated Statements of Operations. If the estimate of a definite-lived intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. Definite-lived intangible assets and their related estimated useful lives are reviewed at least annually to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable.

Indefinite-lived intangibles are carried at the initially recorded fair value less any recognized impairment. Indefinite-lived intangibles are tested annually for impairment. Impairment assessments are conducted more frequently if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for the Company’s products or changes in the size of the market for the Company’s products. If impairment indicators are present, the Company determines whether the underlying intangible asset is recoverable through estimated future undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition of the asset.

Table of Contents

undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition of the asset.

Goodwill

We test goodwill for impairment on an annual basis, and between annual tests if events and circumstances indicate it is more likely than not that the fair value of our goodwill is less than its carrying value. Events that would indicate impairment and trigger an interim impairment assessment include, but are not limited to, current economic and market conditions, including a decline in the Company’s market capitalization, a significant adverse change in legal factors, business climate or operational performance of the business, and an adverse action or assessment by a regulator. Goodwill is tested for impairment in the fourth quarter of each year, or more frequently as warranted by events or changes in circumstances mentioned above. Accounting guidance also permits an optional qualitative assessment for goodwill to determine whether it is more likely than not that the carrying value of a reporting unit exceeds its fair value. If, after this qualitative assessment, we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then no further quantitative testing would be necessary. A quantitative assessment is performed if the qualitative assessment results in a more likely than not determination or if a qualitative assessment is not performed. The quantitative assessment considers whether the carrying amount of a reporting unit exceeds its fair value, in which case an impairment charge is recorded to the extent the reporting unit’s carrying value exceeds its fair value. The Company operates as one reporting unit as of the goodwill impairment measurement date in the fourth quarter of ~~2024~~2025.

Table of Contents

Contingent consideration

We estimate the acquisition date fair value of the acquisition-related contingent consideration using various valuation approaches, including option pricing models and Monte Carlo simulations, as well as significant unobservable inputs, reflecting the Company’s assessment of the assumptions market participants would use to value these liabilities. The fair value of the contingent consideration is remeasured each reporting period, with any change in the value recorded in our Consolidated Statements of Operations as change in fair value of contingent consideration.

During the year ended December 31, 2023, all contingent consideration liabilities were written off upon ~~assessment of~~ the ~~probability~~conclusion that we would not achieve certain revenue targets for earnouts. ~~For additional details on the factors considered in the write-off, see Note 4: Fair value measurement within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.~~

Stock-based compensation

We measure and record compensation expense using the applicable accounting guidance for share-based payments related to stock options, time-based restricted stock, market-based restricted stock awards and performance-based awards granted to our directors and employees. The fair value of market-based restricted stock awards is estimated at the date of grant using the Monte Carlo Simulation model. The Monte Carlo Simulation valuation model incorporates assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. In valuing our market-based stock awards, significant judgment is required in determining the expected volatility of our common stock. Expected volatility for our market-based restricted stock awards is based on the historical volatility of our own stock and the stock of companies within our defined peer group. Further, our expected volatility may change in the future, which could substantially change the grant-date fair value of future awards and, ultimately, the expense we record. The fair value of restricted stock, including performance awards, without a market condition is estimated using the current market price of our common stock on the date of grant.

We expense stock-based compensation for stock options, and restricted stock awards, ~~and performance awards~~ over the requisite service period. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with a market condition, we expense the grant date fair value over the vesting period regardless of the value that the award recipients ~~will~~ ultimately receive. For awards with performance conditions, we begin expensing the grant date fair value over the requisite vesting period only when the performance condition is deemed probable.

We have, from time to time, modified the terms of restricted stock awards awarded to employees. We account for the incremental increase in the fair value over the original award on the date of the modification as an expense for vested awards or over the remaining service (vesting) period for unvested awards. The incremental compensation cost is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification.

Provision for income taxes

The assessment regarding whether a valuation allowance is required considers both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. In making this assessment, significant weight is given to evidence that can be objectively verified. In its evaluation, the Company considered its cumulative loss and its forecasted losses in the near-term as significant negative evidence. Based upon a review of the four sources of income identified within Accounting Standard Codification ("ASC") 740, Accounting for Income Taxes, the Company determined that the Company’s recorded deferred tax liabilities as of December 31, 2025 would be a sufficient source of taxable income to realize all of its deferred tax assets except for a portion of its NOL carryforwards. As a result, a full valuation allowance on its deferred tax assets was recorded as of December 31, 2025. The Company will continue to assess the realizability of its assets going forward and will adjust the valuation allowance as needed.

Table of Contents

sources of income identified within ASC 740, Accounting for Income Taxes, the Company determined that the Company’s recorded deferred tax liabilities as of December 31, 2024 would be a sufficient source of taxable income to realize all of its deferred tax assets except for a portion of its net operating loss carryforwards. As a result, a full valuation allowance on its deferred tax assets was recorded as of December 31, 2024. The Company will continue to assess the realizability of its assets going forward and will adjust the valuation allowance as needed.

The Company determines its uncertain tax positions based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be sustained upon examination by the relevant income tax authorities. The Company is generally subject to examination by U.S. federal and local income tax authorities for all tax years in which loss carryforward is available.

The Company applies judgment in the determination of the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. As of December 31, ~~2024~~2025, the Company has an unrecognized tax benefit of $1.2 million related to tax attributes being carried forward. The Company is generally subject to examination by U.S. federal and local income tax authorities for all tax years in which loss carryforward is available.

~~As of December 31, 2024, the Company had U.S. federal net operating loss (“NOL”) carryforwards of approximately $165.2 million, which is available to reduce future taxable income. Approximately $~~38.7 million of NOL will expire from 2025 through 2037, and approximately $126.5 million of NOL will be carried forward indefinitely. The NOL carryforwards are subject to an annual limitation in the event of certain cumulative changes in the ownership interest. This limits the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. Subsequent ownership changes may further affect the limitation in future years.

Table of Contents

benefit of $1.2 million related to tax attributes being carried forward. The Company is generally subject to examination by U.S. federal and local income tax authorities for all tax years in which loss carryforward is available.

As of December 31, 2025, the Company had U.S. federal NOL carryforwards of approximately $168.4 million, which is available to reduce future taxable income. Approximately $38.6 million of NOLs will expire from 2026 through 2037, and approximately $129.8 million of NOLs will be carried forward indefinitely. The NOL carryforwards are subject to an annual limitation in the event of certain cumulative changes in the ownership interest. This limits the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. Subsequent ownership changes may further affect the limitation in future years.

Recent accounting standards update

See Note 1: Organization and significant accounting policies – Recent accounting pronouncements, within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report for more information.

Results of operations

The following discussion of the financial condition and results of operations should be read in conjunction with the accompanying Consolidated Financial Statements and the related footnotes thereto.

Revenue

~~Revenue~~Total revenue for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 ~~were~~is ~~comprised~~presented ~~of the following~~below:

	Year Ended December 31,						~~2024~~2025 vs. ~~2023~~2024				~~2023~~2024 vs. ~~2022~~2023
(In thousands, except percentages)	~~2024~~2025		~~2023~~2024		~~2022~~2023		$ Change		% Change		$ Change		% Change
Product revenue
Revenue	$	96,214	$	74,647	$	68,016	$	21,567	29	%	$	6,631	10	%
Cell processing	$	73,446	$	65,772	$	68,509	$	7,674	12	%	$	(2,737)	(4	%)
Evo and thaw	2,582		3,196		3,434		(614)		(19	%)	(238)		(7	%)
Service revenue
Evo and thaw	160		349		73		(189)		(54	%)	276		378	%
Rental revenue
Evo and thaw	6,066		6,538		4,223		(472)		(7	%)	2,315		55	%
Total revenue	$	82,254	$	75,855	$	76,239	$	6,399	8	%	$	(384)	(1	%)

~~Product revenue~~Revenue

Total ~~product~~ revenue was $7696.02 million for the year ended December 31, ~~2024~~2025, representing an increase of $721.16 million, or 1029%, compared with the year ended December 31, ~~2023~~2024. The increase in ~~product~~ revenue was primarily driven by ~~the~~a $719.73 million, or 1230%, increase in ~~cell~~biopreservation ~~processing~~media products from an increase in ~~customer~~ demand ~~when compared to the prior year. During the third and fourth quarters of 2023, we experienced a decrease in our revenues~~ from ~~our~~ customers ~~destocking~~with ~~inventory~~commercially ~~levels~~approved intherapies ~~addition~~when compared to ~~decreases in broader biotech funding that we did not experience during~~ the prior year.

36Total revenue was $74.6 million for the year ended December 31, 2024, representing an increase of $6.6 million, or 10%, compared with the year ended December 31, 2023. The increase in revenues was primarily driven by the $4.8 million, or 8%, increase in biopreservation media products due to the increase in customer demand when compared to the prior year. From the third and fourth quarters of 2023 through the first and second quarters of 2024, we experienced a decrease in our revenue from our customers destocking inventory levels in addition to decreases in broader biotech funding, which strongly recovered during the third and fourth quarters of the year ended December 31, 2024.

Cost of revenue and Gross margin

Total costs and operating expenses for years ended December 31, 2025, 2024, and 2023 were comprised of the following:


	Year Ended December 31,									2025 vs. 2024				2024 vs. 2023
(In thousands, except percentages)	2025			2024			2023			$ Change		% Change		$ Change		% Change
Revenue	$	96,214		$	74,647		$	68,016		$	21,567	29	%	$	6,631	10	%
Cost of revenue	34,096			24,551			26,698			9,545		39	%	(2,147)		(8	%)
Gross profit	$	62,118		$	50,096		$	41,318		$	12,022	24	%	$	8,778	21	%

Gross margin	65		%	67		%	61		%			(2	%)			6	%

Table of Contents

In the year ended December 31, ~~2024.~~2025, ~~The~~cost ~~increase~~of inrevenue ~~product~~increased ~~revenue~~$9.5 ~~for~~million, or 39%, from the year ended December 31, 2024. ~~was~~This ~~partially~~increase ~~offset~~is driven by aour ~~decrease~~29% ofincrease ~~$0.6~~in ~~million,~~overall orsales ~~19%~~volume in ~~product~~addition ~~revenues~~to ~~from~~lower ~~our~~yields ~~Evo~~on ~~and~~biopreservation ~~thaw~~bags. ~~product~~Additionally, ~~line~~scrap ~~when~~increased ~~compared~~as ~~with~~a ~~the~~percentage ~~year~~of ~~ended~~revenue ~~December~~in ~~31,~~2025 ~~2023.~~due ~~The~~to ~~decrease~~an ~~was~~inventory ~~primarily~~reserve ~~driven~~in byQ3 ~~lower~~2025 ~~volumes~~and an increased rate of ~~consumable~~disposal ~~products~~of ~~sold~~expired ~~from~~raw ~~our~~material ~~evo~~and ~~product~~finished ~~line~~goods inventory.

~~Total~~Gross ~~product~~margin ~~revenue~~ was ~~$69.0~~65% ~~million~~and 67% for the ~~year~~years ended December 31, ~~2023,~~2025 ~~representing~~and ~~a decrease of $2.7 million~~2024, ~~or 4%, compared with the year ended December 31, 2022~~respectively. The decrease in ~~product~~gross ~~revenue~~margin ~~was~~can ~~primarily~~be ~~driven~~attributed byto ~~the~~an ~~$2.7~~increase ~~million,~~in orcosts ~~4%,~~of ~~decrease~~materials inand ~~cell~~overhead ~~processing products~~ due to ~~the~~a ~~decrease~~less infavorable ~~broader~~product ~~biotech funding that impacted this revenue stream during the second half of 2023~~mix.

~~Service~~In the year ended December 31, 2024, cost of revenue decreased $2.1 million, or 8%, from the year ended December 31, 2023. This decrease can be attributed to a more favorable product mix and increased operational efficiencies.

~~Service~~Gross ~~revenues,~~margin ~~which~~was ~~are~~67% ~~primarily~~and ~~generated~~61% ~~from~~for ~~various~~the ~~customer~~years ~~service~~ended ~~agreements~~December to31, ~~provide~~2024 ~~warranty~~ and ~~other~~2023, ~~engineering~~respectively. ~~services,~~The ~~were~~increase anin ~~immaterial~~gross ~~portion~~margin ofcan ~~our~~be ~~total~~attributed ~~revenues~~to ~~earned~~a inmore ~~the~~favorable ~~years~~product ~~ended~~mix ~~December~~in ~~31,~~our ~~2024,~~biopreservation ~~2023,~~media product line and ~~2022~~a decrease in supply expenses.

~~Rental~~Operating ~~revenue~~expenses

Rental revenue was $6.1 million for the year ended December 31, 2024, representing a decrease of $0.5 million, or 7%, compared with the year ended December 31, 2023. The decrease in rental revenue can be attributed to a decrease in fleet size from our largest customer of evo products during the current year.


	Year Ended December 31,						2025 vs. 2024				2024 vs. 2023
(In thousands, except percentages)	2025		2024		2023		$ Change		% Change		$ Change		% Change
General and administrative	$	45,520	$	40,627	$	42,792	$	4,893	12	%	$	(2,165)	(5	%)
Sales and marketing	9,850		8,932		11,377		918		10	%	(2,445)		(21	%)
Research and development	7,566		4,751		5,515		2,815		59	%	(764)		(14	%)
IPR&D expense	15,521		—		—		15,521		100	%	—		—	%
Intangible asset amortization	263		263		1,032		—		—	%	(769)		(75	%)
Change in fair value of contingent consideration	—		—		(2,193)		—		—	%	2,193		100	%
Total operating expenses	$	78,720	$	54,573	$	58,523	$	24,147	44	%	$	(3,950)	(7	%)

Rental revenue was $6.5 million for the year ended December 31, 2023, representing an increase of $2.3 million, or 55%, compared with the year ended December 31, 2022. The increase in rental revenue can be attributed to commercial expansions from our largest customers.

Costs and operating expenses

Total costs and operating expenses for years ended December 31, 2024, 2023, and 2022 were comprised of the following:

	Year Ended December 31,						2024 vs. 2023				2023 vs. 2022
(In thousands, except percentages)	2024		2023		2022		$ Change		% Change		$ Change		% Change
Cost of product, rental, and service revenue	$	28,583	$	29,922	$	29,328	$	(1,339)	(4	%)	$	594	2	%
General and administrative	40,541		43,264		33,255		(2,723)		(6	%)	10,009		30	%
Sales and marketing	9,610		12,709		11,672		(3,099)		(24	%)	1,037		9	%
Research and development	7,912		12,073		8,671		(4,161)		(34	%)	3,402		39	%
Intangible asset amortization	2,737		3,520		3,990		(783)		(22	%)	(470)		(12	%)
Change in fair value of contingent consideration	—		(2,193)		(4,754)		2,193		100	%	2,561		54	%
Total operating expenses	$	89,383	$	99,295	$	82,162	$	(9,912)	(10	%)	$	17,133	21	%

Cost of product, rental, and service revenue

In the year ended December 31, 2024, cost of product, rental, and service revenue decreased $1.3 million, or 4%, from the year ended December 31, 2023. This decrease can be attributed to a $1.6 million decrease in supply expenses, a more favorable product mix, and increased operational efficiencies. The decrease in cost of product, rental, and service revenue was offset by a $0.2 million increase in shipping expenses compared to the year ended December 31, 2023.

Cost of product, rental, and service revenue as a percentage of revenue, inclusive of intangible asset amortization, was 38% and 43% for the years ended December 31, 2024 and 2023, respectively. The decrease in cost of product, rental, and service revenues inclusive of intangible asset amortization as a percentage of revenue can be attributed to a more favorable product mix in our biopreservation media product line and a decrease in supply expenses.

Table of Contents

Cost of product, rental, and service revenue as a percentage of revenue, inclusive of intangible asset amortization, was 38% for the year ended December 31, 2022. The increase in cost of product, rental, and service revenues inclusive of intangible asset amortization as a percentage of revenue for the year ended December 31, 2023 compared with the year ended December 31, 2022 can be attributed to unfavorable inventory adjustments of $1.8 million, partially offset by a decrease in material expenses from decreased revenues.

General and administrative

During the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, general and administrative (“G&A”) expense consisted primarily of personnel-related expenses, stock-based compensation, professional fees, such as accounting and consulting fees, and corporate insurance.

In the year ended December 31, ~~2024~~2025, G&A expenses ~~decreased~~increased by $24.79 million, or 612%, compared with the year ended December 31, ~~2023~~2024. The ~~decrease~~increase is primarily driven by aincreases ~~decrease~~in ofpersonnel expenses, including $5.1 million in stock compensation expenses, $0.48 million in severance expenses related to the departure of ~~the~~ former ~~CEO~~executives, inand ~~the~~$0.4 ~~prior~~million ~~year~~ in ~~addition~~salaries. toWe aalso ~~decrease~~experienced increases of $30.85 million in ~~consulting~~acquisition costs and $0.4 million in lease expenses. The ~~decreases~~increases in G&A expenses for the year ended December 31, ~~2024~~2025 were primarily offset by a $12.67 million ~~increase~~decrease in ~~bonus~~estimated ~~expenses~~sales ~~and~~tax aexpense ~~$0.5~~as ~~million increase in insurance expenses~~ compared ~~with~~to ~~the~~prior ~~year ended December 31, 2023~~years.

G&A expenses ~~increased~~decreased $102.02 million, or 305%, during the year ended December 31, ~~2023~~2024 compared with the year ended December 31, ~~2022~~2023. The ~~increase~~decrease was primarily driven by ~~higher~~a ~~costs~~decrease of $1.4 million in severance expenses related to the ~~expansion~~departure of ~~our~~the ~~corporate~~former ~~infrastructure,~~CEO ~~including~~in anthe ~~increased~~prior ~~headcount~~year ~~resulting~~ in addition to a decrease of $13.28 million ~~increase~~ in ~~salary~~consulting expenses ~~and a $1~~.9 ~~million~~The ~~increase~~decreases in ~~stock~~G&A ~~compensation~~ expenses. ~~The~~for ~~departure~~the ofyear ~~the~~ended ~~former~~December ~~CEO~~31, ~~during~~2024 ~~2023~~were ~~also~~offset ~~increased~~by ~~severance~~increases in personnel expenses, byincluding $1.46 million. ~~Finally,~~increase ~~we also experienced increases~~ in ~~professional~~bonus ~~fees~~expenses ~~related~~and toa ~~potential~~$1.5 ~~merger~~million ~~activities~~increase ofin ~~$3.6~~salaries ~~million~~compared ~~and~~with ~~increases~~the inyear ~~accounting~~ended ~~fees~~December of31, $02023.~~6 million.~~

Sales and marketing

During the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, sales and marketing expense (“S&M”) consisted primarily of personnel-related costs, consulting, trade shows, advertising, and travel expenses.

S&M expense decreased $3.1 million in the year ended December 31, 2024, or 24%, compared with the year ended December 31, 2023. The decrease is primarily due to decreases in personnel expenses, including stock-based compensation expenses of $1.8 million and $0.8 million in salaries from reduced headcount, and a $0.3 million decrease in consulting expenses.40

S&M expense increased $1.0 million, or 9%, in the year ended December 31, 2023, compared with the year ended December 31, 2022. The increase is primarily due to an increase in personnel expenses, including stock-based compensation expenses, of $1.2 million.

Research and development

During the years ended December 31, 2024, 2023, and 2022, research and development (“R&D”) expense consisted primarily of personnel-related costs, consulting, research supplies, and milestone expenses related to third party research agreements.

R&D expense decreased $4.2 million in the year ended December 31, 2024, or 34%, compared with the year ended December 31, 2023. The decrease is primarily due to decreases in personnel expenses, including stock-based compensation expenses, of $2.4 million, a decrease of $0.9 million in salaries, and a decrease of $0.6 million in severance costs from reduced headcount compared to the prior fiscal year.

R&D expenses increased $3.4 million in the year ended December 31, 2023, or 39%, compared with the year ended December 31, 2022. The increase is primarily due to an increase in personnel expenses, including stock-based

Table of Contents

~~compensation~~S&M ~~expenses,~~expense ofincreased $20.29 million, ~~increases~~ in ~~severance~~the ~~costs~~year ofended ~~$0.6~~December 31, ~~million~~2025, ~~and~~or a10%, $0compared with the year ended December 31, 2024.4 ~~million~~The increase inis ~~research~~primarily ~~milestone~~due ~~payments~~to increases in ~~relation~~personnel toexpenses ~~our~~of ~~equity~~$0.6 ~~investment~~million, inincluding ~~iVexSol~~stock-based compensation expenses of $0.2 million.

S&M expense decreased $2.4 million, or 21% in the year ended December 31, 2024, compared with the year ended December 31, 2023. The decrease was primarily due to decreases in personnel expenses, including stock-based compensation expenses of $1.5 million and $0.5 million in salaries from reduced headcount. There was additionally decreases of $0.3 million in consulting expenses.

Research and development

During the years ended December 31, 2025, 2024, and 2023, R&D expense consisted primarily of personnel-related costs, consulting, research supplies, and milestone expenses related to third-party research agreements.

R&D expense increased $2.8 million in the year ended December 31, 2025, or 59%, compared with the year ended December 31, 2024. The increase is primarily due to increases in personnel expenses, including $1.1 million in salaries from an increased headcount, $0.9 million in stock-based compensation, and $0.5 million in bonus expenses.

R&D expenses decreased $0.8 million in the year ended December 31, 2024, or 14%, compared with the year ended December 31, 2023. The decrease is primarily due to a decrease of $0.6 million in research milestone costs related to our historical PanTHERA Development and License Agreement (as defined in Note 2: Acquisition within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report) in addition to a decrease of $0.5 million in stock-based compensation when compared to the prior year. The decrease in R&D expenses for the year ended December 31, 2024 was offset by a $0.3 million increase in product testing expenses compared with the year ended December 31, 2023.

IPR&D expense

In-process research and development ("IPR&D") expense during the year ended December 31, 2025 consists of the immediate $15.5 million expense of the IPR&D asset we acquired in the PanTHERA Transaction. For additional information on the details of the PanTHERA Transaction, see Note 2: Acquisition within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

Intangible asset amortization expense

Amortization expense consists of charges related to the amortization of intangible assets associated with ~~the~~previous acquisitions ~~of Sexton, SAVSU Technologies, Inc. (“SAVSU”), and Astero~~ in which we acquired definite-lived intangible assets.

