Celularity Raises $12.2M from Sale of $126.3M NOLs and R&D Tax Credits
Celularity generated $12.2 million in net cash proceeds by selling $126.3 million of New Jersey net operating losses and $1.9 million of research and development tax credits through the state’s Technology Business Tax Certificate Transfer Program. The non-dilutive, tax-free capital will bolster its balance sheet, enhance liquidity and fund commercial advancement of GMP-level stem cell and regenerative therapies targeting longevity.
1. Sale Details
Celularity sold approximately $126.3 million of unused New Jersey net operating losses and $1.9 million of unused New Jersey research and development tax credits under the Technology Business Tax Certificate Transfer Program, resulting in $12.2 million in net cash proceeds.
2. Transfer Program Mechanics
New Jersey’s Technology Business Tax Certificate Transfer Program, administered by the Economic Development Authority, allows qualified technology and life science companies to monetize unused net operating losses and R&D credits by transferring them to buyers who apply the credits against taxable income.
3. Financial Impact
The $12.2 million infusion is non-dilutive and tax-free, strengthening Celularity’s balance sheet and improving its liquidity position without issuing new equity.
4. Strategic Use of Funds
Proceeds will support disciplined capital allocation to commercialize GMP-level stem cell products and advance regenerative medicine and longevity programs derived from postpartum placenta biology.