Full Press Release Details
Cellectar Biosciences Reports Financial Results
for Year Ended 2023 and Provides a Corporate Update
Management to host a conference call today at
FLORHAM PARK, N.J., Mar. 27, 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 year ended December 31, 2023, and provided a corporate
"2023 was a year of significant progress
for Cellectar, culminating in the January announcement of the positive data from our pivotal study of iopofosine I 131 in Waldenstrom's
macroglobulinemia," said James Caruso, president, and CEO of Cellectar. "We continue to focus on the preparation of our NDA,
which we plan to submit in the second half of 2024 and in parallel request accelerated approval, which if granted, would provide a six-month
review period for the NDA. Our data in WM is truly impressive and we look forward to providing this meaningful new therapeutic for patients
in a disease with limited treatment options."
Fourth Quarter and Recent Corporate Highlights
2023 Financial Highlights
Conference call & Webcast Details
Cellectar management will host a conference call
for investors today, March 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 1-888-886-7786 (in the U.S.) or 1-416-764-8658 (outside the
U.S.). The call will be available via webcast by clicking HERE or on the Events page of the company's website.
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.
For 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 Facebook.
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 September 30, 2023. 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.
CONSOLIDATED BALANCE SHEETS
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 9,564,988 | $ | 19,866,358 | ||||
| Prepaid expenses and other current assets | 888,225 | 663,243 | ||||||
| Total current assets | 10,453,213 | 20,529,601 | ||||||
| Fixed assets, net | 1,090,304 | 418,641 | ||||||
| Right-of-use asset, net | 502,283 | 560,334 | ||||||
| Long-term assets | 23,566 | 75,000 | ||||||
| Other assets | 6,214 | 6,214 | ||||||
| TOTAL ASSETS | $ | 12,075,580 | $ | 21,589,790 | ||||
| LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Accounts payable and accrued liabilities | $ | 9,178,645 | $ | 5,478,443 | ||||
| Warrant liability | 3,700,000 | - | ||||||
| Lease liability | 58,979 | 50,847 | ||||||
| Total current liabilities | 12,937,624 | 5,529,290 | ||||||
| Lease liability, net of current portion | 494,003 | 552,981 | ||||||
| TOTAL LIABILITIES | 13,431,627 | 6,082,271 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 10) | ||||||||
| STOCKHOLDERS' (DEFICIT) EQUITY : | ||||||||
| Series D preferred stock , 111.11 shares authorized; 111.11 shares issued and outstanding as of December 31, 2023 and 2022 | 1,382,023 | 1,382,023 | ||||||
| Series E-2 preferred stock, 1,225.00 shares authorized; 319.76 and 0.00 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 4,677,632 | - | ||||||
| Common stock, $0.00001 par value; 170,000,000 shares authorized; 20,744,110 and 9,385,272 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 207 | 94 | ||||||
| Additional paid-in capital | 210,066,630 | 193,624,445 | ||||||
| Accumulated deficit | (217,482,539 | ) | (179,499,043 | ) | ||||
| Total stockholders' (deficit) equity | (1,356,047 | ) | 15,507,519 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ | 12,075,580 | $ | 21,589,790 |
CELLECTAR BIOSCIENCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| COSTS AND EXPENSES: | ||||||||
| Research and development | $ | 28,211,460 | $ | 19,219,603 | ||||
| General and administrative | 10,749,183 | 9,594,170 | ||||||
| Total costs and expenses | 38,960,643 | 28,813,773 | ||||||
| LOSS FROM OPERATIONS | (38,960,643 | ) | (28,813,773 | ) | ||||
| OTHER INCOME (EXPENSE): | ||||||||
| Warrant issuance expense | (470,000 | ) | - | |||||
| Gain on valuation of warrants | 1,000,000 | - | ||||||
| Interest income, net | 387,147 | 152,519 | ||||||
| Total other income, net | 917,147 | 152,519 | ||||||
| LOSS BEFORE INCOME TAXES | (38,043,496 | ) | (28,661,254 | ) | ||||
| INCOME TAX BENEFIT | (60,000 | ) | (60,000 | ) | ||||
| NET LOSS | $ | (37,983,496 | ) | $ | (28,601,254 | ) | ||
| BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | $ | (3.11 | ) | $ | (4.05 | ) | ||
| SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE | 12,221,571 | 7,055,665 |