# Celularity terminates CFO, appoints interim replacement

Published 10/06/2025, 21:22
# Celularity terminates CFO, appoints interim replacement

FLORHAM PARK, N.J. - Celularity Inc. (NASDAQ:CELU) announced today the immediate termination of Chief Financial Officer David Beers, while appointing Joseph DosSantos as interim CFO. According to InvestingPro data, the company faces significant financial challenges with a debt-to-equity ratio of 7.79 and short-term obligations exceeding liquid assets.

The regenerative and cellular medicine company stated that Beers’ termination was not related to financial or operating results, nor to any disagreements regarding the company’s financial or reporting practices. According to the announcement, Beers was terminated "without cause" under the terms of his employment agreement dated April 1, 2022.

DosSantos, who currently serves as Senior Vice President Finance, will maintain his existing role while serving as interim CFO. Celularity noted that he will not receive additional compensation for taking on the interim position.

The company has also retained CFO Squad, a financial and business advisory firm, to provide support during the transition period. The external firm will offer SEC and financial reporting support services and consult on improving the company’s financial processes and systems.

CFO Squad will operate under the direction of John R. Haines, Celularity’s Senior Executive Vice President and Chief Administrative Officer, according to the press release statement.

Celularity develops and commercializes biomaterial products and placental-derived cell therapies. The company is listed on the Nasdaq exchange under the ticker CELU. With a market capitalization of $47.42 million and current trading price of $2.01, InvestingPro analysis suggests the stock is currently undervalued.

In other recent news, Celularity Inc. has announced several strategic financial moves. The company has extended the maturity date of a convertible promissory note with investment firm YA II PN, Ltd. from May 12, 2025, to August 15, 2025. As part of this agreement, Celularity will issue 100,000 shares of restricted common stock to YA, which includes piggyback registration rights for future resale. Furthermore, Celularity has also faced a potential Nasdaq delisting due to a delay in filing its 2024 Form 10-K report, which was originally due on March 31, 2025. The company has until June 16, 2025, to submit a compliance plan, with a possible extension to October 13, 2025, if Nasdaq accepts the plan. Additionally, Celularity has entered into a Standby Equity Purchase Agreement with YA II PN, Ltd., allowing the sale of up to $10 million of Class A common stock over 36 months. This agreement is part of the company’s broader efforts to manage its financial obligations and maintain its Nasdaq listing. These developments highlight Celularity’s ongoing financial strategies and regulatory challenges.

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