Full Press Release Details
Cellectar Biosciences Reports Financial Results
for Q3 2024 and Provides a Corporate Update
Phase 2 CLOVER-WaM pivotal study data selected
for oral presentation at 66th Annual American Society of Hematology Meeting and Exposition
Raised approximately $19.4 million with potential
to raise up to an additional $73.3 million
Company to hold webcast and conference call
FLORHAM PARK, N.J., November 18, 2024 (GLOBE NEWSWIRE)
-- 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 September 30,
2024, and provided a corporate update.
"We achieved important clinical, operational and commercial corporate
objectives during the quarter. We reported topline results from the CLOVER-WaM pivotal study in WM and look forward to filing our NDA
submission with a request for accelerated regulatory approval in the coming months," said James Caruso, president and CEO of Cellectar
Biosciences. "In addition to our lead iopofosine I 131 program, we plan to further advance the value of our phospholipid radioconjugate
pipeline and are preparing alpha and Auger PRCs for initiation of solid tumor clinical studies as business conditions allow."
Third Quarter and Recent Corporate Highlights
Third Quarter 2024 Financial Highlights
Conference Call & Webcast Details
Cellectar management will host a conference call and webcast today,
November 18, 2024, 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. A live webcast of the conference call can be accessed in the "Events &
Presentations" section of Cellectar's website at www.cellectar.com. A recording of the webcast will be available and
archived on the Company's website for approximately 90 days.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is a late-stage clinical biopharmaceutical company
focused on the discovery, development, and commercialization 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.
For more information, please visit www.cellectar.com or join
the conversation by liking and following us on the company's social media channels: X, LinkedIn, and Facebook.
Forward Looking Statements 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/A for the year ended December 31,
2023, and our Form 10-Q for the quarter ended September 30, 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.
+++ TABLES TO FOLLOW
CELLECTAR BIOSCIENCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
| 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 | ||||||||
| 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, 1,610.00 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 | ||||||
| Accumulated deficit | (244,987,090 | ) | (202,761,017 | ) | ||||
| Total stockholders' equity (deficit) | 15,164,940 | (15,158,968 | ) | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 37,293,266 | $ | 12,075,580 |
CELLECTAR BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | $ | 5,493,496 | $ | 7,034,656 | $ | 19,927,019 | $ | 19,528,898 | ||||||||
| General and administrative | 7,834,181 | 2,378,804 | 19,105,853 | 6,883,866 | ||||||||||||
| Total operating expenses | 13,327,677 | 9,413,460 | 39,032,872 | 26,412,764 | ||||||||||||
| LOSS FROM OPERATIONS | (13,327,677 | ) | (9,413,460 | ) | (39,032,872 | ) | (26,412,764 | ) | ||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Warrant issuance expense | (7,743,284 | ) | (470,000 | ) | (7,743,284 | ) | (470,000 | ) | ||||||||
| Gain (loss) on valuation of warrants | 6,088,355 | (7,688,028 | ) | 3,583,440 | (8,254,649 | ) | ||||||||||
| Interest income | 317,887 | 51,110 | 966,643 | 247,925 | ||||||||||||
| Total other income (expense) | (1,337,042 | ) | (8,106,918 | ) | (3,193,201 | ) | (8,476,724 | ) | ||||||||
| NET LOSS | $ | (14,664,719 | ) | $ | (17,520,378 | ) | (42,226,073 | ) | $ | (34,889,488 | ) | |||||
| NET LOSS PER SHARE - BASIC | $ | (0.37 | ) | $ | (1.55 | ) | (1.21 | ) | $ | (3.09 | ) | |||||
| NET LOSS PER SHARE - DILUTED | $ | (0.40 | ) | $ | (1.55 | ) | (1.39 | ) | $ | (3.09 | ) | |||||
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC | 39,335,924 | 11,308,738 | 34,850,441 | 11,277,231 | ||||||||||||
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED | 39,794,220 | 11,308,738 | 35,545,500 | 11,277,231 |