UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22,  2007
CERUS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware	 	0-21937	 	68-0262011	
(State of jurisdiction)	 	(Commission File No.)	 	(IRS Employer Identification No.)	
2411 Stanwell Drive
Concord, California 94520
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (925) 288-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

Item 2.02.	Results of Operations and Financial Condition.	
On February 22, 2007, Cerus Corporation (the “Company”) announced its financial results for its fourth quarter and fiscal year ended December 31, 2006. A copy of the Company’s press release, entitled “Cerus Corporation Announces Fourth Quarter and Year-End Financial Results,” is furnished pursuant to Item 2.02 as Exhibit 99.1 hereto.
The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Cerus Corporation, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01.	Financial Statements and Exhibits.	
 
 	(d)	Exhibits	

99.1	  	Press Release, dated February 22, 2007, entitled “Cerus Corporation Announces Fourth Quarter and Year-End Financial Results.”	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	 		 		 	CERUS CORPORATION	
					
Dated:	 	February 22, 2007	 		 	By:	 	/s/ William J. Dawson	
	 		 		 		 	William J. Dawson	
	 		 		 		 	Vice President, Finance and Chief Financial Officer	

EXHIBIT INDEX

Exhibit
Number	  	Description	
		
99.1	  	Press Release, dated February 22, 2007, entitled “Cerus Corporation Announces Fourth Quarter and Year-End Financial Results.”	

Exhibit 99.1
Contact:
Myesha Edwards
Corporate Communications &
Investor Relations
Cerus Corporation
(925) 288-6017
CERUS CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
CONCORD, Calif. — February 22, 2007 — Cerus Corporation (NASDAQ:CERS) today announced results for the fourth quarter and year-ended December 31, 2006.
Revenues for the fourth quarter of 2006 were $14.1 million, up from $5.6 million for the fourth quarter of 2005, primarily due to the receipt and recognition of $9.5 million in milestone consideration received from BioOne Corporation in the fourth quarter of 2006. Product sales of the INTERCEPT Blood System for platelets in Europe were $0.9 million during the fourth quarter of 2006 compared to $90 thousand for the same period in 2005. Total operating expenses for the fourth quarter of 2006 were $12.0 million, up from $9.0 million for the same period in 2005, due primarily to European commercialization activities for the INTERCEPT Blood System, costs incurred to initiate and maintain Phase I clinical trials for the red blood cell system and CRS-100 product candidates, and non-cash stock-based compensation as a result of adopting FAS 123R.
Net income for the fourth quarter of 2006 was $3.0 million or $0.10 per share, compared to a net loss of $3.9 million or $0.17 per share, for the fourth quarter of 2005.
For the year ended December 31, 2006, total revenues were $35.6 million compared to $24.4 million for the same period in 2005. Product sales for the year ended December 31, 2006, were $3.0 million compared to $0.5 million for the same period in 2005. Net loss was $4.8 million, or $0.18 per share for the year ended December 31, 2006, compared to a net income of $13.1 million or $0.55 per diluted share for the same period in 2005. The net loss for the year ended December 31, 2006, compared to the net income for 2005 is attributable to increased expenses associated with European

commercialization activities, costs associated with our Phase I clinical trials, and non-cash stock-based compensation associated with the adoption of FAS123R in 2006, offset by the higher revenues recognized during 2006. Results for 2005 were favorably affected by recognition of a one-time gain of $22.1 million associated with the settlement of a loan dispute with Baxter. At December 31, 2006, the company had cash, cash equivalents and short-term investments of $93.4 million as compared with $45.8 million at the end of 2005.
“We have made significant progress, delivering on major milestones over the past year, “ said Claes Glassell, president and chief executive officer of Cerus Corporation. “Our commercial development efforts in Europe are gaining momentum and we continue to increase the number of paying customers for the INTERCEPT Blood System.”
Highlights from the fourth quarter and recent developments include:
 
 	•	 	Received CE mark approval for the INTERCEPT Blood System for Plasma in Europe;	
 
 	•	 	Received French national approval for plasma system;	
 
 	•	 	Received first German regulatory approval for blood bank to sell INTERCEPT-treated platelets;	
 
 	•	 	Received $9.5 million in cash and equity consideration for milestone obligation from BioOne; and	
 
