On March 31, 2025, Celcuity Inc (CELC, Financial) released its 8-K filing detailing the financial results for the fourth quarter and full year of 2024. Celcuity Inc, a clinical-stage biotechnology company, is focused on developing targeted therapies for oncology, with its lead candidate, gedatolisib, currently undergoing Phase 3 trials.
Performance and Challenges
Celcuity Inc reported a net loss of $36.7 million, or $0.85 per share, for Q4 2024, which is below the analyst estimate of -$0.70 per share. The company's net loss for the full year 2024 was $111.8 million, or $2.83 per share, compared to the annual estimate of -$2.60 per share. The increased losses are attributed to rising research and development expenses, which are crucial for advancing their clinical trials but also pose financial challenges.
Financial Achievements
Despite the losses, Celcuity Inc ended 2024 with approximately $235.1 million in cash, cash equivalents, and short-term investments. This financial position is expected to support ongoing clinical development activities through 2026, providing a stable foundation for the company's ambitious research goals.
Income Statement Highlights
Total operating expenses for Q4 2024 were $36.4 million, up from $19.7 million in Q4 2023. For the full year, operating expenses rose to $113.3 million from $66.2 million in 2023. The significant increase in expenses is primarily due to the advancement of the VIKTORIA-1 and VIKTORIA-2 Phase 3 trials, as well as the CELC-G-201 Phase 1b/2 trial.
Balance Sheet and Cash Flow
Net cash used in operating activities for Q4 2024 was $27.8 million, compared to $18.5 million in Q4 2023. For the full year, net cash used was $83.5 million, up from $53.8 million in 2023. The company's robust cash reserves are crucial for sustaining its research and development efforts.
Commentary and Future Outlook
“We expect 2025 to be a transformational year for Celcuity as we anticipate reporting several clinical data readouts, including primary analysis for the PIK3CA wild-type cohort of the VIKTORIA-1 trial,” said Brian Sullivan, CEO and co-founder of Celcuity.
Analysis
Celcuity Inc's financial results reflect the typical challenges faced by clinical-stage biotechnology companies, where high R&D expenses are necessary for potential breakthroughs. The company's substantial cash reserves provide a buffer to continue its trials, which are critical for future success. However, the increased losses highlight the need for careful financial management as the company progresses through its clinical milestones.
| Metric | Q4 2024 | Q4 2023 | Full Year 2024 | Full Year 2023 |
|---|---|---|---|---|
| Operating Expenses | $36.4M | $19.7M | $113.3M | $66.2M |
| Net Loss | $36.7M | $18.8M | $111.8M | $63.8M |
| Cash Used in Operations | $27.8M | $18.5M | $83.5M | $53.8M |
Celcuity Inc's ongoing trials and financial strategies will be pivotal in determining its future trajectory in the competitive biotechnology landscape. Investors and stakeholders will be keenly watching the upcoming clinical data readouts and the company's ability to manage its resources effectively.
Explore the complete 8-K earnings release (here) from Celcuity Inc for further details.
