$CELC
Celcuity Inc

2021 Q1 Form 10-K Financial Statement

#000165495421001743 Filed on February 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $560.0K $1.870M $400.0K
YoY Change 21.74% 21.43% 25.0%
% of Gross Profit
Research & Development $2.236M $7.684M $1.500M
YoY Change 21.05% 22.56% -7.98%
% of Gross Profit
Depreciation & Amortization $98.22K $385.6K $90.00K
YoY Change 3.62% 13.74% 28.57%
% of Gross Profit
Operating Expenses $2.792M $9.556M $1.900M
YoY Change 20.81% 22.43% -2.56%
Operating Profit -$2.792M -$9.556M
YoY Change 20.81% 22.43%
Interest Expense $24.00 $120.00 $90.00K
YoY Change -27.27% -24.53% -25.0%
% of Operating Profit
Other Income/Expense, Net $101.00 $81.99K
YoY Change -99.84% -81.61%
Pretax Income -$2.792M -$9.474M -$1.810M
YoY Change 24.24% 28.74% -1.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.792M -$9.474M -$1.810M
YoY Change 24.24% 28.74% -1.09%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$252.0K -$922.1K -$176.6K
COMMON SHARES
Basic Shares Outstanding 10.30M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.94M $11.64M $18.74M
YoY Change 107.36% -37.89% -24.74%
Cash & Equivalents $34.94M $11.64M $18.74M
Short-Term Investments $0.00
Other Short-Term Assets $590.0K $340.0K $320.0K
YoY Change 47.5% 6.25% 0.0%
Inventory
Prepaid Expenses $551.3K $274.6K
Receivables
Other Receivables $190.0K $190.0K
Total Short-Term Assets $35.71M $12.17M $19.25M
YoY Change 104.78% -36.78% -23.66%
LONG-TERM ASSETS
Property, Plant & Equipment $466.5K $790.0K $833.5K
YoY Change -50.9% -23.3% 2.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $653.1K $790.0K $1.030M
YoY Change -31.25% -23.3% 26.65%
TOTAL ASSETS
Total Short-Term Assets $35.71M $12.17M $19.25M
Total Long-Term Assets $653.1K $790.0K $1.030M
Total Assets $36.37M $12.96M $20.28M
YoY Change 97.75% -36.09% -22.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $318.2K $220.0K $142.8K
YoY Change 354.59% 57.14% 19.17%
Accrued Expenses $660.8K $960.0K $584.3K
YoY Change -16.35% 26.32% 8.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $1.171M $1.190M $911.3K
YoY Change 36.11% 30.77% 37.59%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $10.00K $10.00K
YoY Change 0.0% 0.0% -50.0%
Other Long-Term Liabilities $20.00K $60.00K $60.00K
YoY Change 0.0%
Total Long-Term Liabilities $30.00K $70.00K $70.00K
YoY Change 200.0% 0.0% 250.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.171M $1.190M $911.3K
Total Long-Term Liabilities $30.00K $70.00K $70.00K
Total Liabilities $1.193M $1.250M $983.2K
YoY Change 35.51% 27.55% 44.12%
SHAREHOLDERS EQUITY
Retained Earnings -$29.11M -$16.85M
YoY Change 77.56%
Common Stock $12.29K $10.25K
YoY Change 0.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.17M $11.70M $19.30M
YoY Change
Total Liabilities & Shareholders Equity $36.37M $12.96M $20.28M
YoY Change 97.75% -36.09% -22.09%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$2.792M -$9.474M -$1.810M
YoY Change 24.24% 28.74% -1.09%
Depreciation, Depletion And Amortization $98.22K $385.6K $90.00K
YoY Change 3.62% 13.74% 28.57%
Cash From Operating Activities -$2.522M -$7.146M -$1.710M
YoY Change 37.52% 19.12% 12.5%
INVESTING ACTIVITIES
Capital Expenditures $30.93K -$89.37K -$30.00K
YoY Change -32.19% -76.49% -80.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $4.160M
YoY Change -100.0% -69.88%
Cash From Investing Activities -$30.43K -$89.37K $4.140M
YoY Change -33.28% -101.05% -69.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $25.85M $138.0K 30.00K
YoY Change -1797799.65% -46.79% -400.0%
NET CHANGE
Cash From Operating Activities -$2.522M -$7.146M -1.710M
Cash From Investing Activities -$30.43K -$89.37K 4.140M
Cash From Financing Activities $25.85M $138.0K 30.00K
Net Change In Cash $23.30M -$7.097M 2.460M
YoY Change -1338.88% -354.34% -79.72%
FREE CASH FLOW
Cash From Operating Activities -$2.522M -$7.146M -$1.710M
Capital Expenditures $30.93K -$89.37K -$30.00K
Free Cash Flow -$2.552M -$7.056M -$1.680M
YoY Change 35.82% 25.59% 22.63%

