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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2024
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 |
For
the transition period from to
Commission
File No. 001-38207
CELCUITY
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
No.
82-2863566 |
(State
of incorporation) |
|
(IRS
Employer Identification No.) |
16305
36th Avenue North; Suite 100
Minneapolis,
Minnesota 55446
(Address
of principal executive offices, including zip code)
Registrant’s
telephone number, including area code: (763) 392-0767
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.001 par value per share |
|
CELC |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). YES ☒ NO ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
|
☐ |
|
Accelerated
filer |
|
☐ |
Non-accelerated
filer |
|
☒ |
|
Smaller
reporting company |
|
☒ |
|
|
|
|
Emerging
growth company |
|
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO
☒
On
August 7, 2024 there were 37,028,733 shares of the registrant’s common stock, $0.001 par value per share, outstanding.
Celcuity
Inc.
Table
of Contents
As
used in this report, the terms “we,” “us,” “our,” “Celcuity,” and the “Company”
mean Celcuity Inc., unless the context indicates another meaning.
PART
I. FINANCIAL INFORMATION
ITEM
1. Financial Statements
Celcuity
Inc.
Condensed
Balance Sheets
| |
June
30, 2024 | | |
December
31, 2023 | |
| |
(unaudited) | | |
| |
Assets | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash and cash
equivalents | |
$ | 30,458,800 | | |
$ | 30,662,774 | |
Investments | |
| 252,609,622 | | |
| 149,919,974 | |
Other current assets | |
| 8,862,940 | | |
| 10,007,849 | |
Total current assets | |
| 291,931,362 | | |
| 190,590,597 | |
Property and equipment, net | |
| 308,444 | | |
| 228,782 | |
Operating lease right-of-use
assets | |
| 305,179 | | |
| 400,019 | |
Total
Assets | |
$ | 292,544,985 | | |
$ | 191,219,398 | |
Liabilities and Stockholders’
Equity: | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 6,203,132 | | |
$ | 5,076,699 | |
Operating lease liabilities | |
| 178,587 | | |
| 184,950 | |
Accrued expenses | |
| 13,146,769 | | |
| 8,927,094 | |
Total current liabilities | |
| 19,528,488 | | |
| 14,188,743 | |
Operating lease liabilities | |
| 138,533 | | |
| 225,922 | |
Note payable, non-current | |
| 96,193,172 | | |
| 37,035,411 | |
Total
Liabilities | |
| 115,860,193 | | |
| 51,450,076 | |
Commitments and Contingencies
(Note 5) | |
| - | | |
| - | |
Stockholders’ Equity: | |
| | | |
| | |
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 317,577
and 854,134 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | |
| 318 | | |
| 854 | |
Common stock, $0.001
par value: 65,000,000
shares authorized; 37,014,751
and 25,506,012
shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | |
| 37,015 | | |
| 25,506 | |
Additional paid-in capital | |
| 382,057,737 | | |
| 299,818,965 | |
Accumulated deficit | |
| (205,410,278 | ) | |
| (160,076,003 | ) |
Total
Stockholders’ Equity | |
| 176,684,792 | | |
| 139,769,322 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 292,544,985 | | |
$ | 191,219,398 | |
See
accompanying notes to the Condensed financial statements
Condensed
Statements of Operations
(unaudited)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three
Months Ended June 30, | | |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | 22,496,975 | | |
$ | 13,746,082 | | |
$ | 43,144,534 | | |
$ | 25,024,575 | |
General and administrative | |
| 1,786,111 | | |
| 1,309,403 | | |
| 3,632,387 | | |
| 2,578,447 | |
Total operating expenses | |
| 24,283,086 | | |
| 15,055,485 | | |
| 46,776,921 | | |
| 27,603,022 | |
Loss from operations | |
| (24,283,086 | ) | |
| (15,055,485 | ) | |
| (46,776,921 | ) | |
| (27,603,022 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (2,260,583 | ) | |
| (1,314,996 | ) | |
| (3,661,295 | ) | |
| (2,557,008 | ) |
Interest income | |
| 2,821,849 | | |
| 1,782,794 | | |
| 5,103,941 | | |
| 3,633,926 | |
Other income (expense),
net | |
| 561,266 | | |
| 467,798 | | |
| 1,442,646 | | |
| 1,076,918 | |
Income tax benefits | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
$ | (23,721,820 | ) | |
$ | (14,587,687 | ) | |
$ | (45,334,275 | ) | |
$ | (26,526,104 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.62 | ) | |
$ | (0.66 | ) | |
$ | (1.26 | ) | |
$ | (1.22 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding,
basic and diluted | |
| 38,444,163 | | |
| 21,957,140 | | |
| 36,028,109 | | |
| 21,819,772 | |
See
accompanying notes to the Condensed financial statements
Celcuity
Inc.
Condensed
Statements of Changes in Stockholders’ Equity
Three
and Six Months Ended June 30, 2024
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
| |
Common
Stock | | |
Preferred
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at December 31, 2023 | |
| 25,506,012 | | |
$ | 25,506 | | |
| 854,134 | | |
$ | 854 | | |
$ | 299,818,965 | | |
$ | (160,076,003 | ) | |
$ | 139,769,322 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,331,346 | | |
| - | | |
| 1,331,346 | |
Exercise of common stock warrants, net of shares withheld for exercise
price | |
| 1,742,763 | | |
| 1,742 | | |
| - | | |
| - | | |
| 14,007,409 | | |
| - | | |
| 14,009,151 | |
Exercise of common stock options, net of shares withheld for exercise
price | |
| 36,550 | | |
| 37 | | |
| - | | |
| - | | |
| 239,263 | | |
| - | | |
| 239,300 | |
Conversion of preferred to common stock | |
| 3,488,570 | | |
| 3,489 | | |
| (348,857 | ) | |
| (349 | ) | |
| (3,140 | ) | |
| - | | |
| - | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (21,612,455 | ) | |
| (21,612,455 | ) |
Balance at March 31, 2024
(unaudited) | |
| 30,773,895 | | |
$ | 30,774 | | |
| 505,277 | | |
$ | 505 | | |
$ | 315,393,843 | | |
$ | (181,688,458 | ) | |
$ | 133,736,664 | |
Stock-based compensation | |
| 1,429 | | |
| 1 | | |
| - | | |
| - | | |
| 1,410,512 | | |
| - | | |
| 1,410,513 | |
Employee stock purchases | |
| 20,426 | | |
| 20 | | |
| - | | |
| - | | |
| 131,226 | | |
| - | | |
| 131,246 | |
Conversion of preferred to common stock | |
| 1,877,000 | | |
| 1,878 | | |
| (187,700 | ) | |
| (187 | ) | |
| (1,691 | ) | |
| - | | |
| - | |
Exercise of common stock warrants, net of shares withheld for exercise
price | |
| 19,390 | | |
| 19 | | |
| - | | |
| - | | |
| 172,967 | | |
| - | | |
| 172,986 | |
Exercise of common stock options, net of shares withheld for exercise
price | |
| 16,197 | | |
| 17 | | |
| - | | |
| - | | |
| 95,694 | | |
| - | | |
| 95,711 | |
Issuance of common stock in an ATM offering | |
| 435,414 | | |
| 435 | | |
| - | | |
| - | | |
| 7,641,765 | | |
| - | | |
| 7,642,200 | |
Issuance costs associated with an ATM offering | |
| - | | |
| - | | |
| - | | |
| - | | |
| (263,727 | ) | |
| - | | |
| (263,727 | ) |
Issuance of common stock upon closing of follow-on
offering, net of underwriting discounts and offering costs | |
| 3,871,000 | | |
| 3,871 | | |
| - | | |
| - | | |
| 56,248,237 | | |
| - | | |
| 56,252,108 | |
Issuance of common stock warrants, note payable | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,228,911 | | |
| - | | |
| 1,228,911 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (23,721,820 | ) | |
| (23,721,820 | ) |
Balance
at June 30, 2024 (unaudited) | |
| 37,014,751 | | |
$ | 37,015 | | |
| 317,577 | | |
$ | 318 | | |
$ | 382,057,737 | | |
$ | (205,410,278 | ) | |
$ | 176,684,792 | |
See
accompanying notes to the Condensed financial statements
Celcuity
Inc.
Condensed
Statements of Changes in Stockholders’ Equity
Three
and Six Months Ended June 30, 2023
| |
Common
Stock | | |
Preferred
Stock | | |
Additional
Paid-In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at December 31, 2022 | |
| 21,667,250 | | |
$ | 21,667 | | |
| 1,120,873 | | |
$ | 1,121 | | |
$ | 230,045,566 | | |
$ | (96,296,887 | ) | |
$ | 133,771,467 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 1,273,282 | | |
| - | | |
| 1,273,282 | |
Exercise of common stock options, net of shares withheld for exercise
price | |
| 24,122 | | |
| 24 | | |
| - | | |
| - | | |
| 127,898 | | |
| - | | |
| 127,922 | |
Conversion of preferred to common stock | |
| 250,000 | | |
| 250 | | |
| (25,000 | ) | |
| (25 | ) | |
| (225 | ) | |
| - | | |
| - | |
Issuance costs associated with private placement
offering | |
| - | | |
| - | | |
| - | | |
| - | | |
| (7,486 | ) | |
| - | | |
| (7,486 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11,938,417 | ) | |
| (11,938,417 | ) |
Balance at March 31, 2023
(unaudited) | |
| 21,941,372 | | |
$ | 21,941 | | |
| 1,095,873 | | |
$ | 1,096 | | |
$ | 231,439,035 | | |
$ | (108,235,304 | ) | |
$ | 123,226,768 | |
Balance | |
| 21,941,372 | | |
$ | 21,941 | | |
| 1,095,873 | | |
$ | 1,096 | | |
$ | 231,439,035 | | |
$ | (108,235,304 | ) | |
$ | 123,226,768 | |
Stock-based compensation | |
| 1,958 | | |
| 2 | | |
| - | | |
| - | | |
| 1,276,980 | | |
| - | | |
| 1,276,982 | |
Employee stock purchases | |
| 17,477 | | |
| 17 | | |
| - | | |
| - | | |
| 102,621 | | |
| - | | |
| 102,638 | |
Conversion of preferred to common stock | |
| 100,000 | | |
| 100 | | |
| (10,000 | ) | |
| (10 | ) | |
| (90 | ) | |
| - | | |
| - | |
Exercise of common stock options, net of shares withheld for exercise
price | |
| 21,086 | | |
| 22 | | |
| - | | |
| - | | |
| 113,618 | | |
| - | | |
| 113,640 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (14,587,687 | ) | |
| (14,587,687 | ) |
Balance
at June 30, 2023 (unaudited) | |
| 22,081,893 | | |
$ | 22,082 | | |
| 1,085,873 | | |
$ | 1,086 | | |
$ | 232,932,164 | | |
$ | (122,822,991 | ) | |
$ | 110,132,341 | |
Balance | |
| 22,081,893 | | |
$ | 22,082 | | |
| 1,085,873 | | |
$ | 1,086 | | |
$ | 232,932,164 | | |
$ | (122,822,991 | ) | |
$ | 110,132,341 | |
See
accompanying notes to the Condensed financial statements
Celcuity
Inc.
Condensed
Statements of Cash Flows
(unaudited)
| |
2024 | | |
2023 | |
| |
Six
Months Ended June 30, | |
| |
2024 | | |
2023 | |
Cash flows from operating
activities: | |
| | | |
| | |
Net loss | |
$ | (45,334,275 | ) | |
$ | (26,526,104 | ) |
Adjustments to reconcile net loss to net cash
and cash equivalents used for operations: | |
| | | |
| | |
Depreciation | |
| 60,672 | | |
| 81,269 | |
Stock-based compensation | |
| 2,741,858 | | |
| 2,550,264 | |
Amortization of debt issuance costs and discount | |
| 302,302 | | |
| 116,218 | |
Payment-in-Kind interest | |
| 858,096 | | |
| 886,688 | |
Non-cash operating lease expense, net | |
| 1,088 | | |
| 1,975 | |
Change in accrued
interest income | |
| (638,836 | ) | |
| 41,188 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Other current assets | |
| 1,471,542 | | |
| 86,666 | |
Accounts payable | |
| 1,182,816 | | |
| 421,091 | |
Accrued expenses | |
| 4,219,675 | | |
| (189,145 | ) |
Net cash used for operating activities | |
| (35,135,062 | ) | |
| (22,529,890 | ) |
| |
| | | |
| | |
Cash flows from investing
activities: | |
| | | |
| | |
Proceeds from maturities of investments | |
| 260,389,589 | | |
| 143,873,027 | |
Purchases of investments | |
| (362,767,031 | ) | |
| (113,903,646 | ) |
Purchases of property
and equipment | |
| (153,949 | ) | |
| (11,841 | ) |
Net cash (used for)
provided by investing activities | |
| (102,531,391 | ) | |
| 29,957,540 | |
| |
| | | |
| | |
Cash flows from financing
activities: | |
| | | |
| | |
Proceeds from exercise of common stock warrants | |
| 14,182,137 | | |
| - | |
Proceeds from exercise of employee stock options | |
| 335,013 | | |
| 241,562 | |
Proceeds from employee stock purchases | |
| 131,246 | | |
| 102,638 | |
Proceeds from follow-on offering, net of underwriting
discounts and offering costs | |
| 56,258,027 | | |
| - | |
Proceeds from note payable, net of debt issuance
costs and discount of $2,429,917 | |
| 59,234,003 | | |
| - | |
Proceeds from an ATM offering, net of issuance
costs | |
| 7,356,107 | | |
| - | |
Payments for secondary registration statement
costs | |
| (34,054 | ) | |
| (99,540 | ) |
Payments for debt issuance costs | |
| - | | |
| (2,716 | ) |
Payments for finance
leases | |
| - | | |
| (2,449 | ) |
Net cash provided by financing activities | |
| 137,462,479 | | |
| 239,495 | |
Net change in cash and cash equivalents | |
| (203,974 | ) | |
| 7,667,145 | |
| |
| | | |
| | |
Cash and cash equivalents: | |
| | | |
| | |
Beginning of period | |
| 30,662,774 | | |
| 24,571,557 | |
End of period | |
$ | 30,458,800 | | |
$ | 32,238,702 | |
| |
| | | |
| | |
Supplemental disclosure
of cash flow information: | |
| | | |
| | |
Interest paid | |
$ | 2,500,897 | | |
$ | 1,554,103 | |
Supplemental disclosures
of non-cash investing and financing activities: | |
| | | |
| | |
Offering and registration statement costs included
in accounts payable | |
$ | 13,645 | | |
$ | 2,143 | |
Property and equipment included in accounts
payable | |
$ | - | | |
$ | 19,993 | |
Non-cash interest receivable | |
$ | 326,633 | | |
$ | - | |
Common stock warrants issued with note payable
transaction | |
$ | 1,228,911 | | |
$ | - | |
See
accompanying notes to the Condensed financial statements
CELCUITY
INC.
NOTES
TO CONDENSED FINANCIAL STATEMENTS (unaudited)
(For
the Three and Six Months Ended June 30, 2024 and 2023)
1.
Organization
Nature
of Business
Celcuity
Inc., a Delaware corporation (the “Company”), is a clinical-stage biotechnology company focused on development of
targeted therapies for treatment of multiple solid tumor indications. The Company’s lead therapeutic candidate is gedatolisib,
a potent pan-PI3K and mTOR inhibitor. Its mechanism of action and pharmacokinetic properties are highly differentiated from other
currently approved and investigational therapies that target PI3K or mTOR alone or together. A Phase 3 clinical trial, VIKTORIA-1,
evaluating gedatolisib in combination with fulvestrant with or without palbociclib in patients with HR+/HER2- advanced breast cancer
is currently enrolling patients. A Phase 1b/2 clinical trial, CELC-G-201, evaluating gedatolisib in combination with darolutamide in
patients with metastatic castration resistant prostate cancer, was initiated in the first quarter of 2024 and is currently enrolling
patients. A Phase 3 clinical trial, VIKTORIA-2, evaluating gedatolisib plus a CDK4/6 inhibitor and fulvestrant as first-line
treatment for patients with HR+/HER2- advanced breast cancer is expected to begin enrolling patients in the second quarter of 2025.
The Company was co-founded in 2012 by Brian F. Sullivan and Dr. Lance G. Laing and is based in Minnesota. The Company has not
generated any revenues to date.
2.
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Basis
of Presentation
The
accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10
of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10,
the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the
United States (“U.S. GAAP”). The balance sheet at December 31, 2023 was derived from the audited financial statements at
that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of
a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed
financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023
and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating
results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected during the remainder
of the current year or for any future period.
Accounting
Estimates
Management
uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates
and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported
revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject
to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.
Risks
and Uncertainties
The
Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and
commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the clinical and commercial
success of its initial drug product, gedatolisib, the need for substantial additional financing to achieve its goals, uncertainty of
broad adoption of its approved products, if any, by physicians and consumers, and significant competition.
Clinical
Trial Costs
The
Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers,
which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s
research and development expenses. The Company primarily relies on a compilation of progress reports from third-party service providers,
including the respective invoicing, to record actual expenses, along with determining changes to prepaid assets and accrued liabilities.
To date, the Company believes utilization of third-party reports most accurately reflects expenses incurred. As the current VIKTORIA-1
Phase 3 and CELC-G-201 Phase 1b/2 trials ramp up site activation and patient enrollment, the Company’s estimated expenses in future
periods and actual services performed may vary from these estimates, and these estimates may become more significant. Changes in these
estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s
results of operations.
3.
Net Loss Per Common Share
Basic
and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average
common shares outstanding during the period. For all periods presented, the common shares underlying the preferred stock, options, warrants,
and restricted stock have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average
shares outstanding used to calculate both basic and diluted loss per common share are the same.
The
following table summarizes the potentially-dilutive shares excluded from the diluted weighted-average shares outstanding:
Schedule
of Potentially-Dilutive Shares Excluded from Diluted Weighted-Average Shares Outstanding
| |
| | |
| |
| |
June
30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Preferred stock on an as-if-converted
to common stock basis | |
| 3,175,770 | | |
| 10,858,730 | |
Options to purchase common stock | |
| 3,266,969 | | |
| 2,185,567 | |
Warrants to purchase common stock | |
| 5,600,234 | | |
| 7,266,102 | |
Restricted common stock | |
| 1,079 | | |
| 1,958 | |
Total | |
| 12,044,052 | | |
| 20,312,357 | |
Pre-funded
warrant shares of 5,747,787 and zero are included in the computation of basic and diluted net loss per share for the three and six months
ended June 30, 2024, and June 30, 2023, respectively, as the pre-funded warrants are exercisable for nominal consideration.
4.
Investments
Debt
securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and reported
at historical cost adjusted for amortization of premiums and accretion of discounts. Expected credit losses, if any, are recorded through
the establishment of an allowance for credit losses. All of the Company’s held-to-maturity
investment securities are U.S. Treasury and agencies securities that are guaranteed or otherwise
supported by the United States government and have no history of credit losses. Accordingly, the Company does not expect to incur any
credit losses on held-to-maturity investment securities and has no allowance
for credit losses recorded for these securities.