Change in fair value of contingent consideration

Change in fair value of contingent consideration consists of changes in estimated fair value of our potential earnouts related to previous acquisitions. The benefit recognized in the year ended December 31, 2023 related primarily to changes in our estimated probability of achieving earnout targets set forth within the purchase agreements. The related liability was written off during the year ended December 31, 2023 due to target revenues not being met or probable to achieve in future periods.

Table of Contents

Other income and expenses

Total other income and expenses for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023 were comprised of the following:

	Year Ended December 31,						~~2024~~2025 vs. ~~2023~~2024				~~2023~~2024 vs. ~~2022~~2023
(In thousands, except percentages)	~~2024~~2025		~~2023~~2024		~~2022~~2023		$ Change		% Change		$ Change		% Change
Interest expense, net	(719)		(1,449)		(284)		730		50	%	(1,165)		(410)	%
Interest income (expense), net	2,706		(766)		(1,406)		3,472		453	%	640		46	%
Other income	~~497~~1,815		~~1,303~~494		~~662~~1,275		~~(806)~~1,321		~~(62~~267	%)	~~641~~(781)		97(61)	%
Change in fair value of investments	~~(4,074)~~—		—(4,074)		~~697~~—		(4,074)		NM100	%	(~~697~~4,074)		~~(100)~~—	%
Gain on settlement of Global Cooling escrow	—		~~5,115~~—		—5,115		~~(5,115)~~—		~~(100~~—	%)	(5,115)		100	%
Total other (expense) income, net	$	(4,296)	$	4,969	$	1,075	$	(9,265)	(186)	%	$	3,894	362	%
Total other income (expense), net	$	4,521	$	(4,346)	$	4,984	$	8,867	(204)	%	$	(9,330)	(187	%)

Interest income (expense), net.

Interest expense incurred in the year ended December 31, ~~2024~~2025 related primarily to the Term Loan (as defined in Note 1312: Long-term debt within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report), financed insurance premiums, and indirect tax liabilities. We also earn interest on cash held in our money market account and on our available-for-sale security investments. Decreases in interest expense, net during the year ended December 31, ~~2024~~2025 is attributed to the increases in interest income from our available-for-sale securities compared to the year ended December 31, ~~2023~~2024.

~~Change~~Other ~~in fair value of investments.~~ income

Other income consists of various non-cash income and expenses, primarily reflecting activity in the accretion or amortization of our available-for-sale securities and other investments. The increase in other income during the year ended December 31, 2025 is primarily due to increased income from the accretion of our available-for-sale securities in addition to the increase in the balance of our financial instruments measured at fair value.

Change in fair value of investments

Reflects fair value adjustments to our investment in iVexSol (as defined in Note 5: Investments within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report). As of June 30, 2024, we 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, which represented the entirety of the value of the investment.

Gain on settlement of Global Cooling escrow.

Reflects the non-cash gain associated with our post-closing adjustments for indemnifications and negotiated terms in connection with our acquisition of Global Cooling ~~in 2023~~, and subsequent release and cancellation of these shares of our common stock from the third-party escrow account established in connection with that transaction in 2023. For additional information, see Note 1211 within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

39Income Tax Expense (Benefit)

Income tax benefit for the years ended December 31, 2025, 2024, and 2023 was as follows:


	Year Ended December 31,									2025 vs. 2024				2024 vs. 2023
(In thousands, except percentages)	2025			2024			2023			$ Change		% Change		$ Change		% Change
Income tax expense (benefit)	$	49		$	(38)		$	(64)		$	87	(229)	%	$	26	(41	%)
Effective tax rate	(0.4		%)	0.4		%	1.0		%

Table of Contents

~~Income~~The ~~Tax~~income ~~Benefit~~tax expense (benefit) recognized in the year ended December 31, 2025 primarily related to losses generated in 2025. Our effective tax rate for 2025 was lower than the U.S. statutory rate of 21% primarily due to the change in our valuation allowance.

Income tax benefit for the years ended December 31, 2024, 2023, and 2022 was as follows:

	Year Ended December 31,									2024 vs. 2023				2023 vs. 2022
(In thousands, except percentages)	2024			2023			2022			$ Change		% Change		$ Change		% Change
Income tax benefit	$	38		$	24		$	5,236		$	14	58	%	$	(5,212)	(100	%)
Effective tax rate	—		%	—		%	108		%

The income tax benefit recognized in the year ended December 31, 2024 primarily related to losses generated in 2024. Our effective tax rate for 2024 was lower than the U.S. statutory rate of 21% primarily due to the change in our valuation allowance.

Liquidity and capital resources

We believe our cash, cash equivalents, cash generated from operations, available-for-sale securities, and credit lines will satisfy, for at least the foreseeable future, our liquidity requirements, both globally and domestically, including the following: working capital needs, capital expenditures, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations.

Significant cash and non-cash expenses related to acquisitions and divestitures

On ~~April~~October 176, ~~2024~~2025, we consummated the ~~Global~~SAVSU ~~Cooling~~ Divestiture. In connection with the closing of the transaction, we ~~provided~~received net proceeds of $623.79 million, inincluding ~~cash~~$2.5 ~~funding~~million indemnity holdback which management expects to ~~effectuate~~receive in full one year after the ~~transaction~~closing ~~and~~date. ~~paid~~We also incurred additional expenses related to the SAVSU Divestiture, including $01.65 million to the brokers, attorneys, and other external parties. Infor ~~addition,~~legal weand other transaction services. We also recognized $6.1.3 million in ~~cash~~stock ~~expenditures~~compensation ~~from~~expense ~~operations~~in ~~during~~connection with the ~~third~~acceleration ~~quarter~~ of ~~2024~~unvested toshares ~~meet~~for ~~certain~~all ~~post-closing~~former ~~requirements,~~employees ~~costs~~that toremained ~~sell~~with ~~Global~~SAVSU ~~Cooling,~~upon the ~~assumption~~closing of ~~certain~~this ~~liabilities~~transaction ~~and~~in ~~debt,~~addition ~~and severance expenses related~~ to ~~the~~providing ~~Reduction~~a inretention ~~Force~~bonus ~~("RIF")~~for ~~implemented~~all onformer ~~the~~employees ~~business~~ of ~~Global~~$0.5 ~~Cooling, which reduced our workforce by 47 employees~~million. For additional information on the ~~details~~SAVSU ~~of this transaction~~Divestiture, ~~the RIF and its related costs,~~ see Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

On ~~November~~April 124, ~~2024~~2025, we consummated the ~~SciSafe~~PanTHERA ~~Divestiture~~Transaction. InThe ~~connection~~aggregate ~~with~~purchase ~~the~~price ~~closing~~ of ~~this~~the ~~transaction,~~acquisition wewas ~~received~~$16.8 ~~net~~million, ~~proceeds~~which ofincluded $7111.35 million. Wein ~~also~~cash ~~incurred~~and ~~additional~~213,360 ~~expenses~~shares ~~related~~of toour ~~this~~common ~~transaction, including $0~~stock.5 ~~million~~Additionally, pursuant to the ~~brokers,~~PanTHERA ~~attorneys~~Purchase Agreement, ~~and~~the ~~other~~PanTHERA ~~external~~Sellers ~~parties~~are ~~for~~eligible ~~legal~~to ~~and~~receive ~~other~~up ~~transaction~~to ~~services, and incurred~~ $07.42 million in ~~severance~~cash ~~costs.~~or Weequivalent ~~also~~shares ~~paid~~of the ~~former~~Company's ~~stockholders~~common ofstock ~~SciSafe~~(as ~~approximately~~elected ~~$3.3~~by ~~million~~the inPanTHERA ~~cash~~Sellers) toover ~~waive~~a ~~all~~three-year ~~rights~~earnout ~~with~~period ~~respect~~upon tothe achievement of certain ~~potential~~revenue ~~earn-out~~targets ~~payments~~based ~~and~~on ~~recognized~~the ~~$4.0~~Company's ~~million~~earnings inderived ~~stock~~from ~~compensation~~the ~~expense~~acquired inIRI ~~connection~~GEN ~~with~~2 ~~the~~cryopreservation ~~acceleration~~technology ofin ~~unvested~~addition ~~shares~~to ~~for~~the ~~all~~achievement of ~~our~~an ~~former~~operational ~~employees~~milestone ~~that~~within ~~remained~~the ~~with~~first ~~SciSafe~~year ~~upon~~of the ~~closing~~earnout ~~of this transaction~~period. For additional information on the ~~divestiture~~PanTHERA ~~of SciSafe~~Transaction, see Note 32: ~~Discontinued~~Acquisition ~~operations~~ within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

On November 14, 2024, we consummated the CBS Divestiture. In connection with the closing of the transaction, we received net proceeds of $3.4 million. We also incurred additional expenses related to the ~~transaction~~CBS Divestiture, including $0.1 million to the brokers, attorneys, and other external parties for legal and other transaction services. We also recognized $2.0 million in stock compensation expense in connection with the acceleration of unvested shares for all former employees that remained with CBS upon the closing of this transaction. For additional information on the ~~divestiture of~~ CBS Divestiture, see Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

On November 12, 2024, we consummated the SciSafe Divestiture. In connection with the closing of this transaction, we received net proceeds of $71.3 million. We also incurred additional expenses related to SciSafe Divestiture, including $0.5 million to the brokers, attorneys, and other external parties for legal and other transaction services, and incurred $0.4 million in severance costs. We also paid the former stockholders of SciSafe approximately $3.3 million in cash to waive all rights with respect to certain potential earn-out payments and recognized $4.0 million in stock compensation expense in connection with the acceleration of unvested shares for all of our former employees that remained with SciSafe upon the closing of this transaction. For additional information on the SciSafe Divestiture, see Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

On April 17, 2024, we consummated the Global Cooling Divestiture. In connection with the closing of the transaction, we provided $6.7 million in cash funding to effectuate the Global Cooling Divestiture and paid $0.6 million to the brokers, attorneys, and other external parties. In addition, we recognized $6.1 million in cash expenditures from operations during the third quarter of 2024 to meet certain post-closing requirements, costs to sell Global Cooling, the assumption of certain liabilities and debt, and severance expenses related to the reduction in force ("RIF") implemented on the business of Global Cooling, which reduced our workforce by 47 employees. For additional information on the details of the Global Cooling Divestiture, the RIF and its related costs, see Note 3: Discontinued operations within the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

Change in cash, cash equivalents, and available-for-sale securities

~~On December 31, 2024, we had $109.2 million in cash, cash equivalents, and available-for-sale securities, compared to $44.7 million as of December 31, 2023, as follows:~~43

Table of Contents

	Year Ended December 31,						2024 vs. 2023
(In thousands, except percentages)	2024		2023		$ Change		% Change
Cash and cash equivalents	$	95,386	$	27,896	$	67,490	242	%
Available-for-sale securities	13,826		16,836		(3,010)		(18)	%
Maturities in less than one year	9,198		16,288		(7,090)		(44)	%
Maturities in greater than one year	4,628		548		$	4,080	745	%
Total cash, cash equivalents, and available-for-sale securities	$	109,212	$	44,732	$	64,480	144	%

On December 31, 2025, we had $120.2 million in cash, cash equivalents, and available-for-sale securities, compared to $105.4 million as of December 31, 2024, as follows:

The increase in cash and cash equivalents of $67.5 million as of December 31, 2024 as compared with the year ended December 31, 2023 is primarily due to the proceeds received from the disposals of SciSafe and CBS, which were $71.3 million and $3.4 million, respectively. This increase was partially offset by cash used in financing activities of $6.8 million.


	Year Ended December 31,						2025 vs. 2024
(In thousands, except percentages)	2025		2024		$ Change		% Change
Cash and cash equivalents	$	33,038	$	91,538	$	(58,500)	(64)	%
Available-for-sale securities	87,139		13,826		73,313		530	%
Maturities in less than one year	55,889		9,198		46,691		508	%
Maturities in greater than one year	31,250		4,628		26,622		575	%
Total cash, cash equivalents, and available-for-sale securities	$	120,177	$	105,364	$	14,813	14	%

~~Our~~The ~~available-for-sale~~decrease ~~securities~~in ~~consist~~cash and cash equivalents of U$58.S.5 ~~government~~million ~~securities,~~as ~~corporate~~of ~~debt~~December ~~securities~~31, ~~and~~2025 ~~other~~as ~~debt~~compared ~~securities.~~with ~~Management classifies investments at~~ the ~~time~~year ofended ~~purchase~~December ~~and~~31, ~~reevaluates~~2024 ~~such~~is ~~classification~~primarily atdue ~~each~~to ~~balance~~$73.3 ~~sheet~~million ~~date.~~of ~~The~~net ~~decrease~~investments ininto available-for-sale securities during the current year, investments in capital expenditure of $39.05 million, ~~primarily~~and ~~resulted~~the ~~from~~IPR&D asset purchase in the ~~sale~~PanTHERA Transaction of $310.2 million. This decrease was partially offset by $23.5 million in ~~available-for-sale~~cash ~~security~~proceeds ~~investments~~received from the SAVSU Divestiture and cash provided by operating activities of $20.1 million.

OnOur ~~October~~available-for-sale 19securities consist of U.S. government securities, ~~2023~~corporate debt securities, weand ~~entered~~other ~~into~~debt asecurities. ~~Securities~~Management ~~Purchase~~classifies ~~Agreement~~investments ~~with~~at ~~Casdin~~the ~~Partners~~time ~~Master~~of ~~Fund,~~purchase ~~L.P.~~and ~~("Casdin")~~reevaluates ~~whereby~~such weclassification ~~sold,~~at ~~and~~each ~~Casdin~~balance ~~purchased,~~sheet ~~927,165~~date. ~~shares~~The increase in available-for-sale securities of ~~our~~$73.3 ~~common~~million ~~stock~~primarily atresulted afrom ~~share~~the ~~price~~investment of $11114.191 ~~per~~million ~~share~~in available-for-sale ansecurities, ~~aggregate~~offset ~~purchase~~by ~~price~~$34.8 ofmillion in maturities and $106.48 million in cash proceeds.

Cash flows

We have elected to present the Consolidated Statements of Cash Flows on a consolidated basis rather than a continuing operations basis with effect to the divestitures of ~~Global~~SAVSU, ~~Cooling~~CBS, SciSafe, and ~~CBS~~Global Cooling. The discussions regarding changes in cash activity in this section are therefore reflective of consolidated results inclusive of operating results of the divested entities.

	Year Ended December 31,						~~2024~~2025 vs. ~~2023~~2024				~~2023~~2024 vs. ~~2022~~2023
(In thousands, except percentages)	~~2024~~2025		~~2023~~2024		~~2022~~2023		$ Change		% Change		$ Change		% Change
Operating activities	$	820,~~431~~115	$	~~(12~~8,~~498)~~431	$	(812,~~488~~498)	$	2011,~~929~~684	~~167~~139	%	$	(420,~~010)~~929	~~(47~~167	%)
Investing activities	58(71,~~300~~539)		1758,~~837~~300		~~(58~~17,~~117)~~837		40(129,~~463~~839)		~~227~~(223	%)	7540,~~954~~463		~~131~~227	%
Financing activities	(610,~~783~~924)		10(6,~~591~~783)		1610,~~316~~591		(174,~~374~~141)		(~~164~~61)	%	(517,~~725~~374)		(35164)	%
Net increase in cash and cash equivalents	$	59,948	$	15,930	$	(50,289)	$	44,018	276	%	$	66,219	132	%
Net (decrease) increase in cash and cash equivalents	$	(62,348)	$	59,948	$	15,930	$	(122,296)	(204	%)	$	44,018	276	%

Operating activities

In the year ended December 31, 2025, our operating activities provided cash of $20.1 million, reflecting non-cash charges totaling $24.7 million primarily related to stock-based compensation, gain recognized on disposals of subsidiaries, the expense we incurred on the IPR&D asset purchased in the PanTHERA Transaction, depreciation, amortization, and changes in fair value of investments. Significant changes in operating assets and liabilities include an increase of prepaid expenses of $3.0 million, a decrease of accounts payable of $2.1 million, and a decrease of accrued expenses of $1.1 million.

In the year ended December 31, 2024, our operating activities provided cash of $8.4 million, reflecting non-cash charges totaling $28.6 million primarily related to stock-based compensation, gain recognized on disposals of subsidiaries, depreciation, amortization, and changes in fair value of investments. Significant changes in operating assets and liabilities include an increase of accounts receivable of $2.9 million, an increase of prepaid expenses of $2.4 million, and a decrease in accrued expenses of $6.5 million.

In the year ended December 31, 2023, our operating activities used cash of $12.5 million reflecting a net loss of $68.0 million and non-cash charges totaling $55.5 million primarily related to stock-based compensation, impairment of assets, depreciation, amortization, changes in fair value of contingent consideration, gain on settlement of Global Cooling escrow, and non-cash lease charges. Significant changes in operating assets and liabilities include a decrease of accounts receivable of $15.3 million, an increase in inventory of $8.6 million, and a decrease in accounts payable of $8.4 million.44

Table of Contents

Investing activities

Our investing activities ~~provided~~used $5871.35 million of cash in the year ended December 31, ~~2024~~2025. WeThis ~~had~~was ~~$73.4~~primarily ~~million~~used infor ~~proceeds from~~ the ~~divestitures~~$114.1 million of ~~SciSafe~~investments ~~and~~in ~~CBS~~available-for-sale securities, offset by ~~cash payments of~~ $1334.08 million ~~for~~in ~~the~~maturities ~~divestiture~~ of ~~Global~~available-for-sale ~~Cooling~~securities. We additionally ~~incurred~~invested $510.32 million in ~~capital~~the ~~expenditures~~IPR&D ~~and~~asset ~~purchases~~purchased ofin ~~assets~~the ~~held~~PanTHERA ~~for~~Transaction. ~~rent~~Our toinvesting ~~maintain~~activity ~~and~~cash ~~expand~~usage was offset by $23.5 million in proceeds from the ~~Company's~~SAVSU ~~operations~~Divestiture.

In the year ended December 31, ~~2023~~2024, investing activities provided $1758.83 million of cash. We had $2973.14 million in ~~net~~ proceeds from the divestitures of ~~available-~~SciSafe and CBS, offset by cash payments of $13.0 million for~~-sale~~ ~~securities~~the toGlobal ~~fund~~Cooling ~~capital~~Divestiture. ~~projects~~We ~~and~~additionally ~~operations~~incurred $5.3 ~~Capital~~million in capital expenditures and purchases of assets held for rent to maintain and expand the Company's operations ~~used $11~~.~~2 million.~~

Financing activities

In the year ended December 31, ~~2024~~2025, cash used by financing activities was $610.89 million. The use of cash in financing activities was primarily related to $911.0 million in payments on our Term Loan, ~~equipment loans,~~ and financed insurance premiums. ~~This was offset by proceeds from financed insurance premiums of $2.1 million.~~

In the year ended December 31, ~~2023~~2024, cash ~~provided~~used by financing activities was $~~10.~~6.8 million. The ~~increase~~use inof cash ~~provided~~in by financing activities ~~compared to the prior year~~ was primarily ~~due~~related to a$9.0 ~~private~~million ~~placement~~in ofpayments ~~$10.4~~on ~~million~~our ~~and~~Term ~~proceeds~~Loan, ~~from~~equipment loans, and financed insurance premiums, ofwhich ~~$2.6~~was ~~million,~~ offset by ~~payments~~proceeds onfrom financed insurance premiums of $2.41 million.

Contractual obligations

Our cash flows from operations ~~are~~depend ~~dependent~~ on a number of factors, including fluctuations in our operating results, accounts receivable collections, inventory management, and the timing of tax and other payments. As a result, the impact of contractual obligations on our liquidity and capital resources in future periods should be analyzed in conjunction with such factors. Despite these uncertainties, we believe that our balances of cash, cash equivalents, and available-for-sale securities in addition to our cash flows from operations are adequate to meet our liquidity requirements in the foreseeable future.

The following summarizes certain of our contractual obligations as of December 31, ~~2024~~2025 and the effect such obligations are expected to have on our cash flows in the next fiscal year:

Long-term debt, including interest

These amounts represent expected cash payments, including principal and interest. Debt obligations are described in Note 1312: Long-term debt of the Consolidated Financial Statements in Part II, Item 8 of this Annual Report. As of December 31, ~~2024~~2025, our total obligations were $155.90 million, all of which ~~$10.9 million~~ was short-term.

Lease obligations

We have various operating ~~and financing~~ lease agreements for office space, warehouses, manufacturing, research equipment, machinery, and production locations as well as vehicles and other equipment. Lease obligations are described in Note 7: Leases of the Consolidated Financial Statements in Part II, Item 8 of this Annual Report. As of December 31, ~~2024~~2025, our total obligations were $1412.29 million, of which $12.52 million was short-term.

Purchase obligations

Purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable pricing provisions and the approximate timing of the transactions. As of December 31, ~~2024~~2025, our total obligations were $314.75 million, of which $39.18 million was short-term.

Sales Tax

We ~~are~~remain in the process of evaluating aour state sales tax ~~liability~~liabilities ~~analysis~~ for states in which we have economic nexus, and collecting exemption documentation from our customers. It is probable that we will be subject to sales tax liabilities plus interest and penalties relating to historical activity in certain states. We have estimated a contingent liability for sales tax which is recorded in the Consolidated Balance Sheet. The liability includes significant judgments and estimates that may

4245

Table of Contents

interest and penalties relating to historical activity in certain states. We have estimated a contingent liability for sales tax which is recorded in the Consolidated Balance Sheet. The liability includes significant judgments and estimates that may change in the future, and the liability may exceed our current estimate. We may be subject to examination by the relevant state tax authorities, and we can provide no assurances that outcomes from these examinations will not have a significant effect on our operating results, financial condition, and cash flows.

Capital requirements

Our future capital requirements will depend on many factors, including the following:

•the expansion of our cell and gene therapy business

•the ability to sustain product revenue and profits of our cell and gene therapy products and services;

•the degree to which we implement additional automated production equipment throughout our facilities;

•our ability to acquire additional cell and gene therapy products and services;

•the scope of and progress made in our research and development activities; and

•the success of any proposed financing efforts.

Absent acquisitions of additional products, product candidates, or intellectual property, we believe our current cash, cash equivalents, and available-for-sale securities balances, in addition to our cash flows from operations, are adequate to meet our cash needs for the foreseeable future. We expect to incur continued spending related to our ~~other~~ existing product lines and expansion of our commercial capabilities for the foreseeable future. Our future capital requirements may include, but are not limited to, purchases of property and equipment, internal development of products and services, the acquisition of additional cell and gene therapy products and technologies, and continued investment in our intellectual property portfolio.

