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® 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
| (in thousands) | Year Ended December 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) 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
