Celcuity (CELC) Financials

Celcuity (NASDAQ: CELC) remains a pre-revenue biotech with a very strong cash position, but it is still burning a substantial amount of cash as it advances its pipeline. Across the last four years, the company has consistently reported zero revenue, widening or volatile quarterly net losses, and heavy investment in research and development. The biggest positive in the latest quarter is balance-sheet strength: cash, short-term investments, and other current assets far exceed current liabilities, giving Celcuity meaningful runway.

What stands out most in Q1 2026:

• Celcuity ended Q1 2026 with $387.1 million in cash and short-term investments, up sharply from $121.6 million at the end of Q2 2025 and $454.9 million at the end of Q4 2025, indicating a very liquid balance sheet.
• Current assets of $408.9 million versus current liabilities of $33.2 million imply a strong near-term liquidity cushion.
• The company had net cash provided by investing activities of $34.5 million in Q1 2026, helped by maturities/sales of investments.
• Operating cash burn remains substantial, with net cash used in operations of $55.1 million in Q1 2026.
• Celcuity is still in an R&D-heavy phase, spending $33.1 million on research and development in Q1 2026 and $50.5 million in total operating expenses.
• The company reported a net loss of $52.8 million in Q1 2026, or -$0.97 per share.
• Revenue remained $0, so the business is still entirely dependent on financing and investment income to fund operations.
• Long-term debt was still elevated at $323.4 million, which creates ongoing interest expense and financial leverage risk.
• Interest expense of $6.1 million exceeded interest and investment income of $3.8 million, leaving a negative net financing burden.
• Retained earnings remain deeply negative at ($501.7 million), reflecting years of accumulated losses.

Trend over the last several years:

Celcuity has consistently operated at a loss, but its spending profile has expanded as the company scaled development efforts. Quarterly operating expenses moved from roughly $12.5 million in Q1 2023 to $50.5 million in Q1 2026. Research and development has been the main driver of that increase, which is common for clinical-stage biotech companies, but it also means the company is consuming capital quickly.

Losses have also widened materially over time. In Q1 2023, net loss was $11.9 million; by Q1 2024 it had grown to $21.6 million, and by Q1 2026 it reached $52.8 million. The company has not yet shown revenue, so there is no operating leverage from sales to offset those losses.

On the cash flow side, Celcuity has repeatedly generated negative operating cash flow, typically in the $9 million to $55 million range per quarter. That said, it has historically offset much of the burn with investment activity and financing. The latest quarter benefited from investment maturities, while prior periods included substantial equity and debt financing. This supports operations, but it also highlights dependence on capital markets.

Balance sheet quality is currently the key strength. Even after cash burn, Celcuity’s current assets still far exceed current liabilities. However, the company also carries significant long-term debt, so investors should watch whether future financing comes through dilution, additional borrowing, or eventual clinical/commercial progress that changes the cash profile.

Bottom line: Celcuity’s financials look like those of a well-funded but still speculative biotech: strong liquidity, no revenue, large losses, and heavy R&D spending. The near-term story is runway and pipeline execution, not profitability.