$CELU
Celularity Inc

2021 Q4 Form 10-K Financial Statement

#000156459022013004 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $4.856M $21.34M $0.00
YoY Change 49.43%
Cost Of Revenue $4.660M $9.653M
YoY Change
Gross Profit $196.0K $11.68M
YoY Change 24.99%
Gross Profit Margin 4.04% 54.76%
Selling, General & Admin $13.21M $71.34M
YoY Change 127.66%
% of Gross Profit 6738.78% 610.69%
Research & Development $24.69M $88.35M
YoY Change 67.63%
% of Gross Profit 12595.41% 756.32%
Depreciation & Amortization $2.606M $8.817M
YoY Change 7.87%
% of Gross Profit 1329.59% 75.48%
Operating Expenses $15.15M $159.7M $3.562M
YoY Change 325.26% 90.01% 1324.71%
Operating Profit -$14.95M -$109.1M
YoY Change -28.22%
Interest Expense -$751.0K -$2.839M $55.05K
YoY Change -1464.21% -259.38% -95.45%
% of Operating Profit
Other Income/Expense, Net $11.68M $8.961M
YoY Change -114.69%
Pretax Income -$4.020M -$100.1M -$3.507M
YoY Change 14.64% -52.99% -465.28%
Income Tax $20.00K $20.00K -$32.86K
% Of Pretax Income
Net Earnings -$4.040M -$100.1M -$3.474M
YoY Change 16.3% -51.92% -557.09%
Net Earnings / Revenue -83.2% -469.27%
Basic Earnings Per Share -$1.49
Diluted Earnings Per Share -$32.58K -$1.493M -$399.4K
COMMON SHARES
Basic Shares Outstanding 123.5M 67.06M
Diluted Shares Outstanding 67.06M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.24M $37.24M $314.7K
YoY Change 11733.49% 11733.49% -65.03%
Cash & Equivalents $37.24M $37.24M $54.31M
Short-Term Investments
Other Short-Term Assets $2.000K $7.078M $873.0K
YoY Change -99.77% 20589.86% 773.0%
Inventory $9.549M $9.549M $9.549M
Prepaid Expenses $7.076M $6.576M
Receivables $5.233M $5.233M
Other Receivables $0.00 $0.00
Total Short-Term Assets $59.10M $59.10M $72.16M
YoY Change -18.1% 16349.11% 7116.0%
LONG-TERM ASSETS
Property, Plant & Equipment $90.63M $90.63M $90.08M
YoY Change 0.61%
Goodwill $123.3M $123.3M
YoY Change 0.0% -2.96%
Intangibles $123.2M $125.4M
YoY Change -1.75%
Long-Term Investments $291.8M
YoY Change 0.41%
Other Assets $355.0K $17.91M $2.888M
YoY Change -87.71%
Total Long-Term Assets $355.0M $355.0M $358.8M
YoY Change -1.06% 21.67% 23.49%
TOTAL ASSETS
Total Short-Term Assets $59.10M $59.10M $72.16M
Total Long-Term Assets $355.0M $355.0M $358.8M
Total Assets $414.1M $414.1M $431.0M
YoY Change -3.92% 41.75% 47.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.317M $9.317M $5.390M
YoY Change 72.86% 173.24% 2595.0%
Accrued Expenses $11.66M $7.340M $13.45M
YoY Change -13.31%
Deferred Revenue $2.196M $4.828M
YoY Change -54.52%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.051M $3.051M
YoY Change
Total Short-Term Liabilities $26.23M $26.23M $26.68M
YoY Change -1.69% 669.09% 13238.5%
LONG-TERM LIABILITIES
Long-Term Debt $28.09M $28.09M $0.00
YoY Change
Other Long-Term Liabilities $335.0K $260.4M $349.0K
YoY Change -4.01% 2308.23% -96.77%
Total Long-Term Liabilities $335.0K $288.5M $349.0K
YoY Change -4.01% 2567.98% -96.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.23M $26.23M $26.68M
Total Long-Term Liabilities $335.0K $288.5M $349.0K
Total Liabilities $314.7M $314.7M $412.3M
YoY Change -23.67% 2112.69% 3648.14%
SHAREHOLDERS EQUITY
Retained Earnings -$663.7M -$563.6M
YoY Change 17.77%
Common Stock $12.00K $1.000K
YoY Change 1100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $256.0K
YoY Change
Treasury Stock Shares $0.00 $90.83K
Shareholders Equity $99.42M $99.42M -$531.4M
YoY Change
Total Liabilities & Shareholders Equity $414.1M $414.1M $431.0M
YoY Change -3.92% 41.75% 47.81%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$4.040M -$100.1M -$3.474M
YoY Change 16.3% -51.92% -557.09%
Depreciation, Depletion And Amortization $2.606M $8.817M
YoY Change 7.87%
Cash From Operating Activities -$32.05M -$110.1M -$242.3K
YoY Change 13125.34% 74.22% 5.35%
INVESTING ACTIVITIES
Capital Expenditures -$2.303M $6.203M
YoY Change -77.71%
Acquisitions
YoY Change
Other Investing Activities $0.00 $300.0K $102.5K
YoY Change -100.0% -48.16% -14.58%
Cash From Investing Activities -$2.303M -$5.903M $102.5K
YoY Change -2346.83% -53.94% -14.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.014M 98.56M
YoY Change -3.38%
NET CHANGE
Cash From Operating Activities -32.05M -110.1M -242.3K
Cash From Investing Activities -2.303M -5.903M 102.5K
Cash From Financing Activities -1.014M 98.56M
Net Change In Cash -35.36M -17.44M -139.8K
YoY Change 25194.71% -167.05% 27.09%
FREE CASH FLOW
Cash From Operating Activities -$32.05M -$110.1M -$242.3K
Capital Expenditures -$2.303M $6.203M
Free Cash Flow -$29.74M -$116.3M
YoY Change 27.76%

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CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1652000
CY2021 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6422000
CY2020 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
643000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-3068000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5761000
CY2021 celu Sale Of Net Operating Losses And Research And Development Tax Credits
SaleOfNetOperatingLossesAndResearchAndDevelopmentTaxCredits
1356000
CY2020 celu Sale Of Net Operating Losses And Research And Development Tax Credits
SaleOfNetOperatingLossesAndResearchAndDevelopmentTaxCredits
3765000
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3007000
CY2020 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
314000
CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-1801000
CY2020 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
184000
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-8382000
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
