Core Viewpoint - Celularity Inc. reported significant growth in net revenues for the year ending December 31, 2024, totaling $54.2 million, which represents an increase of $31.4 million or 138.1% compared to the previous year, driven primarily by strong sales in wound care applications [1][3]. Financial Performance - Net revenues for 2024 were $54.2 million, an increase of $31.4 million or 138.1% from the prior year, with product sales in wound care applications rising by $22.2 million, reflecting a growth of 168.7% [1][3]. - Total operating expenses decreased to $92.6 million, down by $122.5 million or 57.0% compared to 2023, mainly due to the absence of goodwill and in-process research and development impairments [4][6]. - Loss from operations for 2024 was $38.4 million, a decrease of $153.9 million or 80.1% from the previous year, attributed to higher revenues and lower operating expenses, which improved gross margin [4][6]. Product and Market Development - The company experienced strong sales growth in its Biovance® product line, which is expected to continue contributing positively to revenue in the upcoming quarters [2]. - Celularity received recommendation letters from the U.S. FDA Tissue Reference Group for new additions to its portfolio of human placental-derived advanced biomaterial products, indicating a commitment to innovation in the wound care sector [2]. Balance Sheet Overview - As of December 31, 2024, total assets were $132.7 million, a decrease from $143.9 million in 2023, with current assets amounting to $20.6 million [8][9]. - Total liabilities increased to $123.8 million from $102.9 million in the previous year, with current liabilities at $53.7 million [8][9]. Company Background - Celularity Inc. is focused on developing and commercializing advanced biomaterial products and placental-derived cell therapies, aiming to address significant unmet global needs for effective and affordable therapies [10].

Part I [Business](index=8&type=section&id=Item%201.%20Business) Celularity is a regenerative and cellular medicines company with three core business lines: advanced biomaterials, cell therapy pipeline, and biobanking services - The company's business is structured around three core areas: 1) Advanced biomaterials (e.g., Biovance 3L, Rebound) for wound care, 2) Development of off-the-shelf placental-derived cell therapies (MLASCs, NK cells), and 3) A commercial biobanking service for storing birth byproducts[24](index=24&type=chunk)[26](index=26&type=chunk) - Celularity is developing new biomaterial products requiring 510(k) clearance, including Celularity Tendon Wrap (CTW), FUSE Bone Void Filler (FUSE), and Celularity Placental Matrix (CPM), with expected filings in 2025, 2026, and 2027, respectively[25](index=25&type=chunk)[37](index=37&type=chunk) - The company has refocused its cell therapy pipeline, prioritizing advanced-stage programs for MLASCs in Diabetic Foot Ulcer (DFU) and Crohn's Disease (CD) It has discontinued internal development for oncology indications like CYNK-001 (AML, GBM) and CYCART-19, now seeking collaboration partners for these assets[32](index=32&type=chunk)[35](index=35&type=chunk) - The company operates a **147,215 sq. ft.** cGMP-ready manufacturing, research, and biobanking facility in Florham Park, NJ, which underpins its Celularity IMPACT platform and supports plans to offer contract manufacturing services[51](index=51&type=chunk)[90](index=90&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) The company faces substantial risks including significant net losses, an accumulated deficit, low cash, and material weaknesses in internal controls, raising going concern doubts - The company has a history of net losses, reporting a net loss of **$57.9 million** for FY 2024 and an accumulated deficit of **$899.7 million** as of December 31, 2024[193](index=193&type=chunk) - Historical operating results and a cash balance of **$0.7 million** at year-end indicate substantial doubt about the company's ability to continue as a going concern The independent auditor's report includes an explanatory paragraph regarding this uncertainty[195](index=195&type=chunk) - The company has substantial indebtedness of **$36.4 million** as of December 31, 2024, which is secured by all of its assets, posing a risk to liquidity and operations[269](index=269&type=chunk) - The company is at risk of being delisted from Nasdaq for failing to meet continued listing standards, including the timely filing of its 10-K report An appeal has been filed[366](index=366&type=chunk) - Material weaknesses in internal control over financial reporting have been identified, which could lead to inaccurate financial reporting and loss of investor confidence[268](index=268&type=chunk)[384](index=384&type=chunk) - The business is highly dependent on key personnel, including CEO Robert Hariri Recent reductions-in-force and attrition, particularly in finance and legal, have created operational challenges[229](index=229&type=chunk)[240](index=240&type=chunk) [Unresolved Staff Comments](index=91&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[385](index=385&type=chunk) [Cybersecurity](index=91&type=section&id=Item%201C.