Celularity (CELU)
Market Price (5/30/2026): $1.02 | Market Cap: $29.0 MilSector: Health Care | Industry: Biotechnology
Celularity (CELU)
Market Price (5/30/2026): $1.02Market Cap: $29.0 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. | Weak multi-year price returns2Y Excs Rtn is -115%, 3Y Excs Rtn is -168% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -61 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -231% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 121% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -51%, Rev Chg QQuarterly Revenue Change % is -77% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 39% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 50% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -323% High stock price volatilityVol 12M is 100% Key risksCELU key risks include [1] substantial doubt about its ability to continue as a going concern due to a severe cash shortage and financing difficulties, Show more. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Aging Population & Chronic Disease. Themes include Gene Editing & Therapy, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -115%, 3Y Excs Rtn is -168% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -61 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -231% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 121% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -51%, Rev Chg QQuarterly Revenue Change % is -77% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 39% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -50% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 50% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -323% |
| High stock price volatilityVol 12M is 100% |
| Key risksCELU key risks include [1] substantial doubt about its ability to continue as a going concern due to a severe cash shortage and financing difficulties, Show more. |
Qualitative Assessment
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Updated on 5/28/2026
Celularity (CELU) stock has lost about 15% since 1/31/2026 because of the following key factors:
1. Deteriorating Financial Performance.
Celularity reported a significant decline in revenue for the full year ended December 31, 2025, reaching only $26.55 million, a substantial decrease from $54.22 million in the prior year. The company's net loss also widened considerably, increasing to $91.72 million for fiscal year 2025, compared to $57.89 million a year ago. Additionally, the Q4 2025 earnings per share (EPS) was reported at -$0.85.
2. Severe Liquidity Constraints and Operational Challenges.
The company explicitly cited "constraints in its liquidity position and financial accounting staffing levels" as reasons for its inability to timely file its Quarterly Report on Form 10-Q for the three months ended March 31, 2026. This indicates significant financial and operational distress. Furthermore, analysis highlighted that Celularity is "quickly burning through cash" and possesses a current ratio of 0.16, pointing to "substantial liquidity pressures" as of May 1, 2026.
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Celularity (CELU) stock has lost about 15% since 1/31/2026 because of the following key factors:
1. Deteriorating Financial Performance.
Celularity reported a significant decline in revenue for the full year ended December 31, 2025, reaching only $26.55 million, a substantial decrease from $54.22 million in the prior year. The company's net loss also widened considerably, increasing to $91.72 million for fiscal year 2025, compared to $57.89 million a year ago. Additionally, the Q4 2025 earnings per share (EPS) was reported at -$0.85.
2. Severe Liquidity Constraints and Operational Challenges.
The company explicitly cited "constraints in its liquidity position and financial accounting staffing levels" as reasons for its inability to timely file its Quarterly Report on Form 10-Q for the three months ended March 31, 2026. This indicates significant financial and operational distress. Furthermore, analysis highlighted that Celularity is "quickly burning through cash" and possesses a current ratio of 0.16, pointing to "substantial liquidity pressures" as of May 1, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -17.2% change in CELU stock from 1/31/2026 to 5/29/2026 was primarily driven by a -34.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.22 | 1.01 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 41 | 27 | -34.6% |
| P/S Multiple | 0.8 | 1.1 | 36.6% |
| Shares Outstanding (Mil) | 26 | 28 | -7.4% |
| Cumulative Contribution | -17.2% |
Market Drivers
1/31/2026 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CELU | -17.2% | |
| Market (SPY) | 9.6% | 19.7% |
| Sector (XLV) | -3.0% | 22.2% |
Fundamental Drivers
