Cellectar Biosciences, Inc 10-Q for FY2022 Q3

Cellectar Biosciences, Inc. (CLRB)

10-Q 2022-11-03 For: 2022-09-30

Added on April 10, 2026

About this 10-Q

Cellectar Biosciences, Inc filed this 10-Q on November 3, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

Headline figures

Quarter ended September 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $7.81M; compared with a net loss of $5.82M a year earlier
Diluted EPS: -$1.28; compared with -$0.97 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


DELAWARE	04-3321804
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.00001		CLRB		NASDAQ Capital Market


Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☒	Emerging growth company	☐


	Forward-Looking Statements	3

PART I. FINANCIAL INFORMATION		5

Item 1.	Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 4.	Controls and Procedures	27

PART II. OTHER INFORMATION		28

Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 6.	Exhibits	29


	September 30,		December 31,
	2022		2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	17,785,322	$	35,703,975
Prepaid expenses and other current assets		975,936		867,485
Total current assets		18,761,258		36,571,460
Fixed assets, net		338,944		344,491
Right-of-use asset, net		138,097		204,644
Long-term and other assets		81,214		81,214
TOTAL ASSETS	$	19,319,513	$	37,201,809

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	$	6,367,035	$	3,854,914
Lease liability		148,200		135,449
Total current liabilities		6,515,235		3,990,363
Long-term lease liability, net of current portion		53,769		166,292
TOTAL LIABILITIES		6,569,004		4,156,655
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.00001 par value; 7,000 shares authorized; Series D preferred stock: 111 shares issued and outstanding		1,382,023		1,382,023
Common stock, $0.00001 par value; 160,000,000 shares authorized; 6,110,119 and 6,110,125 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively		61		61
Additional paid-in capital		183,652,376		182,560,859
Accumulated deficit		(172,283,951)		(150,897,789)
Total stockholders’ equity		12,750,509		33,045,154
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	19,319,513	$	37,201,809


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
COSTS AND EXPENSES:
Research and development	$	5,380,190	$	3,937,464	$	13,765,846	$	13,198,294
General and administrative		2,435,296		1,882,190		7,625,391		5,009,581
Total costs and expenses		7,815,486		5,819,654		21,391,237		18,207,875

LOSS FROM OPERATIONS		(7,815,486)		(5,819,654)		(21,391,237)		(18,207,875)

OTHER INCOME:
Interest income, net		4,164		590		5,075		3,611
Total other income		4,164		590		5,075		3,611
NET LOSS	$	(7,811,322)	$	(5,819,064)	$	(21,386,162)	$	(18,204,264)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	$	(1.28)	$	(0.97)	$	(3.50)	$	(3.39)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE		6,110,119		5,986,837		6,110,123		5,363,342


											Total
	Preferred Stock			Common Stock			Additional		Accumulated		Stockholders’
	Shares	Amount		Shares	Par Amount		Paid‑In Capital		Deficit		Equity
BALANCE AT DECEMBER 31, 2020	1,734	$	20,035,849	4,544,272	$	45	$	161,534,062	$	(126,775,427)	$	54,794,529
Stock-based compensation	—		—	—		—		124,564		—		124,564
Conversion of preferred shares for common shares	(789)		(8,288,652)	627,823		6		8,288,646		—		—
Exercise of warrants for common shares	—		—	100,532		1		1,213,923		—		1,213,924
Net loss	—		—	—		—		—		(6,357,170)		(6,357,170)
BALANCE AT MARCH 31, 2021	945	$	11,747,197	5,272,627	$	52	$	171,161,195	$	(133,132,597)	$	49,775,847
Stock-based compensation	—		—	—		—		200,617		—		200,617
Conversion of preferred shares for common shares	(250)		(3,109,552)	250,000		3		3,109,549		—		—
Issuance of common stock, net of issuance costs	—		—	4,169		—		34,873		—		34,873
Retired shares	—		—	(3)		—		—		—		—
Net loss	—		—	—		—		—		(6,028,030)		(6,028,030)
BALANCE AT JUNE 30, 2021	695	$	8,637,645	5,526,793	$	55	$	174,506,234	$	(139,160,627)	$	43,983,307
Stock-based compensation	—		—	—		—		421,161		—		421,161
Conversion of preferred shares for common shares	(584)		(7,255,622)	583,333		6		7,255,616		—		—
Net loss	—		—	—		—		—		(5,819,064)		(5,819,064)
BALANCE AT SEPTEMBER 30, 2021	111	$	1,382,023	6,110,126	$	61	$	182,183,011	$	(144,979,691)	$	38,585,404
BALANCE AT DECEMBER 31, 2021	111	$	1,382,023	6,110,126	$	61	$	182,560,859	$	(150,897,789)	$	33,045,154
Stock-based compensation	—		—	—		—		303,805		—		303,805
Retired shares	—		—	(1)		—		—		—		—
Net loss	—		—	—		—		—		(6,139,797)		(6,139,797)
BALANCE AT MARCH 31, 2022	111	$	1,382,023	6,110,125	$	61	$	182,864,664	$	(157,037,586)	$	27,209,162
Stock-based compensation	—		—	—		—		419,953		—		419,953
Retired shares	—		—	(2)		—		—		—		—
Net loss	—		—	—		—		—		(7,435,043)		(7,435,043)
BALANCE AT JUNE 30, 2022	111	$	1,382,023	6,110,123	$	61	$	183,284,617	$	(164,472,629)	$	20,194,072
Stock-based compensation	—		—	—		—		367,759		—		367,759
Retired shares	—		—	(4)		—		—		—		—
Net loss	—		—	—		—		—		(7,811,322)		(7,811,322)
BALANCE AT SEPTEMBER 30, 2022	111	$	1,382,023	6,110,119	$	61	$	183,652,376	$	(172,283,951)	$	12,750,509


