Celularity Inc.
CELUHealthcare|Biotechnology|US
$0.76
+0.03 (+4.80%)
Cash / Share
$0.02
Financials
Financial Snapshot
Market Cap
$24.7M
Enterprise Value
$60.1M
Revenue (TTM)
$18.7M
Net Income (TTM)
-$45.9M
Cash & Investments
$586.0K
Net Cash
-$35.4M
Free Cash Flow (TTM)
-$8.9M
Operating CF (TTM)
-$8.9M
Debt/Equity
-1.01
Cash Runway & Burn Rate
Cash on Hand
$586.0K
Quarterly Burn
$2.2M
Monthly Burn
$743.6K
Est. Runway
~0.3 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $24.7K | $28.1M | $54.3M | $37.2M | $14.0M | $227.0K | $738.0K | $6.2M | $586.0K | |
| Operating Cash Flow | -$543.00 | -$1.1M | -$63.2M | -$110.1M | -$137.9M | -$38.7M | -$6.4M | -$13.3M | -$8.9M | |
| Free Cash Flow | -$1.9M | -$1.1M | -$91.0M | -$116.3M | -$143.1M | -$42.7M | -$6.6M | -$13.3M | -$8.9M | |
| Capital Expenditure | -$1.9M | $3.00 | -$27.8M | -$6.2M | -$5.2M | -$4.0M | -$161.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $25.3K | $288.8M | $102.0M | $98.6M | $119.8M | $24.1M | $6.7M | $18.6M | $8.4M |
R&D Spending
R&D (TTM)
$13.0M
R&D Intensity
69.5%
R&D Growth vs Prior
-13.7%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $21.1M | $14.3M | $21.3M | $18.0M | $22.8M | $54.2M | $26.6M | $18.7M | |
| R&D Expense | $29.1M | $46.1M | $52.7M | $88.4M | $78.4M | $30.5M | $17.4M | $15.0M | $13.0M | |
| R&D % of Revenue | 165.6% | 217.8% | 369.1% | 414.1% | 436.0% | 133.8% | 32.1% | 56.6% | 69.5% | |
| SG&A | $1.1K | $41.8M | $31.3M | $71.3M | $66.0M | $50.6M | $58.6M | $51.3M | $38.5M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $21.1M | $14.3M | $21.3M | $18.0M | $22.8M | $54.2M | $26.6M | $18.7M | |
| Cost of Revenue | $6.6M | $6.3M | $4.9M | $9.7M | $19.7M | $16.0M | $15.0M | $20.1M | $15.1M | |
| Gross Profit | $11.0M | $14.8M | $9.3M | $11.7M | -$1.7M | $6.8M | $39.2M | $6.5M | $3.6M | |
| R&D | $29.1M | $46.1M | $52.7M | $88.4M | $78.4M | $30.5M | $17.4M | $15.0M | $13.0M | |
| SG&A | $1.1K | $41.8M | $31.3M | $71.3M | $66.0M | $50.6M | $58.6M | $51.3M | $38.5M | |
| Operating Income | -$1.1K | -$264.1M | -$151.9M | -$109.1M | -$25.6M | -$192.3M | -$38.4M | -$61.3M | -$49.3M | |
| Interest Expense | $0.00 | $0.00 | $2.4M | $3.2M | $0.00 | $3.0M | $6.3M | $6.8M | $2.9M | |
| Pretax Income | -$1.1K | -$268.0M | -$212.9M | -$100.1M | $14.2M | -$196.3M | -$57.9M | -$91.7M | -$45.9M | |
| Net Income | -$1.1K | -$211.9M | -$208.2M | -$100.1M | $14.2M | -$196.3M | -$57.9M | -$91.7M | -$45.9M | |
| EPS (Diluted) | 0.00 | -88.75 | -113.06 | -7.87 | 0.95 | -11.02 | -2.64 | -3.59 | -1.79 | |
| EBITDA | -$1.1K | -$71.0M | -$202.4M | -$88.1M | -$138.8M | -$183.9M | -$43.7M | -$77.7M | -$36.2M | |
| Shares Out. (M) | 3.59 | 2.39 | 1.84 | 12.73 | 14.98 | 17.81 | 21.89 | 25.60 | 29.34 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.7K | $28.1M | $54.3M | $37.2M | $14.0M | $227.0K | $738.0K | $6.2M | $586.0K | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $24.7K | $36.8M | $72.2M | $59.1M | $33.5M | $19.8M | $20.6M | $12.3M | $6.4M | |
