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what it is
Celularity makes placenta-based wound care and is trying to turn cell therapy research into sales.
how it gets paid
Last year Celularity made $54M in revenue. Biovance 3L biomaterials was the main engine at $37.8M, or 70% of sales.
what just happened
Revenue hit $22M, but EPS was still -$2.74.
At a glance
C+ balance sheet — struggling to keep the lights on
63.6% return on capital — a money-printing machine
-$2.64 fy2024 eps est
$54M fy2024 rev est
70.7% operating margin
xvary composite: 29/100 — weak
What they do
Celularity makes placenta-based wound care and is trying to turn cell therapy research into sales.
Biovance 3L is the cash engine. It is a placenta-derived membrane, which means hospitals buy a ready-made patch instead of waiting for lab-grown tissue. You also get exclusive manufacturing rights in a deal worth up to $35M, so the same product can keep paying after the license gets signed.
How they make money
$54M
annual revenue
Biovance 3L biomaterials
$37.8M
Cell therapies
$10.8M
Other services and licensing
$5.4M
The products that matter
commercial biomaterials and wound care
Biomaterials Portfolio
$54M revenue base
This is the part of the company that already sells. It generated the $54M annual revenue base and sits behind a licensing deal worth up to $35M. If you are looking for proof CELU is more than a slide deck, it starts here.
up to $35M deal
phase 1/2 cell therapy pipeline
Allogeneic Cell Therapies
early-stage clinical bet
The lead programs are in Phase 1/2. In human-speak: the science is still early. It is trying to earn attention in a field with more than 1,200 active clinical studies globally.
phase 1/2
balance-sheet swing factor
Licensing and financing runway
$863K cash vs $70M debt
This is not a product in the usual sense. For this stock, though, funding is the near-term product-market fit test. With only $863K in cash, every non-dilutive dollar buys time.
watch liquidity
Key numbers
$54M
annual revenue
That is the whole top line. Against $61M of debt, you do not need a spreadsheet to see the pressure.
70.7%
operating margin
Operating margin → profit after running the business → Celularity lost about 71 cents on every sales dollar.
$61M
long-term debt
Debt is bigger than the $35M market cap. Equity holders are the last in line.
63.6%
return on capital
Return on capital → profit made on money invested → 63.6% says the business can squeeze a lot from a small base.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $61M (63% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for CELU right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $22M, but EPS was still -$2.74.
Sales jumped 325% vs. prior year. Gross margin sat at 50.61%, so the product math improved while losses stayed ugly.
$22M
revenue
-$2.74
eps
50.61%
gross margin
the number that mattered
The $22M quarter mattered because it was up 325% vs. prior year and shows the top line is alive.
source: company earnings report, 2026
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What could go wrong
CELU already has the commercial business, the debt load, and the cash shortage on the same page. The biggest risk is simple: running out of time before funding arrives.
high
liquidity squeeze
$863K in cash against $70M in total debt and a 0.16 current ratio is not a cushion. It is a countdown.
Impact: extreme dilution, debt restructuring, or a much harder path to continue as planned
high
licensing deal execution risk
The biomaterials license agreement is worth up to $35M. If timing slips, economics disappoint, or cash receipts lag, the funding picture worsens fast.
Impact: one of the few visible paths to near-term non-operating cash gets weaker
med
early-stage pipeline risk
The allogeneic cell therapy programs are still in Phase 1/2. In human-speak: the science is early, expensive, and surrounded by more than 1,200 active clinical studies.
Impact: if the pipeline stalls, the long-term equity story leans even harder on a thin commercial business
med
margin math still does not work
A 50.6% gross margin sounds healthy. A -n/a net income margin means the operating structure still eats that advantage alive.
Impact: revenue can grow without creating value for you if losses keep scaling with it
A forced financing would hit a company worth about $35M with only $863K in cash, $70M in debt, and a 0.16 current ratio. That is the combined risk picture.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march 26 earnings report
This is the next hard checkpoint. You want to see where cash sits versus the current $863K balance and whether debt moved from the current $70M.
metric
current ratio moving off 0.16
Liquidity ratios are usually background data. Not here. If this number stays pinned near 0.16, the equity is still a financing option more than an operating story.
risk
terms of the up to $35M license deal
The headline value matters less than timing and cash receipts. A delayed or back-end-loaded structure does less to solve the near-term problem.
trend
whether revenue stabilizes above the $40.6M run-rate
Last year's 137.7% growth print looks good. The trailing number says the base is still shaky. You want those two views of the business to stop arguing.
Analyst rankings
coverage
thin
Broad analyst coverage is limited in the current snapshot data. in human-speak, most of Wall Street is not spending much time on this name.
signal
speculative
Without deep coverage, the stock trades more on survival odds than on neat estimate revisions. That makes each filing more important than each forecast.
source: institutional data
Institutional activity
institutional ownership data for CELU is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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