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Cellectar Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of approximately $5,493,000, a decrease from $7,035,000 in the same quarter the previous year. This decrease is attributed to reduced clinical project costs following the conclusion of patient enrollment in the company's Waldenstrom’s macroglobulinemia pivotal study.
General and administrative expenses increased to approximately $7,834,000 from $2,379,000 in the previous year, driven by costs associated with developing infrastructure for anticipated commercialization.
The company reported a net loss of approximately $14,664,719 for the quarter, compared to $17,520,378 in the same period of the previous year.
Other income (expense), net, was an expense of approximately $1,337,000, compared to $8,107,000 in the previous year, primarily due to changes in warrant valuation.
Cash and cash equivalents were approximately $34,263,371 as of September 30, 2024, an increase from $9,564,988 at the end of 2023.
Cellectar Biosciences continues to focus on its lead PDC therapeutic, iopofosine I 131, for the treatment of various cancers, with ongoing and completed clinical studies in multiple myeloma, Waldenstrom’s macroglobulinemia, and other indications.
The company acknowledges its dependence on securing additional outside capital to fund operations and meet future obligations, with plans to raise capital through equity or debt securities or strategic transactions.
The filing also identifies material weaknesses in internal controls over financial reporting, which the company is addressing through recruitment and system enhancements.
Cellectar Biosciences does not anticipate cash dividend payments to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cellectar Biosciences Inc. quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.