| Total Assets | $24.7K | $521.5M | $431.0M | $414.1M | $401.1M | $143.9M | $132.7M | $107.3M | $96.2M | |
| Total Current Liabilities | $150.6K | $20.6M | $26.7M | $26.2M | $62.1M | $67.3M | $53.7M | $80.8M | $59.7M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $35.9M | $0.00 | $0.00 | |
| Total Liabilities | $150.6K | $383.6M | $412.3M | $314.7M | $202.2M | $102.9M | $123.8M | $145.4M | $131.7M | |
| Stockholders' Equity | -$125.8K | $137.9M | $18.7M | $99.4M | $198.9M | $41.0M | $8.8M | -$38.1M | -$35.5M | |
| Retained Earnings | -$1.1K | -$355.3M | -$563.6M | -$663.7M | -$645.5M | -$841.8M | -$899.7M | -$991.5M | -$989.9M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$543.00 | -$1.1M | -$63.2M | -$110.1M | -$137.9M | -$38.7M | -$6.4M | -$13.3M | -$8.9M | |
| Capital Expenditure | -$1.9M | $3.00 | -$27.8M | -$6.2M | -$5.2M | -$4.0M | -$161.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$1.9M | -$1.1M | -$91.0M | -$116.3M | -$143.1M | -$42.7M | -$6.6M | -$13.3M | -$8.9M | |
| Investing Cash Flow | -$31.2M | -$286.8M | -$12.8M | -$5.9M | -$5.2M | -$4.0M | $514.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $25.3K | $288.8M | $102.0M | $98.6M | $119.8M | $24.1M | $6.7M | $18.6M | $8.4M | |
| Issuance of Stock | $25.0K | $289.0M | $0.00 | $638.0K | $53.4M | $5.4M | $58.0K | $24.4M | $21.2M | |
| Repurchase of Stock | $0.00 | $0.00 | -$256.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | -$150.0K | $0.00 | $0.00 | $39.2M | $11.3M | $7.1M | -$121.0K | -$4.6M | |
| Stock Based Comp. | $4.5M | $0.00 | $4.4M | $40.0M | $15.9M | $15.0M | $11.6M | $10.4M | $7.4M | |
| Net Change in Cash | -$31.2M | $892.3K | $26.0M | -$17.4M | -$23.3M | -$18.6M | $814.0K | $5.4M | -$604.0K |
Dilution Tracker
Shares outstanding grew 1289.9% over 5 years — significant dilution
Shares Outstanding
32M
5-Year Share Growth
+1289.9%
Stock Issuance (TTM)
$21.2M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.59 | 2.39 | 1.84 | 12.73 | 14.98 | 17.81 | 21.89 | 25.60 | 29.34 | |
| Change vs Prior % | — | -33.6% | -22.8% | 591.0% | 17.7% | 18.9% | 22.9% | 16.9% | 14.6% | |
| Stock Issuance | $25.0K | $289.0M | $0.00 | $638.0K | $53.4M | $5.4M | $58.0K | $24.4M | $21.2M | |
| Stock Repurchase | $0.00 | $0.00 | -$256.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $4.5M | $0.00 | $4.4M | $40.0M | $15.9M | $15.0M | $11.6M | $10.4M | $7.4M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 62.7% | 70.1% | 65.5% | 54.8% | -9.4% | 29.7% | 72.4% | 24.4% | 19.2% | |
| Operating Margin % | -0.0% | -1249.0% | -1064.0% | -511.2% | -142.4% | -844.4% | -70.7% | -230.9% | -264.3% | |
| Net Margin % | -0.0% | -1001.9% | -1458.4% | -469.3% | 79.0% | -862.0% | -106.8% | -345.4% | -245.7% | |
| EBITDA Margin % | -0.0% | -335.6% | -1417.6% | -413.0% | -772.4% | -807.8% | -80.6% | -292.5% | -193.9% | |
