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Cellectar Biosciences (CLRB)
NASDAQ:CLRB
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Cellectar Biosciences
(NASDAQ:CLRB)
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Rating:43Neutral
Price Target:
$3.00
▼(-8.81% Downside)
Action:ReiteratedDate:03/05/26
The score is held down primarily by weak financial performance (no revenue, ongoing losses and cash burn with financing risk) and bearish technicals (below key moving averages with negative MACD). The latest earnings call adds some offset from regulatory/clinical progress and improved cost structure, but valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Regulatory pathway progress
Formal regulatory alignment with EMA, Breakthrough/PRIME designations and a completed 12‑month pivotal dataset materially reduce technical and approval risk. These durable regulatory advantages can shorten review timelines and improve attractiveness to partners, supporting a credible path to EU/US approvals.
Improved cost structure & loss reduction
Significant and sustained reductions in operating expenses that materially cut net losses signal stronger financial discipline. Lower structural burn improves runway, reduces near‑term financing frequency, and demonstrates management focus on prioritizing resources toward high‑value clinical milestones.
Strengthened IP and isotope supply
A broader patent estate plus secured commercial isotope supply create high barriers to entry for competitors and reduce a common execution bottleneck in radiopharmaceuticals. These structural advantages support scalable manufacturing and commercialization if clinical success is achieved.
Negative Factors
Tight cash runway
A short cash runway forces near‑term financing decisions that can dilute shareholders, delay programs, or constrain hiring/partnering. Reliance on external capital is a persistent structural vulnerability for pre‑commercial biotech and can materially affect ability to initiate/complete pivotal trials on schedule.
No product revenue; persistent losses
Absence of commercial revenue means the business must repeatedly rely on financing or partnerships to sustain operations. Persistent operating losses and negative free cash flow indicate the company remains pre‑commercial, leaving long‑term viability contingent on successful approvals, partnerships, or continued funding.
Execution risk from enrollment and regulatory timing
Regulatory approvals and accelerated pathways depend on timely trial starts and sufficient enrollment. Delays or slow enrollment extend development timelines and cash burn, increasing execution risk—an enduring constraint for development‑stage oncology companies reliant on single pivotal programs.
Cellectar Biosciences (CLRB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.87M
Dividend YieldN/A
Average Volume (3M)105.19K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue GrowthN/A
EPS Growth79.31%
CountryUS
Employees11
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.65
Shares Outstanding4,240,129
10 Day Avg. Volume157,484
30 Day Avg. Volume105,193
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.78
Price to Sales (P/S)0.00
P/FCF Ratio-0.33
Enterprise Value/Market Cap-0.17
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit23.08
Enterprise Value/Ebitda0.11
Forecast
1Y Price Target
$12.00Price Target Upside264.74% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-5.54
Revenue Forecast (FY)N/A
Cellectar Biosciences Business Overview & Revenue Model
Company DescriptionCellectar Biosciences, Inc., a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study in patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia and B-cell malignancies; Phase 2B clinical study in r/r multiple myeloma (MM) patients; and Phase I study for various pediatric cancers, r/r head and neck cancers, and R/R MM. The company also develops CLR 1900, a PDC chemotherapeutic program that is in the preclinical development stage to treat solid tumors. It has collaborative PDC programs with Avicenna Oncology GMBH to develop CLR 2000 Series; Orano Med to develop CLR 12120 Series; IntoCell Inc; and LegoChemBio. The company was founded in 2002 and is headquartered in Florham Park, New Jersey.
How the Company Makes MoneyCellectar Biosciences is a clinical-stage company and, based on publicly available information, has not been described as generating material recurring revenue from commercial product sales. As a result, its ability to fund operations has primarily depended on external financing rather than operating income; specific product-level revenue streams from marketed drugs are null. Potential future ways the company would make money (if candidates are approved) would typically include (i) sales of approved radiopharmaceutical therapeutics and/or diagnostics, and (ii) payments from licensing, collaborations, or strategic partnerships (e.g., upfront payments, milestones, and royalties); however, specific current partnership revenue details are null if not disclosed. Therefore, identifiable current revenue sources tied to ongoing commercial operations are null, and any meaningful earnings are contingent on clinical development progress, regulatory approvals, commercialization, and/or monetization of its PLE platform through partnerships.
