Cellectar Biosciences, Inc. reported a net loss of approximately $44.6 million for the fiscal year ending December 31, 2024, compared to a net loss of about $42.8 million in the previous year. The company's total operating expenses increased to approximately $51.8 million, up from $39 million in 2023, primarily driven by a significant rise in general and administrative expenses, which surged by 119% to approximately $25.6 million. This increase reflects the company's investment in infrastructure to support product commercialization. Research and development expenses decreased slightly to approximately $26.1 million, down from $27.3 million, attributed to reduced clinical project costs.
In terms of financial position, Cellectar's cash and cash equivalents rose to approximately $23.3 million at the end of 2024, compared to $9.6 million at the end of 2023. The increase was largely due to net cash proceeds of approximately $61.4 million from the issuance of common stock and warrants during the year. However, the company continues to face challenges, with an accumulated deficit of approximately $247.3 million and ongoing negative cash flows from operations. The company anticipates that it will continue to incur losses until one or more of its product candidates are approved and successfully commercialized.
Cellectar is focused on advancing its proprietary phospholipid drug conjugate (PDC) platform, particularly its lead programs: iopofosine I 131, CLR 121225, and CLR 121125. The company is preparing for clinical trials for CLR 121225 and CLR 121125 in 2025, while ongoing studies for iopofosine include pivotal trials for relapsed/refractory Waldenstrom’s macroglobulinemia and multiple myeloma. The company has received Fast Track Designation from the FDA for iopofosine, which is intended to expedite its development process.
Operationally, Cellectar has made strategic moves to enhance its capabilities, including a workforce reduction plan that impacted approximately 60% of its employees, aimed at reducing costs. The company also reported a significant increase in its employee headcount in the research and development sector, reflecting its commitment to advancing its clinical pipeline. As of December 31, 2024, Cellectar had 11 full-time employees, with six engaged in research and development.
Looking ahead, Cellectar's management plans to secure additional funding through equity and debt sales to support its operations and product development. However, there is substantial doubt about the company's ability to continue as a going concern without additional capital. The company is actively pursuing strategic options for the further development and commercialization of its product candidates, while also implementing cost-saving measures to preserve liquidity.
About Cellectar Biosciences, Inc.
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