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Celcuity Inc
(NASDAQ:CELC) 

CELC stock logo

Celcuity Inc., a clinical stage biotechnology company, discovers cancer sub-types and therapeutic options for cancer patients in the United States. The company's CELsignia diagnostic platform uses a patient's living tumor cells to identify the specific abnormal cellular process driving a patient's c...

Founded: 2011
Full Time Employees: 27
Founder: Brian Sullivan / Lance Laing 
CEO: Brian Sullivan  
Sector: Healthcare
Industry: Diagnostics & Research
Healthcare
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 
                                       
      operating expenses:
    		                                   
      research and development
    		33,063,000 37,631,000 34,915,000 40,222,000 32,227,000  27,587,483 22,496,975 20,647,559 18,081,194 17,488,236 13,746,082 11,278,493 10,604,043 9,621,505 8,367,687 6,696,313 5,491,041 4,960,515 13,070,108 2,236,342 2,107,272 1,962,610 1,766,227 1,847,414 1,497,022 1,711,597 1,469,731 1,590,958 1,634,745 1,599,045 1,546,537 1,545,668 1,403,070 1,364,728 
      selling, general and administrative
    		17,444,000                                   
      total operating expenses
    		50,507,000 49,201,000 42,849,000 44,009,000 36,133,000  30,059,899 24,283,086 22,493,835 19,729,272 18,898,037 15,055,485 12,547,537 11,639,204 10,643,555 9,600,727 7,507,605 6,320,892 5,599,786 13,643,468 2,791,770 2,551,336 2,480,075 2,213,941 2,310,813 1,897,764 2,091,315 1,841,719 1,974,503 1,951,206 1,975,841 1,929,183 2,076,308 1,824,033 1,529,393 
      income from operations
    		-50,507,000 -49,201,000 -42,849,000 -44,009,000 -36,133,000   -24,283,086 -22,493,835 -19,729,272 -18,898,037 -15,055,485 -12,547,537 -11,639,204 -10,643,555 -9,600,727 -7,507,605 -6,320,892 -5,599,786 -13,643,468 -2,791,770 -2,551,336 -2,480,075 -2,213,941 -2,310,813 -1,897,764 -2,091,315 -1,841,719 -1,974,503 -1,951,206 -1,975,841 -1,929,183 -2,076,308 -1,824,033 -1,529,393 
      yoy
    		39.78%   81.23% 60.64%   61.29% 79.27% 69.51% 77.55% 56.82% 67.13% 84.14% 90.07% -29.63% 168.92% 147.75% 125.79% 516.25% 20.81% 34.44% 18.59% 20.21% 17.03% -2.74% 5.84% -4.53% -4.90% 6.97% 29.19%     
      qoq
    		2.65% 14.82% -2.64% 21.80%    7.95% 14.01% 4.40% 25.52% 19.99% 7.80% 9.35% 10.86% 27.88% 18.77% 12.88% -58.96% 388.70% 9.42% 2.87% 12.02% -4.19% 21.77% -9.25% 13.55% -6.72% 1.19% -1.25% 2.42% -7.09% 13.83% 19.27%  
      other income:
    		                                   
      interest expense
    		-6,085,000 -6,166,000 -4,595,000 -3,204,000 -3,183,000   -2,260,583 -1,400,712 -1,397,247 -1,372,132 -1,314,996 -1,242,012 -678,003 -537,661 -455,445 -435,001 -438,067 -433,072 -391,187 -24 -27 -28 -31 -33 -36 -39 -41 -43 -46 -65    -264,905 
      interest income
    		3,751,000 4,394,000 3,640,000 1,945,000 2,319,000  3,612,099 2,821,849 2,282,092 2,278,047 1,865,629 1,782,794 1,851,132 735,861 287,495 95,646 8,159 5,459 5,612 1,803 388 470 5,805 11,983 63,851 88,775 107,100 121,583 128,638 122,951 104,799 112,722 108,361 99,845 30,322 
      other income
    		-2,334,000 -1,772,000 -955,000 -1,259,000 -864,000  268,110 561,266 881,380 880,800 493,497 467,798 609,120 57,858 -250,166 -359,799 -426,842 -432,608 -427,460 -389,384 101 443 5,777 11,952 63,818 88,739 107,061 121,542 128,595 125,905 104,734 112,722  99,845 -234,583 
      net loss before income taxes
    		-52,841,000 -50,973,000 -43,804,000 -45,268,000 -36,997,000   -23,721,820 -21,612,455 -18,848,472 -18,404,540 -14,587,687 -11,938,417 -11,581,346 -10,893,721 -9,960,526 -7,934,447 -6,753,500 -6,027,246 -14,032,852 -2,791,668 -2,550,893 -2,474,298 -2,201,989 -2,246,995 -1,809,025 -1,984,254 -1,720,177 -1,845,908 -1,825,301 -1,871,107 -1,816,461 -1,967,947 -1,724,188 -1,763,976 
      income taxes
    		                                   