%20Cybersecurity) Celularity maintains a cybersecurity program managed by a VP reporting to the CEO, with no material incidents reported for FY 2024 - The company's cybersecurity program is managed by a vice president who reports to the CEO, with ultimate oversight by the Board of Directors[387](index=387&type=chunk) - For the year ended December 31, 2024, the company is not aware of any material cybersecurity incidents[388](index=388&type=chunk) [Properties](index=92&type=section&id=Item%202.%20Properties) The company's primary operations are conducted from a 150,000 sq. ft. facility in Florham Park, New Jersey, leased until 2036 - Celularity occupies a **~150,000 sq. ft.** facility in Florham Park, New Jersey, under a lease that expires in 2036[389](index=389&type=chunk) [Legal Proceedings](index=92&type=section&id=Item%203.%20Legal%20Proceedings) Celularity is involved in multiple legal matters, including a settled dispute with Palantir, claims against Evolution Biologyx, and a Civil Investigative Demand - The company is cooperating with a Civil Investigative Demand from the U.S. Attorney's Office for the Eastern District of Pennsylvania related to its Interfyl product and claims submitted to federal insurers[393](index=393&type=chunk) - Celularity filed a complaint against Evolution Biologyx to recover approximately **$2.35 million** in unpaid invoices and is defending against counterclaims from Evolution[392](index=392&type=chunk) - A settlement with Palantir Technologies was finalized in June 2024, with Celularity making payments of **$3.5 million** and issuing **60,584 shares** of Class A common stock[391](index=391&type=chunk) - Hackensack Meridian Health (HUMC) filed a complaint seeking **$947,576** for alleged unpaid clinical trial costs[395](index=395&type=chunk) [Mine Safety Disclosures](index=93&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[396](index=396&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=94&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A common stock and warrants trade on Nasdaq, with approximately 96 stockholders of record as of May 7, 2025 - Class A common stock trades on Nasdaq under the symbol 'CELU' Warrants trade under 'CELUW'[398](index=398&type=chunk) - As of May 7, 2025, there were approximately **96 stockholders** of record of Class A common stock[399](index=399&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=95&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenues increased significantly in FY 2024, while net loss narrowed due to lower impairment charges, but liquidity remains critical Comparison of Operations (in thousands) | | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total net revenues** | $54,220 | $22,771 | $31,449 | 138.1% | | Product sales, net | $35,336 | $13,149 | $22,187 | 168.7% | | License, royalty and other | $13,744 | $4,181 | $9,563 | 228.7% | | **Loss from operations** | $(38,358) | $(192,287) | $153,929 | (80.1)% | | Research and development | $17,386 | $30,465 | $(13,079) | (42.9)% | | Goodwill impairment | $0 | $112,347 | $(112,347) | (100.0)% | | IPR&D impairment | $0 | $107,800 | $(107,800) | (100.0)% | | **Net loss** | $(57,892) | $(196,295) | $138,403 | (70.5)% | - The company had **$0.7 million** in cash and cash equivalents and an accumulated deficit of **$899.7 million** as of December 31, 2024, raising substantial doubt about its ability to continue as a going concern[442](index=442&type=chunk)[422](index=422&type=chunk) - The significant decrease in operating loss was primarily due to the absence of goodwill (**$112.3 million**) and IPR&D (**$107.8 million**) impairment charges that were recorded in 2023[440](index=440&type=chunk) - R&D expenses decreased by **42.9%** to **$17.4 million**, driven by a reduction in outside services and clinical trial costs following the discontinuation of certain cell therapy