Cellectar Biosciences Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call emphasized significant strategic and clinical progress—regulatory alignment with EMA, Breakthrough/PRIME designations, full 12‑month follow-up on the pivotal dataset, initiation of CLR125 Phase 1b, strengthened IP and isotope supply, and material reductions in operating expenses that improved the company’s net loss profile. Offsetting these positives are a constrained cash position (cash runway only into 2026), the need for additional capital to initiate certain programs (notably CLR225) and execute confirmatory trials, reliance on enrollment and regulatory timing for near‑term milestones, and a substantial drop in other (non‑cash) income. Overall, the company made meaningful de‑risking and value-creation moves but faces near-term financing and execution risks.Q4-2025 Updates
Positive Updates
Regulatory Progress for Lead Asset (iapocine I-131)
Achieved regulatory alignment with EMA (SAWP guidance) and plan to submit a conditional marketing authorization (CMA) in 2026 with potential European commercialization as early as 2027. FDA engagement supports pursuing an NDA under the accelerated approval pathway; Breakthrough Therapy designation in the U.S. and PRIME designation in the EU. Full 12-month follow-up on CLOVER‑WaM dataset now collected, strengthening the dossier for both accelerated approval and confirmatory trial design.
Clinical Pipeline Advancement (CLR125 & CLR225)
Initiated Phase 1b dose-finding study of CLR125 (iodine-125 Auger emitter) in triple-negative breast cancer; early interim dosimetry, safety, and preliminary efficacy data expected mid‑2026. CLR225 (alpha emitter) completed IND‑enabling work and is ready for Phase 1 pending funding. Preclinical pancreatic cancer models for CLR225 showed compelling tumor inhibition. Plan to present additional clinical outcomes (ORR, DOR, PFS, subsets) throughout 2026.
Expanded Intellectual Property and Isotope Supply
Significant expansion of global patent estate with new patents issued across Europe, Asia Pacific, Middle East and the Americas protecting lead asset, CLR125, and the PDC platform. Strengthened isotope supply chain via partnerships with ITM Technologies and Ionectics to secure commercial-scale access to 225Ac and astatine‑211 for alpha program development.
Improved Financial Efficiency and Capital Raises
Raised approximately $15.2 million during 2025 (including $5.8M in Q4). Reduced operating costs: reported R&D expense declined from $26.6M (2024) to $11.5M (2025) (~56.8% reduction) and SG&A declined from $25.6M to $11.5M (~55.1% reduction). Net loss improved to $21.8M in 2025 from $44.6M in 2024 (a ~51.1% reduction); net loss per basic share decreased from $36.52 to $8.35 (~77.1% reduction).
Commercial/Logistical Advantages
Established global logistical chain from prior international trial experience (≈25 European sites) and a competitive product shelf-life advantage (21 days at room temperature versus typical 3–7 days), facilitating broader and more flexible distribution. Company pursuing commercial partnerships in Europe rather than direct commercialization.
Negative Updates
Tight Cash Position and Near-Term Funding Needs
Cash and cash equivalents decreased to $13.2M as of 12/31/2025 from $23.3M a year earlier (down ~$10.1M, ≈43.3% decrease). Management expects cash to fund budgeted operations only into 2026, creating a near-term need for additional capital to support confirmatory Phase 3, CLR225 initiation, and broader development/commercial activities.
Dependence on Successful Enrollment and Regulatory Timelines
Accelerated approval strategy requires initiating a confirmatory study in an earlier (second-line post‑BTKi) population and achieving active enrollment; NDA submission timing is tied to study initiation/enrollment pace. Regulatory outcomes and enrollment rates are critical dependencies and potential sources of delay or uncertainty.
Reduction in Other Income and Non-Cash Accounting Effects
Other income declined to approximately $1.1M in 2025 from $7.3M in 2024 (~84.9% decrease). Changes reflect non-cash warrant accounting and classification of 2025 warrants as permanent equity, reducing non-cash income recognized in the period.
Operational Trade-Offs from Cost Reductions
Large decreases in R&D and G&A (each roughly halved) were driven by conclusion of enrollment and deemphasis on pre-commercialization plus personnel reductions. While improving near-term burn, these cuts may constrain capacity for rapid commercial scale-up and internal commercialization readiness if approvals occur.
Ongoing Net Loss and No Product Revenue
Company remains unprofitable with a net loss of $21.8M in 2025 and no reported product revenue; continued dependence on capital markets/partnerships to fund development and commercialization.