      net income
    		-52,841,000 -50,973,000 -43,804,000 -45,268,000 -36,997,000   -23,721,820 -21,612,455 -18,848,472 -18,404,540 -14,587,687 -11,938,417 -11,581,346 -10,893,721 -9,960,526 -7,934,447 -6,753,500 -6,027,246 -14,032,852 -2,791,668 -2,550,893 -2,474,298 -2,201,989 -2,246,995 -1,809,025 -1,984,254 -1,720,177 -1,845,908 -1,825,301 -1,871,107 -1,816,461 -1,967,947 -1,724,188 -1,763,976 
      yoy
    		42.83%   90.83% 71.18%   62.62% 81.03% 62.75% 68.95% 46.45% 50.46% 71.49% 80.74% -29.02% 184.22% 164.75% 143.59% 537.28% 24.24% 41.01% 24.70% 28.01% 21.73% -0.89% 6.05% -5.30% -6.20% 5.86% 6.07%     
      qoq
    		3.66% 16.37% -3.23% 22.36%    9.76% 14.66% 2.41% 26.16% 22.19% 3.08% 6.31% 9.37% 25.54% 17.49% 12.05% -57.05% 402.67% 9.44% 3.10% 12.37% -2.00% 24.21% -8.83% 15.35% -6.81% 1.13% -2.45% 3.01% -7.70% 14.14% -2.26%  
      net income per share
    		-0.97 -0.98 -0.92 -1.04 -0.86   -0.62 -0.64 -0.64 -0.83 -0.66 -0.55 -0.69 -0.75 -0.67 -0.53 -0.43 -0.41 -1.11 -0.25 -0.25 -0.24 -0.21 -0.22 -0.18 -0.19 -0.17 -0.18 -0.18 -0.18 -0.18 -0.19 -0.173 -0.26 
      weighted-average common shares outstanding, basic and diluted
    		54,462,826 46,757,691 47,589,731  43,052,757 39,449,393 42,793,047 38,444,163 33,612,054 23,679,472 22,117,626 21,957,140 21,680,877 15,418,543 14,938,224 14,930,538   14,877,619 12,610,917 11,072,097 10,266,884 10,273,567 10,260,234 10,253,988 10,226,041 10,239,957 10,213,455 10,198,461 10,124,544 10,128,606 10,110,558 10,096,008 7,460,640 6,846,827 
      general and administrative
    		 11,570,000 7,934,000 3,787,000 3,906,000  2,472,416 1,786,111 1,846,276 1,648,078 1,409,801 1,309,403 1,269,044 1,035,161 1,022,050 1,233,040 811,292 829,851 639,271 573,360 555,428 444,064 517,465 447,714 463,399 400,742 379,718 371,988 383,545 316,461 376,796 382,646 530,640 420,963 164,665 
      income tax benefits
    		                                   
      weighted average common shares outstanding, basic and diluted
    		   43,663,364             14,917,187 13,382,553                  
      weighted-average common shares outstanding, basic
    		           21,957,140                        
      loss on sale of fixed assets
    		                    -263               
      see accompanying notes to the financial statements
    		                                   
      income tax benefit
    		                                   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 
                                         
        assets
      		                                   
        current assets:
      		                                   
        cash and cash equivalents
      		145,191,000 165,703,000 74,252,000 46,354,000 16,478,000 22,514,823 12,603,289 30,458,800 31,214,741 30,662,774 25,759,887 32,238,702 33,639,218 24,571,557 57,483,776 66,910,824 78,295,426 84,286,381 90,366,812 41,638,623 34,936,902 11,637,911 13,696,387 15,430,559 16,854,359 18,735,002 16,269,595 14,917,690 14,724,166 15,944,609 3,808,774 3,172,782 2,572,658 2,639,789 32,304,145 
        investments
      		241,873,000 275,794,000 380,726,000 122,032,000 189,213,000 212,588,960 251,455,468 252,609,622 146,447,843 149,919,974 108,180,417 114,005,385 123,839,227 144,015,954             4,178,825 7,196,906 8,699,944 8,952,907 18,949,924 18,385,920 20,431,620 21,556,857 245,000 
        prepaid clinical trial costs
      		15,374,000 18,896,000                                  
        other current assets
      		6,491,000 5,266,000 20,519,000 14,718,000 11,906,000 9,467,247 8,379,682 8,862,940 9,860,535 10,007,849 7,771,131                         
        total current assets
      		408,929,000 465,659,000 475,497,000 183,104,000 217,597,000 244,571,030 272,438,439 291,931,362 187,523,119 190,590,597 141,711,435 152,806,340 164,099,682 175,190,537 64,694,110 71,962,831 79,443,854 85,351,975 91,182,481 42,251,483 35,713,975 12,166,960 14,012,006 15,875,216 17,438,489 19,250,354 20,608,885 22,350,880 23,762,627 25,218,208 23,160,407 21,790,430 23,328,681 24,484,080 32,874,300 
        property and equipment
      		619,000 499,000 417,000 357,000 358,000 336,515 338,787 308,444 306,024 228,782 223,378 210,858 223,343 260,294 302,005 238,629 291,076 312,444 365,533 415,080 466,484 558,876 626,271 706,219 795,676 833,463 897,110 816,054 862,185 813,613 814,051 730,449 443,578 280,056 272,245 
        operating lease right-of-use assets
      		13,000 51,000 90,000 131,000 172,000 215,502 259,744 305,179 351,911 400,019 449,368 499,993 551,933 246,266 295,535 148,727 194,925 241,901 289,586 142,766 186,602 230,911 275,696 121,015 158,666 196,983 235,919 275,483 315,688       
        other non-current assets
      		603,000 349,000                                  
        total assets
      		410,164,000 466,558,000 476,004,000 183,592,000 218,127,000 245,123,047 273,036,970 292,544,985 188,181,054 191,219,398 142,384,181 153,517,191 164,874,958 175,697,097 65,291,650 72,350,187 79,929,855 85,906,320 91,837,600 42,809,329 36,367,061 12,956,747 14,913,973 16,702,450 18,392,831 20,280,800 21,741,914 23,442,417 24,940,500 26,031,821 27,894,458 29,469,485 30,726,782 31,969,510 33,146,545 
        liabilities and stockholders’ equity
      		                                   
