Detailed financial statements for Celularity Inc. (CELU): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Celularity Inc. is a clinical-stage biotechnology enterprise dedicated to pioneering "off-the-shelf" allogeneic cell therapies, which are developed from placental sources. These innovative treatments are designed to combat a range of serious conditions, including various cancers, immune system dysfunctions, and infectious diseases. The company’s operations are segmented into three distinct areas: Cell Therapy, Degenerative Disease, and BioBanking.
Analysis Summary
Celularity Inc. reported revenue of $26.6M in the most recent fiscal year, growing at a 5-year CAGR of 13.2%.
Trailing-twelve-month margins: gross margin 76.0%, operating margin -230.9%, net margin -345.4%.
At the current price of $1.29, CELU has negative trailing earnings (P/E not meaningful) and an ROE of 411.46%. Market capitalisation stands at $37M.
Balance sheet quality for CELU: current ratio of 0.2, net debt of $34.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $21.1M | $14.3M | $21.3M | $18.0M | $22.8M | $54.2M | $26.6M |
| Cost of Revenue | $6.6M | $6.3M | $4.9M | $9.7M | $19.7M | $16.0M | $15.0M | $6.4M |
| Gross Profit | $11.0M | $14.8M | $9.3M | $11.7M | -$1.7M | $6.8M | $39.2M | $20.2M |
| Research & Development | $29.1M | $46.1M | $52.7M | $88.4M | $78.4M | $30.5M | $17.4M | $15.0M |
| Selling, General & Admin | $1098 | $41.8M | $31.3M | $71.3M | $66.0M | $50.6M | $58.6M | $51.3M |
| Operating Expenses | $1098 | $279.0M | $161.3M | $120.7M | $23.9M | $199.0M | $77.6M | $81.5M |
| Operating Income | -$1098 | -$264.1M | -$151.9M | -$109.1M | -$25.6M | -$192.3M | -$38.4M | -$61.3M |
| EBITDA | -$1098 | -$71.0M | -$202.4M | -$88.1M | -$138.8M | -$183.9M | -$43.7M | -$77.7M |
| Interest Expense | 0 | 0 | $2.4M | $3.2M | 0 | $3.0M | $6.3M | $6.8M |
| Pre-tax Income | -$1098 | -$268.0M | -$212.9M | -$100.1M | $14.2M | -$196.3M | -$57.9M | -$91.7M |
| Income Tax | 0 | -$56.1M | -$4.7M | $20000 | $13000 | $10000 | 0 | $3000 |
| Net Income | -$1098 | -$211.9M | -$208.2M | -$100.1M | $14.2M | -$196.3M | -$57.9M | -$91.8M |
| EPS | $0.00 | $-88.75 | $-113.06 | $-7.87 | $1.01 | $-11.02 | $-2.64 | $-3.59 |
| EPS (Diluted) | $0.00 | $-88.75 | $-113.06 | $-7.87 | $0.95 | $-11.02 | $-2.64 | $-3.59 |
| Shares Outstanding (Diluted) | $3.6M | $2.4M | $1.8M | $12.7M | $15.0M | $17.8M | $21.9M | $25.6M |
Income Statement (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Revenue | $11.4M | $5.7M | $5.3M | $4.1M |
| Gross Profit | $7.9M | $494000 | $3.3M | $8.6M |
| Operating Income | -$10.5M | -$15.9M | -$12.9M | -$22.1M |
| EBITDA | -$15.5M | -$20.7M | -$19.7M | -$21.7M |
| Net Income | -$19.8M | -$24.5M | -$23.1M | -$24.4M |
| EPS | $-0.84 | $-1.02 | $-0.88 | $-0.95 |
| EPS (Diluted) | $-0.84 | $-1.02 | $-0.88 | $-0.95 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24707 | $28.1M | $54.3M | $37.2M | $14.0M | $227000 | $738000 | $6.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.9M | $3.1M | $6.5M | $5.2M | $7.0M | $12.1M | $13.6M | $4.7M |
| Inventory | $3.5M | $3.2M | $3.9M | $9.5M | $5.3M | $5.8M | $5.4M | $571000 |
| Total Current Assets | $24707 | $36.8M | $72.2M | $59.1M | $33.5M | $19.8M | $20.6M | $12.3M |
| Property, Plant & Equipment | $4.0M | $66.4M | $90.1M | $90.6M | $88.7M | $78.8M | $72.4M | $66.5M |
| Goodwill | $130.6M | $127.1M | $123.3M | $123.3M | $119.7M | $7.3M | $7.3M | $7.3M |
| Intangible Assets | $393.7M | $271.5M | $125.4M | $123.2M | $121.0M | $11.0M | $9.2M | $7.8M |
| Total Assets | $24707 | $521.5M | $431.0M | $414.1M | $401.1M | $143.9M | $132.7M | $107.3M |
| Accounts Payable | $5.3M | $18883 | $5.4M | $9.3M | $5.8M | $14.1M | $23.3M | $26.4M |
| Short-term Debt | 0 | 0 | $3.0M | $3.1M | $37.6M | $39.2M | $6.4M | $14.0M |
| Total Current Liabilities | $150555 | $20.6M | $26.7M | $26.2M | $62.1M | $67.3M | $53.7M | $80.8M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $35.9M | 0 |
| Total Liabilities | $150555 | $383.6M | $412.3M | $314.7M | $202.2M | $102.9M | $123.8M | $145.4M |
| Retained Earnings | -$1098 | -$355.3M | -$563.6M | -$663.7M | -$645.5M | -$841.8M | -$899.7M | -$991.5M |