Company Guidance
Management gave concrete near‑term guidance: they plan to submit a conditional marketing authorization (CMA) to the EMA for their lead I‑131 radiotherapeutic for Waldenström’s macroglobulinemia in 2026 (targeting potential EU approval as early as 2027) and will pursue FDA accelerated approval under Breakthrough Therapy designation using the CLOVER‑WaM dataset with full 12‑month follow‑up available in early 2026; the FDA requires a confirmatory Phase 3 in a post‑BTKi second‑line population to be initiated and enrolling at submission, management expects to file the NDA ~1–2 months after starting that trial and anticipates the six‑month accelerated review (i.e., an FDA response roughly 7–9 months after study start) assuming about 10% enrollment by that time. They raised ~$15.2M in 2025 (including $5.8M in Q4), ended 12/31/2025 with $13.2M cash (vs. $23.3M at 12/31/2024) and expect cash to fund operations into 2026; FY‑2025 net loss was $21.8M ($8.35/share) vs $44.6M in 2024, R&D and G&A were each ~ $11.5M in 2025 (vs. $26.6M R&D and $25.6M G&A in 2024), and other income was ~$1.1M (vs. $7.3M). Operational milestones include initiating the CLR125 Phase 1b in TNBC (early/interim dosimetry, safety and preliminary efficacy data expected mid‑2026), completing IND‑enabling work for CLR225 pending funding, securing supply partnerships for Ac‑225 and At‑211, expanding global patent coverage, and expecting multiple value‑creating readouts through 2026.Cellectar Biosciences Financial Statement Overview
Summary
Fundamentals remain weak: no revenue, persistent losses, and historically heavy negative operating/free cash flow. Low leverage is a positive, and 2025 showed improvement in net loss and near-breakeven operating cash flow, but the shrinking/volatile equity and asset base plus continued burn imply ongoing financing risk.Income Statement
The company reports no revenue across the annual periods provided, while losses remain sizable (net income stayed deeply negative, worsening into 2024 before improving in 2025). Profitability is structurally weak with consistently negative operating results, indicating the business is still in a high-burn, pre-commercial phase with no demonstrated revenue scaling yet.12
Very Negative
Balance Sheet
Leverage is low with total debt remaining small versus assets and equity in most years, which is a key strength. However, the equity base has been volatile and eroded materially over time (including a year with negative equity in 2023), and total assets have also trended down meaningfully from 2020–2025—signaling balance sheet weakening and potential reliance on external funding if losses persist.38
Negative
Cash Flow
Cash generation is weak: operating cash flow is strongly negative in 2020–2024 and free cash flow is consistently negative, reflecting ongoing cash burn to fund operations. While 2025 shows near-breakeven operating cash flow and minimal free-cash-flow loss versus prior years (a positive inflection), the sharp drop in free cash flow level versus 2024 appears unusual and may reflect timing or one-off working-capital/cash-flow classification effects rather than durable self-funding.14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -213.60K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -22.77M | -51.49M | -38.77M | -28.67M | -23.98M |
| Net Income | -21.79M | -44.58M | -42.77M | -31.79M | -24.12M |
Balance Sheet | |||||
| Total Assets | 14.98M | 25.47M | 12.08M | 21.59M | 37.20M |
| Cash, Cash Equivalents and Short-Term Investments | 13.20M | 23.29M | 9.56M | 19.87M | 35.70M |
| Total Debt | 409.59K | 494.00K | 552.98K | 603.83K | 301.74K |
| Total Liabilities | 5.06M | 11.18M | 25.85M | 12.05M | 4.16M |
| Stockholders Equity | 9.92M | 14.29M | -13.78M | 9.54M | 33.05M |
Cash Flow | |||||
| Free Cash Flow | -23.12M | -47.69M | -33.24M | -25.45M | -22.71M |
| Operating Cash Flow | -23.12M | -47.58M | -32.38M | -25.22M | -22.57M |
| Investing Cash Flow | -5.88K | -104.19K | -864.04K | -225.97K | -141.36K |
| Financing Cash Flow | 13.03M | 61.41M | 22.94M | 9.61M | 1.25M |
Cellectar Biosciences Technical Analysis
Positive
3.29
Price Trends
3.28
Negative
3.29
Negative
4.68
Negative
Market Momentum
-0.04
Negative
53.76
Neutral
77.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CLRB, the sentiment is Positive. The current price of 3.29 is above the 20-day moving average (MA) of 3.12, above the 50-day MA of 3.28, and below the 200-day MA of 4.68, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.76 is Neutral, neither overbought nor oversold. The STOCH value of 77.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CLRB.
Cellectar Biosciences Risk Analysis
Cellectar Biosciences disclosed 42 risk factors in its most recent earnings report. Cellectar Biosciences reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cellectar Biosciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $141.27M | -3.02 | -148.81% | ― | -90.43% | -382.07% | |
49 Neutral | $339.27M | -0.12 | ― | ― | ― | -323.61% | |
43 Neutral | $13.87M | -0.59 | -248.91% | ― | ― | 79.31% | |
42 Neutral | $8.43M | -0.33 | -925.11% | ― | ― | ― | |
41 Neutral | $7.93M | -24.51 | ― | ― | ― | ― |
* Healthcare Sector Average
CLRB
Cellectar Biosciences
3.27
-6.83
-67.62%
CANF
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3.58
-29.42
-89.15%
NERV
Minerva Neurosciences
7.84
6.28
402.56%
ATON
AlphaTON Capital
0.36
-3.89
-91.55%
EQ
Equillium
2.32
1.55
201.30%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.