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">Management uses estimates and assumptions in preparing these 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 significant. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">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, 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.</p>
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CY2020 celc Clinical Trial Costs Policy Text
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with service agreements with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations.</p>
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CY2020 celc Payroll Tax Receivabletextblock
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"><strong>5. Payroll Tax Receivable</strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">The payroll tax receivable initially recorded in 2019, is the result of the Company’s utilization of research and development tax credits as authorized by the Path Act. The balance at December 31, 2020 and December 31, 2019 was $190,000. </p>
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AccruedCompensation
628121 USD
CY2019Q4 celc Accrued Compensation
AccruedCompensation
461452 USD
CY2017Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10082050 shares
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
881911 shares
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000 shares
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020 celc Operating Lease Weighted Average Remaining Leases Term1
OperatingLeaseWeightedAverageRemainingLeasesTerm1
P1Y3M18D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040 pure
CY2020 celc Finance Lease Weighted Average Remaining Leases Term1
FinanceLeaseWeightedAverageRemainingLeasesTerm1
P2Y4M24D
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.010 pure
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
171530 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
164252 USD
CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5786 USD
CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
5786 USD
CY2020 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
119 USD
CY2019 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
159 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
85265 USD
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
82885 USD
CY2020 us-gaap Lease Cost
LeaseCost
262700 USD
CY2019 us-gaap Lease Cost
LeaseCost
253082 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
278603 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
248450 USD
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
119 USD
CY2019 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
159 USD
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5769 USD
CY2019 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5730 USD
CY2020 celc Cash Paid For Operating And Finance Leases
CashPaidForOperatingAndFinanceLeases
284491 USD
CY2019 celc Cash Paid For Operating And Finance Leases
CashPaidForOperatingAndFinanceLeases
254339 USD
CY2020 us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
100000 USD
CY2019 us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
50000 USD
us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
550000 USD
CY2020Q4 celc Maximum Amount Of Payments Over Course Of Agreement
MaximumAmountOfPaymentsOverCourseOfAgreement
2620000 USD
CY2020Q2 us-gaap Equity Method Investment Quoted Market Value
EquityMethodInvestmentQuotedMarketValue
10000000 USD
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
17725 shares
CY2020Q4 celc Average Selling Price Per Share
AverageSellingPricePerShare
10.31
CY2017Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
257604208 shares
CY2017Q3 us-gaap Shares Outstanding
SharesOutstanding
6440139 shares
CY2017Q3 celc Common Stock Shares Sold
CommonStockSharesSold
2760000 shares
CY2017Q3 celc Public Offering Price
PublicOfferingPrice
9.50
CY2017Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
23300000 USD
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000 shares
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10299822 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
10253988 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
353585 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
9.42
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
0 shares
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
395 shares
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
15686 shares
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
0 shares
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
0 shares
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
2571 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
198922 shares
CY2020 us-gaap Share Based Compensation
ShareBasedCompensation
1763879 USD
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
1040989 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
10200000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
500000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1990000 USD
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1545000 USD
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-16000 USD
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-24000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2159000 USD
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1781000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-450000 USD
CY2019 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-138000 USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
297000 USD
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
-74000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
79000 USD
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
8000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
528000 USD
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
435000 USD
CY2020Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
255000 USD
CY2019Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
175000 USD
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
-49000 USD
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
-41000 USD
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
53000 USD
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
50000 USD
CY2020Q4 celc Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Startup Expenditures
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsStartupExpenditures
2610000 USD
CY2019Q4 celc Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Startup Expenditures
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsStartupExpenditures
2038000 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3242000 USD
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1894000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
-6718000 USD
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
-4559000 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0 USD

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