Tue, Oct 29, 9:05 PM (65 days ago)
Cellectar Biosciences, Inc. (CLRB) filed a 10-Q/A for the quarter ended March 31, 2024, reflecting significant restatements due to errors in accounting for warrants and preferred stock. For Q1 2024, the company reported a net loss of approximately $26.6 million, a substantial increase from $7.2 million in Q1 2023. Research and development expenses rose to $7.1 million, primarily due to increased manufacturing costs, while general and administrative expenses surged to $4.9 million, reflecting infrastructure development for anticipated product commercialization. The company’s cash position improved to $40.0 million, but ongoing losses and uncertainties raise concerns about its ability to continue operations beyond the second quarter of 2025. Cellectar's lead product, iopofosine I 131, is in pivotal clinical trials, with promising efficacy data reported, yet the company remains heavily reliant on external funding to sustain operations. The restatement of financials highlights deficiencies in internal controls, prompting management to seek improvements in financial reporting processes. Future operations will be influenced by these financial adjustments and the success of ongoing clinical trials.