The
following tables summarize the Company’s held-to-maturity investment securities at amortized cost as of June 30, 2024 and December
31, 2023:
Schedule
of Investment
| |
| | |
| | |
| | |
| |
| |
June
30, 2024 | |
| |
Amortized
Cost, as Adjusted | | |
Gross
Unrealized Holding Gains | | |
Gross
Unrealized Holding Losses | | |
Estimated
Fair Value | |
| |
| | |
| | |
| | |
| |
U.S. Treasury
Bills | |
$ | 252,609,622 | | |
$ | 5,271 | | |
$ | - | | |
$ | 252,614,893 | |
Total | |
$ | 252,609,622 | | |
$ | 5,271 | | |
$ | - | | |
$ | 252,614,893 | |
| |
| | |
| | |
| | |
| |
| |
December
31, 2023 | |
| |
Amortized
Cost, as Adjusted | | |
Gross
Unrealized Holding Gains | | |
Gross
Unrealized Holding Losses | | |
Estimated
Fair Value | |
| |
| | |
| | |
| | |
| |
U.S. Treasury
Bills | |
$ | 149,919,974 | | |
$ | 30,995 | | |
$ | - | | |
$ | 149,950,969 | |
Total | |
$ | 149,919,974 | | |
$ | 30,995 | | |
$ | - | | |
$ | 149,950,969 | |
The
fair value of the Company’s held-to-maturity debt securities is determined based upon inputs, other than the quoted prices in active
markets, that are observable either directly or indirectly and are classified as level 2 fair value instruments.
5.
Commitments
Operating
and Finance Leases
The
Company leases its corporate space in Minneapolis, Minnesota, with an operating lease in place through April 30, 2026. The lease provides
for monthly rent, real estate taxes, and operating expenses. Rent expense is recorded on a straight-line basis over the lease term.
Clinical
Research Studies
The
Company enters into contracts in the normal course of business to conduct research and development programs internally and through third
parties that include, among others, arrangements with vendors, consultants, CMO’s, and CRO’s. The Company currently has two
Phase 2 clinical trial agreements in place to evaluate targeted therapies selected with one of our CELsignia tests. Timing of milestone
payments related to the Phase 2 clinical trials are uncertain and the contracts generally provide for termination following a certain
period after notice, therefore the Company believes that non-cancelable obligations under the agreements are not material. The Company
also has a license agreement in place with Pfizer to research, develop, manufacture and commercialize gedatolisib. In conjunction with
the license agreement, the Company continued a Phase 1b study – B2151009 related to gedatolisib. These patients subsequently transitioned
to an Expanded Access study – CELC-G-001. Contracts related to the Phase 1B and the Expanded Access studies are generally based
on time and material. In addition, contracts related to the Company’s Phase 3 clinical study (VIKTORIA-1) and Phase 1b/2 clinical
study (CELC-G-201) are generally cancelable with reasonable notice within 120 days and the Company’s obligations under these contracts
are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the
respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders
executed by the parties. As of June 30, 2024, the Company had two material non-cancelable contractual commitments with respect to these
arrangements, which totaled approximately $1.8 million.
6.
Stockholders’ Equity
Capital
Stock
At
December 31, 2023, the Company’s authorized capital stock consisted of 65,000,000 shares of $.001 par value common stock, of which
25,506,012 shares were outstanding, and 2,500,000 shares of $.001 par value preferred stock, of which 854,134 shares were outstanding.
On
January 15, 2024, one of the Company’s preferred shareholders elected to convert 224,244 shares of Series A Convertible Preferred
Stock into 2,242,440 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis
of the shares transferred is $5.75 per share.
On
March 14, 2024, one of the Company’s preferred shareholders elected to convert 50,000 shares of Series A Convertible Preferred
Stock into 500,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of
the shares transferred is $5.75 per share.
On
March 15, 2024, one of the Company’s investors exercised 1,739,080 of common stock warrants at an exercise price of $8.05, which
generated approximately $14 million in cash. The warrants were issued pursuant to the Securities Purchase Agreement dated May 15, 2022,
that closed and was funded on December 9, 2022.
Additional common stock warrants of 3,683 from several investors were exercised, which
generated approximately $9,000 in cash in the first quarter of 2024. The 3,683 common stock warrants were net of shares withheld for
exercise price.
On
March 19, 2024, one of the Company’s preferred shareholders elected to convert 43,913 shares of Series A Convertible Preferred
Stock into 439,130 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of
the shares transferred is $5.75 per share.
On
March 26, 2024, one of the Company’s preferred shareholders elected to convert 30,700 shares of Series A Convertible Preferred
Stock into 307,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of
the shares transferred is $5.75 per share.
On
May 31, 2024, one of the Company’s preferred shareholders elected to convert 100,000 shares of Series A Convertible Preferred Stock
into 1,000,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of the
shares transferred is $5.75 per share.
On
June 26, 2024, one of the Company’s preferred shareholders elected to convert 87,700 shares of Series A Convertible Preferred Stock
into 877,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of the shares
transferred is $5.75 per share.
Common
stock warrants of 19,390 from several investors were exercised, which generated approximately $173,000 in cash in the second quarter
of 2024. The 19,390 common stock warrants were net of shares withheld for exercise price.
At
June 30, 2024, the Company’s authorized capital stock consisted of 65,000,000 shares of common stock, of which 37,014,751 shares
were outstanding, and 2,500,000 shares of preferred stock, including 1,850,000 shares designated as Series A Preferred Stock, of which
317,577 shares were outstanding. As of June 30, 2024, no dividends have been declared on the Company’s capital stock.
Sale
and Issuance of Stock
On
April 22, 2024, pursuant to an Open Market Sale AgreementSM with Jefferies LLC, as agent, the Company sold 285,714
shares of Common Stock
in a single transaction at a price of $17.50
per share, generating
gross proceeds of $5.0
million.
On
May 8, 2024, pursuant to an Open Market Sale Agreement with Jefferies LLC, as agent, the Company sold 149,700 shares of Common Stock
in a single transaction at a price of $17.65 per share, generating gross proceeds of $2.6 million.
Commissions
and other offering expenses related to the Open Market Sale Agreement transactions were $0.3 million.
On
May 30, 2024, the Company entered into an underwriting agreement with Leerink Partners LLC, TD Securities (USA) LLC and Stifel, Nicolaus
& Company, Incorporated as representatives of the several underwriters relating to the issuance and sale of 3,871,000 shares of Common
Stock, at a price to the public of $15.50, generating gross proceeds of approximately $60 million. The offering closed on May 31, 2024
and resulted in net proceeds to the Company of approximately $56.3 million after deducting underwriting discounts and other offering
expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate
purposes, which may include capital expenditures, research and development expenditures, clinical trial expenditures, expansion of business
development activities and other general corporate purposes.
7.
Stock-Based Compensation
The
following table summarizes the activity for all stock options outstanding for the six months ended June 30:
Schedule
of Stock Options Activity
| |
2024 | | |
2023 | |
| |
Shares | | |
Weighted
Average Exercise Price | | |
Shares | | |
Weighted
Average Exercise Price | |
Options outstanding at beginning
of year | |
| 2,815,392 | | |
$ | 7.95 | | |
| 1,976,586 | | |
$ | 6.34 | |
Granted | |
| 552,179 | | |
| 15.77 | | |
| 310,798 | | |
| 10.74 | |
Exercised | |
| (52,747 | ) | |
| 6.35 | | |
| (45,208 | ) | |
| 5.34 | |
Forfeited | |
| (47,855 | ) | |
| 10.19 | | |
| (56,609 | ) | |
| 7.67 | |
Balance at June 30 | |
| 3,266,969 | | |
$ | 9.27 | | |
| 2,185,567 | | |
$ | 6.96 | |
| |
| | | |
| | | |
| | | |
| | |
Options exercisable
at June 30: | |
| 1,710,917 | | |
$ | 6.80 | | |
| 1,346,587 | | |
$ | 5.97 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Grant Date Fair Value for
options granted during the period: | |
| | | |
$ | 10.83 | | |
| | | |
$ | 7.42 | |
The
following table summarizes additional information about stock options outstanding and exercisable at June 30, 2024:
Schedule
of Stock Options Outstanding and Exercisable
Options
Outstanding | |
Options
Exercisable | |
Options
Outstanding | |
Weighted
Average Remaining Contractual Life | | |
Weighted
Average Exercise Price | | |
Aggregate
Intrinsic Value | | |
Options
Exercisable | | |
Weighted
Average Exercise Price | | |
Aggregate
Intrinsic Value | |
3,266,969 | |
| 7.84 | | |
$ | 9.27 | | |
$ | 23,463,751 | | |
| 1,710,917 | | |
$ | 6.80 | | |
$ | 16,452,728 | |
The
Company recognized stock-based compensation expense for stock options of $1,329,807 and $1,228,284 for the three months ended June 30,
2024 and 2023, respectively and $2,619,999 and $2,450,612 for the six months ended June 30, 2024 and 2023, respectively. In May 2022,
the Company modified the exercise price on 776,324 stock option awards to $5.50, the closing market price on the Nasdaq Capital Market
on May 17, 2022. The effect of this modification on stock-based compensation was $26,692 and $37,690 for the three months ending June
30, 2024 and 2023, respectively and $53,411 and $77,302 for the six months ending June 30, 2024 and 2023, respectively. The effect of
this modification on stock-based compensation over the remaining service period will be approximately $110,000. In December 2021, the
Company modified the exercise price on 311,000 stock option awards to $13.44, the closing market price on the Nasdaq Capital Market on
December 15, 2021. No director or officer awards were modified. The effect of this modification on stock-based compensation was $15,763
and $16,920 for the three months ended June 30, 2024 and 2023, respectively and $31,527 and $33,844 for the six months ending June 30,
2024 and 2023, respectively. The effect of this modification on stock-based compensation over the remaining service period will be approximately
$66,000. In May 2020, the Company modified the exercise price on 203,750 stock option awards to $5.10, the closing market price on the
Nasdaq Capital Market on May 14, 2020. No director or officer awards were modified. The effect of this modification on stock-based compensation
was $0 and $6,826 for the three months ended June 30, 2024 and 2023, respectively and $696 and $13,934 for the six months ending June
30, 2024 and 2023, respectively. The effect of this modification on stock-based compensation over the remaining service period will be
$0.
The
Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions
for the six months ended June 30:
Schedule
of Assumptions for Fair Value of Equity-based Awards
| |
2024 | | |
2023 | |
Risk-free interest rate | |
| 3.94%
- 4.71 | % | |
| 3.41%
- 4.14 | % |
Expected volatility | |
| 74.8
to 76.10 | % | |
| 78.0
to 79.8 | % |
Expected life (years) | |
| 5.25
to 6.09 | | |
| 5.25
to 6.08 | |
Expected
dividend yield | |
| 0 | % | |
| 0 | % |
The
inputs for the Black-Scholes valuation model require management’s significant assumptions. Prior to the Company’s initial
public offering, the price per share of common stock was determined by the Company’s board based on recent prices of common stock
sold in private offerings. Subsequent to the initial public offering, the price per share of common stock is determined by using the
closing market price on the Nasdaq Capital Market on the grant date. The risk-free interest rates are based on the rate for U.S. Treasury
securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life is
based on the simplified method in accordance with the SEC Staff Accounting Bulletin Nos. 107 and 110. The expected volatility is estimated
based on historical volatility information of peer companies that are publicly available in combination with the Company’s calculated
volatility since being publicly traded.
All
assumptions used to calculate the grant date fair value of non-employee options are generally consistent with the assumptions used for
options granted to employees. In the event the Company terminates any of its consulting agreements, the unvested options issued in connection
with the agreements would also be cancelled.
Restricted
stock awards were granted to members of the Company’s board during the three months ended June 30, 2024 and 2023. The Company had
1,079 and 1,958 shares of restricted stock outstanding as of June 30, 2024 and 2023, respectively, and 1,958 and 3,273 shares of restricted
stock vested during the three months ended June 30, 2024 and 2023. The Company recognized stock-based compensation expense for restricted
stock of $8,475 and $4,052 for the three months ended June 30, 2024 and 2023, respectively and $13,325 and $8,694 for the six months
ended June 30, 2024 and 2023, respectively.
The
Company initially reserved a maximum of 750,000 shares of common stock for issuance under the 2017 Amended and Restated Stock Incentive
Plan (the “2017 Plan”). The number of shares reserved for issuance was automatically increased by 102,998, 149,189, 216,673,
and 255,060 shares on January 1, 2021, 2022, 2023, and 2024, respectively, and will increase automatically on January 1 of each year
from 2025 through 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of Company common stock as
of the immediately preceding December 31. However, the Company’s board may reduce the amount of the increase in any particular
year.
At
the Annual Meeting held on May 12, 2021 and May 12, 2022, the stockholders approved a one-time, 500,000 increase each year for a total
of 1,000,000 increase, to the number of shares reserved for issuance under the 2017 Plan. At the Annual Meeting held on May 11, 2023
and May 9, 2024, the stockholders approved a one-time, 1,500,000 increase each year for a total of 3,000,000 increase, to the number
of shares reserved for issuance under the 2017 Plan. The total remaining shares available for grant under the Company’s 2017 Plan
as of June 30, 2024 was 2,267,956.
Total
unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized at June 30, 2024:
Schedule
of Unrecognized Compensation Cost
| |
| | |
2024 | |
$ | 2,883,195 | |
2025 | |
| 4,356,405 | |
2026 | |
| 3,048,001 | |
2027 | |
| 2,065,139 | |
2028 | |
| 244,019 | |
Total
estimated compensation cost to be recognized | |
$ | 12,596,759 | |
The
Company recognized stock-based compensation expense related to its employee stock purchase plan of $72,230 and $44,646 for the three
months ended June 30, 2024 and 2023, respectively and $108,534 and $90,958 for the six months ended June 30, 2024 and 2023, respectively.
The Company initially reserved a total of 100,000 shares for issuance under the employee stock purchase plan. The number of shares reserved
for issuance was automatically increased by 51,499, 74,594, 108,337, and 127,530 shares on January 1, 2021, 2022, 2023, and 2024, respectively,
and will increase automatically on each subsequent January 1 by the number of shares equal to 0.5% of the total outstanding number of
shares of Company common stock as of the immediately preceding December 31. However, the Company’s board may reduce the amount
of the increase in any particular year. The total remaining shares available for issuance under the employee stock purchase plan as of
June 30, 2024 was 373,739.
The
Company recognized total stock-based compensation expense as follows for the three and six months ended June 30:
Schedule
of Stock-based Compensation Expenses
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months
Ended | | |
Six Months
Ended | |
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Stock-based compensation expense in operating
expenses: | |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | 978,037 | | |
$ | 639,511 | | |
$ | 1,810,216 | | |
$ | 1,293,982 | |
General
and administrative | |
| 432,475 | | |
| 637,471 | | |
| 931,642 | | |
| 1,256,282 | |
Total | |
$ | 1,410,512 | | |
$ | 1,276,982 | | |
$ | 2,741,858 | | |
$ | 2,550,264 | |
8.
Debt
On
May 30, 2024, the Company entered into an Amended and Restated Loan and Security Agreement (the “A&R Loan Agreement”)
with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”), as collateral agent, and the
Lenders including Innovatus in its capacity as a Lender and Oxford Finance LLC (“Oxford”), pursuant to which Innovatus and
Oxford, as Lenders, have agreed to make certain term loans (“Term Loans”) to the Company in the aggregate principal amount
of up to $180 million. The A&R Loan Agreement amends and restates, in its entirety, that certain Loan and Security Agreement, dated
April 8, 2021, as amended, between the Company and Innovatus, as collateral agent, and the Lenders named therein.
Funding
of the first $100 million under the A&R Loan Agreement occurred on May 30, 2024, including tranche payments of $16.8 million (the
“Term A Loan”) and $21.5 million (the “Term B Loan”) reflecting repayment of the principal amount of loans under
the Prior Loan Agreement plus accrued payment-in-kind interest, in addition to $61.7 million of new borrowings (the “Term C Loan”).
The Company will be eligible to draw on a fourth tranche of $30 million (the “Term D Loan”) and fifth tranche of $50 million
(the “Term E Loan”), in each case upon achievement of certain clinical trial milestones and satisfaction of certain financial
covenants determined on a pro forma as-funded basis. The Lenders may, in their sole discretion upon the Company’s request, make
additional term loans to the Company of $45 million (the “Term F Loan”). Funding of these additional tranches is also subject
to other customary conditions and limits on when the Company can request funding for such tranches. Costs associated with the new borrowings
was approximately $2.4 million.
The
Company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met.
The Term Loans will mature on May 1, 2029 and will bear interest at a rate equal to the sum of (a) the greater of (i) the Prime Rate
(as defined in the A&R Loan Agreement) or (ii) 7.75%, plus (b) 2.85%, provided that 1.0% of such interest will be payable in-kind
by adding an amount equal to such 1.0% of the outstanding principal amount to the then outstanding principal balance on a monthly basis
through May 31, 2027. The A&R Loan Agreement is secured by all assets of the Company. Proceeds will be used for working capital purposes
and to fund the Company’s general business requirements, including the Phase 3 VIKTORIA-2 clinical trial. The A&R Loan Agreement
contains customary representations and warranties and covenants, subject to customary carve-outs, and includes financial covenants related
to liquidity and other financial measures. Innovatus has the right, at its election and until August 9, 2025, to convert
up to 20% of the outstanding principal of the Term A Loan into shares of the Company’s common stock at a price per share of $10.00
(the “Conversion Right”). Innovatus will continue to have the right to exercise a previously disclosed warrant granted to
it under the Prior Loan Agreement to purchase 26,042 shares of common stock at a price per share of $14.40 through April 8, 2031.
The
A&R Loan Agreement contains a Final Fee, which is equal to 4.5%
of the initial funding of the agreement and is due on the
earliest to occur of (a) the Maturity Date, (b) the acceleration of any Term Loan, and (c) the prepayment of the Term Loans. There
is also a contingent non-utilization fee for both the Term D and Term E loans. If the Company achieves the Term D Milestone and (i)
fails to draw the full amount of the Term D Loan during the Term D Draw Period and (ii) fails to notify Collateral Agent, at any
time before the date that is four weeks after the Company’s achievement of the Term D Milestone, of the Company’s intent
not to draw the full amount of the Term D Loan, a non-utilization fee of $900,000,
with respect to the Term D Loan shall become due and payable on the earliest of (i) the termination of the Term D Draw Period, (ii)
the Maturity Date, (iii) the acceleration of any Term Loan, and (iv) the prepayment in whole of the Term Loans. If the Company
achieves the Term E Milestone and (i) fails to draw the full amount of the Term E Loan during the Term E Draw Period and (ii) fails
to notify Collateral Agent, at any time before the date that is four weeks after the Company’s achievement of the Term E
Milestone, of the Company’s intent not to draw the full amount of the Term E Loan, a non-utilization fee of $1,500,000,
with respect to the Term E Loan shall become due and payable on the earliest of (i) the termination of the Term E Draw Period, (ii)
the Maturity Date, (iii) the acceleration of any Term Loan, and (iv) the prepayment in whole of the Term Loans. After the 18-month
anniversary of the Effective Date, the Company shall have the option to prepay all, but not less than all, of the Term Loans
advanced by the Lenders under the A&R Loan Agreement, provided the Company (i) provides written notice to Collateral Agent of
its election to prepay the Term Loans at least seven Business Days prior to such prepayment, and (ii) pays to Lenders on the date of
such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all
outstanding principal of the Term Loans plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Fee, (C)
the Prepayment Fee, plus (D) all other outstanding Obligations that are due and payable, including, without limitation,
Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. At May 30, 2024, the Company
recognized the Final Fee of $4.5
million as additional debt principal and a corresponding debt discount to be amortized over the life of the loan.
