Wed, Aug 14, 9:09 PM (153 days ago)
Celcuity Inc. reported significant financial developments in its Q2 2024 results, reflecting a net loss of approximately $23.7 million for the quarter and $45.3 million for the six months ending June 30, 2024, marking increases of 63% and 71% year-over-year, respectively. Operating expenses surged to $24.3 million for Q2, driven by a 64% rise in research and development costs, primarily linked to ongoing clinical trials for its lead candidate, gedatolisib. Cash and short-term investments totaled approximately $283.1 million, ensuring liquidity through 2026. The company raised $129 million through equity and debt financing, including a notable $60 million from a common stock offering. A new $180 million loan facility was established to support ongoing clinical trials and operational needs. Celcuity continues to navigate uncertainties inherent in clinical-stage development, with no revenues generated to date. The upcoming VIKTORIA-2 trial is anticipated to commence in 2025, while the company maintains a strong cash position to fund its ambitious R&D agenda.