A heterogeneous cell pool, not a stem cell product.
The stromal vascular fraction is the cellular residue that remains after enzymatic or mechanical processing of adipose tissue removes the mature adipocytes and connective scaffolding. What remains is a working ecosystem — adipose-derived stem cells, endothelial progenitors, pericytes, macrophages, regulatory T cells, fibroblasts, and a sparse population of haematopoietic cells.
The clinical literature has historically conflated SVF with "adipose stem cells", but the two are distinct. Cultured, expanded adipose stem cells (ASCs) are a single-lineage product that meets the definition of an advanced therapy medicinal product in most jurisdictions. SVF, prepared by minimal manipulation at point of care, retains the full cellular and signalling architecture of the tissue niche.
This distinction is not pedantic. The regulatory pathway, the clinical mechanism, and the commercial model all turn on it. SVF behaves like a tissue, not a drug.