Cellectar Biosciences Reports Improved Financial Position, Net Loss, and Clinical Progress in Recent 10-Q Filing

Cellectar Biosciences, Inc., a late-stage clinical biopharmaceutical company focused on cancer treatment through its proprietary phospholipid drug conjugate™ (PDC™) delivery platform, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable increase in cash and cash equivalents, rising to $34.3 million from $9.6 million as of December 31, 2023. Total current assets also increased to $35.9 million, up from $10.5 million in the previous fiscal period.

Despite these improvements in liquidity, Cellectar reported a net loss of approximately $42.2 million for the nine months ended September 30, 2024, compared to a net loss of $34.9 million for the same period in 2023. The loss from operations for the three months ended September 30, 2024, was $(13.3 million), an increase from $(9.4 million) in the prior year. The net loss per share for the same quarter improved to $(0.37) from $(1.55) in 2023, reflecting a significant increase in the weighted-average common shares outstanding.

Total operating expenses for the three months ended September 30, 2024, were $13.3 million, compared to $9.4 million in the same period of 2023. Research and development expenses decreased to approximately $5.5 million from $7.0 million, primarily due to reduced clinical project costs following the completion of patient enrollment in a pivotal study. Conversely, general and administrative expenses surged to approximately $7.8 million, up from $2.4 million, driven by infrastructure development costs in anticipation of a New Drug Application (NDA) approval.

Cellectar's financial position reflects a total stockholders’ equity of $15.2 million as of September 30, 2024, a significant turnaround from a deficit of $(15.2 million) at the end of 2023. The company’s total liabilities decreased to $20.3 million from $25.4 million, indicating improved financial management.

The company remains heavily reliant on external capital for its operations, with management planning to secure additional funding and implement cost-saving measures to enhance liquidity. Cellectar's accumulated deficit reached approximately $245 million, and it faces substantial doubt regarding its ability to continue as a going concern without further capital infusion.

Strategically, Cellectar has made progress in its clinical trials, including the completion of the CLOVER-WaM Phase 2 pivotal study for relapsed/refractory Waldenstrom’s macroglobulinemia, which met its primary endpoint. The company continues to evaluate its product pipeline and regulatory designations, including FDA Fast Track and Orphan Drug Designations for its lead product, iopofosine I 131.