0001104659-26-023167
SEC filingCellectar Biosciences, Inc. reported a net loss of $21.8 million for fiscal year 2025, an improvement from a $44.6 million net loss in 2024. The company's operating expenses decreased significantly to $23.0 million from $51.8 million in the prior year, driven by a 56% reduction in research and development costs to $11.5 million and a 55% reduction in general and administrative expenses to $11.5 million. Cash used in operating activities was $23.1 million, while financing activities provided $13.0 million in cash from warrant exercises and stock issuances. As of December 31, 2025, the company had $13.2 million in cash and cash equivalents, with management noting substantial doubt about the company's ability to continue as a going concern beyond the third quarter of 2026 without additional funding or strategic transactions.
Cellectar Biosciences reported a net loss of $21.8 million for fiscal year 2025, representing significant improvement from the $44.6 million net loss in 2024. The company's loss from operations was $23.0 million, compared to $51.8 million in the prior year. Total operating expenses decreased 56% to $23.0 million, driven primarily by reductions in research and development and general and administrative expenses. Other income contributed $1.2 million, primarily from a $754,000 gain on valuation of warrants and $435,000 in interest income. The company reported a net loss per share of $8.00 (basic and diluted), improved from $36.52 per share in 2024.
The company is a clinical-stage biopharmaceutical company with no commercial revenue. All financial results reflect research and development activities and corporate operations. The company's primary focus is on developing its phospholipid ether drug conjugate platform with three lead programs: iopofosine I 131 (beta-emitting iodine-131), CLR 125 (Auger-emitting iodine-125), and CLR 225 (alpha-emitting actinium-225). The company announced in April 2025 that it would explore strategic alternatives including mergers, acquisitions, partnerships, or licensing arrangements to advance its platform.
As a pre-revenue company, Cellectar reported negative operating margins. Research and development expenses decreased to $11.5 million in 2025 from $26.1 million in 2024, a 56% reduction driven by decreased clinical project costs ($6.9 million reduction) and manufacturing costs ($6.4 million reduction). General and administrative expenses decreased to $11.5 million from $25.6 million, a 55% reduction primarily due to de-emphasizing pre-commercialization efforts and personnel cost reductions. The company's accumulated deficit reached $269.1 million as of December 31, 2025.
Cash used in operating activities was $23.1 million for 2025, while cash provided by financing activities was $13.0 million from warrant exercises and stock issuances. The company ended the year with $13.2 million in cash and cash equivalents, down from $23.3 million at the end of 2024. Total assets were $15.0 million, including $14.0 million in current assets. Total liabilities were $5.1 million, with $4.7 million in current liabilities. Stockholders' equity was $8.5 million. Management noted in the financial statements that the company's available liquidity to fund operations over the next twelve months was limited to approximately $9.7 million of unrestricted cash, raising substantial doubt about the company's ability to continue as a going concern beyond the third quarter of 2026 without additional funding.
The company's ability to continue operations depends on securing additional capital through equity or debt offerings or executing strategic transactions. Management plans to implement cost-saving measures to preserve liquidity. The company's clinical development programs require significant additional funding, particularly for iopofosine I 131, which requires either a strategic partner or sufficient funding to initiate a confirmatory study for potential accelerated approval in Waldenstrom macroglobulinemia. The company received Breakthrough Therapy Designation from the FDA for iopofosine I 131 in June 2025 and received scientific advice from the EMA that filing for Conditional Marketing Authorization could be acceptable. However, clinical development of CLR 225 and CLR 125 programs is also dependent on obtaining additional financing.