In
connection with the funding of each of the Term C Loan, the Term D Loan, the Term E Loan and the Term F Loan, the Company agreed to issue
to Innovatus and Oxford warrants to purchase that number of shares of the Company’s common stock equal to 2.5% of the principal
amount of the applicable Term Loan divided by the exercise price, which shall, with respect to the Term C Loan, be equal to the lower
of (i) the volume weighted average closing price of the Company’s common stock for the five-trading day period ending on the last
trading day immediately preceding the execution of the A&R Loan Agreement or (ii) the closing price on the last trading day immediately
preceding the execution of the A&R Loan Agreement. Accordingly, on May 30, 2024, the Company issued 103,876 warrants with an exercise
price of $14.84 per share. The relative fair value of the warrants was approximately $1.2 million. For the additional Term Loans, the
exercise price will be based on the lower of (i) the exercise price for the Warrants issued pursuant to the Term C Loan or (ii) the volume
weighted average closing price of the Company’s common stock for the five-trading day period ending on the last trading day immediately
preceding the applicable Term Loan funding. The Warrants may be exercised on a cashless basis and are exercisable through the tenth anniversary
of the applicable funding date. The number of shares of common stock for which each Warrant is exercisable and the associated exercise
price are subject to certain proportional adjustments as set forth in such Warrant.
The
Company evaluated the change of terms under ASC 470-50, “Debt – Modification and Extinguishment”, and concluded the
change in terms did not result in significant and consequential changes to the economic substance of the debt and thus resulted in a
modification of the debt and not an extinguishment of the debt.
Long-term
debt consisted of the following at June 30, 2024 and December 31, 2023:
Schedule
of Long-term Debt
| |
June
30, 2024 | | |
December
31, 2023 | |
Note payable | |
$ | 100,000,000 | | |
$ | 35,000,000 | |
Add: Final fee | |
| 4,500,000 | | |
| - | |
Add: PIK interest (added
to principal) | |
| 87,676 | | |
| 2,565,660 | |
Less: unamortized debt
issuance costs | |
| (2,089,840 | ) | |
| (480,810 | ) |
Less: unamortized debt
discount | |
| (6,304,664 | ) | |
| (49,439 | ) |
Total long-term debt | |
$ | 96,193,172 | | |
$ | 37,035,411 | |
Future
principal payments, including the incurred PIK interest and final fee, are as follows:
Schedule
of Long Term Debt Future Principal Payments
| |
Years
Ending December 31, | |
| |
| |
2027 | |
$ | 30,461,467 | |
2028 | |
| 52,219,657 | |
2029 | |
| 21,906,552 | |
Total | |
$ | 104,587,676 | |
ITEM
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
You
should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed
financial statements and the related notes appearing under Item 1 of Part I of this Quarterly Report on Form 10-Q (this “Quarterly
Report”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including
information with respect to our plans and strategy for our business and expected financial results, includes forward-looking statements
that involve risks and uncertainties. You should review the “Risk Factors” discussed in our Annual Report on Form 10-K for
the year ended December 31, 2023, filed with the SEC on March 27, 2024, and the cautionary statements elsewhere in this Quarterly Report
for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by
the forward-looking statements contained in the following discussion and analysis.
Overview
Celcuity
is a clinical-stage biotechnology company focused on the development of targeted therapies for treatment of multiple solid tumor indications. The
Company’s lead therapeutic candidate is gedatolisib, a pan-PI3K/mTOR inhibitor. Its mechanism of action and pharmacokinetic
properties are highly differentiated from other currently approved and investigational therapies that target PI3K or mTOR alone or
together. In 2022, the Company began enrolling patients in VIKTORIA-1, a Phase 3 study evaluating gedatolisib and fulvestrant with
and without Ibrance® (palbociclib) as second line treatment for patients with HR+, HER2- advanced breast cancer. In early 2024,
the Company began enrolling patients in CELC-G-201, a Phase 1b/2 study evaluating gedatolisib combined with Nubeqa®
(darolutamide) in patients with metastatic castration resistant prostate cancer (mCRPC). In May 2024, the Company announced plans to
initiate VIKTORIA-2, a Phase 3 trial evaluating gedatolisib combined with fulvestrant plus a CDK 4/6 inhibitor as first-line
treatment for patients with HR+, HER2- advanced breast cancer. The first patient is expected to be enrolled in the second quarter of
2025. The Company’s CELsignia companion diagnostic platform is uniquely able to analyze live patient tumor cells to identify
new groups of cancer patients likely to benefit from already approved targeted therapies.
Gedatolisib
is a potent, well-tolerated, reversible, ATP-competitive, pan-PI3K/mTOR inhibitor that selectively targets all Class I isoforms of PI3K
and mammalian target of rapamycin (mTOR). In April 2021, we obtained exclusive global development and commercialization rights to gedatolisib
under a license agreement with Pfizer, Inc. We believe gedatolisib’s unique mechanism of action, differentiated chemical structure,
favorable pharmacokinetic properties, and intravenous formulation offer distinct advantages over currently approved and investigational
therapies that target PI3K or mTOR alone or together.
|
● |
Overcomes
limitations of therapies that only inhibit a single Class I PI3K isoform or only one mTOR kinase complex. |
|
|
Gedatolisib
is a pan-class I isoform PI3K inhibitor with low nanomolar potency for the p110α, p110β, p110γ, and p110δ
isoforms and mTORC1 and mTORC2 complexes. Each PI3K isoform and mTOR complex is known to preferentially affect different signal transduction
events that involve tumor cell survival, depending upon the aberrations associated with the linked pathway. When a therapy only inhibits
a single Class I isoform (e.g., alpelisib, a PI3K-α inhibitor) or only one mTOR kinase complex (e.g., everolimus, an mTORC1
inhibitor), numerous feedforward and feedback loops between the PI3K isoforms and mTOR complexes cross-activate the uninhibited sub-units.
This, in turn, induces compensatory resistance that can reduce the efficacy of isoform specific PI3K or single mTOR kinase complex
inhibitors. Inhibiting all four PI3K isoforms and both mTOR complexes, as gedatolisib does, thus prevents the confounding effect
of isoform interaction that may occur with isoform-specific PI3K inhibitors and the confounding interaction between PI3K isoforms
and mTOR. |
|
● |
Better
tolerated by patients than oral PI3K and mTOR drugs. |
|
|
Gedatolisib
is administered intravenously (IV) on a four-week cycle of three weeks-on, one week-off, in contrast to the orally administered pan-PI3K
or dual PI3K/mTOR inhibitors that are no longer being clinically developed. Oral pan-PI3K or PI3K/mTOR inhibitors have repeatably
been found to induce significant side effects that were not well tolerated by patients. This typically leads to a high proportion
of patients requiring dose reductions or treatment discontinuation. The challenging toxicity profile of these drug candidates ultimately
played a significant role in the decisions to halt their development, despite showing promising efficacy. By contrast, gedatolisib
stabilizes at lower concentration levels in plasma compared to orally administered PI3K inhibitors, resulting in less toxicity, while
maintaining concentrations sufficient to inhibit PI3K/mTOR signaling. |
|
|
Isoform-specific
PI3K inhibitors administered orally were developed to reduce toxicities in patients. While the range of toxicities associated with
isoform-specific inhibitors is narrower than oral pan-PI3K or PI3K/mTOR inhibitors, administering them orally on a continuous basis
still leads to challenging toxicities. The experience with an FDA approved oral p110-α specific inhibitor, Piqray, illustrates
the challenge. In its Phase 3 pivotal trial Piqray was found to induce a Grade 3 or 4 adverse event (AE) related to hyperglycemia
in 39% of patients evaluated. In addition, 26% of patients discontinued alpelisib due to treatment related adverse events. By contrast,
in the 103-patient dose expansion portion of the Phase 1b clinical trial with gedatolisib, only 7% of patients experienced Grade
3 or 4 hyperglycemia and less than 9% discontinued treatment. |
As
of June 30, 2024, 492 patients with solid tumors have received gedatolisib in eight completed clinical trials. Of the 492 patients, 129
were treated with gedatolisib as a single agent in three clinical trials. The remaining 363 patients received gedatolisib in combination
with other anti-cancer agents in five clinical trials. Additional patients received gedatolisib in combination with other anti-cancer
agents in nine investigator sponsored clinical trials.
A
Phase 1b trial (B2151009) evaluating patients with HR+/HER2- metastatic breast cancer was initiated in 2016 and subsequently enrolled
138 patients. Four patients from this study continue to receive study treatment, as of June 30, 2024, each of whom have received study
treatment for more than five years. The B2151009 clinical was an open label, multiple arm Phase 1b study that evaluated gedatolisib in
combination with palbociclib (CDK4/6 inhibitor) and fulvestrant or letrozole in patients with HR+/HER2- advanced breast cancer. Thirty-five
patients were enrolled in two dose escalation arms to evaluate the safety and tolerability and to determine the maximum tolerated dose
(MTD) of gedatolisib when used in combination with the standard doses of palbociclib and endocrine therapy (letrozole or fulvestrant).
The MTD was determined to be 180 mg administered intravenously once weekly. A total of 103 patients were subsequently enrolled in one
of four expansion arms (A, B, C, D).
High
objective overall response rates (ORR) were observed in all four expansion arms and were comparable in each arm for PIK3CA WT and
PIK3CA MT patients. As of the data cut-off date, March 16, 2023, for treatment- naïve patients in Escalation Arm A and
Expansion Arm A (n=41), median progression free survival (mPFS) was 48.6 months, median duration of response (mDOR) was 46.9 months,
and ORR was 79%, respectively. This data compares favorably to published data for current first-line standard-of-care treatments for
patients with HR+, HER2- advanced breast cancer. In patients who received prior hormonal therapy alone or in combination with a
CDK4/6 inhibitor (Arms B, C, and D), ORR (including unconfirmed partial responses) ranged from 36% to 77%. Each arm achieved its
primary endpoint target, which was reporting higher ORR in the study arm than ORR from either the PALOMA-2 (ORR=55%) study that
evaluated palbociclib plus letrozole for Arm A or the PALOMA-3 study (ORR=25%) that evaluated palbociclib plus fulvestrant for Arms
B, C, and D. For all enrolled patients, a clinical benefit rate (CBR) of ≥ 79% was observed. Median progression-free survival
(PFS) was 12.9 months for patients who received a prior CDK4/6 inhibitor and were treated in the study with the Phase 3 dosing
schedule (Arm D).
Gedatolisib
combined with palbociclib and endocrine therapy demonstrated a favorable safety profile with manageable toxicity. The majority of treatment
emergent adverse events were Grade 1 and 2. The most frequently observed adverse events included stomatitis/mucosal inflammation, the
majority of which were Grade 1 and 2. The most common Grade 4 AEs were neutropenia and neutrophil count decrease, which were assessed
as related to treatment with palbociclib. No grade 5 events were reported in this study.
We
are currently enrolling patients in a Phase 3, open-label, randomized clinical trial (VIKTORIA-1) to evaluate the efficacy and safety
of two regimens in adults with HR+/HER2- advanced breast cancer whose disease has progressed after prior CDK4/6 therapy in combination
with an aromatase inhibitor: 1) gedatolisib in combination with palbociclib and fulvestrant; and 2) gedatolisib in combination with fulvestrant.
Approximately two hundred clinical sites in North America, Europe, South America, Asia, and Australia have been selected to participate
in the study. The first clinical site was activated in the third quarter of 2022, and the first patient was dosed in December 2022.
The
VIKTORIA-1 clinical trial will enable separate evaluation of subjects according to their PIK3CA status. Subjects who meet
eligibility criteria and are PIK3CA WT will be randomly assigned (1:1:1) to receive a regimen of either gedatolisib, palbociclib,
and fulvestrant (Arm A), gedatolisib and fulvestrant (Arm B), or fulvestrant (Arm C). Subjects who meet eligibility criteria and are
PIK3CA MT will be randomly assigned (3:3:1) to receive a regimen of either gedatolisib, palbociclib, and fulvestrant (Arm D) or
alpelisib and fulvestrant (Arm E), or gedatolisib and fulvestrant (Arm F). Enrollment of the PIK3CA wild-type cohort is more than
80% complete and expected to reach the enrollment target during Q4 2024. The PIK3CA wild-type cohort represents approximately 60% of
the total patients enrolled to date in VIKTORIA-1. In light of this, we expect topline data for the PIK3CA WT cohort to shift
to sometime between late Q4 2024 and Q1 2025.
We
received approval from the FDA in mid-2023 to proceed with the clinical development of gedatolisib in combination with Nubeqa® (darolutamide),
an approved androgen receptor inhibitor, for the treatment of patients with mCRPC. We have since initiated a Phase 1b/2 study (CELC-G-201)
that will enroll up to 54 participants with mCRPC who progressed after treatment with an androgen receptor inhibitor. We dosed our first
patient in this trial in February 2024.
In
the Phase 1b portion of the study, Celcuity expects that 36 participants will be randomly assigned to receive 600 mg darolutamide combined
with either 120 mg gedatolisib in Arm 1 or 180 mg gedatolisib in Arm 2. An additional 12 participants will then be enrolled in the Phase
2 portion of the study at the recommended phase 2 dose (RP2D) level to enable evaluation of 30 participants treated with the RP2D of
gedatolisib.
The
primary objectives of the Phase 1b portion of the trial include assessment of the safety and tolerability of gedatolisib in combination
with darolutamide and determination of the recommended Phase 2 dose of gedatolisib. The primary objective of the Phase 2 portion of the
trial is to assess the radiographic progression-free survival (rPFS) at six months of patients who received the RP2D.
The
Phase 3 VIKTORIA-2 clinical trial, an open-label, randomized study to evaluate the efficacy and safety of gedatolisib combined with
fulvestrant plus a CDK4/6 inhibitor in comparison to fulvestrant plus a CDK4/6 inhibitor as first-line treatment for patients with
HR+/HER2- advanced breast cancer who are endocrine therapy resistant, will be initiated in 2025. For the CDK4/6 inhibitor,
investigators may choose either ribociclib or palbociclib. The safety profile of gedatolisib combined with fulvestrant and
palbociclib is well described, but the investigational combination of gedatolisib with ribociclib has not yet been clinically
tested. Therefore, a safety run-in of approximately 12-36 subjects will evaluate the safety profile of gedatolisib combined with
ribociclib and fulvestrant. The safety run-in will be completed, and gedatolisib’s Phase 3 dose confirmed, before enrolling
patients in the Phase 3 portion of the study.
For
the Phase 3 study, approximately 638 subjects who meet the eligibility criteria will be assigned to a cohort based on their PIK3CA mutation
status. After the investigator selects the CDK4/6 inhibitor for a subject, the subject will then be randomly assigned on a 1:1 basis
to either Arm A (gedatolisib, fulvestrant, and Investigator’s choice of ribociclib or palbociclib) or Arm B (fulvestrant and Investigator’s
choice of ribociclib or palbociclib).
The
clinical trial primary endpoints are progression free survival (PFS), per RECIST 1.1 criteria, as assessed by blinded independent central
review. The primary PFS endpoints will be evaluated separately in subjects who are PI3KCA wild type and PI3KCA mutant.
The
study’s design was reviewed and discussed with the U.S. Food and Drug Administration (FDA) during a Type C meeting. This
global trial is expected to enroll subjects at up to 200 clinical sites across North America, Europe, Latin America, and Asia.
Celcuity expects to enroll the first patient in the second quarter of 2025.
Recent
Developments
On
May 30, 2024, the Company announced plans to initiate a Phase 3 VIKTORIA-2 trial evaluating gedatolisib combined with fulvestrant plus
a CDK 4/6 inhibitor as first-line treatment for patients with HR+, HER2- advanced breast cancer. The first patient is expected to be
enrolled in the second quarter of 2025.
We
expect to reach our enrollment target for VIKTORIA-1 PIK3CA WT cohort in Q4 2024 and report topline data for this cohort in late Q4
2024 or Q1 2025.
During
the quarter, the Company raised $129.0 million in gross proceeds from equity and debt financings, which will provide sufficient cash
to finance our operations and pay obligations when due through 2026.
Results
of Operations
We
have not generated any revenue from sales to date, and we continue to incur significant research and development and other expenses related
to our ongoing operations. As a result, we are not and have never been profitable and have incurred losses in each period since our inception
in 2012. For the three months ended June 30, 2024 and 2023, we reported a net loss of approximately $23.7 million and $14.6 million,
respectively, and for the six months ended June 30, 2024, we reported a net loss of approximately $45.3 million and $26.5 million, respectively.
As of June 30, 2024, we had an accumulated deficit of approximately $205.4 million. As of June 30, 2024, we had cash and cash
equivalents and short-term investments of approximately $283.1 million.
Components
of Operating Results
Revenue
To
date, we have not generated any revenue. With the execution of the Pfizer license agreement in April 2021, whereby we acquired exclusive
world-wide licensing rights to develop and commercialize gedatolisib, we initiated a Phase 3 clinical trial, VIKTORIA-1, in 2022 to support
potential regulatory approval to market gedatolisib as a second line treatment for HR+, HER2- advanced breast cancer. In August 2023,
we announced plans to proceed with the clinical development of gedatolisib in combination with Nubeqa® (darolutamide), an approved
androgen receptor inhibitor, for the treatment of patients with mCRPC. In May 2024, we announced plans to initiate a Phase 3 clinical
trial, VIKTORIA-2, to evaluate gedatolisib plus a CDK4/6 inhibitor and fulvestrant as a first-line treatment for patients with HR+, HER2,
advanced breast cancer who are endocrine therapy resistant. If we obtain regulatory approvals to market gedatolisib, we expect to initially
generate revenue from sales of the drug for the treatment of breast cancer patients.
Research
and Development
Since
our inception, we have primarily focused on research and development of gedatolisib, a PI3K/mTOR targeted therapy and our CELsignia platform
and corresponding tests. Research and development expenses primarily include:
|
● |
employee-related
expenses related to our research and development activities, including salaries, benefits, recruiting, travel and stock-based compensation
expenses; |
|
● |
laboratory
supplies; |
|
● |
consulting
fees paid to third parties; |
|
● |
clinical
trial costs; |
|
● |
validation
costs for gedatolisib; |
|
● |
facilities
expenses; and |
|
● |
legal
costs associated with patent applications. |
Internal
and external research and development costs are expensed as they are incurred. As we continue development of gedatolisib and manage studies
and clinical trials, including the VIKTORIA-1 Phase 3 trial, the CELC-G-201 Phase 1b/2 trial, and other clinical trials to evaluate the
efficacy of targeted therapies in cancer patients selected with one of our CELsignia tests, the proportion of research and development
expenses allocated to external spending will grow at a faster rate than expenses allocated to internal expenses.