We actively evaluate various strategic transactions on an ongoing basis, including acquiring complementary products, technologies or businesses that would ~~complement~~augment our existing portfolio. We continue to seek to acquire such potential assets that may offer us the best opportunity to create value for our shareholders. In order to acquire such assets, we may need to seek additional financing to fund these investments. If our available cash balances and anticipated cash flow from operations are insufficient to satisfy our liquidity requirements, including because of any such acquisition-related financing needs or lower demand for our products, we may seek to sell common or preferred equity or convertible debt securities, enter into a credit facility or another form of third-party funding, or seek other debt funding. The sale of equity and convertible debt securities may result in dilution to our stockholders, and those securities may have rights senior to those of our common shares. If we raise additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict our operations. Any other third-party funding arrangement could require us to relinquish valuable rights. We may require additional capital beyond our currently anticipated amounts. Additional capital may not be available on reasonable terms, if at all.

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~~Macroeconomic ~~global~~factors, ~~business~~geopolitical ~~environment~~unrest, ~~continues~~inflation, tochanges bein ~~impacted~~interest byand ~~cost~~foreign ~~pressure~~currency exchange rates, tariffs and retaliatory measures, war and other military conflict, and other risks and uncertainties have in the ~~overall~~past ~~effects~~and ofmay ~~economic~~continue ~~uncertainty~~to oncause ~~customers'~~logistical ~~purchasing~~challenges, ~~patterns~~increased input costs, ~~increasing~~or ~~tariffs~~create onconstraints ~~U.S.~~for ~~imports~~our suppliers, ~~high~~distributors, ~~interest~~or ~~rates~~customers that could in turn decrease demand for our products, create delays and ~~other~~inefficiencies ~~factors~~in our supply chain and make it difficult or impossible for us to deliver products to our customers. It is not possible to accurately predict the future impact of such events and circumstances. Actual results could differ from our estimates.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Foreign currency exchange risk

The Company's sales are primarily denominated in the U.S. dollar. Accordingly, our sales are not generally impacted by foreign currency rate changes. Any transactions denominated in a foreign currency, which were immaterial during the year ended December 31, ~~2024~~2025, incur gains or losses from the remeasurement and settlement of the balances and are reported in the Other income line item on the Consolidated Statements of Operations. Fluctuations in foreign currency exchange rates have not had a material impact on our results of operations for the periods presented.

4346

Table of Contents

Interest rate risk

Our exposure to market risk for changes in interest rates relates primarily to our investments in available-for-sale securities and our long-term debt. We invest our excess cash in investment grade short to intermediate-term fixed income securities. These securities may have their fair market value adversely affected due to a rise in interest rates, and we may suffer losses if forced to sell securities that have declined in market value due to changes in interest rates. Our long-term debt primarily bears interest at a fixed rate, with a variable component subject to an interest rate ceiling. Fluctuations in interest rates therefore do not materially impact our Consolidated Financial Statements from long-term debt. For additional information about our available-for-sale securities and long-term debt, see Notes 5: Investments and 1312: Long-term debt to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

4447

Table of Contents

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

			Page No.
Report of Independent Registered Public Accounting Firm (Grant Thornton LLP, PCAOB ID:248)			4649
Consolidated Balance Sheets			4850
Consolidated Statements of Operations			4951
Consolidated Statements of Comprehensive Loss			5253
Consolidated Statements of Shareholders’ Equity			5455
Consolidated Statements of Cash Flows			5556
Notes to Consolidated Financial Statements			5657

4548

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Shareholders

BioLife Solutions, Inc.

Opinion on the financial statements

We have audited the accompanying consolidated balance sheets of BioLife Solutions, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, ~~2024~~2025 and ~~2023~~2024, the related consolidated statements of operations, comprehensive loss, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, ~~2024~~2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2024~~2025, in conformity with accounting principles generally accepted in the United States of America.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, ~~2024~~2025, based on criteria established in the 2013 Internal Control – —Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”), and our report dated ~~March~~February 326, ~~2025~~2026 expressed an ~~adverse~~unqualified opinion.

Basis for opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical audit ~~matter~~matters

The critical audit ~~matter~~matters ~~communicated~~are ~~below~~matters ~~is a matter~~ arising from the current period audit of the financial statements that ~~was~~were communicated or required to be communicated to the audit committee and that: (1) ~~relates~~relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. ~~The~~We ~~communication~~determined ofthat ~~critical~~there ~~audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we~~ are ~~not,~~no ~~by communicating the~~ critical audit ~~matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates~~matters.

Consolidated Financial Statements - Impact of Internal Control over Financial Reporting

As described in Management’s Report on Internal Control Over Financial Reporting, a material weakness was identified as of December 31, 2024. The prevention, detection, and correction of material misstatements of the consolidated financial statements, is dependent, in part, on management (i) designing and maintaining an effective control environment, including maintaining sufficient resources within the accounting and financial reporting department to review complex financial reporting transactions; and updating and distributing accounting policies and procedures across the organization (ii) designing and implementing effective information and communication process to identify and assess the source of and controls necessary to ensure the reliability of information used in financial reporting and that communicates relevant information about roles and responsibilities for internal control over financial reporting and (iii) designing and implementing effective process-level control activities and general information technology controls related to financial reporting processes.

We identified the impact on our audit of the material weaknesses related to the control environment, risk management, and control activities that existed during part of the year and the current year material weakness that existed as of the end of the year, as a critical audit matter.

Table of Contents

The principal consideration for our determination that the impact on our audit of the material weaknesses is a critical audit matter is that especially challenging auditor judgment was required in designing audit procedures and evaluating audit evidence due to the ineffective system of internal control over financial reporting, which affected substantially all consolidated financial statement account balances and disclosures for some or all of the audit period.

Our audit procedures related to the material weaknesses included the following, among others:

•We determined the nature and extent of audit procedures that are responsive to the identified material weaknesses and evaluated the evidence obtained from the procedures performed.

•We lowered the threshold used for investigating differences noted for recorded amounts.

•We selected larger sample sizes for tests of details.

•We substantively tested the accuracy and completeness of system-generated reports used in the audit and more extensively tested these reports.

•We increased the extent of supervision over the execution of audit procedures

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2022.

Bellevue, Washington

~~March~~February 326, ~~2025~~2026

4749

Table of Contents

BioLife Solutions, Inc.

Consolidated Balance Sheets

	December 31,
(In thousands, except per share and share data)	~~2024~~2025		~~2023~~2024
Assets
Current assets:
Cash and cash equivalents	$	9533,~~386~~038	$	2791,~~896~~538
Available-for-sale securities, current portion	955,~~198~~889		169,~~288~~198
Accounts receivable, trade, net of allowance for credit losses of $153 and $1,603 as of December 31, 2024 and December 31, 2023, respectively	9,168		7,898
Accounts receivable, trade, net of allowance for credit losses of $22 and $152 as of December 31, 2025 and December 31, 2024, respectively	7,953		8,476
Inventories	2930,~~013~~155		2729,~~164~~013
Prepaid expenses and other current assets	59,~~996~~526		45,~~667~~952
Current assets, discontinued operations	—		364,~~691~~584
Total current assets	~~148~~136,~~761~~561		~~120~~148,~~604~~761
Assets held for rent, net	6,103		6,917
Property and equipment, net	14,713		5,974
Property and equipment, net	6,084		5,689
Operating lease right-of-use assets, net	7,466		10,553
Operating lease right-of-use assets, net	10,674		6,878
Other assets	3,050		373
Long-term deposits and other assets	379		71
Available-for-sale securities, long term	31,250		4,628
Available-for-sale securities, long term	4,628		548
Equity investments	—		995
Equity Investments	995		5,069
Intangible assets, net	4,257		5,565
Intangible assets, net	9,559		11,996
Goodwill	208,587		208,587
Goodwill	212,304		212,304
Long-term assets, discontinued operations	—		14,051
Long-term assets, discontinued operations	—		42,638
Total assets	$	405,884	$	399,487
Total assets	$	399,487	$	412,714
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	31,~~573~~486	$	23,~~270~~360
Accrued expenses and other current liabilities	1211,~~451~~974		912,~~121~~123
Sales taxes payable	42,~~256~~279		4,~~400~~233
Lease liabilities, operating, current portion	12,~~511~~243		1,~~286~~459
Debt, current portion	104,~~943~~997		610,~~285~~943
Current liabilities, discontinued operations	—		~~18,816~~616
Total current liabilities	3222,~~734~~979		4232,~~178~~734
Lease liabilities, operating, long-term	1210,~~723~~657		812,~~695~~645
Debt, long-term	~~4,997~~—		174,~~561~~997
Deferred tax liabilities	~~124~~189		~~114~~124
Long-term liabilities, discontinued operations	—		6,503
Other long-term liabilities	171		—
Total liabilities	50,578		75,051
Long-term liabilities, discontinued operations	—		78
Commitments and contingencies (Note 12)
Total liabilities	33,996		50,578
Commitments and contingencies (Note 11)
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 December 31, 2024 and December 31, 2023	—		—
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 December 31, 2025 and December 31, 2024	—		—

4850

Table of Contents

Common stock, $0.001 par value; 150,000,000 shares authorized, 46,906,765 and 45,167,225 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	47		45
Common stock, $0.001 par value; 150,000,000 shares authorized, 48,198,928 and 46,906,765 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	48		47
Additional paid-in capital	~~683~~711,~~939~~404		~~652~~683,~~880~~939
Accumulated other comprehensive loss, net of taxes	24132		~~(345)~~24
Accumulated deficit	(~~335~~339,~~101~~696)		(~~314~~335,~~917~~101)
Total shareholders’ equity	~~348~~371,~~909~~888		~~337~~348,~~663~~909
Total liabilities and shareholders’ equity	$	~~399~~405,~~487~~884	$	~~412~~399,~~714~~487

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

4951

Table of Contents

BioLife Solutions, Inc.

Consolidated Statements of Operations


	Years Ended December 31
(In thousands, except per share and share data)	2025		2024		2023

Revenue	$	96,214	$	74,647	$	68,016
Cost of revenue	34,096		24,551		26,698
Gross profit	62,118		50,096		41,318
Operating expenses:
General and administrative	45,520		40,627		42,792
Sales and marketing	9,850		8,932		11,377
Research and development	7,566		4,751		5,515
IPR&D expense	15,521		—		—
Intangible asset amortization	263		263		1,032
Change in fair value of contingent consideration	—		—		(2,193)
Total operating expenses	78,720		54,573		58,523
Operating loss	(16,602)		(4,477)		(17,205)

Other income (expense):
Interest income (expense), net	2,706		(766)		(1,406)
Other income	1,815		494		1,275
Change in fair value of investments	—		(4,074)		—
Gain on settlement of Global Cooling escrow	—		—		5,115
Total other income (expense), net	4,521		(4,346)		4,984

Loss from continuing operations before income tax expense (benefit)	(12,081)		(8,823)		(12,221)
Income tax expense (benefit)	49		(38)		(64)
Loss from continuing operations	(12,130)		(8,785)		(12,157)

Discontinued operations:
Income (loss) from discontinued operations before income tax expense	7,535		(11,267)		(55,612)
Income tax expense	—		132		233
Income (loss) from discontinued operations	7,535		(11,399)		(55,845)

Net loss	$	(4,595)	$	(20,184)	$	(68,002)

Loss per share - Basic:
Continuing operations	$	(0.25)	$	(0.19)	$	(0.28)
Discontinued operations	$	0.16	$	(0.25)	$	(1.27)
Net loss	$	(0.09)	$	(0.44)	$	(1.55)
Loss per share - Diluted:
Continuing operations	$	(0.25)	$	(0.19)	$	(0.28)
Discontinued operations	$	0.15	$	(0.25)	$	(1.27)
Net loss	$	(0.10)	$	(0.44)	$	(1.55)
Weighted average shares used to compute net loss per share attributable to common shareholders:
Basic	47,753,824		46,067,073		43,719,185
Diluted	48,645,084		46,067,073		43,719,185

Table of Contents

	Years Ended December 31
(In thousands, except per share and share data)	2024		2023		2022
Product revenue	$	76,028	$	68,968	$	71,943
Service revenue	160		349		73
Rental revenue	6,066		6,538		4,223
Total product, service, and rental revenue	82,254		75,855		76,239
Costs and operating expenses:
Cost of product revenue (exclusive of intangible assets amortization)	24,502		26,557		24,970
Cost of service revenue (exclusive of intangible assets amortization)	52		—		—
Cost of rental revenue (exclusive of intangible assets amortization)	4,029		3,365		4,358
General and administrative	40,541		43,264		33,255
Sales and marketing	9,610		12,709		11,672
Research and development	7,912		12,073		8,671
Intangible asset amortization	2,737		3,520		3,990
Change in fair value of contingent consideration	—		(2,193)		(4,754)
Total operating expenses	89,383		99,295		82,162
Operating loss	(7,129)		(23,440)		(5,923)
Other (expense) income:
Interest expense, net	(719)		(1,449)		(284)
Other income	497		1,303		662
Change in fair value of investments	(4,074)		—		697
Gain on settlement of Global Cooling escrow	—		5,115		—
Total other (expense) income, net	(4,296)		4,969		1,075
(Loss) income from continuing operations before income tax benefit	(11,425)		(18,471)		(4,848)
Income tax benefit	38		24		5,236
(Loss) income from continuing operations	(11,387)		(18,447)		388
Discontinued operations:
Loss from discontinued operations before income tax expense	(8,665)		(49,362)		(139,979)
Income tax expense	(132)		(193)		(214)
Loss from discontinued operations	(8,797)		(49,555)		(140,193)
Net loss	$	(20,184)	$	(68,002)	$	(139,805)
Loss per share - Basic:
Continuing operations	$	(0.25)	$	(0.42)	$	0.01
Discontinued operations	$	(0.19)	$	(1.13)	$	(3.30)
Net loss	$	(0.44)	$	(1.55)	$	(3.29)
Loss per share - Diluted:
Continuing operations	$	(0.25)	$	(0.42)	$	0.01
Discontinued operations	$	(0.19)	$	(1.13)	$	(3.26)
Net loss	$	(0.44)	$	(1.55)	$	(3.25)
Weighted average shares used to compute net loss per share attributable to common shareholders:
Basic	46,067,073		43,719,185		42,481,027
Diluted	46,067,073		43,719,185		43,073,473

Table of Contents

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

5253

Table of Contents

BioLife Solutions, Inc.

Consolidated Statements Of Comprehensive Loss

	Years Ended December 31
(In thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023
Net loss	$	(204,~~184~~595)	$	(6820,~~002~~184)	$	(~~139~~68,~~805~~002)
Other comprehensive (loss) income - foreign currency translation adjustment, net of tax	—		278		(347)
Other comprehensive income - foreign currency translation adjustment, net of tax	—		—		278
Unrealized (loss) gain on available-for-sale securities, net of tax	(18)		56		(50)
Unrealized gain on available-for-sale securities, net of tax	108		18		56
Comprehensive loss	$	(204,~~202~~487)	$	(6720,~~668~~166)	$	(~~140~~67,~~202~~668)

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

5354

Table of Contents

BioLife Solutions, Inc.

Consolidated Statements of Shareholders’ Equity

(In thousands, except share data)	Series APreferredStockShares	Series APreferredStockAmount	CommonStockShares	CommonStockAmount	AdditionalPaid-inCapital	AccumulatedOtherComprehensiveLoss	AccumulatedDeficit	TotalShareholders’Equity
Balance, December 31, 2021	—	$—	41,817,503	$42	$585,397	$(282)	$(107,110)	$478,047
Balance, December 31, 2022	—	$—	42,832,231	$43	$611,739	$(679)	$(246,915)	$364,188
Stock issued as consideration for SciSafe earnout	—	—	64,130	—	817	—	—	817
Fees incurred for registration filings	—	—	—	—	(131)	—	—	(131)
Stock-based compensation	—	—	—	—	25,334	—	—	25,334
Stock option exercises	—	—	161,646	—	323	—	—	323
Stock issued – on vested RSAs	—	—	788,952	1	(1)	—	—	—
Other comprehensive loss	—	—	—	—	—	(397)	—	(397)
Net loss	—	—	—	—	—	—	(139,805)	(139,805)
Balance, December 31, 2022	—	—	42,832,231	43	611,739	(679)	(246,915)	364,188
Stock issued as consideration for SciSafe earnout	—	—	116,973	—	2,263	—	—	2,263
Fees incurred for registration filings	—	—	—	—	(132)	—	—	(132)
Stock-based compensation	—	—	—	—	33,245	—	—	33,245
Stock option exercises	—	—	239,043	—	507	—	—	507
Stock issued – on vested RSA units	—	—	1,267,837	1	(1)	—	—	—
Settlement of Global Cooling escrow	—	—	(216,024)	—	(5,115)	—	—	(5,115)
Common stock shares issued	—	—	927,165	1	10,374	—	—	10,375
Other comprehensive income	—	—	—	—	—	334	—	334
Net loss	—	—	—	—	—	—	(68,002)	(68,002)
Balance, December 31, 2023	—	—	45,167,225	45	652,880	(345)	(314,917)	337,663
Stock-based compensation	—	—	—	—	30,923	—	—	30,923
Stock option exercises	—	—	90,250	—	202	—	—	202
Stock issued – on vested RSA units	—	—	1,649,290	2	(66)	—	—	(64)
Other comprehensive (loss) income	—	—	—	—	—	369	—	369
Other comprehensive income	—	—	—	—	—	369	—	369
Net loss	—	—	—	—	—	—	(20,184)	(20,184)
Balance, December 31, 2024	—	$—	46,906,765	$47	$683,939	$24	$(335,101)	$348,909
Stock-based compensation	—	—	—	—	22,993	—	—	22,993
Stock option exercises	—	—	10,000	—	18	—	—	18
Stock issued – on vested RSA units	—	—	1,068,803	1	(1)	—	—	—
Common stock shares issued for PanTHERA Transaction	—	—	213,360		4,455			4,455
Other comprehensive income	—	—	—	—	—	108	—	108
Net loss	—	—	—	—	—	—	(4,595)	(4,595)
Balance, December 31, 2025	—	$—	48,198,928	$48	$711,404	$132	$(339,696)	$371,888

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

5455

Table of Contents

BioLife Solutions, Inc.

Consolidated Statements of Cash Flows

	Year Ended December 31,
(In thousands)	~~2024~~2025		~~2023~~2024		~~2022~~2023
Cash flows from operating activities
Net loss	$	(204,~~184~~595)	$	(6820,~~002~~184)	$	(~~139~~68,~~805~~002)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Impairment of intangible assets	—		~~5,758~~—		~~110~~5,~~364~~758
Impairment of long-lived assets	—		~~9,727~~—		—9,727
Gain on settlement of Global Cooling escrow	—		~~(5,115)~~—		—(5,115)
Depreciation	52,~~160~~253		75,~~114~~160		67,~~775~~114
Amortization of intangible assets	32,~~501~~434		53,~~181~~501		95,~~697~~181
Amortization of loan costs	—		13—		1813
Stock-based compensation	3022,~~923~~993		3330,~~245~~923		2533,~~334~~245
Non-cash lease expense	~~424~~1,875		~~404~~424		~~3,486~~404
Deferred income tax benefit	(64)		(62)		(5,238)
Deferred income tax expense (benefit)	65		(64)		(62)
Change in fair value of contingent consideration	—		~~(2,193)~~—		(42,~~754~~193)
Change in fair value of investments	4,074		—		(697)
Change in fair value of equity investment and other	(983)		4,074		—
Accretion of investments	(~~474~~736)		(~~1,262~~474)		(~~447~~1,262)
Loss on disposal of assets held for rent, net	~~567~~510		~~594~~567		~~773~~594
Loss on disposal of property and equipment, net	~~154~~11		~~633~~154		~~745~~633
Net gain on disposal of subsidiaries	(15,877)		—		—
IPR&D expense	15,521		—		—
Other	—		—		166
Net gain on disposal of subsidiaries	(10,324)		(15,877)		—
Change in operating assets and liabilities
Accounts receivable, trade, net	~~(2,899)~~264		15(2,~~351~~899)		~~(10~~15,~~753)~~351
Inventories	~~781~~(1,268)		~~(8,552)~~781		(68,~~559~~552)
Prepaid expenses and other current assets	(23,~~407~~039)		~~137~~(2,407)		26137
Accounts payable	26(2,086)		~~(8,425)~~26		~~414~~(8,425)
Accrued expenses and other current liabilities	6(1,~~485~~144)		26,~~002~~485		12,~~787~~002
Sales taxes payable	(~~973~~1,905)		~~1,311~~(973)		1,~~526~~311
Warranty liability	~~(528)~~5		(~~454~~528)		(~~1,086~~454)
Other	~~(258)~~264		97(258)		~~(260)~~97
Net cash provided by (used in) operating activities	820,~~431~~115		~~(12~~8,~~498)~~431		(812,~~488~~498)
Cash flows from investing activities
Purchases of property and equipment	(39,~~227~~478)		(63,~~381~~227)		(106,~~385~~381)
Purchases of assets held for rent	(~~2,068~~886)		(42,~~856~~068)		(34,~~536~~856)
Proceeds from sale of available-for-sale securities	36,~~518~~829		3,~~469~~518		~~420~~3,469
Maturities of available-for-sale securities	1834,~~400~~764		5218,~~700~~400		852,~~500~~700
Investment in available-for-sale securities	(18114,~~415~~063)		(2718,~~095~~415)		(5327,~~116~~095)
Purchases of intangible assets	~~(300)~~—		—(300)		—
Proceeds from sale of SciSafe and CBS	73,431		—		—
Investment in IPR&D	(10,221)		—		—
Payments on divestiture of Global Cooling	(13,039)		—		—
Investment in convertible promissory note	(2,000)		—		—
Net cash provided by (used in) investing activities	58,300		17,837		(58,117)
Proceeds from sale of divested entities	23,516		73,431		—
Payments on divestiture of Global Cooling	—		(13,039)		—
Net cash (used in) provided by investing activities	(71,539)		58,300		17,837
Cash flows from financing activities
Proceeds from term loan	—		—		20,000
Payments on term loan	(10,000)		(5,000)		(300)
Payments on term loan	(5,000)		(300)		(1,666)
Payments on equipment loans	—		(1,608)		(198)
Payments on equipment loans	(1,608)		(198)		(498)
Issuance of common stock	—		—		10,244
Issuance of common stock	—		10,244		—
Proceeds from exercise of common stock options	18		202		507
Fees paid related to issuance of common stock	—		—		(131)
Proceeds from financed insurance premium	—		2,094		2,639
Proceeds from exercise of common stock options	202		507		323
Payments on financed insurance premium	(975)		(2,397)		(2,365)
Proceeds from financed insurance premium	2,094		2,639		—
Other	33		(74)		64
Payments on financed insurance premium	(2,397)		(2,365)		(1,375)
Net cash (used in) provided by financing activities	(10,924)		(6,783)		10,591
Other	(74)		64		(337)
Net (decrease) increase in cash and cash equivalents	(62,348)		59,948		15,930
Net cash (used in) provided by financing activities	(6,783)		10,591		16,316
Cash and cash equivalents – beginning of period	95,386		35,438		19,473
Net increase in cash and cash equivalents	59,948		15,930		(50,289)
Effects of currency translation on cash and cash equivalents	—		—		35
Cash and cash equivalents – beginning of period	35,438		19,473		69,870
Cash and cash equivalents – end of period	$	33,038	$	95,386	$	35,438
Effects of currency translation on cash and cash equivalents	—		35		(108)
Cash and cash equivalents – end of period	$	95,386	$	35,438	$	19,473
Non-cash investing and financing activities
Assets acquired under operating leases	$	~~5,833~~—	$	~~880~~5,833	$	~~243~~880
Assets acquired under finance leases	$	—	$	~~1,682~~—	$	—1,682
Purchase of property and equipment not yet paid	$	~~107~~—	$	~~359~~107	$	~~478~~359
Unrealized (gain) loss on available-for-sale securities	$	(18)	$	(56)	$	50
Unrealized loss (gain) on available-for-sale securities	$	108	$	(18)	$	(56)
Unrealized gain on currency translation	$	—	$	~~(12)~~—	$	—(12)
Cashless issuance of SciSafe earnout shares	$	—	$	2,263	$	817
Non-cash acquisition of PanTHERA	$	5,300	$	—	$	—
Returned shares from settlement of Global Cooling escrow	$	—	$	(5,115)	$	—
Cashless issuance of SciSafe earnout shares	$	—	$	—	$	2,263
Cash interest paid	$	1,608	$	1,927	$	586
Returned shares from settlement of Global Cooling escrow	$	—	$	—	$	(5,115)
Cash interest paid	$	762	$	1,608	$	1,927

The accompanying Notes to Consolidated Financial Statements are an integral part of these consolidated financial statements

5556

Table of Contents

NOTES TO 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 products and services including proprietary biopreservation media, ~~automated thawing devices,~~ and ~~cloud-connected~~cell ~~shipping~~processing ~~containers~~tools. Our CryoStor freeze media and HypoThermosol hypothermic storage media are optimized to preserve cells in the ~~regenerative~~cell ~~medicine~~and gene therapy 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~~closed ~~vials~~systems that are purpose-built rigid containers used in cell and gene therapy (“CGT”) that can be filled manually or with high throughput systems, 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 comprised 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.~~

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.