4093000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-110096000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-63193000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6203000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27834000
CY2020 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
15019000
CY2021 celu Proceeds From Promissory Note
ProceedsFromPromissoryNote
300000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5903000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-12815000
CY2020 celu Proceeds From Issuance Of Series B Redeemable Convertible Preferred Stock And Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfSeriesBRedeemableConvertiblePreferredStockAndWarrantsNetOfIssuanceCosts
102535000
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
256000
CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
5000000
CY2021 celu Cancellation Of Treasury Stock
CancellationOfTreasuryStock
256000
CY2021 celu Issuance Of Common Stock As Payment For Related Costs
IssuanceOfCommonStockAsPaymentForRelatedCosts
10795000
CY2021 celu Reclassification Of Warrant Liabilities To Equity
ReclassificationOfWarrantLiabilitiesToEquity
96398000
CY2021 celu Reclass Of Offering Costs Paid In Prior Year
ReclassOfOfferingCostsPaidInPriorYear
153000
CY2020 celu Change In Pipespac Related Costs Captured In Accounts Payable And Accrued Expenses
ChangeInPIPESPACRelatedCostsCapturedInAccountsPayableAndAccruedExpenses
-2130000
CY2020 celu Recognition Of Asset And Financing Obligation Related To Facility Build Out
RecognitionOfAssetAndFinancingObligationRelatedToFacilityBuildOut
-216000
CY2020 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
4524000
CY2020 celu Ultra Mist Systems Reclass From Inventory To Fixed Asset
UltraMISTSystemsReclassFromInventoryToFixedAsset
79000
CY2020 celu Fair Value Of Warrants Issued In Connection With Serie B Preferred Stock Sale
FairValueOfWarrantsIssuedInConnectionWithSerieBPreferredStockSale
17954000
CY2020 celu Issuance Of Warrants At Estimated Fair Value
IssuanceOfWarrantsAtEstimatedFairValue
11988000
CY2020 celu Issuance Of Series B Convertible Preferred Stock In Connection With Caricord Acquisition
IssuanceOfSeriesBConvertiblePreferredStockInConnectionWithCaricordAcquisition
250000
CY2021 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2018-08-24
CY2021Q3 celu Business Combination Shares Exchange Ratio Description
BusinessCombinationSharesExchangeRatioDescription
1.00 share of Legacy Celularity for approximately 0.7686 shares of Celularity
CY2021Q3 celu Business Combination Shares Exchange Ratio
BusinessCombinationSharesExchangeRatio
0.7686
CY2021Q4 celu Number Of Clinical Trials
NumberOfClinicalTrials
3
CY2021Q4 celu Area Of Building
AreaOfBuilding
150000
CY2018Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt
0
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-100118000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-208233000
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-663681000
CY2021 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
5000000
CY2021 celu Proceeds From Investment
ProceedsFromInvestment
20000000
CY2021 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
83400000
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
638000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
138000
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
10862000
CY2020 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
403000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
98562000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
102014000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17437000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
26006000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69513000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43507000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52076000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
69513000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
146000
CY2020 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
13000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
970000
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
806000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
14836000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
15202000
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:8pt;text-indent:4.44%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, assumptions </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:8pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">related to the Company’s goodwill and intangible impairment assessment, the valuation of inventory and of contingent consideration, accrual of research and development expenses, and the valuations of stock options and preferred </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and common </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">stock warrants. The Company based its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, </span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">facts</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</span></p>
CY2020 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
129400000
CY2021 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2020Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021 celu Equipment Evaluation Period
EquipmentEvaluationPeriod
P90D
CY2021 us-gaap Equipment Expense
EquipmentExpense
0
CY2021 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
252000
CY2020 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
764000
CY2020 celu Reduction Of Research And Development Expense Resulting From Grant
ReductionOfResearchAndDevelopmentExpenseResultingFromGrant
290000
