$CELC
Celcuity Inc.

2023 Q4 Form 10-Q Financial Statement

#000149315223040434 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.648M $1.410M $1.022M
YoY Change 59.21% 37.96% 59.88%
% of Gross Profit
Research & Development $18.08M $17.49M $9.622M
YoY Change 70.51% 81.76% 93.96%
% of Gross Profit
Depreciation & Amortization $32.77K $30.00K $53.54K
YoY Change -33.04% -43.97% -15.83%
% of Gross Profit
Operating Expenses $19.73M $18.90M $10.64M
YoY Change 69.51% 77.55% 90.07%
Operating Profit -$18.90M -$10.64M
YoY Change 77.55% 90.07%
Interest Expense $880.8K $1.372M $537.7K
YoY Change 1422.3% 155.2% -225.78%
% of Operating Profit
Other Income/Expense, Net $493.5K -$250.2K
YoY Change -297.27% -41.48%
Pretax Income -$18.85M -$18.40M -$10.89M
YoY Change 62.75% 68.95% 80.74%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.85M -$18.40M -$10.89M
YoY Change 62.75% 68.95% 80.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.83 -$0.75
Diluted Earnings Per Share -$0.65 -$0.83 -$729.3K
COMMON SHARES
Basic Shares Outstanding 24.20M shares 22.09M shares 14.94M shares
Diluted Shares Outstanding 22.12M shares 14.94M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.6M $133.9M $57.48M
YoY Change 7.12% 132.94% -36.39%
Cash & Equivalents $30.66M $25.76M $57.48M
Short-Term Investments $149.9M $108.2M
Other Short-Term Assets $10.01M $7.800M $6.949M
YoY Change 56.39% 12.24% 1412.85%
Inventory
Prepaid Expenses $7.771M $6.578M
Receivables
Other Receivables
Total Short-Term Assets $190.6M $141.7M $64.69M
YoY Change 8.79% 119.05% -29.05%
LONG-TERM ASSETS
Property, Plant & Equipment $228.8K $223.4K $302.0K
YoY Change -12.11% -26.03% -53.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $628.8K $672.7K $597.5K
YoY Change 24.13% 12.59% -8.79%
TOTAL ASSETS
Total Short-Term Assets $190.6M $141.7M $64.69M
Total Long-Term Assets $628.8K $672.7K $597.5K
Total Assets $191.2M $142.4M $65.29M
YoY Change 8.83% 118.07% -28.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.077M $5.635M $3.168M
YoY Change 93.25% 77.86% 81.41%
Accrued Expenses $8.927M $6.887M $3.278M
YoY Change 119.86% 110.08% 206.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $3.920K
YoY Change -100.0% -100.0% -32.88%
Total Short-Term Liabilities $14.19M $12.71M $6.645M
YoY Change 106.19% 91.27% 135.43%
LONG-TERM LIABILITIES
Long-Term Debt $37.04M $36.50M $15.01M
YoY Change 5.87% 143.12% 4.03%
Other Long-Term Liabilities $225.9K $300.0K $107.8K
YoY Change 270.36% 178.22% -1.0%
Total Long-Term Liabilities $37.26M $36.80M $15.12M
YoY Change 6.33% 143.37% 3.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.19M $12.71M $6.645M
Total Long-Term Liabilities $37.26M $36.80M $15.12M
Total Liabilities $51.45M $49.49M $21.77M
YoY Change 22.72% 127.36% 25.36%
SHAREHOLDERS EQUITY
Retained Earnings -$160.1M -$141.2M -$84.72M
YoY Change 66.23% 66.71%
Common Stock $25.51K $22.37K $14.94K
YoY Change 17.72% 49.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $139.8M $92.90M $43.53M
YoY Change
Total Liabilities & Shareholders Equity $191.2M $142.4M $65.29M
YoY Change 8.83% 118.07% -28.91%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$18.85M -$18.40M -$10.89M
YoY Change 62.75% 68.95% 80.74%
Depreciation, Depletion And Amortization $32.77K $30.00K $53.54K
YoY Change -33.04% -43.97% -15.83%
Cash From Operating Activities -$18.53M -$12.75M -$9.307M
YoY Change 95.5% 37.0% 129.87%
INVESTING ACTIVITIES
Capital Expenditures $37.64K $50.00K -$12.10K
YoY Change -66.41% -513.22% -13.94%
Acquisitions
YoY Change
Other Investing Activities -$41.18M $6.300M $0.00
YoY Change -71.38%
Cash From Investing Activities -$41.22M $6.250M -$12.10K
YoY Change -71.37% -51752.89% -13.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.66M 10.00K -108.2K
YoY Change -46.36% -109.24% -100.2%
NET CHANGE
Cash From Operating Activities -18.53M -12.75M -9.307M
Cash From Investing Activities -41.22M 6.250M -12.10K
Cash From Financing Activities 64.66M 10.00K -108.2K
Net Change In Cash 4.911M -6.490M -9.427M
YoY Change -114.92% -31.16% -119.35%
FREE CASH FLOW
Cash From Operating Activities -$18.53M -$12.75M -$9.307M
Capital Expenditures $37.64K $50.00K -$12.10K
Free Cash Flow -$18.57M -$12.80M -$9.295M
YoY Change 93.61% 37.71% 130.37%