Estimates and assumptions by management affect the Company’s allowance for credit losses, the net realizable value of inventory, sales tax liabilities, valuation of market based stock awards, valuations related to investments and transaction activities, 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, certain accrued expenses, share-based compensation, and the provision for income taxes.

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 and consolidation

The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

The Company is presenting ~~Global~~SAVSU, ~~Cooling~~CBS, SciSafe, and ~~CBS~~Global Cooling as discontinued operations for all periods presented within the Consolidated Balance Sheets and Consolidated Statements of Operations. The Consolidated Statements Of Comprehensive Loss, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages, and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted. See Note 3: Discontinued operations for additional details about the divestitures.

All long-lived assets are maintained in the United States of America.

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 ("CODM"), reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Table of Contents

decision maker ("CODM"), reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Revenue recognition

To determine revenue recognition for contractual arrangements that we determine are within the scope of Financial Accounting Standards Board (“FASB”) Topic 606, Revenue from Contracts with Customers, we perform the following five steps: (i) identify each contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to our performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the relevant performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the observable and estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price, taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 90 days. During the year ended December 31, 2024, the Company recognized approximately $39 thousand of revenue that was included in the deferred revenue balance at the beginning of the year.

The Company primarily recognizes product revenues, service revenues, and rental revenues. Product revenues are generated from the sale of biopreservation media, hPL media, evo ModPaks, and ThawSTAR products. We recognize product revenue, including shipping and handling charges billed to customers, at a point in time when we transfer control of our products to our customers, which is upon shipment for substantially all transactions. Shipping and handling costs are classified as part of cost of product revenue in the Consolidated Statements of Operations.

Service revenues are generated from various customer service agreements to provide warranty and other engineering services. We recognize service revenues over time as services are performed or ratably over the contract term. To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method, depending on the facts and circumstances relative to the contract. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of and during the year ended December 31, 2024.

The Company generates revenue from the leasing of our evo cold chain systems to customers pursuant to rental arrangements entered into with the customer. Revenue from these arrangements is not within the scope of FASB ASC Topic 606 as it is within the scope of FASB ASC Topic 842, Leases. All customers leasing shippers currently do so under rental arrangements for durations of one year or less, with each unit having the option to continue its rental arrangement on a month-to-month basis until returned to the Company beyond the initial rental period. We account for these rental transactions as operating leases and record rental revenue on a straight-line basis over the rental term.

Table of Contents

~~Total~~Revenue ~~bioproduction products and services revenue for the years ended December 31, 2024, 2023, and 2022 were comprised of the following:~~recognition

	Years Ended December 31,
(In thousands, except percentages)	2024		2023		2022
Product revenue
Cell processing	$	73,446	$	65,772	$	68,509
Evo and thaw	2,582		3,196		3,434
Service revenue
Evo and thaw	160		349		73
Rental revenue
Evo and thaw	6,066		6,538		4,223
Total revenue	$	82,254	$	75,855	$	76,239

To determine revenue recognition for contractual arrangements that we determine are within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers, we perform the following five steps: (i) identify each contract with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to our performance obligations in the contract; and (v) recognize revenue when (or as) we satisfy the relevant performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. Contracts with customers may contain multiple performance obligations. For such arrangements, the transaction price is allocated to each performance obligation based on the observable and estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation is sold separately. If the standalone selling price is not observable through past transactions, the Company estimates the standalone selling price, taking into account available information such as market conditions and internally approved pricing guidelines related to the performance obligations. Payment terms and conditions vary, although terms generally include a requirement of payment within 30 to 60 days.

~~There~~The ~~was~~Company noprimarily ~~estimated~~recognizes ~~revenue~~product ~~expected~~revenues. toProduct berevenues ~~recognized~~are ingenerated from the ~~future~~sale ~~related~~of tobiopreservation ~~performance~~media ~~obligations~~and ~~that~~cell ~~are~~processing ~~unsatisfied~~tools. orWe ~~partially~~recognize ~~unsatisfied~~product asrevenue, ofincluding ~~the~~shipping ~~end~~and ofhandling ~~the~~charges ~~reporting~~billed ~~periods~~to ~~as of December 31~~customers, ~~2024.~~at ~~The~~a ~~Company~~point ~~elected~~in ~~not~~time towhen ~~disclose~~we ~~the~~transfer ~~value~~control of ~~the~~our ~~remaining~~products ~~unsatisfied~~to ~~performance~~our ~~obligation~~customers, ~~with~~which ais ~~duration~~upon ofshipment ~~one~~for ~~year~~substantially orall ~~less~~transactions. asShipping ~~permitted~~and byhandling ~~the~~costs ~~practical~~are ~~expedient~~classified inas ~~ASU~~part ~~2014-09,~~of ~~Revenue~~cost ~~from~~of ~~Contracts~~product ~~with~~revenue ~~Customers~~in the Consolidated Statements of Operations.

~~For~~Any ~~additional~~remaining ~~information~~revenues onearned, ~~the~~which ~~Company's~~primarily consisted of service revenues bygenerated ~~geographic~~from ~~region,~~various ~~product~~customer ~~line,~~service agreements for the provision of warranty and other ~~customer~~engineering ~~concentration~~services ~~information~~and equipment rental revenues, ~~see~~were ~~Note~~not ~~16:~~significant ~~Segment,~~in ~~customer,~~any ~~and~~of ~~geographic~~the ~~information~~periods presented.

There was no estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of the end of the reporting periods as of December 31, 2025. The Company elected not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers.

For additional information on the Company's revenues by geographic region, product line, and other customer concentration information, see Note 15: Segment, customer, and geographic information.

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~~Macroeconomic ~~global~~factors, ~~business~~geopolitical ~~environment~~unrest, ~~continues~~inflation, tochanges bein ~~impacted~~interest byand ~~cost~~foreign ~~pressure~~currency exchange rates, tariffs and retaliatory measures, war and other military conflict, and other risks and uncertainties have in the ~~overall~~past ~~effects~~and ofmay ~~economic~~continue ~~uncertainty~~to oncause ~~customers'~~logistical ~~purchasing~~challenges, ~~patterns~~increased input costs, ~~high~~or ~~interest~~create ~~rates~~constraints for our suppliers, distributors, or customers that could in turn decrease demand for our products, create delays and ~~other~~inefficiencies ~~factors~~in our supply chain and make it difficult or impossible for us to deliver products to our customers. It is not possible to accurately predict the future impact of such events and circumstances. Actual results could differ from our estimates.

(Loss) ~~earnings~~ per share from continuing operations

Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock during the reporting period. Diluted earnings per share is calculated using the weighted average number of shares of common stock plus the potentially dilutive effect of common equivalent shares outstanding determined under both the two-class method and the treasury stock method, whichever is more dilutive. In periods when we have a net loss, common stock equivalents are excluded from our calculation of earnings per share as their inclusion would have an antidilutive effect.

Table of Contents

The following table presents computations of basic and diluted earnings per share:

	Year Ended December 31,
(In thousands, except share and earnings per share data)	~~2024~~2025		~~2023~~2024		~~2022~~2023
Basic and diluted (loss) income from continuing operations per common share
Basic and diluted loss from continuing operations per common share
Numerator:
(Loss) income from continuing operations	$	(11,387)	$	(18,447)	$	388
Loss from continuing operations	$	(12,130)	$	(8,785)	$	(12,157)
Denominator:
Weighted-average common shares issued and outstanding - Basic	4647,~~067~~753,~~073~~824		4346,~~719~~067,~~185~~073		4243,~~481~~719,~~027~~185
Effect of dilutive securities	—		—		592,446
Net loss per share from continuing operations attributable to common shareholders
Weighted-average common shares issued and outstanding - Diluted	46,067,073		43,719,185		43,073,473
Basic	$	(0.25)	$	(0.19)	$	(0.28)
Net (loss) income per share from continuing operations attributable to common shareholders
Anti-dilutive shares	891,260		1,283,885		647,348
Basic	$	(0.25)	$	(0.42)	$	0.01
Diluted	$	(0.25)	$	(0.42)	$	0.01
Anti-dilutive shares	1,283,885		647,348		—

Cash and cash equivalents

Cash equivalents consist primarily of interest-bearing money market accounts. We consider all highly liquid debt instruments purchased with an initial maturity of three months or less to be cash equivalents. We maintain cash balances that may exceed federally insured limits. We do not believe that this results in any significant credit risk.

Investments

Available-for-sale securities

Available-for-sale securities consist of U.S. government securities, corporate debt securities, and other debt securities. Management classifies investments at the time of purchase and reevaluates such classification at each balance sheet date. Investments with maturities beyond one year may be classified as short-term based on their liquid nature and because such marketable securities represent the investment of cash that is available for current operations. Available-for-sale securities are reported at fair value based on quoted market prices and other observable market data. Unrealized gains and losses are reported as a component of other comprehensive (loss) income, net of any related tax effect. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. Any other-than-temporary impairments on investments are included in other income (expense).

~~Inventories~~Equity investments

~~Inventories~~We ~~relate~~periodically toinvest the Company’s cell and gene therapy products. The Company values biopreservation media inventory at cost or, if lower, net realizable value, using the specific identification method. The Company values thaw inventory at cost or, if lower, net realizable value, using the average costing method. All other inventory is valued at cost or, if lower, net realizable value, using the first-in, ~~first-out~~securities ~~method. The Company reviews its inventories at least quarterly and records a provision for inventory that has become obsolete, inventory that has a cost basis in excess~~ of ~~its~~private ~~expected~~companies ~~net realizable value, and inventory in excess of expected revenue volume~~ to ~~cost~~promote ofbusiness ~~product revenue. The Company bases its estimates on expected product revenue volume, production capacity~~ and ~~expiration~~strategic ~~dates of raw materials, work in process, and finished products~~objectives. AThese ~~change~~investments inwere ~~the~~measured estimated timing or amount of demand for the Company’s products could result in additional provisions for excess inventory quantities on hand. Any significant unanticipated changes in demand or unexpected quality failures could have a significant impact on the value of inventory and ~~reported operating results. During the year ended December 31, 2023, we assessed write-downs of approximately $3.4 million and~~ recorded ~~within~~as ~~the line item Inventories in the Company's Consolidated Balance Sheet. For additional information, see Note 6~~follows: ~~Inventories. Work-in-process and finished products inventories consist of material, labor, outside testing costs and manufacturing overhead.~~

Non-marketable equity securities are equity securities without a readily determinable fair value. In November of 2020, the Company invested $1.0 million in Class E Preferred Shares in PanTHERA CryoSolutions, Inc. (“PanTHERA”). In conjunction with this investment, the Company executed a development and license agreement with PanTHERA (the “PanTHERA Development and License Agreement”)under which the Company was to make milestone development payments up to $2.0 million in the event that certain milestones were met in exchange for exclusive, perpetual, worldwide marketing and distribution rights to the technology for use in CGT applications. As of December 31, 2024, the Company had paid $1.9 million in milestone development payments. The Preferred Stock investments in PanTHERA were carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar investments of the same issuer. As of December 31, 2024, the Company’s investment in Series E Preferred Stock in PanTHERA was valued at $1.0 million. During the second quarter of 2025, the Company acquired the remaining 90% of the outstanding shares of capital stock of PanTHERA pursuant to a Stock Purchase Agreement (the “PanTHERA Purchase Agreement”), by and among the Company, Casdin Partners Master Fund L.P. and each other person

Table of Contents

listed on Schedule A thereto (the “PanTHERA Sellers”), 2699979 Alberta LTD., an Alberta corporation and a wholly owned subsidiary of the Company (“PanTHERA Buyer Sub”), PanTHERA and Dr. Jason Acker, solely in his capacity as Sellers’ Representative (the “PanTHERA Transaction”). The previously held equity interest in PanTHERA was added to the overall consideration paid to determine the costs to allocate to assets in the PanTHERA Transaction and the remaining liability for milestone development payments were extinguished. For additional details on the details of the asset acquisition, see Note 2: Acquisition.

In November of 2020, the Company elected to convert a convertible note into Series A-1 Preferred Stock and invest an additional $1.0 million in Series A-2 Preferred Stock in iVexSol. The Preferred Stock investments in iVexSol were carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar investments of the same issuer. For the period ending December 31, 2023, the fair value of the Company's shares was $4.1 million. During the second quarter ending June 30, 2024, the Company received communications that triggered substantial doubt about 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, which represented the entirety of the value of the investment.

Fair value

In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures, (“ASC 820”), the Company measures its financial instruments at fair value on a recurring basis. The carrying values of certain 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 the Company's 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 due to the use of quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The carrying values of the Company's long-term debt, which is classified within Level 2 in the fair value hierarchy, approximates fair value as the borrowings with lenders are at interest rates that approximate market rates for comparable loans. ASC 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 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.

There were no remeasurements to fair value during the year ended December 31, 2025 of financial assets and liabilities that are not measured at fair value on a recurring basis.

For certain financial instruments, the Company may elect to utilize the fair value option ("FVO") in accordance with ASC Topic 825, Financial Instruments ("ASC 825"). The Level 3 financial instrument contains embedded features wherein the entire financial instrument was initially measured at its issue-date estimated fair value and will be subsequently remeasured at estimated fair value on a recurring basis at each reporting period date using a Monte Carlo simulation model. Significant unobservable inputs utilized in the valuation include the estimated probability of certain qualified settlement events, the estimated equity value of the investee, the projected revenue of the investee, the risk-adjust discount rate, and volatility rate. Significant changes in any of those inputs in isolation may result in significant changes in fair value measurement. The carrying value of the Company's Level 3 financial instrument is presented within Other assets in the Consolidated Balance Sheets. The Company elected to disclose changes in the estimated fair value of the Level 3 financial instrument as a component of Other income in the Consolidated Statements of Operations. For further information on the nature of this financial instrument, see Note 4: Fair value measurement.

Table of Contents

Inventories

Inventories relate to the Company’s products. The Company values biopreservation media inventory at cost or, if lower, net realizable value, using the specific identification method. The Company values thaw inventory at cost or, if lower, net realizable value, using the average costing method. All other inventory is valued at cost or, if lower, net realizable value, using the first-in, first-out method. The Company reviews its inventories at least quarterly and records a provision for inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected revenue volume to cost of product revenue. The Company bases its estimates on expected product revenue volume, production capacity and expiration dates of raw materials, work in process, and finished products. A change in the estimated timing or amount of demand for the Company’s products could result in additional provisions for excess inventory quantities on hand. Any significant unanticipated changes in demand or unexpected quality failures could have a significant impact on the value of inventory and reported operating results.

Accounts receivable

Accounts receivable consist of short-term amounts due from our customers ~~(generally 30 to 90 days)~~ and are stated at the amount we expect to collect. We establish an allowance for credit losses based on our assessment of the collectability of specific customer accounts. Accounts considered uncollectible are charged against the established allowance.

Accounts receivable are stated at principal amount, do not bear interest, and are generally unsecured. Accounts considered uncollectible are charged against the established allowance.

Equity investments

We periodically invest in securities of private companies to promote business and strategic objectives. These investments are measured and recorded as follows:

Non-marketable equity securities are equity securities without a readily determinable fair value. As of December 31, 2024 and December 31, 2023, our investment in Series E Preferred Stock in PanTHERA CryoSolutions, Inc. (“PanTHERA”) was valued at $1.0 million. In November of 2020, the Company invested $1.0 million in Class E Preferred Shares in PanTHERA CryoSolutions, Inc. In conjunction with this investment, the Company executed a development and license agreement with PanTHERA under which the Company will make milestone development payments up to $2.0 million in the event that certain milestones are met in exchange for exclusive, perpetual, worldwide marketing and distribution rights to the technology for use in cell and gene therapy applications. As of December 31, 2024, the Company has paid $1.9 million in milestone development payments, with $0.9 million paid during the current year in accordance with the agreement. The Preferred Stock investments in PanTHERA are carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar investments of the same issuer. As of December 31, 2024, management believes there are no indications of impairment or changes in fair value for the investment in PanTHERA.

In November of 2020, the Company elected to convert a convertible note into Series A-1 Preferred Stock and invest an additional $1.0 million in Series A-2 Preferred Stock in iVexSol. The Preferred Stock investments in iVexSol were carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar investments of the same issuer. For the periods ending December 31, 2023 and 2022, the fair value of the Company's shares was $4.1 million. During the second quarter ending June 30, 2024, the Company received communications that triggered substantial doubt about 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, which represented the entirety of the value of the investment.

Property and equipment

Property and equipment are stated at cost and are depreciated using the straight-line method over estimated useful lives of three to ten years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the remaining lease term of the respective assets. Gains or losses on disposals of property and equipment are recorded within income from operations. Costs of repairs and maintenance are included as part of operating expenses unless they are incurred in relation to major improvements to existing property and equipment, at which time they are capitalized.

Assets held for rent

Assets held for rent are carried at cost less accumulated depreciation. These assets consist of evo shippers and related components in production, shippers complete, ready to be deployed, and placed in service upon a customer order, shippers in the process of being assembled, and components available to build shippers. Shippers are depreciated over a useful life of three years when in use by customers.

Our customers rent assets per a rental agreement. Each agreement provides for fixed monthly rent. Rental revenue and fees are recognized over the rental term on a straight-line basis. We retain the ownership of the assets rented. At the end of the rental agreement, the customer returns the asset to the Company.

Assets held for rent are reviewed for impairment whenever events or changes in circumstances indicate that their net book value may not be recoverable. Carrying values are reviewed for recoverability at the asset grouping level to determine if the

Table of Contents

facts and circumstances suggest that a potential impairment may have occurred. If the sum of the expected future cash flows (undiscounted and before interest) from the use of the assets is less than the net book value of the asset, an impairment could exist and the amount of the impairment loss, if any, will generally be measured as the difference between the net book value of the assets and their estimated fair values. There were no impairment losses recognized during the years ended December 31, 2024, 2023, and 2022.

Long-Lived Assets

The Company reviews long-lived assets, including property and equipment, leased assets, and definite life intangible assets for impairment whenever events and changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available ("asset group"). An impairment loss is recognized when the sum of the projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach.

Lease accounting

We determine if an arrangement is a lease at inception. Where an arrangement is a lease, we determine if it is an operating lease or a financing lease. At lease commencement, we record a lease liability and corresponding right-of-use (“ROU”) asset. Lease liabilities represent the present value of our future lease payments over the expected lease term which includes options to extend or terminate the lease when it is reasonably certain those options will be exercised. The present value of our lease liability is determined using our incremental collateralized borrowing rate at lease inception. ROU assets represent our right to control the use of the leased asset during the lease and are recognized in an amount equal to the lease liability for leases with an initial term greater than twelve months. Over the lease term we use the effective interest rate method to account for the lease liability as lease payments are made and the ROU asset is amortized in a manner that results in straight-line expense recognition. The Company has elected the practical expedient and does not separate lease components from non-lease components for its leases.

We elected to apply the practical expedient for short-term leases and accordingly do not apply lease recognition requirements for short-term leases with a duration less than twelve months. Instead, we recognize payments related to these arrangements in the Consolidated Statement of Operations as lease costs on a straight-line basis over the lease term.

Table of Contents

Warranty

~~Our~~Certain equipment products contain standard warranty terms typically cover one year from the date of delivery. We accrue for standard warranty costs based on historical trends in warranty charges. The accrual is reviewed regularly and periodically adjusted to reflect changes in warranty cost over the period.

