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Celcuity Inc. (CELC+0.75%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Celcuity is a clinical-stage biotechnology company focused on developing targeted therapies for solid tumor indications. Its lead therapeutic candidate is gedatolisib, a small molecule inhibitor targeting PI3K and mTOR pathways.
In 2024, Celcuity continued its clinical development programs, including the VIKTORIA-1 Phase 3 trial for HR+/HER2- advanced breast cancer and the CELC-G-201 Phase 1b/2 trial for metastatic castration-resistant prostate cancer. The VIKTORIA-2 Phase 3 trial is expected to dose its first patient in Q2 2025.
Celcuity reported a net loss of $111.8 million for the year, compared to a net loss of $63.8 million in 2023. The increase in net loss is attributed to higher research and development expenses, which rose by $43.6 million to $104.2 million.
The company had cash and cash equivalents of $22.5 million and short-term investments of $212.6 million as of December 31, 2024. Celcuity raised approximately $138.4 million in net proceeds from financing activities during the year.
Celcuity's financial position is supported by a loan agreement with Innovatus Life Sciences Lending Fund I, LP, providing up to $180 million in term loans. As of year-end, $100 million had been drawn under this agreement.
The company anticipates that its current cash, cash equivalents, and available borrowings will be sufficient to fund operations through 2026.
Celcuity's stock-based compensation expenses totaled $7.0 million for the year, with a significant portion related to stock options granted under its 2017 Stock Incentive Plan.
The company plans to continue increasing its research and development expenses as it advances its clinical trials and prepares for potential commercialization of gedatolisib.
Celcuity's management acknowledges the risks associated with clinical trial outcomes, regulatory approvals, and market competition as key factors affecting its future performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Celcuity Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.