| FCF Margin % | -10.9% | -5.2% | -637.5% | -545.1% | -796.2% | -187.7% | -12.1% | -49.9% | -47.8% | |
| ROE % | 0.9% | -153.7% | -1112.8% | -100.7% | 7.1% | -479.2% | -655.1% | 241.0% | 142.3% | |
| ROA % | -4.4% | -40.6% | -48.3% | -24.2% | 3.5% | -136.4% | -43.6% | -85.5% | -47.7% | |
| ROIC % | -0.0% | -41.7% | -36.5% | -27.9% | -6.8% | -166.0% | -44.9% | -151.1% | -108.7% | |
| R&D / Revenue % | 165.6% | 217.8% | 369.1% | 414.1% | 436.0% | 133.8% | 32.1% | 56.6% | 69.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 20.5% | -32.5% | 49.4% | -15.7% | 26.7% | 138.1% | -51.0% | |
| Gross Profit | 0.0% | 34.8% | -36.9% | 25.0% | -114.5% | 499.7% | 480.8% | -83.5% | |
| Operating Income | 0.0% | -24055364.5% | 42.5% | 28.2% | 76.5% | -651.1% | 80.1% | -59.8% | |
| Net Income | 0.0% | -19296894.5% | 1.7% | 51.9% | 114.2% | -1483.1% | 70.5% | -58.4% | |
| EPS (Diluted) | 0.0% | 0.0% | -27.4% | 93.0% | 112.0% | -1263.4% | 76.0% | -35.7% | |
| Operating Cash Flow | 0.0% | -202079.2% | -5656.2% | -74.2% | -25.2% | 71.9% | 83.5% | -107.1% | |
| Free Cash Flow | 0.0% | 42.8% | -8191.5% | -27.8% | -23.1% | 70.1% | 84.6% | -102.0% | |
| R&D Expense | 0.0% | 58.5% | 14.5% | 67.6% | -11.3% | -61.1% | -42.9% | -13.6% | |
| SG&A Expense | 0.0% | 3806002.0% | -25.0% | 127.7% | -7.5% | -23.4% | 16.0% | -12.6% | |
| Total Assets | 0.0% | 2110617.6% | -17.4% | -3.9% | -3.2% | -64.1% | -7.8% | -19.1% | |
| Book Value / Share | 0.0% | 165008.2% | -82.4% | -23.1% | 82.0% | -83.8% | -82.4% | -468.3% | |
| Debt | 0.0% | 18608.0% | 9.2% | 1.6% | 110.7% | -0.3% | 5.2% | -40.6% | |
| Diluted Shares | 0.0% | -33.6% | -22.8% | 591.0% | 17.7% | 18.9% | 22.9% | 16.9% |
Valuation
P/E (TTM)At Loss
P/S1.32
10Y Low / Med / High0.84 / 11.23 / 30.54
P/B-0.62
10Y Low / Med / High0.91 / 5.15 / 10.83
EV/EBITDAAt Loss
EV/Revenue3.22
10Y Low / Med / High2.10 / 12.53 / 30.25
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.02
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -320753.64 | -1.12 | -0.97 | -6.51 | 12.72 | -0.22 | -0.79 | -0.31 | -0.42 | |
| P/S Ratio | 20.06 | 11.23 | 14.19 | 30.54 | 10.04 | 1.93 | 0.84 | 1.07 | 1.32 | |
| P/B Ratio | -2798.54 | 1.72 | 10.83 | 6.55 | 0.91 | 1.07 | 5.15 | -0.75 | -0.62 | |
| EV/EBITDA | -320867.75 | -3.35 | -0.88 | -7.33 | -1.67 | -0.59 | -2.60 | -0.81 | -1.66 | |
| EV/Revenue | 20.07 | 11.23 | 12.53 | 30.25 | 12.91 | 4.80 | 2.10 | 2.38 | 3.22 |
Analyst Estimates & Quality
Altman Z-Score
-16.24
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $44.0M | $285.7M |
| Net Income | -$70.4M | $38.4M |
| EPS | $-2.75 | $1.50 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| License Royalty And Other | $12.0M | $8.7M | $5.7M | — | — |
| Product | $3.8M | $3.7M | $13.1M | $35.3M | $13.2M |
| Service | $5.5M | $5.5M | $5.4M | $5.1M | $5.4M |
| License Royalty and Other | — | — | — | $13.7M | $7.9M |