Cellectar Biosciences Reports Increased Net Loss and Significant Asset Growth in Latest 10-Q

Cellectar Biosciences, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2026. The company recorded a net loss of approximately $6.9 million for the quarter, compared to a loss of $5.4 million in the same period last year, marking an increase of 27.2%. For the six months ended June 30, 2026, the net loss was approximately $12.6 million, up from $12.1 million in the prior year. The increase in losses is attributed primarily to heightened research and development expenses, which surged by 91% to approximately $4.6 million in the second quarter, driven by costs associated with clinical trials for its lead product, iopofosine I 131.

Cellectar's total assets as of June 30, 2026, stood at approximately $36.6 million, a substantial increase from $15.0 million at the end of 2025. This growth was largely fueled by a successful financing round in May 2026, where the company raised approximately $35 million in gross proceeds through a registered direct offering and private placement. The financing is intended to support the initiation of a Phase 3 confirmatory study for iopofosine I 131, which is being developed for the treatment of Waldenstrom macroglobulinemia (WM).

Operationally, Cellectar is advancing its clinical pipeline, particularly with iopofosine I 131, which has received Breakthrough Therapy Designation from the FDA. The company is also preparing to launch a Phase 3 study, with initial activities already underway. The Phase 2b CLOVER WaM study has shown promising results, with an overall response rate of 83.6% and a major response rate of 61.8% in heavily pretreated patients. Additionally, the company is conducting a Phase 1b study for CLR 125, targeting triple-negative breast cancer, and has plans for CLR 225, an alpha-emitting radioconjugate.

As of June 30, 2026, Cellectar had approximately $34 million in cash and cash equivalents, which management believes will support operations for the next twelve months. However, the company has expressed concerns regarding its ability to continue as a going concern without securing additional funding. Management plans to pursue further capital through equity or debt securities and is considering strategic alternatives if necessary. The company’s ability to execute its regulatory strategy and secure approvals for its product candidates remains critical to its future operations and financial health.