        current liabilities:
      		                                   
        accounts payable
      		10,454,000 6,407,000 11,418,000 11,158,000 9,932,000 9,366,007 9,158,778 6,203,132 5,276,690 5,076,699 5,634,806 3,019,282 2,569,913 2,627,076 3,168,198 2,304,543 2,139,291 1,507,099 1,746,425 647,172 318,213 217,377 83,130 81,048 68,104 142,773 198,183 141,216 208,919 119,811 177,686 149,401 130,044 71,913 34,861 
        accrued clinical trial costs
      		8,771,000 16,826,000                                  
        other accrued expenses
      		13,973,000 20,865,000                                  
        operating lease liabilities, current
      		13,000 54,000                                  
        total current liabilities
      		33,211,000 44,152,000 38,792,000 39,941,000 32,919,000 31,722,907 26,308,729 19,528,488 16,696,081 14,188,743 12,710,042 7,081,750 5,805,967 6,881,554 6,645,072 4,149,996 3,550,810 2,505,700 2,822,574 1,536,358 1,170,537 1,185,317 1,035,202 828,883 864,946 911,327 912,092 885,489 882,155 662,332 960,605 962,890 783,034 578,053 336,447 
        convertible notes
      		195,566,000                                   
        note payable
      		127,862,000                                   
        total liabilities
      		356,639,000 366,003,000 359,041,000 139,217,000 131,459,000 129,504,012 123,328,342 115,860,193 54,444,390 51,450,076 49,487,741 43,384,850 41,648,190 41,925,630 21,766,309 19,161,456 18,390,140 17,195,843 17,363,214 15,774,805 1,192,517 1,254,477 1,151,998 840,092 877,606 983,229 1,029,485 1,048,978 1,077,195 682,210 981,920 986,116 783,034 578,053 336,447 
        commitments and contingencies
      		                                   
        stockholders’ equity:
      		                                   
        preferred stock, 0.001 par value...
      		                                   
        common stock, 0.001 par value...
      		48,000                                   
        additional paid-in capital
      		555,215,000 549,404,000 514,844,000 398,456,000 395,482,000 387,436,682 384,873,261 382,057,737 315,393,843 299,818,965 234,100,541 232,932,164 231,439,035 230,045,566 128,225,939 126,995,610 125,386,089 124,622,405 123,632,827 70,167,970 64,275,505 38,013,551 37,522,374 37,148,459 36,599,372 36,134,723 35,740,561 35,437,346 35,187,046 34,827,467 34,565,128 34,264,884 33,908,815 33,388,597 33,083,055 
        accumulated deficit
      		-501,738,000 -448,897,000 -397,924,000 -354,120,000 -308,852,000 -271,855,108 -235,202,067 -205,410,278 -181,688,458 -160,076,003 -141,227,531 -122,822,991 -108,235,304 -96,296,887 -84,715,541 -73,821,820 -63,861,294 -55,926,847 -49,173,347 -43,146,101 -29,113,249 -26,321,581 -23,770,688 -21,296,390 -19,094,401 -16,847,406 -15,038,381 -13,054,127 -11,333,950 -9,488,042 -7,662,741 -5,791,634 -3,975,174 -2,007,227 -283,039 
        total stockholders’ equity
      		53,525,000 100,555,000 116,963,000 44,375,000 86,668,000 115,619,035 149,708,628 176,684,792 133,736,664 139,769,322 92,896,440 110,132,341 123,226,768 133,771,467 43,525,341 53,188,731 61,539,715 68,710,477 74,474,386             28,483,369  31,391,457 32,810,098 
        total liabilities and stockholders’ equity
      		410,164,000 466,558,000 476,004,000 183,592,000 218,127,000 245,123,047 273,036,970 292,544,985 188,181,054 191,219,398 142,384,181 153,517,191 164,874,958 175,697,097 65,291,650 72,350,187 79,929,855 85,906,320 91,837,600             29,469,485  31,969,510 33,146,545 
        operating lease liabilities, non-current
      		                                   
