10-Q Filing

CELCUITY INC. CIK: 1603454 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-017491`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 24 Cash Flow Statement 58 Stockholders Equity 16

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`	$33.64M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.57M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1.10M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	1.12M	shares	Point-in-time
Investments	`ShortTermInvestments`	$123.84M	USD	Point-in-time
Investments	`ShortTermInvestments`	-	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.10M	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	1.12M	shares	Point-in-time
Investments	`ShortTermInvestments`	$144.02M	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, par or stated value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deposits	`DepositsAssetsCurrent`	$22.01K	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	65.00M	shares	Point-in-time
Deferred transaction costs	`DeferredCostsCurrent`	$35.60K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	21.94M	shares	Point-in-time
Payroll tax receivable	`PayrollTaxReceivable`	$38.26K	USD	Point-in-time
Payroll tax receivable	`PayrollTaxReceivable`	$203.66K	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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	21.94M	shares	Point-in-time
Prepaid assets	`PrepaidExpenseCurrent`	$6.34M	USD	Point-in-time
Prepaid assets	`PrepaidExpenseCurrent`	$6.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$164.10M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$175.19M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$260.29K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$223.34K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$246.27K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$551.93K	USD	Point-in-time
Total Assets	`Assets`	$164.87M	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`	$2.57M	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$981.00	USD	Point-in-time
Finance lease liabilities	`FinanceLeaseLiabilityCurrent`	$2.45K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$194.90K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$191.75K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$3.04M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$4.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.88M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.81M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$61.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$363.96K	USD	Point-in-time
Note payable, non-current	`LongTermNotesPayable`	$34.98M	USD	Point-in-time
Note payable, non-current	`LongTermNotesPayable`	$35.48M	USD	Point-in-time
Total Liabilities	`Liabilities`	$41.93M	USD	Point-in-time
Total Liabilities	`Liabilities`	$41.65M	USD	Point-in-time
Commitments and Contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 1,095,873 and 1,120,873 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`PreferredStockValue`	$1.12K	USD	Point-in-time
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 1,095,873 and 1,120,873 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`PreferredStockValue`	$1.10K	USD	Point-in-time
Common stock, $0.001 par value: 65,000,000 shares authorized; 21,941,372 and 21,667,250 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$21.94K	USD	Point-in-time
Common stock, $0.001 par value: 65,000,000 shares authorized; 21,941,372 and 21,667,250 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$21.67K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$231.44M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$230.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-108.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-96.30M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$68.71M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$123.23M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$61.54M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$133.77M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$164.87M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$175.70M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$11.28M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$6.70M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$811.29K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.27M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.51M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.55M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-12.55M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.24M	USD	1 Quarter
Interest expense	`InterestExpense`	$435.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$8.16K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.85M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-426.84K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$609.12K	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.94M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-7.93M	USD	1 Quarter
Income tax benefits	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax benefits	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.94M	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasic`	$-0.53	USD	1 Quarter
Net loss per share, basic and diluted	`EarningsPerShareBasic`	$-0.55	USD	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	14.92M	shares	1 Quarter
Weighted average common shares outstanding, basic and diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	21.68M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.94M	USD	1 Quarter
Depreciation	`Depreciation`	$55.99K	USD	1 Quarter
Depreciation	`Depreciation`	$43.94K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$756.27K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.27M	USD	1 Quarter
Amortization of debt issuance costs and discount	`AmortizationOfFinancingCostsAndDiscounts`	$57.00K	USD	1 Quarter
Amortization of debt issuance costs and discount	`AmortizationOfFinancingCostsAndDiscounts`	$95.01K	USD	1 Quarter
PIK interest	`PaidInKindInterest`	$102.09K	USD	1 Quarter
PIK interest	`PaidInKindInterest`	$438.18K	USD	1 Quarter
Non-cash operating lease, net	`IncreaseDecreaseInNonCashOperatingLeaseExpense`	$-58.00	USD	1 Quarter
Non-cash operating lease, net	`IncreaseDecreaseInNonCashOperatingLeaseExpense`	$438.00	USD	1 Quarter
Change in accrued interest income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	-	USD	1 Quarter
Change in accrued interest income	`IncreaseDecreaseInAccruedInvestmentIncomeReceivable`	$1.70M	USD	1 Quarter
Payroll tax receivable	`IncreaseDecreaseInPayrollTaxReceivable`	$-105.73K	USD	1 Quarter
Payroll tax receivable	`IncreaseDecreaseInPayrollTaxReceivable`	$-165.40K	USD	1 Quarter
Prepaid assets and deposits	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$40.20K	USD	1 Quarter
Prepaid assets and deposits	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$181.21K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-8.54K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$513.09K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$413.50K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.02M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.93M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.87M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$3.13M	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfOtherInvestments`	-	USD	1 Quarter
Proceeds from maturities of investments	`ProceedsFromSaleAndMaturityOfOtherInvestments`	$25.00M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.99K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.63K	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$21.87M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.63K	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromStockOptionsExercised`	$127.92K	USD	1 Quarter
Proceeds from exercise of employee stock options	`ProceedsFromStockOptionsExercised`	$7.41K	USD	1 Quarter
Payments for secondary registration statement costs	`PaymentsForRegistrationStatementCosts`	$55.79K	USD	1 Quarter
Payments for secondary registration statement costs	`PaymentsForRegistrationStatementCosts`	$52.24K	USD	1 Quarter
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payments for debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$2.72K	USD	1 Quarter
Payments for finance leases	`FinanceLeasePrincipalPayments`	$1.47K	USD	1 Quarter
Payments for finance leases	`FinanceLeasePrincipalPayments`	$1.46K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$67.95K	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-46.29K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$9.07M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-5.99M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$84.29M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.64M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.57M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$78.30M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$84.29M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.64M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$24.57M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$78.30M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$746.82K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$237.90K	USD	1 Quarter
Offering and registration statement costs included in accounts payable	`OfferingAndRegistrationStatementCostsIncludedInAccountsPayable`	$2.40K	USD	1 Quarter
Offering and registration statement costs included in accounts payable	`OfferingAndRegistrationStatementCostsIncludedInAccountsPayable`	$104.24K	USD	1 Quarter
Property and equipment included in accounts payable	`PropertyAndEquipmentIncludedInAccountsPayable`	$22.99K	USD	1 Quarter
Property and equipment included in accounts payable	`PropertyAndEquipmentIncludedInAccountsPayable`	-	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$68.71M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$123.23M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$61.54M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$133.77M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$756.27K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.27M	USD	1 Quarter
Exercise of common stock options, net of shares withheld for exercise price	`StockIssuedDuringPeriodValueStockOptionsExercised`	$127.92K	USD	1 Quarter
Exercise of common stock options, net of shares withheld for exercise price	`StockIssuedDuringPeriodValueStockOptionsExercised`	$7.41K	USD	1 Quarter
Conversion of preferred to common stock	`StockIssuedDuringPeriodValueConversionOfUnits`	-	USD	1 Quarter
Issuance costs associated with private placement offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$7.49K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.93M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.94M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$68.71M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$123.23M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$61.54M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$133.77M	USD	Point-in-time

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