The following is a summary of the Cellectar Biosciences, Inc. (CLRB) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cellectar Biosciences saw a significant increase in cash and cash equivalents in Q1 2024, growing to $40.0 million from $9.6 million at the end of 2023 due to the exercise of warrants.

• The company utilized $13.4 million in net cash for its operations during the quarter.

• Research and Development (R&D) expenses increased when compared to Q1 2023, reaching $7.4 million.

• General and Administrative (G&A) expenses also rose to $4.6 million in Q1 2024, marking a jump from $2.1 million in the same period the previous year.

• The net loss attributable to common stockholders for the first quarter stood at $21.4 million or $0.74 per share, compared to $8.6 million or $0.76 per share in 2023.

Business Progress:

• Cellectar Biosciences confirmed they are on track for a Q2 data announcement concerning the fully enrolled patient study population.

• Plans to submit their New Drug Application (NDA) to the FDA are in progress for the second half of the year.

• A strategic partnership with the American Oncology Network (AON) has been formed to improve the management and treatment of Waldenstrom's macroglobulinemia patients.

• Cellectar Biosciences announced promising preclinical data for three of its internally developed alpha emitters.

• The initiation and enrollment of the first patient in their Phase Ib clinical study by iopofosine I 131 in pediatric high grade gliomas highlights continued progress in its clinical program.

• They are gearing up for 2025 launch of iopofosine I 131 with extensive investment.

• Cellectar has adopted a flexible modular manufacturing strategy to cut both fixed and operating costs.

• The company has continued to retain its Orphan Drug Designation, promising potential for premium pricing.

• Ongoing premium pricing discussions and potential collaborations outside of the U.S. as part of their commercial strategy.

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