Celularity Inc. (CELU): Business Model Canvas [Dec-2025 Updated]

You're digging into Celularity Inc.'s strategy, trying to see how they plan to fund that huge pipeline of off-the-shelf cell therapies, and honestly, the answer lies in a dual engine: selling established advanced biomaterials and running a contract manufacturing business. For context, while their 2024 product sales hit $35.3 million, they were still pouring $17.4 million into R&D that same year, showing the classic biotech funding gap. Their Q3 2025 revenue came in at $5.28 million, which tells you the commercial side is ticking over while the heavy lifting happens in the lab and the cGMP facility. This model is all about turning placenta-derived science into scalable, real-world revenue; see the full breakdown below to map out their key partnerships and the actual cash flow drivers.

Celularity Inc. (CELU) - Canvas Business Model: Key Partnerships

You're looking at the structure of how Celularity Inc. gets things done through external alliances as of late 2025. It's all about who helps them manufacture, distribute, and accelerate their science.

Here's a quick look at the scale of these relationships:

Fountain Life: Distributing stem cell therapies in Florida under new regulations.

Celularity Inc. entered a strategic partnership with Fountain Life to supply stem cell therapy products for deployment in their longevity centers in Florida. This deployment is specifically in accordance with Florida Statute § 458.3245, which became effective on July 1, 2025. This statute authorizes licensed physicians to administer autologous or allogeneic adult stem cell products for specific indications, including orthopedic conditions, wound care, and pain management, without requiring Investigational New Drug (IND) approval from the U.S. Food and Drug Administration. Fountain Life operates four flagship longevity centers, with two currently in Florida.

BlueSphere Bio: Contract manufacturing services for their T cell therapy products.

This Master Services Collaboration Agreement is the second of its kind for Celularity Inc., showing they can monetize their infrastructure. The focus is on producing BlueSphere Bio's T cell receptor (TCR) T cell therapies. Celularity will dedicate staff and a small portion of its 37,000 square foot commercial manufacturing footprint at the Florham Park, NJ, cGMP-ready facility. As of February 24, 2025, Celularity Inc.'s market capitalization was approximately $38 million.

DefEYE, Inc.: Exclusive contract manufacturing for ophthalmic biologics.

Celularity Inc. executed an exclusive license & pricing arrangement with DefEYE, Inc. following an in-kind investment in DefEYE's $12MM Series Seed Preferred Equity funding round, announced October 30, 2025. Celularity will serve as the exclusive contract manufacturer for DefEYE's portfolio of ophthalmic biologics solutions. DefEYE's predecessor saw sales increase by nearly 70% in 2024 over the prior year. Celularity also secured the right to name one member to DefEYE's five-member Board of Directors.

Genting Berhad: Strategic partner for Asia Pacific market access and supply.

Genting Berhad broke ground on the Fontaine Vitale facility in Bali, Indonesia, which will use Celularity's placenta-derived stem cells manufactured in the U.S. Commercial operations at this facility are expected to start towards the end of 2026. This positions Celularity to enter the Asia Pacific stem cell market, which was valued at $3.0 billion in 2024 and is projected to grow at a 16.4% CAGR to reach $7.2 billion by 2030. Celularity's U.S. manufacturing center in Florham Park, NJ, is a 150,000sf facility.

Palantir: Multi-year partnership to leverage data for therapy acceleration.

The multi-year strategic partnership leverages Palantir's Foundry platform with Celularity's cellular data set to accelerate R&D activities. The partnership included an equity investment by Palantir, which, combined with a previously announced PIPE investment, brought over $100 million in new funding to Celularity upon closing of the business combination. Looking at Palantir's own performance in Q2 2025, their U.S. Commercial revenue growth was 93% year-over-year.

The operational scope of these manufacturing partnerships includes:

• The dedication of Celularity staff for the BlueSphere Bio collaboration.
• Coverage of Chemistry, Manufacturing and Controls (CMC) for BlueSphere Bio.
• Exclusive sublicense of the Biovance®, Biovance® 3L, Interfyl®, and CentaFlex® portfolios to DefEYE, Inc.
• Future opportunity for technology transfer and onsite manufacturing in Bali with Genting Berhad.
• Leveraging Palantir Foundry for data integration across discovery, process development, and manufacturing.