CY2021 celu Reduction Of Research And Development Expense Resulting From Grant
ReductionOfResearchAndDevelopmentExpenseResultingFromGrant
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 celu Minimum Percentage Of Recognized Tax Benefit Likelihood Of Being Realized Upon Ultimate Settlement With Tax Authority
MinimumPercentageOfRecognizedTaxBenefitLikelihoodOfBeingRealizedUponUltimateSettlementWithTaxAuthority
0.50
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
69694763
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
119621865
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021 celu Number Of Business Segments
NumberOfBusinessSegments
3
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and Significant Customers</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:8pt;text-indent:4.44%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents or restricted cash and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:8pt;text-indent:4.44%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to credit risk from trade accounts receivable related to both degenerative disease product sales and biobanking services. All trade accounts receivables are a result from product sales and services performed in the United States. During the year ended December 31, 2021, the Company had one customer (Customer A) provide for 38% of revenue and another customer provide for 11% of total revenue. In the year ended December 31, 2020, the Company had one customer provide for 13% of the revenue earned. As of December 31, 2021, Customer A comprised approximately 47% of the Company’s outstanding accounts receivable. As of December 31, 2020, one of the Company’s customers comprised approximately 24% of the Company’s outstanding accounts receivables.</p>
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Inventory1
DisposalGroupIncludingDiscontinuedOperationInventory1
1901000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Intangible Assets
DisposalGroupIncludingDiscontinuedOperationIntangibleAssets
13296000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
452000
CY2020Q3 us-gaap Disposal Group Including Discontinued Operation Goodwill1
DisposalGroupIncludingDiscontinuedOperationGoodwill1
3764000
CY2021Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021 us-gaap Common Stock Conversion Basis
CommonStockConversionBasis
At the Effective Time, by virtue of the First Merger and without any action on the part of GX, First Merger Sub, Legacy Celularity or the holders of any of the following securities:   a) each share of Legacy Celularity Common Stock (including shares of Legacy Celularity Common Stock resulting from the conversion of shares of Celularity Preferred Stock described above) that was issued and outstanding immediately prior to the Effective Time was cancelled and converted into the right to receive a number of shares of Company Class A common stock, par value $0.0001 per share (“Company Class A Common Stock”) equal to the Exchange Ratio (as defined below) (the “Per Share Merger Consideration”);   b) each share of Legacy Celularity Common Stock or Legacy Celularity Preferred Stock (together, “Legacy Celularity Capital Stock”) held in the treasury of Celularity was cancelled without any conversion thereof and no payment or distribution was made with respect thereto;   c) each share of First Merger Sub common stock, par value $0.01 per share, issued and outstanding immediately prior to the Effective Time was converted into and exchanged for one validly issued, fully paid and nonassessable share of common stock, par value $0.0001 per share, of the Surviving Corporation;   d) each Legacy Celularity Warrant (as to which no notice of exercise had been delivered to Legacy Celularity prior to the Closing) that was outstanding immediately prior to the Effective Time (and which would have otherwise been exercisable in accordance with its terms immediately following the Effective Time), became, to the extent consistent with the terms of such Legacy Celularity Warrant, the right to purchase shares of Company Class A Common Stock (and not Celularity Capital Stock) (each, a “Converted Warrant”) on the same terms and conditions (including exercisability terms) as were applicable to such Legacy Celularity Warrant immediately prior to the Effective Time, except that (A) each Converted Warrant became exercisable for that number of shares of Company Class A Common Stock equal to the product (rounded down to the nearest whole number) of (1) the number of shares of Legacy Celularity Common Stock that would have been issuable upon the exercise of a Legacy Celularity Warrant for cash and assuming the conversion of the Series B Preferred Stock underlying such outstanding Legacy Celularity Warrant into Legacy Celularity Common Stock (the “Celularity Warrant Shares”) subject to the Legacy Celularity Warrant immediately prior to the Effective Time and (2) the Exchange Ratio (as defined below); and (B) the per share exercise price for each share of Company Class A Common Stock issuable upon exercise of the Converted Warrant is equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (1) the per share exercise price for each share of Series B Preferred Stock issuable upon exercise of such Celularity Warrant immediately prior to the Effective Time by (2) the Exchange Ratio (as defined below); and   e) each option to purchase Legacy Celularity Common Stock, whether or not exercisable and whether or not vested, that was outstanding immediately prior to the Effective Time (each, a “Legacy Celularity Option”) was assumed by GX and converted into an option to purchase shares of Company Class A Common Stock (each, a “Converted Option”).
