Inclusion Criteria:

Laboratory-confirmed SARS-CoV-2 infection as determined by an approved polymerase chain reaction (PCR) or an approved antigen test of any specimen
Hospitalized with COVID-19-induced ARD or ARDS (any severity) with a PaO2/FiO2 (PF ratio) ≤ 300
Requires oxygen supplementation at Screening
Willing to follow contraception guidelines

Exclusion

Exclusion Criteria:

Current standard of care treatments for COVID-19 appear to be working and the subject is clinically improving
A previous stem cell infusion unrelated to this trial
Certain medical conditions that pose a safety risk to the subject
Pregnant or breast feeding or planning to during the study
Suspected uncontrolled active bacterial, fungal, viral, or other infection
History of splenectomy, lung transplant, or lung lobectomy
Concurrent participation in another clinical trial involving therapeutic interventions
Expected survival or time to withdrawal of life-sustaining treatments expected to be <7 days Has an existing "Do Not Intubate" order Has undergone home mechanical ventilation (noninvasive ventilation or via tracheotomy) expect for continuous positive airway pressure or bi-level positive airway pressure (CPAP/BIPAP) used solely for sleep-disordered breathing