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Jun 30, 2020
Celcuity Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020 and summarized recent business progress.
Key Takeaways
Celcuity Inc. reported a net loss of $2.20 million, or $0.21 per share, for the second quarter of 2020. The company's cash and cash equivalents were $15.4 million as of June 30, 2020, which is expected to support operations through 2021.
Presented data for first CELsignia Pathway Activity Test for ovarian cancer at AACR Annual Meeting
Expect to announce new clinical trial collaborations with pharmaceutical companies and trial sponsors by the end of 2020
Cash burn rate steady
Cash and Cash Equivalents of $15.4 million as of June 30, 2020, which is expected to support operations through 2021
Celcuity
Celcuity
Forward Guidance
Celcuity anticipates completing the development of a CELsignia RAS test for breast cancer patients by the end of 2020 and expects interim results from the FACT-1 and FACT-2 trials in the second half of 2021.
Positive Outlook
- Expect to complete development of a CELsignia RAS test for breast cancer patients by the end of 2020.
- Interim results from the FACT-1 and FACT-2 trials are expected in the second half of 2021
- Expect to announce new clinical trial collaborations with pharmaceutical companies and trial sponsors by the end of 2020
- Multiple clinical trial collaborations amongst several major pharmaceutical companies advancing towards close this year.
- Data for two new CELsignia tests in two different tumor types announced during past nine months.
Challenges Ahead
- FACT-1 and FACT-2 trials remain somewhat impacted by COVID-19 related delays
- Total operating expenses were $2.21 million for the second quarter of 2020, compared to $1.84 million for the second quarter of 2019.
- Net loss for the second quarter of 2020 was $2.20 million, or $0.21 per share, compared to a net loss of $1.72 million, or $0.17 per share, for the second quarter of 2019.
- Net cash used in operating activities for the second quarter of 2020 was $1.56 million, compared to $1.23 million for the second quarter of 2019.
- COVID-19 presents headwinds for collaboration discussions.