General
and Administrative
General
and administrative expenses consist primarily of salaries, benefits and stock-based compensation related to our executive, finance and
support functions. Other general and administrative expenses include professional fees for auditing, tax, and legal services associated
with being a public company, director and officer insurance, investor relations and travel expenses for our general and administrative
personnel.
Sales
and Marketing
Sales
and marketing expenses consist primarily of professional and consulting fees related to these functions. To date, we have incurred immaterial
sales and marketing expenses as we continue to focus primarily on the development of our first drug, gedatolisib, managing the VIKTORIA-1
Phase 3 and CELC-G-201 Phase 1b/2 trials. We would expect to begin to incur increased sales and marketing expenses in anticipation of
the commercialization of our first drug, gedatolisib. These increased expenses are expected to include employee-related, consulting costs
and professional fees.
Interest
Expense
Interest
expense is primarily due to a Loan Agreement.
Interest
Income
Interest
income consists of interest income earned on our cash, cash equivalents, and investment balances.
Results
of Operations
Comparison
of the Three Months Ended June 30, 2024 and 2023
| |
Three Months
Ended | | |
| |
| |
June
30, | | |
Increase
(Decrease) | |
| |
2024 | | |
2023 | | |
$ | | |
Percent
Change | |
Statements of Operations
Data: | |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | 22,496,975 | | |
$ | 13,746,082 | | |
$ | 8,750,893 | | |
| 64 | % |
General and administrative | |
| 1,786,111 | | |
| 1,309,403 | | |
| 476,708 | | |
| 36 | |
Total operating expenses | |
| 24,283,086 | | |
| 15,055,485 | | |
| 9,227,601 | | |
| 61 | |
Loss from operations | |
| (24,283,086 | ) | |
| (15,055,485 | ) | |
| (9,227,601 | ) | |
| 61 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (2,260,583 | ) | |
| (1,314,996 | ) | |
| (945,587 | ) | |
| 72 | |
Interest income | |
| 2,821,849 | | |
| 1,782,794 | | |
| 1,039,055 | | |
| 58 | |
Other income (expense),
net | |
| 561,266 | | |
| 467,798 | | |
| 93,468 | | |
| 20 | |
Net
loss before income taxes | |
| (23,721,820 | ) | |
| (14,587,687 | ) | |
| (9,134,133 | ) | |
| 63 | |
Income tax benefits | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
$ | (23,721,820 | ) | |
$ | (14,587,687 | ) | |
$ | (9,134,133 | ) | |
| 63 | % |
Comparison
of the Six Months Ended June 30, 2024 and 2023
| |
Six Months
Ended | | |
| |
| |
June
30, | | |
Increase
(Decrease) | |
| |
2024 | | |
2023 | | |
$ | | |
Percent
Change | |
Statements of Operations
Data: | |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | 43,144,534 | | |
$ | 25,024,575 | | |
$ | 18,119,959 | | |
| 72 | % |
General and administrative | |
| 3,632,387 | | |
| 2,578,447 | | |
| 1,053,940 | | |
| 41 | |
Total operating expenses | |
| 46,776,921 | | |
| 27,603,022 | | |
| 19,173,899 | | |
| 69 | |
Loss from operations | |
| (46,776,921 | ) | |
| (27,603,022 | ) | |
| (19,173,899 | ) | |
| 69 | |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense | |
| (3,661,295 | ) | |
| (2,557,008 | ) | |
| (1,104,287 | ) | |
| 43 | |
Interest income | |
| 5,103,941 | | |
| 3,633,926 | | |
| 1,470,015 | | |
| 40 | |
Other income (expense),
net | |
| 1,442,646 | | |
| 1,076,918 | | |
| 365,728 | | |
| 34 | |
Net
loss before income taxes | |
| (45,334,275 | ) | |
| (26,526,104 | ) | |
| (18,808,171 | ) | |
| 71 | |
Income tax benefits | |
| - | | |
| - | | |
| - | | |
| - | |
Net
loss | |
$ | (45,334,275 | ) | |
$ | (26,526,104 | ) | |
$ | (18,808,171 | ) | |
| 71 | % |
Research
and Development
Our
research and development expenses for the three months ended June 30, 2024 were approximately $22.5 million, representing an increase
of approximately $8.7 million, or 64%, compared to the same period in 2023. Of the $8.7 million increase in research and development
expense, $2.1 million was related to increased employee and consulting expenses. The remaining $6.6 million increase of research and
development costs are primarily related to costs supporting activities for the VIKTORIA-1 and CELC-G-201 pivotal trials.
Our
research and development expenses for the six months ended June 30, 2024 were approximately $43.1 million, representing an increase of
approximately $18.1 million, or 72%, compared to the same period in 2023. Of the $18.1 million increase in research and development expenses,
$3.5 million was related to increased employee and consulting expenses. The remaining $14.6 million increase of research and development
expenses is primarily related to costs supporting activities for the VIKTORIA-1 pivotal trial and other existing clinical trials.
Conducting
a significant amount of research and development is central to our business model. We plan to increase our research and development expenses
for the foreseeable future as we seek to develop gedatolisib, manage the VIKTORIA-1 Phase 3 and the CELC-G-201 Phase 1b/2 trials.
General
and Administrative
Our
general and administrative expenses for the three months ended June 30, 2024 were approximately $1.8 million, representing an increase
of approximately $0.5 million, or 36%, compared to the same period in 2023. Of the $0.5 million increase in general and administrative
expense, $0.3 million was related to increased employee and consulting expenses. The remaining $0.2 million of the $0.5 million increase
resulted from professional fees and other administrative expenses.
Our
general and administrative expenses for the six months ended June 30, 2024 were approximately $3.6 million, representing an increase
of approximately $1.1 million, or 41%, compared to the same period in 2023. Employee related expenses accounted for $0.6 million of the
$1.1 million increase. The remaining $0.5 million of the increase resulted from professional fees and other administrative expenses.
We
anticipate that our general and administrative expenses will increase in future periods, reflecting both increased costs in connection
with the potential future commercialization of gedatolisib, an expanding infrastructure, and increased professional fees associated with
public company regulatory developments and other compliance matters.
Interest
Expense
Interest
expense for the three months ended June 30, 2024 was $2.3 million and represents an increase of $0.9 million, or 72%, compared to the
same period in 2023. Interest expense is the result of a Loan Agreement that was executed in April 2021, amended in August 2022 and
March 2024, and further amended and restated in May 2024. The increase is due primarily to the incremental $61.7 million funding of
Term Loan C in May 2024. The $2.3 million of interest expense includes $0.6 million of non-cash interest expense.
Interest
expense for the six months ended June 30, 2024 was $3.7 million and represents an increase of $1.1 million, or 43%, compared to the same
period in 2023. The increase is due primarily to the incremental $61.7 million funding of Term Loan C in May 2024. The $3.7 million of
interest expense includes $1.2 million of non-cash interest expense.
Interest
Income
Interest
income for the three months ended June 30, 2024 was $2.8 million and represents an increase of $1.0 million compared to the same
period in 2023. The increase was primarily from the closing of additional equity and debt financing activities, leading to higher
cash, cash equivalents and short-term investment balances.
Interest
income for the six months ended June 30, 2024 was $5.1 million and represents an increase of $1.5 million compared to the same
period in 2023. The increase was primarily from the closing of additional equity and debt financing activities, leading to higher
cash, cash equivalents and short-term investment balances.
Liquidity
and Capital Resources
Since
our inception, we have incurred losses and cumulative negative cash flows from operations. Through June 30, 2024, we have funded our
operations primarily through private placements and registered offerings of our equity securities and unsecured convertible notes, and
borrowings under loan agreements. From inception through June 30, 2024, we raised an aggregate of approximately $367.8 million of net
proceeds through sales of our securities, and as of June 30, 2024 had $100.0 million of borrowings under loan agreements, not including
payable-in-kind interest. As of June 30, 2024, our cash and cash equivalents and short-term investments were approximately $30.5 million
and $252.6 million, respectively, and we had an accumulated deficit of approximately $205.4 million.
Pre-funded
Warrants. On October 18, 2023, the Company entered into a securities purchase agreement to sell pre-funded warrants at a price of
$8.70 per warrant, to purchase up to 5,747,787 shares of the Company’s common stock in a private placement. The closing of the
private placement occurred on October 20, 2023, and resulted in gross proceeds of approximately $50 million, before deducting offering
expenses of approximately $0.1 million.
Open
Market Sale Agreement. On February 4, 2022, we entered into an Open Market Sale Agreement with Jefferies LLC, as agent, pursuant
to which we may offer and sell, from time to time, through Jefferies, shares of our common stock having an aggregate offering price
of up to $50,000,000. On October 12, 2022, pursuant to this agreement, the Company sold 500,000 shares of common stock in a single
transaction at a price of $10.35 per share generating gross proceeds of $5.2 million ($4.8 million net of commissions and offering
expenses) On December 1, 2023, pursuant to this agreement, the Company sold 1,034,500 shares of common stock in a single
transaction at a price of $14.50 per share, generating gross proceeds of $15 million ($14.4 million net of commissions and offering
expenses). In April 2024 and May 2024, pursuant to the Open Market Sale Agreement with Jefferies LLC, as agent, the Company sold
285,714 and 149,700 shares of common stock, respectively, at an average selling price of $ 17.55 per share, generating gross
proceeds of $7.6 million before deducting commissions and other offering expenses of $0.3 million. At June 30, 2024, $22.2 million
of common stock remains available for sale under the Jefferies agreement.
Equity
Offering: On May 30, 2024, the Company entered into an underwriting agreement with Leerink Partners LLC, TD Securities (USA) LLC
and Stifel, Nicolaus & Company, Incorporated as representatives of the several underwriters relating to the issuance and sale of
3,871,000 shares of common stock, at a price to the public of $15.50, generating gross proceeds of approximately $60 million. The offering
closed on May 31, 2024 and resulted in net proceeds to the Company of approximately $56.3 million after deducting underwriting discounts
and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital
and general corporate purposes, which may include research and development expenditures, clinical trial expenditures,
expansion of business development activities and other general corporate purposes.
Loan
Agreement. On May 30, 2024, the Company entered into an Amended and Restated Loan and Security Agreement (the “A&R Loan
Agreement”) with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”), as collateral
agent, and the Lenders including Innovatus in its capacity as a Lender and Oxford Finance LLC (“Oxford”), pursuant to which
Innovatus and Oxford, as Lenders, have agreed to make certain term loans (“Term Loans”) to the Company in the aggregate principal
amount of up to $180 million. The A&R Loan Agreement amends and restates, in its entirety, that certain Loan and Security Agreement,
dated April 8, 2021, as amended, between the Company and Innovatus, as collateral agent, and the Lenders named therein.
Funding
of the first $100 million under the A&R Loan Agreement occurred on May 30, 2024, including tranche payments of $16.8 million (the
“Term A Loan”) and $21.5 million (the “Term B Loan”) reflecting repayment of the principal amount of loans under
the Prior Loan Agreement plus accrued payment-in-kind interest, in addition to $61.7 million of new borrowings (the “Term C Loan”).
The Company will be eligible to draw on a fourth tranche of $30 million (the “Term D Loan”) and fifth tranche of $50 million
(the “Term E Loan”), in each case upon achievement of certain clinical trial milestones and satisfaction of certain financial
covenants determined on a pro forma as-funded basis. The Lenders may, in their sole discretion upon the Company’s request, make
additional term loans to the Company of $45 million (the “Term F Loan”). Funding of these additional tranches is also subject
to other customary conditions and limits on when the Company can request funding for such tranches. Costs associated with the new borrowings was approximately $2.4 million.
The
Company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met.
The Term Loans will mature on May 1, 2029 and will bear interest at a rate equal to the sum of (a) the greater of (i) the Prime Rate
(as defined in the A&R Loan Agreement) or (ii) 7.75%, plus (b) 2.85%, provided that 1.0% of such interest will be payable in-kind
by adding an amount equal to such 1.0% of the outstanding principal amount to the then outstanding principal balance on a monthly basis
through May 31, 2027. The A&R Loan Agreement is secured by all assets of the Company. Proceeds will be used for working capital purposes
and to fund the Company’s general business requirements, including the Phase 3 VIKTORIA-2 clinical trial. The A&R Loan Agreement
contains customary representations and warranties and covenants, subject to customary carve-outs, and includes financial covenants related
to liquidity and other financial measures. Innovatus has the right, at its election and until August 9, 2025, to convert
up to 20% of the outstanding principal of the Term A Loan into shares of the Company’s common stock at a price per share of $10.00
(the “Conversion Right”). Innovatus will continue to have the right to exercise a previously disclosed warrant granted to
it under the Prior Loan Agreement to purchase 26,042 shares of common stock at a price per share of $14.40 through April 8, 2031.
The
A&R Loan Agreement contains a Final Fee, which is equal to 4.5%
of the initial funding of the agreement and is due on the earliest to occur of (a) the Maturity Date, (b) the acceleration of any
Term Loan, and (c) the prepayment of the Term Loans. There is also a contingent non-utilization fee for both the Term D and Term E
loans. If the Company achieves the Term D Milestone and (i) fails to draw the full amount of the Term D Loan during the Term D Draw
Period and (ii) fails to notify Collateral Agent, at any time before the date that is four weeks after the Company’s
achievement of the Term D Milestone, of the Company’s intent not to draw the full amount of the Term D Loan, a non-utilization
fee of $900,000,
with respect to the Term D Loan shall become due and payable on the earliest of (i) the termination of the Term D Draw Period, (ii)
the Maturity Date, (iii) the acceleration of any Term Loan, and (iv) the prepayment in whole of the Term Loans. If the Company
achieves the Term E Milestone and (i) fails to draw the full amount of the Term E Loan during the Term E Draw Period and (ii) fails
to notify Collateral Agent, at any time before the date that is four weeks after the Company’s achievement of the Term E
Milestone, of the Company’s intent not to draw the full amount of the Term E Loan, a non-utilization fee of $1,500,000,
with respect to the Term E Loan shall become due and payable on the earliest of (i) the termination of the Term E Draw Period, (ii)
the Maturity Date, (iii) the acceleration of any Term Loan, and (iv) the prepayment in whole of the Term Loans. After the 18-month
anniversary of the Effective Date, the Company shall have the option to prepay all, but not less than all, of the Term Loans
advanced by the Lenders under the A&R Loan Agreement, provided the Company (i) provides written notice to Collateral Agent of
its election to prepay the Term Loans at least seven Business Days prior to such prepayment, and (ii) pays to Lenders on the date of
such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all
outstanding principal of the Term Loans plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Fee, (C)
the Prepayment Fee, plus (D) all other outstanding Obligations that are due and payable, including, without limitation,
Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. At May 30, 2024, the Company
recognized the Final Fee of $4.5
million as additional debt principal and a corresponding debt discount to be amortized over the life of the loan.
In
connection with the funding of each of the Term C Loan, the Term D Loan, the Term E Loan and the Term F Loan, the Company agreed to issue
to Innovatus and Oxford warrants to purchase that number of shares of the Company’s common stock equal to 2.5% of the principal
amount of the applicable Term Loan divided by the exercise price, which shall, with respect to the Term C Loan, be equal to the lower
of (i) the volume weighted average closing price of the Company’s common stock for the five-trading day period ending on the last
trading day immediately preceding the execution of the A&R Loan Agreement or (ii) the closing price on the last trading day immediately
preceding the execution of the A&R Loan Agreement. Accordingly, on May 30, 2024, the Company issued 103,876 warrants with an exercise
price of $14.84 per share. The relative fair value of the warrants was approximately $1.2 million. For the additional Term Loans, the
exercise price will be based on the lower of (i) the exercise price for the Warrants issued pursuant to the Term C Loan or (ii) the volume
weighted average closing price of the Company’s common stock for the five-trading day period ending on the last trading day immediately
preceding the applicable Term Loan funding. The Warrants may be exercised on a cashless basis and are exercisable through the tenth anniversary
of the applicable funding date. The number of shares of common stock for which each Warrant is exercisable and the associated exercise
price are subject to certain proportional adjustments as set forth in such Warrant.
We
expect that our research and development and general and administrative expenses will increase as we continue to develop gedatolisib,
manage the VIKTORIA-1 Phase 3 and CELC-G-201 Phase 1b/2 trials, conduct
other studies and clinical trials, and pursue other business development activities. We would also expect to incur sales and marketing
expenses as we commercialize gedatolisib. We expect to use cash on hand, together with the funds to be received under the debt and equity
financings described above, to fund our research and development expenses, clinical trial costs, capital expenditures, working capital,
sales and marketing expenses, and general corporate expenses.
Based
on our current business plan, we believe that our current cash, cash equivalents and short-term investments together with available borrowings
under the Innovatus Loan Agreement will provide sufficient cash to finance our operations and pay obligations when due through 2026.
Our
expectations as to how long our current capital resources will be sufficient to fund our operations are based on assumptions that may
not be accurate, and we could use our current capital resources sooner than we currently expect. In addition, we may seek to raise additional
capital to finance capital expenditures and operating expenses over the next several years as we launch our integrated therapeutic and
companion diagnostic strategy and expand our infrastructure, commercial operations and research and development activities, and to take
advantage of financing or other opportunities that we believe to be in the best interests of the Company and our stockholders. Additional
capital may be raised through the sale of common or preferred equity or convertible debt securities, entry into debt facilities or other
third-party funding arrangements. The sale of equity and convertible debt securities may result in dilution to our stockholders and those
securities may have rights senior to those of our common shares. Agreements entered into in connection with such capital raising activities
could contain covenants that would restrict our operations or require us to relinquish certain rights. Additional capital may not be
available on reasonable terms, or not at all.
Cash
Flows
The
following table sets forth the primary sources and uses of cash for the six months ended June 30:
| |
2024 | | |
2023 | |
| |
| |
Net cash provided by (used in): | |
| | | |
| | |
Operating activities | |
$ | (35,135,062 | ) | |
$ | (22,529,890 | ) |
Investing activities | |
| (102,531,391 | ) | |
| 29,957,540 | |
Financing activities | |
| 137,462,479 | | |
| 239,495 | |
Net increase (decrease)
in cash and cash equivalents | |
$ | (203,974 | ) | |
$ | 7,667,145 | |
Operating
Activities
Net
cash used in operating activities was approximately $35.1 million for the six months ended June 30, 2024 and consisted primarily of a
net loss of approximately $45.3 million, offset by working capital changes of $6.9 million and non-cash expense items of approximately
$3.3 million. Non-cash expense items of approximately $3.3 million primarily consisted of $2.7 million of stock-based compensation expense
and net non-cash interest of $0.5 million. The approximately $6.9 million of working capital changes was primarily due to increases in
accrued expenses, accounts payable and other current assets.
Net
cash used in operating activities was approximately $22.5 million for the six months ended June 30, 2023 and consisted primarily of a
net loss of approximately $26.5 million offset by non-cash expense items of approximately $3.7 million and working capital changes
of $0.3 million. Non-cash expense items of approximately $3.7 million primarily consisted of $2.6 million of stock-based compensation
expense, non-cash interest expense of $1.0 million, and depreciation expense of $0.1 million. The approximately $0.3 million of working
capital changes was primarily due to approximately $0.2 million net increase in accounts payable and accrued expenses and approximately
$0.1 million decrease in other assets.
