Celularity Announces Full Year 2024 Operating and Financial Results

Net revenues for the year ending December 31, 2024, totaled $54.2 million, an increase of $31.4 million, or 138.1%, compared to the previous year.

FLORHAM PARK, N.J., May 09, 2025 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) ("Celularity" or the "Company"), a regenerative and cellular medicine company, today announced operating and financial results for the year ended December 31, 2024.

"We built momentum through 2024 and ended the year with a strong finish, as reflected in higher net revenues from the sale of our commercial-stage advanced biomaterial products," said Dr. Robert Hariri, M.D., Ph.D., CEO and Chairman. "Sales growth was notably strong for our Biovance$(R)$ product line, which we believe will continue to contribute to an improving revenue outlook for the next several quarters. We were also extremely pleased to receive recommendation letters from the U.S. Food and Drug Administration Tissue Reference Group regarding important additions to our portfolio of human placental-derived advanced biomaterial products, which serves as a testament to our commitment to innovate in the wound care sector along with our development of next-generation 510(k) products. At the same time, we continued to act opportunistically and explore opportunities in the rapidly evolving landscape of cellular and regenerative medicine. We believe Celularity will gain additional momentum in 2025 as we leverage our unique business model and world-class technical infrastructure and human capital."

Highlights of Full Year 2024 Operating and Financial Results

Net Revenues

Net revenues for the year ended December 31, 2024, was $54.2 million, an increase of $31.4 million, or 138.1%, compared to the prior year period. This growth was primarily due to a $22.2 million increase in product sales in wound care applications, which increased 168.7% over the prior year.

Operating Expenses

Total operating expenses for the year ended December 31, 2024, were $92.6 million, a decrease of $122.5 million, or 57.0%, compared to 2023. The decrease in operating expenses is attributable to the absence of goodwill and in-process research and development, or IPR&D, impairments in 2024. Loss from operations for the year ending December 31, 2024, was $38.4 million, a decrease of $153.9 million, or 80.1%, compared to the previous year, driven by higher revenue and lower operating expenses which improved our gross margin.

Results of Operations

Comparison of Year Ended December 31, 2024 to December 31, 2023

 
                               Year Ended December 
      (in thousands)                   31,                       Percent 
                              --------------------- 
                                2024        2023       Change     Change 
                              ---------  ----------  ----------  -------- 
Revenues: 
   Product sales, net         $  35,336  $   13,149  $   22,187    168.7% 
   Services                       5,140       5,441       (301)    (5.5)% 
   License, royalty and 
    other                        13,744       4,181       9,563    228.7% 
                               --------   ---------   --------- 
   Total revenues                54,220      22,771      31,449    138.1% 
                               --------   ---------   --------- 
Operating expenses: 
   Cost of revenues 
   (excluding amortization 
   of acquired intangible 
   assets) 
     Product sales                4,924       8,628     (3,704)   (42.9)% 
     Services                     1,172       1,650       (478)   (29.0)% 
     License, royalty and 
      other                       8,893       5,738       3,155     55.0% 
   Research and development      17,386      30,465    (13,079)   (42.9)% 
   Selling, general and 
    administrative               58,643      50,576       8,067     16.0% 
   Change in fair value of 
    contingent consideration 
    liability                     (193)   (104,339)     104,146   (99.8)% 
   Goodwill impairment               --     112,347   (112,347)  (100.0)% 
   IPR&D impairment                  --     107,800   (107,800)  (100.0)% 
   Amortization of acquired 
    intangible assets             1,753       2,193       (440)   (20.1)% 
                               --------   ---------   --------- 
     Total operating 
      expenses                   92,578     215,058   (122,480)   (57.0)% 
                               --------   ---------   --------- 
Loss from operations          $(38,358)  $(192,287)  $  153,929   (80.1)% 
                               ========   =========   ========= 
 