        convertible debt
      		 195,324,000 195,083,000                                 
        note payable, non-current
      		 126,527,000 125,166,000 99,276,000 98,527,000 97,727,136 96,923,914 96,193,172 37,566,230 37,035,411 36,506,774 35,985,980 35,478,262 34,983,074 15,013,407 15,011,460 14,823,021 14,625,923 14,427,809 14,233,068                
        preferred stock, 0.001 par value: 2,500,000 shares authorized as of december 31, 2025 and 2024; 0 and 317,577 shares issued and outstanding as of december 31, 2025 and 2024, respectively
      		                                   
        common stock
      		 48,000 43,000 39,000 38,000 37,143 37,116 37,015 30,774 25,506 22,369 22,082 21,941 21,667 14,943 14,941 14,920 14,919 14,906 12,655 12,288 10,300 10,289 10,289 10,254 10,254 10,249 10,220 10,209 10,186 10,151 10,119 10,107 10,087 10,082 
        liabilities and stockholders’ equity:
      		                                   
        operating lease liabilities
      		  96,000 139,000 169,000 171,952 175,226 178,587 181,882 184,950 188,100 191,333 194,895 191,749 194,643 156,769 189,267 189,858 190,458 153,684 185,656 187,518 189,400 131,538 176,600 178,466 164,664 181,330 182,302       
        accrued expenses
      		  27,278,000 28,644,000 22,818,000 22,184,948 16,974,725 13,146,769 11,237,509 8,927,094 6,887,136 3,871,135 3,040,178 4,060,280 3,278,315 1,683,305 1,216,392 802,893 879,851 729,672 660,849 774,612 756,873 610,508 614,462 584,319 543,486 557,194 485,194 536,791 777,199 807,783 652,990 506,140 301,586 
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 188,838 and 317,577 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively.
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 213,151 and 317,577 shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively.
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 317,577 shares issued and outstanding as of each of march 31, 2025 and december 31, 2024
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 317,577 and 854,134 shares issued and outstanding as of december 31, 2024 and december 31, 2023, respectively
      		     318                              
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 317,577 and 854,134 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively
      		      318                             
        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                            
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 505,277 and 854,134 shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively
      		        505                           
        finance lease liabilities
      		            981 2,449 3,916 5,379 5,860 5,850 5,840 5,830 5,819 5,810 5,799 5,789 5,780 5,769 5,759  5,740       
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 854,134 and 1,120,873 shares issued and outstanding as of december 31, 2023 and 2022, respectively
      		         854                          
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 1,060,873 and 1,120,873 shares issued and outstanding as of september 30, 2023 and december 31, 2022
      		          1,061                         
        deposits
      		           22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 22,009 27,726 27,726 27,726 27,726 
        deferred transaction costs
      		           79,088 35,597 33,195 349,147 332,824 170,503 22,144  121,307 13,719    34,870 28,743 28,743 28,743 28,743 28,743 27,379     
        payroll tax receivable
      		            38,263 203,665 260,926 95,300 193,034 298,764 356,309 190,000 190,000 190,000 190,000 190,000 190,000 190,000          
        prepaid assets
      		           6,461,156 6,525,368 6,344,157 6,578,252 4,601,874 762,882 722,677 437,351 279,544 551,345 317,040 103,610 232,648 337,251 274,600 109,713 185,532 287,765 269,940 352,321 154,002 246,677 209,708 247,429 
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 1,085,873 and 1,120,873 shares issued and outstanding as of june 30, 2023 and december 31, 2022
      		           1,086                        
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 1,095,873 and 1,120,873 shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively
      		            1,096                       
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 1,120,873 and 0 shares issued and outstanding as of december 31, 2022 and december 31, 2021
      		             1,121                      
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of september 30, 2022 and december 31, 2021
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of june 30, 2022 and december 31, 2021
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of march 31, 2022 and december 31, 2021
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of december 31, 2021 and december 31, 2020
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of september 30, 2021 and december 31, 2020
      		                                   
        liabilities and stockholders' equity:
      		                                   
        stockholders' equity:
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of june 30, 2021 and december 31, 2020
      		                                   