The -48.2% change in CELU stock from 10/31/2025 to 5/29/2026 was primarily driven by a -47.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.95 | 1.01 | -48.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 51 | 27 | -47.9% |
| P/S Multiple | 0.9 | 1.1 | 20.2% |
| Shares Outstanding (Mil) | 24 | 28 | -17.3% |
| Cumulative Contribution | -48.2% |
Market Drivers
10/31/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CELU | -48.2% | |
| Market (SPY) | 11.5% | 20.3% |
| Sector (XLV) | 4.5% | 12.0% |
Fundamental Drivers
The -32.2% change in CELU stock from 4/30/2025 to 5/29/2026 was primarily driven by a -44.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.49 | 1.01 | -32.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 48 | 27 | -44.9% |
| P/S Multiple | 0.7 | 1.1 | 59.3% |
| Shares Outstanding (Mil) | 22 | 28 | -22.8% |
| Cumulative Contribution | -32.2% |
Market Drivers
4/30/2025 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CELU | -32.2% | |
| Market (SPY) | 38.0% | 15.7% |
| Sector (XLV) | 8.3% | -1.4% |
Fundamental Drivers
The -82.9% change in CELU stock from 4/30/2023 to 5/29/2026 was primarily driven by a -77.5% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5292026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.91 | 1.01 | -82.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 27 | 47.7% |
| P/S Multiple | 4.8 | 1.1 | -77.5% |
| Shares Outstanding (Mil) | 15 | 28 | -48.6% |
| Cumulative Contribution | -82.9% |
Market Drivers
4/30/2023 to 5/29/2026| Return | Correlation | |
|---|---|---|
| CELU | -82.9% | |
| Market (SPY) | 89.0% | 17.0% |
| Sector (XLV) | 17.7% | 10.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CELU Return | -53% | -75% | -81% | -16% | -47% | -11% | -99% |
| Peers Return | -19% | -65% | 29% | -35% | -9% | 36% | -70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| CELU Win Rate | 25% | 33% | 17% | 58% | 42% | 80% | |
| Peers Win Rate | 43% | 28% | 40% | 40% | 38% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CELU Max Drawdown | -62% | -92% | -87% | -80% | -73% | -48% | |
| Peers Max Drawdown | -63% | -70% | -61% | -63% | -58% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDXG, ORGO, FATE, ALLO, CRBU.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)
How Low Can It Go
| Event | CELU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.6% | -18.8% |
| % Gain to Breakeven | 74.1% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -60.1% | -9.5% |
| % Gain to Breakeven | 150.7% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -43.0% | -6.7% |
| % Gain to Breakeven | 75.4% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
In The Past
Celularity's stock fell -42.6% during the 2025 US Tariff Shock. Such a loss loss requires a 74.1% gain to breakeven.
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Asset Allocation
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| Event | CELU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.6% | -18.8% |
| % Gain to Breakeven | 74.1% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -60.1% | -9.5% |
| % Gain to Breakeven | 150.7% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -43.0% | -6.7% |
| % Gain to Breakeven | 75.4% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
In The Past
Celularity's stock fell -42.6% during the 2025 US Tariff Shock. Such a loss loss requires a 74.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Celularity (CELU)
Celularity Inc., a clinical-stage biotechnology company, develops off-the-shelf placental-derived allogeneic cell therapies for the treatment of cancer, immune, and infectious diseases. It operates through three segments: Cell Therapy, Degenerative Disease, and BioBanking. The company's lead therapeutic programs include CYCART-19, a placental-derived CAR-T therapy, which is in Phase 1 clinical trial for the treatment of B-cell malignancies; CYNK-001, placental-derived unmodified natural killer (NK) cell that is in Phase 1 clinical trial to treat acute myeloid leukemia, as well as in Phase 1/2a clinical trial for the treatment of glioblastoma multiforme and COVID-19; CYNK-101, an allogeneic genetically modified NK cell, which is in Phase 1 clinical trial to treat HER2+ gastric and gastroesophageal cancers; APPL-001, a placenta-derived mesenchymal-like adherent stromal cell that is in a pre-clinical stage for the treatment of Crohn's disease; and PDA-002, a placenta-derived mesenchymal-like adherent stromal cell, which is in pre-clinical stage for the treatment of facioscapulohumeral muscular dystrophy. It also sells and licenses products that are used in surgical and wound care markets, such as Biovance and Interfyl; collects stem cells from umbilical cords and placentas; and provides cells storage under the LifebankUSA brand. The company was incorporated in 2016 and is headquartered in Florham Park, New Jersey.