CY2021Q3 celu Business Acquisition Transaction Costs Proceeds Net
BusinessAcquisitionTransactionCostsProceedsNet
108786000
CY2021Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
21657000
CY2021 celu Subscription Agreements Description
SubscriptionAgreementsDescription
On the Closing Date, certain significant stockholders of Legacy Celularity or their affiliates (including Sorrento Therapeutics, Inc., Starr International Investments Ltd. and Dragasac Limited, an indirect wholly owned subsidiary of Genting Berhad, collectively, the “Subscribers”) purchased from Celularity an aggregate of 8,340,000 shares of Class A common stock (the “PIPE Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of $83,400, pursuant to separate subscription agreements dated January 8, 2021 (collectively, the “Subscription Agreements”). Pursuant to the Subscription Agreements, the Company agreed to provide the Subscribers with certain registration rights with respect to the PIPE Shares.
CY2021 celu Asset Purchase Agreement Description
AssetPurchaseAgreementDescription
On August 6, 2020, the Company executed (i) an asset purchase agreement to sell certain assets comprising its MIST®/UltraMIST® business to Sanuwave and (ii) a five-year licensing agreement with Sanuwave for total consideration of $24,524 (the “Sanuwave Transaction”), of which $20,000 was paid at or prior to closing. The remaining $4,524 of the purchase price was financed through a convertible promissory note due on or before August 6, 2021. The convertible promissory note can be converted into shares of Sanuwave stock at the election of the Company any time on or after January 1, 2021. As of December 31, 2021 the fair value of the convertible promissory note related to Sanuwave was $2,488 which is included in other current assets on the consolidated balance sheet.
CY2020Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
19413000
CY2021 celu Consideration Description
ConsiderationDescription
(i) calculate the goodwill attributed to the UltraMIST business, (ii) determine the allocation of arrangement consideration to the three performance obligations and (iii) determine the loss on sale of the UltraMIST business. The Company utilized a discounted cash flow model to value the UltraMIST business, which determined the fair value of the UltraMIST business was $15,019. Significant inputs of this discounted cash flow model included (i) a discount rate of 11%, (ii) tax rate of 26% and (iii) a long-term growth rate of 2%. The remaining proceeds of $9,505 were allocated to the license agreement on a residual basis. During the third quarter of 2020, the Company recognized a loss on sale of UltraMIST of $4,434, which included approximately $40 in related professional fees. Due to the Company’s tax position as of the closing date, there was no tax impact resulting from the sale of the UltraMIST business.