        total stockholders' equity
      		                   27,034,524 35,174,544 11,702,270 13,761,975 15,862,358 17,515,225 19,297,571 20,712,429 22,393,439 23,863,305 25,349,611 26,912,538  29,943,748   
        total liabilities and stockholders' equity
      		                   42,809,329 36,367,061 12,956,747 14,913,973 16,702,450 18,392,831 20,280,800 21,741,914 23,442,417 24,940,500 26,031,821 27,894,458  30,726,782   
        see accompanying notes to the financial statements
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of march 31, 2021 and december 31, 2020
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of december 31, 2020 and december 31, 2019
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of september 30, 2020 and december 31, 2019
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of june 30, 2020 and december 31, 2019
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of march 31, 2020 and december 31, 2019
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of december 31, 2019 and december 31, 2018
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized as of september 30, 2019 and december 31, 2018; 0 shares issued and outstanding as of september 30, 2019 and december 31, 2018
      		                                   
        capital lease liabilities
      		                           5,749        
        preferred stock, 0.001 par value: 2,500,000 shares authorized as of june 30, 2019 and december 31, 2018; 0 shares issued and outstanding as of june 30, 2019 and december 31, 2018
      		                                   
        preferred stock, 0.001 par value: 2,500,000 shares authorized as of march 31, 2019 and december 31, 2018; 0 shares issued and outstanding as of march 31, 2019 and december 31, 2018
      		                                   
        restricted cash
      		                               50,000 50,000 50,000 50,000 
        long term investments
      		                              3,920,000 6,948,606 6,954,523 7,205,374  
        capital lease obligations
      		                             5,730 5,720 5,706    
        preferred stock, 0.001 par value: 2,500,000 and 5,000,000 shares authorized as of december 31, 2018 and december 31, 2017, respectively; 0 shares issued and outstanding as of december 31, 2018 and december 31, 2017
      		                                   
        preferred stock, 0.001 par value: 2,500,000 and 5,000,000 shares authorized as of september 30, 2018 and december 31, 2017, respectively; 0 shares issued and outstanding as of september 30, 2018 and december 31, 2017
      		                                   
        preferred stock, 0.001 par value: 2,500,000 and 5,000,000 shares authorized as of june 30, 2018 and december 31, 2017, respectively; 0 shares issued and outstanding as of june 30, 2018 and december 31, 2017
      		                                   
        assets:
      		                                   
        preferred stock, 0.001 par value: 5,000,000 shares authorized as of march 31, 2018 and december 31, 2017; 0 shares issued and outstanding as of march 31, 2018 and december 31, 2017
      		                                   
        members’ equity contributions: 0 and 6,440,139 shares issued and outstanding as of december 31, 2017 and december 31, 2016, respectively
      		                                   
        preferred stock, 0.001 par value: 5,000,000 and 0 shares authorized as of december 31, 2017 and december 31, 2016, respectively; 0 shares issued and outstanding as of december 31, 2017 and december 31, 2016
      		                                   
        members’ equity contributions: 0 and 6,440,105 shares issued and outstanding as of september 30, 2017 and december 31, 2016, respectively
      		                                   
        preferred stock, 0.001 par value: 5,000,000 and 0 shares authorized as of september 30, 2017 and december 31, 2016, respectively; 0 shares issued and outstanding as of september 30, 2017 and december 31, 2016
      		                                   
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                                          
          cash flows from operating activities:
        		                                  
          net loss
        		-52,841,000 -50,973,000 -43,804,000 -45,268,000 -36,997,000 -36,653,041 -29,791,789 -23,721,820 -21,612,455 -18,848,472 -18,404,540 -14,587,687 -11,938,417 -11,581,346 -10,893,721 -9,960,526 -7,934,447 -6,753,500 -6,027,246 -14,032,852 -2,791,668 -2,550,893 -2,474,298 -2,201,989 -2,246,995 -1,809,025 -1,984,253 -1,720,178 -1,845,908 -1,825,301 -1,871,107 -1,816,460 -1,967,947 -1,724,188 
          adjustments to reconcile net loss to net cash and cash equivalents from operations:
        		                                  
          depreciation
        		47,000 49,000 41,000 40,000 37,000 35,254 34,021 31,115 29,557 27,948 33,555 37,331 43,938 48,937 53,545 52,447 55,989 63,029 63,609 78,375 98,222 97,890 96,567 96,342 94,792 93,307 86,351 83,170 76,168 70,523 62,810 49,966 39,738 28,541 
          stock-based compensation
        		5,325,000 9,456,000 6,779,000 2,704,000 2,444,000 2,315,282 1,931,201 1,410,512 1,331,346 1,242,532 1,108,638 1,276,982 1,273,282 1,139,421 1,223,054 1,519,459 756,271 920,604 699,916 540,317 449,098 427,090 448,947 423,193 464,649 360,855 303,243 192,246 184,645 255,576 300,276 276,285 336,479 313,289 
          amortization of debt issuance costs and discount
        		1,252,000 1,271,000 778,000 537,000 551,000 550,097 478,253 236,993 65,309 63,813 61,721 59,214 57,004 111,573 104,645 84,527 95,012 94,460 91,790                
          payment-in-kind interest
        		325,000 331,000 272,000 252,000 249,000 253,124 252,488    459,072    105,766                    
          non-cash interest income
        		-883,000                                -23,912  
          non-cash operating lease expense
        		-3,000 -2,000 -3,000                                
          changes in operating assets and liabilities:
        		                                  
