Vericel Corp
VCEL evidence brief
What we can confirm
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 biopharmaceutical company focused on advanced cell therapies for sports medicine and severe burn care, with FDA-approved products MACI (cartilage repair), Epicel (severe burns), and NexoBrid (eschar removal).
Key risk: Preliminary financial results
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 2 clinical trials · 2 catalysts for Vericel Corp.
Vericel Corp (VCEL) is a commercial-stage biopharmaceutical company focused on advanced cell therapies for sports medicine and severe burn care, with FDA-approved products MACI (cartilage repair), Epicel (severe burns), and NexoBrid (eschar removal).
- Vericel reported total net revenue of over $164 million in 2022, driven by 18% growth in MACI net revenue to $132 million [sec · filed 2023-03-23].
- The company achieved FDA approval for NexoBrid and is advancing the MACI arthroscopic delivery program toward a potential 2024 launch [sec · filed 2023-03-23].
- As of June 30, 2026, Vericel had cash & equivalents of $125.4M, total revenue of $77.5M, net income of $2.2M, shareholders' equity of $354.6M, and total debt of $0.5M [sec].
- Vericel believes its current cash, equivalents, investments, and borrowing capacity will support operations through at least 12 months from the issuance of its June 30, 2026 financial statements [sec_mda · as of 2026-07-30].
- The company has financed operations primarily through MACI, Epicel, and NexoBrid sales, debt, and equity securities [sec_mda · as of 2026-05-07].
What works
- Vericel has a diversified portfolio of FDA-approved products (MACI, Epicel, NexoBrid) addressing distinct medical needs in orthopedics and burn care [sec · filed 2023-03-23].
- The company has demonstrated consistent revenue growth, with MACI net revenue growing 18% to $132 million in 2022 [sec · filed 2023-03-23].
- Vericel is advancing pipeline programs, including the MACI arthroscopic delivery and ankle programs, which could expand its market [sec · filed 2023-03-23].
What to weigh
- Vericel's financial statements for recent periods are preliminary and subject to change, creating uncertainty for investors [sec · filed 2025-01-14].
- The company's cash requirements depend on many factors, including clinical trial outcomes, manufacturing capacity, and market developments, which could strain liquidity [sec_mda · as of 2026-07-30].
- Vericel has historically relied on debt and equity financing to support operations, indicating potential dilution risk [sec_mda · as of 2026-05-07].
From the filings
Quoted directly from source documents.
Vericel achieved record total net revenue of over $164 million in 2022.
“the Company generated continued top line revenue growth and achieved record total net revenue of more than $164 million, which was driven by significant growth for MACI®, with MACI net revenue growing 18% to $132 million for the year.”
SEC filings · March 23, 2023
Vericel believes its cash will support operations for at least 12 months.
“We believe that our current cash on hand, cash equivalents, investments, and available borrowing capacity will be sufficient to support our current operations through at least 12 months from the issuance of the condensed consolidated financial statements included in this report.”
SEC MD&A · July 30, 2026
Vericel has financed operations through product sales, debt, and equity.
“To date, we have financed our operations primarily through cash received through MACI, Epicel and NexoBrid sales, debt, and public and private sales of our equity securities.”
SEC MD&A · May 7, 2026
Catalyst timeline
- 2030-02-01 · Phase3_Topline · maci — Topline results from a Phase 3 trial of MACI for a new indication, evaluating efficacy and safety.
- 2030-07-01 · Phase3_Topline · maci — Topline results from another Phase 3 trial of MACI, providing additional data on the product's performance.
Risks & what to watch (3)›
Key risks
- Preliminary financial results — Vericel's financial statements for recent periods are preliminary and subject to change, which may affect investor confidence [sec · filed 2025-01-14].
- Dependence on financing — The company relies on debt and equity financing, which could lead to dilution or increased leverage [sec_mda · as of 2026-05-07].
- Clinical and regulatory uncertainty — Pipeline programs (e.g., MACI arthroscopic delivery) are subject to clinical trial outcomes and FDA approval, with no guaranteed timelines [sec · filed 2023-03-23].
What to watch
- Launch and adoption of the MACI arthroscopic delivery program, targeted for 2024 [sec · filed 2023-03-23].
- Commercial ramp of NexoBrid in the burn care market [sec · filed 2023-03-23].
- Progress of the MACI ankle program and any clinical trial updates [sec · filed 2023-03-23].
- Quarterly earnings reports and updates on cash runway and revenue growth [sec_mda · as of 2026-07-30].
Sources: Catalysts · SEC filings · SEC MD&A · Generated August 23, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.36 · 2% dilution
Lead: Approved
3 candidates
2 upcoming, next in ~1251d
0 buys · 23 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
277
Total value held
$1.71B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 7,765,344 | $249.8M |
| vanguard capital management llc | 4,461,512 | $143.5M |
| state street corp | 3,152,130 | $101.4M |
| sg capital management llc | 1,959,287 | $63.0M |
| 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 |
| susquehanna international group, llp | 1,172,800 | $37.7M |
Showing top 10 of 277 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 biopharmaceutical company focused on advanced cell therapies for sports medicine and severe burn care, with FDA-approved products MACI (cartilage repair), Epicel (severe burns), and NexoBrid (eschar removal).
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.
What is Vericel Corp's next catalyst?
Vericel Corp's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Prospective, Open-label, Randomized, Concurrent Active-controlled, Longitudinal, Multicenter, Phas" — expected February 1, 2030.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.