Cellectar Biosciences is a biopharmaceutical firm engaged in the research, development, and market introduction of therapeutic agents to combat cancer. The company's ...
Cellectar Biosciences, Inc. (NASDAQ: CLRB) is a late-stage clinical biopharmaceutical company headquartered in Florham Park, New Jersey. The company’s core purpose is to improve cancer treatment precision by delivering therapeutic payloads directly to tumors while aiming to reduce harm to healthy tissue. Cellectar’s approach centers on its Phospholipid Drug Conjugate ...Cellectar Biosciences, Inc. (NASDAQ: CLRB) is a late-stage clinical biopharmaceutical company headquartered in Florham Park, New Jersey. The company’s core purpose is to improve cancer treatment precision by delivering therapeutic payloads directly to tumors while aiming to reduce harm to healthy tissue. Cellectar’s approach centers on its Phospholipid Drug Conjugate (PDC) platform, which is designed to enable targeted delivery and to support a pipeline of oncology assets.
Business and product focus: The most prominent product candidate is CLR 131 (iopofosine I-131), a PDC-based radiotherapeutic/therapeutic program. Based on the provided company description, CLR 131 is being evaluated in multiple clinical contexts. The asset is in Phase 2 for patients with relapsed or refractory (r/r) Waldenstrom’s macroglobulinemia and B-cell malignancies. The company also reports Phase 2B work in relapsed/refractory multiple myeloma (MM), and Phase 1 investigations spanning a range of pediatric cancers, relapsed/refractory head and neck cancers, and additional relapsed/refractory MM cohorts.
Pipeline expansion and R&D direction: Beyond CLR 131, Cellectar is advancing CLR 1900, another PDC-based chemotherapeutic program, which (per the provided overview) is in preclinical development with the aim of treating solid tumors. This demonstrates a strategy of building a repeatable platform approach where new PDC programs can be developed off the company’s chemistry/targeting concepts.
Collaborations and platform validation: Cellectar also participates in collaborative PDC development initiatives with partners including Avicenna Oncology GmbH, Orano Med, IntoCell Inc., and LegoChemBio. These collaborations typically support diversification of indications and may help broaden the platform’s external validation while sharing certain development costs or responsibilities—an important consideration for small clinical-stage biotechs.
Cost and business model context: As a clinical-stage biopharmaceutical company with a small workforce (11 full-time employees reported), Cellectar’s operating profile is likely characterized by significant research and development spend related to clinical trials, manufacturing, and regulatory activities, with revenues commonly dependent on future commercialization rather than current product sales. The provided financial/valuation snapshot indicates negative profitability measures (e.g., negative return on assets/equity and negative free cash flow figures in the snapshot), which is consistent with a biotech focused on advancing oncology candidates through clinical milestones.
Key people and leadership: James V. Caruso serves as President, Chief Executive Officer, and a Director (appointed June 2015 per the provided management notes). Leadership continuity is relevant for navigating long-duration clinical development timelines and financing needs that are typical in oncology drug development.
Overall, Cellectar’s “platform-to-pipeline” strategy is to leverage its PDC technology to develop targeted cancer therapies across multiple hematologic and solid tumor settings, using CLR 131 as the lead clinical driver while progressing additional programs (e.g., CLR 1900) and partnering to extend the platform’s reach.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$0
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Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-21.8M
+51.1%
-22.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
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Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
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Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
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Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-23.1M
+51.5%
-23.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
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Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
4.1%
+19.5%
-84.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
2.96x
+14.4%
+250.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, ladies and gentlemen. Thank you for standing by, and welcome. [Operator Instructions] Please be advised that today's call may be recorded. I will now hand the call over to Anne Marie Fields, Managing Director of Precision AQ. Please go ahead.
Anne Marie Fields: Thank you, operator. Good morning and welcome to Cellectar Biosciences' Second Quarter 2026 Financial Results and Business Update Conference Call. Joining us today from Cellectar are Jim Caruso, President and CEO, who will provide an overview of the company's progress before turning the call over to Chad Kolean, CFO, for a financial review of the quarter. Following this, Jarrod Longcor, Chief Operating Officer, will give an update on the company's progress and plans for its promising clinical development pipeline of radiopharmaceuticals. Cellectar issued a press release earlier this morning detailing the content of today's call. A copy can be found on the Investor page of Cellectar's corporate website. I want to remind callers that the information discussed on the call today is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. I caution listeners that management will be making forward-looking statements. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the business. These forward-looking statements are qualified in their entirety by the cautionary statements contained in today's press release and in our SEC filings. The content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, August 13, 2026. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call and webcast. As a reminder, this conference call and webcast are being recorded and archived. We will begin the call with prepared remarks and then open the line to your questions. I'll now turn the call over to Jim Caruso. Jim?
James Caruso: Thank you, Anne Marie, and thank you all for joining us this morning. The second quarter marked an especially productive period for Cellectar as we continued making meaningful progress across every area of our business, including clinical development, regulatory action, pipeline advancement, platform expansion, and strengthening of our financials. Our near-term priority remains clear: advancing iopofosine I 131 for patients with relapsed or refractory, Waldenstrom's macroglobulinemia, or WM, particularly those patients whose disease has progressed following earlier lines of treatment, including BTK inhibitor therapy. We believe this represents a significant unmet medical need and an attractive opportunity to bring a differentiated treatment option to patients who currently face limited therapeutic alternatives. During the quarter, we took several important steps to move …