          prepaid clinical trial costs
        		3,522,000                                  
          other current assets
        		-976,000  -5,449,000 -2,815,000 -2,436,000 -964,992 269,431 1,202,693 268,849 -2,372,286                         
          accounts payable
        		4,080,000 -4,825,000 -55,000 1,227,000 613,000 221,989 2,911,087 944,824 237,992 -601,309 2,610,832 429,636 -8,545 -476,096 848,031 192,054 513,091 -247,449 1,115,363 364,094 73,924 117,628 -5,632 33,172 -92,197 -57,360 58,222 31,446 13,309 33,993 -21,165 -45,527 58,131 38,285 
          accrued clinical trial costs
        		-8,055,000                                  
          other accrued expenses
        		-6,858,000                                  
          net cash from operating activities
        		-55,065,000 -36,399,000 -44,816,000 -36,212,000 -35,853,000 -27,769,983 -20,561,698 -18,066,901 -17,068,161 -18,535,921 -12,746,442 -9,662,052 -12,867,838 -9,479,260 -9,306,779 -11,289,100 -5,933,032 -6,124,002 -4,048,685 -7,617,748 -2,521,505 -2,107,251 -1,648,792 -1,556,045 -1,833,601 -1,703,758 -1,478,000 -1,226,922 -1,590,031 -1,519,218 -1,772,770 -1,336,651 -1,447,630  
          capital expenditures
        		-164,000 -53,000 -97,000 -39,000 -60,000 -45,149 -50,780 -64,273 -89,676 -32,699 -53,104 -4,854 -6,987 -112,044 -12,103 -22,986 -11,635 -9,939 -14,062 -26,972 -30,925 -13,877 -8,905 -20,985 -45,604 -27,711 -168,662 -136,187 -47,641 -147,182 -110,144 -168,022 -204,260  
          free cash flows
        		-55,229,000 -36,452,000 -44,913,000 -36,251,000 -35,913,000 -27,815,132 -20,612,478 -18,131,174 -17,157,837 -18,568,620 -12,799,546 -9,666,906 -12,874,825 -9,591,304 -9,318,882 -11,312,086 -5,944,667 -6,133,941 -4,062,747 -7,644,720 -2,552,430 -2,121,128 -1,657,697 -1,577,030 -1,879,205 -1,731,469 -1,646,662 -1,363,109 -1,637,672 -1,666,400 -1,882,914 -1,504,673 -1,651,890  
          cash flows from investing activities:
        		                                  
          proceeds from maturities of investments
        		50,000,000 103,462,000 32,307,000 129,930,000 66,808,000 227,210,816 154,745,140 135,328,269 125,061,320 88,560,119 77,181,375 118,873,027 25,000,000                      
          purchases of investments
        		-15,196,000 0 -289,821,000 -64,035,000 -42,486,000 -189,607,150 -152,790,769 -241,331,688 -121,435,343 -129,745,550 -70,875,888 -110,778,184 -3,125,462                 0 0 -2,500,000 -735,000 -28,492,135 
          purchases of property and equipment
        		-249,000 -53,000 -97,000 -39,000 -60,000 -45,149 -50,780 -64,273 -89,676 -32,699 -53,104 -4,854 -6,987 -112,044 -12,103 -22,986 -11,635 -9,939 -14,062 -26,972 -30,925 -13,877 -8,905 -20,985 -45,604 -27,711 -168,662 -136,187 -47,641 -147,182 -110,144 -168,022 -204,260 -36,352 
          purchases of capitalized software
        		-36,000                                  
          net cash from investing activities
        		34,519,000 103,409,000 -257,611,000 65,856,000 24,262,000 37,558,517   3,536,301 -41,218,130 6,252,383 8,089,989 21,867,551 -143,985,070 -12,103 -22,986 -11,635 -9,939 -14,062 -26,972 -30,425 -13,877 -8,905 -20,985 -45,604 4,137,289 2,831,338 1,363,813 197,359 13,665,818 2,374,856 1,856,978 1,196,740  
          cash flows from financing activities:
        		                                  