	Nine Months Ended
	September 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(21,386,162)	$	(18,204,264)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		110,276		110,624
Stock-based compensation expense		1,091,517		746,342
Noncash lease expense		66,547		57,160
Loss on disposal of fixed assets		3,386		2,938
Changes in:
Prepaid expenses and other current assets		(108,451)		(273,650)
Lease liability		(99,772)		(88,268)
Accounts payable and accrued liabilities		2,512,121		(408,708)
Cash used in operating activities		(17,810,538)		(18,057,826)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(108,115)		(11,622)
Cash used in investing activities		(108,115)		(11,622)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs		—		34,874
Proceeds from exercise of warrants		—		1,213,924
Cash provided by financing activities		—		1,248,798
NET DECREASE IN CASH AND CASH EQUIVALENTS		(17,918,653)		(16,820,650)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		35,703,975		57,165,377
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	17,785,322	$	40,344,727

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Conversion of preferred stock to common stock	$	—	$	18,653,826


	Number of Shares
	Issuable Upon
	Exercise of
	Outstanding	Exercise
Offering	Warrants	Price		Expiration Date
June 2020 Series H Warrants	720,796	$	12.075	June 5, 2025
May 2019 Series F Warrants	195,700	$	24.00	May 20, 2024
May 2019 Series G Warrants	201,800	$	24.00	May 20, 2024
July 2018 Series E Warrants	414,000	$	40.00	July 31, 2023
October 2017 Series D Warrants	31,085	$	178.00	October 14, 2024
Total	1,563,381


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021

Employee and director stock option grants:
Research and development	$	37,211	$	62,655	$	123,638	$	133,450
General and administrative		330,548		358,506		967,879		612,892
Total stock-based compensation	$	367,759	$	421,161	$	1,091,517	$	746,342


				Weighted
	Number of			Average
	Shares Issuable			Remaining
	Upon Exercise	Weighted		Contracted	Aggregate
	of Outstanding	Average		Term in	Intrinsic
	Options	Exercise Price		Years	Value
Outstanding at December 31, 2021	423,820	$	22.70		$	—
Granted	277,850	$	5.47
Forfeited	(95,200)	$	12.78
Outstanding at March 31, 2022	606,470	$	16.37	9.03	$	—
Granted	62,400	$	4.69
Forfeited	(11,543)	$	9.09
Outstanding at June 30, 2022	657,327	$	15.39	8.84	$	—
Granted	—
Forfeited	(3,064)	$	36.04
Outstanding at September 30, 2022	654,263	$	15.29	8.63	$	—

Exercisable, September 30, 2022	202,398	$	28.00	7.73	$	—
Unvested, September 30, 2022	451,865	$	9.59	9.04	$	—


	As of September 30,
	2022	2021
Warrants	1,563,381	1,607,961
Preferred shares as convertible into common stock	111,111	694,444
Stock options	654,263	470,178
Total potentially dilutive shares	2,328,755	2,772,583


Years ending December 31,
Remainder of 2022	$	40,000
2023		161,000
2024		14,000
Total undiscounted lease payments		215,000
Less: Imputed interest		(13,000)
Present value of lease liabilities	$	202,000


			Incorporation by Reference
Exhibit No.	Description	Filed with this Form 10-Q	Form	Filing Date	Exhibit No.

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	X

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	X

32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	X

101	Interactive Data Files	X

104	Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit).	X

	CELLECTAR BIOSCIENCES, INC.

Date: November 3, 2022	By:	/s/ James V. Caruso
		James V. Caruso
		President and Chief Executive Officer

/s/ Chad J. Kolean
Chad J. Kolean
Chief Financial Officer
(Principal Financial and Accounting Officer)