Finance: draft 13-week cash view by Friday.

Celularity Inc. (CELU) - Canvas Business Model: Key Activities

You're looking at the core actions Celularity Inc. (CELU) must execute well to make this business model work, especially given the dual focus on commercial biomaterials and clinical-stage cell therapies. Here are the hard numbers we have for these activities as of late 2025.

Research and development of allogeneic cell therapies (NK and CAR-T cells).

The R&D focus includes off-the-shelf placental-derived allogeneic cell therapies, such as genetically modified and unmodified Natural Killer (NK) cells and engineered T cells, including CAR-T cells, targeting cancer, immunologic, infectious, and degenerative diseases. While specific 2025 R&D spend isn't public yet, total operating expenses for the year ended December 31, 2024, were reported at $92.6 million.

• Pipeline includes mesenchymal-like placental stromal cells, NK cell products, and exosome formulations.
• PDA-002 Phase 2 trial involved 159 adult patients across 35 U.S. clinical sites.
• In PAD patients treated with PDA-002, the lowest dose (3×10⁶ cells) achieved complete wound closure in 38.5% versus 22.6% for placebo.

Manufacturing advanced biomaterial products like Biovance® for wound care.

This activity is the current revenue engine. Net revenues for the year ending December 31, 2024, totaled $54.2 million, which was a 138.1% increase over the prior year. This growth was largely fueled by the advanced biomaterial product sales, specifically the Biovance® line.

Operating the 150,000 sq ft cGMP manufacturing facility.

Celularity Inc. operates a purpose-built facility in Florham Park, NJ, which spans approximately 150,000 square feet and is designed for both cellular medicine and biomaterials production. This in-house capability is key to controlling quality and speed, aiming to eliminate reliance on contract manufacturing organizations (CMOs).

• Facility size: Approximately 150,000 sq ft.
• GMP Suites: Nine GMP Grade C/ISO-7 suites and six GMP Grade D/ISO-8 labs, all GMP-capable.
• In February 2025, a collaboration agreement involved dedicating staff and a small portion of its 37,000 square foot commercial manufacturing footprint.

Executing clinical trials for lead cell therapy candidates (e.g., PDA-002).

The execution of trials like the one for PDA-002 is critical for advancing the cell therapy pipeline toward potential regulatory approval. The Phase 2 trial for PDA-002 in diabetic foot ulcers complicated by peripheral artery disease (PAD) showed that the lowest dose (3×10⁶ cells) resulted in 38.5% complete wound closure in PAD patients. The economic burden of treating DFU alone is estimated to exceed $9 billion yearly in the United States.

Providing contract development and manufacturing (CDMO) services to third parties.

Leveraging the cGMP infrastructure is a key activity to generate revenue and validate the manufacturing platform. In February 2025, Celularity entered a Master Services Collaboration Agreement with BlueSphere Bio, Inc. (BSB) for the production of BSB's T cell receptor (TCR) T cell therapies. While this demonstrates the activity, specific revenue figures from CDMO services for 2025 are not yet available in the reported data.

Anyway, the company completed a major balance sheet restructuring, retiring all $41.6 million in senior secured debt, which helps provide financial runway to support these capital-intensive activities.

Celularity Inc. (CELU) - Canvas Business Model: Key Resources

You're looking at the hard assets and core capabilities that make Celularity Inc. tick, especially after that big balance sheet move in August 2025. These aren't just line items; they are the engine for their placental-derived cell therapy ambitions.

Proprietary allogeneic cell therapy platform from postpartum placenta.

This platform is the foundation, allowing Celularity Inc. to develop off-the-shelf, cryopreserved cell therapies. The company's therapeutic programs target indications across cancer, immunologic, infectious, and degenerative diseases, using mesenchymal-like adherent stromal cells (MLASCs), CAR T-cells, and natural killer (NK) cells.

150,000 sq ft cGMP manufacturing facility in Florham Park, NJ.

This facility supports the production of their advanced biomaterial products and their pipeline of allogeneic cell therapies. The company restructured in August 2025 to establish wholly owned operating subsidiaries, including one for commercial businesses, which likely centralizes operations around this infrastructure.