Investing
Activities
Net
cash used in investing activities for the six months ended June 30, 2024 was approximately $102.5 million and consisted primarily of
net purchases of short-term investments in government securities (U.S. Treasury Bills and U.S.
government agency).
Net
cash provided by investing activities for the six months ended June 30, 2023 was approximately $30.0 million and consisted primarily
of net proceeds from maturities of short-term investments in government securities (U.S. Treasury Bills and U.S. government securities)
and minimal purchase of property and equipment.
Financing
Activities
Net
cash provided by financing activities for the six months ended June 30, 2024 was approximately $137.5 million and consisted of net proceeds
of approximately $56.3 million from an equity offering, $59.2 million from incremental debt financing, $7.3 million from an at-the market
offering. The remaining $14.7 million consisted of proceeds from the exercise of common stock warrants, the exercise of employee stock
options and employee stock purchases.
Net
cash provided by financing activities for the six months ended June 30, 2023 was approximately $0.2 million and primarily consisted of
proceeds from the exercise of employee stock options and proceeds from employee stock purchases, slightly offset by payments for secondary
registration and debt issuance costs.
Recent
Accounting Pronouncements
From
time-to-time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies and
adopted by us as of the specified effective date. Unless otherwise discussed in Note 2 to our unaudited condensed financial statements
included in Item 1 of Part I of this Quarterly Report, we believe that the impact of recently issued standards that are not yet effective
will not have a material impact on our financial position or results of operations upon adoption.
Critical
Accounting Policies and Use of Estimates
Our
management’s discussion and analysis of financial condition and results of operations is based on our unaudited condensed financial
statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make
estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the financial statements, as well as the reported expenses during the reporting periods. These items are monitored and
analyzed by us for changes in facts and circumstances, and material changes in these estimates could occur in the future. We base our
estimates on historical experience and on various other factors that we believe are reasonable under the circumstances; the results of
which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other
sources. Changes in estimates are reflected in reported results for the period in which they become known. Actual results may differ
materially from these estimates.
Our
significant accounting policies are more fully described in Note 2 to our unaudited condensed financial statements included in Item 1
of Part I of this Quarterly Report.
Private
Securities Litigation Reform Act
The
Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Such forward-looking
information is included in this Quarterly Report and in other materials filed or to be filed by us with the SEC (as well as information
included in oral statements or other written statements made or to be made by us). Forward-looking statements include all statements
based on future expectations. This Quarterly Report contains forward-looking statements that involve risks and uncertainties including,
but not limited to, (i) our clinical trial plans and the estimated costs for such trials; (ii) our expectations with respect to our competitive
advantages, including the potential efficacy of gedatolisib in various patient types alone or in combination with other treatments; (iii)
our expectations regarding the timeline of patient enrollment and results from clinical trials, including our existing Phase 3 VIKTORIA-1
clinical trial and Phase 1b/2 study and clinical trial for gedatolisib, as well as our planned Phase 3 VIKTORIA-2 clinical trial for
gedatolisib; (iv) our expectations regarding our ability to obtain FDA approval to commercialize gedatolisib; (v) our expectations with
respect to the development, validation, required approvals, costs and timelines of gedatolisib and our CELsignia tests; (vi) our plans
with respect to research and development and related expenses for the foreseeable future; (vii) our beliefs about our ability to capitalize
on the exclusive global development and commercialization rights obtained from our license agreement with Pfizer with respect to gedatolisib;
(viii) the future payments that may be owed to Pfizer under the license agreement; (ix) our beliefs related to the perceived advantages
of our CELsignia tests compared to traditional molecular or other diagnostic tests; (x) our revenue expectations; (xi) our expectations
regarding business development activities, including collaborations with pharmaceutical companies; (xii) our expectations as to the use
of proceeds from our recent financing activities; (xiii) our expectations with respect to availability of capital, including accessing
our current debt facility or any other debt facility or other capital sources in the future, and our assumption that we will have adequate
authorized shares for future equity issuances; (xiv) our beliefs regarding the ability of our cash on hand to fund our research and development
expenses, capital expenditures, working capital, sales and marketing expenses, and general corporate expenses, as well as the increased
costs associated with being a public company; and (xv) our plans with respect to potentially raising capital.
In
some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,”
“potential,” “predict,” “project,” “should,” “will,” “would,”
or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking
statements are only predictions and are not guarantees of performance. These statements are based on our management’s beliefs and
assumptions, which in turn are based on their interpretation of currently available information.
These
statements involve known and unknown risks, uncertainties and other factors that may cause our results or our industry’s actual
results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these
forward-looking statements. Certain risks, uncertainties and other factors include, but are not limited to, our limited operating history;
our potential inability to develop, validate and commercialize gedatolisib on a timely basis or at all; the uncertainties and costs associated
with clinical studies and with developing and commercializing biopharmaceuticals; the complexity and difficulty of demonstrating the
safety and sufficient magnitude of benefit to support regulatory approval of gedatolisib and other products we may develop; challenges
we may face in developing and maintaining relationships with pharmaceutical company partners; the complexity and timeline for development
of CELsignia tests; the uncertainty and costs associated with clinical trials; the uncertainty regarding market acceptance by physicians,
patients, third-party payors and others in the medical community, and with the size of market opportunities available to us; the pricing
of molecular and other diagnostic products and services that compete with us; uncertainty with insurance coverage and reimbursement for
our CELsignia tests; difficulties we may face in managing growth, such as hiring and retaining
a qualified sales force and attracting and retaining key personnel; changes in government regulations; tightening credit markets and
limitations on access to capital; stock market volatility or other factors that may affect our ability to access capital on favorable
terms or at all; and obtaining and maintaining intellectual property protection for our technology and time and expense associated with
defending third-party claims of intellectual property infringement, investigations or litigation threatened or initiated against us.
These and additional risks, uncertainties and other factors are described more fully in our Annual Report on Form 10-K for the
year ended December 31, 2023 and elsewhere in this Quarterly Report. Copies of filings made with the SEC are available through the SEC’s
electronic data gathering analysis and retrieval system (EDGAR) at www.sec.gov.
You
should read the cautionary statements made in this Quarterly Report as being applicable to all related forward-looking statements wherever
they appear in this Quarterly Report. We cannot assure you that the forward-looking statements in this Quarterly Report will prove to
be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should read this
Quarterly Report completely. Other than as required by law, we undertake no obligation to update these forward-looking statements, even
though our situation may change in the future.
ITEM
3. Quantitative and Qualitative Disclosures about Market Risk
As
a smaller reporting company, we are not required to provide disclosure pursuant to this item.
ITEM
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Our
Chief Executive Officer and Chief Financial Officer, referred to collectively herein as the Certifying Officers, are responsible for
establishing and maintaining our disclosure controls and procedures. The Certifying Officers have reviewed and evaluated the effectiveness
of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) as of June 30, 2024. Based on that review and evaluation, the Certifying Officers
have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures, as designed
and implemented, are effective and provide reasonable assurance that information required to be disclosed by us in the periodic and current
reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the periods specified by
the SEC’s rules and forms.
Changes
in Internal Control Over Financial Reporting.
There
were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act)
during the three months ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
PART
II. — OTHER INFORMATION
ITEM
1. Legal Proceedings
From
time to time we may be involved in disputes or litigation relating to claims arising out of our operations. We are not currently a party
to any legal proceedings that could reasonably be expected to have a material adverse effect on our business, financial condition and
results of operations.
ITEM
1A. Risk Factors
As
a smaller reporting company, we are not required to provide disclosure pursuant to this item. However, in addition to other information
set forth in this Quarterly Report, including the important information in the section entitled “Private Securities Litigation
Reform Act,” you should carefully consider the “Risk Factors” discussed in our Annual Report on Form 10-K for the year
ended December 31, 2023, for a discussion of important factors that could cause actual results to differ materially from the results
described in or implied by the forward-looking statements contained in this Quarterly Report. Additional risks and uncertainties not
currently known to us or that we currently deem to be immaterial might materially adversely affect our actual business, financial condition
and/or operating results.
ITEM
2. Unregistered Sales of Equity Securities and Use of Proceeds
Recent
Unregistered Sales of Equity Securities
During
the three months ended June 30, 2024, we issued 19,390 shares of common stock upon the exercise of previously issued warrants as follows:
|
● |
18,209
shares were issued pursuant to the exercise of warrants at an exercise price of $9.50 per share, resulting in cash proceeds of approximately
$173,000; and |
|
● |
1,181
shares were issued pursuant to the exercise of 3,158 warrants in a cashless exercise whereby 1,977 shares with a value of $15.18
per share were used to settle the exercise price and the remaining 1,181 shares were issued to the warrant holders. |
The
shares were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act.
Issuer
Purchases of Equity Securities
None
ITEM
3. Defaults Upon Senior Securities
None.
ITEM
4. Mine Safety Disclosures
None.
ITEM
5. Other Information
During
the three months ended June 30, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement”
or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
ITEM
6. Exhibits
EXHIBIT
INDEX
Exhibit
No. |
|
Description |
|
|
|
3.1 |
|
Certificate of Incorporation of the Company, as amended, including the Certifications of Designations of Preferences, Rights, and Limitations of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K/A filed with the SEC on April 7, 2023). |
|
|
|
3.2 |
|
Bylaws, incorporated by reference from Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 13, 2017. |
|
|
|
4.1 |
|
Specimen Certificate representing shares of common stock of Celcuity Inc., (incorporated by reference from Exhibit 4.1 to the Company’s Registration Statement on Form S-1/A filed September 12, 2017). |
|
|
|
4.2 |
|
Form of Warrant to Purchase Units of Membership Interest issued by Celcuity LLC to Cedar Point Capital, LLC, as placement agent of membership units and unsecured convertible promissory notes of Celcuity LLC (incorporated by reference to Exhibit 10.9 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017). |
|
|
|
4.3 |
|
Form of Amendment to Placement Agent’s Warrants, dated February 13, 2024. (incorporated by reference to Exhibit 4.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024). |
|
|
|
4.4 |
|
Form of Warrant to Purchase Shares of Common Stock issued by Celcuity Inc. in connection with the conversion of 1.25% Unsecured Convertible Promissory Notes (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2017). |
|
|
|
4.5 |
|
Form of Amendment to Warrants to Purchase Shares of Common Stock, dated February 13, 2024. (incorporated by reference to Exhibit 4.5 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024). |
|
|
|
4.6 |
|
Representative’s Warrant to Purchase Common Stock (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2017). |
|
|
|
4.7 |
|
First Amendment to Representative’s Warrant, dated September 13, 2022, between Celcuity Inc. and Craig-Hallum Capital Group LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 14, 2022). |
|
|
|
4.8 |
|
Form of Warrant issued by Celcuity Inc. to Innovatus Life Sciences Lending Fund I, LP in connection with the Loan and Security Agreement dated April 8, 2021(incorporated by reference from Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 8, 2021).
|
|
|
|
4.9 |
|
Equity Grant Agreement, dated April 8, 2021, between the Company and Pfizer, Inc., (incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 8, 2021). |
|
|
|
4.10 |
|
Form of Warrant issued by Celcuity Inc. in connection with the Securities Purchase Agreement, dated May 15, 2022 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 18, 2022). |
|
|
|
4.11 |
|
Form of Pre-Funded Warrant issued by Celcuity Inc. in connection with the Securities Purchase Agreement, dated October 18, 2023(incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 23, 2023).
|
|
|
|
4.12 |
|
Form of Warrant issued by Celcuity Inc. in connection with the Amended and Restated Loan Agreement, dated May 30, 2024 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 30, 2024).
|
|
|
|
10.1+ |
|
Amendment to the Celcuity Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2024). |
10.2+ |
|
Amended and Restated Loan and Security Agreement, dated May 30, 2024, by and among Celcuity Inc., Innovatus Life Sciences Lending Fund I, LP, as collateral agent, and the Lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 30, 2024) (pursuant to Item 601(b)(2)(ii) of Regulation S-K, certain information contained in this Exhibit 10.1 has been redacted as indicated therein). |
|
|
|
31.1* |
|
Certification
of Chairman and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2* |
|
Certification
of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1** |
|
Certification
of Chairman and Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.2** |
|
Certification
of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101* |
|
Financial
statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2024, formatted in Inline XBRL: (i)
the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Stockholders’
Equity, (iv) the Condensed Statements of Cash Flows, and (v) the Notes to Condensed Financial Statements. |
|
|
|
104* |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* |
Filed
herewith. |
** |
Furnished
herewith. |
+ |
Management
contract or compensatory plan. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.
Dated:
August 14, 2024 |
CELCUITY
INC. |
|
|
|
|
By |
/s/
Brian F. Sullivan |
|
|
Brian
F. Sullivan |
|
|
Chairman
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By |
/s/
Vicky Hahne |
|
|
Vicky
Hahne |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Brian F. Sullivan, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Celcuity Inc.; |
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
August 14, 2024 |
By |
/s/
Brian F. Sullivan |
|
|
Brian
F. Sullivan |
|
|
Chairman
and Chief Executive Officer |
Exhibit
31.2
CERTIFICATION
UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Vicky Hahne, certify that:
|
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Celcuity Inc.; |
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
(a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
(c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
(d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
(a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
(b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Dated:
August 14, 2024 |
By |
/s/
Vicky Hahne |
|
|
Vicky
Hahne |
|
|
Chief
Financial Officer |
Exhibit
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the filing of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) by Celcuity
Inc. (“Registrant”), I, Brian F. Sullivan, the Chief Executive Officer of the Company, certify, pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant. |
Dated:
August 14, 2024 |
By |
/s/
Brian F. Sullivan |
|
|
Brian
F. Sullivan |
|
|
Chairman
and Chief Executive Officer |
Exhibit
32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT
TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the filing of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (the “Report”) by Celcuity
Inc. (“Registrant”), I, Vicky Hahne, the Chief Financial Officer of the Company, certify, pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:
|
1. |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
2. |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant. |
Dated:
August 14, 2024 |
By |
/s/
Vicky Hahne |
|
|
Vicky
Hahne |
|
|
Chief
Financial Officer |
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 07, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2024
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-38207
|
|
Entity Registrant Name |
CELCUITY
INC.
|
|
Entity Central Index Key |
0001603454
|
|
Entity Tax Identification Number |
82-2863566
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
16305
36th
|
|
Entity Address, Address Line Two |
Avenue North
|
|
Entity Address, Address Line Three |
Suite 100
|
|
Entity Address, City or Town |
Minneapolis
|
|
Entity Address, State or Province |
MN
|
|
Entity Address, Postal Zip Code |
55446
|
|
City Area Code |
(763)
|
|
Local Phone Number |
392-0767
|
|
Title of 12(b) Security |
Common
Stock, $0.001 par value per share
|
|
Trading Symbol |
CELC
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
|
37,028,733
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Entity Listing, Par Value Per Share |
$ 0.001
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v3.24.2.u1
Condensed Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current Assets: |
|
|
Cash and cash equivalents |
$ 30,458,800
|
$ 30,662,774
|
Investments |
252,609,622
|
149,919,974
|
Other current assets |
8,862,940
|
10,007,849
|
Total current assets |
291,931,362
|
190,590,597
|
Property and equipment, net |
308,444
|
228,782
|
Operating lease right-of-use assets |
305,179
|
400,019
|
Total Assets |
292,544,985
|
191,219,398
|
Current Liabilities: |
|
|
Accounts payable |
6,203,132
|
5,076,699
|
Operating lease liabilities |
178,587
|
184,950
|
Accrued expenses |
13,146,769
|
8,927,094
|
Total current liabilities |
19,528,488
|
14,188,743
|
Operating lease liabilities |
138,533
|
225,922
|
Note payable, non-current |
96,193,172
|
37,035,411
|
Total Liabilities |
115,860,193
|
51,450,076
|
Commitments and Contingencies (Note 5) |
|
|
Stockholders’ Equity: |
|
|
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 317,577 and 854,134 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
318
|
854
|
Common stock, $0.001 par value: 65,000,000 shares authorized; 37,014,751 and 25,506,012 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively |
37,015
|
25,506
|
Additional paid-in capital |
382,057,737
|
299,818,965
|
Accumulated deficit |
(205,410,278)
|
(160,076,003)
|
Total Stockholders’ Equity |
176,684,792
|
139,769,322
|
Total Liabilities and Stockholders’ Equity |
$ 292,544,985
|
$ 191,219,398
|
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v3.24.2.u1
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
2,500,000
|
2,500,000
|
Preferred stock, shares issued |
317,577
|
854,134
|
Preferred stock, shares outstanding |
317,577
|
854,134
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
65,000,000
|
65,000,000
|
Common stock, shares issued |
37,014,751
|
25,506,012
|
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37,014,751
|
25,506,012
|
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- DefinitionFace amount or stated value per share of common stock.
