Financial leverage has escalated significantly, with total debt rising to $195.6 million and a debt-to-equity ratio of 3.65 as of 2026Q1.
| Total Current Assets | 408.93M | 465.66M | 244.57M | 190.59M | 175.16M | 85.35M | 12.17M | 19.25M | 25.22M | 24.48M | 5.91M | 5.12M |
| Cash & Short-Term Investments | 145.19M | 441.5M | 235.1M | 180.58M | 168.59M | 84.29M | 11.66M | 18.76M | 24.9M | 24.2M | 5.86M | 5.07M |
| Cash Only | 145.19M | 165.7M | 22.51M | 30.66M | 24.57M | 84.29M | 11.64M | 18.74M | 15.94M | 2.64M | 5.86M | 5.07M |
| Short-Term Investments | 0 | 275.79M | 212.59M | 149.92M | 144.02M | 0 | 22.01K | 22.01K | 8.95M | 21.56M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 1.6M | 805.88K | 203.66K | 298.76K | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 263.74M | 24.16M | 841.33K | 281.36K | 22.01K | 22.14K | 190K | 218.74K | 28.74K | 50K | 50K | 55.72K |
| Total Non-Current Assets | 1.24M | 899K | 552.02K | 628.8K | 539.75K | 554.35K | 789.79K | 1.03M | 813.61K | 7.49M | 144.91K | 177.07K |
| Property, Plant & Equipment | 632K | 550K | 552.02K | 628.8K | 506.56K | 554.35K | 789.79K | 1.03M | 813.61K | 280.06K | 144.91K | 177.07K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.21M | 0 | 0 |
| Other Non-Current Assets | 603K | 349K | 0 | 0 | 33.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 410.16M | 466.56M | 245.12M | 191.22M | 175.7M | 85.91M | 12.96M | 20.28M | 26.03M | 31.97M | 6.06M | 5.3M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 215.47% | 90.34% | 28.19% | 8.83% | 104.52% | 563.02% | -36.11% | -22.09% | -18.57% | 427.81% | 14.28% | - |
| Total Current Liabilities | 33.21M | 44.15M | 31.72M | 14.19M | 6.88M | 2.51M | 1.19M | 911.33K | 662.33K | 578.05K | 445.36K | 283.6K |
| Accounts Payable | 10.45M | 6.41M | 9.37M | 5.08M | 2.63M | 1.51M | 217.38K | 142.77K | 119.81K | 71.91K | 331.53K | 261.75K |
| Days Payables Outstanding | 76.57K | 14K | - | - | - | - | - | - | 196.07 | 250.69 | 1.66K | 1.64K |
| Short-Term Debt | 13K | 54K | 0 | 0 | 194.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 22.74M | 37.69M | 0 | 7.11M | 3.09M | 472.93K | 0 | 0 | 63.88K | 54.51K | 0 | 0 |
| Current Ratio | 12.31x | 10.55x | 7.71x | 13.43x | 25.45x | 34.06x | 10.26x | 21.12x | 38.07x | 42.36x | 13.27x | 18.06x |
| Quick Ratio | 12.31x | 10.55x | 7.71x | 13.43x | 25.45x | 34.06x | 10.26x | 21.12x | 38.07x | 42.36x | 13.27x | 18.06x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 323.43M | 321.85M | 97.78M | 37.26M | 35.04M | 14.69M | 69.16K | 71.9K | 19.88K | 0 | 0 | 0 |
| Long-Term Debt | 195.57M | 195.32M | 97.73M | 37.04M | 34.98M | 14.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 53.97K | 225.92K | 61K | 64.22K | 69.16K | 71.9K | 19.88K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 127.86M | 126.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 356.64M | 366M | 129.5M | 51.45M | 41.93M | 17.2M | 1.25M | 983.23K | 682.21K | 578.05K | 445.36K | 283.6K |
| Total Debt | 195.58M | 195.38M | 97.95M | 37.45M | 35.24M | 14.89M | 262.49K | 256.14K | 25.61K | 0 | 0 | 0 |
| Net Debt | 50.39M | 29.68M | 75.44M | 6.78M | 10.67M | -69.4M | -11.38M | -18.48M | -15.92M | -2.64M | -5.86M | -5.07M |
| Debt / Equity | 3.65x | 1.94x | 0.85x | 0.27x | 0.26x | 0.22x | 0.02x | 0.01x | 0.00x | - | - | - |
| Debt / EBITDA | -1.05x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.27x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -5.27x | -9.32x | -9.87x | -10.97x | -18.70x | -22.45x | -79634.70x | -49089.94x | -67393.73x | -13.18x | - | - |
| Total Equity | 53.52M | 100.56M | 115.62M | 139.77M | 133.77M | 68.71M | 11.7M | 19.3M | 25.35M | 31.39M | 5.61M | 5.02M |
| Equity Growth % | -148.03% | -13.03% | -17.28% | 4.48% | 94.69% | 487.16% | -39.36% | -23.87% | -19.25% | 459.4% | 11.87% | - |
