Celcuity Inc. ( (CELC) ) has released its Q3 earnings. Here is a breakdown of the information Celcuity Inc. presented to its investors.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Celcuity Inc. is a clinical-stage biotechnology company focused on developing targeted therapies for oncology, with its lead candidate gedatolisib aiming to treat various solid tumor indications. The recent earnings report for the third quarter of 2024 highlights key developments and financial outcomes for the company.
In the third quarter of 2024, Celcuity reported significant progress in its clinical trials, particularly the VIKTORIA-1 Phase 3 trial, which is fully enrolled for the PIK3CA wild-type cohort and expects topline data by mid-2025. The company’s financial position remains robust with $264 million in cash and investments, which is expected to support clinical operations through 2026.
The report detailed a rise in operating expenses to $30.1 million, primarily driven by research and development activities. Net loss for the quarter stood at $29.8 million, translating to a $0.70 loss per share, reflecting increased investment in its clinical programs. Non-GAAP adjusted net loss was slightly lower, indicating management’s focus on cash flow management.
Looking ahead, Celcuity plans to initiate the VIKTORIA-2 Phase 3 trial in 2025 and continue its other clinical evaluations, including studies in prostate cancer. The company is on track with its strategic milestones and remains committed to advancing its oncology pipeline to address unmet medical needs.