          proceeds from exercise of common stock options
        		206,000                                  
          proceeds from exercise of common stock warrants
        		31,000 23,591,000 12,870,000 0 5,600,000 1 553,679 172,986 14,009,151         7,505 0 0 11,257         0 0 0 183,759  
          payments for secondary registration statement costs
        		-203,000 1,000 0 -1,000 -46,000 -125,168 -68,183 22,360 -56,414 82,493 -28,758 -43,751 -55,789  -105,516 -161,137 -52,244 -14,021 25,197 -17,049 -12,016 -860 -75,032   0 0        
          net cash from financing activities
        		34,000 24,441,000 330,325,000 232,000 5,554,000 123,000 802,596 123,378,652 14,083,827 64,656,938 15,244 171,547 67,948 120,552,111 -108,166 -72,516 -46,288 53,510 52,790,936 14,346,441 25,850,921 62,652 -76,475 153,230 -1,438 31,876 -1,433 56,633 172,229 -10,765 -16,094 79,797 183,759 -25,907 
          net change in cash and cash equivalents
        		-20,512,000 91,451,000 27,898,000 29,876,000 -6,037,000 9,911,534 -17,855,511 -755,941 551,967 4,902,887 -6,478,815 -1,400,516 9,067,661 -32,912,219 -9,427,048 -11,384,602 -5,990,955 -6,080,431 48,728,189 6,701,721 23,298,991 -2,058,476 -1,734,172           -29,664,356 
          cash and cash equivalents:
        		                                  
          beginning of period
        		165,703,000 0 0 0 22,515,000 0 0 0 30,662,774 0 0 0 24,571,557 0 0 0 84,286,381 0 0 0 11,637,911 0 0 0 18,735,002 0 0 0 15,944,609 0 0 0 2,689,789 0 
          end of period
        		145,191,000 91,451,000 27,898,000 29,876,000 16,478,000 9,911,534 -17,855,511 -755,941 31,214,741 4,902,887 -6,478,815 -1,400,516 33,639,218 -32,912,219 -9,427,048 -11,384,602 78,295,426 -6,080,431 48,728,189 6,701,721 34,936,902 -2,058,476 -1,734,172 -1,423,800 16,854,359 2,465,407 1,351,905 193,524 14,724,166 12,135,835 585,992 600,124 2,622,658 -29,664,356 
          supplemental disclosure of cash flow information:
        		                                  
          cash paid for interest
        		5,889,000                                  
          cash paid for operating leases
        		56,000                                  
          supplemental disclosures of non-cash investing and financing activities:
        		                                  
          capitalized software included in accounts payable
        		85,000                                  
          exercise of stock options pending receipt of cash proceeds
        		249,000    2,000    108,210                          
          change in accrued interest income
        		 1,470,000 -1,180,000 1,286,000 -946,000 1,262,841 -473,584 -484,991 -153,845 -554,126 -480,519 1,738,999 -1,697,811                7,963      
          other current and non-current assets
        		                                  
          proceeds from employee stock purchases
        		 458,000 0   144,355 0   100,207 0   91,169 0   40,022 0   36,406 0   29,560 0   61,935 0    
          proceeds from convertible debt, net of debt issuance costs of 6,246 and 0 during the years ended december 31, 2025 and 2024, respectively
        		                                  
          proceeds from note payable, net of debt issuance costs of 2,255 and 2,438 during the years ended december 31, 2025 and 2024, respectively
        		                                  
          proceeds from equity offering, net of underwriting discounts and offering costs
        		 -231,000                                 
          proceeds from an atm offering, net of issuance costs
        		     0 0                            
          common stock warrants issued with the note payable transaction
        		                                  
          property and equipment included in accounts payable
        		     -12,167   18,702 654 -7,032      22,987     16,619   14,101          
          deferred financing, offering and registration statement costs included in accounts payable
        		                                  
          accrued expenses
        		  -2,195,000 5,826,000 633,000 5,210,223 3,827,956 1,921,296 2,298,379 2,039,958 3,016,001 830,957 -1,020,102 986,965 1,395,010 461,913 413,499 -76,959 230,179 -11,177 -113,763 17,739 146,365 -3,954 30,143 40,832 -13,707 72,000 12,278 -240,408 -30,584 79,793 146,850 221,487 
          proceeds from exercise of employee stock options
        		  2,364,000   103,813 330,745 203,923 131,090 102,958 44,002 113,640 127,922 128,179 7,277 9,542 7,414 21,461 5,100          174,957      
          proceeds from convertible note payable, net of debt issuance cost and discount of 5,774
        		                                  
          proceeds from note payable, net of debt issuance costs and discount of 2,248 and 2,438 in 2025 and 2024, respectively
        		                                  
          interest paid
        		  2,622,000 2,416,000 2,383,000 2,471,939 2,613,248 1,631,004 869,893 868,610 851,338 807,279 746,824 423,119 327,252 267,006 237,903                  
          change in accounts payable attributed to offering and registration statement costs
        		  -13,000                                
          change in accounts payable attributed to property and equipment
        		  2,000                                
          common stock warrants issued with note payable transaction
        		      0                            
          offering costs accrued but unpaid at the end of the period
        		                                  
          proceeds from follow-on offering, net of underwriting discounts and offering costs
        		     -1 -5,918           0 52,762,092 -45,674 25,814,167              
          proceeds from note payable, net of debt issuance costs and discount of 2,430 in 2024
        		                                  
          payments for debt issuance costs
        		         0 0 0 -2,716                     0 
          non-cash interest receivable
        		                                  
