Cellectar Biosciences Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Cellectar Biosciences, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, providing an update on its financial position and activities.</b>

AI Summary

Cellectar Biosciences, Inc. (CLRB) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Cellectar Biosciences, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing details financial information for the first quarter of 2024. Key financial statement data points are included in the report. The company previously operated under the names NOVELOS THERAPEUTICS, INC. and COMMON HORIZONS INC. The filing references various financial instruments and stock types, including Series E3 Preferred Stock and Pre-Funded Warrants.

Why It Matters

For investors and stakeholders tracking Cellectar Biosciences, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details of Cellectar Biosciences, Inc. for the first quarter of 2024. Understanding the company's financial health and any changes in its capital structure, as detailed in this report, is crucial for assessing its investment potential and future outlook.

Risk Assessment

Risk Level: — Cellectar Biosciences, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains detailed financial information but does not inherently signal significant positive or negative developments without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to identify any significant changes in revenue, expenses, cash flow, and debt levels that could impact the company's valuation.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-14 — Filing Date (10-Q filing)

Key Players & Entities

• Cellectar Biosciences, Inc. (company) — Filer and subject of the report
• NOVELOS THERAPEUTICS, INC. (company) — Former company name
• COMMON HORIZONS INC (company) — Former company name
• 2024-03-31 (date) — Reporting period end date
• 2024-05-14 (date) — Filing date

FAQ

Industry Context

Cellectar Biosciences operates in the pharmaceutical preparations industry, focusing on the development of novel cancer therapies.

Regulatory Implications

As a publicly traded company, Cellectar Biosciences is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue trends and profitability.
3. Examine the cash flow statement for operating, investing, and financing activities.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial update.

Key Financial Figures

• $0.00001 — ch registered Common stock, par value $0.00001 CLRB NASDAQ Capital Market Indica

Filing Documents

• clrb-20240331x10q.htm (10-Q) — 820KB
• clrb-20240331xex31d1.htm (EX-31.1) — 11KB
• clrb-20240331xex31d2.htm (EX-31.2) — 11KB
• clrb-20240331xex32d1.htm (EX-32.1) — 9KB
• 0001410578-24-000771.txt (&nbsp;) — 3777KB
• clrb-20240331.xsd (EX-101.SCH) — 28KB
• clrb-20240331_cal.xml (EX-101.CAL) — 27KB
• clrb-20240331_def.xml (EX-101.DEF) — 145KB
• clrb-20240331_lab.xml (EX-101.LAB) — 230KB
• clrb-20240331_pre.xml (EX-101.PRE) — 212KB
• clrb-20240331x10q_htm.xml (XML) — 485KB

Forward-Looking Statements

Forward-Looking Statements 3

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 5 Item 1.

Financial Statements

Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 4.

Controls and Procedures

Controls and Procedures 29

OTHER INFORMATION

PART II. OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 6. Exhibits 32 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This quarterly report on Form 10-Q of Cellectar Biosciences, Inc. (the "Company", "Cellectar", "we", "us", "our") contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act. Examples of our forward-looking statements include: our current views with respect to our business strategy, business plan and research and development activities; the progress of our product development programs, including clinical testing and the timing of commencement and results thereof; our projected operating results, including research and development expenses; our ability to continue development plans for iopofosine I 131 (also known as CLR 131 or simply iopofosine), CLR 1900 series, CLR 2000 series and CLR 12120; our ability to continue development plans for our Phospholipid Drug Conjugates (PDC); our ability to maintain orphan drug designation in the U.S. for iopofosine as a therapeutic for the treatment of multiple myeloma, neuroblastoma, osteosarcoma, rhabdomyosarcoma, Ewing's sarcoma and lymphoplasmacytic lymphoma, and the expected benefits of orphan drug status; any disruptions at our sole supplier of iopofosine ; our ability to obtain additional funding via the sale of equity and/or debt securities, a strategic transaction or otherwise; our ability to advance our technologies into product candidates; our enhancement and consumption of current resources along with ability to obtain additional funding; our current view regarding general economic and market conditions, including our competitive strengths; uncertainty and economic instability resulting from conflicts, military actions, terrorist attacks, natural disasters, public health crises, including the occurrence of a contagious disease or illness such as the COVID-19 pandemic, cyber-attacks and general instability; the future impacts of legislative and regulatory developments in the Uni

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CELLECTAR BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 40,031,181 $ 9,564,988 Prepaid expenses and other current assets 1,337,184 888,225 Total current assets 41,368,365 10,453,213 Fixed assets, net 1,023,447 1,090,304 Right-of-use asset, net 486,847 502,283 Long-term assets 23,566 23,566 Other assets 6,214 6,214 TOTAL ASSETS $ 42,908,439 $ 12,075,580 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 7,393,950 $ 9,178,645 Warrant liability 8,800,000 3,700,000 Lease liability 73,994 58,979 Total current liabilities 16,267,944 12,937,624 Long-term lease liability, net of current portion 474,349 494,003 TOTAL LIABILITIES 16,742,293 13,431,627 COMMITMENTS AND CONTINGENCIES (Note 7) STOCKHOLDERS' EQUITY (DEFICIT): Series D preferred stock, 111.11 shares authorized, issued and outstanding as of March 31, 2024 and December 31, 2023 1,382,023 1,382,023 Series E-2 preferred stock, 1,225.00 shares authorized; 237.50 and 319.76 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 3,474,286 4,677,632 Series E-3 preferred stock, 2,205.00 shares authorized; 630.00 and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 12,222,000 — Common stock, $ 0.00001 par value; 170,000,000 shares authorized; 33,164,466 and 20,744,110 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 332 207 Additional paid-in capital 248,151,681 210,066,630 Accumulated deficit ( 239,064,176 ) ( 217,482,539 ) Total stockholders' equity (deficit) 26,166,146 ( 1,356,047 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 42,908,439 $ 12,075,580 The accompanying notes are a

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