The company remains pre-revenue with widening operating losses, as evidenced by a $52.8 million net loss in 2026Q1 driven by intensive R&D spending.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 47K | 167K | 0 | 0 | 0 | 0 | 0 | 0 | 223.04K | 104.7K | 73.06K | 58.38K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -47K | -167K | 0 | 0 | 0 | 0 | 0 | 0 | -223.04K | -104.7K | -73.06K | -58.38K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | 100% | -113.02% | -43.31% | -25.15% | - |
| Operating Expenses | 186.52M | 172.19M | 113.27M | 66.23M | 39.39M | 28.36M | 9.56M | 7.81M | 7.93M | 5.95M | 3.33M | 2.26M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 40.73M | 27.2M | 9.06M | 5.64M | 4.38M | 2.6M | 2.13M | 1.78M | 1.61M | 972.52K | 263.66K | 250.09K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 145.83M | 145M | 104.2M | 60.59M | 35.29M | 25.76M | 7.68M | 6.27M | 6.33M | 4.98M | 3.06M | 2.01M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | -278.84K | 0 | -256.8K | -247.14K | 0 | 0 | 0 | 0 |
| Operating Income | -186.57M | -172.19M | -113.27M | -66.23M | -39.39M | -28.36M | -9.56M | -7.81M | -7.93M | -5.95M | -3.33M | -2.26M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -52.02% | -71.02% | -68.14% | -38.92% | -196.73% | -22.43% | 1.6% | -33.25% | -78.85% | -47.16% | - |
| EBITDA | -186.39M | -172.03M | -113.14M | -66.09M | -39.18M | -28.05M | -9.17M | -7.47M | -7.71M | -5.85M | -3.26M | -2.2M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -47.03% | -52.05% | -71.19% | -68.68% | -39.67% | -205.9% | -22.83% | 3.15% | -31.83% | -79.65% | -47.74% | - |
| D&A (Non-Cash Add-back) | 177K | 167K | 129.95K | 142.77K | 210.92K | 303.24K | 385.59K | 339K | 223.04K | 104.7K | 73.06K | 58.38K |
| EBIT | -172.84M | -159.89M | -101.5M | -58.45M | -39.39M | -28.34M | -9.56M | -7.81M | -7.48M | -5.95M | -3.33M | -2.26M |
| Net Interest Income | -19.09M | -4.85M | 1.49M | 2.45M | -978.95K | -1.25M | 81.99K | 445.94K | 448.72K | -298.79K | 0 | 0 |
| Interest Income | 13.73M | 12.3M | 11.77M | 7.78M | 1.13M | 13.26K | 82.11K | 446.1K | 448.83K | 152.88K | 18.02K | 268 |
| Interest Expense | 32.82M | 17.15M | 10.28M | 5.33M | 2.11M | 1.26M | 120 | 159 | 111 | 451.66K | 0 | 0 |
| Other Income/Expense | -6.32M | -4.85M | 1.49M | 2.45M | -978.95K | -1.25M | 81.99K | 445.94K | 451.72K | -298.79K | 18.02K | 268 |
| Pretax 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 |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.17K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.77% | 0% | 0% |
| 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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -51.68% | -58.39% | -75.26% | -57.99% | -36.36% | -212.48% | -28.74% | 1.62% | -19.66% | -88.85% | -46.38% | - |
| Net Income (Continuing) | -192.89M | -177.04M | -111.78M | -63.78M | -40.37M | -29.61M | -9.47M | -7.36M | -7.48M | -6.25M | -3.31M | -2.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.54 | -3.78 | -2.83 | -2.69 | -2.68 | -2.28 | -0.89 | -0.69 | -0.74 | -0.84 | -0.49 | -0.36 |
| EPS Growth % | -28.38% | -33.57% | -5.2% | -0.37% | -17.54% | -156.18% | -28.99% | 6.76% | 11.9% | -71.43% | -36.11% | - |
| EPS (Basic) | - | -3.78 | -2.83 | -2.69 | -2.68 | -2.28 | -0.89 | -0.69 | -0.74 | -0.84 | -0.49 | -0.36 |
| Diluted Shares Outstanding | 54.46M | 52.54M | 39.45M | 23.68M | 15.42M | 13.38M | 10.27M | 10.23M | 10.12M | 7.46M | 6.72M | 6.31M |
| Basic Shares Outstanding | 54.46M | 52.54M | 39.45M | 23.68M | 15.42M | 13.38M | 10.27M | 10.23M | 10.12M | 7.46M | 6.72M | 6.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Binary clinical trial outcome
As reported in financial statements, Celcuity's quarterly R&D expenditures have climbed from $18.1 million in 2023Q4 to $33.1 million by 2026Q1, reflecting the intensive capital requirements necessary to support the ongoing VIKTORIA Phase 3 clinical trial and associated diagnostic platform development for the CELsignia system.
The consistent upward trajectory in R&D spending underscores the company's reliance on external capital to fund its late-stage therapeutic pipeline. Investors should monitor whether these costs stabilize as the trial progresses or if further clinical complexity necessitates additional, unanticipated resource allocation.
Based on the company's reported figures, the absence of commercial revenue coupled with rising SG&A expenses, which reached $17.4 million in 2026Q1, indicates that operating losses are widening as the firm scales its corporate infrastructure in anticipation of potential future commercialization of the Gedatolisib therapeutic candidate.
The lack of revenue generation means that every dollar of SG&A and R&D directly exacerbates the net loss, preventing any meaningful operating leverage. This structure suggests that the firm remains entirely dependent on its cash reserves to sustain operations until a regulatory or commercial milestone is achieved.
According to recent SEC filings, Celcuity's net loss reached $52.8 million in 2026Q1, a figure primarily driven by high clinical trial costs rather than non-operating items, suggesting that the reported losses are a direct reflection of the firm's current stage as a pre-revenue, clinical-focused biotechnology entity.
The quality of these earnings is inherently tied to the company's R&D intensity, with minimal distortion from non-operating items. Analysts should focus on the cash burn rate as the primary indicator of financial health, as GAAP net income is currently a secondary metric for this business model.
As indicated by the historical income statement data, the firm's reliance on continuous capital infusions to offset quarterly losses of over $50 million highlights a significant vulnerability to market sentiment and the potential for future equity dilution if clinical milestones are delayed beyond the current cash runway.
Short-term observers may point to the lack of revenue and the high cash burn as evidence of an unsustainable business model. The firm's long-term viability appears contingent on the successful clinical validation of the CELsignia platform, which remains unproven in a commercial, real-world oncology setting.
Quick answers to the most common questions about buying CELC stock.
For fiscal year 2025, Celcuity Inc. (CELC) reported total revenue of $0.0M.
Celcuity Inc. (CELC) reported a net loss of $177.0M for the fiscal year ending 2025.