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Cellectar Biosciences Inc. (CLRB+4.45%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company is focused on the development of its proprietary phospholipid ether drug conjugate (PDC) platform, which is designed to target cancer cells and improve the efficacy and safety of cancer treatments.
Cellectar's lead programs include iopofosine I 131, CLR 121225, and CLR 121125, which are in various stages of clinical trials for the treatment of multiple cancer types, including Waldenstrom’s macroglobulinemia, multiple myeloma, and pediatric cancers.
The company reported a net loss of $44.6 million for the year ended December 31, 2024, compared to a net loss of $42.8 million in the previous year. The increase in net loss was attributed to higher general and administrative expenses.
Research and development expenses were approximately $26.1 million, a slight decrease from the prior year, primarily due to reduced clinical project costs.
Cellectar's cash and cash equivalents as of December 31, 2024, were $23.3 million, up from $9.6 million at the end of 2023, primarily due to proceeds from financing activities.
The company raised approximately $61.4 million in net proceeds from the exercise of warrants during 2024.
Cellectar's ability to continue operations is dependent on securing additional funding through equity or debt financing or strategic transactions, as it expects to continue generating operating losses for the foreseeable future.
The company is subject to extensive regulation by the FDA and other regulatory bodies, and its product candidates must undergo rigorous testing and approval processes before commercialization.
Cellectar's stock is listed on the Nasdaq Capital Market under the symbol CLRB, and the company is working to maintain compliance with Nasdaq's continued listing requirements.
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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.