Free cash flow has deteriorated to a $55.3 million quarterly outflow in 2026Q1, reflecting an aggressive consumption of liquidity to support clinical development.
| Cash from Operations | -172.49M | -153.28M | -83.47M | -53.81M | -36.01M | -20.31M | -7.15M | -6M | -6.08M | -4.95M | -2.89M | -1.98M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -303.05% | -83.64% | -55.11% | -49.44% | -77.28% | -184.25% | -19.12% | 1.28% | -22.8% | -71.31% | -45.96% | - |
| Net Income | -192.89M | -177.04M | -111.78M | -63.78M | -40.37M | -29.61M | -9.47M | -7.36M | -7.48M | -6.25M | -3.31M | -2.26M |
| Depreciation & Amortization | 177K | 167K | 129.95K | 142.77K | 210.92K | 303.24K | 385.59K | 339K | 223.04K | 104.7K | 73.06K | 58.38K |
| Stock-Based Compensation | 9.48M | 21.38M | 6.99M | 4.9M | 4.64M | 2.61M | 1.76M | 1.04M | 1.17M | 874.39K | 187.31K | 56.51K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -2.48M | 0 | -92.32K | 0 | -187.31K | -56.51K |
| Other Non-Cash Items | 20.48M | 4.86M | 2.84M | 1.06M | 704.66K | 5.56M | 2.48M | 42.91K | 89.32K | 426.57K | 187.31K | 56.51K |
| Working Capital Changes | -9.75M | -2.65M | 18.35M | 3.86M | -1.19M | 819.81K | 179.02K | -62.24K | 15.89K | -101.91K | 161.75K | 167.88K |
| Change in Receivables | 0 | 0 | 0 | 0 | 95.1K | -108.76K | 0 | -190K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 190K | 0 | 0 | 0 | 0 |
| Change in Payables | 427K | -3.04M | 4.32M | 2.43M | 1.08M | 1.31M | 52.97K | 45.62K | 25.43K | -262.51K | 69.78K | 157.47K |
| Cash from Investing | -53.83M | -64.08M | -63.07M | -5.01M | -144.03M | -81.4K | -89.37K | 8.53M | 19.09M | -28.98M | -40.9K | -78.98K |
| Capital Expenditures | -474K | -249K | -249.88K | -97.64K | -158.77K | -81.9K | -89.37K | -380.2K | -629.61K | -239.85K | -40.9K | -78.98K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 500 | 0 | 8.91K | 4K | -28.74M | 0 | 0 |
| Cash from Financing | 355.03M | 360.55M | 138.39M | 64.91M | 120.33M | 93.04M | 137.97K | 259.31K | 236.7K | 30.71M | 3.72M | 4.8M |
| Debt Issued (Net) | 222.75M | 222.75M | 59.23M | -2.45K | 19.5M | 14.34M | -5.77K | -5.73K | -3.32K | 7.49M | 0 | 0 |
| Equity Issued (Net) | 117.25M | 137.85M | 63.61M | 14.43M | 100.5M | 78.55M | 182.69K | 0 | 0 | 24.11M | 3.72M | 3.8M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55.14K | 0 | 0 | 0 |
| Other Financing | 15.03M | -46K | 15.55M | 50.48M | 324.12K | 148.02K | -38.96K | 265.04K | 240.02K | -894.57K | 0 | 1M |
| Net Change in Cash | 128.71M | 143.19M | -8.15M | 6.09M | -59.71M | 72.65M | -7.1M | 2.79M | 13.25M | -3.22M | 789.11K | 2.74M |
| Free Cash Flow | -172.93M | -153.53M | -83.72M | -53.91M | -36.17M | -20.39M | -7.24M | -6.38M | -6.71M | -5.19M | -2.93M | -2.06M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -68.76% | -83.39% | -55.29% | -49.06% | -77.34% | -181.88% | -13.42% | 4.88% | -29.26% | -77.11% | -42.35% | - |
| FCF per Share | -3.18 | -2.92 | -2.12 | -2.28 | -2.35 | -1.52 | -0.70 | -0.62 | -0.66 | -0.70 | -0.44 | -0.33 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.87x | 0.75x | 0.84x | 0.89x | 0.69x | 0.75x | 0.82x | 0.81x | 0.79x | 0.87x | 0.87x |
| Interest Paid | 2.42M | 0 | 0 | 0 | 1.26M | 694.53K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial outcome
According to recent financial disclosures, Celcuity's operating cash flow consistently tracks net losses, with the OCF/NI ratio fluctuating near 1.0, which suggests that the company's reported net losses are almost entirely representative of actual cash outflows required to sustain its clinical-stage research and development activities.
The tight correlation between net income and operating cash flow indicates a lack of significant non-cash expenses that would otherwise mask the true burn rate. Investors should interpret this as a transparent, albeit concerning, reflection of the company's current inability to generate internal cash to fund its pipeline.
As reported in quarterly filings, the company's free cash flow has deteriorated from a quarterly outflow of $18.6 million in 2023Q4 to $55.3 million by 2026Q1, signaling an aggressive acceleration in capital consumption as the VIKTORIA trial reaches its most resource-intensive phase of development.
This downward trajectory in free cash flow appears to be a direct consequence of scaling clinical operations and personnel costs. The consistent expansion of these outflows warrants further investigation into whether the current cash runway remains sufficient to reach critical data readouts without requiring additional dilutive financing.
Based on the provided cash flow statements, working capital changes have been erratic, swinging from a $9.3 million outflow in 2026Q1 to a $7.0 million inflow in 2024Q3, which suggests that the company's cash position is sensitive to the timing of clinical trial vendor payments and accruals.
These fluctuations appear to be driven by the timing of milestone-based payments to clinical research organizations rather than underlying operational efficiency. Analysts should monitor these swings as they may temporarily obscure the underlying structural burn rate of the business.
As indicated by historical data, the company has utilized stock-based compensation, peaking at $6.8 million in 2025Q3, which serves to mitigate the immediate cash impact of talent acquisition but effectively dilutes existing shareholders to support the ongoing development of the CELsignia and Gedatolisib programs.
While these non-cash adjustments are standard for biotechnology firms, they represent a real economic cost that is not fully captured in the operating cash flow metric. Investors should adjust their valuation models to account for this persistent dilution as a necessary component of the firm's human capital strategy.
Quick answers to the most common questions about buying CELC stock.
Celcuity Inc. (CELC) generated $-153.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Celcuity Inc. (CELC) reported negative free cash flow of $153.5M in 2025, indicating capital requirements exceeded cash from operations.
Celcuity Inc. (CELC) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.