Celularity Inc. Reports 51% Revenue Decline and Increased Net Loss for Fiscal Year 2025

**Celularity Inc. Reports Fiscal Year 2025 Results**

Celularity Inc., a cellular and regenerative medicine company, reported its financial results for the fiscal year ended December 31, 2025. The company's total revenue was $26.6 million, a 51% decrease compared to $54.2 million in 2024. This decline was primarily attributed to a significant decrease in product sales, which fell from $35.3 million in 2024 to $13.2 million in 2025, driven by lower sales of Biovance 3L and Rebound products. Revenue from services, mainly from the BioBanking segment, increased slightly to $5.4 million, while license, royalty, and other revenues decreased to $7.9 million.

The company's operating expenses totaled $87.9 million, a 5.1% decrease from $92.6 million in the previous year. Cost of revenues increased significantly, particularly for product sales, due to inventory impairments and write-offs. Research and development expenses decreased by 13.6% to $15.0 million, while selling, general, and administrative expenses decreased by 12.6% to $51.3 million. Celularity reported a loss from operations of $61.3 million, compared to a loss of $38.4 million in 2024. The net loss for the year was $91.7 million, or $3.59 per share, compared to a net loss of $57.9 million, or $2.64 per share, in the prior year.

Celularity experienced significant changes in its capital structure during 2025, including the issuance of promissory notes with warrants, related party notes, and the sale of warrants, common stock, and preferred stock. The company also engaged in debt extinguishment transactions and entered into an asset purchase agreement to transfer certain intellectual property. These activities resulted in a net increase in cash and cash equivalents of $5.4 million, bringing the total to $6.2 million as of December 31, 2025. The company's financial statements have been prepared assuming that the company will continue as a going concern, which contemplates that the company will be able to realize assets and settle liabilities and commitments in the normal course of business for the foreseeable future.

Looking ahead, Celularity is focused on advancing its longevity-focused therapeutic strategies and expanding its pipeline of placenta-derived biomaterial products. The company is also pursuing investigational and ex-U.S. commercialization pathways for its cellular therapies. However, the company acknowledges that its ability to execute its strategy is dependent on securing additional financing and navigating a complex regulatory environment. The company is actively seeking to secure additional outside capital (and has historically been able to successfully secure such capital), as of the issuance date, additional outside capital sufficient to fund operations for the next six months has not been secured or was deemed probable of being secured.