10-K Filing

CELCUITY INC. CIK: 1603454 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-008724`
Period End Date	20221231
Filing Date	20230323
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 26 Cash Flow Statement 69 Stockholders Equity 24

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par or stated value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.57M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1.12M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$84.29M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.12M	shares	Point-in-time
Investments	`ShortTermInvestments`	$144.02M	USD	Point-in-time
Investments	`ShortTermInvestments`	-	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	$22.01K	USD	Point-in-time
Common stock, par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	$22.01K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	25.00M	shares	Point-in-time
Deferred transaction costs	`DeferredCostsCurrent`	$22.14K	USD	Point-in-time
Deferred transaction costs	`DeferredCostsCurrent`	$33.20K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	65.00M	shares	Point-in-time
Payroll tax receivable	`PayrollTaxReceivable`	$203.66K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.92M	shares	Point-in-time
Payroll tax receivable	`PayrollTaxReceivable`	$298.76K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.67M	shares	Point-in-time
Prepaid assets	`PrepaidExpenseCurrent`	$722.68K	USD	Point-in-time
Prepaid assets	`PrepaidExpenseCurrent`	$6.34M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.92M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$175.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$85.35M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$312.44K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$260.29K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$241.90K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$246.27K	USD	Point-in-time
Total Assets	`Assets`	$85.91M	USD	Point-in-time
Total Assets	`Assets`	$175.70M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.51M	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$2.45K	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$5.85K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$191.75K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$189.86K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.06M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$802.89K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.88M	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	$2.45K	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$61.77K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$61.00K	USD	Point-in-time
Note payable, non-current	`LongTermNotesPayable`	$14.63M	USD	Point-in-time
Note payable, non-current	`LongTermNotesPayable`	$34.98M	USD	Point-in-time
Total Liabilities	`Liabilities`	$41.93M	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.20M	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 1,120,873 and 0 shares issued and outstanding as of December 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 1,120,873 and 0 shares issued and outstanding as of December 31, 2022 and December 31, 2021	`PreferredStockValue`	$1.12K	USD	Point-in-time
Common stock, $0.001 par value: 65,000,000 and 25,000,000 shares authorized; 21,667,250 and 14,918,887 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$21.67K	USD	Point-in-time
Common stock, $0.001 par value: 65,000,000 and 25,000,000 shares authorized; 21,667,250 and 14,918,887 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$14.92K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$230.05M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$124.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-55.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-96.30M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$11.70M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$68.71M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$133.77M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$85.91M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$175.70M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$35.29M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$25.76M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$2.60M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.10M	USD	Annual
Total operating expenses	`OperatingExpenses`	$39.39M	USD	Annual
Total operating expenses	`OperatingExpenses`	$28.36M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-28.36M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-39.39M	USD	Annual
Interest expense	`InterestExpense`	$1.26M	USD	Annual
Interest expense	`InterestExpense`	$2.11M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$1.13M	USD	Annual
Interest income	`InvestmentIncomeInterest`	$13.26K	USD	Annual
Loss on sale of fixed assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on sale of fixed assets	`GainLossOnDispositionOfAssets1`	$-263.00	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.25M	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-978.95K	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-29.61M	USD	Annual
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-40.37M	USD	Annual
Income tax benefits	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income tax benefits	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net loss	`NetIncomeLoss`	$-40.37M	USD	Annual
Net loss	`NetIncomeLoss`	$-29.61M	USD	Annual
Net loss per share, basic and diluted	`EarningsPerShareBasic`	$-2.21	USD	Annual
Net loss per share, basic and diluted	`EarningsPerShareBasic`	$-2.64	USD	Annual
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	15.42M	shares	Annual
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	13.38M	shares	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-40.37M	USD	Annual
Net loss	`NetIncomeLoss`	$-29.61M	USD	Annual
Depreciation	`Depreciation`	$210.92K	USD	Annual
Depreciation	`Depreciation`	$303.24K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$4.64M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$2.61M	USD	Annual
Issuance of common stock, licensing agreement	`IssuanceOfCommonStockLicensingAgreement`	$5.00M	USD	Annual
Issuance of common stock, licensing agreement	`IssuanceOfCommonStockLicensingAgreement`	-	USD	Annual
Amortization of debt issuance costs and discount	`AmortizationOfFinancingCostsAndDiscounts`	$395.76K	USD	Annual
Amortization of debt issuance costs and discount	`AmortizationOfFinancingCostsAndDiscounts`	$267.82K	USD	Annual
PIK interest	`PaidInKindInterest`	$455.07K	USD	Annual
PIK interest	`PaidInKindInterest`	$300.00K	USD	Annual
Non-cash operating lease, net	`IncreaseDecreaseInNonCashOperatingLeaseExpense`	$-7.74K	USD	Annual
Non-cash operating lease, net	`IncreaseDecreaseInNonCashOperatingLeaseExpense`	$-3.24K	USD	Annual
Loss on sale of fixed assets	`GainLossOnDispositionOfAssets1`	-	USD	Annual
Loss on sale of fixed assets	`GainLossOnDispositionOfAssets1`	$-263.00	USD	Annual
Change in accrued interest income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	$142.93K	USD	Annual
Change in accrued interest income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	-	USD	Annual
Payroll tax receivable	`IncreaseDecreaseInPayrollTaxReceivable`	$-95.10K	USD	Annual
Payroll tax receivable	`IncreaseDecreaseInPayrollTaxReceivable`	$108.76K	USD	Annual
Prepaid assets and deposits	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$405.64K	USD	Annual
Prepaid assets and deposits	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$5.62M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.08M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.31M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$3.26M	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$28.28K	USD	Annual
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-36.01M	USD	Annual
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-20.31M	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	-	USD	Annual
Purchases of investments	`PaymentsToAcquireInvestments`	$143.87M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$158.77K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$81.90K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$500.00	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-81.40K	USD	Annual
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-144.03M	USD	Annual
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	$18.76K	USD	Annual
Proceeds from exercise of common stock warrants	`ProceedsFromWarrantExercises`	-	USD	Annual
Proceeds from exercise of employee stock options	`ProceedsFromStockOptionsExercised`	$63.42K	USD	Annual
Proceeds from exercise of employee stock options	`ProceedsFromStockOptionsExercised`	$152.41K	USD	Annual
Proceeds from employee stock purchases	`ProceedsFromEmployeeStockPurchases`	$65.84K	USD	Annual
Proceeds from employee stock purchases	`ProceedsFromEmployeeStockPurchases`	$171.71K	USD	Annual
Proceeds from follow-on offering, net of underwriting discounts and offering costs	`ProceedsFromFollowOnOfferingNetOfUnderwritingDiscountsAndOfferingCosts`	$78.53M	USD	Annual
Proceeds from follow-on offering, net of underwriting discounts and offering costs	`ProceedsFromFollowOnOfferingNetOfUnderwritingDiscountsAndOfferingCosts`	-	USD	Annual
Proceeds from an ATM offering, net of commission fees and offering costs	`ProceedsFromAnATMOfferingNetOfCommisionAndOfferingCosts`	$21.07K	USD	Annual
Proceeds from an ATM offering, net of commission fees and offering costs	`ProceedsFromAnATMOfferingNetOfCommisionAndOfferingCosts`	$4.78M	USD	Annual
Proceeds from note payable, net of debt issuance and discount costs	`ProceedsFromDebtNetOfIssuanceCosts`	$19.51M	USD	Annual
Proceeds from note payable, net of debt issuance and discount costs	`ProceedsFromDebtNetOfIssuanceCosts`	$14.35M	USD	Annual
Proceeds from a private placement offering, net of discounts and offering costs	`ProceedsFromIssuanceOfPrivatePlacement`	$95.72M	USD	Annual
Proceeds from a private placement offering, net of discounts and offering costs	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Proceeds from a private placement offering, net of discounts and offering costs	`ProceedsFromIssuanceOfPrivatePlacement`	$100.00M	USD	Point-in-time
Payments for finance leases	`FinanceLeasePrincipalPayments`	$5.81K	USD	Annual
Payments for finance leases	`FinanceLeasePrincipalPayments`	$5.85K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$120.33M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$93.04M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-59.71M	USD	Annual
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$72.65M	USD	Annual
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$84.29M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.57M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.64M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$84.29M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.57M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$11.64M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$694.53K	USD	Annual
Interest paid	`InterestPaidNet`	$1.26M	USD	Annual
Deferred financing costs and offering and registration statement costs included in accounts payable	`DeferredFinancingCostsAndOfferingAndRegistrationStatementCostsIncludedInAccountsPayable`	$8.12K	USD	Annual
Deferred financing costs and offering and registration statement costs included in accounts payable	`DeferredFinancingCostsAndOfferingAndRegistrationStatementCostsIncludedInAccountsPayable`	$51.02K	USD	Annual
Issuance of common stock warrants and final fee recognized as discount to note payable	`StockIssued1`	$964.84K	USD	Annual
Issuance of common stock warrants and final fee recognized as discount to note payable	`StockIssued1`	-	USD	Annual

