CELSCI Corporation delivered a clearly cash-burn heavy quarter in QQ4 2024, with no reported revenue and a net loss of $6.11 million for the period. The company’s operating expenses remained elevated as R&D continues to be the primary driver of cash burn, totaling $4.48 million in QQ4 2024, with another $1.64 million in G&A and $0.99 million in selling, general and administrative costs feeding a total operating expense base of $5.13 million. EBITDA was negative at $4.94 million and net income declined to $6.11 million per share (basic and diluted EPS of -0.11). The company’s liquidity profile improved modestly in QQ4 2024 due to a $10.93 million common stock issuance, contributing to a net cash inflow from financing activities of $9.19 million and a closing cash balance of $4.74 million. However, the firm carries a meaningful debt load (total debt of $11.62 million; long-term debt $9.38 million) and a substantial accumulated deficit, underscoring the ongoing funding risk inherent to late-stage biotechnology developers that remain pre-revenue. The balance sheet shows adequate short-term liquidity with current assets around $6.06 million against current liabilities of about $4.62 million, but the business remains highly dependent on continued external financing to support its clinical programs, including Multikine (Phase III for head and neck cancer) and LEAPS platform initiatives. The lack of disclosed revenue and the ongoing dependence on equity raises a high-risk, high-uncertainty investment profile, though potential upside exists if upcoming clinical milestones or strategic partnerships unlock near-term value. looking ahead, investors should monitor clinical readouts, enrollment progress, partner collaborations, and the company’s ability to extend runway without substantial equity dilution.