Cellectar Biosciences, Inc 10-Q for FY2021 Q2

Cellectar Biosciences, Inc. (CLRB)

10-Q 2021-08-09 For: 2021-06-30

Added on April 10, 2026

About this 10-Q

Cellectar Biosciences, Inc filed this 10-Q on August 9, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $6.03M; compared with a net loss of $3.61M 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	18
Item 4.	Controls and Procedures	25

PART II. OTHER INFORMATION		25

Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 6.	Exhibits	26


	June 30,
	2021		December 31,
	(Unaudited)		2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	46,777,855	$	57,165,377
Prepaid expenses and other current assets		347,028		774,432
Total current assets		47,124,883		57,939,809
Fixed assets, net		286,768		355,982
Right-of-use asset, net		244,993		282,365
Long-term assets		75,000		75,000
Other assets		6,214		6,214
TOTAL ASSETS	$	47,737,858	$	58,659,370

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	$	3,391,017	$	3,443,197
Lease liability		127,476		119,904
Total current liabilities		3,518,493		3,563,101
Long-term lease liability		236,058		301,740
TOTAL LIABILITIES		3,754,551		3,864,841
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.00001 par value; 7,000 shares authorized; Series C preferred stock: 0 and 215 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		—		1,148,204
Series D preferred stock: 695 and 1,519 issued and outstanding as of June 30, 2021 and December 31, 2020 respectively		8,637,645		18,887,645
Common stock, $0.00001 par value; 160,000,000 and 80,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 55,267,931 and 45,442,729 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively		553		454
Additional paid-in capital		174,505,736		161,533,653
Accumulated deficit		(139,160,627)		(126,775,427)
Total stockholders’ equity		43,983,307		54,794,529
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	47,737,858	$	58,659,370


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020

COSTS AND EXPENSES:
Research and development	$	4,627,636	$	2,465,392	$	9,260,830	$	5,081,729
General and administrative		1,401,053		1,156,842		3,127,391		2,499,160
Total costs and expenses		6,028,689		3,622,234		12,388,221		7,580,889

LOSS FROM OPERATIONS		(6,028,689)		(3,622,234)		(12,388,221)		(7,580,889)

OTHER INCOME:
Interest income, net		659		10,309		3,021		11,356
Total other income		659		10,309		3,021		11,356
NET LOSS	$	(6,028,030)	$	(3,611,925)	$	(12,385,200)	$	(7,569,533)
BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	$	(0.11)	$	(0.26)	$	(0.25)	$	(0.65)
SHARES USED IN COMPUTING BASIC AND DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE		52,763,809		13,793,548		50,464,274		11,591,605


											Total
	Preferred Stock			Common Stock			Additional		Accumulated		Stockholders’
	Shares	Amount		Shares	Par Amount		Paid‑In Capital		Deficit		Equity
BALANCE AT DECEMBER 31, 2019	215	$	1,148,204	9,386,689	$	94	$	119,592,366	$	(111,681,255)	$	9,059,409
Stock-based compensation	—		—	—		—		144,146		—		144,146
Vested restricted stock	—		—	9,334		—		—		—		—
Retired shares	—		—	(8)		—		—		—		—
Net loss	—		—	—		—		—		(3,957,608)		(3,957,608)
BALANCE AT MARCH 31, 2020	215	$	1,148,204	9,396,015	$	94	$	119,736,512	$	(115,638,863)	$	5,245,947
Issuance of common stock and warrants, net of issuance costs	—		—	14,601,628		146		18,258,435		—		18,258,581
Stock-based compensation	—		—	—		—		92,643		—		92,643
Conversion of warrants for common shares	—		—	1,474,740		14		—		—		14
Net loss	—		—	—		—		—		(3,611,925)		(3,611,925)
BALANCE AT JUNE 30, 2020	215	$	1,148,204	25,472,383	$	254	$	138,087,590	$	(119,250,788)	$	19,985,260

BALANCE AT DECEMBER 31, 2020	1,734	$	20,035,849	45,442,729	$	454	$	161,533,653	$	(126,775,427)	$	54,794,529
Stock-based compensation	—		—	—		—		124,564		—		124,564
Conversion of preferred shares for common shares	(789)		(8,288,652)	6,278,236		63		8,288,589		—		—
Exercise of warrants for common shares	—		—	1,005,320		10		1,213,914		—		1,213,924
Retired shares	—		—	(7)		—		—		—		—
Net loss	—		—	—		—		—		(6,357,170)		(6,357,170)
BALANCE AT MARCH 31, 2021	945	$	11,747,197	52,726,278	$	527	$	171,160,720	$	(133,132,597)	$	49,775,847

