EX-99.2 3 cyrx-20250611xex99d2.htm EX-99.2

Exhibit 99.2

Cryoport, Inc. and Subsidiaries

Unaudited Pro Forma Condensed Consolidated Financial Information

​

​

On June 11, 2025, the Company completed the previously disclosed divestiture of its CRYOPDP Business to designated affiliates of DHL Supply Chain International Holding B.V. (“DHL”) for $133.0 million. Pursuant to the terms of the Agreement, DHL acquired 100% of the capital stock and voting rights of certain entities conducting business under the trade name “CryoPDP”, including each of PDP Courier Services (USA), Inc., Courier Polar Expres S.L., Advanced Therapy Logistics and Solutions, SAS and Cryo Express GmbH (collectively, the “Transaction”). The Transaction also includes the repayment of approximately $77.2 million of outstanding intercompany loans owed by CRYOPDP to the Company. The Company and Purchaser also entered into certain related transaction agreements at the Closing Date, including a master partnership agreement, a transition services agreement and other customary agreements.

​

The unaudited pro forma condensed consolidated financial information presented below consists of an unaudited pro forma condensed consolidated balance sheet as of March 31, 2025 and unaudited pro forma condensed consolidated statements of operations for the three months ended March 31, 2025 and for the years ended December 31, 2024, 2023, and 2022. The unaudited pro forma condensed consolidated financial information presented below has been derived from and is based on the historical annual and interim condensed consolidated financial statements of the Company for each period presented. The unaudited pro forma condensed consolidated financial information presented below should be read in conjunction with the Company’s historical consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed on March 7, 2025, as well as for the three months ended March 31, 2025, included in the Company’s Quarterly Report on Form 10-Q filed on May 8, 2025.

​

The unaudited pro forma condensed consolidated balance sheet as of March 31, 2025 has been prepared giving effect to the Transaction as if it had occurred on March 31, 2025. The unaudited pro forma condensed consolidated statements of operations for the three months ended March 31, 2025, and for the years ended December 31, 2024, 2023 and 2022 have been prepared giving effect to the Transaction as if it had occurred on January 1, 2022, the beginning of the earliest period presented.

​

The “Historical (as reported)” column in the unaudited pro forma condensed consolidated financial information reflects our historical condensed consolidated financial information for the periods presented and does not reflect any adjustments related to the Transaction.

​

The “Sale of CRYOPDP Business” column in the unaudited pro forma condensed consolidated financial statements reflects the operations, assets, liabilities and equity of the CRYOPDP Business. The “Sale of CRYOPDP Business” does not include any allocation of general corporate overhead expense or interest expense of the Company to CRYOPDP.

​

The information in the “Pro Forma Adjustments” column in the unaudited pro forma condensed consolidated financial information was based on available information and certain assumptions that the Company’s management believes are reasonable, reflect the impacts of events directly attributable to the sale of the CRYOPDP Business that are factually supportable, and for purposes of the pro forma condensed consolidated statements of operations, are expected to have a continuing impact on the Company. The pro forma adjustments do not reflect future events that may occur after the sale, including potential selling, general and administrative dis-synergies and the expected charges, the expected realization of any cost savings and other synergies, or the usage of the expected cash distribution to be received in connection with the sale.

​

The unaudited pro forma condensed consolidated financial information has been presented in conformity with Article 11 of Regulation S-X. The unaudited pro forma condensed consolidated financial information has been prepared for illustrative purposes only, and does not purport to show the results that would have occurred had such transactions been completed as of the date and for the periods presented, and may not be useful in predicting the impact of the Transaction on the future financial condition and results of operations of the Company due to a variety of factors.

​

1


​

Cryoport, Inc. and Subsidiaries

Unaudited Pro Forma Condensed Consolidated Balance Sheet

As of March 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sale of

​

​

​

​

​

​

Historical

​

CRYOPDP

​

Pro Forma

​

​

​

    

(as reported)

    

Business

    

Adjustments

​

Pro Forma

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

Current Assets:

​

​

  

​

​

  

​

​

  

​

​

  

Cash and cash equivalents

​

$

36,102

​

$

—

​

$

210,239

(b)

$

246,341

Short-term investments

​

 

207,929

​

 

—

​

 

—

​

 

207,929

Accounts receivable, net

​

​

28,371

​

​

—

​

​

—

​

​

28,371

Inventories

​

 

23,340

​

 

—

​

 

—

​

 

23,340

Prepaid expenses and other current assets

​

 

7,444

​

 

—

​

 

—

​

 

7,444

Current assets held for sale

​

 

108,090

​

 