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v3.24.2.u1
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Operating expenses: |
|
|
|
|
Research and development |
$ 22,496,975
|
$ 13,746,082
|
$ 43,144,534
|
$ 25,024,575
|
General and administrative |
1,786,111
|
1,309,403
|
3,632,387
|
2,578,447
|
Total operating expenses |
24,283,086
|
15,055,485
|
46,776,921
|
27,603,022
|
Loss from operations |
(24,283,086)
|
(15,055,485)
|
(46,776,921)
|
(27,603,022)
|
Other income (expense) |
|
|
|
|
Interest expense |
(2,260,583)
|
(1,314,996)
|
(3,661,295)
|
(2,557,008)
|
Interest income |
2,821,849
|
1,782,794
|
5,103,941
|
3,633,926
|
Other income (expense), net |
561,266
|
467,798
|
1,442,646
|
1,076,918
|
Net loss before income taxes |
(23,721,820)
|
(14,587,687)
|
(45,334,275)
|
(26,526,104)
|
Income tax benefits |
|
|
|
|
Net loss |
$ (23,721,820)
|
$ (14,587,687)
|
$ (45,334,275)
|
$ (26,526,104)
|
Net loss per share, basic |
$ (0.62)
|
$ (0.66)
|
$ (1.26)
|
$ (1.22)
|
Net loss per share, diluted |
$ (0.62)
|
$ (0.66)
|
$ (1.26)
|
$ (1.22)
|
Weighted average common shares outstanding, basic |
38,444,163
|
21,957,140
|
36,028,109
|
21,819,772
|
Weighted average common shares outstanding, diluted |
38,444,163
|
21,957,140
|
36,028,109
|
21,819,772
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.24.2.u1
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 21,667
|
$ 1,121
|
$ 230,045,566
|
$ (96,296,887)
|
$ 133,771,467
|
Balance, shares at Dec. 31, 2022 |
21,667,250
|
1,120,873
|
|
|
|
Stock-based compensation |
|
|
1,273,282
|
|
1,273,282
|
Exercise of common stock options, net of shares withheld for exercise price |
$ 24
|
|
127,898
|
|
127,922
|
Exercise of common stock options, net of shares withheld for exercise price, shares |
24,122
|
|
|
|
|
Conversion of preferred to common stock |
$ 250
|
$ (25)
|
(225)
|
|
|
Conversion of preferred to common stock, shares |
250,000
|
(25,000)
|
|
|
|
Net loss |
|
|
|
(11,938,417)
|
(11,938,417)
|
Issuance costs associated with private placement offering |
|
|
(7,486)
|
|
(7,486)
|
Balance at Mar. 31, 2023 |
$ 21,941
|
$ 1,096
|
231,439,035
|
(108,235,304)
|
123,226,768
|
Balance, shares at Mar. 31, 2023 |
21,941,372
|
1,095,873
|
|
|
|
Balance at Dec. 31, 2022 |
$ 21,667
|
$ 1,121
|
230,045,566
|
(96,296,887)
|
133,771,467
|
Balance, shares at Dec. 31, 2022 |
21,667,250
|
1,120,873
|
|
|
|
Net loss |
|
|
|
|
(26,526,104)
|
Balance at Jun. 30, 2023 |
$ 22,082
|
$ 1,086
|
232,932,164
|
(122,822,991)
|
110,132,341
|
Balance, shares at Jun. 30, 2023 |
22,081,893
|
1,085,873
|
|
|
|
Balance at Mar. 31, 2023 |
$ 21,941
|
$ 1,096
|
231,439,035
|
(108,235,304)
|
123,226,768
|
Balance, shares at Mar. 31, 2023 |
21,941,372
|
1,095,873
|
|
|
|
Stock-based compensation |
$ 2
|
|
1,276,980
|
|
1,276,982
|
Stock-based compensation, shares |
1,958
|
|
|
|
|
Exercise of common stock options, net of shares withheld for exercise price |
$ 22
|
|
113,618
|
|
113,640
|
Exercise of common stock options, net of shares withheld for exercise price, shares |
21,086
|
|
|
|
|
Conversion of preferred to common stock |
$ 100
|
$ (10)
|
(90)
|
|
|
Conversion of preferred to common stock, shares |
100,000
|
(10,000)
|
|
|
|
Net loss |
|
|
|
(14,587,687)
|
(14,587,687)
|
Employee stock purchases |
$ 17
|
|
102,621
|
|
102,638
|
Employee stock purchases, shares |
17,477
|
|
|
|
|
Balance at Jun. 30, 2023 |
$ 22,082
|
$ 1,086
|
232,932,164
|
(122,822,991)
|
110,132,341
|
Balance, shares at Jun. 30, 2023 |
22,081,893
|
1,085,873
|
|
|
|
Balance at Dec. 31, 2023 |
$ 25,506
|
$ 854
|
299,818,965
|
(160,076,003)
|
139,769,322
|
Balance, shares at Dec. 31, 2023 |
25,506,012
|
854,134
|
|
|
|
Stock-based compensation |
|
|
1,331,346
|
|
1,331,346
|
Stock-based compensation, shares |
|
|
|
|
|
Exercise of common stock warrants, net of shares withheld for exercise price |
$ 1,742
|
|
14,007,409
|
|
14,009,151
|
Exercise of common stock warrants, net of shares withheld for exercise price, shares |
1,742,763
|
|
|
|
|
Exercise of common stock options, net of shares withheld for exercise price |
$ 37
|
|
239,263
|
|
239,300
|
Exercise of common stock options, net of shares withheld for exercise price, shares |
36,550
|
|
|
|
|
Conversion of preferred to common stock |
$ 3,489
|
$ (349)
|
(3,140)
|
|
|
Conversion of preferred to common stock, shares |
3,488,570
|
(348,857)
|
|
|
|
Net loss |
|
|
|
(21,612,455)
|
(21,612,455)
|
Balance at Mar. 31, 2024 |
$ 30,774
|
$ 505
|
315,393,843
|
(181,688,458)
|
133,736,664
|
Balance, shares at Mar. 31, 2024 |
30,773,895
|
505,277
|
|
|
|
Balance at Dec. 31, 2023 |
$ 25,506
|
$ 854
|
299,818,965
|
(160,076,003)
|
139,769,322
|
Balance, shares at Dec. 31, 2023 |
25,506,012
|
854,134
|
|
|
|
Net loss |
|
|
|
|
(45,334,275)
|
Balance at Jun. 30, 2024 |
$ 37,015
|
$ 318
|
382,057,737
|
(205,410,278)
|
176,684,792
|
Balance, shares at Jun. 30, 2024 |
37,014,751
|
317,577
|
|
|
|
Balance at Mar. 31, 2024 |
$ 30,774
|
$ 505
|
315,393,843
|
(181,688,458)
|
133,736,664
|
Balance, shares at Mar. 31, 2024 |
30,773,895
|
505,277
|
|
|
|
Stock-based compensation |
$ 1
|
|
1,410,512
|
|
1,410,513
|
Stock-based compensation, shares |
1,429
|
|
|
|
|
Exercise of common stock warrants, net of shares withheld for exercise price |
$ 19
|
|
172,967
|
|
172,986
|
Exercise of common stock warrants, net of shares withheld for exercise price, shares |
19,390
|
|
|
|
|
Exercise of common stock options, net of shares withheld for exercise price |
$ 17
|
|
95,694
|
|
95,711
|
Exercise of common stock options, net of shares withheld for exercise price, shares |
16,197
|
|
|
|
|
Conversion of preferred to common stock |
$ 1,878
|
$ (187)
|
(1,691)
|
|
|
Conversion of preferred to common stock, shares |
1,877,000
|
(187,700)
|
|
|
|
Net loss |
|
|
|
(23,721,820)
|
(23,721,820)
|
Employee stock purchases |
$ 20
|
|
131,226
|
|
131,246
|
Employee stock purchases, shares |
20,426
|
|
|
|
|
Issuance of common stock in an ATM offering |
$ 435
|
|
7,641,765
|
|
7,642,200
|
Issuance of common stock in an ATM offering, shares |
435,414
|
|
|
|
|
Issuance costs associated with an ATM offering |
|
|
(263,727)
|
|
(263,727)
|
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs |
$ 3,871
|
|
56,248,237
|
|
56,252,108
|
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs, shares |
3,871,000
|
|
|
|
|
Issuance of common stock warrants, note payable |
|
|
1,228,911
|
|
1,228,911
|
Balance at Jun. 30, 2024 |
$ 37,015
|
$ 318
|
$ 382,057,737
|
$ (205,410,278)
|
$ 176,684,792
|
Balance, shares at Jun. 30, 2024 |
37,014,751
|
317,577
|
|
|
|
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v3.24.2.u1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (45,334,275)
|
$ (26,526,104)
|
Adjustments to reconcile net loss to net cash and cash equivalents used for operations: |
|
|
Depreciation |
60,672
|
81,269
|
Stock-based compensation |
2,741,858
|
2,550,264
|
Amortization of debt issuance costs and discount |
302,302
|
116,218
|
Payment-in-Kind interest |
858,096
|
886,688
|
Non-cash operating lease expense, net |
1,088
|
1,975
|
Change in accrued interest income |
(638,836)
|
41,188
|
Changes in operating assets and liabilities: |
|
|
Other current assets |
1,471,542
|
86,666
|
Accounts payable |
1,182,816
|
421,091
|
Accrued expenses |
4,219,675
|
(189,145)
|
Net cash used for operating activities |
(35,135,062)
|
(22,529,890)
|
Cash flows from investing activities: |
|
|
Proceeds from maturities of investments |
260,389,589
|
143,873,027
|
Purchases of investments |
(362,767,031)
|
(113,903,646)
|
Purchases of property and equipment |
(153,949)
|
(11,841)
|
Net cash (used for) provided by investing activities |
(102,531,391)
|
29,957,540
|
Cash flows from financing activities: |
|
|
Proceeds from exercise of common stock warrants |
14,182,137
|
|
Proceeds from exercise of employee stock options |
335,013
|
241,562
|
Proceeds from employee stock purchases |
131,246
|
102,638
|
Proceeds from follow-on offering, net of underwriting discounts and offering costs |
56,258,027
|
|
Proceeds from note payable, net of debt issuance costs and discount of $2,429,917 |
59,234,003
|
|
Proceeds from an ATM offering, net of issuance costs |
7,356,107
|
|
Payments for secondary registration statement costs |
(34,054)
|
(99,540)
|
Payments for debt issuance costs |
|
(2,716)
|
Payments for finance leases |
|
(2,449)
|
Net cash provided by financing activities |
137,462,479
|
239,495
|
Net change in cash and cash equivalents |
(203,974)
|
7,667,145
|
Cash and cash equivalents: |
|
|
Beginning of period |
30,662,774
|
24,571,557
|
End of period |
30,458,800
|
32,238,702
|
Supplemental disclosure of cash flow information: |
|
|
Interest paid |
2,500,897
|
1,554,103
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
Offering and registration statement costs included in accounts payable |
13,645
|
2,143
|
Property and equipment included in accounts payable |
|
19,993
|
Non-cash interest receivable |
326,633
|
|
Common stock warrants issued with note payable transaction |
$ 1,228,911
|
|
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v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Mar. 31, 2024 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Pay vs Performance Disclosure [Table] |
|
|
|
|
|
|
Net Income (Loss) |
$ (23,721,820)
|
$ (21,612,455)
|
$ (14,587,687)
|
$ (11,938,417)
|
$ (45,334,275)
|
$ (26,526,104)
|
X |
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.24.2.u1
Organization
|
6 Months Ended |
Jun. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization |
1.
Organization
Nature
of Business
Celcuity
Inc., a Delaware corporation (the “Company”), is a clinical-stage biotechnology company focused on development of
targeted therapies for treatment of multiple solid tumor indications. The Company’s lead therapeutic candidate is gedatolisib,
a potent pan-PI3K and mTOR inhibitor. Its mechanism of action and pharmacokinetic properties are highly differentiated from other
currently approved and investigational therapies that target PI3K or mTOR alone or together. A Phase 3 clinical trial, VIKTORIA-1,
evaluating gedatolisib in combination with fulvestrant with or without palbociclib in patients with HR+/HER2- advanced breast cancer
is currently enrolling patients. A Phase 1b/2 clinical trial, CELC-G-201, evaluating gedatolisib in combination with darolutamide in
patients with metastatic castration resistant prostate cancer, was initiated in the first quarter of 2024 and is currently enrolling
patients. A Phase 3 clinical trial, VIKTORIA-2, evaluating gedatolisib plus a CDK4/6 inhibitor and fulvestrant as first-line
treatment for patients with HR+/HER2- advanced breast cancer is expected to begin enrolling patients in the second quarter of 2025.
The Company was co-founded in 2012 by Brian F. Sullivan and Dr. Lance G. Laing and is based in Minnesota. The Company has not
generated any revenues to date.
|
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- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.24.2.u1
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements |
2.
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Basis
of Presentation
The
accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10
of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10,
the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the
United States (“U.S. GAAP”). The balance sheet at December 31, 2023 was derived from the audited financial statements at
that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of
a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed
financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023
and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating
results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected during the remainder
of the current year or for any future period.
Accounting
Estimates
Management
uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates
and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported
revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject
to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.
Risks
and Uncertainties
The
Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and
commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the clinical and commercial
success of its initial drug product, gedatolisib, the need for substantial additional financing to achieve its goals, uncertainty of
broad adoption of its approved products, if any, by physicians and consumers, and significant competition.
Clinical
Trial Costs
The
Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers,
which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s
research and development expenses. The Company primarily relies on a compilation of progress reports from third-party service providers,
including the respective invoicing, to record actual expenses, along with determining changes to prepaid assets and accrued liabilities.
To date, the Company believes utilization of third-party reports most accurately reflects expenses incurred. As the current VIKTORIA-1
Phase 3 and CELC-G-201 Phase 1b/2 trials ramp up site activation and patient enrollment, the Company’s estimated expenses in future
periods and actual services performed may vary from these estimates, and these estimates may become more significant. Changes in these
estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s
results of operations.
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- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
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v3.24.2.u1
Net Loss Per Common Share
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Net Loss Per Common Share |
3.
Net Loss Per Common Share
Basic
and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average
common shares outstanding during the period. For all periods presented, the common shares underlying the preferred stock, options, warrants,
and restricted stock have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average
shares outstanding used to calculate both basic and diluted loss per common share are the same.
The
following table summarizes the potentially-dilutive shares excluded from the diluted weighted-average shares outstanding:
Schedule
of Potentially-Dilutive Shares Excluded from Diluted Weighted-Average Shares Outstanding
| |
| | |
| |
| |
June
30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Preferred stock on an as-if-converted
to common stock basis | |
| 3,175,770 | | |
| 10,858,730 | |
Options to purchase common stock | |
| 3,266,969 | | |
| 2,185,567 | |
Warrants to purchase common stock | |
| 5,600,234 | | |
| 7,266,102 | |
Restricted common stock | |
| 1,079 | | |
| 1,958 | |
Total | |
| 12,044,052 | | |
| 20,312,357 | |
Pre-funded
warrant shares of 5,747,787 and zero are included in the computation of basic and diluted net loss per share for the three and six months
ended June 30, 2024, and June 30, 2023, respectively, as the pre-funded warrants are exercisable for nominal consideration.
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v3.24.2.u1
Investments
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Investments |
4.
Investments
Debt
securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and reported
at historical cost adjusted for amortization of premiums and accretion of discounts. Expected credit losses, if any, are recorded through
the establishment of an allowance for credit losses. All of the Company’s held-to-maturity
investment securities are U.S. Treasury and agencies securities that are guaranteed or otherwise
supported by the United States government and have no history of credit losses. Accordingly, the Company does not expect to incur any
credit losses on held-to-maturity investment securities and has no allowance
for credit losses recorded for these securities.
The
following tables summarize the Company’s held-to-maturity investment securities at amortized cost as of June 30, 2024 and December
31, 2023:
Schedule
of Investment
| |
| | |
| | |
| | |
| |
| |
June
30, 2024 | |
| |
Amortized
Cost, as Adjusted | | |
Gross
Unrealized Holding Gains | | |
Gross
Unrealized Holding Losses | | |
Estimated
Fair Value | |
| |
| | |
| | |
| | |
| |
U.S. Treasury
Bills | |
$ | 252,609,622 | | |
$ | 5,271 | | |
$ | - | | |
$ | 252,614,893 | |
Total | |
$ | 252,609,622 | | |
$ | 5,271 | | |
$ | - | | |
$ | 252,614,893 | |
| |
| | |
| | |
| | |
| |
| |
December
31, 2023 | |
| |
Amortized
Cost, as Adjusted | | |
Gross
Unrealized Holding Gains | | |
Gross
Unrealized Holding Losses | | |
Estimated
Fair Value | |
| |
| | |
| | |
| | |
| |
U.S. Treasury
Bills | |
$ | 149,919,974 | | |
$ | 30,995 | | |
$ | - | | |
$ | 149,950,969 | |
Total | |
$ | 149,919,974 | | |
$ | 30,995 | | |
$ | - | | |
$ | 149,950,969 | |
The
fair value of the Company’s held-to-maturity debt securities is determined based upon inputs, other than the quoted prices in active
markets, that are observable either directly or indirectly and are classified as level 2 fair value instruments.
|
X |
- DefinitionThe entire disclosure for investment.
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v3.24.2.u1
Commitments
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments |
5.
Commitments
Operating
and Finance Leases
The
Company leases its corporate space in Minneapolis, Minnesota, with an operating lease in place through April 30, 2026. The lease provides
for monthly rent, real estate taxes, and operating expenses. Rent expense is recorded on a straight-line basis over the lease term.
Clinical
Research Studies
The
Company enters into contracts in the normal course of business to conduct research and development programs internally and through third
parties that include, among others, arrangements with vendors, consultants, CMO’s, and CRO’s. The Company currently has two
Phase 2 clinical trial agreements in place to evaluate targeted therapies selected with one of our CELsignia tests. Timing of milestone
payments related to the Phase 2 clinical trials are uncertain and the contracts generally provide for termination following a certain
period after notice, therefore the Company believes that non-cancelable obligations under the agreements are not material. The Company
also has a license agreement in place with Pfizer to research, develop, manufacture and commercialize gedatolisib. In conjunction with
the license agreement, the Company continued a Phase 1b study – B2151009 related to gedatolisib. These patients subsequently transitioned
to an Expanded Access study – CELC-G-001. Contracts related to the Phase 1B and the Expanded Access studies are generally based
on time and material. In addition, contracts related to the Company’s Phase 3 clinical study (VIKTORIA-1) and Phase 1b/2 clinical
study (CELC-G-201) are generally cancelable with reasonable notice within 120 days and the Company’s obligations under these contracts
are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the
respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders
executed by the parties. As of June 30, 2024, the Company had two material non-cancelable contractual commitments with respect to these
arrangements, which totaled approximately $1.8 million.
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v3.24.2.u1
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
6.
Stockholders’ Equity
Capital
Stock
At
December 31, 2023, the Company’s authorized capital stock consisted of 65,000,000 shares of $.001 par value common stock, of which
25,506,012 shares were outstanding, and 2,500,000 shares of $.001 par value preferred stock, of which 854,134 shares were outstanding.
On
January 15, 2024, one of the Company’s preferred shareholders elected to convert 224,244 shares of Series A Convertible Preferred
Stock into 2,242,440 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis
of the shares transferred is $5.75 per share.
On
March 14, 2024, one of the Company’s preferred shareholders elected to convert 50,000 shares of Series A Convertible Preferred
Stock into 500,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of
the shares transferred is $5.75 per share.
On
March 15, 2024, one of the Company’s investors exercised 1,739,080 of common stock warrants at an exercise price of $8.05, which
generated approximately $14 million in cash. The warrants were issued pursuant to the Securities Purchase Agreement dated May 15, 2022,
that closed and was funded on December 9, 2022.
Additional common stock warrants of 3,683 from several investors were exercised, which
generated approximately $9,000 in cash in the first quarter of 2024. The 3,683 common stock warrants were net of shares withheld for
exercise price.
On
March 19, 2024, one of the Company’s preferred shareholders elected to convert 43,913 shares of Series A Convertible Preferred
Stock into 439,130 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of
the shares transferred is $5.75 per share.
On
March 26, 2024, one of the Company’s preferred shareholders elected to convert 30,700 shares of Series A Convertible Preferred
Stock into 307,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of
the shares transferred is $5.75 per share.
On
May 31, 2024, one of the Company’s preferred shareholders elected to convert 100,000 shares of Series A Convertible Preferred Stock
into 1,000,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of the
shares transferred is $5.75 per share.
On
June 26, 2024, one of the Company’s preferred shareholders elected to convert 87,700 shares of Series A Convertible Preferred Stock
into 877,000 shares of Common Stock, in accordance with the Securities Purchase Agreement dated May 15, 2022. The cost basis of the shares
transferred is $5.75 per share.
Common
stock warrants of 19,390 from several investors were exercised, which generated approximately $173,000 in cash in the second quarter
of 2024. The 19,390 common stock warrants were net of shares withheld for exercise price.
At
June 30, 2024, the Company’s authorized capital stock consisted of 65,000,000 shares of common stock, of which 37,014,751 shares
were outstanding, and 2,500,000 shares of preferred stock, including 1,850,000 shares designated as Series A Preferred Stock, of which
317,577 shares were outstanding. As of June 30, 2024, no dividends have been declared on the Company’s capital stock.