Income taxes

We account for income taxes using an asset and liability method which generally requires recognition of deferred tax assets and liabilities for the expected future tax effects of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are recognized for the future tax effects of differences between tax bases of assets and liabilities, and financial reporting amounts, based upon enacted tax laws and statutory rates applicable to the periods in which the differences are expected to affect taxable income. We evaluate the likelihood of realization of deferred tax assets and provide an allowance where, in management’s opinion, it is more likely than not that the asset will not be realized. Our policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statement of Operations.

We determine any uncertain tax positions based on a determination of whether and how much of a tax benefit taken in the Company’s tax filings or positions is more likely than not to be sustained upon examination by the relevant income tax authorities.

Judgment is applied in the determination of the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. As of December 31, ~~2024~~2025, the Company has an unrecognized tax benefit of $1.2 million related to tax attributes being carried forward. The Company is generally subject to examination by U.S. federal and local income tax authorities for all tax years in which loss carryforward is available.

Table of Contents

Sales Taxes Payable

The Company records sales tax collected from customers on a net basis, and therefore excludes it from total ~~product,~~revenues ~~service and rental revenue~~ as defined in ASC Topic 606. Cash collected from customers is recorded in accrued expenses on the Company's Consolidated Balance Sheet and then remitted to the proper taxing authority. In addition, refer to Note 1211: Commitments and contingencies for discussion regarding an estimated sales tax liability the Company recorded in relation to historical activity in certain states. As of December 31, 2025, 2024, and 2023, total interest expenses assessed on sales tax liabilities ~~was~~were $0.1 million, $0.4 million, and $0.4 million, respectively. ~~As of December 31, 2022, no interest expenses had yet been assessed on sales tax liabilities.~~

Advertising

Advertising costs are expensed as incurred and totaled $0.94 million, $0.89 million, and $0.48 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively.

Research and development

Research and development costs are expensed as incurred, including any identifiable assets purchased from others for a particular research and development project outside of a business combination with no alternative future use.

Stock-based compensation

We measure and record compensation expense using the applicable accounting guidance for share-based payments related to stock options, time-based restricted stock, market-based restricted stock awards, and performance-based restricted stock awards granted to our directors and employees. The fair value of stock options, including performance awards, without a market-based condition is determined by using the Black-Scholes option-pricing model. The fair value of restricted stock awards with a market condition is estimated at the date of grant using the Monte Carlo Simulation model. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions as to stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. The fair value of restricted stock, including performance awards, without a market condition is estimated using the current market price of our common stock on the date of grant.

We expense stock-based compensation for stock options, restricted stock awards, and performance awards over the requisite service period. For awards with only a service condition, we expense stock-based compensation using the straight-line method over the requisite service period for the entire award. For awards with a market condition, we expense the grant date fair value over the vesting period regardless of the value that the award recipients ultimately receive.

Goodwill

Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. Goodwill is not amortized but is tested for impairment at least annually. The Company reviews goodwill for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be less than its carrying amount (a triggering event). The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test described in FASB ASC Topic 350, Intangibles – Goodwill and Other. The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative goodwill impairment test is unnecessary and goodwill is considered to be unimpaired. However, if based on the qualitative assessment the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will proceed with performing the quantitative goodwill impairment test. In performing the quantitative goodwill impairment test, the Company determines the fair value of its reporting unit and compares it to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the

Table of Contents

~~net~~We ~~assets~~expense ~~assigned~~stock-based tocompensation ~~that~~for ~~unit,~~stock ~~goodwill~~options isand ~~not~~restricted ~~impaired.~~stock Ifawards over the ~~carrying~~requisite ~~value~~service ofperiod. ~~the~~For ~~reporting~~awards ~~unit~~with ~~exceeds~~only ~~its~~a ~~fair~~service ~~value~~condition, ~~the~~we ~~Company~~expense ~~records~~stock-based ancompensation ~~impairment~~using ~~loss~~the ~~equal~~straight-line tomethod over the ~~difference.~~requisite ~~The~~service ~~Company~~period ~~operates~~for asthe ~~one~~entire ~~reporting~~award. ~~unit~~For asawards ofwith ~~the~~a ~~goodwill~~market ~~impairment~~condition, ~~measurement~~we ~~date~~expense in the ~~fourth~~grant ~~quarter~~date offair ~~2024.~~value Asover of the ~~testing~~vesting ~~date~~period ~~and~~regardless of the ~~period~~value ~~after~~ that ~~date~~the ~~through~~award ~~the~~recipients ~~issuance~~ultimately ~~date~~receive. ofFor ~~our~~awards ~~financial~~with ~~statements~~performance conditions, ~~the~~we ~~Company~~begin ~~has~~expensing ~~observed~~the nogrant ~~indicators~~date offair ~~potential~~value ~~goodwill~~over ~~impairment~~the atrequisite ~~any~~vesting ~~point~~period ~~during~~only when the ~~period~~performance ~~based~~condition onis ~~its~~deemed ~~required assessment~~probable.

Business combinations

In accordance with ASC Topic 805, Business Combinations ("ASC 805"), the Company accounts for an acquisition as a business combination if the assets acquired and liabilities assumed in the transaction constitute a business. Such acquisitions are accounted for using the acquisition method, whereby the Company recognizes the identifiable tangible and intangible assets acquired and liabilities assumed, and any non-controlling interest and acquisition date fair value of any previously held equity interest in the acquired business is measured at the acquisition date fair values. Where the set of assets acquired and liabilities assumed do not constitute a business, it is accounted for as an asset acquisition where the individual assets and liabilities are recorded at their respective relative fair values corresponding to the consideration transferred. Should the Company have previously held equity interest in the acquiree of an asset acquisition, the Company has elected to include the fair value of the previously held equity interest within the total cost of the asset acquisition.

Goodwill

Goodwill represents the excess of the purchase price over the net amount of identifiable assets acquired and liabilities assumed in a business combination measured at fair value. Goodwill is not amortized but is tested for impairment at least annually. The Company reviews goodwill for impairment annually in the fourth quarter and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be less than its carrying amount (a triggering event). The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of its reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the quantitative goodwill impairment test described in FASB ASC Topic 350, Intangibles – Goodwill and Other ("ASC 350"). The more likely than not threshold is defined as having a likelihood of more than 50 percent. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative goodwill impairment test is unnecessary and goodwill is considered to be unimpaired. However, if based on the qualitative assessment the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will proceed with performing the quantitative goodwill impairment test. In performing the quantitative goodwill impairment test, the Company determines the fair value of its reporting unit and compares it to its carrying value. If the fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired. If the carrying value of the reporting unit exceeds its fair value, the Company records an impairment loss equal to the difference. The Company operates as one reporting unit as of the goodwill impairment measurement date in the fourth quarter of 2025. As of the testing date and the period after that date through the issuance date of our financial statements, the Company has observed no indicators of potential goodwill impairment at any point during the period based on its required assessment.

Intangible assets

Table of Contents

exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for the Company’s products or changes in the size of the market for the Company’s products. If impairment indicators are present, the Company determines whether the underlying intangible asset is recoverable through estimated future undiscounted cash flows. If the asset is not found to be recoverable, it is written down to the estimated fair value of the asset based on the sum of the future discounted cash flows expected to result from the use and disposition of the asset.

Recent accounting pronouncements

Recently adopted accounting pronouncements

In ~~November~~December 2023, ~~the~~FASB ~~Financial~~issued ~~Accounting~~ASU ~~Standards~~No. ~~Board~~2023-09, ~~(“FASB”)~~Improvements ~~issued~~to ~~Accounting~~Income ~~Standards~~Tax ~~Update~~Disclosures (“ASU”) 2023-0709”), ~~Segment~~which ~~Reporting~~requires ~~(Topic~~additional ~~280):~~disaggregated ~~Improvements~~information toabout ~~Reportable~~a ~~Segment~~reporting ~~Disclosures,~~entity’s ~~which~~effective ~~expands~~tax ~~annual~~rate ~~and~~reconciliation ~~interim~~as ~~disclosure~~well ~~requirements~~as ~~for~~information ~~reportable~~increasing ~~segments,~~transparency ~~primarily~~of ~~through~~income ~~enhanced~~taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures ~~about~~that ~~significant~~would ~~segment~~be ~~expenses~~useful in making capital allocation decisions. WeThe Company adopted this standard effective January 1, ~~2024~~2025 using a ~~retrospective~~prospective ~~method~~approach. ~~For~~Refer ~~additional information, refer~~ to Note 1614: ~~Segment,~~Income ~~customer,~~taxes ~~and~~for ~~geographic~~further information.

Recently issued accounting pronouncements not yet adopted

InOn ~~November~~December ~~2024~~8, 2025, FASB issued ASU ~~No. 2024-03~~2025‑11, ~~Income~~Interim ~~Statement~~Reporting -(Topic ~~Reporting~~270): ~~Comprehensive~~Narrow‑Scope ~~Income~~Improvements ("ASU 2025-11"), ~~Expense~~which ~~Disaggregation~~clarifies ~~Disclosures:~~and ~~Disaggregation~~enhances ofguidance ~~Income~~under ~~Statement~~ASC ~~Expenses,~~270 ~~which~~on ~~requires~~interim ~~disclosure~~financial ofreporting ~~disaggregated~~by ~~information~~(i) ~~about~~clarifying ~~specific~~the ~~categories~~scope ~~underlying~~of ~~certain~~ASC ~~income~~270 ~~statement~~such ~~expense~~that ~~line~~it ~~items~~now inexplicitly ~~the~~applies ~~footnotes~~only to ~~the~~entities ~~financial~~that ~~statements~~issue ~~for~~complete ~~both~~interim ~~annual~~financial statements and ~~interim~~related ~~periods~~notes under U.S. ~~This~~GAAP, ~~ASU~~(ii) isestablishing ~~effective~~clear ~~for~~guidance ~~fiscal~~on ~~years~~the ~~beginning~~form ~~after~~of ~~December~~interim 15statements and notes, ~~2026~~incorporating a comprehensive list of required interim disclosures drawn from across the ASC, and (iii) introducing a requirement to disclose material events and changes occurring after the end of the last annual period that could impact interim ~~reporting~~results. This guidance will be effective for interim periods beginning ~~after~~in ~~December 15~~2028, ~~2027.~~though ~~Early~~early adoption is permitted. The Company is currently evaluating the ~~effects~~impact ~~adoption~~ of this ~~guidance~~accounting ~~will~~standard ~~have~~ on ~~the~~its ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~Statements and related disclosures.

InOn ~~March~~December ~~2024~~4, ~~the~~2025, FASB issued ASU ~~2024~~2025-0210, ~~Codification~~Accounting ~~Improvements~~for toGovernment ~~amend~~Grants aReceived ~~variety of topics in the accounting codification~~ by ~~removing~~Business ~~references~~Entities to("ASU ~~various~~2025-10"), ~~FASB~~which ~~concepts~~establishes ~~statements.~~guidance ~~This~~on ~~accounting~~the ~~standard~~recognition, ismeasurement, ~~effective~~and ~~for~~presentation ~~fiscal~~of ~~years~~government ~~beginning~~grants ~~after~~received ~~December~~by ~~15,~~business ~~2024, and early adoption is permitted~~entities. ASU ~~2024~~2025-0210 ~~can~~is beeffective ~~applied~~for ~~retrospectively~~annual toperiods ~~the~~ beginning ~~of the earliest comparative period presented in which the amendments were first applied or prospectively to all new transactions recognized on or~~ after ~~the~~December ~~date~~15, ~~that the entity first applies the amendments~~2028. The Company isdoes ~~currently~~not ~~evaluating~~expect the ~~effects~~application ~~adoption~~ of this ~~guidance~~standard will have a material impact on ~~the~~its ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~Statements and related disclosures.

InOn ~~December~~November ~~2023~~25, ~~the~~2025, FASB issued ASU ~~No. 2023-~~2025‑09, ~~Improvements~~Derivatives toand ~~Income~~Hedging ~~Tax~~(Topic 815): ~~Disclosures~~Hedge Accounting Improvements (“"ASU ~~2023~~2025-09”"), which ~~requires~~amends ~~additional~~ASC ~~disaggregated~~815 ~~information~~to ~~about~~align ahedge ~~reporting~~accounting more closely with an entity’s ~~effective~~economic ~~tax~~risk ~~rate~~management ~~reconciliation~~practices. asKey ~~well~~amendments asinclude ~~information~~(i) ~~increasing~~to ~~transparency~~allow designating a variable price component of ~~income~~a ~~taxes~~nonfinancial ~~paid.~~forecasted ~~The~~purchase ~~standard~~or issale ~~intended~~as the hedged risk, (ii) to ~~benefit~~allow ~~investors~~grouping byindividual ~~providing~~forecasted ~~more~~transactions ~~detailed~~with ~~income~~similar ~~tax~~(not ~~disclosures~~identical) ~~that~~risk ~~would~~exposures, be(iii) ~~useful~~a new model for hedging forecasted interest on variable-rate debt, enabling changes in ~~making~~index ~~capital~~or ~~allocation~~tenor ~~decisions.~~without ~~This~~designation, ~~ASU~~subject isto ~~effective~~simplifying ~~for~~assumptions, ~~public~~and ~~companies~~(iv) ~~with~~additional ~~annual~~clarifications ~~periods~~related ~~beginning~~to ~~after~~hedge ~~December~~accounting 15of nonfinancial components, ~~2024~~net written options, ~~with~~and dual-hedge strategies. This guidance is effective beginning in 2027, though early adoption is permitted. The Company isdoes ~~currently~~not ~~evaluating~~expect the ~~effects~~application ~~adoption~~ of this ~~guidance~~standard will have a material impact on ~~the~~its ~~consolidated~~Consolidated ~~financial~~Financial ~~statements~~Statements and related disclosures.

63On November 12, 2025, FASB issued ASU 2025‑08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans ("ASU 2025-08"), which expands the scope of the “gross‑up” method, formerly applicable only to purchased credit‑deteriorated ("PCD") assets, to include acquired non‑PCD loans that meet certain criteria, now referred to as “purchased seasoned loans” (PSLs). Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day-one credit‑loss expense previously required for non‑PCD assets. PSLs are defined as non‑PCD loans acquired either (i) through a business combination, or (ii) purchased more than 90 days after origination when the acquirer was not involved in origination. This guidance is effective on a prospective basis for loans acquired on or after the adoption date, for interim and annual reporting periods beginning in 2027, though early adoption is permitted. The Company does not expect the application of this standard will have a material impact on its Consolidated Financial Statements and related disclosures.

~~Table~~On ofSeptember ~~Contents~~29, 2025, FASB issued ASU 2025-07, Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract ("ASU 2025-07"), which excludes from derivative

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in ASU 2023-06 update requirements in various disclosure areas, including the statement of cash flows, earnings per share, debt, and equity. The amendments in ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. The Company has evaluated the impact of the adoption of ASU 2023-06 on its consolidated financial statements and disclosures, and has determined that the adoption of this guidance will not materially impact the Company’s current disclosures. In addition, the Company believes the adoption of ASU 2023-06 will not have a material impact on results of operations, cash flows, or financial condition.

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 that 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. SEC's Staff Accounting Bulletin ("SAB") 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.

As noted in our Basis of presentation and consolidation, the Company is presenting Global Cooling, SciSafe, and CBS as discontinued operations for all periods presented within the Consolidated Balance Sheets and Consolidated Statements of Operations. The Consolidated Statements Of Comprehensive Loss, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. For purposes of comparability to the Company's presented Consolidated Balance Sheet and Consolidated Statements of Operations previously filed in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024, the Company is presenting the impact of the adjustments on a consolidated basis rather than presenting the divested companies as discontinued operations in the below tables.

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 Comprehensive Loss and 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:

	December 31, 2023
(In thousands)	As reported	Adjustment	As corrected
Additional paid-in-capital	651,305	1,575	652,880
Accumulated deficit	(313,342)	(1,575)	(314,917)

The effect of the adjustments to our Consolidated Statement of Operations for the year ended December 31, 2023 was as follows:

Table of Contents

	December 31, 2023
(In thousands, except share and earnings per share data)	As reported	Adjustment	As corrected
General and administrative	55,725	1,414	57,139
Research and development	24,583	161	24,744
Total operating expenses	214,096	1,575	215,671
Operating loss	(70,825)	(1,575)	(72,400)
Loss from continuing operations before income tax benefit	(66,258)	(1,575)	(67,833)
Loss from continuing operations	(66,427)	(1,575)	(68,002)
Net loss per basic and diluted share from continuing operations	(1.52)	(0.04)	(1.56)

accounting non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. This guidance is effective for fiscal years and interim periods beginning after December 15, 2026, with early adoption permitted. These requirements may be applied prospectively or on a modified retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings. The Company does not expect the application of this standard will have a material impact on its Consolidated Financial Statements and related disclosures.

On September 18, 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"), which modernizes the accounting guidance for the costs to develop software for internal use. The ~~effect~~standard applies to costs incurred to develop or obtain software for internal use. ASU 2025-06 amends the existing standard that refers to various stages of a software development project to align better with current software development methods. Under the ~~adjustments~~new standard, entities will commence capitalizing eligible costs when (i) management has authorized and committed to ~~our~~funding ~~Consolidated~~the ~~Statement~~software ofproject, ~~Cash~~and ~~Flows~~(ii) ~~for~~it is probable that the ~~year~~project ~~ended~~will be completed and the software will be used to perform the function intended. ASU 2025-06 guidance is effective for annual periods beginning after December 3115, ~~2023~~2027. ~~was~~The asguidance ~~follows:~~can be applied on a prospective basis, a modified basis for in-process projects, or on a retrospective basis. The Company is currently evaluating the impact of this accounting standard on its Consolidated Financial Statements and related disclosures.

	December 31, 2023
(In thousands, except share and earnings per share data)	As reported	Adjustment	As corrected
Net loss	(66,427)	(1,575)	(68,002)
Stock-based compensation	31,670	1,575	33,245

On July 30, 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets ("ASU 2025-05"), which provides a practical expedient that assumes current conditions as of the balance sheet date remain unchanged when developing forecasts for estimating expected credit losses. Under ASU 2025-05, an entity is required to disclose that it has elected to use the practical expedient and the election should be applied prospectively. ASU 2025-05 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2025, with early adoption permitted. The Company does not expect the application of this standard will have a material impact on its Consolidated Financial Statements and related disclosures.

3On May 15, 2025, the FASB issued ASU 2025-04, Clarifications to Share-Based Consideration Payable to a Customer ("ASU 2025-04"), which clarifies the guidance on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer, with the intent to reduce diversity in practice and improve existing guidance by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. ~~Discontinued~~ ~~operations~~ASU 2025-04 also clarifies that the guidance in Topic 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer "regardless of whether an award’s grant date has occurred." ASU 2025-04 is effective for fiscal years beginning after December 15, 2026 with updates to be applied on a retrospective or modified retrospective basis. Early adoption is permitted. The Company does not expect the application of this standard will have a material impact on its Consolidated Financial Statements and related disclosures.

AsOn ~~announced~~May in12, 2025, the ~~second~~FASB ~~quarter~~issued ofASU ~~2023~~2025-03, Determining the ~~Company,~~Accounting ~~management,~~Acquirer ~~and~~in ~~our~~the ~~board~~Acquisition of ~~Directors~~a Variable Interest Entity (~~the~~"ASU 2025-03"~~Board"~~), ~~had~~which ~~determined~~revises ~~that~~the ~~divesting~~guidance ~~Global~~in ~~Cooling~~ASC ~~and~~805 ~~CBS~~on (identifying the ~~"Freezer~~accounting ~~Business")~~acquirer ~~would~~in ~~allow~~a ~~for~~business combination in which the ~~Company~~legal acquiree is a variable interest entity ("VIE"). ASU 2025-03 is intended to ~~optimize~~improve ~~its~~comparability ~~product~~between ~~portfolio~~business bycombinations ~~focusing~~that oninvolve ~~its~~VIEs ~~recurring~~and ~~higher~~those ~~margin~~that ~~revenue~~do ~~streams~~not. ~~Additionally~~Under ASU 2025-03, a reporting entity involved in ~~November~~a ofbusiness ~~2024,~~combination effected primarily by the ~~Company,~~exchange ~~management,~~of ~~and~~equity interests must consider the ~~Board~~factors ~~determined~~in ASC 805-10-55-12 through 55-15 to determine which entity is the ~~sale~~accounting acquirer regardless of ~~SciSafe~~whether ~~would~~the ~~further~~legal ~~optimize~~acquiree is a VIE. More specifically, when considering those factors, the ~~Company's~~reporting ~~product~~entity ~~portfolio~~can ~~toward~~determine ~~its~~that ~~proprietary~~a ~~high~~transaction ~~margin~~in ~~cell~~which ~~processing~~the ~~and~~legal ~~other~~acquiree ~~bioproduction~~is ~~products.~~a ~~The~~VIE ~~Company~~represents ~~completed~~a reverse acquisition (in which the ~~sale~~legal ofacquirer ~~Global~~is ~~Cooling~~identified ~~during~~as the ~~second~~acquiree ~~quarter~~for ofaccounting ~~2024~~purposes). ~~and~~As ~~completed~~a ~~the~~result, ~~sales~~comparability ofis ~~CBS~~increased ~~and~~with ~~SciSafe~~business ~~during~~combinations in which the ~~fourth~~legal ~~quarter~~acquiree ofis ~~2024~~a VIE. ~~Accordingly~~ASU 2025-03 is effective for fiscal years beginning after December 15, ~~the~~2026, ~~results~~including ofinterim ~~these~~periods ~~businesses~~within ~~are~~those ~~reported~~fiscal inyears. ~~the~~Early ~~“Loss~~adoption ~~from~~is ~~discontinued~~permitted. ~~operations”~~The ~~line~~amendments in ASU 2025-03 must be applied prospectively to any business combination that occurs after the ~~Consolidated~~initial ~~Statements~~adoption date. The Company does not expect the application of ~~Operations.~~this ~~These~~standard ~~changes~~will have ~~been~~a ~~applied~~material toimpact ~~all~~on ~~periods~~its ~~presented~~Consolidated Financial Statements and related disclosures.

~~Divestiture~~In November 4, 2024, FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of ~~Global~~Income ~~Cooling~~Statement Expenses, ~~Inc~~which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the footnotes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effects adoption of this guidance will have on the consolidated financial statements.

