Celularity (CELU) Q4 2025 earnings summary

Executive summary

• Focused on cellular and regenerative medicine, developing off-the-shelf placental-derived therapies and biomaterials for degenerative diseases and longevity applications.

• 2025 saw a significant decline in product sales due to reimbursement uncertainty and ended with a net loss of $91.7 million.

• Company faces substantial doubt about its ability to continue as a going concern, with only $6.2 million in cash and a $68.4 million working capital deficit at year-end.

• Strategic realignment included divestiture of the biomaterials business to NexGel and leadership changes to focus on core cell therapy.

Financial highlights

• Net revenues fell to $26.6 million in 2025 from $54.2 million in 2024, driven by a 62.7% drop in product sales.

• Net loss increased to $91.7 million from $57.9 million year-over-year.

• Cash used in operations was $13.3 million, up from $6.4 million in 2024.

• Cost of revenues for product sales rose sharply due to inventory impairments and write-offs.

• Accumulated deficit reached $991.5 million at year-end.

Outlook and guidance

• Company expects continued operating losses and negative cash flows, requiring urgent additional capital to fund operations.

• Strategic focus is on advancing cell therapy pipeline and monetizing assets, with ongoing efforts to secure financing and partnerships.

• If unable to raise capital, may need to curtail operations, sell assets, or seek bankruptcy protection.