Extensive intellectual property portfolio covering placental-derived cells and products.

Celularity Inc. maintained a robust global intellectual property portfolio. As of the filing for the quarter ending March 31, 2025, this portfolio comprised over 290 patents and patent applications. You should note that in August 2025, Celularity sold these IP assets to Celeniv Pte. Ltd. but concurrently secured an exclusive, worldwide license to continue using them, plus an exclusive five-year repurchase option. This move retired $32.0 million in senior secured debt plus $9.6 million in associated unpaid interest.

Here's a snapshot of the company's financial standing as of late 2025, which reflects the commercial traction supporting these resources:

Commercial-stage advanced biomaterial products (e.g., Biovance®).

This segment generates the majority of Celularity Inc.'s revenue and provides immediate cash flow, which is defintely critical. Net revenues for the full year 2024 hit $54.2 million, a 138.1% increase from 2023, largely driven by these products.

The performance of the commercial products includes:

• Sales growth was 'notably strong for our Biovance® product line' in 2024.
• Product sales in wound care applications increased by 168.7% in 2024.
• The company markets four commercial-stage products in the U.S..
• The company received recommendation letters from the U.S. Food and Drug Administration Tissue Reference Group for additions to its placental-derived advanced biomaterial product portfolio.

Core scientific and process development expertise in cell biology.

This expertise covers developing robust and scalable processes for allogeneic cellular therapies. It includes the optimization of cell expansion, genetic engineering, and cryopreservation techniques. The team's background stems from work at Celgene Corporation before Celularity Inc. acquired Anthrogenesis in 2017.

Key areas of expertise include:

• Harnessing the placenta's unique biology for off-the-shelf therapies.
• Developing genetically modified and unmodified NK cells.
• Engineering T-cells, including CAR-T cells.

Celularity Inc. (CELU) - Canvas Business Model: Value Propositions

You're looking at the core benefits Celularity Inc. (CELU) offers across its distinct business lines, which is key to understanding their strategy as they navigate the clinical and commercial landscape of late 2025. The value isn't just in the science; it's in the structure they've built around it.

Off-the-shelf, allogeneic cell therapies that don't require tissue matching.

This is the fundamental promise for their cell therapy pipeline, which targets cancer, immune, and degenerative diseases using MLASCs (mesenchymal-like adherent stromal cells), CAR T-cells, and NK cells. The value here is the elimination of patient-specific matching and conditioning regimens, which drastically simplifies logistics and speeds up treatment delivery. The clinical data supports this approach; for instance, Phase 2 results for PDA-002, a placenta-derived cell therapy for diabetic foot ulcers complicated by peripheral artery disease, showed complete wound closure in 38.5% of patients on the lowest dose, compared to only 22.6% in the placebo group. This clinical signal is a direct output of their platform.

Commercial-stage advanced biomaterials for effective wound care and regeneration.

This segment provides immediate, tangible revenue, which is crucial for funding the longer-term cell therapy work. Celularity Inc. has four commercial-stage products, including Biovance® and Biovance®3L. The commercial traction was strong, with FY 2024 net revenues hitting $54.2 million, marking a 138.1% increase over the prior year. This growth was heavily fueled by wound care product sales, which increased by 168.7% in 2024, contributing $22.2 million to that growth. Still, you see the shift in focus, with Q3 2025 net revenues being more modest at $5.28 million.

The following table maps key performance indicators and clinical validation points that underpin the value proposition:

Scalable, world-class cGMP manufacturing for cell and gene therapy clients.

Celularity Inc. has invested in its own infrastructure to avoid reliance on third-party CMOs (contract manufacturing organizations). Their purpose-built, U.S.-based cGMP compliant facility spans 150,000 sq. ft. overall, with a dedicated commercial manufacturing footprint of 37,000 square feet. This space includes (9) Grade C/ISO 7 GMP suites and (6) Grade D/ISO 8 GMP labs, designed for their Celularity IMPACT process. This infrastructure is actively generating revenue through collaborations, such as the one with BlueSphere Bio, Inc. (BSB), which utilizes this facility for Chemistry, Manufacturing and Controls (CMC), Quality Assurance, and Quality Control.

