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Celcuity Inc (CELC+2.30%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $27,587,483 from $17,488,236 in the same quarter the previous year. This increase is attributed to costs supporting ongoing clinical trials and employee-related expenses.
General and administrative expenses rose to $2,472,416 from $1,409,801, primarily due to increased employee and consulting expenses.
The company reported a net loss of $29,791,789 for the quarter, compared to $18,404,540 in the previous year, with the increase attributed to higher operating expenses.
Interest expense for the quarter was $3,343,989, up from $1,372,132, due to new borrowings under an amended loan agreement.
Interest income increased to $3,612,099 from $1,865,629, benefiting from higher cash and investment balances.
Cash used in operating activities was $55,696,760 for the nine months ended September 30, 2024, compared to $35,276,332 in the previous year, reflecting increased operating expenses.
Net cash used in investing activities was $100,627,800, primarily due to net purchases of short-term investments.
Net cash provided by financing activities was $138,265,075, driven by proceeds from equity offerings and debt financing.
Celcuity continues to focus on the development of its lead therapeutic candidate, gedatolisib, with ongoing clinical trials including the VIKTORIA-1 Phase 3 and CELC-G-201 Phase 1b/2 trials.
The company has cash and cash equivalents and short-term investments totaling approximately $264.1 million as of September 30, 2024.
Celcuity anticipates that its current capital resources, along with available borrowings, will be sufficient to fund operations through 2026.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Celcuity Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.