- Celularity filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024, and is now current with its quarterly report filings
- Reported Total Net Revenue for the Three Months and the Nine Months ending September 30, 2024, are consistent with last guidance, with significant growth over the same periods in 2023
FLORHAM PARK, N.J., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) ("Celularity" or the "Company"), a regenerative and cellular medicine company, today announced that it filed its Quarterly Report on Form 10-Q for the period ended September 30, 2024. With this filing, the Company is now current on its quarterly report filings.
For the nine months ended September 30, 2024, Celularity reported total net revenues of $36.1 million, an increase of $25.4 million, or 238.6%, compared to $10.7 million for the same period last year. For the three months ended September 30, 2024, total net revenues were $9.3 million, an increase of $5.5 million, or 145.5%, compared to $3.8 million for the same period last year. Product sales, net, which includes direct-to-customer sales of our advanced biomaterial products, saw the largest growth, reaching $26.2 million for the nine months ended September 30, 2024, compared to $3.6 million for the same period last year, or an increase of 621.1%.
"Our reported revenue through September 30, 2024, confirms the confidence we have expressed throughout this year, including the recent announcement that we were raising the full-year net sales guidance we issued in February," said Robert J. Hariri, M.D., Ph.D., Founder, Chairman, and CEO. "In parallel with growing revenue, we continue to exercise discipline on the expense side and to evaluate opportunities to realign as the business evolves and grows, including in Asia Pacific with our strategic partner Genting Berhad as well as leveraging our cell therapy platform and technical operations capabilities."
On November 27, 2024, Celularity announced that it received notification from the Listing Qualifications department of the Nasdaq Stock Market LLC ("Nasdaq") stating that Celularity does not comply with the Nasdaq continued listing requirements due to the Company's inability to timely file its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the "Q3 Form 10-Q"). Celularity has now filed its Q3 Form 10-Q in compliance with the Nasdaq continued listing requirements.
Dr. Hariri added, "With the completion of our quarterly report on Form 10-Q for the third quarter 2024, we reaffirm our commitment to maintaining compliance with the Nasdaq listing requirements. As announced previously, we continue to strengthen our reporting processes by implementing several key improvements to help mitigate future delays and ensure timely and accurate financial disclosures."
About Celularity
Celularity Inc. (Nasdaq: CELU) is a regenerative medicine company developing and commercializing advanced biomaterial products and allogeneic, cryopreserved, placental-derived cell therapies, all derived from the postpartum placenta. Its therapeutic programs target aging-related diseases, including degenerative diseases, cancer, and immune disorders, using mesenchymal-like adherent stromal cells (MLASCs), T-cells engineered with CAR (CAR T-cells), and genetically modified and unmodified natural killer (NK) cells. Celularity believes that by harnessing the placenta's unique biology and ready availability, it can develop therapeutic solutions that address significant unmet global needs for effective, accessible, and affordable therapies. For more information, visit www.celularity.com.
Forward Looking Statements
This release includes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as well as within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are "forward-looking statements," including those relating to future events. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "can," "contemplate," "continue," "could," "estimate," "expect," "forecast," "intends," "may," "might," "outlook," "plan," "possible," "potential," "predict," "project," "seek," "should," "strive," "target," "will," "would" and the negative of terms like these or other comparable terminology, and other words or terms of similar meaning. The forward-looking statements in this press release include express or implied statements regarding expected net sales for the quarter ended September 30, 2024, growth relative to prior periods, its 2024 financial goals and expectations for future financial results, compliance with the Nasdaq listing rules, the sufficiency of the improvements to its reporting processes, and its ability to meet future reporting deadlines. Many factors could cause actual results to differ materially from those described in these forward-looking statements, including but not limited to: Celularity's liquidity situation; the volatility in Celularity's stock price; inherent risks in biotechnological development, including with respect to the development of novel advanced biomaterials; and the regulatory approval process; along with those risk factors set forth under the caption "Risk Factors" in Celularity's annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on July 30, 2024, and other filings with the SEC. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Celularity does not presently know, or that Celularity currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, these forward-looking statements reflect Celularity's current expectations, plans, or forecasts of future events and views as of the date of this communication. Subsequent events and developments could cause assessments to change. Accordingly, forward-looking statements should not be relied upon as representing Celularity's views as of any subsequent date, and Celularity undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Investor Contact:
Carlos Ramirez
Senior Vice President, Celularity Inc.
Carlos.ramirez@celularity.com
Media Contact:
Raquel Cona / Michaela Fawcett
KCSA Strategic Communications
rcona@kcsa.com / mfawcett@kcsa.com
