Cellectar Biosciences Files Q3 2024 10-Q

TL;DR

Cellectar Biosciences filed its Q3 10-Q. Financials and operations updated.

AI Summary

Cellectar Biosciences, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported financial results and provided updates on its business operations. Key financial data and operational highlights are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial health and operational status of Cellectar Biosciences, Inc., crucial for understanding its current performance and future prospects.

Risk Assessment

Risk Level: medium — As a biotech company, Cellectar Biosciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 20240930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
• 1231 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• Cellectar Biosciences, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 100 CAMPUS DRIVE (location) — Company's business and mailing address
• FLORHAM PARK, NJ (location) — Company's business and mailing address
• NOVELOS THERAPEUTICS, INC. (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• clrb-20240930x10q.htm (10-Q) — 1329KB
• clrb-20240930xex31d1.htm (EX-31.1) — 11KB
• clrb-20240930xex31d2.htm (EX-31.2) — 11KB
• clrb-20240930xex32d1.htm (EX-32.1) — 9KB
• 0001410578-24-002012.txt ( ) — 5453KB
• clrb-20240930.xsd (EX-101.SCH) — 34KB
• clrb-20240930_cal.xml (EX-101.CAL) — 30KB
• clrb-20240930_def.xml (EX-101.DEF) — 178KB
• clrb-20240930_lab.xml (EX-101.LAB) — 279KB
• clrb-20240930_pre.xml (EX-101.PRE) — 260KB
• clrb-20240930x10q_htm.xml (XML) — 820KB

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 22 Item 4.

Controls and Procedures

Controls and Procedures 32

OTHER INFORMATION

PART II. OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 6. Exhibits 35 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 (iopofosine, also known as CLR 131), 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 United State

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CELLECTAR BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 34,263,371 $ 9,564,988 Prepaid expenses and other current assets 1,635,818 888,225 Total current assets 35,899,189 10,453,213 Property, plant & equipment, net 910,131 1,090,304 Operating lease right-of-use asset 454,166 502,283 Other long-term assets 29,780 29,780 TOTAL ASSETS $ 37,293,266 $ 12,075,580 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 8,304,311 $ 9,178,645 Warrant liability 11,929,242 16,120,898 Lease liability, current 80,821 58,979 Total current liabilities 20,314,374 25,358,522 Long-term lease liability, net of current portion 431,929 494,003 TOTAL LIABILITIES 20,746,303 25,852,525 COMMITMENTS AND CONTINGENCIES (Note 7) MEZZANINE EQUITY: Series D preferred stock, 111.11 shares authorized, issued and outstanding as of September 30, 2024 and December 31, 2023 1,382,023 1,382,023 STOCKHOLDERS' EQUITY (DEFICIT): Series E-2 preferred stock, 1,225.00 shares authorized; 149.60 and 319.76 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 2,188,434 4,677,632 Series E-3 preferred stock, 2,205.00 shares authorized; 202.50 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 4,369,317 — Series E-4 preferred stock, 1,715.00 shares authorized; 714.00 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 7,057,793 — Common stock, $ 0.00001 par value; 170,000,000 shares authorized; 40,566,534 and 20,744,110 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 406 207 Additional paid-in capital 246,536,080 182,924,210 Accumulate

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View this 10-Q filing on SEC EDGAR