trials[437](index=437&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=111&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure is primarily to interest rates, but it is not significant due to short-term cash and no variable interest debt - The company's exposure to interest rate risk is considered not significant as its investments are primarily short-term and it has no variable interest debt[471](index=471&type=chunk) [Financial Statements and Supplementary Data](index=111&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited financial statements for FY 2024 and 2023, with the auditor's report highlighting going concern doubts - The independent auditor's report for FY 2024, issued by EisnerAmper LLP, contains a 'Going Concern' paragraph, citing recurring losses, net cash outflows, and outstanding due debt as factors that raise substantial doubt about the company's ability to continue[476](index=476&type=chunk) Consolidated Balance Sheet Data (in thousands) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $738 | $227 | | Total Assets | $132,682 | $143,889 | | Total Liabilities | $123,845 | $102,929 | | Total Stockholders' Equity | $8,837 | $40,960 | Consolidated Cash Flow Data (in thousands) | | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,401) | $(38,685) | | Net cash provided by (used in) investing activities | $514 | $(4,048) | | Net cash provided by financing activities | $6,701 | $24,094 | - As of December 31, 2024, the company had total debt of **$42.3 million**, with significant portions related to loans from C.V. Starr and RWI that are subject to forbearance agreements[621](index=621&type=chunk)[643](index=643&type=chunk)[654](index=654&type=chunk) - For FY 2024, the Degenerative Disease segment generated **$48.4 million** in revenue with a segment contribution of **$13.7 million**, while the Cell Therapy segment had a negative contribution of **$15.1 million**[750](index=750&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=180&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting and financial disclosure - None[766](index=766&type=chunk) [Controls and Procedures](index=180&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective as of December 31, 2024, due to five material weaknesses, with a remediation plan underway - Management concluded that disclosure controls and procedures were not effective as of December 31, 2024[768](index=768&type=chunk) - **Five material weaknesses** in internal control over financial reporting were identified, relating to: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring[770](index=770&type=chunk) - The company is implementing a remediation plan that includes hiring more accounting staff and engaging an external firm to help document and implement a stronger internal control environment[771](index=771&type=chunk)[774](index=774&type=chunk) [Other Information](index=182&type=section&id=Item%209B.%20Other%20Information) No directors or executive officers adopted or terminated Rule 10b5-1 trading plans during the fourth quarter of 2024 - No directors or executive officers adopted or terminated Rule 10b5-1 trading plans in the three months ended December 31, 2024[773](index=773&type=chunk) Part III Part III incorporates information by reference from the company's Definitive Proxy Statement, covering directors, executive compensation, security ownership, and related transactions [Directors, Executive Officers and Corporate Governance](index=183&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's Definitive Proxy Statement [Executive Compensation](index=183&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's Definitive Proxy Statement [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=183&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's Definitive Proxy Statement [Certain Relationships and Related Transactions, and Director Independence](index=183&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's Definitive Proxy Statement [Principal Accounting Fees and Services](index=183&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's Definitive Proxy Statement Part IV [Exhibits, Financial Statement Schedules](index=183&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits, including key corporate documents and officer certifications [Form 10-K Summary](index=189&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[792](index=792&type=chunk)

