Cellectar Biosciences Reports 75% Reduction in Financial Losses for Q1 2025

Cellectar Biosciences, Inc. reported a significant reduction in its financial losses for the first quarter of 2025, with a net loss of approximately $6.6 million, compared to a net loss of $26.6 million during the same period in 2024. This represents a decrease of about 75%, attributed primarily to a 52% reduction in research and development expenses, which fell from $7.1 million to $3.4 million. General and administrative expenses also decreased by 39%, from $4.9 million to $3.0 million, reflecting cost-saving measures implemented by the company.

The company’s total operating expenses for the quarter were approximately $6.4 million, down from $12.0 million in the previous year. The decrease in expenses was largely due to reduced clinical project costs and manufacturing expenses, as patient enrollment for certain studies concluded. Cellectar's cash and cash equivalents stood at $13.9 million as of March 31, 2025, down from $23.3 million at the end of 2024, indicating a need for additional funding to support ongoing operations and development efforts.

Cellectar is focused on advancing its proprietary phospholipid drug conjugate (PDC) platform, particularly its lead product candidate, iopofosine I 131, which is currently undergoing multiple clinical trials. The company is also preparing to initiate Phase 1 studies for two additional candidates, CLR 121225 and CLR 121125, in the second half of 2025, contingent upon securing necessary funding. The company has expressed intentions to explore strategic alternatives, including potential partnerships or mergers, to enhance its development capabilities and financial position.

Operationally, Cellectar has made strides in its clinical pipeline, with the CLOVER-WaM Phase 2 study of iopofosine achieving a major response rate of 58.2% in patients with relapsed/refractory Waldenstrom’s macroglobulinemia. The company has also received various designations from the FDA, including Fast Track and Orphan Drug Designations, which may facilitate the development and commercialization of its products. However, the company acknowledges that it will continue to incur significant losses until its product candidates are approved and successfully commercialized.

Looking ahead, Cellectar's management has indicated that the company will need to secure additional capital to fund its operations and clinical trials. The company plans to pursue various funding avenues, including equity and debt securities, while also implementing cost-saving measures to preserve liquidity. The ongoing development of its PDC platform and the potential for strategic partnerships are seen as critical to the company's future success in the competitive biopharmaceutical landscape.