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- The **Kite Pharma** (Gilead) of off-the-shelf, placenta-derived cell therapies.
- An **Alnylam Pharmaceuticals** for 'off-the-shelf' cell therapies, leveraging placental cells as its core platform.
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- CYCART-19: A placental-derived CAR-T therapy in clinical trials for B-cell malignancies.
- CYNK-001: A placental-derived unmodified natural killer (NK) cell therapy in clinical trials for acute myeloid leukemia, glioblastoma multiforme, and COVID-19.
- CYNK-101: An allogeneic genetically modified NK cell therapy in clinical trials for HER2+ gastric and gastroesophageal cancers.
- APPL-001: A placenta-derived mesenchymal-like adherent stromal cell in pre-clinical development for Crohn's disease.
- PDA-002: A placenta-derived mesenchymal-like adherent stromal cell in pre-clinical development for facioscapulohumeral muscular dystrophy.
- Biovance: A product sold and licensed for use in surgical and wound care markets.
- Interfyl: A product sold and licensed for use in surgical and and wound care markets.
- LifebankUSA: A service for collecting and storing stem cells from umbilical cords and placentas.
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Celularity (CELU) serves a mixed customer base, encompassing both individual consumers and business-to-business clients. Based on the provided description, its major customers can be categorized as follows:
- Individuals (Expectant Parents): Celularity, through its LifebankUSA brand, provides services for collecting and storing stem cells from umbilical cords and placentas. This service is primarily offered directly to expectant parents who wish to preserve these cells for potential future medical use.
- Healthcare Institutions and Providers: For its products like Biovance and Interfyl, which are used in surgical and wound care markets, Celularity sells to professional healthcare entities. These customers typically include hospitals, surgical centers, and various clinics that utilize these products in their medical procedures and patient care.
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Robert J. Hariri, M.D., Ph.D., Chairman, Founder, and Chief Executive Officer
Dr. Hariri is an accomplished surgeon, biomedical scientist, and serial entrepreneur with experience in biomedicine and aerospace. He is the founder and CEO of Celularity. Prior to Celularity, he was the founder and CEO of Anthrogenesis Corporation, which was acquired by Celgene Corporation, where he then served as CEO of Celgene Cellular Therapeutics. He also co-founded Human Longevity, Inc., a genomic-based health intelligence company. Dr. Hariri is credited with pioneering the use of stem cells to treat life-threatening diseases and the discovery of pluripotent stem cells from the human placenta. He has also served on numerous public boards, including Cryoport (NASDAQ:CYRX).
John Sprague, Acting Chief Financial Officer
John Sprague was appointed Acting Chief Financial Officer of Celularity on February 27, 2026. This appointment followed the departure of Joseph DosSantos, who had served as the Senior Vice President of Finance and Acting Chief Financial Officer. Prior to DosSantos, David Beers was the Chief Financial Officer.
John R. Haines, Senior Executive Vice President, Chief Administrative Officer and Corporate Secretary
Mr. Haines joined Celularity in September 2017 as Executive Vice President and Chief Administrative Officer and was named Chief Operating Officer in October 2020. In October 2022, he was promoted to Senior Executive Vice President, General Manager and Chief Administrative Officer. His background includes co-founding and leading two accelerator/cyclotron ventures, Ionetix and Andiscern. He also previously served as President & Chief Operating Officer of Anthrogenesis, a human stem cell therapeutics company that was acquired by Celgene.
Brad Glover, Ph.D., Executive Vice President and Chief Operating Officer
Dr. Glover joined Celularity in March 2021 as Executive Vice President and Chief Technology Officer, and in October 2022, he was named Executive Vice President and Chief Operating Officer. In this role, he is responsible for corporate strategic planning, strategic and operational decision-making, corporate oversight, human resources, and enterprise expansion.
Stephen Brigido, President, Degenerative Disease
Stephen Brigido serves as the President of Degenerative Disease at Celularity.
