No revenue or guidance to trade on. The key catalyst is the Phase 3 confirmatory trial initiation and mid-2027 NDA submission for iopofosine I 131. Monitor site activation progress and any early data readouts from the CLR 125 Phase 1b TNBC study in H2 2026. The stock is a binary event-driven biotech — position sizing should reflect the all-or-nothing risk profile.
Price Chart
Executive Summary
Cellectar Biosciences reported Q2 2026 net loss of $6.9M ($0.57/share) vs $5.4M ($3.39/share) in Q2 2025, with R&D spend rising to $4.6M as the company initiated site activation for the Phase 3 confirmatory trial of iopofosine I 131. Cash balance improved to $34.0M post the May 2026 $31.7M net offering, extending runway into Q2 2027. The filing is neutral — a pre-revenue clinical biotech executing on its pipeline with no revenue, no guidance, and no binary catalyst in this quarter's results.
Key Financial Metrics
Key Facts
- Net loss Q2 2026: $6.9M ($0.57/share) vs $5.4M ($3.39/share) in Q2 2025
- Cash and cash equivalents: $34.0M as of June 30, 2026, up from $13.2M at Dec 31, 2025
- R&D expenses: $4.6M in Q2 2026 vs $2.4M in Q2 2025, driven by trial initiation costs
- Site activation initiated for Phase 3 confirmatory trial of iopofosine I 131 in WM; NDA submission planned for mid-2027
- May 2026 financing raised net proceeds of ~$31.7M from a $35M upfront + $105M milestone-based offering
- Common shares outstanding: 8,252,108 as of June 30, 2026, up from 4,240,129 at Dec 31, 2025 (nearly doubled)
Financial Impact
Net loss widened to $6.9M from $5.4M YoY; cash burn rate increased to ~$3.5M/month (Q2 2026 operating loss $7.2M) vs ~$2.0M/month in Q2 2025
Risk Factors
- No revenue — fully dependent on pipeline success and capital markets access
- Share count nearly doubled from the May 2026 offering, diluting existing holders
- Phase 3 trial enrollment projected 18-24 months; NDA submission not until mid-2027 with no guarantee of accelerated approval
- Cash runway only into Q2 2027 — likely needs additional financing before data readouts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-095460 |
| Document: tm2623056d1_8k.htm | 0001104659-26-095460 |
| Document: 0001104659-26-095460-index-headers.html | 0001104659-26-095460 |
| Document: 0001104659-26-095460-index.html | 0001104659-26-095460 |
| Document: 0001104659-26-095460.txt | 0001104659-26-095460 |
| 8-K Data (Synthetic) | 0001104659-26-095460 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | Press Release | $1.19 | awaiting T+60 | — | $1.22 (+2.52%) |
Aug 13, 2026 10w ago | 8-K | $2.48 | awaiting T+60 | — | $1.22 (−50.81%) |
Aug 13, 2026 10w ago | Press Release | $2.48 | awaiting T+60 | — | $1.22 (−50.81%) |
Jun 1, 2026 21w ago | Press Release | $2.97 $2.54 | ▼ −14.48% | ▼ −15.71% | $1.22 (−58.92%) |
May 29, 2026 21w ago | S-1/A | $3.14 $2.52 | ▲ +19.75% | ▲ +20.93% | $1.22 (+61.15%) |
May 28, 2026 21w ago | DEFA14A | $3.14 $2.52 | ▼ −19.75% | ▼ −20.93% | $1.22 (−61.15%) |
May 19, 2026 22w ago | S-1 | $3.17 $2.60 | ▲ +17.98% | ▲ +22.98% | $1.22 (+61.51%) |
May 14, 2026 23w ago | 8-K | $3.20 $2.60 | ▼ −18.75% | ▼ −22.34% | $1.22 (−61.87%) |
May 14, 2026 23w ago | Press Release | $3.20 $2.60 | ▼ −18.75% | ▼ −22.34% | $1.22 (−61.87%) |
May 11, 2026 24w ago | Press Release | $3.06 $2.52 | ▼ −17.65% | ▼ −22.04% | $1.22 (−60.13%) |
US Market Status
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