Celularity Gains $12.2M Via NJ Program to Boost Longevity Therapies

FLORHAM PARK, N.J. – February 10, 2026 – Celularity Inc. announced today it has received $12.2 million in cash, a significant financial boost sourced not from venture capitalists or stock offerings, but from an innovative state program. The longevity-focused regenerative medicine company secured the non-dilutive funding by selling its unused New Jersey tax losses, a strategic move that strengthens its financial position as it advances its pipeline of anti-aging and cellular therapies.

A Critical Lifeline in a Challenging Market

The $12.2 million infusion provides crucial liquidity for Celularity (Nasdaq: CELU), a company navigating the capital-intensive world of biotechnology. A review of its recent financial standing highlights the importance of this transaction. As of mid-2024, the company reported cash reserves of just $0.5 million. While it demonstrated impressive revenue growth in 2024—with net revenues climbing 138.1% to $54.2 million—it still operated at a loss.

Although the $38.4 million operating loss in 2024 was a significant improvement over the prior year, the ongoing cash burn required to fund research and development is a constant pressure. For the first half of 2024, cash used in operating activities was $7.9 million. In this context, the $12.2 million in tax-free, non-dilutive capital is more than just a line item; it's a vital runway extension. By obtaining funds without issuing new stock, Celularity avoids diluting the value for its existing shareholders—a particularly valuable benefit in a biotech market that has been characterized by tight capital and challenging fundraising conditions. This strategic financial maneuver allows the company to maintain its focus on scientific and commercial milestones rather than immediate fundraising pressures.

How New Jersey's Tax Program Fuels Biotech Innovation

The mechanism behind Celularity's windfall is New Jersey’s Technology Business Tax Certificate Transfer Program, a powerful tool for economic development administered by the New Jersey Economic Development Authority (NJEDA). The program is specifically designed to support emerging, high-potential technology and life science companies that are not yet profitable.

It allows these qualified businesses to sell their accumulated New Jersey Net Operating Losses (NOLs) and R&D tax credits to profitable corporations. The buyers use these tax assets to reduce their own state tax liability, while the sellers receive an immediate injection of cash—capital they can use for working expenses, research, and expansion. Celularity sold approximately $126.3 million in NOLs and $1.9 million in R&D credits to net its $12.2 million.

Eligibility for the program is strict, ensuring it benefits genuine innovators. Companies must be unprofitable, have a primary focus on technology or biotechnology, possess protected intellectual property, and maintain a specific number of full-time employees in New Jersey. The program has been lauded for its positive economic impact, effectively turning a future tax benefit into present-day fuel for growth, helping to solidify New Jersey's reputation as a hub for the life sciences industry. For companies like Celularity, it represents a symbiotic relationship where state policy directly supports the high-risk, high-reward journey of biotech innovation.

Accelerating the Mission Against Aging

Celularity has made it clear how it intends to deploy the new capital. In the company's announcement, Robert J. Hariri, M.D., Ph.D., Chairman and Chief Executive Officer of Celularity, stated the funds would support “disciplined capital allocation to commercial opportunities for our GMP-level stem cell and other cell therapies and regenerative medicine programs.” This points directly to accelerating the company's core mission: developing therapies derived from postpartum placentas to combat aging and degenerative diseases.

The company's pipeline is twofold. Its Advanced Biomaterial Products division is already generating revenue with commercial-stage products like Biovance® and the recently acquired Rebound™, which are used in soft tissue repair and wound healing. This new funding will help advance investigational products through the regulatory pipeline, with plans to submit a 510(k) notification for its SPARK Celularity Tendon Wrap in early 2025 and another for its FUSE Celularity Bone Void Filler in the latter half of the year. A more complex Premarket Approval (PMA) application for its ORCHID Celularity Placental Matrix is slated for 2026.

On the cellular therapeutics front, Celularity is developing a range of treatments from Natural Killer (NK) cells to CAR T-cells, all aimed at tackling age-related chronic inflammation, cellular senescence, and tissue degeneration. The $12.2 million provides the necessary resources to push these ambitious and potentially revolutionary programs forward through costly clinical development stages, bringing them one step closer to becoming accessible therapies.

The Rise of Alternative Funding in Biotech

Celularity's use of the NOL program exemplifies a broader trend in the biotechnology sector: the strategic pursuit of non-dilutive funding. In an industry where the path from lab to market is long, expensive, and fraught with risk, traditional reliance on venture capital and public equity markets can be precarious, especially during economic downturns.

Facing a recent “bear market,” biotech firms have increasingly sought alternative financial strategies to preserve equity and extend their operational runway. State-level programs like New Jersey's are a key part of this ecosystem. Other states, such as New York and Maryland, offer similar tax credit incentives to bolster their own life science sectors. Beyond state aid, companies are tapping into federal grants from institutions like the National Institutes of Health (NIH), particularly through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

Other non-dilutive avenues include venture debt and royalty financing, where companies can leverage future revenue streams for upfront cash. For a company like Celularity, which has faced and overcome challenges, including regaining Nasdaq compliance after late SEC filings, diversifying its funding sources is a sign of mature financial management. By skillfully leveraging a state program, the company has not only secured vital capital but has also provided a case study for how innovative firms can navigate financial headwinds to keep their scientific missions on track. This approach ensures that progress in the fight against aging-related diseases is not solely dependent on the fluctuating sentiments of the stock market.