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Key Risks to Celularity (CELU)
- Clinical Development and Regulatory Approval Risk: Celularity's core business relies heavily on the successful completion of clinical trials and subsequent regulatory approvals for its pipeline of placental-derived cell therapies. With lead candidates such as CYCART-19, CYNK-001, and CYNK-101 primarily in Phase 1 or pre-clinical stages, there is a significant inherent risk of trial failures, unexpected safety issues, or delays in achieving regulatory milestones, which could severely impact the company's ability to bring products to market and generate substantial revenue.
- Funding and Capital Requirements: As a clinical-stage biotechnology company developing complex cell therapies, Celularity faces substantial research, development, and clinical trial expenses. Without a commercially approved therapeutic product from its core pipeline, the company is likely to incur significant operating losses and will require substantial additional capital to fund ongoing clinical development, potential commercialization efforts, and general operations. This creates a risk of future equity dilution or increased debt.
- Competition and Intellectual Property Risk: The field of cell therapy is highly competitive and rapidly evolving. Celularity's success is contingent on its ability to protect its proprietary technology related to placental-derived cell therapies through patents and other intellectual property rights, and to differentiate its product candidates from those developed by numerous biotechnology and pharmaceutical companies. Challenges in securing or maintaining robust intellectual property, or intense competition from existing or new therapies, could negatively affect its market position and financial prospects.
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Here are the addressable market sizes for Celularity's main products and services:
- CYCART-19 (for B-cell malignancies): The global B-cell lymphoma market was valued at approximately USD 5.08 billion in 2024 and is projected to reach USD 10 billion by 2034. The 7 major markets (US, EU4, UK, and Japan) for B-cell lymphoma reached USD 5.0 billion in 2024 and are expected to reach USD 9.2 billion by 2035. The U.S. B-cell lymphoma market size was estimated at USD 1.39 billion in 2024 and is projected to be worth around USD 2.78 billion by 2034.
- CYNK-001 (for acute myeloid leukemia): The global acute myeloid leukemia (AML) treatment market was estimated at USD 3.47 billion in 2024 and is projected to reach USD 6.29 billion by 2030. North America dominated the global market with a share of 37.6% in 2024, and the U.S. acute myeloid leukemia treatment market held 90.9% of the North American market in 2024. Another source indicates the global acute myeloid leukemia therapeutics market was valued at USD 2.88 billion in 2025 and is estimated to grow to USD 5.18 billion by 2031.
- CYNK-001 (for glioblastoma multiforme): The global glioblastoma multiforme treatment market size was estimated at USD 4.04 billion in 2025 and is projected to reach USD 7.87 billion by 2033. North America held the largest share of 40.01% of the global market in 2025. The U.S. glioblastoma multiforme treatment market accounted for USD 1.4 billion in 2024 and is anticipated to grow to USD 1.53 billion by 2034.
- CYNK-001 (for COVID-19): The global COVID-19 current therapy market was expected to decline from USD 28.16 billion in 2021 to USD 16.43 billion in 2022. It is expected to further decline to USD 1.57 billion in 2026. The global COVID-19 therapeutics market was valued at approximately USD 30.7 billion in 2021 and is projected to contract to more than USD 16.2 billion by 2031. The global cell therapy market, which would encompass cell-based COVID-19 therapies, was valued at USD 7.2 billion in 2020 and is projected to reach USD 12.06 billion in 2025.
- CYNK-101 (for HER2+ gastric and gastroesophageal cancers): The total market size of HER2+ gastric cancer (including gastroesophageal junction, GEJ) in the 7 major markets (7MM: US, EU4, UK, Japan) is approximately USD 700 million in 2024 and is projected to increase to USD 2,318 million in 2034. In 2024, the U.S. market size for HER2+ gastric cancer was approximately USD 300 million. The global HER2 positive gastric cancer market is estimated to be valued at USD 1.4 billion in 2025 and is projected to reach USD 1.9 billion by 2035.
