Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

18.Segment Information

The Company regularly reviews its segments and the approach used by management to evaluate performance and allocate resources. Prior to the third quarter of 2020, Legacy Celularity managed operations as one segment. In the third quarter of 2020, the Company began to manage its operations through an evaluation of three distinct business segments: Cell Therapy, Degenerative Disease, and BioBanking. This change was prompted by certain organizational and personnel changes. The chief operating decision maker uses the revenues and earnings of the operating segments, among other factors, for performance evaluation and resource allocation among these segments.

The reportable segments were determined based on the distinct nature of the activities performed by each segment. Cell Therapy broadly refers to therapies the Company is researching and developing. Therapies being researched are unproven and in various phases of development. Degenerative Disease produces, sells and licenses products used in surgical and wound care markets. Biobanking collects stem cells from umbilical cords and placentas and provides storage of such cells on behalf of individuals for future use.

The Company manages its assets on a total company basis, not by operating segment. Therefore, the chief operating decision maker does not regularly review any asset information by operating segment and, accordingly, asset information is not reported by operating segment. Total assets were approximately $143,889 and $401,066 as of December 31, 2023 and 2022, respectively.

Financial information by segment is as follows:

	Year Ended December 31, 2023
	Cell Therapy			BioBanking		Degenerative Disease			Other				Total
Net revenues	$	—		$	5,441	$	17,330		$	—			$	22,771
Gross profit		—			3,791		2,964			—				6,755
Direct expenses		28,694			1,752		9,720			40,876				81,041
Segment contribution		(28,694	)		2,039		(6,756	)		(40,876	)			(74,286	)
Indirect expenses										118,001		(a)		118,001
Loss from operations													$	(192,287	)
(a) Components of other
Change in fair value of contingent consideration liability										(104,339	)
Goodwill impairment										112,347
IPR&D impairment										107,800
Amortization										2,193
Total other									$	118,001

	Year Ended December 31, 2022
	Cell Therapy			BioBanking		Degenerative Disease			Other				Total
Net revenues	$	—		$	5,512	$	12,463		$	—			$	17,975
Gross profit		—			1,976		(3,666	)		—				(1,690	)
Direct expenses		75,379			1,699		10,859			56,261				144,198
Segment contribution		(75,379	)		277		(14,525	)		(56,261	)			(145,888	)
Indirect expenses										(120,288	)	(b)		(120,288	)
Loss from operations													$	(25,600	)
(b) Components of other
Change in fair value of contingent consideration liability										(126,277	)
Change in fair value of contingent stock consideration										186
Goodwill impairment										3,610
Amortization										2,193
Total other									$	(120,288	)