Business
Celcuity Reports Fourth Quarter and Full Year 2019 Financial Results
MINNEAPOLIS, MN / ACCESSWIRE / March 12, 2020 / Celcuity Inc. (NASDAQ:CELC), a functional cellular analysis company that is developing companion diagnostic
About this update from Celcuity Inc.
[{"type":"text","content":"MINNEAPOLIS, MN / ACCESSWIRE / March 12, 2020 / Celcuity Inc. (NASDAQ:CELC), a functional cellular analysis company that is developing companion diagnostic tests designed to expand the eligible patient populations for targeted therapies, announced financial results for the fourth quarter and year ended December 31, 2019.Unless otherwise stated, all comparisons are for the fourth quarter and year ended December 31, 2019, compared to the fourth quarter and year ended December 31, 2018.Celcuity reported a net loss of $1.81 million, or $0.18 per share, for the fourth quarter of 2019, compared to a net loss of $1.83 million, or $0.18 per share, for the fourth quarter of 2018. Net loss for fiscal year 2019 was $7.36 million, or $0.72 per share, compared to $7.48 million, or $0.74 per share, for fiscal year 2018. Non-GAAP adjusted net loss was $1.45 million, or $0.14 per share, for the fourth quarter of 2019, compared to non-GAAP adjusted net loss of $1.57 million, or $0.15 per share, for the fourth quarter of 2018. Non-GAAP adjusted net loss for fiscal year 2019 was $6.32 million, or $0.62 per share, compared to non-GAAP adjusted net loss of $6.31 million, or $0.62 per share, for fiscal year 2018. Non-GAAP adjusted net loss excludes stock-based compensation expense. Because this item has no impact on Celcuity's cash position, management believes non-GAAP adjusted net loss better enables Celcuity to focus on cash used in operations. For a reconciliation of financial measures calculated in accordance with generally accepted accounting principles in the United States (GAAP) to non-GAAP financial measures, please see the financial tables at the end of this release.Net cash used in operating activities for the fourth quarter of 2019 was $1.70 million. At December 31, 2019, Celcuity had cash and cash equivalents of $18.7 million, compared to cash, cash equivalents and investments of $24.9 million at December 31, 2018.\"We made significant progress advancing our CELsignia (previously known as CELx) platform in the fourth quarter of 2019. In December, we presented results from pre-clinical studies for our new CELsignia PI3K Test at the San Antonio Breast Cancer Symposium,\" said Brian Sullivan, Chairman and Chief Executive Officer of Celcuity. \"The studies we presented demonstrate how the measurement of PI3K-involved signaling initiated by G...