Celcuity Inc.

Greetings and welcome to the Q&A fourth quarter and full year 2021 results conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn this conference over to your host, Mr. Robert Uhl. Thank you, sir. You may begin.

Thank you, Laura. Good afternoon, everyone, and welcome to Cellcuity's fourth quarter and full year 2021 financial results and business update webcast and conference call. Thank you for joining us. Earlier today, Cellcuity Incorporated released financial results for the fourth quarter and full year ended December 31st, 2021. The press release can be found on the investor section of our website. Joining me on the call today are Brian Sullivan, Salcuity's Chief Executive Officer and Co-Founder, Vicki Hahn, Chief Financial Officer, as well as Igor Gorbachevsky, Chief Medical Officer, who will be available during the Q&A. Before we begin, I would like to remind listeners that our comments today will include some forward-looking statements. These statements involve a number of risks and uncertainties, which are outlined in in today's release and in our reports and filings with the SEC. Actual events or results may differ materially from those projected in the forward-looking statements. Such forward-looking statements and their implications involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected. On this call, we will also refer to non-GAAP financial measures. These non-GAAP measures are used by management to make strategic decisions, forecast future results, and evaluate the company's current performance. Management believes the presentation of these non-GAAP financial measures is useful for investors' understanding and assessment of the company's ongoing core operations and prospects for the future. You can find the table reconciling the non-GAAP financial measures to GAAP measures in today's press release. So with that, I would like to turn the call over to Vicki Hahn, Self-Q&A's CFO, to review the financial results prior to a business update.

Thank you, Robert, and good afternoon, everyone. I'll provide a brief overview of our financial results for the fourth quarter and full year of 2021, and I invite you to review our 10-K, which will be filed later today, for a more detailed discussion. After my remarks, Brian will provide a corporate update that includes a presentation that can be found on our website or through the link in our earnings press release. Our fourth quarter net loss was $6.8 million or $0.45 per share compared to $2.6 million net loss or $0.25 per share for the fourth quarter of 2020. Net loss for full year 2021 was $29.6 million. or $2.21 per share compared to 9.5 million or 92 cents per share for the same period in 2020. Because these quarterly net losses include significant non-cash items, including stock-based compensation, the issuance of common stock and interest, we also include in our press release non-GAAP adjusted net loss for the quarter and full year ending December 31st, 2021. Our non-GAAP adjusted net loss was 5.6 million or 37 cents per share for the fourth quarter of 2021 compared to non-GAAP adjusted net loss of 2.1 million or 21 cents per share for the fourth quarter of 2020. Non-GAAP adjusted net loss for the full year 2021 was 21.4 million or $1.60 per share compared to non-GAAP adjusted net loss of 7.7 million or 75 cents per share for the full year 2020. R&D expenses were 5.5 million during the fourth quarter of 2021 compared to 2.1 million for the fourth quarter of 2020. R&D expenses for the full year of 2021 were 25.8 million compared to 7.7 million for the same period in 2020. The approximately 18.1 million increase during the full year of 2021 resulted primarily from a 10 million upfront license fee related to the execution of the Pfizer license agreement, which included 5 million of non-cash expense for issuance of common stock. The remaining 8.1 million increase primarily resulted from expenses initially associated with the transfer of GDAD ELISIB-related activities from Pfizer to Salcuity, and subsequently the continued support and development of GDAD ELISIB. General and administrative expenses were $0.8 million for the fourth quarter of 2021, compared to $0.4 million for the same period in 2020. GNA expenses for the full year 2021 were $2.4 6 million compared to 1.9 million for the prior year. The approximately 7.7 million increase in G&A during the full year 2021 compared to the full year of 2020 arose primarily from non-cash stock-based compensation. Net cash used in operating activities for the fourth quarter of 2021 was 6.1 million compared to 2.1 million for the fourth quarter of 2020. This was the result of non-GAAP adjusted net loss of $5.6 million and working capital changes of approximately $0.6 million offset by $0.1 million depreciation expense. We ended the quarter with approximately $84.3 million of cash and cash equivalents compared to $11.6 million on December 31, 2020. We expect this cash to take us into late 2023 or early 2024. And now we will hand the call over to Brian.