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Mar 31, 2020
Celcuity Q1 2020 Earnings Report
Celcuity reported financial results for the first quarter of 2020 and provided a corporate update.
Key Takeaways
Celcuity reported a net loss of $2.25 million, or $0.22 per share, for the first quarter of 2020, compared to a net loss of $1.85 million, or $0.18 per share, for the first quarter of 2019. Total operating expenses were $2.31 million for the first quarter of 2020, compared to $1.97 million for the first quarter of 2019.
Made significant progress in developing a new dynamic signaling test using the CELsignia platform for RAS-driven cancers.
Expect to complete development of a CELsignia RAS test for breast and ovarian cancer patients by the end of 2020.
Experienced delays in patient enrollment for the FACT-1 and FACT-2 trials due to the COVID-19 pandemic.
Now expect interim results from the FACT-1 and FACT-2 trials to be delayed until the second half of 2021.
Forward Guidance
Celcuity anticipates announcing new clinical trial collaborations with pharmaceutical companies and trial sponsors by the end of 2020 and expects to complete development of a CELsignia RAS test for breast and ovarian cancer patients by the end of 2020. The potential impact of the COVID-19 pandemic on clinical sites is expected to push the announcement of interim data from the FACT-1 and FACT-2 trials into the second half of 2021.
Positive Outlook
- Expect to announce new clinical trial collaborations with pharmaceutical companies and trial sponsors by the end of 2020
- Expects to complete development of a CELsignia RAS test for breast and ovarian cancer patients by the end of 2020
Challenges Ahead
- Potential impact of the COVID-19 pandemic on clinical sites expected to push announcement of interim data from the FACT-1 and FACT-2 trials into the second half of 2021
Historical Earnings Impact
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