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Sep 30, 2020
Celcuity Q3 2020 Earnings Report
Financial results and recent business progress announced for the third quarter ended September 30, 2020.
Key Takeaways
Celcuity reported a net loss of $2.47 million, or $0.24 per share, for the third quarter of 2020. The company had cash and cash equivalents of $13.7 million as of September 30, 2020, which is expected to support operations through 2021.
New clinical trial collaborations with pharmaceutical companies on track to close.
Cash burn rate steady.
Cash and cash equivalents of $13.7 million as of September 30, 2020, which is expected to support operations through 2021.
Expect to complete development of a CELsignia RAS test for breast cancer patients by next quarter.
Celcuity
Celcuity
Forward Guidance
The company expects to close several pharmaceutical company collaborations over the next few months and anticipates interim results from its FACT-1 and FACT-2 trials in the second half of 2021.
Positive Outlook
- Multiple clinical trial collaborations amongst several major pharmaceutical companies advancing towards close.
- Data for two new CELsignia tests in two different tumor types announced during past nine months.
- Expect to complete development of a CELsignia RAS test for breast cancer patients by next quarter.
- Interim results from the FACT-1 and FACT-2 trials are expected in the second half of 2021
- The collaborations we expect to close first will evaluate patients with either hyperactive HER2 signaling tumors or those with hyperactive c-Met and HER2 signaling tumors.
Challenges Ahead
- monitoring the recent increase in COVD-19 related hospitalizations for potential impact on enrollment activities for these trials.
- Net loss for the third quarter of 2020 was $2.47 million, compared to a net loss of $1.98 million for the third quarter of 2019.
- Non-GAAP adjusted net loss for the third quarter of 2020 was $2.03 million, compared to non-GAAP adjusted net loss of $1.68 million for the third quarter of 2019.
- Total operating expenses were $2.48 million for the third quarter of 2020, compared to $2.09 million for the third quarter of 2019.
- General and administrative (G&A) expenses were $0.52 million for the third quarter of 2020, compared to $0.38 million for the third quarter of 2019.