Cellectar Biosciences, Inc 10-Q for FY2022 Q2

Cellectar Biosciences, Inc. (CLRB)

10-Q 2022-08-05 For: 2022-06-30

Added on April 10, 2026

About this 10-Q

Cellectar Biosciences, Inc filed this 10-Q on August 5, 2022, covering the quarter ended June 30, 2022 (FY2022 Q2).

Headline figures

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

Net loss: $7.44M; compared with a net loss of $6.03M a year earlier
Diluted EPS: -$1.22; compared with -$1.14 a year earlier

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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	17
Item 4.	Controls and Procedures	26

PART II. OTHER INFORMATION		27

Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 6.	Exhibits	28


	June 30,		December 31,
	2022		2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	24,805,565	$	35,703,975
Prepaid expenses and other current assets		479,668		867,485
Total current assets		25,285,233		36,571,460
Fixed assets, net		364,838		344,491
Right-of-use asset, net		161,111		204,644
Long-term and other assets		81,214		81,214
TOTAL ASSETS	$	25,892,396	$	37,201,809

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	$	5,462,267	$	3,854,914
Lease liability		143,843		135,449
Total current liabilities		5,606,110		3,990,363
Long-term lease liability, net of current portion		92,214		166,292
TOTAL LIABILITIES		5,698,324		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 issued and outstanding as of June 30, 2022 and December 31, 2021		1,382,023		1,382,023
Common stock, $0.00001 par value; 160,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 6,110,123 and 6,110,125 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively		61		61
Additional paid-in capital		183,284,617		182,560,859
Accumulated deficit		(164,472,629)		(150,897,789)
Total stockholders’ equity		20,194,072		33,045,154
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	25,892,396	$	37,201,809


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
COSTS AND EXPENSES:
Research and development	$	4,498,657	$	4,627,636	$	8,385,656	$	9,260,830
General and administrative		2,936,867		1,401,053		5,190,095		3,127,391
Total costs and expenses		7,435,524		6,028,689		13,575,751		12,388,221

LOSS FROM OPERATIONS		(7,435,524)		(6,028,689)		(13,575,751)		(12,388,221)

OTHER INCOME:
Interest income, net		481		659		911		3,021
Total other income		481		659		911		3,021
NET LOSS	$	(7,435,043)	$	(6,028,030)	$	(13,574,840)	$	(12,385,200)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	$	(1.22)	$	(1.14)	$	(2.22)	$	(2.45)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE		6,110,124		5,276,380		6,110,125		5,046,427


											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
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


	Six Months Ended
	June 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(13,574,840)	$	(12,385,200)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		77,316		73,835
Stock-based compensation expense		723,758		325,181
Noncash lease expense		43,533		37,372
Loss on disposal of fixed assets		3,386		2,938
Changes in:
Prepaid expenses and other current assets		387,817		427,403
Lease liability		(65,684)		(58,110)
Accounts payable and accrued liabilities		1,607,353		(52,180)
Cash used in operating activities		(10,797,361)		(11,628,761)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(101,049)		(7,559)
Cash used in investing activities		(101,049)		(7,559)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of underwriting 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		(10,898,410)		(10,387,522)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		35,703,975		57,165,377
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	24,805,565	$	46,777,855

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Conversion of preferred stock to common stock	$	—	$	11,398,204


	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				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021

Employee and director stock option grants:
Research and development	$	44,499	$	41,400	$	86,427	$	70,795
General and administrative		375,454		159,217		637,331		254,386
Total stock-based compensation	$	419,953	$	200,617	$	723,758	$	325,181


				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	$	5.50
Forfeited	(95,200)	$	18.60
Outstanding at March 31, 2022	606,470	$	16.40	9.03	$	—
Granted	62,400	$	4.69
Forfeited	(11,553)	$	9.09
Outstanding at June 30, 2022	657,317	$	15.39	8.84	$	—

Exercisable, June 30, 2022	202,264	$	28.37	7.85	$	—
Unvested, June 30, 2022	455,053	$	9.62	9.28	$	—


Years ending December 31,
Remainder of 2022	$	79,000
2023		161,000
2024		14,000
Total undiscounted lease payments		254,000
Less: Imputed interest		(18,000)
Present value of lease liabilities	$	236,000


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

3.1	Certificate of Amendment to Second Amended and Restated Certificate of Incorporation of Cellectar Biosciences, Inc.		8-K	July 21, 2022	3.1

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: August 5, 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)