| Book Value per Share | 0.98 | 1.91 | 2.93 | 5.90 | 8.68 | 5.13 | 1.14 | 1.89 | 2.50 | 4.21 | 0.84 | 0.79 |
| Total Shareholders' Equity | 53.52M | 100.56M | 115.62M | 139.77M | 133.77M | 68.71M | 11.7M | 19.3M | 25.35M | 31.39M | 5.61M | 5.02M |
| Common Stock | 48K | 48K | 37.14K | 25.51K | 21.67K | 14.92K | 10.3K | 10.25K | 10.19K | 10.09K | 6.44K | 5.89K |
| Retained Earnings | -501.74M | -448.9M | -271.86M | -160.08M | -96.3M | -55.93M | -26.32M | -16.85M | -9.49M | -2.01M | -8.33M | -5.02M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -480.9K | -260.12K | -155.41K | -82.36K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in financial statements, Celcuity's total debt has surged from $37.4 million in 2023Q4 to $195.6 million by 2026Q1, driving the debt-to-equity ratio to a concerning 3.65, which suggests a reliance on external financing to sustain the company's intensive clinical trial and operational requirements.
The rapid accumulation of debt relative to equity indicates that the company is increasingly leveraging its balance sheet to fund the VIKTORIA trial. Investors should monitor whether this debt burden creates restrictive covenants that could limit future financial flexibility or necessitate further dilutive equity raises.
Based on the company's reported figures, cash reserves have declined from a peak of $165.7 million in 2025Q4 to $145.2 million in 2026Q1, signaling that the firm's liquidity buffer is being consumed at an accelerating rate to support ongoing research and development activities.
While the current ratio remains elevated at 12.31, this metric is somewhat misleading for a pre-revenue firm where liquidity is entirely dependent on cash on hand rather than operational inflows. The consistent decline in cash suggests that the company may face a liquidity crunch if clinical milestones do not materialize within the expected timeframe.
According to recent SEC filings, the company's equity base has contracted significantly to $53.5 million in 2026Q1, a trend driven by the accumulation of $501.7 million in losses that directly offsets the capital raised from shareholders to fund the development of the CELsignia platform.
The persistent growth of the accumulated deficit highlights the high cost of clinical-stage biotechnology development and the lack of internal capital generation. This erosion of equity suggests that the company's valuation is increasingly sensitive to the success of its lead therapeutic candidate, Gedatolisib, as the margin for error in capital allocation narrows.
As indicated by the provided balance sheet data, the absence of goodwill and minimal net PPE suggests that the company's value is almost entirely tied to intangible intellectual property, which warrants further investigation into the potential for impairment should clinical trial results fail to meet primary endpoints.
The lack of tangible assets means that the company's book value provides little downside protection for investors in the event of a clinical failure. The reliance on debt to bridge the gap between R&D spending and potential commercialization creates a binary risk profile that is not fully captured by headline liquidity ratios.
Quick answers to the most common questions about buying CELC stock.
As of 2025, Celcuity Inc. (CELC) had total assets of $466.6M including $465.7M in current assets.
Celcuity Inc. (CELC) carries total debt of $195.4M, offset by $441.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Celcuity Inc. (CELC) has total shareholders' equity (book value) of $100.6M ($1.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Celcuity Inc. (CELC) reported a current ratio of 10.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.