Florham Park-based Celularity announced Tuesday it received $12.2 million in net cash proceeds from the sale of its unused New Jersey tax benefits. The move provides a significant non-dilutive capital boost as the company accelerates its “longevity-focused” commercial pipeline.
The transaction involved the sale of approximately $126.3 million in New Jersey net operating losses (NOLs) and $1.9 million in research and development (R&D) tax credits. The sale was facilitated by the New Jersey Economic Development Authority (NJEDA) through its long-standing Technology Business Tax Certificate Transfer Program.
For biotechnology firms that are not yet profitable, the NJEDA’s program acts as a vital lifeline, allowing them to monetize “losses” by selling them to profitable New Jersey corporations that can use the credits to reduce their own tax liabilities.
“The funds Celularity received under this program provide non-dilutive, tax-free capital that strengthens our balance sheet and enhances liquidity,” Dr. Robert Hariri, chairman and CEO of Celularity, said.
Strategic Use of Proceeds:
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GMP-Level Manufacturing: Supporting the production of stem cell and cellular therapies at the highest regulatory standards.
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Commercialization: Driving the rollout of advanced biomaterial products derived from the postpartum placenta.
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Longevity Programs: Funding research into therapies targeting cellular senescence (aging) and chronic inflammation.
This $12.2 million cash infusion follows a series of strategic financial moves by Celularity in late 2025 and early 2026. The company recently completed a balance sheet restructuring to retire senior secured debt and secured an additional $10 million in financing from private investors to bridge its path toward long-term profitability.
The Technology Business Tax Certificate Transfer Program is a cornerstone of New Jersey’s effort to remain a “State of Innovation.” By allowing life science companies to sell a percentage of their losses for at least 80% of their value, the state ensures that high-growth tech companies can reinvest in high-wage jobs and R&D without the need for immediate profitability.
Celularity, headquartered in Florham Park, remains one of the largest beneficiaries of the program in the cell therapy space, leveraging the unique biology of the placenta to develop accessible and affordable therapies for age-related tissue degeneration.