- APPL-001 (for Crohn's disease): The global Crohn's disease treatment market size was valued at USD 13.3 billion in 2023 and is projected to grow to USD 18.7 billion by 2032. Another source indicates a global market size of USD 14.2 billion in 2024 for Crohn's disease therapeutics. The Crohn's disease market size in the 7MM was approximately USD 10,777 million in 2024 and is expected to grow to USD 16,840 million in 2034. North America secured a substantial market share of 44.2% in the global Crohn's disease treatment market in 2023. The U.S. Crohn's disease therapeutics market had a share of 73.8% in North America in 2023.
- PDA-002 (for facioscapulohumeral muscular dystrophy): The 7 major facioscapulohumeral muscular dystrophy (FSHD) markets reached a value of USD 32.2 million in 2024 and are expected to reach USD 61.4 million by 2035. Europe has the largest patient pool and represents the largest market for FSHD treatment. The U.S. accounts for the largest market share (around 80%) of the FSHD market within the 7MM. Another estimate for the total FSHD market size in 7MM was USD 25.55 million in 2021, expected to rise by 2032.
- Biovance and Interfyl (surgical and wound care markets): The global surgical wound care market size was valued at USD 6.6 billion in 2023 and is expected to reach USD 11 billion by 2032. The U.S. surgical wound care market accounted for USD 1.9 billion in 2023. The global wound care market size was estimated at USD 24.08 billion in 2025 and is projected to reach USD 33.62 billion by 2033. The U.S. wound care market was valued at USD 6.63 billion in 2025 and is projected to reach USD 9.44 billion by 2031.
- LifebankUSA (stem cell collection and storage/BioBanking): The global stem cell banking market size was valued at USD 7.81 billion in 2024 and is expected to reach USD 25.79 billion by 2032. North America dominates the global stem cell banking market with the largest market share of 43.90%, and the United States holds a significant share of approximately 40% within North America. Another report estimates the global market size at USD 6.68 billion in 2024, projected to increase to approximately USD 27.71 billion by 2034.
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Expected Drivers of Future Revenue Growth for Celularity (CELU) over the Next 2-3 Years:
- Strategic Commercialization Partnership for Biomaterials Portfolio: Celularity has entered into definitive agreements for a strategic commercialization partnership for its placental-derived biomaterials portfolio, which is expected to close by April 15, 2026. This partnership is anticipated to generate up to $35 million in upfront and milestone payments. Additionally, Celularity will retain exclusive manufacturing rights for the licensed products, creating ongoing biomaterials revenue and margin opportunities, and will be eligible for royalties on future net sales of certain development-stage products upon their commercialization.
- Expansion of Longevity-Focused Cell Therapies and New Jurisdictional Opportunities: Following the biomaterials partnership, Celularity plans to intensify its strategic focus on developing placental-derived cell therapies aimed at longevity science, specifically addressing key biological drivers of aging. The company also intends to broaden its commercial and clinical presence in jurisdictions that allow the investigational use of cellular and biologic technologies under applicable state frameworks, including states such as Florida, Texas, and Arizona.
- Growth in Commercial Wound Care Products and Advancement of 510(k) Pipeline: Celularity is positioned to support growth in its wound care sales and advance three late-stage 510(k) pipeline products. The company's PDA-002 product, a placenta-derived mesenchymal-like adherent stromal cell, has demonstrated promising clinical data for diabetic foot ulcers, showcasing competitive ulcer closure rates and superior wound healing durability compared to existing treatments, which suggests a strong competitive advantage in the market.
- Advancement of Clinical-Stage Cell Therapy Pipeline: The continued progress and potential eventual commercialization of Celularity's clinical-stage off-the-shelf placental-derived allogeneic cell therapies represent a significant future revenue driver. The pipeline includes programs such as CYCART-19 (a placental-derived CAR-T therapy for B-cell malignancies), CYNK-001 (a placental-derived unmodified natural killer cell for acute myeloid leukemia, glioblastoma multiforme, and COVID-19), and CYNK-101 (an allogeneic genetically modified NK cell for HER2+ gastric and gastroesophageal cancers), all of which are in various phases of clinical trials. The company's unique placental platform enables the development of versatile cell therapies that can rapidly proliferate, maintain potency, and avoid immune rejection.
