Second Quarter 2026
Filed Aug 13, 2026Cellectar Biosciences Reports Second Quarter 2026 Financial Results and Provides Corporate Updates
The company advanced iopofosine I 131 toward a planned mid-2027 New Drug Application submission, initiated site activation for the confirmatory Phase 3 study, and began dosing in the CLR 125 Phase 1b trial. Financially, quarterly net loss was $6.9 million compared to $5.4 million in the prior-year period, while cash and cash equivalents were $34.0 million as of June 30, 2026.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expensesGAAP | $4,557,383 | – | – |
| General and administrative expensesGAAP | $2,638,629 | – | – |
| Total operating expensesGAAP | $7,196,012 | – | – |
| Loss from operationsGAAP | $(7,196,012) | – | – |
| Gain (loss) on valuation of warrantsGAAP | $132,000 | – | – |
| Interest incomeGAAP | $133,359 | – | – |
| Total other income (expense)GAAP | $265,359 | – | – |
| Net lossGAAP | $(6,930,653) | – | – |
| Net loss per share — basicGAAP | $(0.57) | – | – |
| Net loss per share — dilutedGAAP | $(0.57) | – | – |
| Weighted-average common shares outstanding — basicGAAP | 12,231,851 | – | – |
| Weighted-average common shares outstanding — dilutedGAAP | 12,231,851 | – | – |
| Cash and cash equivalentsGAAP | $33,993,982 | – | – |
| Total assetsGAAP | $36,639,086 | – | – |
| Accounts payable and accrued liabilitiesGAAP | $5,218,681 | – | – |
| Total liabilitiesGAAP | $6,767,253 | – | – |
| Total stockholders’ equityGAAP | $29,871,833 | – | – |
2026 and 2027 outlook
- NoteThe company believes its cash balance as of June 30, 2026, is adequate to fund its budgeted operations into the second quarter of 2027.
- NoteSites are expected to begin opening in the coming months with first patient to be dosed in early 2027.
- NoteFull patient enrollment is projected within 18-24 months of the first patient admitted to the study.
- NoteThe New Drug Application is planned for submission in mid-2027 under the FDA’s Accelerated Approval Program.
- NoteBased on the Breakthrough Therapy Designation awarded to iopofosine I 131 for r/r WM, an approximate 6-month review is anticipated.
What drove it
- Research and development expenses increased due to the initiation of the WM confirmatory iopofosine I 131 and CLR 125 Triple Negative Breast Cancer studies.
- General and administrative expenses decreased primarily as a result of reduced commercialization efforts, professional fees, and lower personnel costs.
- The company entered into a securities purchase agreement in May 2026 to issue and sell an aggregate of approximately $35 million upfront and up to $105 million milestone-based securities.
- Proceeds from the May 2026 financing will primarily be used to fund the Phase 3 confirmatory study of iopofosine I 131 in WM.
- In the CLOVER WaM subset of evaluable patients (n=24) treated immediately post-BTKi therapy, reported efficacy included 100% clinical benefit rate, 87.5% overall response rate, and 79.2% major response rate.
Concerns
- Net loss was $(6,930,653) for the three months ended June 30, 2026, compared to $(5,447,911) for the three months ended June 30, 2025.
- Research and development expenses were $4,557,383 for the three months ended June 30, 2026, compared to $2,389,801 for the three months ended June 30, 2025.
- The confirmatory Phase 3 study is expected to have approximately 100 WM patients per arm, with full patient enrollment projected within 18-24 months of the first patient admitted to the study.
- The planned New Drug Application submission is under the FDA’s Accelerated Approval Program and the company notes that drug discovery and development involve a high degree of risk.
What to watch
- First patient dosing in the Phase 3 confirmatory study of iopofosine I 131 is expected in early 2027.
- The New Drug Application for iopofosine I 131 is planned for submission in mid-2027.
- The company expects Phase 3 sites to begin opening in the coming months.
