MeritValue

Celcuity Inc.

CELCdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Celcuity Inc. earns about -1176% on invested capital, but has diluted owners by 249% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$29.6M1−$40.4M2−$63.8M3−$111.8M4−$177M4
Operating cash flow−$20.3M5−$36M6−$53.8M7−$83.5M8−$153.3M8
Capital expenditure$81,8989$158,76810$97,64411$250,00012$249,00012
Free cash flow (derived)−$20.4M5−$36.2M6−$53.9M7−$83.7M8−$153.5M8
Total debt$16M13$35.8M14$37.6M15$105.1M16$137.5M17
Cash & equivalents$84.3M18$24.6M19$30.7M20$22.5M21$165.7M21
Diluted shares13.4M15.4M23.7M39.4M46.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$21.51
your share of equity
Profit it earned you last year
−$37.86
Free cash flow it threw off
−$32.84
Debt you’d be carrying
$29.42

10 shares is a claim on $21.51 of net worth that earned you −$37.86 and generated −$32.84 of cash last year, against $29.42 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1176% avg · 5y
FY21 -5610%FY22 -21%FY23 -31%FY24 -40%FY25 -177%

It earned an average -1176% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+249% shares · 5y

Share count is up 249% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 761% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-008724 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011549 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001826 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012801 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008724 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011549 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001826 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012801 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008724 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011549 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001826 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012801 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-22-007560 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-23-008724 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-24-011549 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001641172-25-001826 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001493152-26-012801 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-008724 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-011549 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-001826 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-012801 (CashAndCashEquivalentsAtCarryingValue)