Core Points - Celularity Inc. has been notified by Nasdaq regarding non-payment of fees and potential delisting unless an appeal is made [1] - The company has a past due fee balance of $70,000, which was paid in full on April 25, 2025 [1] - Nasdaq also indicated that Celularity is delinquent in filing its Form 10-K for the year ended December 31, 2024, which could lead to additional delisting actions [2] - The company is actively working to file the 2024 Form 10-K and expects to do so imminently [3] Company Overview - Celularity Inc. is a regenerative and cellular medicine company focused on developing and commercializing advanced biomaterial products and placental-derived cell therapies [4] - The company aims to leverage the unique biology of the placenta to create therapeutic solutions that meet significant global healthcare needs [4]

Core Points - The Centers for Medicare & Medicaid Services (CMS) has revised the effective date of the Medicare Local Coverage Determination (LCD) for skin substitute products to January 1, 2026, which is used to treat diabetic foot ulcers and venous leg ulcers [1][3] - This action follows a January 2025 executive order by President Trump that froze all regulatory guidance not yet in effect, leading to a previous delay of the LCD's effective date by sixty days [3] - Celularity Inc. expressed support for CMS's decision, highlighting the importance of access to skin substitute products for Medicare patients to avoid serious health complications [4] Company Overview - Celularity Inc. is a regenerative and cellular medicine company focused on developing and commercializing advanced biomaterial products and placental-derived cell therapies [5] - The company aims to leverage the unique biology of the placenta to create effective, accessible, and affordable therapeutic solutions for significant unmet global health needs [5]

Core Insights - Celularity Inc. has highlighted the therapeutic potential of its clinical-stage candidate CYNK-001 in addressing age-related diseases, as discussed in a recent publication in Frontiers in Immunology [1][2]. Group 1: Research Findings - The publication titled "Senescence, NK cells, and cancer: navigating the crossroads of aging and disease" explores the impact of aging on the immune system's ability to combat cancer, emphasizing the importance of maintaining Natural Killer (NK) cell function for healthy aging and longevity [2]. - The concept of "senoablation" is introduced, which involves the elimination of senescent cells that contribute to inflammation and malignant transformation, thereby rejuvenating the aging immune system [3]. Group 2: Clinical Development - CYNK-001, a placental-derived allogeneic NK cell therapy, has been studied in over 70 subjects with acceptable safety, indicating its potential as a treatment for conditions associated with cellular senescence, such as age-related frailty and sarcopenia [3]. - The company aims to leverage the unique biology of the placenta to develop effective and accessible therapies for significant unmet medical needs [4].

Core Insights - Celularity Inc. has received recommendation letters from the FDA's Tissue Reference Group for its products Natalin and Acelagraft™, confirming they meet the criteria for regulation under section 361 of the PHS Act [1][5] - Natalin is a tri-layer graft and Acelagraft™ is a bi-layer graft, both indicated for treating partial and full thickness acute and chronic wounds [2] - The global Biological Skin Substitutes market was valued at $347.75 million in 2024 and is projected to grow at a CAGR of 8.83% to reach $810.50 million by 2034, with the chronic wounds segment expected to grow at a 9.13% CAGR [3] Company Overview - Celularity Inc. specializes in regenerative and cellular medicine, focusing on advanced biomaterial products and placental-derived cell therapies [6] - The company aims to leverage the unique biology of the placenta to develop effective and affordable therapeutic solutions for unmet global health needs [6] Market Context - North America accounted for 42.0% of the global Biological Skin Substitutes market in 2024, indicating a significant market presence [3]

