Celularity (CELU) Q3 2025 earnings summary

Executive summary

• Net revenues for Q3 2025 were $5.3M, down 43% year-over-year, mainly due to lower product sales and license revenue.

• Operating loss for Q3 2025 was $12.9M, up 12% from Q3 2024, driven by higher R&D and other expenses.

• The company continues to focus on placental-derived biomaterial products and biobanking, with no approved cell therapy products or related revenue.

• Significant doubt exists about the company's ability to continue as a going concern due to recurring losses and limited cash.

Financial highlights

• Q3 2025 net loss was $23.1M, compared to $16.1M in Q3 2024; nine-month net loss was $67.4M, up from $44.6M year-over-year.

• Q3 2025 product sales were $0.9M, down 74% year-over-year; nine-month product sales were $12.3M, down 53%.

• Cost of revenues for Q3 2025 was $3.9M, flat year-over-year, but included a $1.4M write-off of bulk material.

• R&D expenses for Q3 2025 were $4.6M, up 17% year-over-year; nine-month R&D was $11.7M, down 14%.

• Selling, general and administrative expenses for Q3 2025 were $9.3M, down 26% year-over-year.

• Total assets as of September 30, 2025 were $114.2M; accumulated deficit reached $967.1M.

Outlook and guidance

• The company expects continued operating losses and negative cash flow, with no near-term revenue from cell therapy products.

• Additional capital is required to fund operations beyond the next 12 months; failure to secure funding may force strategic alternatives or bankruptcy.

• Plans to submit a 510(k) for Celularity Tendon Wrap in Q4 2025 and advance other biomaterial products in 2026–2027.