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Celcuity Net Loss Spikes in Q3

NEW YORK (360Dx) – Newly minted publicly traded cell-based diagnostics firm Celcuity today reported a net loss of $1.8 million, or $.26 per share, for the third quarter of 2017, compared to a net loss of $868,520, or $.13 per share, for the third quarter of 2016.

On an adjusted basis, the firm's Q3 net loss broadened to $1.4 million, or $.20 per share, compared to a net loss of $795,245, or $.12 per share, for Q3 2016.

Celcuity CEO Brian Sullivan said in a statement that during Q3 2017, the firm completed its initial public offering and received aggregate net proceeds of $23.3 million.

"We expect this funding, along with our previous cash-on-hand, will enable us to continue our efforts to discover new cancer subtypes, to develop additional CELx Signaling Function tests, and to support our efforts to collaborate with pharmaceutical companies," Sullivan said.

He noted that in Q3, Celcuity began collaborating with the NSABP Foundation and Genentech in a clinical trial, Functional Analysis of Live Cell Cignaling Transduction 1, or FACT 1, which will evaluate the efficacy of two Genentech HER2 drugs, Herceptin and Perjeta, in HER2-negative breast cancer patients selected by the firm's CELx HER2 Signaling Function test.

During the third quarter, the firm also inked a lease for 16,000 square feet of office and laboratory space. "This new space will replace our current space and enable us to expand our R&D programs and related operational processes,” Sullivan said.

Celcuity's R&D expenses for the quarter rose 72 percent to $1.4 million from $812,803 in Q3 2016, while G&A expenses rose 154 percent to $164,665 from $64,738.

The firm finished the quarter with $32.3 million in cash and cash equivalents and $245,000 in investments.

Celcuity shares were down more than 3 percent to $20.96 in midday trading on the Nasdaq.