(108,090)

(a)

 

—

​

 

—

Total current assets

​

 

411,276

​

 

(108,090)

​

 

210,239

​

 

513,425

Property and equipment, net

​

 

80,481

​

​

—

​

​

—

​

​

80,481

Operating lease right-of-use assets

​

​

39,102

​

​

—

​

​

—

​

​

39,102

Intangible assets, net

​

 

145,414

​

​

—

​

​

—

​

​

145,414

Goodwill

​

​

20,960

​

​

—

​

​

—

​

​

20,960

Deposits

​

 

1,997

​

​

—

​

​

—

​

​

1,997

Deferred tax assets

​

​

614

​

​

—

​

​

—

​

​

614

Total assets

​

$

699,844

​

$

(108,090)

​

$

210,239

​

$

801,993

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES AND STOCKHOLDERS’ EQUITY

​

 

​

​

 

​

​

 

​

​

 

​

Current Liabilities:

​

 

​

​

 

​

​

 

​

​

 

​

Accounts payable and other accrued expenses

​

$

13,442

​

$

—

​

$

823

(c)

$

14,265

Accrued compensation and related expenses

​

 

12,681

​

​

—

​

​

—

​

​

12,681

Deferred revenue

​

 

1,774

​

​

—

​

​

—

​

​

1,774

Current portion of operating lease liabilities

​

​

3,661

​

​

—

​

​

—

​

​

3,661

Current portion of finance lease liabilities

​

 

340

​

​

—

​

​

—

​

​

340

Current portion of convertible senior notes, net of discount of $0.1 million

​

​

14,326

​

​

—

​

​

—

​

​

14,326

Current portion of notes payable

​

​

149

​

​

—

​

​

—

​

​

149

Current liabilities held for sale

​

​

27,657

​

​

(27,657)

(a)

​

—

​

​

—

Total current liabilities

​

 

74,030

​

 

(27,657)

​

 

823

​

 

47,196

Convertible senior notes, net of current portion and discount of $2.0 million and $2.3 million, respectively

​

​

184,211

​

​

—

​

​

—

​

​

184,211

Notes payable, net of current portion

​

​

1,122

​

​

—

​

​

—

​

​

1,122

Operating lease liabilities, net of current portion

​

​

38,101

​

​

—

​

​

—

​

​

38,101

Finance lease liabilities, net of current portion

​

​

758

​

​

—

​

​

—

​

​

758

Deferred tax liabilities

​

​

878

​

​

—

​

​

—

​

​

878

Other long-term liabilities

​

​

1,353

​

​

—

​

​

—

​

​

1,353

Contingent consideration

​

​

580

​

​

—

​

​

—

​

​

580

Total liabilities

​

 

301,033

​

 

(27,657)

​

 

823

​

 

274,199

​

​

​

​

​

​

​

​

​

​

​

​

​

Commitments and contingencies

​

 

​

​

 

  

​

 

  

​

 

  

Stockholders’ Equity:

​

 

​

​

 

  

​

 

  

​

 

  

Preferred stock

​

​

36,275

​

​

—

​

​

—

​

​

36,275

Common stock

​

​

50

​

​

—

​

​

—

​

​

50

Additional paid-in capital

​

 

1,147,380

​

 

—

​

 

—

​

 

1,147,380

Accumulated deficit

​

 

(769,156)

​

 

(80,433)

(a)

 

209,416

(b), (c)

 

(640,173)

Accumulated other comprehensive loss

​

 

(15,738)

​

 

—

​

 

—

​

 

(15,738)

Total stockholders’ equity

​

 

398,811

​

 

(80,433)

​

 

209,416

​

 

527,794

Total liabilities and stockholders’ equity

​

$

699,844

​

$

(108,090)

​

$

210,239

​

$

801,993

​

​

See accompanying notes to the unaudited pro forma condensed consolidated financial information.

2


​

​

Cryoport, Inc. and Subsidiaries

Unaudited Pro Forma Condensed Consolidated Statement of Operations

For the three months ended March 31, 2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sale of

​

​

​

​

​

​

Historical

​

CRYOPDP

​

Pro Forma

​

​

​

    

(as reported)

    

Business

    

Adjustments

​

Pro Forma

Life sciences services revenue

​

$

22,865

​

$

—

​

$

—

​

$

22,865

Life sciences products revenue

​

​

18,175

​

​

—

​

​

—

​

​

18,175

Total revenue

​

​

41,040

​

​

—

​

​

—

​

​

41,040

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of services revenue

​

​

11,920

​

​

—

​

​

—

​

​

11,920

Cost of products revenue

​

 

