Cellectar Biosciences, Inc. reported significant financial changes in its 2025 fiscal year, with total revenue of approximately $1.2 million, a decrease from $7.3 million in 2024. The company incurred a net loss of $21.8 million, compared to a loss of $44.6 million in the previous year, reflecting a 51% reduction in losses. This improvement is attributed to a substantial decrease in research and development expenses, which fell by 56% to $11.5 million, primarily due to the conclusion of patient enrollment in clinical studies. General and administrative expenses also decreased by 55% to $11.5 million, driven by reduced pre-commercialization efforts.
Cellectar's strategic focus remains on its proprietary phospholipid drug conjugate (PDC) platform, which aims to develop targeted cancer therapies. The company is advancing its lead programs, including iopofosine I 131, which received Breakthrough Therapy Designation from the FDA for treating relapsed/refractory Waldenstrom macroglobulinemia. The European Medicines Agency has also indicated that a Conditional Marketing Authorization for iopofosine could be acceptable, although this is contingent on meeting specific conditions. The company is actively seeking a strategic partner to support the further development of iopofosine and other PDC candidates.
Operationally, Cellectar has streamlined its workforce, reducing its employee count by approximately 60% in December 2024, which has contributed to lower operational costs. As of December 31, 2025, the company had 11 full-time employees, all engaged in research and development. The company’s cash and cash equivalents stood at $13.2 million, down from $23.3 million in 2024, with a projected cash runway into the third quarter of 2026. Cellectar plans to secure additional funding through equity or debt sales to support ongoing operations and clinical trials.
Looking ahead, Cellectar faces challenges in maintaining its financial stability and advancing its product candidates through the regulatory process. The company has expressed uncertainty regarding its ability to continue as a going concern without securing additional capital. Management is focused on implementing cost-saving measures and exploring strategic alternatives, including potential mergers or partnerships, to enhance its liquidity and operational capacity. The company’s future performance will depend on the successful execution of its clinical development plans and the ability to navigate the complex regulatory landscape for its cancer therapies.
About Cellectar Biosciences, Inc.
Cellectar Biosciences is a late-stage biopharmaceutical company developing targeted cancer therapies using proprietary phospholipid ether drug conjugate (PDC) platform. Its focus is on radioconjugates delivering radioisotopes directly to cancer cells, including hematologic malignancies and solid tumors. The company’s core products, such as iopofosine, aim to improve efficacy and safety by minimizing off-target effects, targeting cancer stem cells, and expanding treatment options for rare and refractory cancers.
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