Core Insights - Celularity Inc. has entered into a Master Services Collaboration Agreement with BlueSphere Bio, Inc. to manufacture certain cell therapy products, showcasing its advanced cGMP manufacturing capabilities [1][2] - The collaboration will focus on producing BlueSphere's novel T cell receptor (TCR) therapies, including a product for treating Acute Myelogenous Leukemia (AML) [2][3] - Celularity aims to leverage its manufacturing infrastructure to attract clients and generate revenue, while BlueSphere emphasizes the importance of reliable manufacturing for its clinical programs [3][5] Company Overview - Celularity Inc. specializes in regenerative and cellular medicine, developing placental-derived cell therapies and biomaterial products [4] - The company utilizes postpartum placenta to create therapeutic solutions addressing unmet global healthcare needs [4] BlueSphere Bio Overview - BlueSphere Bio is focused on drug development, particularly in AML, with its lead product BSB-1001 targeting specific antigens in high-risk patients [5][6] - The company is advancing its clinical programs, including TCX-101 and TCX-102, with plans to dose its first patient in 1H2025 [5][6]

Core Points - The MASS Coalition supports President Trump's Freeze Order, which halts the implementation of Medicare Local Coverage Determinations (LCDs) for skin substitute products until at least April 13, 2025 [1][2] - The Freeze Order is seen as a necessary action to prevent a healthcare crisis for diabetic patients who rely on skin substitutes for treatment [2] - The MASS Coalition consists of wound care companies dedicated to ensuring access to essential wound care products for Medicare beneficiaries [3] Company Overview - Celularity Inc. is a regenerative medicine company focused on developing advanced biomaterial products and placental-derived cell therapies targeting aging-related diseases, cancer, and immune disorders [4] - The company utilizes mesenchymal-like adherent stromal cells (MLASCs), CAR T-cells, and natural killer (NK) cells in its therapeutic programs [4] - Celularity aims to address significant unmet global needs for effective and affordable therapies by leveraging the unique biology of the placenta [4]

Financial Performance - The company incurred a net loss of $15.4 million for the quarter, compared to a net loss of $14.1 million in the previous quarter[17]. - Total net revenues for the three months ended September 30, 2024, were $9,296,000, a significant increase from $3,786,000 in the same period of 2023, representing a growth of 145%[18]. - Product sales, net for the three months ended September 30, 2024, reached $3,393,000, compared to $1,684,000 in the prior year, marking an increase of 102%[18]. - Total operating expenses for the three months ended September 30, 2024, were $20,823,000, down from $103,042,000 in the same period of 2023, reflecting a decrease of 80%[18]. - Loss from operations for the three months ended September 30, 2024, was $(11,527,000), a significant improvement compared to $(99,256,000) in the same period of 2023[18]. - Net loss for the three months ended September 30, 2024, was $(16,098,000), compared to $(93,876,000) in the same period of 2023, indicating a reduction of 83%[18]. - The company reported a comprehensive loss of $(16,100,000) for the three months ended September 30, 2024, compared to $(93,876,000) in the same period of 2023[18]. - Research and development expenses for the three months ended September 30, 2024, were $3,915,000, down from $5,182,000 in the same period of 2023, a decrease of 24%[18]. - Selling, general and administrative expenses increased to $12,650,000 for the three months ended September 30, 2024, from $10,748,000 in the same period of 2023, an increase of 19%[18]. - The company reported a net loss per share of $(0.73) for the three months ended September 30, 2024, compared to $(4.98) in the same period of 2023[18]. Assets and Equity - As of September 30, 2024, the company reported total assets of $133 million, a decrease from $227 million as of December 31, 2023[17]. - As of March 31, 2024, total stockholders' equity decreased to $31,245,000 from $40,960,000 at the beginning of the year, reflecting a net loss of $22,013,000 for the quarter[21]. - As of September 30, 2023, total stockholders' equity stood at $30,247,000, with an accumulated deficit of $(851,338,000)[21]. - The company reported an accumulated deficit of $886,390 thousand as of September 30, 2024[30]. - The total common stock shares increased to 21,933,861 by June 30, 2024, up from 19,378,192 at the beginning of the year[21]. Cash Flow and Liquidity - Cash flow from operating activities showed a significant improvement, with net cash used decreasing from $34,344 thousand in 2023 to $7,995 thousand in 2024[30]. - The company had cash, cash equivalents, and restricted cash of $10,296 thousand at the end of the period, down from $15,098 thousand in the previous year[30]. - The company must raise additional capital to support operations, with potential liquidity issues if funding is not secured[9]. - The company is actively seeking to secure additional outside