Potential for accessible and affordable therapies from a readily available source.

The source material-the postpartum placenta-is inherently abundant and ethically sourced, which is the foundation for affordability at scale. This is being immediately capitalized on in certain regulatory environments. For example, a new Florida law effective July 1, 2025, authorizes physicians to use investigational stem cell therapies in specific areas. Celularity Inc. is positioned to supply these cells because its facility is FDA registered and certified/accredited to meet the law's Good Manufacturing Practices requirements. This move provides a near-term revenue stream while pursuing broader FDA approvals. Honestly, clearing the balance sheet, like retiring $41.6 million in debt in 2025, is also a key part of making future therapies more financially accessible by reducing overhead drag.

Reducing regulatory burden for partners via established manufacturing processes.

For partners seeking to advance their own cell therapies, Celularity Inc.'s established, in-house cGMP operations offer a clear path. Collaborations cover the full spectrum of regulatory requirements, including CMC, QA, and QC. Furthermore, on the product development side, the company is actively advancing three late-stage 510(k) pipeline products, demonstrating a proven, repeatable process for regulatory navigation in the advanced biomaterials space. This established track record helps de-risk the manufacturing and quality aspects for any client using their services.

Celularity Inc. (CELU) - Canvas Business Model: Customer Relationships

You're looking at how Celularity Inc. manages its relationships across its dual focus on commercial biomaterials and cell therapy development. It's a mix of deep, strategic alliances and direct market engagement.

Dedicated, long-term strategic collaborations with biotech and pharma partners

Celularity Inc. actively seeks collaborations to leverage its manufacturing assets and pipeline. This is evidenced by the Master Services Collaboration Agreement entered into with BlueSphere Bio, Inc. (BSB) on February 24, 2025, which is the second of its kind for the Company. This agreement focuses on producing BSB's novel T cell receptor (TCR) T cell therapies at Celularity Inc.'s 37,000 square foot cGMP-ready facility in Florham Park, NJ, dedicating staff and a small portion of that footprint. More recently, on October 30, 2025, Celularity Inc. announced a strategic partnership with DefEYE, Inc., which includes an exclusive license & pricing arrangement and positions Celularity Inc. as the exclusive contract manufacturer for DefEYE's ophthalmic biologics portfolio, including Biovance®, Biovance® 3L, Interfyl®, and CentaFlex. Other strategic relationships include work with Imugene, Oncternal, and Palantir to advance cellular therapies.

Here's a quick look at recent strategic customer/partner engagements:

Direct sales and support for physicians and hospitals using commercial products

For its advanced biomaterials, Celularity Inc. engages directly or through a distribution network. The advanced biomaterials business today is comprised primarily of the sale of its Biovance 3L products. Net revenues for the year ended December 31, 2024, totaled $54.2 million, with product sales in wound care applications increasing 168.7% over the prior year. The Biovance® product line saw notably strong sales growth in 2024. However, revenue for the third quarter ending September 30, 2025, was reported at $5.28 million, compared to $9.3 million a year ago. The Company expects to submit a 510(k) application for its Celularity Tendon Wrap, or CTW, in the fourth quarter of 2025.

Key commercial relationship metrics:

• Net Revenues (FY Ended Dec 31, 2024): $54.2 million.
• Q3 2025 Revenue: $5.28 million.
• Wound Care Product Sales Growth (2024 vs 2023): 168.7% increase.
• Expected 510(k) Submission for CTW: Q4 2025.

High-touch, clinical-level engagement for cell therapy clinical trial sites

For its clinical pipeline, the relationship with investigational sites is critical for data quality and trial progression. Celularity Inc. announced a peer-reviewed publication on October 14, 2025, detailing Phase 2 Clinical Trial Results for PDA-002 for Diabetic Foot Ulcers Complicated by Peripheral Artery Disease. While specific Celularity Inc. site engagement numbers aren't public, industry data suggests that sites receiving structured, ongoing support maintain patient retention rates nearly 20% higher than those with minimal post-initiation contact. This implies a strong internal focus on providing the necessary support structure to Principal Investigators and site coordinators to ensure protocol adherence and data integrity across its cell therapy programs.