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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale And Maturity Of Other Investments
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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CELC Proceeds From Employee Stock Purchases
ProceedsFromEmployeeStockPurchases
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CELC Proceeds From Employee Stock Purchases
ProceedsFromEmployeeStockPurchases
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CELC Payments For Registration Statement Costs
PaymentsForRegistrationStatementCosts
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CELC Payments For Registration Statement Costs
PaymentsForRegistrationStatementCosts
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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FinanceLeasePrincipalPayments
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
254739 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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1188330 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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24571557 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
57483776 usd
us-gaap Interest Paid Net
InterestPaidNet
2405441 usd
us-gaap Interest Paid Net
InterestPaidNet
832161 usd
CELC Offering And Registration Statement Costs Included In Accounts Payable
OfferingAndRegistrationStatementCostsIncludedInAccountsPayable
13865 usd
CELC Offering And Registration Statement Costs Included In Accounts Payable
OfferingAndRegistrationStatementCostsIncludedInAccountsPayable
11230 usd
CELC Offering And Registration Statement Costs Included In Accrued Expenses
OfferingAndRegistrationStatementCostsIncludedInAccruedExpenses
205000 usd
CELC Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
12961 usd
CELC Property And Equipment Included In Accounts Payable
PropertyAndEquipmentIncludedInAccountsPayable
104818 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84E_eus-gaap--UseOfEstimates_zEKVGJV3tJl1" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_864_zF9526ADegYj">Accounting Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font: normal 10pt Times New Roman, Times, Serif"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Contractual Obligation
ContractualObligation
2300000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zRsg7k390EHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_869_zgAPDuJQi7vc">Risks and Uncertainties</span></span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests and initial drug product, gedatolisib, the clinical and commercial success of gedatolisib, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
108180417 usd
CY2023Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
5138 usd
CY2023Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
108185555 usd
CY2022Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
144015954 usd
CY2022Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
71156 usd
CY2022Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
144087110 usd
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
355578 usd
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
65000000 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
21667250 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1120873 shares
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
65000000 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
22369393 shares
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
1060873 shares
us-gaap Dividends
Dividends
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.796 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2023Q3 CELC Employee Service Share Based Compensation Non Vested Awards Compensation Cost To Be Recognized Remainder Of Fiscal Year
EmployeeServiceShareBasedCompensationNonVestedAwardsCompensationCostToBeRecognizedRemainderOfFiscalYear
1177419 usd
CY2023Q3 CELC Employee Service Sharebased Compensation Nonvested Awards Compensation Cost To Be Recognized Next Twelve Months
EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostToBeRecognizedNextTwelveMonths
3679163 usd
CY2023Q3 CELC Employee Service Share Based Compensation Non Vested Awards Compensation Cost To Be Recognized Within Two Year
EmployeeServiceShareBasedCompensationNonVestedAwardsCompensationCostToBeRecognizedWithinTwoYear
2465972 usd
CY2023Q3 CELC Employee Service Sharebased Compensation Nonvested Awards Compensation Cost To Be Recognizedwithin Three Years
EmployeeServiceSharebasedCompensationNonvestedAwardsCompensationCostToBeRecognizedwithinThreeYears
1515642 usd
CY2023Q3 CELC Employee Service Share Based Compensation Non Vested Awards Compensation Cost To Be Recognized Within Four Years
EmployeeServiceShareBasedCompensationNonVestedAwardsCompensationCostToBeRecognizedWithinFourYears
635575 usd
CY2023Q3 CELC Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost To Be Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognized
9473771 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1108637 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1223054 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3658902 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3498784 usd
CY2023Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
35000000 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
35000000 usd
CY2023Q3 CELC Payment In Kind Interest Debt
PaymentInKindInterestDebt
2100835 usd
CY2022Q4 CELC Payment In Kind Interest Debt
PaymentInKindInterestDebt
755075 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
540392 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
707001 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
53669 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
65000 usd
CY2023Q3 us-gaap Long Term Notes Payable
LongTermNotesPayable
36506774 usd
CY2022Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
34983074 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13912813 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18550418 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4637604 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
37100835 usd

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