~~On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock (the "GCI Divestiture") of Global Cooling, Inc~~2., a Delaware corporation and wholly owned subsidiary of the Company ("Global Cooling"), to GCI Holdings, an Ohio limited liability company ("Buyer") pursuant to a Stock Purchase Agreement, dated April 17, 2024, (the "Global Cooling Purchase Agreement"), by and between the Company and GCI Holdings. The Company analyzed the quantitative and qualitative factors relevant to the sale of Global Cooling and determined that the conditions for discontinued operations presentation were met during the second quarter of 2024. Acquisition

As a condition of the Global Cooling 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

Table of Contents

In November 2020, the Company invested approximately $21.6 0 million ofin ~~outstanding~~Class ~~indebtedness~~E ofPreferred ~~Global~~Shares ~~Cooling~~in PanTHERA, ~~and~~representing ~~assume~~an ~~certain~~approximately ~~other~~10% ~~liabilities~~ownership ofinterest. ~~Global~~In ~~Cooling~~conjunction ofwith ~~$2.6~~this ~~million.~~investment, ~~The~~the Company ~~recognized~~executed athe ~~loss~~PanTHERA onDevelopment ~~disposal~~and ofLicense ~~Global~~Agreement ~~Cooling~~under which the Company made milestone development payments in exchange for exclusive, ~~calculated~~perpetual, asand ~~follows:~~worldwide marketing and distribution rights to the technology for use in CGT applications.

(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
Less: Global Cooling carrying basis as of April 17, 2024	1,650
Less: Release of Global Cooling currency translation adjustment	(13)
Net loss on disposal	$	(8,897)

On April 4, 2025, the Company acquired the remaining 90% of the outstanding shares of capital stock of PanTHERA from the PanTHERA Sellers. Through the PanTHERA Transaction, the Company obtained ownership of PanTHERA’s patented Ice Recrystallization Inhibitor ("IRI") GEN 2 cryopreservation technology that is expected to ultimately enhance the Company's core capabilities in biopreservation and within the CGT market upon achievement of commercial viability. This technology was valued to represent approximately 95% of the gross assets acquired in the PanTHERA Transaction. In accordance with ASC 805-50, due to the fair value of the technology representing substantially all of the gross assets acquired, the Company accounted for this transaction as an asset acquisition.

~~(1)~~The ~~Represents~~IRI GEN 2 cryopreservation technology was under development as of the ~~costs~~date ~~incurred~~of acquisition. It was therefore considered in-process ~~connection~~research ~~with~~and development ("IPR&D") as of the ~~divestiture~~date of ~~Global~~acquisition ~~Cooling,~~and ~~including~~valued ~~fees~~at $15.5 million. The Company analyzed the quantitative and qualitative factors relevant to the acquisition of the IPR&D IRI GEN 2 cryopreservation technology and determined that the asset should be ~~paid~~immediately expensed in accordance with ASC 730-10 due to the ~~broker,~~technology ~~attorneys,~~not ~~and~~meeting ~~other~~alternative ~~external~~future ~~parties~~use criteria. The expense was reported within the IPR&D expense line in the Consolidated Statements of Operations.

(Pursuant to the PanTHERA Purchase Agreement, the PanTHERA Sellers are eligible to receive up to $7.2 million in cash or equivalent shares of the Company's common stock (as elected by the PanTHERA Sellers) Asover a ~~closing~~three-year ~~condition,~~earnout period upon the ~~Company~~achievement ~~assumed~~of certain ~~accounts~~revenue ~~payable~~targets ~~and~~based ~~accrued~~on ~~expenses~~the Company's earnings derived from ~~Global~~the ~~Cooling,~~acquired ~~totaling~~IRI $0GEN 2 cryopreservation technology in addition to the achievement of an operational milestone within the first year of the earnout period.5 ~~million~~The PanTHERA Purchase Agreement also contains an embedded change in control protective provision. As of December 31, 2025, the Company's management determined that the probability of the PanTHERA Sellers achieving the outlined revenue and $2operational targets to be remote.1 ~~million~~As a result, ~~respectively~~no earnout consideration for any period has been recognized.

~~(3)~~The ~~As a closing condition, the~~ Company ~~repaid~~recognized the ~~balance~~following ofin ~~all~~closing ~~obligations~~costs as of ~~Global~~the ~~Cooling~~closing ~~under~~date ~~that~~of ~~certain promissory note payable by Global Cooling to a lender (~~the ~~"Global~~PanTHERA ~~Cooling Term Notes").~~Transaction:

In connection with the Company’s entry into the Global Cooling Purchase Agreement, the Company implemented a RIF related to the business of Global Cooling, which reduced the Company’s workforce by 47 employees (representing approximately 11% of its full-time employees as of the date of the RIF). The Company’s Board approved the RIF on March 29, 2024, and all affected employees of Global Cooling were informed by April 18, 2024, following the execution of the Global Cooling 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)
Cash paid at close of acquisition	$	9,545
Indemnity escrow amount(1)	350
Transaction expenses(2)	609
Carrying value of equity interest(3)	995
Cash in lieu of stock payment(4)	995
Stock issued to PanTHERA Sellers(5)	4,455
Gross closing cost consideration	16,949
Less: extinguishment of pre-existing liability(6)	(150)
Total closing cost consideration	$	16,799

(In thousands)	Severance		Stock Compensation		Total
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

(1) Represents the amount transferred to the escrow agent as of the closing date of the PanTHERA Transaction to cover any losses arising from a breach of representations as agreed upon within the PanTHERA Transaction. This amount will be held in escrow for 18 months following the closing date.

As(2) ~~outlined~~Represents in the ~~Global~~costs ~~Cooling~~incurred ~~Purchase~~by ~~Agreement,~~ the Company ~~is required to indemnify Global Cooling for preexisting legal contingencies~~($0.5 million) ~~Prior~~and toon ~~the~~behalf ~~GCI Divestiture, a lawsuit was filed by a previous customer related to Global Cooling's commercial freezer products seeking payment~~ of upPanTHERA toSellers ($4.0.1 million) for losses the customer claims to have incurred. As of December 31, 2024, the Company recorded a loss contingency under the discontinued operations of Global Cooing related to this product liability claim as outlined in ~~the~~connection ~~Global~~with ~~Cooling Purchase Agreement. During~~ the ~~fourth~~PanTHERA ~~quarter of 2024~~Transaction, itincluding ~~became~~fees ~~probable~~to ~~this loss would~~ be ~~settled~~paid ~~within the next fiscal year. The product liability claim is subject~~ to ~~insurance~~attorneys ~~recovery,~~and ~~which~~other ~~management~~external ~~believes is probable as enforceable under the Company's insurance policy, covering the entirety of the loss contingency aside from the Company's insurance deductibles~~parties. ~~The Company estimates the legal expenses to be incurred will be immaterial.~~

In(3) ~~addition,~~Represents ~~upon~~ the ~~closing~~original ofinvestment ~~this~~amount ~~transaction,~~by the Company ~~and~~in ~~Global~~PanTHERA ~~Cooling~~in ~~entered~~November ~~into~~2020. aThis ~~transition~~was ~~services~~added ~~agreement~~to ~~("GCI~~the ~~TSA"),~~overall ~~pursuant~~consideration paid to ~~which~~determine the ~~Company~~costs ~~agreed~~ to ~~provide~~allocate ~~certain~~to ~~transition~~assets ~~services~~acquired toin ~~Global~~the ~~Cooling~~PanTHERA Transaction.

(4) Represents portion of common stock payout to PanTHERA Sellers that was elected to be distributed in cash rather than stock compensation.

(5) Represents market value of 213,360 shares of the Company's common stock issued to the PanTHERA Sellers as of the closing date of the PanTHERA Transaction in accordance with its terms.

Table of Contents

~~for~~(6) upRepresents topre-existing 90liability ~~days following the date~~ of the ~~closing~~Company offrom ~~this~~milestone ~~transaction.~~development ~~The~~payments ~~GCI~~under ~~TSA has since expired pursuant to its terms on~~ the ~~stated~~PanTHERA ~~expiration~~Development ~~date.~~and ~~The~~License ~~Company has no other significant continuing involvement with Global Cooling~~Agreement.

~~Divestiture~~3. Discontinued ofoperations ~~SciSafe, Inc.~~

OnAs ~~November~~announced ~~12,~~in ~~2024~~the second quarter of 2023, the Company, ~~entered~~management, ~~into~~and aour ~~Stock~~board ~~Purchase~~of ~~Agreement~~directors (the "~~SciSafe Purchase Agreement~~Board"), byhad determined that divesting Global Cooling and ~~among~~CBS (the "Freezer Business") would allow for the Company, ~~Subzero~~to ~~Purchaser~~optimize ~~Corp.,~~its aproduct ~~Delaware~~portfolio ~~corporation~~by ~~("SciSafe~~focusing ~~Buyer"),~~on ~~SciSafe,~~its ~~Inc~~recurring higher margin revenue streams. Additionally, ain ~~Delaware~~November ~~corporation~~of ~~and~~2024, anthe ~~indirect~~Company, ~~wholly~~management, ~~owned~~and ~~subsidiary~~the Board determined the sale of SciSafe would further optimize the Company's ~~("SciSafe~~product ~~Seller"),~~portfolio ~~and~~toward ~~SciSafe,~~its ~~Inc.,~~proprietary ahigh ~~New~~margin ~~Jersey~~cell ~~corporation~~processing and another ~~indirect~~bioproduction ~~wholly~~products. ~~owned~~In ~~subsidiary~~October of 2025, the Company, ~~("SciSafe")~~management, ~~for~~and the ~~sale~~Board bydetermined ~~Sci~~the ~~Safe~~sale ~~Seller~~ of ~~all~~SAVSU ofwould ~~the~~also ~~issued~~fulfill ~~and~~its ~~outstanding~~overall ~~shares~~strategy ofto ~~common~~streamline ~~stock~~its ofproduct ~~SciSafe~~portfolio to ~~SciSafe~~its ~~Buyer~~cell ~~("SciSafe~~processing ~~Divestiture")~~products. The Company ~~analyzed~~completed the ~~quantitative~~sale ~~and~~of ~~qualitative~~Global ~~factors~~Cooling ~~relevant~~during tothe second quarter of 2024, the ~~sale~~sales of ~~SciSafe~~CBS and ~~determined~~SciSafe ~~that~~during the ~~conditions~~fourth ~~for~~quarter ~~discontinued~~of ~~operations~~2024, ~~presentation~~and ~~were~~the ~~met~~sale of SAVSU during the fourth quarter of ~~2024~~2025. Accordingly, the results of these businesses are reported in the Loss from discontinued operations line in the Consolidated Statements of Operations. These changes have been applied to all periods presented.

InDivestiture ~~connection with the closing~~ of this transaction, the Company incurred $0.4 million in severance costs, paid the former stockholders of SciSafe $3.3 million in cash to waive all rights with respect to certain potential earn-out payments, and recognized $4.0 million in stock compensation expense for the acceleration of unvested shares of all the Company's former employees that remained with SciSafe upon the closing of this transaction.SAVSU

~~The~~On October 6, 2025, the Company ~~recognized~~entered into a ~~gain~~Limited onLiability ~~disposal~~Company Membership Interest Purchase Agreement (the “SAVSU Purchase Agreement”), by and between the Company and Peli BioThermal LLC, a Delaware limited liability company (“SAVSU Buyer”), for the sale by the Company of ~~SciSafe~~all of the issued and outstanding limited liability company membership interests (the “SAVSU Interests”) of SAVSU Cleo Technologies, ~~calculated~~LLC, asa ~~follows:~~Delaware limited liability company ("SAVSU"), to SAVSU Buyer. The Company analyzed the quantitative and qualitative factors relevant to the sale of SAVSU and determined that the conditions for discontinued operations presentation were met during the fourth quarter of 2025.

(In thousands)
Cash proceeds received from Buyer	$	71,291
Cash proceeds from escrow	483
Costs to sell(1)	(506)
Total proceeds	71,268
Less: SciSafe carrying basis as of November 12, 2024	42,507
Less: Release of SciSafe currency translation adjustment	622
Net gain on disposal	$	28,139

The Company recognized a gain on disposal of SAVSU, calculated as follows:

(1) Gross costs to sell incurred by the Company amounted to $2.1 million. This was offset by additional costs to sell paid on behalf of the Company by the SciSafe Buyer, which amounted to $1.6 million.


(In thousands)
Cash proceeds received from Buyer	$	23,276
Indemnity holdback	2,500
Net price adjustment(1)	219
Costs to sell	(1,509)
Retention bonus paid by Company(2)	(541)
Total proceeds	23,945
Less: SAVSU carrying basis as of October 6, 2025	13,621
Net gain on disposal	$	10,324

In(1) ~~accordance~~As ~~with~~defined ~~ASC~~within ~~350, upon~~ the ~~disposal~~SAVSU ofPurchase ~~SciSafe~~Agreement, the ~~Company~~final ~~assessed~~purchase ~~the~~price ~~goodwill to be allocated to the disposal group. The goodwill allocated to SciSafe~~ was ~~based~~subject ~~on the relative fair value of SciSafe~~ to ~~the~~working fair value of the Company as SciSafe was fully integrated into the Company's one reportable segment. The fair value of SciSafe was determined based on the enterprise value per the SciSafe Purchase Agreement. The fair value of the Company was determined by calculating the Company's market capitalization as of the disposal date plus any invested capital ~~remaining~~adjustments of the Company, which included outstanding debt and financing lease liabilities, modified by an estimated market acquisition premium. Based on the calculation performed, the Company determined $11.3 million of goodwill was to be allocated to SciSafe upon ~~its disposal. The allocated goodwill was included in~~ the ~~carrying~~close ~~basis~~ of ~~SciSafe presented in~~ the ~~above table~~disposal.

In(2) ~~addition,~~As ~~upon~~defined within the ~~closing~~SAVSU ofPurchase ~~the transaction~~Agreement, the Company ~~and~~agreed ~~SciSafe entered into a transition services agreement ("SciSafe TSA"), pursuant~~ to ~~which the Company will~~ provide ~~certain~~a ~~transition~~cash ~~services~~bonus to ~~SciSafe for up to six months following~~ the ~~closing~~divested ofemployees ~~the~~with ~~transaction. The SciSafe Purchase Agreement contains customary representations, warranties, covenants and indemnities of~~ the ~~parties~~condition ~~thereto, including customary covenants~~ that ~~prevent~~such ~~the Company from competing with SciSafe, soliciting its~~ employees orremain ~~interfering~~ with ~~its~~SAVSU ~~business relationships~~ for ~~five~~90 ~~years~~days ~~after~~subsequent ~~the~~to ~~Closing Date. The Company has no other significant continuing involvement with SciSafe upon~~ the ~~expiration~~closing of ~~its~~the ~~SciSafe TSA in April 2025 and other related covenants~~sale.

InThe ~~connection~~Company ~~with~~recognized ~~the~~$1.3 ~~disposal~~million ofin ~~SciSafe,~~stock ~~the~~compensation ~~Company~~expense ~~remains liable and responsible~~ for the ~~full~~acceleration ~~performance~~of ~~and~~unvested ~~observance~~shares of all of the ~~provisions, covenants, and conditions in one of SciSafe~~Company's ~~operating~~former ~~leases.~~employees Inthat ~~the~~remained ~~case~~with ofSAVSU aupon ~~breach or violation of any provision of~~ the ~~lease~~closing ~~by the buyer, the Company is deemed to be and shall constitute a default~~ of ~~the lease provisions. Simultaneously, the Company received indemnification pursuant any obligation owed by the Company under~~ this ~~operating lease~~transaction. This indicates the Company undertakes the obligation to stand ready to perform over the term of the guarantee in the event of the specified triggering events noted above, or conditions, such as breach or default, occur. However, the non-contingent aspect of the guarantee enables the Company to recover any losses from the Buyer. As of

In accordance with ASC 350, upon the disposal of SAVSU, the Company assessed the goodwill to be allocated to the disposal group. The goodwill allocated to SAVSU was based on the relative fair value of SAVSU to the fair value of the Company as SAVSU was fully integrated into the Company's one reportable segment. The fair value of SAVSU was determined based on the enterprise value per the SAVSU Purchase Agreement. The fair value of the Company was determined by calculating the Company's market capitalization as of the disposal date plus any invested capital remaining of the Company, which included outstanding debt and financing lease liabilities, modified by an estimated market acquisition premium. Based on the calculation performed, the Company determined $3.7 million of goodwill was to be

Table of Contents

~~December~~allocated ~~31,~~to ~~2024,~~SAVSU ~~the~~upon ~~fair~~its ~~value of this guarantee is zero~~disposal. The ~~outstanding~~allocated ~~minimum~~goodwill ~~lease~~was ~~payments~~included ~~equal~~in ~~approximately~~the ~~$2.3 million~~carrying ~~and~~basis ~~the~~of ~~lease~~SAVSU ~~terminates~~presented in ~~2031.~~the above table.

In addition, upon the closing of this transaction, the Company and SAVSU Buyer entered into a transition services agreement ("SAVSU TSA"), pursuant to which the Company will provide certain transition services, including payroll processing, bookkeeping and tax administration services, and information technology maintenance, among other administrative services, to SAVSU for 120 days. The SAVSU Purchase Agreement contains customary representations, warranties, covenants and indemnities of the parties thereto, including customary covenants that prevent the Company from competing with SAVSU, soliciting its employees or interfering with its business relationships for 5 years after the closing of the SAVSU Transaction. The SAVSU TSA has since expired pursuant to its terms on the stated expiration date. The Company has no other significant continuing involvement with SAVSU upon the expiration of its SAVSU TSA and related covenants.

Divestiture of Custom Biogenics

On November 14, 2024, the Company entered into a Stock Purchase Agreement (the "CBS Purchase Agreement"), by and among the Company, Standex International Corporation, a Delaware corporation, ("CBS Buyer") and Arctic Solutions, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (doing business as Custom Biogenic Systems, or ("CBS"), for the sale by the Company of all of the issued and outstanding shares of common stock of CBS (the "CBS Divestiture"). The Company analyzed the quantitative and qualitative factors relevant to the sale of CBS and determined that the conditions for discontinued operations presentation were met during the fourth quarter of 2024.

~~The~~During the year ended December 31, 2024, the Company recognized a loss on disposal of CBS of $3.4 million and $2.0 million in stock compensation expense for the acceleration of unvested shares of all the Company's former employees that remained with CBS upon the closing of this transaction.

~~The~~In addition, upon the closing of this transaction, the Company ~~recognized~~and CBS entered into a ~~loss~~transition onservice ~~disposal~~agreement of(the "CBS TSA"), ~~calculated~~pursuant asto ~~follows:~~which the Company is subject to customary covenants that prevent the Company from competing with CBS, soliciting its employees or interfering with its business relationships for two years after the closing of the CBS Divestiture. The Company has no other significant continuing involvement with CBS upon the expiration of its CBS TSA and related covenants.

(In thousands)
Cash proceeds received from Buyer	$	2,785
Cash proceeds from escrow	615
Net price adjustment(1)	179
Costs to sell(2)	(148)
Total proceeds	3,431
Less: CBS carrying basis as of November 14, 2024	6,796
Net loss on disposal	$	(3,365)

Divestiture of SciSafe, Inc.

~~(1)~~On AsNovember ~~defined~~12, ~~within~~2024, the ~~CBS~~Company entered into a Stock Purchase Agreement (the "SciSafe Purchase Agreement"), by and among the ~~final~~Company, ~~purchase~~Subzero ~~price~~Purchaser ~~was~~Corp., ~~subject~~a Delaware corporation ("SciSafe Buyer"), SciSafe, Inc., a Delaware corporation and an indirect, wholly owned subsidiary of the Company ("SciSafe Seller"), and SciSafe, Inc., a New Jersey corporation and an indirect wholly owned subsidiary of the Company ("SciSafe"), for the sale by Sci Safe Seller of all of the issued and outstanding shares of common stock of SciSafe to ~~working~~SciSafe ~~capital~~Buyer ~~adjustments~~(the ~~upon~~"SciSafe Divestiture"). The Company analyzed the ~~close~~quantitative and qualitative factors relevant to the sale of SciSafe and determined that the ~~disposal~~conditions for discontinued operations presentation were met during the fourth quarter of 2024.

~~(2)~~During ~~Gross~~the ~~costs~~year toended ~~sell~~December ~~incurred~~31, by2024, the Company ~~amounted~~recognized toa gain on disposal of SciSafe of $128.1 million and $4.0 million. ~~This~~of ~~was~~stock-based ~~offset~~compensation byexpense ~~additional~~related ~~costs~~ to ~~sell~~the ~~paid~~acceleration onof ~~behalf~~unvested ofshares ~~the~~for ~~Company~~former byemployees ~~the~~who ~~CBS~~remained ~~Buyer,~~with ~~which~~SciSafe ~~amounted~~upon tothe ~~$1.3 million.~~closing of this transaction.

In ~~accordance with ASC 350~~addition, upon the ~~disposal~~closing of ~~CBS,~~ the ~~Company~~SciSafe ~~assessed~~Divestiture, the ~~goodwill~~Company toand beSciSafe ~~allocated~~entered tointo ~~the~~a ~~disposal~~transition ~~group.~~services ~~The~~agreement ~~goodwill~~("SciSafe ~~allocated~~TSA"), pursuant to ~~CBS~~which ~~was based on~~ the ~~relative~~Company ~~fair~~is ~~value~~subject ~~of CBS~~ to ~~the~~customary ~~fair~~covenants ~~value~~that ofprevent the Company asfrom ~~CBS~~competing ~~was~~with ~~fully~~SciSafe, ~~integrated~~soliciting ~~into~~its ~~the~~employees ~~Company's~~or ~~one~~interfering ~~reportable~~with ~~segment.~~its ~~The~~business ~~fair~~relationships ~~value~~for offive ~~CBS~~years ~~was~~after ~~determined based on~~ the ~~enterprise~~Closing ~~value per the CBS Purchase Agreement~~Date. The ~~fair value of the~~ Company ~~was~~has ~~determined~~no byother ~~calculating~~significant ~~the~~continuing ~~Company's~~involvement ~~market~~with ~~capitalization~~SciSafe asupon of the ~~disposal~~expiration ~~date plus any invested capital remaining~~ of ~~the~~its ~~Company,~~SciSafe ~~which~~TSA ~~included outstanding debt~~ and ~~financing~~related ~~lease liabilities, modified by an estimated market acquisition premium~~covenants. Based on the calculation performed, the Company determined $1.1 million of goodwill was to be allocated to CBS upon its disposal. The allocated goodwill was included in the carrying basis of CBS presented in the above table.

