Item 5. Market for Registrant’s Common Equity
ITEM 5. Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Market Price Information
Our common stock has been listed on The Nasdaq Capital Market under the symbol "CELC" since September 20, 2017.
As of February 1, 2021, there were approximately 49 holders of record of our common stock. The actual number of holders of common stock is greater than this number of record holders and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers and nominees. The number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Dividends
We have never declared or paid any cash dividends on our common stock. We currently intend to retain our future earnings, if any, to finance the operation and expansion of our business. We do not expect to pay cash dividends on our common stock in the foreseeable future. Payment of future cash dividends, if any, will be at the discretion of our board of directors after taking into account various factors, including our financial condition, operating results, current and anticipated cash needs, outstanding indebtedness and plans for expansion and restrictions imposed by lenders, if any.
Recent Sales of Unregistered Securities
None.
Issuer Purchases of Equity Securities
None.
Equity Compensation Plan Information
The information required by this Item concerning equity compensation plans is incorporated herein by reference from Part III, Item 11 of this Annual Report.
Use of Proceeds from Registered Securities
On September 22, 2017, we issued and sold 2,760,000 shares of our common stock in the IPO at a public offering price of $9.50 per share, for aggregate gross proceeds of $26.2 million. All of the shares issued and sold in the IPO were registered under the Securities Act pursuant to a Registration Statement on Form S-1 (File No. 333-220128), which was declared effective by the SEC on September 19, 2017. Craig-Hallum Capital Group LLC acted as the sole manager for the offering. The offering terminated on September 22, 2017.
The net offering proceeds to us, after deducting underwriting discounts of approximately $1.8 million and offering expenses paid by us totaling approximately $1.1 million, were approximately $23.3 million. No offering expenses were paid directly or indirectly to any of our directors or officers (or their associates) or persons owning 10.0% or more of any class of our equity securities or to any other affiliates.
At December 31, 2020, the net proceeds from our IPO were held in a diversified portfolio of bank deposits and government money market funds. All investments are highly liquid, with liquidity and capital preservation being the primary investment objectives. There has been no material change in our planned uses of the net proceeds from those described in the Prospectus dated September 19, 2017. From the Effective Date through December 31, 2020, we have used approximately $12.3 million in furtherance of our planned use of proceeds, which includes funding additional research and development for discovery of new cancer sub-types and development and validation of new CELsignia tests; clinical trials to support clinical claims; development of operational processes and capital expenditures; and working capital and other general corporate purposes.
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ITEM 6. Selected Financial Data
The following tables present, as of the dates and for the years indicated, our selected historical financial data, as indicated therein. The statement of operations data for the years ended December 31, 2020 and 2019 and the balance sheet data as of December 31, 2020 and 2019 are derived from our audited financial statements that are included elsewhere in this Annual Report. Our historical results are not indicative of the results to be expected in the future.
You should read this information together with our financial statements and the related notes, as well as Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report.
Celcuity Inc.
Statements of Operations
Years Ended December 31,
2020
2019
Operating expenses:
Research and development
$ 7,683,522
$ 6,269,308
General and administrative
1,872,642
1,535,993
Total operating expenses
9,556,164
7,805,301
Loss from operations
(9,556,164 )
(7,805,301 )
Other income (expense)
Interest expense
(120 )
(159 )
Interest income
82,109
446,096
Other income, net
81,989
445,937
Net loss before income taxes
(9,474,175 )
(7,359,364 )
Income tax benefits
-
-
Net loss
$ (9,474,175 )
$ (7,359,364 )
Net loss per share, basic and diluted
$ (0.92 )
$ (0.72 )
Weighted average common shares outstanding, basic and diluted
10,266,884
10,226,041
As of December 31,
2020
2019
Balance Sheet Data:
Total assets
$ 12,956,747
$ 20,280,800
Total liabilities
1,254,477
983,229
Total stockholders' equity
11,702,270
19,297,571
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.