CELULARITY INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 
 
                                                 December 31, 
                                            ---------------------- 
                                               2024        2023 
                                            ----------  ---------- 
Assets 
   Current assets: 
   Cash and cash equivalents                $      738  $      227 
   Accounts receivable, net of allowance 
    of $6,294 and $5,837 as of December 
    31, 2024 and 2023, respectively             13,557      10,046 
   Notes receivable                                 --       2,072 
   Inventory                                     5,409       5,753 
   Prepaid expenses and other current 
    assets                                         857       1,695 
                                             ---------   --------- 
      Total current assets                      20,561      19,793 
   Property and equipment, net                  61,600      67,828 
   Goodwill                                      7,347       7,347 
   Intangible assets, net                        9,248      11,001 
   Right-of-use assets - operating leases       10,830      10,990 
   Restricted cash                              10,239       9,936 
   Inventory, net of current portion            12,587      16,657 
   Other long-term assets                          270         337 
                                             ---------   --------- 
      Total assets                          $  132,682  $  143,889 
                                             =========   ========= 
Liabilities and Stockholders' Equity 
   Current liabilities: 
     Accounts payable                       $   23,296  $   14,144 
     Accrued expenses and other current 
      liabilities                               19,842       7,580 
     Accrued R&D software                           --       3,500 
     Acquisition-related contingent 
     consideration                                 650          -- 
     Short-term debt - unaffiliated 
      (includes debt measured at fair 
      value of $2,485 and $17,223 as of 
      December 31, 2024 and 2023, 
      respectively)                              2,485      19,331 
     Short-term debt - related parties           3,876      19,909 
 
     Deferred revenue                            3,531       2,834 
                                             ---------   --------- 
      Total current liabilities                 53,680      67,298 
   Deferred revenue, net of current 
    portion                                      2,724       3,186 
   Acquisition-related contingent 
    consideration, net of current portion        1,413       1,606 
   Long-term debt - related parties             35,927          -- 
   Long-term lease liabilities                  26,548      26,177 
   Warrant liabilities                           3,264       4,359 
   Deferred income tax liabilities                   9           9 
   Other liabilities                               280         294 
                                             ---------   --------- 
      Total liabilities                        123,845     102,929 
                                             ---------   --------- 
Commitments and Contingencies (Note 12) 
   Stockholders' equity: 
     Preferred stock, $0.0001 par value, 
     10,000,000 shares authorized, none 
     issued and outstanding as of 
     December 31, 2024 and 2023                     --          -- 
     Common stock, $0.0001 par value, 
      730,000,000 shares authorized, 
      22,546,671 and 19,378,192 issued and 
      outstanding as of December 31, 2024 
      and 2023, respectively                         2          19 
     Additional paid-in capital                908,523     882,732 
     Accumulated deficit                     (899,683)   (841,791) 
     Accumulated other comprehensive loss          (5)          -- 
                                             ---------   --------- 
      Total stockholders' equity                 8,837      40,960 
                                             ---------   --------- 
      Total liabilities and stockholders' 
       equity                               $  132,682  $  143,889 
                                             =========   ========= 
 

About Celularity

Celularity Inc. (Nasdaq: CELU) is a regenerative and cellular medicine company developing and commercializing advanced biomaterial products and allogeneic, cryopreserved, placental-derived cell therapies, all derived from the postpartum placenta. Celularity believes that by harnessing the placenta's unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies.

For more information, visit www.celularity.com.

Forward Looking Statements

This press release includes "forward-looking statements" (as defined under Federal securities laws).

These forward-looking statements include, without limitation, statements regarding: (i) our future sales or sales growth; (ii) our expectations for future financial results, including levels of net sales; (iii) our expectations regarding new products including our 510K products; and (iv) future demand for our products. All statements other than statements of historical facts are "forward-looking statements," including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "can," "could," "continue," "expect," "improving," "may," "observed," "potential," "promise," "should," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). Forward-looking statements are based on Celularity's current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks," and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including those risk factors set forth under the caption "Risk Factors" in Celularity's annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission $(SEC.UK)$ on May 8, 2025, and other filings with the SEC. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity's current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity's views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

Contact

Carlos Ramirez

Senior Vice President, Celularity Inc.

Carlos.ramirez@celularity.com

(END) Dow Jones Newswires

May 09, 2025 09:15 ET (13:15 GMT)