Investor relations focused on transparency and compliance (post-Q1/Q2 2025 filings)

Investor relationships are managed through rigorous compliance and financial transparency efforts. Celularity Inc. announced on September 3, 2025, the filing of its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, and June 30, 2025, which resulted in confirmation of compliance with Nasdaq Listing Rule 5250(c)(1). This followed a significant balance sheet restructuring in the first half of 2025 where the Company retired all $41.6 million in senior secured debt, including $9.6 million in associated unpaid interest. The latest required filing, the Form 10-Q for the quarter ending September 30, 2025, was made on November 14, 2025. The company is categorized as a Non-accelerated filer and a Smaller reporting company as of its late 2025 filings.

Compliance and financial restructuring milestones:

• Senior Secured Debt Retired (H1 2025): $41.6 million.
• Nasdaq Compliance Regained: September 3, 2025 (Post Q1/Q2 2025 10-Q filings).
• Latest Public Filing Date: November 14, 2025 (Q3 2025 10-Q).

Finance: draft 13-week cash view by Friday.

Celularity Inc. (CELU) - Canvas Business Model: Channels

Direct sales force for advanced biomaterial products to US hospitals and clinics.

• Net revenues for the year ended December 31, 2024, totaled $54.2 million.
• Product sales in wound care applications increased by 168.7% from 2023 to 2024, contributing $22.2 million to the revenue increase.
• The Phase 2 clinical trial for PDA-002 enrolled 159 adult patients across 35 clinical sites in the United States.
• The estimated annual economic burden of treating Diabetic Foot Ulcers (DFU) alone exceeds $9 billion in the United States.
• Celularity Inc. is advancing three late-stage 510(k) pipeline products as of H1 2025.
• As of July 1, 2025, PDA-002 may be used by licensed Florida physicians under a new state statute.

Strategic licensing and distribution agreements for international markets (e.g., Asia Pacific).

Contract manufacturing agreements leveraging the Florham Park facility.

Clinical trial networks for investigational cell therapies.

• Celularity has four active and enrolling clinical trials as of 2021, with plans for three additional Investigational New Drug (IND) applications in 2021.
• The company is advancing three late-stage 510(k) pipeline products in 2025.

Celularity Inc. (CELU) - Canvas Business Model: Customer Segments

Pharmaceutical and biotechnology companies needing CDMO services.

• Research collaboration with Imugene to develop oncolytic virus combination (CF33-CD19, onCARlytics) with CYCART-19.
• Research collaboration with Oncternal to evaluate placental derived-cellular therapies targeting ROR1.
• Multi-year strategic partnership with Palantir to leverage Foundry platform.
• Full Year 2023 net sales from biomaterial products and biobanking were in the range of $22.06 million to $22.76 million, excluding revenue from research contracts like the one with Regeneron.

Hospitals, wound care centers, and physicians utilizing advanced biomaterials.

• Net revenues for the year ended December 31, 2024, totaled $54.2 million.
• Product sales in wound care applications increased by $22.2 million in 2024, a 168.7% increase over the prior year.
• Full Year 2024 net sales guidance was raised to $54 million to $60 million.
• Celularity expects to submit a 510(k) for FUSE Celularity Bone Void Filler in the second half of 2025.
• Q2 2025 revenue was $5.74m, down 53% from Q2 2024.

Longevity and preventative health centers (e.g., Fountain Life).

• Fountain Life operates four state-of-the-art longevity centers as of July 2025.
• Deployment of Celularity\'s technology is aligned with Florida Statute $\S$ 458.3245, effective July 1, 2025.

Future patients with cancer, infectious, and degenerative diseases.

• Therapeutic programs target indications across cancer, immunologic, infectious, and degenerative diseases.
• Lead investigational candidates include placental-derived NK cell therapy evaluated in oncology and immuno-infectious disease settings.
• Phase 2 Clinical Trial Results published October 14, 2025, for PDA-002 for Diabetic Foot Ulcers Complicated by Peripheral Artery Disease.

Ophthalmic product companies (e.g., DefEYE).

