Vericel Corp
VCEL evidence brief
What we can confirm
- BioSniper Score:
- 5.9 / 10
- Market Cap:
- $2.00B
- Lead Asset:
- Epicel (Approved)
What it means
What to watch
Prepared research question
What matters most for VCEL—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · VCEL
Vericel Corp (VCEL) is a commercial-stage biotech company focused on advanced therapies for sports medicine (MACI for knee cartilage repair) and severe burn care (Epicel, NexoBrid), with growing revenue and a pipeline expansion into ankle cartilage repair.
Key risk: Product concentration risk
BioSniper Score
Based on 4 of 6 signals
Market Cap
$2.00B
Cash Runway
—
Lead Asset
Epicel (Approved)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates for Vericel Corp.
Vericel Corp (VCEL) is a commercial-stage biotech company focused on advanced therapies for sports medicine (MACI for knee cartilage repair) and severe burn care (Epicel, NexoBrid), with growing revenue and a pipeline expansion into ankle cartilage repair.
- Total revenue of $77.5M for Q2 2026, up 22% year-over-year, with MACI revenue growing 23% [news · 2026-07-30]
- Net income of $2.2M and free cash flow of $14.3M in Q2 2026 [news · 2026-07-30]
- Cash & equivalents of $125.4M as of 2026-06-30 [sec]
- Full-year 2026 revenue guidance raised to $330–$340M [news · 2026-07-30]
- Board authorized a $200M share repurchase program [news · 2026-07-30]
What works
- Strong revenue growth: Q2 2026 total revenue increased 22% year-over-year, with MACI revenue up 23% and burn care revenue up 91% in Q1 2026 [news · 2026-07-30][news · 2026-05-07]
- Positive net income ($2.2M in Q2 2026) and improving free cash flow ($14.3M in Q2 2026) indicate operational progress toward profitability [news · 2026-07-30]
- Expanding pipeline: Phase 3 MACI Ankle study (MASCOT) initiated in May 2026, targeting a new indication for chondral lesions of the talus [catalyst]
- Diversified commercial portfolio with three approved products (MACI, Epicel, NexoBrid) covering sports medicine and severe burn care markets [pipeline]
What to weigh
- Reliance on a single lead product (MACI) for the majority of revenue; MACI revenue of $239.5M in 2025 represented ~87% of total revenue [news · 2026-01-13]
- Burn care revenue, while growing, remains a smaller portion of total revenue and may be subject to episodic demand (severe burn cases) [news · 2026-05-07]
- Pipeline beyond MACI Ankle is early-stage; no near-term new product launches expected beyond existing approved therapies [pipeline]
- Share repurchase program ($200M authorized) could reduce cash reserves ($125.4M as of 2026-06-30) if executed fully [news · 2026-07-30][sec]
From the filings
Quoted directly from source documents.
Q2 2026 total revenue and MACI growth
“Total Revenue Increased 22% to $77.5 Million, with MACI Revenue Growth of 23%”
News · July 30, 2026
Net income and free cash flow in Q2 2026
“Net Income of $2.2 Million and Free Cash Flow of $14.3 Million”
News · July 30, 2026
Phase 3 MACI Ankle study start
“Phase3_Start: A Prospective, Open-label, Randomized, Concurrent Active-controlled, Longitudinal, Multicenter, Phase 3 Clinical Study of the Safety and Efficacy of MACI in Patients With Symptomatic Chondral or Osteochondral Lesions of the Talus (MASCOT)”
Catalysts · May 28, 2026
Catalyst timeline
- 2026-05-28 · Phase 3 MACI Ankle study (MASCOT) start — Initiation of a Phase 3 trial for MACI in chondral/osteochondral lesions of the talus; interim assessment and enrollment completion expected by end of Q1 2027.
Risks & what to watch (4)›
Key risks
- Product concentration risk — MACI accounted for ~87% of 2025 revenue; any disruption to MACI sales would significantly impact total revenue [news · 2026-01-13]
- Cash deployment risk — $200M share repurchase authorization could reduce cash reserves ($125.4M as of 2026-06-30) if fully executed [news · 2026-07-30][sec]
- Pipeline dependency — No new product approvals imminent beyond existing portfolio; MACI Ankle Phase 3 is early-stage and may take years to reach market [catalyst]
- Burn care revenue volatility — Burn care revenue (Epicel, NexoBrid) is driven by severe burn incidence, which can be unpredictable [news · 2026-05-07]
What to watch
- MACI Ankle Phase 3 (MASCOT) interim assessment and enrollment completion expected by end of Q1 2027 [news · 2026-08-13]
- Full-year 2026 revenue guidance of $330–$340M and ability to sustain 20%+ revenue growth [news · 2026-07-30]
- Execution of $200M share repurchase program and impact on cash position [news · 2026-07-30]
- NexoBrid revenue trajectory under BARDA contract and MediWound partnership [news · 2026-08-13]
Sources: Catalysts · News · Pipeline · Generated October 2, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.36 · 2% dilution
Lead: Approved
2 candidates
No upcoming catalysts tracked
0 buys · 21 sells (180d)
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
279
Total value held
$1.71B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 7,765,344 | $249.8M |
| state street corp | 3,152,130 | $101.4M |
| soleus capital management, l.p. | 2,549,079 | $82.0M |
| conestoga capital advisors, llc | 2,463,312 | $79.2M |
| vanguard capital management llc | 2,230,756 | $71.8M |
| william blair investment management, llc | 1,832,709 | $59.0M |
| bnp paribas asset management holding s.a. | 1,723,572 | $55.4M |
| geneva capital management llc | 1,646,818 | $53.0M |
| congress asset management co | 1,506,918 | $48.5M |
| geode capital management, llc | 1,254,862 | $40.4M |
Showing top 10 of 279 institutional holders of Vericel Corp. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 12.9%
- Days to cover
- 6.7
- Shares short
- 5,077,525
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
VCEL short interestGovernance
Frequently asked questions
What is the AI investment thesis for Vericel Corp?
Vericel Corp (VCEL) is a commercial-stage biotech company focused on advanced therapies for sports medicine (MACI for knee cartilage repair) and severe burn care (Epicel, NexoBrid), with growing revenue and a pipeline expansion into ankle cartilage repair.
What is Vericel Corp's lead drug candidate?
Vericel Corp's most advanced tracked candidate is Epicel (Approved) for Deep-dermal or full-thickness burns comprising greater than or equal to 30 percent of a patient's total body surface area.
Who is the CEO of Vericel Corp?
Mr. Dominick C. Colangelo Esq. is the chief executive officer of Vericel Corp (VCEL).
Where is Vericel Corp headquartered?
Vericel Corp (VCEL) is headquartered in Burlington, MA, United States.
What therapeutic areas does Vericel Corp focus on?
Vericel Corp develops therapies across Musculoskeletal.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.