In ~~addition,~~connection ~~upon~~with the ~~closing~~disposal of ~~this transaction~~SciSafe, the Company remains liable and ~~CBS~~responsible ~~entered~~for ~~into~~the afull ~~transition~~performance ~~service~~and ~~agreement~~observance (of all of the ~~"CBS~~provisions, ~~TSA")~~covenants, ~~pursuant~~and toconditions ~~which~~in ~~the~~one ~~Company~~of ~~will~~SciSafe's ~~provide~~operating ~~certain~~leases. ~~transition~~In ~~services~~the tocase ~~CBS~~of ~~following~~a ~~the~~breach ~~closing~~or violation of ~~the~~any ~~transaction.~~provision ~~The~~of ~~CBS~~the ~~Purchase~~lease ~~Agreement~~by ~~contains~~the ~~customary~~SciSafe ~~representations~~Buyer, ~~warranties,~~the ~~covenants~~Company is deemed to be and ~~indemnities~~shall constitute a default of the ~~parties~~lease ~~thereto~~provisions. Simultaneously, ~~including~~the ~~customary~~Company ~~covenants~~received ~~that~~indemnification ~~prevent~~pursuant any obligation owed by the Company ~~from~~under ~~competing~~this ~~with~~operating ~~CBS,~~lease. ~~soliciting~~This ~~its~~indicates ~~employees~~the orCompany ~~interfering~~undertakes ~~with~~the ~~its~~obligation ~~business~~to ~~relationships~~stand ~~for~~ready ~~two~~to ~~years~~perform ~~after~~over the ~~closing~~term of the ~~CBS~~guarantee ~~Transaction.~~in ~~The~~the ~~Company~~event ~~has~~of nothe ~~other~~specified ~~significant~~triggering ~~continuing~~events ~~involvement~~noted ~~with~~above, ~~CBS~~or ~~upon~~conditions, ~~the~~such ~~expiration~~as ofbreach ~~its~~or ~~CBS TSA and related covenants.~~

Summarized financial data of discontinued operations

The tables below summarize financial data of discontinued operations as of the year ended December 31, 2023 and for the years ended December 31, 2024, 2023, and 2022. Interest expenses directly associated with the debt of a disposed entity is reported in discontinued operations below.

The table below summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the Consolidated Balance Sheets:

Table of Contents

	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		Total
Cash and cash equivalents	$	2,090	$	5,102	$	340	$	7,532
Restricted cash	—		—		10		10
Accounts receivable, net	1,728		6,353		2,677		10,758
Inventories	11,248		—		5,044		16,292
Prepaid expenses and other current assets	303		895		901		2,099
Total current assets, discontinued operations	15,369		12,350		8,972		36,691
Assets held for rent, net	—		796		—		796
Property and equipment, net	146		15,241		—		15,387
Operating lease right-of-use assets, net	—		4,568		—		4,568
Financing lease right-of-use assets, net	—		94		—		94
Long-term deposits and other assets	4		199		—		203
Intangible assets, net	—		9,153		—		9,153
Goodwill	—		11,333		1,104		12,437
Total assets, discontinued operations	15,519		53,734		10,076		79,329
Accounts payable	3,367		578		726		4,671
Accrued expenses and other current liabilities	1,156		1,300		573		3,029
Sales taxes payable	481		44		518		1,043
Warranty liability	7,507		—		131		7,638
Lease liabilities, operating, current portion	263		1,249		—		1,512
Lease liabilities, financing, current portion	22		74		280		376
Debt, current portion	—		447		100		547
Total current liabilities, discontinued operations	12,796		3,692		2,328		18,816
Lease liabilities, operating, long-term	1,016		3,494		—		4,510
Lease liabilities, financing, long-term	11		27		1,130		1,168
Debt, long-term	—		679		72		751
Deferred tax liabilities	—		—		74		74
Total liabilities, discontinued operations	$	13,823	$	7,892	$	3,604	$	25,319

default, occur. However, the non-contingent aspect of the guarantee enables the Company to recover any losses from the SciSafe Buyer. As of December 31, 2025, the fair value of this guarantee is zero. The outstanding minimum lease payments equal approximately $2.2 million and the lease terminates in 2031.

~~All~~Divestiture ~~divested entities had no remaining balances as~~ of ~~December 31~~Global Cooling, ~~2024~~Inc.

On April 17, 2024, the Company sold all of the issued and outstanding shares of common stock (the "Global Cooling Divestiture") of Global Cooling, Inc., a Delaware corporation and wholly owned subsidiary of the Company ("Global Cooling"), to GCI Holdings, an Ohio limited liability company ("GCI Holdings") pursuant to a Stock Purchase Agreement, dated April 17, 2024, (the "Global Cooling Purchase Agreement"), by and between the Company and GCI Holdings. The ~~key~~Company ~~components~~analyzed the quantitative and qualitative factors relevant to the sale of ~~loss~~Global ~~from~~Cooling and determined that the conditions for discontinued operations presentation were asmet ~~follows:~~during the second quarter of 2024.

During the year ended December 31, 2024, the Company recognized a loss on disposal of Global Cooling of $8.9 million, and $3.2 million of stock-based compensation expense related to the acceleration of unvested shares for employees impacted by the reduction in force, as well as former employees who remained with Global Cooling upon closing of the transaction.

As outlined in the Global Cooling Purchase Agreement, the Company is required to indemnify Global Cooling for certain preexisting legal contingencies. Prior to the Global Cooling Divestiture, two lawsuits were filed by previous customers related to Global Cooling's commercial freezer products seeking indemnification. The details of each case are described below.

Other than the Company's requirement to indemnify Global Cooling for certain preexisting legal contingencies, the Company has no other significant continuing involvement with Global Cooling.

Global Cooling legal contingencies

As of the year ended December 31, 2025, the Company recorded a loss contingency for a $1.4 million claim in relation to losses a previous customer claims to have incurred. The loss contingency was recorded under the discontinued operations of Global Cooling as outlined in the Global Cooling Purchase Agreement. During the third quarter of 2025, it became probable this loss would be settled within the next fiscal year, and the Company accrued for the loss contingency upon the determination of probability. During the fourth quarter of 2025, the claim was fully settled for $0.9 million, which was fully covered by the Company's insurance policy aside from the Company's insurance deductible. Legal expenses incurred on the claim were immaterial.

As of the year ended December 31, 2024, the Company recorded a loss contingency for a $4.0 million claim in relation to losses a previous customer claims to have incurred. The loss contingency was recorded under the discontinued operations of Global Cooling as outlined in the Global Cooling Purchase Agreement. During the fourth quarter of 2024, it became probable the loss would be settled within the next fiscal year, and the Company accrued for the loss contingency upon the determination of probability. There had been no changes in the status of this claim as of the year ended December 31, 2025. During the first quarter of 2026, the claim was fully settled for $2.5 million, which was fully covered by the Company's insurance policy aside from the Company's insurance deductible. Legal expenses incurred on the claim were immaterial.

Summarized financial data of discontinued operations

The tables below summarize financial data of discontinued operations as of the year ended December 31, 2024 and for the years ended December 31, 2025, 2024, and 2023. Interest expenses directly associated with the debt of a disposed entity are reported in discontinued operations below.

The table below summarizes the major classes of assets and liabilities of discontinued operations, which are summarized separately in the Consolidated Balance Sheets:

Table of Contents

	~~December 31, 2024~~								December 31, 2024
(In thousands)	~~Global Cooling~~		~~SciSafe~~		~~CBS~~		~~Total~~		SAVSU
Revenue	$	7,157	$	18,440	$	12,141	$	37,738
Cash and cash equivalents									$	3,848
Cost of revenue	(8,389)		(16,357)		(10,600)		(35,346)
Accounts receivable, net									692
Operating expenses	(9,418)		(11,467)		(4,967)		(25,852)
Prepaid expenses and other current assets									44
Intangible asset amortization	—		(764)		—		(764)
Total current assets, discontinued operations									4,584
Other expense, net	(25)		(183)		(110)		(318)
Assets held for rent, net									6,103
(Loss) gain on disposal	(8,897)		28,139		(3,365)		15,877
Property and equipment, net									111
(Loss) income before income taxes	(19,572)		17,808		(6,901)		(8,665)
Operating lease right-of-use assets, net									121
Income tax expense	(10)		(122)		—		(132)
Long-term deposits and other assets									5
(Loss) income from discontinued operations, net of income taxes	$	(19,582)	$	17,686	$	(6,901)	$	(8,797)
Intangible assets, net									3,994
Goodwill									3,717
Total assets, discontinued operations									18,635
Accounts payable									$	213
Accrued expenses and other current liabilities									328
Sales taxes payable									23
Lease liabilities, operating, current portion									52
Total current liabilities, discontinued operations									616
Lease liabilities, operating, long-term									78
Total liabilities, discontinued operations									$	694

	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		Total
Revenue	$	35,826	$	18,014	$	13,576	$	67,416
Cost of revenue	(36,682)		(17,283)		(12,632)		(66,597)
Operating expenses	(20,162)		(5,316)		(7,153)		(32,631)
Intangible asset impairment charges	(7,175)		—		(8,310)		(15,485)
Intangible asset amortization	(131)		(907)		(623)		(1,661)
Other expense, net	(90)		(100)		(214)		(404)
Loss before income taxes	(28,414)		(5,592)		(15,356)		(49,362)
Income tax expense	(4)		(180)		(9)		(193)
Loss from discontinued operations, net of income taxes	$	(28,418)	$	(5,772)	$	(15,365)	$	(49,555)

All divested entities had no remaining balances as of December 31, 2025. The divested entities Global Cooling, SciSafe, and CBS did not have any remaining balances as of December 31, 2024.

	December 31, 2022
(In thousands)	Global Cooling		SciSafe		CBS		Total
Revenue	$	47,915	$	21,462	$	16,142	$	85,519
Cost of revenue	(51,621)		(15,060)		(11,928)		(78,609)
Operating expenses	(19,211)		(5,697)		(5,548)		(30,456)
Intangible asset impairment charges	(110,364)		—		—		(110,364)
Intangible asset amortization	(3,969)		(907)		(830)		(5,706)
Other expense, net	(255)		(84)		(24)		(363)
Loss before income taxes	(137,505)		(286)		(2,188)		(139,979)
Income tax expense	(14)		(191)		(9)		(214)
Loss from discontinued operations, net of income taxes	$	(137,519)	$	(477)	$	(2,197)	$	(140,193)

The key components of income (loss) from discontinued operations were as follows:

Below is a summary of incurred depreciation, amortization, interest expenses, capital expenditures, and other noncash related costs for discontinued operations:


	December 31, 2025
(In thousands)	SAVSU
Revenue	$	5,977
Cost of revenue	4,235
Gross profit	1,742
Operating expenses	(4,418)
Intangible asset amortization	(118)
Other income, net	5
Gain on disposal	10,324
Income before income taxes	7,535
Income tax expense	—
Income from discontinued operations, net of income taxes	$	7,535

Table of Contents

	December 31, 2024
(In thousands)	Global Cooling		SciSafe		CBS		~~Total~~SAVSU		Total
Depreciation	$	—	$	2,402	$	4	$	2,406
Revenue	$	7,157	$	18,440	$	12,141	$	7,607	$	45,345
Amortization	—		764		—		764
Cost of revenue	8,389		16,357		10,600		6,346		41,692
Stock-based compensation	4,191		6,410		3,790		14,391
Gross profit	(1,232)		2,083		1,541		1,261		3,653
Interest expense, net	42		50		114		206
Operating expenses	(9,418)		(11,467)		(4,967)		(3,753)		(29,605)
Capital expenditures	—		2,200		720		2,920
Intangible asset amortization	—		(764)		—		(160)		(924)
Other (expense) income, net	(25)		(183)		(110)		50		(268)
(Loss) gain on disposal	(8,897)		28,139		(3,365)		—		15,877
(Loss) income before income taxes	(19,572)		17,808		(6,901)		(2,602)		(11,267)
Income tax expense	10		122		—		—		132
(Loss) income from discontinued operations, net of income taxes	$	(19,582)	$	17,686	$	(6,901)	$	(2,602)	$	(11,399)

	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		~~Total~~SAVSU		Total
Depreciation	$	397	$	2,636	$	471	$	3,504
Revenue	$	35,826	$	18,014	$	13,576	$	7,839	$	75,255
Amortization	131		907		623		1,661
Cost of revenue	36,682		17,283		12,632		5,553		72,150
Stock-based compensation	4,734		2,759		2,503		9,996
Gross profit	(856)		731		944		2,286		3,105
Interest expense, net	131		13		219		363
Operating expenses	(20,162)		(5,316)		(7,153)		(8,362)		(40,993)
Capital expenditures	—		4,659		750		5,409
Intangible asset impairment charges	(7,175)		—		(8,310)		—		(15,485)
Intangible asset amortization	(131)		(907)		(623)		(160)		(1,821)
Other expense, net	(90)		(100)		(214)		(14)		(418)
Loss before income taxes	(28,414)		(5,592)		(15,356)		(6,250)		(55,612)
Income tax expense	4		180		9		40		233
Loss from discontinued operations, net of income taxes	$	(28,418)	$	(5,772)	$	(15,365)	$	(6,290)	$	(55,845)

	December 31, 2022
(In thousands)	Global Cooling		SciSafe		CBS		Total
Depreciation	$	616	$	2,081	$	488	$	3,185
Amortization	3,969		907		830		5,706
Stock-based compensation	3,304		2,465		1,839		7,608
Interest expense, net	257		118		28		403
Capital expenditures	—		6,790		812		7,602

Below is a summary of incurred depreciation, amortization, interest expenses, capital expenditures, and other noncash related costs for discontinued operations:

4. Fair value measurement


	December 31, 2025
(In thousands)	SAVSU
Depreciation	$	1,404
Amortization	1,127
Stock-based compensation	1,701
Interest expense, net	2
Capital expenditures	946

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. 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 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.

Table of Contents

There were no remeasurements to fair value during the year ended December 31, 2024 of financial assets and liabilities that are not measured at fair value on a recurring basis.


	December 31, 2024
(In thousands)	Global Cooling		SciSafe		CBS		SAVSU		Total
Depreciation	$	—	$	2,402	$	4	$	2,112	$	4,518
Amortization	—		764		—		1,506		2,270
Stock-based compensation	4,191		6,410		3,790		1,231		15,622
Interest (expense) income, net	(42)		(50)		(114)		47		(159)
Capital expenditures	—		2,200		720		2,129		5,049

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023, based on the three-tier fair value hierarchy:


	December 31, 2023
(In thousands)	Global Cooling		SciSafe		CBS		SAVSU		Total
Depreciation	$	397	$	2,636	$	471	$	2,947	$	6,451
Amortization	131		907		623		1,506		3,167
Stock-based compensation	4,734		2,759		2,503		3,346		13,342
Interest expense, net	131		13		219		44		407
Capital expenditures	—		4,659		750		5,353		10,762

~~(In~~4. Fair ~~thousands)~~value measurement

As of December 31, 2024	Level 1		Level 2	Total
Assets:
Cash equivalents:
Money market accounts	$	89,119	—	$	89,119
Available-for-sale securities:
U.S. government securities	1,494		—	1,494
Corporate debt securities	398		8,602	9,000
Other debt securities	—		3,332	3,332
Total	91,011		11,934	102,945

The following tables set forth the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, based on the three-tier fair value hierarchy:

As of December 31, 2023	Level 1		Level 2				Total
	December 31, 2025
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	2531,~~034~~241	—$	—	$	—	$	2531,~~034~~241
Available-for-sale securities:
U.S. government securities	520,~~170~~749		—		—		520,~~170~~749
Corporate debt securities	—6,700		945,~~674~~180		—		951,~~674~~880
Other debt securities	—		114,~~992~~510		—		114,~~992~~510
Total	30,204		11,666				41,870
Convertible promissory note	—		—		2,983		2,983
Total	$	58,690	$	59,690	$	2,983	$	121,363

There have been no transfers of assets or liabilities between the fair value measurement levels. We had no financial assets or liabilities that utilize Level 3 inputs of measurement as of December 31, 2024 and 2023.


	December 31, 2024
(In thousands)	Level 1		Level 2		Total
Assets:
Cash equivalents:
Money market accounts	$	89,119	$	—	$	89,119
Available-for-sale securities:
U.S. government securities	1,494		—		1,494
Corporate debt securities	398		8,602		9,000
Other debt securities	—		3,332		3,332
Total	$	91,011	$	11,934	$	102,945

~~The~~In ~~following~~July ~~table~~2025, ~~presents~~ the ~~changes~~Company invested $2.0 million cash in ~~fair~~a ~~value~~convertible ofpromissory ~~contingent~~note ~~consideration~~issued ~~liabilities~~by ~~which~~an ~~are~~unrelated ~~measured~~third-party ~~using~~company. ~~Level~~The 3convertible ~~inputs~~promissory ~~for~~note ~~the~~accrues ~~year~~interest ~~ended~~at ~~December~~an ~~31,~~annual ~~2023:~~rate of 10%. The principal and accrued paid in

	Year Ended December 31,
(In thousands)	2023
Balance at beginning of period	$	4,456
Change in fair value recognized in net loss from continuing operations	(2,193)
Payment of contingent consideration earned	(2,263)
Balance at end of period	$	—

Table of Contents

kind ("PIK") interest are payable at maturity on October 1, 2028. The carrying value of the convertible promissory note is approximately $3.0 million as of December 31, 2025. There have been no transfers of assets or liabilities between the fair value measurement levels. We had no financial assets that utilize Level 3 inputs of measurement as of December 31, 2024.

5. Investments

Available-for-sale securities

The Company’s portfolio of available-for-sale marketable securities consists of the following:

	December 31, 2024
	December 31, 2025
	AmortizedCost		Gross unrealized				EstimatedFair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	19,~~493~~946	$	133	$	—	$	19,~~494~~979
Corporate debt securities	534,~~775~~783		1441		~~(1)~~—		534,~~788~~824
Other debt securities	111,~~912~~066		420		—		111,~~916~~086
Total short-term	955,~~180~~795		1994		~~(1)~~—		955,~~198~~889
Available-for-sale securities, long-term
Corporate debt securities	3,210		4		(2)		3,212
U.S. government securities	10,756		14		—		10,770
Other debt securities	1,412		5		(1)		1,416
Corporate debt securities	17,038		23		(5)		17,056
Total available-for-sale securities	$	13,802	$	28	$	(4)	$	13,826
Other debt securities	3,418		6		—		3,424
Total long-term	31,212		43		(5)		31,250
Total available-for-sale securities	$	87,007	$	137	$	(5)	$	87,139

	December 31, 2023
	December 31, 2024
	AmortizedCost		Gross unrealized				EstimatedFair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	51,~~169~~493	$	1	$	—	$	51,~~170~~494
Corporate debt securities	95,~~673~~775		514		(41)		95,~~674~~788
Other debt securities	1,~~443~~912		14		—		1,~~444~~916
Total short-term	169,~~285~~180		719		(41)		169,~~288~~198
Available-for-sale securities, long-term
Other debt securities	545		3		—		548
Corporate debt securities	3,210		4		(2)		3,212
Total available-for-sale securities	$	16,830	$	10	$	(4)	$	16,836
Other debt securities	1,412		5		(1)		1,416
Total long-term	4,622		9		(3)		4,628
Total available-for-sale securities	$	13,802	$	28	$	(4)	$	13,826

The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of December 31, ~~2024~~2025:

(In thousands)	AmortizedCost		EstimatedFair Value
Due in one year or less	$	9,180	$	9,198
Due after one year through five years	4,622		4,628
Total	$	13,802	$	13,826

The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 months:

Table of Contents


(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	55,795	$	55,889
Due after one year through five years	31,212		31,250
Total	$	87,007	$	87,139

The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 months:


	December 31, 2025
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	7,519	$	(5)	$	7,519	$	(5)

Total	$	7,519	$	(5)	$	7,519	$	(5)


	December 31, 2024
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	2,091	$	(3)	$	2,091	$	(3)
Other debt securities	1,030		(1)		1,030		(1)
Total	$	3,121	$	(4)	$	3,121	$	(4)

	December 31, 2023
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	5,871	$	(4)	$	5,871	$	(4)
Other debt securities	906		(1)		906		(1)
Total	$	6,777	$	(5)	$	6,777	$	(5)

As of December 31, 2025 and 2024, all available-for-sale securities investments presented above with unrealized losses have been in an unrealized loss position for less than 12 months.

As of December 31, ~~2024~~2025 and ~~2023~~2024, ~~all~~none of our available-for-sale marketable securities ~~investments~~exhibited ~~presented~~risk ~~above~~of ~~with~~credit ~~unrealized~~loss ~~losses~~and ~~have~~therefore ~~been~~no inallowance ~~an unrealized loss position~~ for ~~less~~credit ~~than~~losses 12was ~~months~~recorded.

As of December 31, 2024, none of our available-for-sale marketable securities exhibited risk of credit loss and therefore no allowance for credit losses was recorded.

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 non-marketable 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 investments of the same issuer. These securities included Series E Preferred Stock in PanTHERA CryoSolutions, Inc. with a fair value of $1.0 million as of December 31, 2024 and December 31, 2023.

The Company also owned securities of Series A-1 and A-2 Preferred Stock in iVexSol, Inc "iVexSol". 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, which represented the entirety of the value of the investment. As of December 31, 2023, the carrying value of the iVexSol, Inc. securities was $4.1 million.

6. Inventories

Inventories consist of the following as of December 31, ~~2024~~2025 and ~~2023~~2024:

(In thousands)	~~2024~~2025		~~2023~~2024
Raw materials	$	1110,~~768~~561	$	1411,~~668~~768
Work in progress	46,~~082~~371		34,~~475~~082
Finished goods	13,~~163~~223		913,~~021~~163
Total	$	2930,~~013~~155	$	2729,~~164~~013

~~During the year ended December 31, 2023, the Company recorded a $3~~7.~~4 million inventory write-down for potentially unusable products. The products consisted of slow-moving inventory, product defects, and supplier defects in raw materials.~~ Leases

We have various operating lease agreements for office space, warehouses, manufacturing, production locations, and other equipment. Our real estate leases had original lease terms of three to eleven years and remaining lease terms of two to six 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.

We did not have any financing lease arrangements as of December 31, 2025 and 2024.

Table of Contents

~~7. Leases~~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 December 31, 2025 and 2024:

We have various operating lease agreements for office space, warehouses, manufacturing, production locations, and other equipment. Our real estate leases had original lease terms of four to eleven years and remaining lease terms of one to seven 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.


