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Cellectar Biosciences(CLRB) - 2024 Q4 - Annual Results
Cellectar BiosciencesCellectar Biosciences(US:CLRB)2025-03-13 11:15

Financial Performance - Cellectar Biosciences achieved a net loss of $44.6 million or $1.22 per basic share for the year ended December 31, 2024, compared to a net loss of $42.8 million or $3.50 per basic share in 2023[12]. - Other income and expense netted approximately $7.3 million in 2024, compared to a net expense of approximately $3.9 million in 2023, primarily due to non-cash items related to equity securities[12]. - Total operating expenses for 2024 were approximately $51.8 million, compared to $39.0 million in 2023, reflecting increased costs associated with the company's growth initiatives[18]. Cash Position - Cash and cash equivalents increased to $23.3 million as of December 31, 2024, up from $9.6 million at the end of 2023, supported by $44.1 million from warrant exercises and $19.4 million from inducement financing[6]. Research and Development - Research and Development expenses decreased to approximately $26.1 million in 2024 from approximately $27.3 million in 2023, primarily due to the timing of expenditures for the WM Phase 2 study[6]. - The company finalized a study design for the potential FDA accelerated approval of iopofosine I 131, with a total study cost expected to be between $40 million and $45 million[4]. - Cellectar plans to submit an IND application for its alpha-emitting radioconjugate in the first half of 2025, with Phase 1 clinical studies expected to begin by mid-2025[3]. - The company is preparing to initiate a Phase 1b/2a dose-finding study with CLR 121125 in triple-negative breast cancer, targeting significant unmet needs[6]. Clinical Study Results - The Phase 2 CLOVER-WaM study demonstrated an overall response rate (ORR) of 83.6% and a major response rate (MRR) of 58.2%, exceeding the FDA's primary endpoint of 20% MRR[6]. General and Administrative Expenses - General and Administrative expenses rose significantly to approximately $25.6 million in 2024 from approximately $11.7 million in 2023, driven by costs related to commercialization infrastructure[6].