Quarterly ResultMay 14, 2026, 07:07 AM
Cellectar Biosciences Q1 Net Loss Narrows to $5.65M; Secures $35M Upfront Financing
AI Summary
Cellectar Biosciences reported a net loss of $5.65 million for the first quarter of 2026, an improvement from $6.60 million in the prior year's quarter. The company continues to incur significant losses, with an accumulated deficit of approximately $275 million, which raises substantial doubt about its ability to continue as a going concern. However, subsequent to the quarter, the company secured up to $35 million in upfront financing and $105 million in milestone-based securities to improve its liquidity.
Key Highlights
- Net loss for Q1 2026 was $(5.65) million, down from $(6.60) million in Q1 2025.
- Cash and cash equivalents totaled $8.35 million as of March 31, 2026.
- Accumulated deficit reached approximately $275 million as of March 31, 2026.
- Subsequent to quarter-end, secured up to $35 million upfront and $105 million milestone-based financing.
- Research and development expenses decreased to $3.01 million in Q1 2026 from $3.43 million in Q1 2025.
- General and administrative expenses decreased to $2.79 million in Q1 2026 from $2.97 million in Q1 2025.
- Net loss per share improved to $(1.33) in Q1 2026 from $(4.30) in Q1 2025.
- Weighted-average common shares outstanding increased to 4,240,129 in Q1 2026.