Celcuity Inc (NASDAQ: CELC) saw its stock price plummet by 6.45% in intraday trading on Friday, following the release of its third-quarter 2024 earnings results. The biotechnology company reported a net loss of $29.8 million, wider than the $18.4 million loss in the same period last year.
While the company achieved a significant milestone by fully enrolling patients in the P3CA wild-type cohort for its Victoria 1 phase three clinical trial, concerns arose over the increased expenses and uncertainties surrounding the event rates in its clinical trials.
Research and development expenses soared by $10.1 million compared to the previous year, contributing to the overall financial challenges. Additionally, general and administrative expenses rose to $2.5 million, up from $1.4 million in the third quarter of 2023, reflecting higher operational costs.
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