          adjustments to reconcile net loss to net cash used for operations:
        		                                  
          non-cash operating lease
        		    -1,000 -760   1,197 1,197 1,196 1,537 438 -452 -1,105 -1,628 -58 -59 -1,131 -3,274 -3,276 -3,275 10,221 -7,412 -21,342 8,694 -6,272 9,123 -20,661      
          deferred financing costs and offering and registration statement costs included in accounts payable
        		                                  
          property and equipment included in accrued expenses
        		        12,036                          
          adjustments to reconcile net loss to net cash from operations:
        		                                  
          proceeds from note payable, net of debt issuance costs and discount of 2,437,644
        		     0                             
          proceeds from pre-funded warrants, net of offering costs
        		                                  
          payments for finance leases
        		         0 0 -980 -1,469 -1,466 -1,464 -1,462 -1,458 -1,457 -1,453 -1,451 -1,449 -1,446 -1,443 -1,442 -1,438 -1,437         
          adjustments to reconcile net loss to net cash and cash equivalents used for operations:
        		                                  
          offering and registration statement costs included in accounts payable
        		      30,976 320 13,325  11,722 -259 2,402  -89,192 -3,815 104,237    51,245              
          net cash (used for) provided by investing activities
        		                                  
          proceeds from note payable, net of debt issuance costs and discount of 2,429,917
        		                                  
          pik interest
        		        465,510    438,184    102,086 103,653 102,951                
          proceeds from a private placement offering, net of discounts and offering costs
        		                                  
          proceeds from note payable, net of debt issuance and discount costs
        		                                  
          proceeds from an atm offering, net of commission fees and offering costs
        		                                  
          deferred financing costs and offering and registration statement costs included in accrued expenses
        		                                  
          payroll tax receivable
        		           38,263 165,402 57,261 -165,626 97,734 105,730 57,545                 
          prepaid assets and deposits
        		           64,212 -181,211 234,095 -1,976,378 -3,838,992 -40,205 -285,326 -157,807 271,801 -234,305 -213,430 129,038 104,603 -62,651 -164,886 60,335 102,233 -17,825 82,382 -192,602 92,675 -36,969 37,721 
          offering and registration statement costs included in accrued expenses
        		                                  
          issuance of common stock, licensing agreement
        		                 0 0                
          loss on sale of fixed assets
        		                 0 0 0 263              
          proceeds from sale of property and equipment
        		                 0 0 0 500         3,000 0 0 1,000  
          issuance of common stock warrants and final fee recognized as discount to note payable
        		                 0 0                
          proceeds from note payable, net of debt issuance costs and discount of 652,061
        		                 0 0                
          gross proceeds from an atm offering
        		                 0 0 0 38,962 28,552 0            
          registration statement costs included in accounts payable
        		                        6,127          
          offering and registration statement costs included in accounts payable and accrued expenses
        		                                  
          see accompanying notes to the financial statements
        		                                  
          non-cash interest income, net of cash received
        		                         13,825 18,081        
          proceeds from sale of investments
        		                         4,165,000 3,000,000 1,500,000 245,000 13,810,000 2,485,000 4,525,000 2,135,000  
          net change in cash, cash equivalents, and restricted cash
        		                        -1,880,643  1,351,905 193,524 -1,220,443 12,135,835 585,992 600,124 -67,131  
          gain on sale of fixed assets
        		                                  
          payments for taxes related to net share settlement of stock options exercised
        		                                  
          payments for ipo costs
        		                                  
          property and equipment funded by finance lease
        		                                  
          leasehold improvements funded by landlord and related deferred rent included in accrued expenses
        		                                  
          proceeds from employee stock options exercised
        		                          0        
          cash, cash equivalents, and restricted cash:
        		                                  
          payments for capital leases
        		                           -1,432 -1,428 -1,427     
          payments for shelf registration statement costs
        		                            -1,300      
          non-cash interest expense
        		                                 0 
          proceeds from sale of convertible promissory notes
        		                                 0 
          proceeds from initial public offering of common stock
        		                                 0 
          payments for initial public offering costs
        		                                 -27,959 
          non-cash interest income adjustment
        		                              -20,398    
          payments for registration statement costs
        		                                  
          deferred transaction costs
        		                                  
          adjustments to reconcile net loss to net cash used by operations:
        		                                  
          net cash used by operating activities
        		                                  
          net cash used by investing activities
        		                                  
          proceeds from sale of member shares, net of issuance costs
        		                                  
          non-cash financing activities:
        		                                  
          debt issuance costs netted against proceeds from sale of convertible promissory notes
        		                                 0 
          debt discount related to investor and agent warrants
        		                                 0 
          initial public offering costs included in accounts payable
        		                                  
          underwriter’s reimbursable offering costs netted against initial public offering proceeds
        		                                 0 
          proceeds from sale of member units, net of issuance costs
        		                                  
          initial public offering costs included in accounts payable and accrued expenses