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Share Issuance
- In July 2021, Celularity completed a merger with GX Acquisition Corp. and a concurrent private placement investment in public equity (PIPE) financing, generating approximately $138 million in proceeds.
- In May 2022, Celularity completed a private placement with a single healthcare-focused institutional investor, selling 4,054,055 shares of Class A common stock and warrants for approximately $30.0 million.
- In April 2023, the company executed a registered direct offering of 9,230,770 shares of Class A common stock and warrants, resulting in gross proceeds of approximately $6 million.
Inbound Investments
- Following its merger with GX Acquisition Corp. in July 2021, Palantir Technologies made an equity investment in Celularity, contributing to over $100 million in new funding when combined with the PIPE financing.
- In December 2025, Celularity closed financing transactions with Philip A. Barach, securing $10 million in gross proceeds, which included a $7 million senior secured term loan and secured convertible notes with commitments up to $5 million.
- In March 2026, Celularity entered a strategic commercialization partnership for its placental-derived biomaterials portfolio, expected to generate up to $35 million in upfront and milestone payments.
Outbound Investments
- In October 2024, Celularity acquired Rebound and its related assets from Sequence LifeScience, Inc. for $5.5 million, which included a $1 million upfront cash payment and $4 million in milestone payments.
Capital Expenditures
- As of November 2025, Celularity reported capital expenditures of approximately -$70 (likely in thousands of dollars), suggesting asset disposal or minimal new investment in that period.
- Following a strategic license deal in March 2026, Celularity plans to concentrate investment on high-value clinical and manufacturing initiatives.
- The company retains exclusive manufacturing rights for its licensed biomaterials, indicating ongoing investment in its FDA-compliant facility in Florham Park, New Jersey, to support scalable production.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Celularity Earnings Notes | 12/16/2025 | |
| Is Celularity Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.46 |
| Mkt Cap | 0.3 |
| Rev LTM | 19 |
| Op Inc LTM | -90 |
| FCF LTM | -58 |
| FCF 3Y Avg | -70 |
| CFO LTM | -57 |
| CFO 3Y Avg | -67 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.5% |
| Rev Chg 3Y Avg | 11.7% |
| Rev Chg Q | -33.1% |
| QoQ Delta Rev Chg LTM | -7.0% |
| Op Inc Chg LTM | 25.4% |
| Op Inc Chg 3Y Avg | 15.9% |
| Op Mgn LTM | -230.9% |
| Op Mgn 3Y Avg | -212.6% |
| QoQ Delta Op Mgn LTM | -5.1% |
| CFO/Rev LTM | -49.9% |
| CFO/Rev 3Y Avg | -77.2% |
| FCF/Rev LTM | -49.9% |
| FCF/Rev 3Y Avg | -83.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.3 |
| P/S | 1.4 |
| P/Op Inc | -1.2 |
| P/EBIT | -1.1 |
| P/E | -1.0 |
| P/CFO | -2.2 |
| Total Yield | -35.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -34.4% |
| D/E | 0.2 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.5% |
| 3M Rtn | -18.9% |
| 6M Rtn | -12.4% |
| 12M Rtn | 37.0% |
| 3Y Rtn | -44.2% |
| 1M Excs Rtn | 9.3% |
| 3M Excs Rtn | -29.1% |
| 6M Excs Rtn | -22.5% |
| 12M Excs Rtn | 11.2% |
| 3Y Excs Rtn | -133.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Degenerative Disease | 17 | 12 | 16 | 9 |
| BioBanking | 5 | 6 | 6 | 6 |
| Cell Therapy | 0 | 0 | ||
| Other | 0 | |||
| Total | 23 | 18 | 21 | 14 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| BioBanking | 2 | 0 | -0 | 2 |
