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Dec 31, 2021
Celsion Q4 2021 Earnings Report
Reported financial results for the year ended December 31, 2021 and provided an update on clinical development programs.
Key Takeaways
Celsion Corporation reported a net loss of $20.8 million ($3.83 per share) in 2021, compared with a net loss of $21.5 million ($10.08 per share) in 2020. With $56.9 million in cash and cash equivalents, restricted cash, short-term investments and interest receivable at December 31, 2021, the Company has sufficient capital resources to fund its operations through the end of 2024.
Patient enrollment in OVATION 2 is now over 80% and full enrollment is expected by Q3 2022.
Early reports from the first 39 patients in the OVATION 2 study showed a 27% improvement in the surgical resection (R0) rate in the GEN-1 treatment arm over the control arm.
Celsion engaged BIOQUAL, Inc. to conduct a non-human primate (NHP) challenge study of their vaccine candidates as protection against SARS-CoV-2.
Celsion received $1.4 million in non-dilutive funding from the sale of its New Jersey State Net Operating Losses, with an additional $3.5 million expected in 2022 - 2023.