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Celularity Inc. (CELU) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net revenues of $9.3 million for the quarter, a 145.5% increase from the same period in the previous year. This increase was primarily driven by higher sales of Biovance 3L and Rebound products.
Cost of revenues was reported at $3.9 million, representing a 7.8% increase from the prior year period. The increase was mainly due to costs associated with Rebound distributor sales.
Research and development expenses decreased by 24.5% to $3.9 million, attributed to lower personnel costs and reduced clinical trial expenses following the discontinuation of certain cell therapy trials.
Selling, general, and administrative expenses increased by 17.7% to $12.7 million, primarily due to higher selling expenses related to the increase in biomaterial sales.
The company reported a net loss of $16.1 million for the quarter, compared to a net loss of $93.9 million in the same period the previous year.
Celularity's cash and cash equivalents at the end of the quarter were $0.1 million, with an accumulated deficit of $886.4 million.
The filing highlights Celularity's ongoing efforts to secure additional capital to fund operations, with a focus on expanding its degenerative disease business and exploring strategic alternatives.
Celularity continues to face challenges related to its ability to continue as a going concern, with substantial doubt raised due to its financial condition and need for additional funding.
The company has also addressed material weaknesses in its internal controls over financial reporting and is implementing a remediation plan to improve its control environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Celularity Inc. quarterly 10-Q report dated December 6, 2024. To report an error, please email earnings@qz.com.