CELZHIGH SIGNALFINANCIAL10-K

CELZ experienced a dramatic 10,841% increase in cash position while simultaneously showing operational deterioration with declining revenue and rising expenses.

The massive cash infusion suggests significant external funding or financing activity that wasn't present in buybacks (which actually declined 94%), indicating likely equity raises or debt financing. However, the company's core business appears to be struggling with revenue dropping 45% while SG&A expenses increased 16%, creating a concerning operational backdrop despite the improved liquidity position.

Comparing 2026-03-20 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

CELZ's financial profile was dramatically transformed by a massive cash injection that increased cash equivalents from $98K to $10.7M, driving overall balance sheet growth with total assets up 17% and stockholders' equity up 19%. However, operational performance deteriorated significantly with revenue declining 45% to just $6K while SG&A expenses rose 16% to $3.8M, creating a stark contrast between improved financial resources and weakening business fundamentals. The elimination of most share buyback activity (down 94%) combined with the cash surge strongly suggests the company raised capital through equity or debt financing to fund operations amid declining business performance.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+10841.4%
$98K$10.7M

Cash position surged 10841.4% — strong cash generation or capital raise providing significant financial cushion.

Share Buybacks
Cash Flow
-94.3%
$175K$10K

Buyback activity reduced 94.3% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
-45.5%
$11K$6K

Revenue declined 45.5% — significant demand weakness or market share loss warrants investigation.

Gross Profit
P&L
-42.3%
$7K$4K

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
+20.6%
$6.1M$7.4M

Current assets grew 20.6% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+18.5%
$6.3M$7.5M

Equity base grew 18.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+17.1%
$6.7M$7.8M

Asset base grew 17.1% — expansion through organic growth, acquisitions, or capital deployment.

SG&A Expense
P&L
+16.2%
$3.2M$3.8M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Liabilities
Balance Sheet
-13.1%
$328K$285K

Liabilities reduced 13.1% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-13.1%
$328K$285K

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-03-20
PRIOR — 2025-03-14
ADDED
As of March 20, 2026, there were 3,696,668 shares of the registrant s common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 37 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45 9A.
Business Overview We are a commercial stage biotechnology company dedicated to the advancement regenerative therapies in the fields of immunotherapy, endocrinology, urology, neurology and orthopedics.
In February, 2025 we announced an expanded agreement with Greenstone Biosciences Inc.
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REMOVED
As of March 22, 2025, there were 1,748,428 shares of the registrant s common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 36 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 9A.
Business Overview We are a commercial stage biotechnology company dedicated to the advancement of identifying and translating novel biological therapeutics in the fields of immunotherapy, endocrinology, urology, neurology and orthopedics.
Following a comprehensive safety review, the independent Data Safety Monitoring Board (DSMB) recommended the trial proceed to the next cohort as planned Key Milestones Achieved: Safety Confirmed: CELZ-201-DDT demonstrated an excellent safety profile, with no serious adverse events reported in the first cohort.
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