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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® 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 | ||||||||||||||||
| 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.