Operating and Net Income (Loss)

Operating losses during the third quarter of 2012 were $4.3 million, compared to $2.7 million for the third quarter of 2011. Operating losses during the first nine months of 2012 were $13.7 million, compared to $12.6 million for the first nine months of 2011.

Net loss for the third quarter of 2012 was $3.5 million, or $0.08 per diluted share, compared to a net income of $2.3 million, or $0.05 per diluted share, for the third quarter of 2011. Net loss for the first nine months of 2012 was $14.2 million, or $0.26 per diluted share, compared to a net loss of $9.2 million, or $0.19 per diluted share, for the first nine months of 2011. Net income and losses were impacted by the mark-to-market adjustments of Cerus’ outstanding warrants to fair value, which resulted in non-cash gains of $0.9 million and $5.4 million during the three months ended September 30, 2012, and 2011, respectively, and $0.1 million and $3.8 million during the nine months ended September 30, 2012, and 2011, respectively.

Cash and Investments

At September 30, 2012, the Company had cash, cash equivalents and short-term investments of $26.7 million. For the third quarter, tight management of working capital, including accounts receivable and payables, was instrumental in ending the quarter with lower cash used for operations as compared to each of the first two quarters of 2012.

QUARTERLY CONFERENCE CALL

The Company will host a conference call and webcast at 4:15 p.m. Eastern time today to discuss its financial results and provide a general business overview and outlook. To access the live webcast, please visit the Investor Relations page of the Cerus web site at http://www.cerus.com/Investors/Investor-Overview. Alternatively, you may access the live conference call by dialing 866-235-9006 (U.S.) or 631-291-4549 (international).

A replay will be available on the company’s web site, or by dialing 855-859-2056 (U.S.) or 404-537-3406 (international) and entering conference ID number 63119758. The replay will be available approximately three hours after the call through November 21, 2012.

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