Celularity executed an exclusive license & pricing arrangement with DefEYE, Inc. on the backend of Celularity\'s in-kind investment in DefEYE\'s $12MM Series Seed Preferred Equity funding round in October 2025. DefEYE sales increased by nearly 70% in 2024 over the prior year.

Celularity Inc. (CELU) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Celularity Inc.'s operations as of late 2025, especially after that major balance sheet cleanup in August.

High research and development (R&D) expenses remain a significant cost. For the full year 2024, R&D spending was reported at $17,386 thousand, which aligns closely with the $17.4 million figure you noted. This spend fuels the development pipeline, including advancing those late-stage cell therapy candidates.

Selling, general, and administrative (SG&A) expenses were also substantial in the prior year. In 2024, SG&A hit $58,450 thousand, or about $58.5 million, which is right near the $58.6 million mark you mentioned. Honestly, this category includes the overhead to support the commercialization of the advanced biomaterial products and the general corporate functions.

Here's a quick look at the major operating expense buckets from the last fully reported annual period, which sets the baseline for your current view:

You've got significant manufacturing and quality control costs tied up in cGMP production. Celularity Inc. emphasizes its purpose-built, U.S.-based cGMP compliant facility, aiming to eliminate reliance on contract manufacturing organizations (CMOs). While specific dollar amounts for 2025 manufacturing costs aren't public yet, the infrastructure itself-a 150,000 sq. ft. space with nine Grade C/ISO 7 GMP suites-represents a fixed cost base that supports scalable, inventory-ready product supply.

Costs associated with clinical trials and regulatory filings are inherently lumpy but critical. You saw evidence of this activity continuing into 2025, with the company filing its Form 10-Q quarterly reports for the first and second quarters of 2025, and plans for a 510(k) submission for the FUSE Celularity Bone Void Filler expected in the second half of 2025. These efforts are necessary to expand the commercial portfolio beyond the current advanced biomaterial products.

On the financing side, interest expense has seen a major shift. The company incurred $6,264 thousand in interest expense in 2024. But, the big news is the August 2025 balance sheet restructuring where Celularity Inc. retired all senior secured debt, eliminating $32.0 million in principal and $9.6 million in associated unpaid interest, totaling $41.6 million in debt retirement. That move should significantly reduce future interest expense, freeing up cash flow.

The key cost drivers you need to track going forward are:

• R&D Spend: Sustaining investment in the cell therapy pipeline.
• cGMP Operations: Maintaining the specialized, in-house manufacturing infrastructure.
• Regulatory Milestones: Costs tied to the planned 2025 510(k) submissions.
• License Payments: New, ongoing quarterly license payments to Celeniv following the IP monetization deal in August 2025.

Finance: draft the projected interest expense reduction for Q4 2025 based on the August debt retirement by next Tuesday.

Celularity Inc. (CELU) - Canvas Business Model: Revenue Streams

You're looking at how Celularity Inc. actually brings in cash, which is key for understanding their path forward. Honestly, for a company in this space, revenue diversification across products, services, and intellectual property is a good sign, even if the absolute numbers are still scaling up.

The revenue streams for Celularity Inc. (CELU) are segmented across product sales, service offerings, and fees from licensing and royalties. Here is a look at the reported figures for the full year 2024, which shows a strong base in product sales.

The total net revenues for Celularity Inc. for the year ended December 31, 2024, were reported as $54.2 million, showing a significant increase of 138.1% compared to the prior year period.

Looking into the more recent performance, the revenue figures for 2025 show the current run rate. You need to watch these quarterly numbers closely to see if the product sales momentum from 2024 is continuing.

Here are the latest reported revenue figures for the 2025 fiscal year:

• Total revenue for the nine months ended September 30, 2025, was $22.45 million.
• Revenue for the third quarter (Q3) of 2025 was $5.28 million.

For context, the total net revenue for the nine months ended September 30, 2024, was $36.09 million. The Q3 2025 revenue of $5.28 million compares to $9.3 million reported for Q3 2024.

These revenue streams are supported by the commercial-stage advanced biomaterial offerings, with Biovance® being a key driver of product sales growth.