Cellectar Biosciences (CLRB) Q1 2026 earnings summary

Executive summary

• Achieved a transformational quarter with positive 12-month data from the phase II-B CLOVER-WaM study for iopofosine I-131 in relapsed/refractory Waldenström's macroglobulinemia (WM), supporting plans for accelerated FDA approval and a phase III confirmatory trial.

• Completed an oversubscribed financing of up to $140 million, including $35 million upfront and up to $105 million in milestone-based securities, to support late-stage clinical and commercial activities.

• First patients dosed in the phase I-B CLR 125 trial for triple negative breast cancer (TNBC), with early data expected mid-2026.

• Focused on developing targeted cancer therapies using a proprietary phospholipid drug conjugate (PDC) platform, advancing candidates in hematologic malignancies and solid tumors.

Financial highlights

• Ended Q1 2026 with $8.3 million in cash and equivalents, not including $31 million net proceeds from May 2026 financing; available liquidity was approximately $37 million.

• Net loss for Q1 2026 was $5.7 million ($1.33/share), improved from $6.6 million ($4.30/share) in Q1 2025, driven by lower R&D and G&A expenses.

• R&D expenses for Q1 2026 were $3 million, down from $3.4 million year-over-year; G&A expenses were $2.8 million, down from $3 million.

• Weighted-average shares outstanding increased to 4,240,129 from 1.54 million year-over-year due to equity financings.

Outlook and guidance

• Cash position, bolstered by new financing, expected to fund operations and the phase III iopofosine trial into Q2 2027.

• Phase III confirmatory study for iopofosine in WM to initiate in late Q4 2026, with NDA submission planned shortly after initial enrollment; full enrollment projected within 18-24 months.

• Management expects continued operating losses and negative cash flow until product candidates are approved and commercialized; additional capital may be required beyond Q2 2027.