| Degenerative Disease | -7 | -15 | 1 | -4 |
| Cell Therapy | -29 | -75 | -85 | -51 |
| Other general and administrative expenses | -41 | |||
| Indirect expenses | -118 | 120 | 39 | -77 |
| Other | -56 | -64 | -21 | |
| Total | -192 | -26 | -109 | -152 |
Price Behavior
Price Behavior
| Market Price | $1.01 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 08/08/2019 | |
| Distance from 52W High | -75.7% | |
| 50 Days | 200 Days | |
| DMA Price | $1.09 | $1.65 |
| DMA Trend | down | down |
| Distance from DMA | -7.0% | -38.9% |
| 3M | 1YR | |
| Volatility | 68.8% | 100.4% |
| Downside Capture | 93.77 | 198.85 |
| Upside Capture | -13.70 | 40.22 |
| Correlation (SPY) | 9.3% | 16.9% |
CELU Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.52 | 0.63 | 1.27 | 1.36 | 1.41 | 1.51 |
| Up Beta | 1.59 | 1.47 | 1.50 | 1.83 | 0.45 | 1.23 |
| Down Beta | -4.28 | 0.25 | -0.24 | -0.53 | 2.32 | 1.22 |
| Up Capture | -78% | -30% | 91% | 80% | 109% | 178% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 7 | 17 | 23 | 50 | 110 | 325 |
| Down Capture | 870% | 111% | 198% | 205% | 162% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 15 | 26 | 39 | 71 | 134 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CELU | |
|---|---|---|---|---|
| CELU | -52.2% | 99.9% | -0.28 | - |
| Sector ETF (XLV) | 15.8% | 14.6% | 0.78 | 5.8% |
| Equity (SPY) | 30.3% | 11.8% | 1.94 | 16.5% |
| Gold (GLD) | 37.5% | 26.7% | 1.17 | 6.6% |
| Commodities (DBC) | 39.6% | 18.8% | 1.63 | -0.1% |
| Real Estate (VNQ) | 12.5% | 13.1% | 0.64 | 14.5% |
| Bitcoin (BTCUSD) | -31.8% | 41.6% | -0.81 | 16.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CELU | |
|---|---|---|---|---|
| CELU | -59.3% | 121.4% | -0.21 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 11.3% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 18.3% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 9.0% |
| Commodities (DBC) | 10.2% | 19.4% | 0.41 | 3.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 17.6% |
| Bitcoin (BTCUSD) | 14.6% | 54.6% | 0.46 | 7.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CELU | |
|---|---|---|---|---|
| CELU | -36.2% | 108.5% | -0.18 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 8.9% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 14.5% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | 8.3% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 3.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 13.2% |
| Bitcoin (BTCUSD) | 67.0% | 66.9% | 1.06 | 6.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 5/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/9/2025 | -9.0% | 22.2% | 20.4% |
| 11/7/2024 | 113.1% | 144.8% | 62.8% |
| 5/21/2024 | -3.8% | 7.3% | -2.9% |
| 1/9/2024 | -0.1% | -24.7% | 60.0% |
| 11/10/2022 | -4.7% | -17.4% | -23.0% |
| 8/10/2022 | -1.8% | -9.2% | -24.3% |
| 5/16/2022 | 17.8% | 10.6% | -34.7% |
| 3/31/2022 | 2.0% | 9.1% | 33.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 6 | 5 |
| # Negative | 6 | 4 | 5 |
| Median Positive | 14.6% | 9.8% | 33.6% |
| Median Negative | -4.0% | -13.3% | -24.3% |
| Max Positive | 113.1% | 144.8% | 62.8% |
| Max Negative | -9.0% | -24.7% | -34.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 04/30/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/29/2025 | 10-Q |
| 03/31/2025 | 08/29/2025 | 10-Q |
| 12/31/2024 | 05/08/2025 | 10-K |
| 09/30/2024 | 12/06/2024 | 10-Q |
| 06/30/2024 | 11/07/2024 | 10-Q |
| 03/31/2024 | 10/16/2024 | 10-Q |
| 12/31/2023 | 07/30/2024 | 10-K |
| 09/30/2023 | 01/03/2024 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 5/29/2026