Cellectar Biosciences, Inc.

Cellectar did not report revenue or gross margin on the call. For the quarter ended June 30, 2026, net loss was $6.9 million, or $0.57 per share, versus $5.4 million, or $3.39 per share, in the prior-year quarter. R&D expense was approximately $4.6 million, up from approximately $2.4 million a year ago, while G&A expense fell to $2.6 million from $3.6 million. Cash and cash equivalents were approximately $34.0 million at quarter-end, up from $13.2 million at December 31, 2025. Management said the May financing provided up to $140 million of capital, including $35 million gross upfront and up to $105 million tied to milestones. Guidance-wise, management expects first sites in the Phase III confirmatory WM study to open in the coming months, first patient dosing could occur late this year or early next year, and the planned U.S. accelerated-approval filing remains targeted for 2027, with management later describing a March-April timing for submission.

Jim Caruso framed the quarter as productive across clinical development, regulatory action, pipeline expansion, and financial strengthening. He emphasized that iopofosine I 131 in relapsed/refractory WM remains the near-term priority, calling the disease area a significant unmet medical need and pointing to the confirmed durability and response data as evidence of the drug’s potential. He was upbeat on the PDC platform more broadly, saying iopofosine is validating the approach and supporting future programs such as CLR 125 and CLR 225.

Chad Kolean focused on the May financing and the resulting balance sheet improvement. He said the company received $35 million gross upfront, or about $31.7 million net, and noted three warrant tranches of about 13.2 million each at a $2.65 strike price, contingent on milestones and trading criteria. He also reported cash and cash equivalents of about $34.0 million versus $13.2 million at year-end 2025, higher R&D tied to WM and CLR 125 activity, lower G&A from reduced professional fees, pre-commercialization efforts, and personnel costs, and a quarterly net loss of $6.9 million.

Analysts focused heavily on the timing and mechanics of the WM confirmatory Phase III trial and the pathway to accelerated approval. Management said the main startup steps include CRO contracting, site identification, feasibility, licensing and IRB work, and then site initiation; they expect first sites open in the coming months and first patient in late this year or early next year. On FDA submission, management said the study must be initiated and ongoing, and they believe roughly 10 to 20 sites open with some patients enrolled would support filing. Questions also covered commercial readiness, where management said they can scale quickly in WM and already have commercial infrastructure and multisource supply planning, and they discussed CLR 125 timing, saying more data could come later this year or early next year, with San Antonio Breast Cancer Conference a possible venue.