Full Press Release Details
Cellectar Biosciences Reports Financial Results
for Q1 2024 and Provides a Corporate Update
Management to host a conference call today at
WM pivotal study data to be announced in June
FLORHAM PARK, N.J., May 14, 2024 - Cellectar
Biosciences, Inc. (NASDAQ: CLRB), a late-stage clinical biopharmaceutical company focused on the discovery, development, and commercialization
of drugs for the treatment of cancer, today announced financial results for the quarter ended March 31, 2024, and provided a corporate
"We plan to announce data from our CLOVER
WaM pivotal study evaluating iopofosine I 131 in Waldenstrom's macroglobulinemia in June and are on track to submit our NDA in the
second half of 2024. We remain pleased with patient enrollment in the phase 1b pediatric high-grade glioma study and expect to announce
data in the second half of 2024," said James Caruso, president, and CEO of Cellectar. "Either alone or in collaboration, we
continue to assess the versatility of our delivery platform with a wide range of cancer targeting compounds including peptides, oligos
and our alpha-emitting phospholipid radiotherapeutic conjugate, CLR 121225, which is planned to enter a phase 1 study in either triple
negative breast or pancreatic cancer no later than first quarter 2025."
First Quarter and Recent Corporate Highlights
First Quarter 2024 Financial Highlights
Conference Call & Webcast Details
Cellectar management will host a conference call
for investors today, May 14, 2024, beginning at 8:30 am Eastern Time to discuss these results and answer questions. Stockholders
and other interested parties may participate in the conference call by dialing 1-800-717-1738. The call will be available via webcast
by clicking HERE or on the Events page of the company's website after the conclusion of the call.
About Cellectar Biosciences,
Cellectar Biosciences
is a late-stage clinical biopharmaceutical company focused on the discovery and development of proprietary drugs for the treatment of
cancer, independently and through research and development collaborations. The company's core objective is to leverage its proprietary
Phospholipid Drug Conjugate (PDC) delivery platform to develop the next-generation of cancer cell-targeting treatments, delivering
improved efficacy and better safety as a result of fewer off-target effects.
The company's product
pipeline includes lead asset iopofosine I 131, a small-molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope),
proprietary preclinical PDC chemotherapeutic programs and multiple partnered PDC assets.
more information, please visit www.cellectar.com and www.wmclinicaltrial.com
or join the conversation by liking and following us on the company's social media channels: Twitter, LinkedIn, and
Forward-Looking Statement Disclaimer
This news release contains
forward-looking statements. You can identify these statements by our use of words such as "may," "expect," "believe,"
"anticipate," "intend," "could," "estimate," "continue," "plans," or their
negatives or cognates. These statements are only estimates and predictions and are subject to known and unknown risks and uncertainties
that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current
beliefs and expectations as to such future outcomes including our expectations regarding the CLOVER WaM pivotal trial. Drug discovery
and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties
related to the ability to raise additional capital, uncertainties related to the disruptions at our sole source supplier of iopofosine,
the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development
thereof, patient enrollment and the completion of clinical studies, the FDA review process and other government regulation, our ability
to maintain orphan drug designation in the United States for iopofosine, the volatile market for priority review vouchers, our pharmaceutical
collaborators' ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product
pricing and third-party reimbursement. A complete description of risks and uncertainties related to our business is contained in our periodic
reports filed with the Securities and Exchange Commission including our Form 10-K for the year ended December 31, 2023, and our Form
10-Q for the quarter ended March 31, 2024. These forward-looking statements are made only as of the date hereof, and we disclaim
any obligation to update any such forward-looking statements.
Chief Financial Officer
CELLECTAR BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| 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 | ||||||||
| 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: | ||||||||
| 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 | 26,166,146 | (1,356,047 | ) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 42,908,439 | $ | 12,075,580 |
The accompanying notes are an integral part
of these condensed consolidated financial statements.
CELLECTAR BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| COSTS AND EXPENSES: | ||||||||
| Research and development | $ | 7,377,940 | $ | 6,654,094 | ||||
| General and administrative | 4,623,546 | 2,051,207 | ||||||
| Total costs and expenses | 12,001,486 | 8,705,301 | ||||||
| LOSS FROM OPERATIONS | (12,001,486 | ) | (8,705,301 | ) | ||||
| OTHER (LOSS) INCOME: | ||||||||
| Loss on valuation of warrants | (9,900,000 | ) | - | |||||
| Interest income, net | 319,849 | 124,034 | ||||||
| Total other (loss) income, net | (9,580,151 | ) | 124,034 | |||||
| NET LOSS | $ | (21,581,637 | ) | $ | (8,581,267 | ) | ||
| BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | $ | (0.74 | ) | $ | (0.76 | ) | ||
| SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | 29,346,679 | 11,261,217 |
The accompanying notes are an integral part
of these condensed consolidated financial statements.