 	•	 	Raised $24.3 million in registered direct offering of common stock.	
Quarterly Conference Call
The company has scheduled its quarterly conference call for 4:30 p.m. Eastern time today. To access the webcast via the internet, log on to www.cerus.com. Alternatively, you may access the live conference call by dialing 866-383-8108 (U.S.) or 617-597-5343 (International) and dial participant passcode 27219354. A telephone replay will be available approximately two hours after the call through 5:00 p.m. EST, February 27, 2007. To access the replay, please call 888-286-8010 (U.S.) or 617-801-6888 and enter

passcode 65485120. The webcast will be archived on www.cerus.com through March 22, 2007.
ABOUT CERUS
Cerus Corporation is a biopharmaceutical company that develops and commercializes novel, proprietary products in the fields of blood safety and immunotherapy to provide safer, more effective medical options to patients in areas of substantial unmet medical needs. In the field of blood safety, the company is developing and commercializing the INTERCEPT Blood System, which is based on the company’s proprietary Helinx technology and is designed to enhance the safety of donated blood components by inactivating viruses, bacteria, parasites and other pathogens, as well as potentially harmful white blood cells. In the field of immunotherapy, the company is employing its proprietary attenuated Listeria vaccine platform to develop a series of novel therapies to treat cancer, and it is applying its proprietary Killed But Metabolically Active technology platform in research and development of prophylactic and therapeutic vaccines for infectious diseases. INTERCEPT, INTERCEPT Blood System and Helinx are trademarks of Cerus Corporation.
Financial Tables Attached

CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
(In thousands except per share information)

 	  	Three Months Ended
December 31,	 	 	Twelve Months Ended
December 31,	 	
 	  	2006	  	2005	 	 	2006	 	 	2005	 	
Revenue:	  			  				 				 				
Milestones and development funding	  	$	12,142	  	$	2,878	 	 	$	22,760	 	 	$	11,697	 	
Government grant and cooperative agreements	  	 	1,081	  	 	2,642	 	 	 	9,845	 	 	 	12,189	 	
Product revenue	  	 	926	  	 	90	 	 	 	2,975	 	 	 	485	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total Revenue	  	 	14,149	  	 	5,610	 	 	 	35,580	 	 	 	24,371	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses:	  			  				 				 				
Cost of product revenue	  	 	705	  	 	—  	 	 	 	1,541	 	 	 	—  	 	
Research and development	  	 	7,438	  	 	6,578	 	 	 	29,507	 	 	 	24,134	 	
Selling, general, and administrative	  	 	3,861	  	 	2,380	 	 	 	14,012	 	 	 	9,578	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Total operating expenses	  	 	12,004	  	 	8,958	 	 	 	45,060	 	 	 	33,712	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Income (Loss) from operations	  	 	2,145	  	 	(3,348	)	 	 	(9,480	)	 	 	(9,341	)	
Interest income (expense) and other, net	  	 	865	  	 	(546	)	 	 	4,701	 	 	 	22,405	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	3,010	  	 	(3,894	)	 	 	(4,779	)	 	 	13,064	 	
Income taxes	  	 	—  	  	 	—  	 	 	 	—  	 	 	 	—  	 	
Net income (loss)	  	$	3,010	  	$	(3,894	)	 	$	(4,779	)	 	$	13,064	 	
	  	 	 	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss) per share:	  			  				 				 				
Basic	  	$	0.10	  	$	(0.17	)	 	$	(0.18	)	 	$	0.58	 	
Diluted	  	$	0.10	  	$	(0.17	)	 	$	(0.18	)	 	$	0.55	 	
Weighted average common shares outstanding used for basic and diluted income (loss) per share	  			  				 				 				
Basic	  	 	28,800	  	 	22,430	 	 	 	26,870	 	 	 	22,350	 	
Diluted	  	 	30,180	  	 	22,430	 	 	 	26,870	 	 	 	23,950	 	

CERUS CORPORATION
CONDENSED CONSOLIDATED UNAUDITED BALANCE SHEETS
(In thousands)

 	  	December 31,
2006	  	December 31,
2005	
Cash, cash equivalents, and short-term investments	  	$	93,416	  	$	45,805	
Accounts receivable and other current assets	  	 	7,494	  	 	5,200	
Inventories	  	 	1,833	  	 	—  	
Property and equipment, net	  	 	1,627	  	 	1,235	
Other assets	  	 	11,447	  	 	6,420	
	  	 	 	  	 	 	
Total Assets	  	$	115,817	  	$	58,660	
	  	 	 	  	 	 	
Accounts payable and accrued liabilities	  	$	14,144	  	$	7,289	
Current loan and interest payable	  	 	—  	  	 	4,826	
Deferred gain	  	 	586	  	 	—  	
Deferred revenues	  	 	—  	  	 	11,135	
Other current liabilities	  	 	84	  	 	67	
Other long-term liabilities	  	 	32	  	 	68	
	  	 	 	  	 	 	
Total liabilities	  	 	14,846	  	 	23,385	
	  	 	 	  	 	 	
Stockholders’ equity	  	 	100,971	  	 	35,275	
	  	 	 	  	 	 	
Total liabilities and stockholders’ equity	  	$	115,817	  	$	58,660	
	  	 	 	  	 	 	
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