10,479

​

​

—

​

​

—

​

​

10,479

Total cost of revenue

​

​

22,399

​

​

—

​

​

—

​

​

22,399

Gross margin

​

 

18,641

​

​

—

​

​

—

​

​

18,641

​

​

 

​

​

​

​

​

​

​

​

​

​

Operating costs and expenses:

​

 

​

​

 

  

​

 

  

​

 

  

Selling, general and administrative

​

 

24,191

​

 

—

​

 

(2,290)

(d)

 

21,901

Engineering and development

​

 

3,934

​

 

—

​

 

—

​

 

3,934

Total operating costs and expenses

​

 

28,125

​

 

—

​

 

(2,290)

​

 

25,835

​

​

 

​

​

 

​

​

 

​

​

 

​

Loss from operations

​

 

(9,484)

​

 

—

​

 

2,290

​

 

(7,194)

Other income (expense):

​

 

​

​

 

​

​

 

​

​

 

​

Investment income

​

​

1,573

​

​

—

​

​

—

​

​

1,573

Interest expense

​

 

(583)

​

 

—

​

 

—

​

 

(583)

Other income (expense), net

​

 

(300)

​

 

—

​

 

—

​

 

(300)

Total other income (expense), net

​

​

690

​

 

—

​

 

—

​

 

690

Loss from continuing operations before provision for income taxes

​

 

(8,794)

​

 

—

​

 

2,290

​

 

(6,504)

Provision for income taxes

​

 

(234)

​

 

—

​

 

(573)

(e)

 

(807)

Loss from continuing operations

​

​

(9,028)

​

​

—

​

​

1,717

​

​

(7,311)

Paid-in-kind dividend on Series C convertible preferred stock

​

​

(2,000)

​

​

—

​

​

—

​

​

(2,000)

Net loss attributable to common stockholders

​

$

(11,028)

​

$

—

​

$

—

​

$

(9,311)

Net loss per share from continuing operations - basic and diluted

​

$

(0.22)

​

​

​

​

​

​

​

$

(0.19)

Weighted average common shares issued and outstanding - basic and diluted

​

 

49,947,012

​

​

​

​

​

​

​

 

49,947,012

​

See accompanying notes to the unaudited pro forma condensed consolidated financial information.

​

3


​

Cryoport, Inc. and Subsidiaries

Unaudited Pro Forma Condensed Consolidated Statement of Operations

For the year ended December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sale of

​

​

​

​

​

​

Historical

​

CRYOPDP

​

Pro Forma

​

​

​

    

(as reported)

    

Business

(f)

Adjustments

​

Pro Forma

Life sciences services revenue

​

$

153,660

​

$

(71,616)

​

$

—

​

$

82,044

Life sciences products revenue

​

​

74,725

​

​

—

​

​

—

​

​

74,725

Total revenue

​

​

228,385

​

​

(71,616)

​

​

—

​

​

156,769

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of services revenue

​

​

85,206

​

​

(41,853)

​

​

—

​

​

43,353

Cost of products revenue

​

 

43,548

​

​

—

​

​

—

​

​

43,548

Total cost of revenue

​

​

128,754

​

​

(41,853)

​

​

—

​

​

86,901

Gross margin

​

 

99,631

​

​

(29,763)

​

​

—

​

​

69,868

​

​

 

​

​

​

​

​

​

​

​

​

​

Operating costs and expenses:

​

 

​

​

 

  

​

 

  

​

 

  

Selling, general and administrative

​

 

148,978

​

 

(39,164)

​

 

—

​

 

109,814

Engineering and development

​

 

17,710

​

 

—

​

 

—

​

 

17,710

Impairment loss

​

​

63,809

​

​

—

​

​

—

​

​

63,809

Total operating costs and expenses

​

 

230,497

​

 

(39,164)

​

 

—

​

 

191,333

​

​

 

​

​

 

​

​

 

​

​

 

​

Loss from operations

​

 

(130,866)

​

 

9,401

​

 

—

​

 

(121,465)

Other income (expense):

​

 

​

​

 

​

​

 

​

​

 

​

Investment income

​

​

9,895

​

​

—

​

​

—

​

​

9,895

Interest expense

​

 

(4,108)

​

 

131

​

 

—

​

 

(3,977)

Gain on extinguishment of debt, net

​

 

18,505

​

 

—

​

 

—

​

 

18,505

Other income (expense), net

​

 

(6,906)

​

 

(140)

​

 

—

​

 

(7,046)

Total other income (expense), net

​

​

17,386

​

 

(9)

​

 

—

​

 