- Development of the CLR 125 Phase 1b trial in refractory triple negative breast cancer following initiation of enrollment and first-patient dosing.
- Cash runway, which the company believes is adequate to fund budgeted operations into the second quarter of 2027.
Balance sheet and cash flow
- Cash and cash equivalents were $33,993,982 as of June 30, 2026, compared to $13,196,033 as of December 31, 2025.
- The company reported net proceeds of approximately $31.7 million from the May 2026 offering.
- Total liabilities were $6,767,253 as of June 30, 2026, compared to $5,059,134 as of December 31, 2025.
- Lease liability, current was $2,030 as of June 30, 2026, and lease liability, net of current portion was $1,529,542.
Analysis
Cellectar’s quarter was defined by clinical and regulatory execution rather than commercial operations. The company began site initiation activities for its confirmatory Phase 3 trial of iopofosine I 131 in relapsed/refractory Waldenström macroglobulinemia and plans to submit a New Drug Application in mid-2027 under the FDA’s Accelerated Approval Program. It also initiated enrollment and dosed the first patients in the CLR 125 Phase 1b trial in refractory triple negative breast cancer.
The CLOVER WaM subset data remain the principal clinical support described in the release. Among evaluable patients (n=24) treated immediately post-BTKi therapy, the company reported a 100% clinical benefit rate, an 87.5% overall response rate, a 79.2% major response rate, and median duration of response of 16 months. The company also stated that cytopenias were the only Grade 3 or greater adverse event in this subset. These data and the transition into confirmatory-study preparation are the central operating developments in the period.
The expense profile reflects increased development activity. Research and development expense was $4,557,383, compared with $2,389,801 in the prior-year quarter, with the company attributing the increase to initiation of the WM confirmatory iopofosine I 131 and CLR 125 Triple Negative Breast Cancer studies. General and administrative expense was $2,638,629 versus $3,647,728, driven by reduced commercialization efforts, professional fees, and lower personnel costs. Net loss was $(6,930,653), compared with $(5,447,911).
Liquidity improved following the May 2026 offering. Cash and cash equivalents were $33,993,982 at June 30, 2026, compared with $13,196,033 at December 31, 2025, and the company cited net proceeds of approximately $31.7 million from the offering. Management believes this cash balance is adequate to fund budgeted operations into the second quarter of 2027. The key financial issue is the timing of additional funding needs relative to planned Phase 3 execution, enrollment projected within 18-24 months of the first patient admitted, and the planned mid-2027 NDA submission.
The forward roadmap is concentrated on operational milestones. Sites are expected to begin opening in the coming months, with first patient dosing in the Phase 3 trial expected in early 2027. The company anticipates an approximate 6-month FDA review based on the Breakthrough Therapy Designation, but this timing is described as anticipated. Investors should focus on Phase 3 startup, the progression of CLR 125 dose-finding, the planned NDA timing, and the company’s stated second-quarter-2027 cash runway.
Management, verbatim
Our second quarter marked another period of significant execution as we continued to advance multiple programs across our oncology pipeline while laying the foundation for several important near-term catalysts.
James Caruso, president and chief executive officer of Cellectar
Supported by a strengthened balance sheet and a clear operational roadmap, we are entering the second half of 2026 with strong momentum, multiple anticipated data and development milestones, and a steadfast commitment to creating long-term value for patients and stockholders.
James Caruso, president and chief executive officer of Cellectar
Not in the filing
stated, not guessed- Total revenue was not reported.
- Segment revenue and segment comparisons were not reported.
- Gross profit and gross margin were not reported.
- Operating income was not reported; the company reported loss from operations.
- Non-GAAP financial measures were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Dividend and share repurchase activity were not reported.
- Tax rate was not reported.
- Prior-quarter operating results were not reported.
- Formal financial guidance for revenue, gross margin, operating expenses, or tax rate was not reported.
- Previous-quarter outlook was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.