Financial Data and Key Metrics Changes - The company ended Q1 2025 with cash and cash equivalents of $13.9 million, down from $23.3 million as of December 31, 2024, indicating a significant decrease in liquidity [8] - Research and development expenses for Q1 2025 were approximately $3.4 million, a decrease from approximately $7.1 million in Q1 2024, primarily due to reduced patient follow-up activities and personnel costs [9] - General and administrative expenses for Q1 2025 were $3 million, down from $4.9 million in the same period in 2024, driven by reductions in pre-commercialization and personnel costs [9] - The net loss for Q1 2025 was $6.6 million, or $0.14 per share, compared to a net loss of $26.6 million, or $0.91 per share, in Q1 2024, reflecting a substantial improvement in financial performance [9] Business Line Data and Key Metrics Changes - The company is focusing on its PDC platform and radio conjugate pipeline, particularly the iapoficine I-131 for treating Waldenstrom's macroglobulinemia, which has shown promising efficacy and safety in clinical trials [5][6] - The company is also advancing its solid tumor-focused radioisotope programs, including treatments for pancreatic cancer and triple-negative breast cancer [6] Market Data and Key Metrics Changes - The company is seeking guidance from the EMA for conditional approval of iapoficine I-131 based on the results from the Phase II CLOVER WM clinical trial, which supports a rapid market entry for this treatment in Europe [5][6] - The management believes that the European market presents a significant opportunity, especially given the high utilization of rituximab in the region [42] Company Strategy and Development Direction - The company has engaged Oppenheimer as an exclusive financial advisor to explore strategic alternatives, including mergers, acquisitions, partnerships, and licensing arrangements [7] - The management is committed to advancing its clinical development pipeline and addressing the unmet medical needs in the relapsed-refractory market [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory pathway for iapoficine I-131, highlighting the strong data supporting its efficacy and safety [5][6] - The management noted the high unmet medical need in the patient population, particularly for those who have failed previous treatments [33] Other Important Information - The company is preparing for Phase I and Phase Ib studies for its earlier-stage radio conjugates, CLR121225 and CLR121.125, which are expected to provide valuable insights into their therapeutic potential [13][15] - The timeline for conditional approval from the EMA is anticipated in the third quarter of 2026, with a subsequent filing expected to take approximately twelve months for review [43] Q&A Session Summary Question: Regarding the application for conditional approval in Europe - The management discussed the potential for iapoficine I-131 to compete against rituximab in earlier lines of therapy, noting the challenges and costs associated with larger study sizes [19][22] Question: What is the weakest competitor arm for the Phase III trial? - Management indicated that there is little data available for many treatments in the NCCN guidelines, and they are focused on demonstrating the efficacy of iapoficine I-131 against existing therapies [25][29] Question: How does the company assess the commercial opportunity in Europe? - The management believes that the European market is rich, with a high utilization of rituximab, and that demonstrating superiority in clinical trials could enhance market positioning despite lower pricing [36][42]

Financial Data and Key Metrics Changes - The company ended the first quarter of 2025 with cash and cash equivalents of $13.9 million, down from $23.3 million as of December 31, 2024, indicating a significant decrease in liquidity [8] - Research and development expenses for the three months ended March 31, 2025, were approximately $3.4 million, a decrease from approximately $7.1 million for the same period in 2024, reflecting a reduction in patient follow-up activities and personnel costs [9] - General and administrative expenses for the same period were $3 million, down from $4.9 million in 2024, primarily due to reduced pre-commercialization and personnel costs [9] - The net loss for the first quarter of 2025 was $6.6 million, or $0.14 per share, compared to a net loss of $26.6 million, or $0.91 per share, during the same period in 2024, showing a substantial improvement in financial performance [9] Business Line Data and Key Metrics Changes - The company is focusing on its PDC platform and radio conjugate pipeline, particularly the iapofacine I-131 for treating Waldenstrom's macroglobulinemia, which has shown promising efficacy and safety in clinical trials [5][6] - The company is also advancing its solid tumor-focused radioisotope programs, including treatments for pancreatic cancer and triple-negative breast cancer, highlighting the versatility of its delivery platform [6] Market Data and Key Metrics Changes - The company is seeking guidance from the EMA for conditional approval of iapofacine I-131 based on the Phase II CLOVER WM study, which supports a rapid market entry for this treatment in Europe [5][6] - The company anticipates that the European market for its products is significant, especially given the higher utilization rates of rituximab in Europe compared to the U.S. [40] Company Strategy and Development Direction - The company has engaged Oppenheimer as an exclusive financial advisor to explore strategic alternatives, including mergers, acquisitions, partnerships, and licensing arrangements, to maximize shareholder value [6][8] - The company is committed to advancing its clinical development pipeline and addressing the unmet medical needs in the relapsed-refractory market [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory pathway for iapofacine I-131, noting the strong data from clinical trials and the potential for conditional approval in Europe [35][36] - The management highlighted the high unmet medical need in the patient population, particularly for those who have failed previous treatments, reinforcing the importance of their therapeutic candidates [31][32] Other Important Information - The company is preparing for Phase I and Phase Ib studies for its earlier-stage radio conjugates, CLR121225 and CLR121.125, which are expected to provide valuable insights into their therapeutic potential [13][14] - The initiation of these trials is contingent upon securing necessary funding, which is critical for advancing the company's pipeline [16] Q&A Session Summary Question: Regarding the application for conditional approval in Europe - The management discussed the potential benefits of running a Phase III trial against rituximab in earlier lines of therapy, noting the challenges and increased costs associated with larger study sizes [18][21] Question: What is the weakest competitor arm for the Phase III trial? - Management indicated that there is limited data on the efficacy of many treatments in the relapsed-refractory setting, suggesting that the choice of comparator will be based on current treatment paradigms and patient needs [24][27] Question: How does the company assess the commercial opportunity in Europe? - The management expressed optimism about the European market, citing the higher utilization of rituximab and the potential for increased volume despite lower pricing compared to the U.S. [32][40]