Celularity Inc (NASDAQ: CELU) is a cellular and regenerative medicine company focused on developing placental-derived allogeneic cellular therapies and advanced biomaterial products for age-related degenerative diseases. Revenue comes from three operating segments: Degenerative Disease, which sells and licenses tissue-based surgical and wound care products such as Biovance, Biovance 3L, Interfyl, CentaFlex, and Rebound through independent sales representatives and distributors; BioBanking, which collects and stores umbilical cord and placental stem cells for individuals under the LifebankUSA brand; and Cell Therapy, which is entirely in research and clinical development with no commercial revenue as of the filing date. The company operates from a single purpose-built facility in Florham Park, New Jersey. As of December 31, 2025, Celularity had an accumulated deficit of $991.5 million and incurred a net loss of $91.7 million for FY2025, with management disclosing substantial doubt about its ability to continue as a going concern without securing additional outside capital.

Revenue model

Transactional product sales and licensing in the Degenerative Disease segment (wound care and surgical tissue products sold via independent reps and distributors). Recurring storage fees in the BioBanking segment (stem cell collection and long-term storage under LifebankUSA). The Cell Therapy segment generates no product revenue as of the FY2025 10-K filing.

Products and services

Degenerative Disease segment: Biovance, Biovance 3L, Interfyl, CentaFlex, Rebound (tissue-based surgical and wound care products). Pipeline biomaterials: tendon wrap for tendon injury management, bone void filler. Cell Therapy pipeline: cenplacel-L (MLASC candidate), human placental-derived stem cells, NK cell and T cell programs developed on the Celularity IMPACT platform. BioBanking: stem cell collection and storage under LifebankUSA brand.

Customers and end markets

Degenerative Disease: hospitals, surgical centers, and wound care providers purchasing through independent sales representatives and distributors. BioBanking: individual consumers storing umbilical cord and placental stem cells for personal future use via LifebankUSA. Cell Therapy: no commercial customers; programs are in research and early clinical trial stages targeting age-related degenerative diseases, immune and infectious disease, and cancer.

Value-chain role

Vertically integrated from placenta sourcing and processing through manufacturing, biobanking storage, and commercial distribution of tissue products. Operates its own cGMP-compliant manufacturing and storage facility in Florham Park, New Jersey, subject to FDA inspection. Sells Degenerative Disease products through third-party independent sales representatives and distributors rather than a direct sales force.

Geographic exposure

Principal operations based in Florham Park, New Jersey. The 10-K references clinical trials planned in the United States and foreign countries but does not specify international revenue mix by geography.

Source: SEC 10-K, filed 2026-04-30

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