Sale
and Issuance of Stock
On
April 22, 2024, pursuant to an Open Market Sale AgreementSM with Jefferies LLC, as agent, the Company sold 285,714
shares of Common Stock
in a single transaction at a price of $17.50
per share, generating
gross proceeds of $5.0
million.
On
May 8, 2024, pursuant to an Open Market Sale Agreement with Jefferies LLC, as agent, the Company sold 149,700 shares of Common Stock
in a single transaction at a price of $17.65 per share, generating gross proceeds of $2.6 million.
Commissions
and other offering expenses related to the Open Market Sale Agreement transactions were $0.3 million.
On
May 30, 2024, the Company entered into an underwriting agreement with Leerink Partners LLC, TD Securities (USA) LLC and Stifel, Nicolaus
& Company, Incorporated as representatives of the several underwriters relating to the issuance and sale of 3,871,000 shares of Common
Stock, at a price to the public of $15.50, generating gross proceeds of approximately $60 million. The offering closed on May 31, 2024
and resulted in net proceeds to the Company of approximately $56.3 million after deducting underwriting discounts and other offering
expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate
purposes, which may include capital expenditures, research and development expenditures, clinical trial expenditures, expansion of business
development activities and other general corporate purposes.
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v3.24.2.u1
Stock-Based Compensation
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-Based Compensation |
7.
Stock-Based Compensation
The
following table summarizes the activity for all stock options outstanding for the six months ended June 30:
Schedule
of Stock Options Activity
| |
2024 | | |
2023 | |
| |
Shares | | |
Weighted
Average Exercise Price | | |
Shares | | |
Weighted
Average Exercise Price | |
Options outstanding at beginning
of year | |
| 2,815,392 | | |
$ | 7.95 | | |
| 1,976,586 | | |
$ | 6.34 | |
Granted | |
| 552,179 | | |
| 15.77 | | |
| 310,798 | | |
| 10.74 | |
Exercised | |
| (52,747 | ) | |
| 6.35 | | |
| (45,208 | ) | |
| 5.34 | |
Forfeited | |
| (47,855 | ) | |
| 10.19 | | |
| (56,609 | ) | |
| 7.67 | |
Balance at June 30 | |
| 3,266,969 | | |
$ | 9.27 | | |
| 2,185,567 | | |
$ | 6.96 | |
| |
| | | |
| | | |
| | | |
| | |
Options exercisable
at June 30: | |
| 1,710,917 | | |
$ | 6.80 | | |
| 1,346,587 | | |
$ | 5.97 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Grant Date Fair Value for
options granted during the period: | |
| | | |
$ | 10.83 | | |
| | | |
$ | 7.42 | |
The
following table summarizes additional information about stock options outstanding and exercisable at June 30, 2024:
Schedule
of Stock Options Outstanding and Exercisable
Options
Outstanding | |
Options
Exercisable | |
Options
Outstanding | |
Weighted
Average Remaining Contractual Life | | |
Weighted
Average Exercise Price | | |
Aggregate
Intrinsic Value | | |
Options
Exercisable | | |
Weighted
Average Exercise Price | | |
Aggregate
Intrinsic Value | |
3,266,969 | |
| 7.84 | | |
$ | 9.27 | | |
$ | 23,463,751 | | |
| 1,710,917 | | |
$ | 6.80 | | |
$ | 16,452,728 | |
The
Company recognized stock-based compensation expense for stock options of $1,329,807 and $1,228,284 for the three months ended June 30,
2024 and 2023, respectively and $2,619,999 and $2,450,612 for the six months ended June 30, 2024 and 2023, respectively. In May 2022,
the Company modified the exercise price on 776,324 stock option awards to $5.50, the closing market price on the Nasdaq Capital Market
on May 17, 2022. The effect of this modification on stock-based compensation was $26,692 and $37,690 for the three months ending June
30, 2024 and 2023, respectively and $53,411 and $77,302 for the six months ending June 30, 2024 and 2023, respectively. The effect of
this modification on stock-based compensation over the remaining service period will be approximately $110,000. In December 2021, the
Company modified the exercise price on 311,000 stock option awards to $13.44, the closing market price on the Nasdaq Capital Market on
December 15, 2021. No director or officer awards were modified. The effect of this modification on stock-based compensation was $15,763
and $16,920 for the three months ended June 30, 2024 and 2023, respectively and $31,527 and $33,844 for the six months ending June 30,
2024 and 2023, respectively. The effect of this modification on stock-based compensation over the remaining service period will be approximately
$66,000. In May 2020, the Company modified the exercise price on 203,750 stock option awards to $5.10, the closing market price on the
Nasdaq Capital Market on May 14, 2020. No director or officer awards were modified. The effect of this modification on stock-based compensation
was $0 and $6,826 for the three months ended June 30, 2024 and 2023, respectively and $696 and $13,934 for the six months ending June
30, 2024 and 2023, respectively. The effect of this modification on stock-based compensation over the remaining service period will be
$0.
The
Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions
for the six months ended June 30:
Schedule
of Assumptions for Fair Value of Equity-based Awards
| |
2024 | | |
2023 | |
Risk-free interest rate | |
| 3.94%
- 4.71 | % | |
| 3.41%
- 4.14 | % |
Expected volatility | |
| 74.8
to 76.10 | % | |
| 78.0
to 79.8 | % |
Expected life (years) | |
| 5.25
to 6.09 | | |
| 5.25
to 6.08 | |
Expected
dividend yield | |
| 0 | % | |
| 0 | % |
The
inputs for the Black-Scholes valuation model require management’s significant assumptions. Prior to the Company’s initial
public offering, the price per share of common stock was determined by the Company’s board based on recent prices of common stock
sold in private offerings. Subsequent to the initial public offering, the price per share of common stock is determined by using the
closing market price on the Nasdaq Capital Market on the grant date. The risk-free interest rates are based on the rate for U.S. Treasury
securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life is
based on the simplified method in accordance with the SEC Staff Accounting Bulletin Nos. 107 and 110. The expected volatility is estimated
based on historical volatility information of peer companies that are publicly available in combination with the Company’s calculated
volatility since being publicly traded.
All
assumptions used to calculate the grant date fair value of non-employee options are generally consistent with the assumptions used for
options granted to employees. In the event the Company terminates any of its consulting agreements, the unvested options issued in connection
with the agreements would also be cancelled.
Restricted
stock awards were granted to members of the Company’s board during the three months ended June 30, 2024 and 2023. The Company had
1,079 and 1,958 shares of restricted stock outstanding as of June 30, 2024 and 2023, respectively, and 1,958 and 3,273 shares of restricted
stock vested during the three months ended June 30, 2024 and 2023. The Company recognized stock-based compensation expense for restricted
stock of $8,475 and $4,052 for the three months ended June 30, 2024 and 2023, respectively and $13,325 and $8,694 for the six months
ended June 30, 2024 and 2023, respectively.
The
Company initially reserved a maximum of 750,000 shares of common stock for issuance under the 2017 Amended and Restated Stock Incentive
Plan (the “2017 Plan”). The number of shares reserved for issuance was automatically increased by 102,998, 149,189, 216,673,
and 255,060 shares on January 1, 2021, 2022, 2023, and 2024, respectively, and will increase automatically on January 1 of each year
from 2025 through 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of Company common stock as
of the immediately preceding December 31. However, the Company’s board may reduce the amount of the increase in any particular
year.
At
the Annual Meeting held on May 12, 2021 and May 12, 2022, the stockholders approved a one-time, 500,000 increase each year for a total
of 1,000,000 increase, to the number of shares reserved for issuance under the 2017 Plan. At the Annual Meeting held on May 11, 2023
and May 9, 2024, the stockholders approved a one-time, 1,500,000 increase each year for a total of 3,000,000 increase, to the number
of shares reserved for issuance under the 2017 Plan. The total remaining shares available for grant under the Company’s 2017 Plan
as of June 30, 2024 was 2,267,956.
Total
unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized at June 30, 2024:
Schedule
of Unrecognized Compensation Cost
| |
| | |
2024 | |
$ | 2,883,195 | |
2025 | |
| 4,356,405 | |
2026 | |
| 3,048,001 | |
2027 | |
| 2,065,139 | |
2028 | |
| 244,019 | |
Total
estimated compensation cost to be recognized | |
$ | 12,596,759 | |
The
Company recognized stock-based compensation expense related to its employee stock purchase plan of $72,230 and $44,646 for the three
months ended June 30, 2024 and 2023, respectively and $108,534 and $90,958 for the six months ended June 30, 2024 and 2023, respectively.
The Company initially reserved a total of 100,000 shares for issuance under the employee stock purchase plan. The number of shares reserved
for issuance was automatically increased by 51,499, 74,594, 108,337, and 127,530 shares on January 1, 2021, 2022, 2023, and 2024, respectively,
and will increase automatically on each subsequent January 1 by the number of shares equal to 0.5% of the total outstanding number of
shares of Company common stock as of the immediately preceding December 31. However, the Company’s board may reduce the amount
of the increase in any particular year. The total remaining shares available for issuance under the employee stock purchase plan as of
June 30, 2024 was 373,739.
The
Company recognized total stock-based compensation expense as follows for the three and six months ended June 30:
Schedule
of Stock-based Compensation Expenses
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months
Ended | | |
Six Months
Ended | |
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Stock-based compensation expense in operating
expenses: | |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | 978,037 | | |
$ | 639,511 | | |
$ | 1,810,216 | | |
$ | 1,293,982 | |
General
and administrative | |
| 432,475 | | |
| 637,471 | | |
| 931,642 | | |
| 1,256,282 | |
Total | |
$ | 1,410,512 | | |
$ | 1,276,982 | | |
$ | 2,741,858 | | |
$ | 2,550,264 | |
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Debt |
8.
Debt
On
May 30, 2024, the Company entered into an Amended and Restated Loan and Security Agreement (the “A&R Loan Agreement”)
with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”), as collateral agent, and the
Lenders including Innovatus in its capacity as a Lender and Oxford Finance LLC (“Oxford”), pursuant to which Innovatus and
Oxford, as Lenders, have agreed to make certain term loans (“Term Loans”) to the Company in the aggregate principal amount
of up to $180 million. The A&R Loan Agreement amends and restates, in its entirety, that certain Loan and Security Agreement, dated
April 8, 2021, as amended, between the Company and Innovatus, as collateral agent, and the Lenders named therein.
Funding
of the first $100 million under the A&R Loan Agreement occurred on May 30, 2024, including tranche payments of $16.8 million (the
“Term A Loan”) and $21.5 million (the “Term B Loan”) reflecting repayment of the principal amount of loans under
the Prior Loan Agreement plus accrued payment-in-kind interest, in addition to $61.7 million of new borrowings (the “Term C Loan”).
The Company will be eligible to draw on a fourth tranche of $30 million (the “Term D Loan”) and fifth tranche of $50 million
(the “Term E Loan”), in each case upon achievement of certain clinical trial milestones and satisfaction of certain financial
covenants determined on a pro forma as-funded basis. The Lenders may, in their sole discretion upon the Company’s request, make
additional term loans to the Company of $45 million (the “Term F Loan”). Funding of these additional tranches is also subject
to other customary conditions and limits on when the Company can request funding for such tranches. Costs associated with the new borrowings
was approximately $2.4 million.
The
Company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met.
The Term Loans will mature on May 1, 2029 and will bear interest at a rate equal to the sum of (a) the greater of (i) the Prime Rate
(as defined in the A&R Loan Agreement) or (ii) 7.75%, plus (b) 2.85%, provided that 1.0% of such interest will be payable in-kind
by adding an amount equal to such 1.0% of the outstanding principal amount to the then outstanding principal balance on a monthly basis
through May 31, 2027. The A&R Loan Agreement is secured by all assets of the Company. Proceeds will be used for working capital purposes
and to fund the Company’s general business requirements, including the Phase 3 VIKTORIA-2 clinical trial. The A&R Loan Agreement
contains customary representations and warranties and covenants, subject to customary carve-outs, and includes financial covenants related
to liquidity and other financial measures. Innovatus has the right, at its election and until August 9, 2025, to convert
up to 20% of the outstanding principal of the Term A Loan into shares of the Company’s common stock at a price per share of $10.00
(the “Conversion Right”). Innovatus will continue to have the right to exercise a previously disclosed warrant granted to
it under the Prior Loan Agreement to purchase 26,042 shares of common stock at a price per share of $14.40 through April 8, 2031.
The
A&R Loan Agreement contains a Final Fee, which is equal to 4.5%
of the initial funding of the agreement and is due on the
earliest to occur of (a) the Maturity Date, (b) the acceleration of any Term Loan, and (c) the prepayment of the Term Loans. There
is also a contingent non-utilization fee for both the Term D and Term E loans. If the Company achieves the Term D Milestone and (i)
fails to draw the full amount of the Term D Loan during the Term D Draw Period and (ii) fails to notify Collateral Agent, at any
time before the date that is four weeks after the Company’s achievement of the Term D Milestone, of the Company’s intent
not to draw the full amount of the Term D Loan, a non-utilization fee of $900,000,
with respect to the Term D Loan shall become due and payable on the earliest of (i) the termination of the Term D Draw Period, (ii)
the Maturity Date, (iii) the acceleration of any Term Loan, and (iv) the prepayment in whole of the Term Loans. If the Company
achieves the Term E Milestone and (i) fails to draw the full amount of the Term E Loan during the Term E Draw Period and (ii) fails
to notify Collateral Agent, at any time before the date that is four weeks after the Company’s achievement of the Term E
Milestone, of the Company’s intent not to draw the full amount of the Term E Loan, a non-utilization fee of $1,500,000,
with respect to the Term E Loan shall become due and payable on the earliest of (i) the termination of the Term E Draw Period, (ii)
the Maturity Date, (iii) the acceleration of any Term Loan, and (iv) the prepayment in whole of the Term Loans. After the 18-month
anniversary of the Effective Date, the Company shall have the option to prepay all, but not less than all, of the Term Loans
advanced by the Lenders under the A&R Loan Agreement, provided the Company (i) provides written notice to Collateral Agent of
its election to prepay the Term Loans at least seven Business Days prior to such prepayment, and (ii) pays to Lenders on the date of
such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all
outstanding principal of the Term Loans plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Fee, (C)
the Prepayment Fee, plus (D) all other outstanding Obligations that are due and payable, including, without limitation,
Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. At May 30, 2024, the Company
recognized the Final Fee of $4.5
million as additional debt principal and a corresponding debt discount to be amortized over the life of the loan.
In
connection with the funding of each of the Term C Loan, the Term D Loan, the Term E Loan and the Term F Loan, the Company agreed to issue
to Innovatus and Oxford warrants to purchase that number of shares of the Company’s common stock equal to 2.5% of the principal
amount of the applicable Term Loan divided by the exercise price, which shall, with respect to the Term C Loan, be equal to the lower
of (i) the volume weighted average closing price of the Company’s common stock for the five-trading day period ending on the last
trading day immediately preceding the execution of the A&R Loan Agreement or (ii) the closing price on the last trading day immediately
preceding the execution of the A&R Loan Agreement. Accordingly, on May 30, 2024, the Company issued 103,876 warrants with an exercise
price of $14.84 per share. The relative fair value of the warrants was approximately $1.2 million. For the additional Term Loans, the
exercise price will be based on the lower of (i) the exercise price for the Warrants issued pursuant to the Term C Loan or (ii) the volume
weighted average closing price of the Company’s common stock for the five-trading day period ending on the last trading day immediately
preceding the applicable Term Loan funding. The Warrants may be exercised on a cashless basis and are exercisable through the tenth anniversary
of the applicable funding date. The number of shares of common stock for which each Warrant is exercisable and the associated exercise
price are subject to certain proportional adjustments as set forth in such Warrant.
The
Company evaluated the change of terms under ASC 470-50, “Debt – Modification and Extinguishment”, and concluded the
change in terms did not result in significant and consequential changes to the economic substance of the debt and thus resulted in a
modification of the debt and not an extinguishment of the debt.
Long-term
debt consisted of the following at June 30, 2024 and December 31, 2023:
Schedule
of Long-term Debt
| |
June
30, 2024 | | |
December
31, 2023 | |
Note payable | |
$ | 100,000,000 | | |
$ | 35,000,000 | |
Add: Final fee | |
| 4,500,000 | | |
| - | |
Add: PIK interest (added
to principal) | |
| 87,676 | | |
| 2,565,660 | |
Less: unamortized debt
issuance costs | |
| (2,089,840 | ) | |
| (480,810 | ) |
Less: unamortized debt
discount | |
| (6,304,664 | ) | |
| (49,439 | ) |
Total long-term debt | |
$ | 96,193,172 | | |
$ | 37,035,411 | |
Future
principal payments, including the incurred PIK interest and final fee, are as follows:
Schedule
of Long Term Debt Future Principal Payments
| |
Years
Ending December 31, | |
| |
| |
2027 | |
$ | 30,461,467 | |
2028 | |
| 52,219,657 | |
2029 | |
| 21,906,552 | |
Total | |
$ | 104,587,676 | |
|
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v3.24.2.u1
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10
of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10,
the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the
United States (“U.S. GAAP”). The balance sheet at December 31, 2023 was derived from the audited financial statements at
that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of
a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed
financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023
and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Operating
results for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected during the remainder
of the current year or for any future period.
|
Accounting Estimates |
Accounting
Estimates
Management
uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates
and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported
revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject
to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.
|
Risks and Uncertainties |
Risks
and Uncertainties
The
Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and
commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the clinical and commercial
success of its initial drug product, gedatolisib, the need for substantial additional financing to achieve its goals, uncertainty of
broad adoption of its approved products, if any, by physicians and consumers, and significant competition.
|
Clinical Trial Costs |
Clinical
Trial Costs
The
Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers,
which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s
research and development expenses. The Company primarily relies on a compilation of progress reports from third-party service providers,
including the respective invoicing, to record actual expenses, along with determining changes to prepaid assets and accrued liabilities.
To date, the Company believes utilization of third-party reports most accurately reflects expenses incurred. As the current VIKTORIA-1
Phase 3 and CELC-G-201 Phase 1b/2 trials ramp up site activation and patient enrollment, the Company’s estimated expenses in future
periods and actual services performed may vary from these estimates, and these estimates may become more significant. Changes in these
estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s
results of operations.
