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 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