CY2021Q4 celu Convertible Note Receivable
ConvertibleNoteReceivable
2488000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
39188000
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
232222000
CY2021Q4 celu Warrant Liability Sponsor Warrants
WarrantLiabilitySponsorWarrants
13600000
CY2021Q4 celu Warrant Liability Public Warrants
WarrantLiabilityPublicWarrants
12362000
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
258184000
CY2020Q4 celu Convertible Note Receivable
ConvertibleNoteReceivable
4715000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
49715000
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
273367000
CY2020Q4 celu Preferred Stock Warrants
PreferredStockWarrants
76640000
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
350007000
CY2021Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2020Q4 celu Contingent Consideration Obligation
ContingentConsiderationObligation
273367000
CY2021 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
-41145000
CY2021Q4 celu Contingent Consideration Obligation
ContingentConsiderationObligation
232222000
CY2019Q4 celu Contingent Consideration Obligation
ContingentConsiderationObligation
328933000
CY2020 us-gaap Liabilities Fair Value Adjustment
LiabilitiesFairValueAdjustment
-55566000
CY2020Q4 celu Contingent Consideration Obligation
ContingentConsiderationObligation
273367000
CY2021Q4 celu Fair Value Net Assets Liability
FairValueNetAssetsLiability
25962000
CY2020Q4 celu Fair Value Net Assets Liability
FairValueNetAssetsLiability
76640000
CY2020 celu Stock And Warrant Issued During Period Value Preferred Stock And Warrants
StockAndWarrantIssuedDuringPeriodValuePreferredStockAndWarrants
17954000
CY2020 celu Proceeds From Issuance Of Warrant
ProceedsFromIssuanceOfWarrant
11988000
CY2020 celu Gain Loss Recognized In Earnings From Change In Fair Values
GainLossRecognizedInEarningsFromChangeInFairValues
46698000
CY2020Q4 celu Fair Value Net Assets Liability
FairValueNetAssetsLiability
76640000
CY2020Q4 celu Fair Value Net Assets Liability
FairValueNetAssetsLiability
76640000
CY2021 celu Gain Loss Recognized In Earnings From Change In Fair Values
GainLossRecognizedInEarningsFromChangeInFairValues
-13482000
CY2021 celu Reclassification Of Legacy Celularity Warrants To Equity
ReclassificationOfLegacyCelularityWarrantsToEquity
-96398000
CY2021Q4 celu Fair Value Net Assets Liability
FairValueNetAssetsLiability
25962000
CY2021Q4 celu Face Value Of Notes Receivable
FaceValueOfNotesReceivable
4000000
CY2020Q4 celu Face Value Of Notes Receivable
FaceValueOfNotesReceivable
4000000
CY2020 celu Percentage Of Coupon Rate
PercentageOfCouponRate
0.12
CY2021Q4 celu Valuation Model That Relate To Sanuwave Common Stock
ValuationModelThatRelateToSanuwaveCommonStock
0.17
CY2020Q4 celu Valuation Model That Relate To Sanuwave Common Stock
ValuationModelThatRelateToSanuwaveCommonStock
0.19
CY2021Q4 celu Inventory Raw Materials Current And Noncurrent
InventoryRawMaterialsCurrentAndNoncurrent
2359000
CY2020Q4 celu Inventory Raw Materials Current And Noncurrent
InventoryRawMaterialsCurrentAndNoncurrent
376000
CY2021Q4 celu Inventory Work In Progress Current And Noncurrent
InventoryWorkInProgressCurrentAndNoncurrent
5902000
CY2020Q4 celu Inventory Work In Progress Current And Noncurrent
InventoryWorkInProgressCurrentAndNoncurrent
460000
CY2021Q4 celu Inventory Finished Goods Current And Noncurrent
InventoryFinishedGoodsCurrentAndNoncurrent
4057000
CY2020Q4 celu Inventory Finished Goods Current And Noncurrent
InventoryFinishedGoodsCurrentAndNoncurrent
5016000
CY2021Q4 celu Inventory Gross Current And Noncurrent
InventoryGrossCurrentAndNoncurrent
12318000
CY2020Q4 celu Inventory Gross Current And Noncurrent
InventoryGrossCurrentAndNoncurrent
5852000
CY2021Q4 celu Inventory Reserve Current And Noncurrent
InventoryReserveCurrentAndNoncurrent
48000
CY2020Q4 celu Inventory Reserve Current And Noncurrent
InventoryReserveCurrentAndNoncurrent
4000
CY2021Q4 celu Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
12270000
CY2020Q4 celu Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
5848000
CY2021Q4 us-gaap Inventory Net
InventoryNet
9549000
CY2020Q4 us-gaap Inventory Net
InventoryNet
3850000
CY2021Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
2721000
CY2020Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
1998000
CY2021Q4 celu Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
12270000
CY2020Q4 celu Inventory Net Current And Noncurrent
InventoryNetCurrentAndNoncurrent
5848000
CY2021Q4 celu Prepaid Clinical Expense
PrepaidClinicalExpense
3269000
CY2020Q4 celu Prepaid Clinical Expense
PrepaidClinicalExpense
5151000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1399000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
206000
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2408000
CY2020Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1219000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
7076000
CY2020Q4 us-gaap Prepaid Expense Current
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