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$11.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$133.77M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$4.64M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$2.61M	USD	Annual
Employee stock purchases	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$65.84K	USD	Annual
Employee stock purchases	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$171.71K	USD	Annual
Exercise of common stock warrants	`StockIssuedDuringPeriodValueStockWarrantsExercised`	$18.76K	USD	Annual
Exercise of common stock options, net of shares withheld for exercise price	`StockIssuedDuringPeriodValueStockOptionsExercised`	$63.42K	USD	Annual
Exercise of common stock options, net of shares withheld for exercise price	`StockIssuedDuringPeriodValueStockOptionsExercised`	$152.41K	USD	Annual
Issuance of common stock upon closing of follow-on offerings, net of underwriting discounts and offering costs	`StockIssuedDuringPeriodValueOther`	$78.53M	USD	Annual
Issuance of common stock in an ATM offering	`StockIssuedDuringPeriodValueNewIssues`	$5.17M	USD	Annual
Issuance of common stock in an ATM offering	`StockIssuedDuringPeriodValueNewIssues`	$38.96K	USD	Annual
Issuance costs associated with an ATM offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$3.87K	USD	Annual
Issuance costs associated with an ATM offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$389.76K	USD	Annual
Issuance of common stock warrants, note payable	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$289.84K	USD	Annual
Issuance of common stock, licensing agreement	`StockIssuedDuringPeriodValueIssuanceOfCommonStockLicensingAgreement`	$5.00M	USD	Annual
Net loss	`NetIncomeLoss`	$-40.37M	USD	Annual
Net loss	`NetIncomeLoss`	$-29.61M	USD	Annual
Issuance of common and preferred stock upon closing of private placement offering	`StockIssuedDuringPeriodValueIssuanceOfCommonAndPreferredStockUponClosingOfPrivatePlacementOffering`	$100.00M	USD	Annual
Issuance costs associated with private placement offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCostsIssuanceWithPrivatePlacementOffering`	$-4.32M	USD	Annual
Balance	`StockholdersEquity`	$11.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$68.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$133.77M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.