17,377

Loss before provision for income taxes

​

 

(113,480)

​

 

9,392

​

 

—

​

 

(104,088)

Provision for income taxes

​

 

(1,276)

​

 

869

​

 

—

​

 

(407)

Net loss

​

​

(114,756)

​

​

10,261

​

​

—

​

​

(104,495)

Paid-in-kind dividend on Series C convertible preferred stock

​

​

(8,000)

​

​

—

​

​

—

​

​

(8,000)

Net loss attributable to common stockholders

​

$

(122,756)

​

$

10,261

​

$

—

​

$

(112,495)

Net loss per share from continuing operations - basic and diluted

​

$

(2.49)

​

​

​

​

​

​

​

$

(2.28)

Weighted average common shares issued and outstanding - basic and diluted

​

 

49,349,624

​

​

​

​

​

​

​

 

49,349,624

​

See accompanying notes to the unaudited pro forma condensed consolidated financial information.

4


​

Cryoport, Inc. and Subsidiaries

Unaudited Pro Forma Condensed Consolidated Statement of Operations

For the year ended December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sale of

​

​

​

​

​

​

Historical

​

CRYOPDP

​

Pro Forma

​

​

​

    

(as reported)

    

Business

(f)

Adjustments

​

Pro Forma

Life sciences services revenue

​

$

144,087

​

$

(64,593)

​

$

—

​

$

79,494

Life sciences products revenue

​

​

89,168

​

​

—

​

​

—

​

​

89,168

Total revenue

​

​

233,255

​

​

(64,593)

​

​

—

​

​

168,662

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of services revenue

​

​

81,820

​

​

(40,614)

​

​

—

​

​

41,206

Cost of products revenue

​

 

52,103

​

​

—

​

​

—

​

​

52,103

Total cost of revenue

​

​

133,923

​

​

(40,614)

​

​

—

​

​

93,309

Gross margin

​

 

99,332

​

​

(23,979)

​

​

—

​

​

75,353

​

​

 

​

​

​

​

​

​

​

​

​

​

Operating costs and expenses:

​

 

​

​

 

  

​

 

  

​

 

  

Selling, general and administrative

​

 

146,880

​

 

(35,710)

​

 

—

​

 

111,170

Engineering and development

​

 

18,040

​

 

—

​

 

—

​

 

18,040

Impairment loss

​

​

49,569

​

​

—

​

​

—

​

​

49,569

Total operating costs and expenses

​

 

214,489

​

 

(35,710)

​

 

—

​

 

178,779

​

​

 

​

​

 

​

​

 

​

​

 

​

Loss from operations

​

 

(115,157)

​

 

11,731

​

 

—

​

 

(103,426)

Other income (expense):

​

 

​

​

 

​

​

 

​

​

 

​

Investment income

​

​

10,577

​

​

—

​

​

—

​

​

10,577

Interest expense

​

 

(5,503)

​

 

(77)

​

 

—

​

 

(5,580)

Gain on extinguishment of debt, net

​

 

5,679

​

 

—

​

 

—

​

 

5,679

Other income (expense), net

​

 

5,056

​

 

481

​

 

—

​

 

5,537

Total other income (expense), net

​

​

15,809

​

 

404

​

 

—

​

 

16,213

Loss before provision for income taxes

​

 

(99,348)

​

 

12,135

​

 

—

​

 

(87,213)

Provision for income taxes

​

 

(239)

​

 

(79)

​

 

—

​

 

(318)

Net loss

​

​

(99,587)

​

​

12,056

​

​

—

​

​

(87,531)

Paid-in-kind dividend on Series C convertible preferred stock

​

​

(8,000)

​

​

—

​

​

—

​

​

(8,000)

Net loss attributable to common stockholders

​

$

(107,587)

​

$

12,056

​

$

—

​

$

(95,531)

Net loss per share from continuing operations - basic and diluted

​

$

(2.21)

​

​

​

​

​

​

​

$

(1.96)

Weighted average common shares issued and outstanding - basic and diluted

​

 

48,737,377

​

​

​

​

​

​

​

 

48,737,377

​

See accompanying notes to the unaudited pro forma condensed consolidated financial information.