capital to fund operations, but as of the issuance date, no additional capital was secured[33]. Debt and Financing - The company had approximately $46,050 thousand of debt outstanding, all due within one year of the issuance date[33]. - The total debt increased to $42,610 as of September 30, 2024, compared to $39,240 as of December 31, 2023, reflecting an increase of about 6.0%[74]. - The company entered into a loan agreement for $3,000 with its CEO, bearing interest at 15.0% per year, maturing on August 21, 2024[81]. - The Company entered into a senior secured loan agreement with Resorts World Inc Pte Ltd for an initial loan of $6,000, net of a $120 original issue discount, bearing interest at 12.5% per year[85]. - The Company recorded a total discount of $2,151 from the Amended RWI Loan, which was recognized as a loss within other income (expense)[85]. Regulatory and Operational Challenges - The company has no cellular therapeutic candidates approved for commercial sale and anticipates substantial net losses in the future, raising concerns about its ability to continue as a going concern[9]. - Regulatory challenges have arisen, including the Center for Medicare & Medicaid Services rejecting claims for one of the company's products, Interfyl, which remains unresolved[11]. - The company operates its own manufacturing facility, which requires significant resources and poses risks to clinical trials and commercial viability[11]. - The company faces significant competition from other biotechnology and pharmaceutical companies, which may affect its operating results[11]. Stock and Equity Transactions - The company issued 2,141,098 common stock shares in a PIPE offering, netting $6,000,000 in additional paid-in capital[21]. - The Company entered into a Pre-Paid Advance (PPA) agreement with Yorkville, receiving an initial advance of $40,000 gross, with a maturity of 12 months[77]. - The Company entered into an At-the-Market Sales Agreement allowing for the sale of up to $150 million in common stock, with gross proceeds of $141,000 from 13,296 shares sold at an average price of $10.60 per share during the nine months ended September 30, 2023[111]. - The Company has issued 21,984,614 shares of Class A common stock as of September 30, 2024, an increase from 19,378,192 shares as of December 31, 2023[104]. Legal and Compliance Issues - The company is engaged in ongoing legal proceedings, including a complaint against Evolution Biologyx, LLC for approximately $2,350 million in unpaid invoices[102]. - The company has not incurred any material costs related to indemnification agreements as of September 30, 2024[95]. - The company has regained compliance with Nasdaq listing requirements after filing its Form 10-Q for the period ended June 30, 2024, but is currently not in compliance for the period ended September 30, 2024[33]. Research and Development - The company plans to leverage its expertise in cellular therapeutic development and manufacturing to generate revenues through contract manufacturing services[9]. - The company has not achieved any milestones or earned royalties under the Sirion License during the nine months ended September 30, 2024 and 2023[97]. - The company recorded stock-based compensation expense of $2,400 for selling, general, and administrative expenses for the three months ended September 30, 2024, compared to $3,053 for the same period in 2023, a decrease of 21.4%[144].

Core Viewpoint - Celularity Inc. has received a notification from Nasdaq regarding non-compliance with continued listing requirements due to the delay in filing its Quarterly Report on Form 10-Q for Q3 2024, but the company's stock continues to trade on Nasdaq [1][2]. Compliance and Reporting - The company is required to submit a plan to Nasdaq to regain compliance by January 20, 2025, and if accepted, has until May 13, 2025, to implement the plan [2]. - The delay in filing the Q3 Form 10-Q is attributed to a backlog from previous filings, including the Forms 10-Q for the first and second quarters of 2024, which have been filed recently [3]. Management Commitment - The CEO of Celularity has acknowledged the challenges posed by the filing delays but emphasized the company's commitment to robust and timely financial reporting, stating that the Q3 Form 10-Q is nearing completion [4]. Company Overview - Celularity Inc. focuses on developing and commercializing advanced biomaterial products and allogeneic, cryopreserved, placental-derived cell therapies, targeting aging-related diseases, cancer, and immune disorders [5].