| Total Equity | -$125847 | $137.9M | $18.7M | $99.4M | $198.9M | $41.0M | $8.8M | -$38.1M |
| Total Debt | $150000 | $28.1M | $30.6M | $31.1M | $65.6M | $65.4M | $68.8M | $40.9M |
| Net Debt | $125293 | -$66000 | -$23.7M | -$6.1M | $51.6M | $65.2M | $68.1M | $34.7M |
| Working Capital | -$125848 | $16.2M | $45.5M | $32.9M | -$28.6M | -$47.5M | -$33.1M | -$68.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Cash & Equivalents | $293000 | $863000 | $120000 | $6.2M |
| Total Assets | $128.9M | $120.3M | $114.2M | $107.3M |
| Total Liabilities | $134.4M | $145.8M | $134.3M | $145.4M |
| Total Equity | -$5.5M | -$25.5M | -$20.1M | -$38.1M |
| Total Debt | $69.8M | $70.2M | $66.8M | $40.9M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$13.4M | $5.9M | -$208.2M | -$100.1M | $14.2M | -$196.3M | -$57.9M | -$91.7M |
| Depreciation & Amortization | $4.8M | 0 | $8.2M | $8.8M | $9.4M | $11.5M | $7.9M | $7.3M |
| Stock-based Compensation | $4.5M | 0 | $4.4M | $40.0M | $15.9M | $15.0M | $11.6M | $10.4M |
| Change in Working Capital | -$1.3M | $136389 | $3.6M | -$5.7M | -$15.5M | -$6.8M | $22.2M | $33.6M |
| Operating Cash Flow | -$543 | -$1.1M | -$63.2M | -$110.1M | -$137.9M | -$38.7M | -$6.4M | -$13.3M |
| Capital Expenditure | -$1.9M | $3 | -$27.8M | -$6.2M | -$5.2M | -$4.0M | -$161000 | 0 |
| Acquisitions | -$29.3M | 0 | $15.0M | 0 | 0 | 0 | -$1.5M | 0 |
| Stock Repurchased | 0 | 0 | -$256000 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$5.9M |
| Free Cash Flow | -$1.9M | -$1.1M | -$91.0M | -$116.3M | -$143.1M | -$42.7M | -$6.6M | -$13.3M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Operating Cash Flow | -$3.0M | -$998999 | -$4.2M | -$5.1M |
| Capital Expenditure | 0 | -$1 | 0 | 0 |
| Free Cash Flow | -$3.0M | -$999000 | -$4.2M | -$5.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.6M | $2.4M | $2.0M | $3.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.5% | -32.5% | +49.4% | -15.7% | +26.7% | +138.1% | -51.0% | |
| Net Income Growth (YoY) | -19296894.5% | +1.7% | +51.9% | +114.2% | -1483.1% | +70.5% | -58.6% | |
| EPS Growth (YoY) | -27.4% | +93.0% | +112.9% | -1186.3% | +76.0% | -35.7% | ||
| Shares Change (YoY) | -33.6% | -22.8% | +591.0% | +17.7% | +18.9% | +22.9% | +16.9% | |
| FCF Growth (YoY) | +42.8% | -8191.5% | -27.8% | -23.1% | +70.1% | +84.6% | -102.0% | |
| Gross Margin | 62.7% | 70.1% | 65.5% | 54.8% | -9.4% | 29.7% | 72.4% | 76.0% |
| Operating Margin | -0.0% | -1249.0% | -1064.0% | -511.2% | -142.4% | -844.4% | -70.7% | -230.9% |
| EBITDA Margin | -0.0% | -335.6% | -1417.6% | -413.0% | -772.4% | -807.8% | -80.6% | -292.5% |
| Net Margin | -0.0% | -1001.9% | -1458.4% | -469.3% | 79.0% | -862.0% | -106.8% | -345.8% |
| FCF Margin | -10.9% | -5.2% | -637.5% | -545.1% | -796.2% | -187.7% | -12.1% | -49.9% |
| Effective Tax Rate | -0.0% | 20.9% | 2.2% | -0.0% | 0.1% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.53 | $-0.46 | $-49.42 | $-9.14 | $-9.55 | $-2.40 | $-0.30 | $-0.52 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.23 |
| Shares Outstanding (Basic) | $3.6M | $2.4M | $1.8M | $12.7M | $14.0M | $17.8M | $21.9M | $25.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 411.46% |
| Return on Invested Capital | -151.11% |
| Return on Assets | -85.45% |
| Gross Margin | 76.04% |
| Operating Margin | -230.92% |
| Net Margin | -345.44% |
Financial Health
| Debt / Equity | -1.07 |
| Current Ratio | 0.15 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -15.22 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -320753.64 | -1.12 | -0.97 | -6.51 | 12.72 | -0.22 | -0.79 | -0.31 |
| P/B | -2798.54 | 1.72 | 10.83 | 6.55 | 0.91 | 1.07 | 5.15 | -0.75 |
| P/S | 20.06 | 11.23 | 14.19 | 30.54 | 10.04 | 1.93 | 0.84 | 1.07 |
| Gross Margin | 62.7% | 70.1% | 65.5% | 54.8% | -9.4% | 29.7% | 72.4% | 76.0% |
| Operating Margin | -0.0% | -1249.0% | -1064.0% | -511.2% | -142.4% | -844.4% | -70.7% | -230.9% |
| Net Margin | -0.0% | -1001.9% | -1458.4% | -469.3% | 79.0% | -862.0% | -106.8% | -345.8% |
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Explore sector: Healthcare · Biotechnology
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