Study of Intravenous Administration of Allogeneic Adipose-Derived Mesenchymal Stem Cells for COVID-19-Induced Acute Respiratory Distress

Inclusion Criteria: * Provides informed consent * Has laboratory-confirmed SARS-CoV-2 infection as determined by polymerase chain reaction (PCR) or other commercial or public health assay in any specimen * 3\. Is hospitalized with COVID-19-induced ARD or ARDS (any severity) with a PaO2/FiO2 ≤300. The PaO2/FiO2 may be estimated from pulse oximetry or determined by arterial blood gas * Requires oxygen supplementation at screening * Is willing to follow contraception requirements Exclusion Criteria: * Current standard of care treatments for COVID-19 appear to be working and the subject is clinically improving * A previous MSC infusion unrelated to this trial * Have any of the following medical conditions: * Cardio-pulmonary resuscitation within 14 days of randomization * Uncontrolled or untreated symptomatic arrhythmias. Exception: Subjects with controlled, asymptomatic atrial fibrillation during screening may enroll * Myocardial infarction within the last 6 weeks * Congestive heart failure (NYHA Grade 3 or 4) * Pulmonary hypertension (WHO Class III/IV) * Currently receiving extracorporeal life support or membrane oxygenation (ECLS/ECMO) * Alanine aminotransferase (ALT) ≥ 5x upper limit of normal (ULN) * Relevant renal impairment (eGFR \< 50 mL/min) * Any significant medical condition, laboratory abnormality or psychiatric illness that in the investigator's opinion would interfere or prevent the subject from safely participating in the study * Pregnant or breast feeding or planning for either during the study * Suspected uncontrolled active bacterial, fungal, viral, or other infection (aside from infection with COVID-19) * History of a splenectomy, lung transplant or lung lobectomy; * Concurrent participation in another clinical trial involving therapeutic interventions (observational study participation is acceptable). * Expected survival or time to withdrawal of life-sustaining treatments expected to be \< 7 days. * Do Not Intubate order; * Home mechanical ventilation (noninvasive ventilation or via tracheotomy) except for continuous positive airway pressure or bi-level positive airway pressure (CPAP/BIPAP) used solely for sleep-disordered breathing