Celcuity Inc. reported its financial results for the third quarter ended September 30, 2024, showing an increase in operating expenses and net loss. Total operating expenses for the quarter were $30.1 million, up from $18.9 million in the prior-year period.
Research and development (R&D) expenses rose to $27.6 million, an increase of $10.1 million from Q3 2023, primarily driven by activities for the VIKTORIA-1 and CELC-G-201 trials, and the initiation of the VIKTORIA-2 Phase 3 trial. General and administrative (G&A) expenses also increased to $2.5 million.
The company reported a net loss of $29.8 million, or $0.70 loss per share, for Q3 2024, compared to a net loss of $18.4 million, or $0.83 loss per share, for Q3 2023. Net cash used in operating activities was $20.6 million.
As of September 30, 2024, Celcuity held $264.1 million in cash, cash equivalents, and short-term investments. The company confirmed that enrollment in the VIKTORIA-1 study remains robust, with the PIK3CA wild-type cohort fully enrolled and topline data expected in late Q1 2025 or Q2 2025.
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