​

5


​

Cryoport, Inc. and Subsidiaries

Unaudited Pro Forma Condensed Consolidated Statement of Operations

For the year ended December 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sale of

​

​

​

​

​

​

Historical

​

CRYOPDP

​

Pro Forma

​

​

​

    

(as reported)

    

Business

(f)

Adjustments

​

Pro Forma

Life sciences services revenue

​

$

133,879

​

$

(61,194)

​

$

—

​

$

72,685

Life sciences products revenue

​

​

103,398

​

​

—

​

​

—

​

​

103,398

Total revenue

​

​

237,277

​

​

(61,194)

​

​

—

​

​

176,083

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of services revenue

​

​

75,187

​

​

(37,152)

​

​

—

​

​

38,035

Cost of products revenue

​

 

58,217

​

​

—

​

​

—

​

​

58,217

Total cost of revenue

​

​

133,404

​

​

(37,152)

​

​

—

​

​

96,252

Gross margin

​

 

103,873

​

​

(24,042)

​

​

—

​

​

79,831

​

​

 

​

​

​

​

​

​

​

​

​

​

Operating costs and expenses:

​

 

​

​

 

  

​

 

  

​

 

  

Selling, general and administrative

​

 

120,055

​

 

(31,322)

​

 

—

​

 

88,733

Engineering and development

​

 

15,722

​

 

—

​

 

—

​

 

15,722

Total operating costs and expenses

​

 

135,777

​

 

(31,322)

​

 

—

​

 

104,455

​

​

 

​

​

 

​

​

 

​

​

 

​

Loss from operations

​

 

(31,904)

​

 

7,280

​

 

—

​

 

(24,624)

Other income (expense):

​

 

​

​

 

​

​

 

​

​

 

​

Investment income

​

​

8,474

​

​

—

​

​

—

​

​

8,474

Interest expense

​

 

(6,142)

​

 

70

​

 

—

​

 

(6,072)

Other income (expense), net

​

 

(5,522)

​

 

192

​

 

—

​

 

(5,330)

Total other income (expense), net

​

​

(3,190)

​

 

262

​

 

—

​

 

(2,928)

Loss before provision for income taxes

​

 

(35,094)

​

 

7,542

​

 

—

​

 

(27,552)

Provision for income taxes

​

 

(2,239)

​

 

630

​

 

—

​

 

(1,609)

Net loss

​

​

(37,333)

​

​

8,172

​

​

—

​

​

(29,161)

Paid-in-kind dividend on Series C convertible preferred stock

​

​

(8,000)

​

​

—

​

​

—

​

​

(8,000)

Net loss attributable to common stockholders

​

$

(45,333)

​

$

8,172

​

$

—

​

$

(37,161)

Net loss per share from continuing operations - basic and diluted

​

$

(0.93)

​

​

​

​

​

​

​

$

(0.76)

Weighted average common shares issued and outstanding - basic and diluted

​

 

48,987,295

​

​

​

​

​

​

​

 

48,987,295

​

See accompanying notes to the unaudited pro forma condensed consolidated financial information.

​

6


​

Cryoport, Inc. and Subsidiaries

​

Notes to Unaudited Pro Forma Condensed Consolidated Financial Information

​

1.Basis of Presentation

​

The historical consolidated financial information has been adjusted in the unaudited pro forma condensed consolidated financial information to give effect to pro forma events that are (1) directly attributable to the Transaction and (2) factually supportable. The pro forma condensed consolidated statements of operations do not reflect the estimated gain on the Transaction since this will be recognized in discontinued operations.

​

The unaudited pro forma condensed consolidated financial information is based on information currently available and includes certain assumptions and adjustments that management believes are reasonable. The unaudited pro forma financial information has been prepared for illustrative purposes only, and does not purport to show the results that would have occurred had such transactions been completed as of the date and for the periods presented, and may not be useful in predicting the impact of the Transaction on the future financial condition and results of operations of the Company due to a variety of factors.

​

2.Pro Forma Adjustments

​

(a)Reflects the disposition of assets and liabilities attributable to the CRYOPDP Business, which were included as assets and liabilities held for sale in the Company’s financial statements for the three months ended March 31, 2025, included in the Company’s Quarterly Report on Form 10-Q filed on May 8, 2025, as well as the resulting impact to the Company’s total stockholders’ equity from the pro forma adjustments.

​

(b)Reflects the cash purchase price paid upon the closing of the Transaction of $133.0 million and repayment of loan indebtedness of $77.2 million.

​

(c)Reflects the estimated costs incurred related to the Transaction subsequent to March 31, 2025 to be accrued within accounts payable and other accrued expenses in the balance sheet as of March 31, 2025.

​

(d)Reflects the costs incurred related to the Transaction during the three months ended March 31, 2025.

​

(e)Reflects the income tax effects of all pro forma adjustments based on an estimated blended federal and state statutory tax rate of 25.0%.

​

(f)Reflects the revenue and expenses attributable to the CRYOPDP Business, which were included in the Company’s historical financial statements.

7