The Vericel Corporation 2022 Omnibus Incentive Plan (“2022 Plan”) was approved on April 27, 2022, and the Vericel Corporation Amended and Restated 2022 Omnibus Incentive Plan (“Amended and Restated 2022 Plan”) was approved on April 30, 2025. The Amended and Restated 2022 Plan provides incentives through the grant of stock options, stock appreciation rights, restricted stock awards and restricted stock units. The exercise price of stock options granted under the Amended and Restated 2022 Plan shall not be less than the fair market value of the Company’s common stock on the date of grant. The Amended and Restated 2022 Plan amended and restated the 2022 Plan, which replaced the 1992 Stock Option Plan, the 2001 Stock Option Plan, the Amended and Restated 2004 Equity Incentive Plan, the 2009 Second Amended and Restated Omnibus Incentive Plan, the 2017 Omnibus Incentive Plan and the Amended and Restated 2019 Omnibus Incentive Plan (collectively the “Prior Plans”), and no new grants have been granted under the Prior Plans after approval of the 2022 Plan. However, the expiration or forfeiture of options previously granted under the Prior Plans will increase the number of shares available for issuance under the Amended and Restated 2022 Plan.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2026		2025		2026		2025
Cost of product sales	$	988	$	1,109	$	2,412	$	2,249
Research and development	1,008		1,148		2,343		2,635
Selling, general and administrative	7,087		7,883		15,622		16,761
Total non-cash stock-based compensation expense	$	9,083	$	10,140	$	20,377	$	21,645

During the three and six months ended June 30, 2026, the Company granted service-based options to purchase common stock of 54,750 and 580,440, respectively, and 74,625 and 576,723, respectively, for the same periods in 2025. The weighted-average grant-date fair value of service-based options granted during the three and six months ended June 30, 2026 was $17.71 and $19.71 per option, respectively, and $21.52 and $28.84, respectively, for the same periods in 2025.

During the three and six months ended June 30, 2026, the Company granted 38,150 and 589,551 restricted stock units, respectively, and 87,065 and 555,951, respectively, for the same periods in 2025. The weighted-average grant-date fair value of restricted stock units granted during the three and six months ended June 30, 2026 was $34.73 and $37.89 per unit, respectively, and $38.77 and $51.87 per unit, respectively, for the same periods in 2025.