	2025		2024
Weighted average discount rate - operating leases	6.4	%	6.3	%
Weighted average remaining lease term in years - operating leases	5.2		6.2

WeThe ~~did~~components ~~not~~of ~~have~~lease ~~any~~expense ~~financing~~for ~~lease~~the ~~arrangements~~years asended of December 31, 2025, 2024, and 2023. were as follows:

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 December 31, 2024 and 2023:


	Year Ended December 31,
(In thousands)	2025		2024		2023
Operating lease costs	$	2,323	$	1,940	$	1,572
Short-term lease costs	106		51		250
Total operating lease costs	2,429		1,991		1,822

Variable lease costs	1,099		1,103		797
Total lease expense	$	3,528	$	3,094	$	2,619

	2024		2023
Weighted average discount rate - operating leases	6.4	%	4.5	%
Weighted average remaining lease term in years - operating leases	6.1		7.1

Maturities of our lease liabilities as of December 31, 2025 are as follows:

The components of lease expense for the years ended December 31, 2024, 2023, and 2022 were as follows:


(In thousands)	Operating Leases
2026	$	2,967
2027	2,843
2028	2,642
2029	2,724
2030	2,551
Thereafter	1,391
Total lease payments	15,118
Less: interest	(2,218)
Total present value of lease liabilities	$	12,900

	Year Ended December 31,
(In thousands)	2024		2023		2022
Operating lease costs	$	1,997	$	1,630	$	1,560
Short-term lease costs	59		260		280
Total operating lease costs	2,056		1,890		1,840
Variable lease costs	1,103		797		677
Total lease expense	$	3,159	$	2,687	$	2,517

8. Property and equipment

~~Maturities~~Property ofand ~~our~~equipment ~~lease~~consist ~~liabilities~~of the following as of December 31, ~~2024~~2025 ~~are~~and ~~as follows~~2024:

(In thousands)	~~Operating Leases~~2025		2024
2025	$	2,351
Property and equipment
2026	3,029
Leasehold improvements	$	3,507	$	3,527
2027	2,583
Furniture and computer equipment	265		267
2028	2,642
Manufacturing and other equipment	4,607		3,919
2029	2,724
Construction in-progress	11,268		2,419
Thereafter	3,946
Subtotal	19,647		10,132
Total lease payments	17,275
Less: Accumulated depreciation	(4,934)		(4,158)
Less: interest	(3,041)
Property and equipment, net	$	14,713	$	5,974
Total present value of lease liabilities	$	14,234

Depreciation expense for property and equipment was $0.8 million, $0.6 million, and $0.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Table of Contents

89. ~~Assets~~Accrued ~~held~~expenses ~~for~~and ~~rent~~other current liabilities

~~Assets~~Accrued ~~held~~expenses ~~for~~and ~~rent~~other current liabilities consist of the following as of December 31, ~~2024~~2025 and ~~2023~~2024:

(In thousands)	~~2024~~2025		~~2023~~2024
Shippers placed in service	$	9,505	$	9,866
Accrued expenses	$	5,846	$	7,192
Accumulated depreciation	(6,499)		(5,600)
Accrued compensation	5,933		4,828
Net	3,006		4,266
Deferred revenue, current	195		103
Shippers and related components in production	3,097		2,651
Total accrued expenses and other current liabilities	$	11,974	$	12,123
Total	$	6,103	$	6,917

Shippers and related components in production include shippers complete and ready to be deployed and placed in service upon a customer order, shippers in the process of being assembled, and components available to build shippers10. Goodwill ~~We recognized $2.1 million, $2.9 million,~~ and ~~$2.8~~intangible ~~million in depreciation expense related to~~ assets ~~held for rent during the years ended December 31, 2024, 2023, and 2022, respectively.~~

9. Property and equipment

Property and equipment consist of the following as of December 31, 2024 and 2023:

(In thousands)	2024		2023
Property and equipment
Leasehold improvements	$	3,527	$	3,503
Furniture and computer equipment	306		596
Manufacturing and other equipment	4,073		3,340
Construction in-progress	2,478		2,513
Subtotal	10,384		9,952
Less: Accumulated depreciation	(4,300)		(4,263)
Property and equipment, net	$	6,084	$	5,689

Depreciation expense for property and equipment was $0.7 million, $0.8 million, and $0.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.

10. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following as of December 31, 2024 and 2023:

(In thousands)	2024		2023
Accrued expenses	$	7,116	$	6,620
Accrued taxes	—		264
Accrued compensation	5,232		2,196
Deferred revenue, current	103		41
Total accrued expenses and other current liabilities	$	12,451	$	9,121

Table of Contents

11. Goodwill and intangible assets

Goodwill

(In thousands)	Goodwill
Original acquired goodwill as of December 31, 2023(1)	$	224,741
Goodwill as of December 31, 2024(1)	$	212,304
Less: Goodwill allocated to SciSafe in divestiture	(11,333)
Less: Goodwill allocated to SAVSU in divestiture	(3,717)
Less: Goodwill allocated to CBS in divestiture	(1,104)
Balance as of December 31, 2025	$	208,587
Balance as of December 31, 2024	$	212,304

(1) As discussed in Note 3: Discontinued operations, the Company allocated a portion of its goodwill to ~~each~~SAVSU ~~disposed entity~~ in accordance with ASC 350. The goodwill balance presented above as of December 31, ~~2023~~2024 represents the balance of the reporting unit before the effect of the ~~divestitures~~divestiture. The goodwill presented in the Consolidated Balance Sheets as of December 31, ~~2024~~2025 and ~~2023~~2024 is on a continuing operations basis giving effect to the divestitures.

Intangible assets

Intangible assets, net consisted of the following as of December 31, ~~2024~~2025 and ~~2023~~2024:

(In thousands, except weighted average useful life)	December 31, ~~2024~~2025
Intangible assets:	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Useful Life(in years)
Customer relationships	$	2,516	$	(2,508)	$	8	0.6
Tradenames	$	2,794	$	(1,268)	$	1,526	5.9
Tradenames	4,114		(1,799)		2,315		5.9
Technology - acquired	7,822		(5,091)		2,731		2.9
Technology - acquired	18,672		(11,436)		7,236		3.1
Total intangible assets	$	10,616	$	(6,359)	$	4,257	3.7
Non-compete agreements	90		(90)		—		0.0
Total intangible assets	$	25,392	$	(15,833)	$	9,559	3.3

	December 31, 2023
	December 31, 2024
Intangible assets:	Gross Carrying Value		Accumulated Amortization~~(1)~~		Net Carrying Value		Weighted Average Useful Life(in years)
Customer relationships	$	2,516	$	(2,495)	$	21	1.6
Tradenames	$	2,794	$	(1,004)	$	1,790	6.9
Tradenames	4,114		(1,389)		2,725		6.9
Technology - acquired	7,922		(4,147)		3,775		3.9
Technology - acquired	18,372		(9,122)		9,250		4.1
Total intangible assets	$	10,716	$	(5,151)	$	5,565	4.7
Non-compete agreements	90		(90)		—		0.0
Total intangible assets	$	25,092	$	(13,096)	$	11,996	4.3

7776

Table of Contents

Amortization expense for finite-lived intangible assets was $21.73 million, $31.52 million, and $42.0 million for the years ended December 31, ~~2024~~2025, ~~2023~~2024, and ~~2022~~2023, respectively. As of December 31, ~~2024~~2025, the Company expects to record the following amortization expense:

(In thousands)
For the Years Ending December 31,	EstimatedAmortizationExpense
2025	$	2,807
2026	$	1,206
2026	2,692
2027	1,016
2027	1,938
2028	742
2028	828
2029	530
Thereafter	764
2030	411
Total	$	9,559
Thereafter	352
Total	$	4,257

1211. Commitments and contingencies

Employment agreements

We have employment agreements with certain key employees. None of these employment agreements is for a definitive period, but rather each will continue indefinitely until terminated in accordance with its terms. The agreements provide for a base annual salary, payable in monthly (or shorter) installments. Under certain conditions and for certain of these officers, we may be required to pay additional amounts upon terminating the officer or upon the officer resigning for good reason.

Litigation

From time to time, the Company is subject to various legal proceedings that arise in the ordinary course of business, none of which are currently material to the Company’s business. The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any pending or threatened litigation ~~except for as described below~~.

Pending litigation items

One lawsuit has been filed by a previous customer seeking payment for losses allegedly related to commercial freezer products from Global Cooling prior to its divestiture. Pursuant to the Global Cooling Purchase Agreement, the Company is required to indemnify Global Cooling for preexisting legal contingencies and if this previous customer was successful on such claim, then the Company would be responsible for indemnifying Global Cooling for any losses. This lawsuit does not currently have probable outcomes determined and we continue to defend vigorously against the claims made. An estimate for a reasonably possible loss or range of loss cannot be made, though we expect any potential loss incurred to be covered by insurance.

Indemnification

As permitted under Delaware law and in accordance with the Company’s bylaws, the Company is required to indemnify its officers and directors for certain errors and occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of December 31, ~~2024~~2025.

78Purchase obligations

~~Table~~Purchase obligations are defined as agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable pricing provisions and the approximate timing of ~~Contents~~the transactions. As of December 31, 2025, our total short-term obligations were $9.8 million.

Non-income related taxes

Companies are required to collect and remit sales tax from certain customers if the company is determined to have nexus in a particular state. Upon the determination of nexus, which varies by state, companies are additionally required to maintain detailed record of specific product and customer information within each jurisdiction in which it has established nexus to appropriately determine their sales tax liability, requiring technical knowledge of each jurisdiction’s tax case law. During the year ended December 31, 2022, the Company determined that a sales tax liability related to the periods of ~~2019~~2021 through 2022 is probable. The estimated liability was determined to be approximately $4.3 million and $4.4 million as of December 31, 2024 and December 31, 2023, respectively. Due to the variety of jurisdictions in which this estimated liability relates to and our ongoing assessment of sales taxes owed, we cannot predict when final liabilities will be satisfied. We will reevaluate the estimated liability and timing of satisfaction each reporting period.

Table of Contents

2022 is probable. The estimated liability was determined to be approximately $2.3 million and $4.2 million as of December 31, 2025 and December 31, 2024, respectively. Due to the variety of jurisdictions in which this estimated liability relates to and our ongoing assessment of sales taxes owed, we cannot predict when final liabilities will be satisfied. We will reevaluate the estimated liability and timing of satisfaction each reporting period.

Settlement of Global Cooling Escrow

On May 3, 2021, the Company acquired ~~GCI~~Global Cooling pursuant to an Agreement and Plan of Merger, dated as of March 19, 2021 (the “GCI Merger Agreement”). Pursuant to the GCI Merger Agreement, the aggregate consideration paid to former stockholders of ~~GCI~~Global Cooling (collectively, the “~~GCI~~Global Cooling Stockholders”) was 6,646,870 newly issued shares of common stock (the “GCI Merger Consideration”) were provided with the requirement that the GCI Merger Consideration otherwise payable to ~~GCI~~Global Cooling Stockholders were subject to reduction for indemnification obligations. Approximately 9% of the GCI Merger Consideration (the "GCI Escrow Shares") otherwise issuable to the GCI Stockholders were deposited into a segregated escrow account (the “GCI Escrow Account”) in accordance with an escrow agreement entered into in connection with the closing of the transactions contemplated by the GCI Merger Agreement (the “GCI Escrow Agreement”). Of the GCI Escrow Shares, an amount equal to 5% of the GCI Merger Consideration were considered general escrow shares (the “General Escrow Shares”). The General Escrow Shares were eligible to be held in escrow for a period of up to 18 months after the closing of the ~~GCI~~Global Cooling acquisition as the sole and exclusive source of payment for any indemnification claims made by the Company.

On September 28, 2022, ~~BioLife~~the Company asserted an indemnification claim pursuant to the GCI Merger Agreement. On June 5, 2023, the Company entered into a Settlement Agreement with the representatives of the ~~GCI~~Global Cooling Stockholders, pursuant to which the parties agreed to release 65% of the General Escrow Shares, totaling 216,024 shares, to the Company from the GCI Escrow Account. These shares were returned to the Company and subsequently cancelled. As a result of the settlement, the Company recorded a $5.1 million gain recognizing the return of the shares during the second quarter of 2023.

1312. Long-term debt

Term Loan

On September 20, 2022, the Company and certain of its subsidiaries entered into the Loan and Security Agreement, dated September 20, 2022, by and among Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (“Bank”), the Company, SAVSU ~~Technologies~~, ~~Inc.~~CBS, ~~a Delaware corporation (“SAVSU”), Arctic Solutions, Inc., a Delaware corporation doing business as Custom Biogenic Systems (“Arctic”),~~ SciSafe Holdings, Inc., a Delaware corporation (“SciSafe Parent”), and Sexton Biotechnologies, Inc., a Delaware corporation (“Sexton,” and together with the Company, SAVSU, ~~Arctic~~CBS and SciSafe Parent, “Borrower”), as amended by that certain Waiver and First Amendment to Loan and Security Agreement, dated February 26, 2024, that certain Consent and Second Amendment to Loan and Security Agreement, dated April 17, 2024 (the “Second Amendment”), and that certain Consent and Third Amendment to Loan and Security Agreement, dated November 11, 2024 (the “Third Amendment”) that certain Consent and Fourth Amendment to Loan and Security Agreement, dated April 4, 2025 (the “Fourth Amendment”), that certain Consent to Loan and Security Agreement dated July 29, 2025 (the “Fifth Amendment”) and that certain Consent to Loan and Security Agreement, dated October 6, 2025 (the “Sixth Amendment”, and the foregoing collectively, the “Loan Agreement”), which provides for a term loan in an aggregate maximum principal amount of up to $60 million in the increments and upon the dates and milestones described below (the “Term Loan”). The Term Loan matures on June 1, 2026. The Loan Agreement permitted the Company to borrow up to $30 million upon the initial closing of the transactions contemplated by the Loan Agreement (the “Term Loan Closing”), and provided options to borrow (i) up to $10 million between the Term Loan Closing and June 30, 2023, (ii) up to $10 million upon the achievement of certain revenue milestones by the Company, and (iii) an additional $10 million at the discretion of the lender. The Company borrowed $20 million at the Term Loan Closing and accounts for the Term Loan at cost. As of December 31, 2023, the Company had not drawn additional funding nor had it met the revenue milestones outlined within the Loan Agreement. The Company had until December 31, 2023 to draw an additional $10 million, subject to approval from the lender, and therefore has no additional opportunities under the Loan Agreement. Payments on the borrowing were interest-only through June 2024, with additional criteria allowing for interest-only payments to continue through June 2025., ~~The~~which ~~Company has begun its interest payments on~~ the ~~Term~~Company ~~Loan~~did asnot ~~of June 2024~~pursue. Tranches borrowed under the Loan Agreement bear interest at the Wall Street Journal prime rate plus 0.5%. However, the interest rate is subject to a ceiling that restricts the interest rate for each tranche from exceeding 1.0% above the overall rate applicable to each tranche at their respective funding dates and has a balloon payment due at the earliest of term loan maturity, repayment of the Term Loan in full, or termination of the Loan Agreement at $1.2 million. As of December 31, 2025, the implied interest rate of the Term Loan is 9.3% and the implied value of the Term Loan is $6.1 million. The Loan Agreement contains customary representations and warranties as well as

Table of Contents

customary affirmative and negative covenants. As of December 31, 2025, the Company is in compliance with the covenants set forth in the Loan Agreement.

On April 17, 2024, the Company entered into the Second Amendment by and among Bank, the Company, SAVSU, CBS, SciSafe Parent, Global Cooling and Sexton (the Company, SAVSU, CBS, SciSafe Parent, Global Cooling and Sexton, collectively, the “Second Amendment Borrower”). Pursuant to the Second Amendment and subject to the conditions set forth therein, Bank consented to the Global Cooling Divestiture and released its security interests in the assets of Global Cooling and the shares of common stock of Global Cooling arising under the Loan Agreement. In addition, effective as of the closing of the Global Cooling Divestiture, the Second Amendment amended the Loan Agreement to remove Global Cooling as a party to the Loan Agreement and provide for a non-refundable termination fee in the amount of $500,000 payable by the Second Amendment Borrower to Bank in the event that the Loan Agreement is terminated prior to the Term Loan Maturity Date (as defined in the Loan Agreement) for any reason. The Second Amendment also contains customary representations and warranties of the Second Amendment Borrower and provides for a release of Bank by the Second Amendment Borrower for any claims existing or arising through the date of the Second Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.

On November 11, 2024, the Company entered into the Third Amendment by and among Bank, the Company, SAVSU, CBS, SciSafe Parent and Sexton (the Company, SAVSU, CBS, SciSafe Parent and Sexton, collectively, the “Third Amendment Borrower”). Pursuant to the Third Amendment and subject to the conditions set forth therein, Bank consented to the SciSafe Divestiture as required pursuant to the Loan Agreement. In addition, effective as of the closing of the SciSafe Divestiture, the Third Amendment amended the Loan Agreement to provide for a non-refundable termination fee in the amount of $750,000 payable by the Third Amendment Borrower to Bank in the event that the Loan Agreement is terminated prior to the Term Loan Maturity Date for any reason. The Third Amendment also made certain other ministerial changes to the Loan Agreement, contains customary representations and warranties of the Third Amendment Borrower and provides for a release of Bank by the Third Amendment Borrower for any claims existing or arising through the date of the Third Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.

On April 4, 2025, the Company entered into the Fourth Amendment, by and among Bank, the Company, SAVSU, and Sexton (the Company, SAVSU and Sexton, collectively, the “Fourth Amendment Borrower”). Pursuant to the Fourth Amendment and subject to the conditions set forth therein, Bank consented to the PanTHERA Transaction and the dissolution of SciSafe as required pursuant to the Loan Agreement. The Fourth Amendment also made certain other ministerial changes to the Loan Agreement, contains customary representations and warranties of the Fourth Amendment Borrower and provides for a release of Bank by the Fourth Amendment Borrower for any claims existing or arising through the date of the Fourth Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.

On July 29, 2025, the Company entered into the Fifth Amendment, by and among Bank, the Company, SAVSU, and Sexton (the Company, SAVSU and Sexton, collectively, the “Fifth Amendment Borrower”). Pursuant to the Fifth Amendment and subject to the conditions set forth therein, Bank consented to adding PanTHERA as a borrower to the Loan Agreement and granted Bank a security interest in the assets of PanTHERA. The Fifth Amendment also made certain other ministerial changes to the Loan Agreement, contains customary representations and warranties of the Fifth Amendment Borrower and provides for a release of Bank by the Fifth Amendment Borrower for any claims existing or arising through the date of the Fifth Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.

On October 6, 2025, the Company entered into Sixth Amendment by and among Bank and the Company, SAVSU, Sexton, and PanTHERA (collectively, the “Sixth Amendment Borrower”). Pursuant to the Sixth Amendment and subject to the conditions set forth therein, the Bank consented to the purchase of the convertible promissory note from the iPSC developer and the SAVSU Transaction as required by the Loan Agreement and released its security interests in the assets of SAVSU and the outstanding membership interests of SAVSU arising under the Loan Agreement. The Sixth Amendment contains customary representations and warranties of the Sixth Amendment Borrower and provides for a release of the Bank by the Sixth Amendment Borrower for any claims existing or arising through the date of the Sixth Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.

Table of Contents

interest rate is subject to a ceiling that restricts the interest rate for each tranche from exceeding 1.0% above the overall rate applicable to each tranche at their respective funding dates and has a balloon payment due at the earliest of Long-term ~~loan~~debt ~~maturity,~~consisted ~~repayment~~ of the ~~Term~~following ~~Loan~~as ~~in full, or termination~~ of ~~the Loan Agreement at $1 million. As of~~ December 31, ~~2024,~~2025 ~~the implied interest rate of the Term Loan is 8.9%~~ and ~~the implied value of the Term Loan is $15.9 million. The Loan Agreement contains customary representations and warranties as well as customary affirmative and negative covenants. As of December 31,~~ 2024~~, the Company is in compliance with the covenants set forth in the Loan Agreement.~~:

On April 17, 2024, the Company entered into the Second Amendment by and among Bank and Borrower. Pursuant to the Second Amendment and subject to the conditions set forth therein, Bank consented to the GCI Divestiture and released its security interests in the assets of Global Cooling and the shares of common stock of Global Cooling arising under the Loan Agreement. In addition, effective as of the closing of the transaction, the Second Amendment amended the Loan Agreement to remove Global Cooling as a party to the Loan Agreement and provide for a non-refundable termination fee in the amount of $500,000 payable by Borrower to Bank in the event that the Loan Agreement is terminated prior to the Term Loan Maturity Date (as defined in the Loan Agreement) for any reason. The Second Amendment also contains customary representations and warranties of Borrower and provides for a release of Bank by Borrower for any claims existing or arising through the date of the Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.


				December 31,
(In thousands)	Maturity Date	Interest Rate		2025		2024
Term Loan(1)	Jun-26	7.0	%	$	5,000	$	15,000
Insurance premium financing	Various	8.3	%	—		975
Total debt, excluding unamortized debt issuance costs				5,000		15,975
Less: unamortized debt issuance costs				(3)		(35)
Total debt				4,997		15,940
Less: current portion of debt				(4,997)		(10,943)
Total long-term debt				$	—	$	4,997

(1) As of December 31, 2025, the Term Loan was secured by substantially all assets of BioLife, Sexton, and PanTHERA other than intellectual property.

OnAs ~~November~~of 11December 31, ~~2024~~2025, the ~~Company~~scheduled ~~entered~~maturities into the Third Amendment by and among Bank and Borrower. Pursuant to the Third Amendment and subject to the conditions set forth therein, Bank consented to the SciSafe Divestiture as required pursuant to the Loan Agreement. In addition, effective as of ~~the~~loans ~~closing~~payable ~~of the SciSafe Divestiture, the Third Amendment amended the Loan Agreement to provide~~ for aeach ~~non-refundable termination fee in the amount~~ of ~~$750,000 payable by Borrower to Bank in~~ the ~~event~~next ~~that~~five ~~the~~years Loan Agreement is terminated prior to the Term Loan Maturity Date for any reason. The Third Amendment also made certain other ministerial changes to the Loan Agreement, contains customary representations and ~~warranties~~thereafter ofwere ~~Borrower~~as and provides for a release of Bank by Borrower for any claims existing or arising through the date of the Amendment, including, without limitation, those arising out of or in any manner connected with or related to the Loan Agreement.follows:

Long-term debt consisted of the following as of December 31, 2024 and 2023:


(In thousands)	Amount
2026	$	4,997





Total	$	4,997

December 31,

Filing Compare · BIOLIFE SOLUTIONS INC