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v3.24.2.u1
Net Loss Per Common Share (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Potentially-Dilutive Shares Excluded from Diluted Weighted-Average Shares Outstanding |
The
following table summarizes the potentially-dilutive shares excluded from the diluted weighted-average shares outstanding:
Schedule
of Potentially-Dilutive Shares Excluded from Diluted Weighted-Average Shares Outstanding
| |
| | |
| |
| |
June
30, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Preferred stock on an as-if-converted
to common stock basis | |
| 3,175,770 | | |
| 10,858,730 | |
Options to purchase common stock | |
| 3,266,969 | | |
| 2,185,567 | |
Warrants to purchase common stock | |
| 5,600,234 | | |
| 7,266,102 | |
Restricted common stock | |
| 1,079 | | |
| 1,958 | |
Total | |
| 12,044,052 | | |
| 20,312,357 | |
|
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v3.24.2.u1
Investments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Schedule of Investment |
The
following tables summarize the Company’s held-to-maturity investment securities at amortized cost as of June 30, 2024 and December
31, 2023:
Schedule
of Investment
| |
| | |
| | |
| | |
| |
| |
June
30, 2024 | |
| |
Amortized
Cost, as Adjusted | | |
Gross
Unrealized Holding Gains | | |
Gross
Unrealized Holding Losses | | |
Estimated
Fair Value | |
| |
| | |
| | |
| | |
| |
U.S. Treasury
Bills | |
$ | 252,609,622 | | |
$ | 5,271 | | |
$ | - | | |
$ | 252,614,893 | |
Total | |
$ | 252,609,622 | | |
$ | 5,271 | | |
$ | - | | |
$ | 252,614,893 | |
| |
| | |
| | |
| | |
| |
| |
December
31, 2023 | |
| |
Amortized
Cost, as Adjusted | | |
Gross
Unrealized Holding Gains | | |
Gross
Unrealized Holding Losses | | |
Estimated
Fair Value | |
| |
| | |
| | |
| | |
| |
U.S. Treasury
Bills | |
$ | 149,919,974 | | |
$ | 30,995 | | |
$ | - | | |
$ | 149,950,969 | |
Total | |
$ | 149,919,974 | | |
$ | 30,995 | | |
$ | - | | |
$ | 149,950,969 | |
|
X |
- DefinitionTabular disclosure of investment.
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v3.24.2.u1
Stock-Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Stock Options Activity |
The
following table summarizes the activity for all stock options outstanding for the six months ended June 30:
Schedule
of Stock Options Activity
| |
2024 | | |
2023 | |
| |
Shares | | |
Weighted
Average Exercise Price | | |
Shares | | |
Weighted
Average Exercise Price | |
Options outstanding at beginning
of year | |
| 2,815,392 | | |
$ | 7.95 | | |
| 1,976,586 | | |
$ | 6.34 | |
Granted | |
| 552,179 | | |
| 15.77 | | |
| 310,798 | | |
| 10.74 | |
Exercised | |
| (52,747 | ) | |
| 6.35 | | |
| (45,208 | ) | |
| 5.34 | |
Forfeited | |
| (47,855 | ) | |
| 10.19 | | |
| (56,609 | ) | |
| 7.67 | |
Balance at June 30 | |
| 3,266,969 | | |
$ | 9.27 | | |
| 2,185,567 | | |
$ | 6.96 | |
| |
| | | |
| | | |
| | | |
| | |
Options exercisable
at June 30: | |
| 1,710,917 | | |
$ | 6.80 | | |
| 1,346,587 | | |
$ | 5.97 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Grant Date Fair Value for
options granted during the period: | |
| | | |
$ | 10.83 | | |
| | | |
$ | 7.42 | |
|
Schedule of Stock Options Outstanding and Exercisable |
The
following table summarizes additional information about stock options outstanding and exercisable at June 30, 2024:
Schedule
of Stock Options Outstanding and Exercisable
Options
Outstanding | |
Options
Exercisable | |
Options
Outstanding | |
Weighted
Average Remaining Contractual Life | | |
Weighted
Average Exercise Price | | |
Aggregate
Intrinsic Value | | |
Options
Exercisable | | |
Weighted
Average Exercise Price | | |
Aggregate
Intrinsic Value | |
3,266,969 | |
| 7.84 | | |
$ | 9.27 | | |
$ | 23,463,751 | | |
| 1,710,917 | | |
$ | 6.80 | | |
$ | 16,452,728 | |
|
Schedule of Assumptions for Fair Value of Equity-based Awards |
The
Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions
for the six months ended June 30:
Schedule
of Assumptions for Fair Value of Equity-based Awards
| |
2024 | | |
2023 | |
Risk-free interest rate | |
| 3.94%
- 4.71 | % | |
| 3.41%
- 4.14 | % |
Expected volatility | |
| 74.8
to 76.10 | % | |
| 78.0
to 79.8 | % |
Expected life (years) | |
| 5.25
to 6.09 | | |
| 5.25
to 6.08 | |
Expected
dividend yield | |
| 0 | % | |
| 0 | % |
|
Schedule of Unrecognized Compensation Cost |
Total
unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized at June 30, 2024:
Schedule
of Unrecognized Compensation Cost
| |
| | |
2024 | |
$ | 2,883,195 | |
2025 | |
| 4,356,405 | |
2026 | |
| 3,048,001 | |
2027 | |
| 2,065,139 | |
2028 | |
| 244,019 | |
Total
estimated compensation cost to be recognized | |
$ | 12,596,759 | |
|
Schedule of Stock-based Compensation Expenses |
The
Company recognized total stock-based compensation expense as follows for the three and six months ended June 30:
Schedule
of Stock-based Compensation Expenses
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
Three Months
Ended | | |
Six Months
Ended | |
| |
June
30, | | |
June
30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Stock-based compensation expense in operating
expenses: | |
| | | |
| | | |
| | | |
| | |
Research and
development | |
$ | 978,037 | | |
$ | 639,511 | | |
$ | 1,810,216 | | |
$ | 1,293,982 | |
General
and administrative | |
| 432,475 | | |
| 637,471 | | |
| 931,642 | | |
| 1,256,282 | |
Total | |
$ | 1,410,512 | | |
$ | 1,276,982 | | |
$ | 2,741,858 | | |
$ | 2,550,264 | |
|
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v3.24.2.u1
Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt |
Long-term
debt consisted of the following at June 30, 2024 and December 31, 2023:
Schedule
of Long-term Debt
| |
June
30, 2024 | | |
December
31, 2023 | |
Note payable | |
$ | 100,000,000 | | |
$ | 35,000,000 | |
Add: Final fee | |
| 4,500,000 | | |
| - | |
Add: PIK interest (added
to principal) | |
| 87,676 | | |
| 2,565,660 | |
Less: unamortized debt
issuance costs | |
| (2,089,840 | ) | |
| (480,810 | ) |
Less: unamortized debt
discount | |
| (6,304,664 | ) | |
| (49,439 | ) |
Total long-term debt | |
$ | 96,193,172 | | |
$ | 37,035,411 | |
|
Schedule of Long Term Debt Future Principal Payments |
Future
principal payments, including the incurred PIK interest and final fee, are as follows:
Schedule
of Long Term Debt Future Principal Payments
| |
Years
Ending December 31, | |
| |
| |
2027 | |
$ | 30,461,467 | |
2028 | |
| 52,219,657 | |
2029 | |
| 21,906,552 | |
Total | |
$ | 104,587,676 | |
|
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v3.24.2.u1
Schedule of Potentially-Dilutive Shares Excluded from Diluted Weighted-Average Shares Outstanding (Details) - shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
12,044,052
|
20,312,357
|
Options To Purchase Common Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,266,969
|
2,185,567
|
Warrants To Purchase Common Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
5,600,234
|
7,266,102
|
Restricted Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,079
|
1,958
|
Preferred Stock On An As If Converted To Common Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,175,770
|
10,858,730
|
X |
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v3.24.2.u1
Schedule of Investment (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss |
$ 252,609,622
|
$ 149,919,974
|
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain |
5,271
|
30,995
|
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss |
|
|
Debt Securities, Held-to-Maturity, Fair Value |
252,614,893
|
149,950,969
|
US Treasury Securities [Member] |
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss |
252,609,622
|
149,919,974
|
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain |
5,271
|
30,995
|
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss |
|
|
Debt Securities, Held-to-Maturity, Fair Value |
$ 252,614,893
|
$ 149,950,969
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v3.24.2.u1
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
|
|
Jun. 26, 2024 |
May 31, 2024 |
May 30, 2024 |
May 08, 2024 |
Apr. 22, 2024 |
Mar. 26, 2024 |
Mar. 19, 2024 |
Mar. 15, 2024 |
Mar. 14, 2024 |
Jan. 15, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Mar. 31, 2024 |
Dec. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
65,000,000
|
|
|
65,000,000
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
37,014,751
|
|
|
25,506,012
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
|
2,500,000
|
Preferred stock, par value |
|
|
|
|
|
|
|
|
|
|
$ 0.001
|
|
|
$ 0.001
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
317,577
|
|
|
854,134
|
Additional warrants exercised |
|
|
|
|
|
|
|
1,739,080
|
|
|
19,390
|
|
3,683
|
|
Class of warrant exercise price |
|
|
|
|
|
|
|
$ 8.05
|
|
|
|
|
|
|
Proceeds from warant exercise |
|
|
|
|
|
|
|
$ 14,000,000
|
|
|
$ 14,182,137
|
|
|
|
Declared Dividend |
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
Open Market Sale Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions and other offering expenses |
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
Open Market Sale Agreement [Member] | Jefferies LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock number of shares issued in transaction |
|
|
|
149,700
|
285,714
|
|
|
|
|
|
|
|
|
|
Issuance of public offering price per share |
|
|
|
$ 17.65
|
$ 17.50
|
|
|
|
|
|
|
|
|
|
Gross proceeds from public offering |
|
|
|
$ 2,600,000
|
$ 5,000,000.0
|
|
|
|
|
|
|
|
|
|
Underwriting Agreement [Member] | Leerink Partners LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of stock number of shares issued in transaction |
|
|
3,871,000
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of public offering price per share |
|
|
$ 15.50
|
|
|
|
|
|
|
|
|
|
|
|
Gross proceeds from public offering |
|
|
$ 60,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from public offering |
|
$ 56,300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Several Investors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional warrants exercised |
|
|
|
|
|
|
|
|
|
|
19,390
|
|
3,683
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
$ 173,000
|
|
$ 9,000
|
|
Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares converted |
87,700
|
100,000
|
|
|
|
30,700
|
43,913
|
|
50,000
|
224,244
|
|
|
|
|
Cost basis of shares transferred |
$ 5.75
|
$ 5.75
|
|
|
|
$ 5.75
|
$ 5.75
|
|
$ 5.75
|
$ 5.75
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in conversion |
877,000
|
1,000,000
|
|
|
|
307,000
|
439,130
|
|
500,000
|
2,242,440
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
1,850,000
|
|
|
|
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- DefinitionProceeds from issuance of common stock net.
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v3.24.2.u1
Schedule of Stock Options Activity (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Offsetting Assets [Line Items] |
|
|
Options outstanding at beginning of year |
2,815,392
|
1,976,586
|
Options outstanding, weighted average exercise price at beginning of year |
$ 7.95
|
$ 6.34
|
Shares, Granted |
552,179
|
310,798
|
Weighted Average Exercise Price, Granted |
$ 15.77
|
$ 10.74
|
Shares, Exercised |
(52,747)
|
(45,208)
|
Weighted Average Exercise Price, Exercised |
$ 6.35
|
$ 5.34
|
Shares, Forfeited |
(47,855)
|
(56,609)
|
Weighted Average Exercise, Forfeited |
$ 10.19
|
$ 7.67
|
Options outstanding at end of year |
3,266,969
|
2,185,567
|
Options outstanding, weighted average exercise price at end of year |
$ 9.27
|
$ 6.96
|
Shares, options exercisable |
1,710,917
|
1,346,587
|
Weighted Average Exercise Price, Options exercisable |
$ 6.80
|
$ 5.97
|
Weighted Average Grant Date Fair Value for options granted during the period |
$ 10.83
|
$ 7.42
|
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v3.24.2.u1
Schedule of Stock Options Outstanding and Exercisable (Details) - Share-Based Payment Arrangement, Option [Member]
|
6 Months Ended |
Jun. 30, 2024
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Options outstanding | shares |
3,266,969
|
Options outstanding, weighted average remaining contractual life |
7 years 10 months 2 days
|
Options outstanding, weighted average exercise price | $ / shares |
$ 9.27
|
Options outstanding, aggregate intrinsic value | $ |
$ 23,463,751
|
Options exercisable | shares |
1,710,917
|
Options exercisable, weighted average exercise price | $ / shares |
$ 6.80
|
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$ 16,452,728
|
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Schedule of Unrecognized Compensation Cost (Details)
|
Jun. 30, 2024
USD ($)
|
Share-Based Payment Arrangement [Abstract] |
|
2024 |
$ 2,883,195
|
2025 |
4,356,405
|
2026 |
3,048,001
|
2027 |
2,065,139
|
2028 |
244,019
|
Total estimated compensation cost to be recognized |
$ 12,596,759
|
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v3.24.2.u1
Schedule of Stock-based Compensation Expenses (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total |
$ 1,410,512
|
$ 1,276,982
|
$ 2,741,858
|
$ 2,550,264
|
Research and Development Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total |
978,037
|
639,511
|
1,810,216
|
1,293,982
|
General and Administrative Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total |
$ 432,475
|
$ 637,471
|
$ 931,642
|
$ 1,256,282
|
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v3.24.2.u1
Stock-Based Compensation (Details Narrative) - USD ($)
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
|
|
|
|
|
May 12, 2022 |
May 12, 2021 |
May 10, 2018 |
Oct. 25, 2017 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
May 09, 2024 |
Jan. 01, 2024 |
May 11, 2023 |
Jan. 01, 2023 |
May 31, 2022 |
Jan. 01, 2022 |
Dec. 31, 2021 |
Jan. 01, 2021 |
May 31, 2020 |
May 2022 Exercise Price Modification [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option awards shares modified |
|
|
|
|
|
|
|
|
|
|
|
|
776,324
|
|
|
|
|
Stock option exercise price per share |
|
|
|
|
|
|
|
|
|
|
|
|
$ 5.50
|
|
|
|
|
Stock based compensation expense related to modification |
|
|
|
|
$ 26,692
|
$ 37,690
|
$ 53,411
|
$ 77,302
|
|
|
|
|
|
|
|
|
|
Remaining stock based compensation expense related to modification |
|
|
|
|
|
|
110,000
|
|
|
|
|
|
|
|
|
|
|
December 2021 Exercise Price Modification [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option awards shares modified |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
311,000
|
|
|
Stock option exercise price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 13.44
|
|
|
Stock based compensation expense related to modification |
|
|
|
|
15,763
|
16,920
|
31,527
|
33,844
|
|
|
|
|
|
|
|
|
|
Remaining stock based compensation expense related to modification |
|
|
|
|
|
|
66,000
|
|
|
|
|
|
|
|
|
|
|
May 2020 Exercise Price Modification [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock option awards shares modified |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
203,750
|
Stock option exercise price per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 5.10
|
Stock based compensation expense related to modification |
|
|
|
|
$ 0
|
6,826
|
696
|
13,934
|
|
|
|
|
|
|
|
|
|
Remaining stock based compensation expense related to modification |
|
|
|
|
|
|
$ 0
|
|
|
|
|
|
|
|
|
|
|
2017 Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares reserved for issuance |
|
|
|
750,000
|
|
|
|
|
3,000,000
|
|
1,500,000
|
|
|
|
|
|
|
Change in common stock, shares reserved for issuance |
|
|
|
|
|
|
|
|
|
255,060
|
|
216,673
|
|
149,189
|
|
102,998
|
|
Stock option description |
|
|
|
increase automatically on January 1 of each year
from 2025 through 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of Company common stock as
of the immediately preceding December 31. However, the Company’s board may reduce the amount of the increase in any particular
year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional shares authorized under plan |
500,000
|
500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total common stock, shares reserved for issuance |
1,000,000
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares available for grant under the 2017 Plan |
|
|
|
|
2,267,956
|
|
2,267,956
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized stock-based compensation expense |
|
|
|
|
$ 1,329,807
|
1,228,284
|
$ 2,619,999
|
2,450,612
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized stock-based compensation expense |
|
|
|
|
$ 8,475
|
$ 4,052
|
$ 13,325
|
$ 8,694
|
|
|
|
|
|
|
|
|
|
Restricted stock awards outstanding |
|
|
|
|
1,079
|
1,958
|
1,079
|
1,958
|
|
|
|
|
|
|
|
|
|
Restricted stock awards vested |
|
|
|
|
1,958
|
3,273
|
|
|
|
|
|
|
|
|
|
|
|
Employee Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recognized stock-based compensation expense |
|
|
|
|
$ 72,230
|
$ 44,646
|
$ 108,534
|
$ 90,958
|
|
|
|
|
|
|
|
|
|
Common stock, shares reserved for issuance |
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in common stock, shares reserved for issuance |
|
|
|
|
|
|
|
|
|
127,530
|
|
108,337
|
|
74,594
|
|
51,499
|
|
Stock option description |
|
|
number of shares equal to 0.5% of the total outstanding number of
shares of Company common stock as of the immediately preceding December 31.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares available for issuance |
|
|
|
|
373,739
|
|
373,739
|
|
|
|
|
|
|
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v3.24.2.u1
Schedule of Long-term Debt (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
|
Note payable |
$ 100,000,000
|
$ 35,000,000
|
Add: Final fee |
4,500,000
|
|
Add: PIK interest (added to principal) |
87,676
|
2,565,660
|
Less: unamortized debt issuance costs |
(2,089,840)
|
(480,810)
|
Less: unamortized debt discount |
(6,304,664)
|
(49,439)
|
Total long-term debt |
$ 96,193,172
|
$ 37,035,411
|
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v3.24.2.u1
Debt (Details Narrative) - USD ($)
|
May 30, 2024 |
Jun. 30, 2024 |
Mar. 15, 2024 |
Dec. 31, 2023 |
Debt Instrument [Line Items] |
|
|
|
|
Final fee |
|
$ 4,500,000
|
|
|
Warrants exercise price per share |
|
|
$ 8.05
|
|
Amended And Restated Loan Agreement [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt instrument interest rate description |
The
Company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met.
The Term Loans will mature on May 1, 2029 and will bear interest at a rate equal to the sum of (a) the greater of (i) the Prime Rate
(as defined in the A&R Loan Agreement) or (ii) 7.75%, plus (b) 2.85%, provided that 1.0% of such interest will be payable in-kind
by adding an amount equal to such 1.0% of the outstanding principal amount to the then outstanding principal balance on a monthly basis
through May 31, 2027.
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
$ 100
|
|
|
|
New borrowings |
$ 2,400,000
|
|
|
|
Final fee percentage |
4.50%
|
|
|
|
Final fee |
$ 4,500,000
|
|
|
|
Term loan percentage |
2.50%
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Warrant [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Warrants issued |
103,876
|
|
|
|
Warrants exercise price per share |
$ 14.84
|
|
|
|
Fair value of warrants |
$ 1,200,000
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Term A Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
$ 16,800,000
|
|
|
|
Loan conversion percentage |
20.00%
|
|
|
|
Common stock price per share |
$ 10.00
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Term B Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
$ 21,500,000
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Term C Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
61,700,000
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Term D Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
30,000,000
|
|
|
|
Non utilization fee |
900,000
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Term E Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
50,000,000
|
|
|
|
Non utilization fee |
1,500,000
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Term F Loan [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded loan amount |
45,000,000
|
|
|
|
Amended And Restated Loan Agreement [Member] | Innovatus Life Sciences [Member] | Maximum [Member] |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Funded contingent loan, outstanding |
$ 180,000,000
|
|
|
|
Prior Loan Agreement [Member] | Innovatus Life Sciences [Member] |
|
|
|
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Debt Instrument [Line Items] |
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$ 14.40
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