Stock-based compensation	—		—	—		—		200,617		—		200,617
Conversion of preferred shares for common shares	(250)		(3,109,552)	2,500,000		25		3,109,527		—		—
Issuance of common stock, net of issuance costs	—		—	41,692		1		34,872		—		34,873
Retired shares	—		—	(39)		—		—		—		—
Net loss	—		—	—		—		—		(6,028,030)		(6,028,030)
BALANCE AT JUNE 30, 2021	695	$	8,637,645	55,267,931	$	553	$	174,505,736	$	(139,160,627)	$	43,983,307


	Six Months Ended
	June 30,
	2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(12,385,200)	$	(7,569,533)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		73,835		69,603
Stock-based compensation expense		325,181		236,789
Noncash lease expense		37,372		31,923
Loss on disposal of fixed assets		2,938		—
Changes in:
Prepaid expenses and other current assets		427,403		177,361
Lease liability		(58,110)		(51,282)
Accounts payable and accrued liabilities		(52,180)		543,168
Cash used in operating activities		(11,628,761)		(6,561,971)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(7,559)		(45,143)
Cash used in investing activities		(7,559)		(45,143)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of underwriting issuance costs		34,874		18,258,581
Proceeds from long-term obligations		—		184,000
Issuance of common stock in connection with exercise of pre-funded warrants		—		14
Proceeds from exercise of warrants		1,213,924		—
Cash provided by financing activities		1,248,798		18,442,595
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(10,387,522)		11,835,481
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		57,165,377		10,614,722
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	46,777,855	$	22,450,203

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest expense	$	—	$	1,584
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	7,207,969	$	1.2075	June 5, 2025
May 2019 Series F Warrants	1,957,000	$	2.40	May 20, 2024
May 2019 Series G Warrants	2,018,000	$	2.40	May 20, 2024
July 2018 Series E Warrants	4,140,000	$	4.00	July 31, 2023
October 2017 Series D Warrants	310,856	$	17.80	October 14, 2024
November 2016 Public Offering Series C	415,785	$	15.00	November 29, 2021
October 2015 Incremental Series A	30,006	$	21.30	October 20,2021
Total	16,079,616


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020

Employee and director stock option grants:
Research and development	$	41,400	$	3,478	$	70,795	$	27,213
General and administrative		159,217		89,165		254,386		209,576
Total stock-based compensation	$	200,617	$	92,643	$	325,181	$	236,789


				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, 2020	1,184,464	$	4.34		$	316,688
Granted	208,500	$	1.78
Outstanding at March 31, 2021	1,392,964	$	3.96	8.56	$	122.700
Granted	3,309,000	$	1.66
Expired	(177)	$	2,800.00
Outstanding at June 30, 2021	4,701,787	$	2.23	9.31	$	—

Exercisable, June 30, 2021	701,870	$	5.34	7.67	$	—
Unvested, June 30, 2021	3,999,917	$	1.69	9.59	$	—


		Weighted
		Average
		Grant Date		Total Grant
	Number of	Fair Value		Date Fair
	Shares	Per Share		Value
Outstanding at December 31, 2019	9,334	$	21.00	$	196,000
Vested	(9,334)	$	21.00	$	(196,000)
Outstanding at December 31, 2020	—	$	—	$	—


Years ending December 31,
Remainder of 2021	$	78,000
2022		158,000
2023		161,000
2024		14,000
Total undiscounted lease payments		411,000
Less: Imputed interest		(47,000)
Present value of lease liabilities	$	364,000


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

10.1	2021 Stock Incentive Plan		8-K	June 24, 2021	10.1

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 9, 2021	By:	/s/ James V. Caruso
		James V. Caruso
		President and Chief Executive Officer


	Three Months Ended
	June 30,
	2021		2020		Variance
Clinical project costs	$	3,009,000	$	992,000	$	2,017,000
Manufacturing and related costs		651,000		384,000		267,000
Pre-clinical project costs		11,000		71,000		(60,000)
General research and development costs		957,000		1,018,000		(61,000)
	$	4,628,000	$	2,465,000	$	2,163,000


	Six Months Ended
	June 30,
	2021		2020		Variance

Clinical project costs	$	5,995,000	$	1,883,000	$	4,112,000
Manufacturing and related costs		1,157,000		1,263,000		(106,000)
Pre-clinical project costs		19,000		157,000		(138,000)
General research and development costs		2,090,000		1,779,000		311,000
	$	9,261,000	$	5,082,000	$	4,179,000

/s/ James V. Caruso
James V. Caruso
President and Chief Executive Officer (Principal Executive Officer)

/s/ Dov Elefant
Dov Elefant
Chief Financial Officer (Principal Financial and Accounting Officer)