Operational liquidity is severely strained, with a 2025Q4 net loss of $24.4M against a cash reserve of only $6.17M, forcing a near-zero capital expenditure strategy.
| Cash from Operations | -13.25M | -6.4M | -38.69M | -137.88M | -110.1M | -63.19M | -1.1M | -543 |
| Operating CF Margin % | -49.92% | -11.81% | -169.89% | -767.04% | -516.03% | -442.59% | -5.19% | -0% |
| Operating CF Growth % | -107.06% | 83.45% | 71.94% | -25.23% | -74.22% | -5656.16% | -202079.19% | - |
| Net Income | -91.72M | -57.89M | -196.29M | 14.19M | -100.12M | -208.23M | 5.88M | -13.38M |
| Depreciation & Amortization | 7.29M | 7.92M | 11.47M | 9.44M | 8.82M | 8.17M | 0 | 4.79M |
| Stock-Based Compensation | 10.38M | 11.57M | 15.02M | 15.86M | 40.01M | 4.37M | 0 | 4.5M |
| Deferred Taxes | 3K | 0 | 0 | 0 | 0 | -8.48M | -1.65K | 0 |
| Other Non-Cash Items | 27.19M | 9.8M | 137.89M | -161.91M | -53.1M | 137.37M | -7.11M | -54.54M |
| Working Capital Changes | 33.59M | 22.2M | -6.77M | -15.45M | -5.71M | 3.6M | 136.39K | -1.34M |
| Change in Receivables | 7.55M | -3.97M | -6.83M | -3.58M | -1.91M | 1.65M | 0 | -2.29M |
| Change in Inventory | 10.25M | 6.28M | -865K | -16.89M | -6.42M | -643K | 0 | -3.4M |
| Change in Payables | 3.13M | 9.24M | 0 | 0 | 0 | 314K | 18.88K | 0 |
| Cash from Investing | 0 | 514K | -4.05M | -5.24M | -5.9M | -12.81M | -286.85M | -31.18M |
| Capital Expenditures | 0 | -161K | -4.05M | -5.24M | -6.2M | -27.83M | 0 | -1.92M |
| CapEx % of Revenue | - | 0.3% | 17.78% | 29.13% | 29.07% | 194.94% | 0% | 10.93% |
| Acquisitions | 0 | -1.5M | 0 | 0 | 0 | 15.02M | 0 | -29.28M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 2.17M | 0 | 0 | 300K | 0 | 651K | 14K |
| Cash from Financing | 18.65M | 6.7M | 24.09M | 119.84M | 98.56M | 102.01M | 288.84M | 25.25K |
| Debt Issued (Net) | -121K | 7.1M | 11.31M | 39.2M | 0 | 0 | -150K | 0 |
| Equity Issued (Net) | 24.41M | 58K | 5.43M | 53.37M | 638K | 102.28M | 288.99M | 25K |
| Dividends Paid | -5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -256K | 0 | 0 |
| Other Financing | 255K | -459K | 7.35M | 27.26M | 97.92M | -265K | 0 | 250 |
| Net Change in Cash | 5.39M | 814K | -18.64M | -23.27M | -17.44M | 26.01M | 892.3K | -31.16M |
| Free Cash Flow | -13.25M | -6.56M | -42.73M | -143.11M | -116.3M | -91.03M | -1.1M | -1.92M |
| FCF Margin % | -49.92% | -12.1% | -187.66% | -796.17% | -545.11% | -637.53% | -5.19% | -10.93% |
| FCF Growth % | -101.98% | 84.64% | 70.14% | -23.06% | -27.76% | -8191.54% | 42.78% | - |
| FCF per Share | -0.52 | -0.30 | -2.40 | -9.55 | -9.14 | -49.42 | -0.46 | -0.53 |
| FCF Conversion (FCF/Net Income) | 0.14x | 0.11x | 0.20x | -9.72x | 1.10x | 0.30x | 0.01x | 0.49x |
| Interest Paid | 2.5M | 144K | 1.07M | 0 | 146K | 0 | 0 | 0 |
| Taxes Paid | 52K | 0 | 0 | 0 | 0 | 13K | 0 | 0 |
Imminent liquidity shortfall
According to the provided cash flow data, the OCF/NI ratio has remained consistently low, peaking at only 0.21 in 2025Q4, which suggests that reported net losses are not being mitigated by meaningful cash generation from core operations, highlighting a persistent disconnect between accounting results and actual liquidity.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based losses are not merely accounting artifacts but reflect genuine cash outflows. Investors should monitor this ratio closely, as the inability to convert operational activity into positive cash flow suggests that the business model is currently incapable of self-funding.
As reported in financial statements, working capital changes have frequently provided positive cash inflows, such as the $14.8M contribution in 2025Q2, which appears to be a temporary mechanism masking the underlying structural cash burn rather than a sustainable improvement in operational efficiency or collection cycles.
The reliance on working capital fluctuations to offset operating losses warrants investigation, as these inflows are often non-recurring and may indicate aggressive management of payables or inventory liquidation. Such patterns suggest that the company is utilizing short-term balance sheet levers to survive, which may not be sustainable in future periods.
Based on the provided figures, Celularity has effectively reduced capital expenditures to near-zero levels in recent quarters, which indicates a desperate attempt to preserve the remaining $6.17M in cash reserves at the expense of necessary investment in manufacturing infrastructure or long-term operational scalability.
The cessation of meaningful capital investment suggests that the company is prioritizing immediate survival over the maintenance of its specialized placental processing facilities. This strategy may jeopardize the long-term viability of the bio-foundry, as deferred maintenance could lead to future operational bottlenecks or regulatory compliance risks.
Analysis of the cash flow statement reveals that stock-based compensation consistently adds back millions to the cash flow calculation, with $3.3M recorded in 2025Q4, effectively softening the appearance of the company's operating cash burn while diluting existing shareholders to fund ongoing clinical research activities.
While stock-based compensation is a non-cash expense, its magnitude relative to the company's total cash position suggests that equity issuance is a primary tool for operational funding. Investors should consider the impact of this persistent dilution, as it appears to be the primary mechanism allowing the company to continue its high-burn clinical development programs.
Quick answers to the most common questions about buying CELU stock.
Celularity Inc. (CELU) generated $-13.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Celularity Inc. (CELU) reported negative free cash flow of $13.3M in 2025, indicating capital requirements exceeded cash from operations.
Celularity Inc. (CELU) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Celularity Inc. (CELU) returned $5.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.