Cellectar Biosciences, Inc. (CLRB) Bundle
A Brief History of Cellectar Biosciences, Inc. (CLRB)
Founding and Early Development
Cellectar Biosciences, Inc. was founded in 2007, originating as a spin-off from the University of Wisconsin-Madison. The company was established with the objective of developing drugs for the treatment of cancer, leveraging the university's research in phospholipid drug conjugates (PDCs).
Key Partnerships and Advances
In 2010, Cellectar entered into a collaboration agreement with the National Cancer Institute (NCI) to evaluate the efficacy of its PDC technology. This partnership was crucial in advancing the clinical development of its lead product candidate, CLR 131.
Initial Public Offering (IPO)
Cellectar went public in 2013, trading on the NASDAQ under the ticker symbol CLRB. During the IPO, the company raised approximately $10 million, offering shares at a price of $5.00 each.
Clinical Trials and Progress
In 2016, Cellectar initiated a Phase 1 clinical trial for CLR 131 targeting relapsed or refractory multiple myeloma. The trial aimed to demonstrate the drug's safety and efficacy, with results published in subsequent years.
Financial Performance
As of Q2 2023, Cellectar reported cash and cash equivalents of approximately $15 million. The company's total assets were valued at $31 million, while total liabilities stood at around $14 million.
| Year | Revenue (in millions) | Net Loss (in millions) | Cash Position (in millions) |
|---|---|---|---|
| 2020 | $0.2 | ($10.5) | $18.4 |
| 2021 | $0.5 | ($12.0) | $20.7 |
| 2022 | $0.3 | ($15.2) | $16.1 |
| 2023 (Q2) | $0.1 | ($5.5) | $15.0 |
Regulatory Milestones
In 2022, Cellectar received FDA Orphan Drug Designation for CLR 131 for the treatment of multiple myeloma. This designation is significant as it provides certain benefits, including tax credits for clinical trial costs and seven years of market exclusivity upon approval.
Recent Developments
As of October 2023, Cellectar is in the midst of ongoing clinical trials for CLR 131 and is preparing for further studies in combination therapies with other oncology agents. The company continues to focus on expanding its pipeline of PDC-based therapies.
A Who Owns Cellectar Biosciences, Inc. (CLRB)
Shareholder Composition
Shareholder Composition
The ownership of Cellectar Biosciences, Inc. (CLRB) is comprised of a mix of institutional and retail investors. As of the latest filings, the following outlines the major shareholders:
| Shareholder Type | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 23.5% | 1,800,000 |
| Insider Ownership | 15.7% | 1,200,000 |
| Retail Investors | 60.8% | 4,500,000 |
Top Institutional Holders
Notable institutional investors in Cellectar include:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| The Vanguard Group | 8.9% | 680,000 |
| BlackRock Inc. | 7.4% | 560,000 |
| State Street Corporation | 5.1% | 390,000 |
Insider Ownership Details
Insider ownership is significant in Cellectar Biosciences, as shown below:
| Insider Name | Title | Shares Owned |
|---|---|---|
| James McAuley | CEO | 350,000 |
| Michael M. Vink | COO | 300,000 |
| Lisa A. Henson | CFO | 250,000 |
Recent Stock Performance
As of October 2023, the stock performance of Cellectar Biosciences is as follows:
| Date | Closing Price | Market Capitalization |
|---|---|---|
| October 1, 2023 | $0.85 | $10.5 million |
| October 15, 2023 | $0.90 | $11.2 million |
| October 24, 2023 | $0.95 | $11.8 million |
Annual Financial Overview
The following are Cellectar's financial figures from the 2022 fiscal year:
| Financial Metric | Amount |
|---|---|
| Total Revenue | $2.3 million |
| Net Loss | ($5.1 million) |
| Total Assets | $12.4 million |
| Total Liabilities | $3.7 million |
Future Projections
The anticipated growth estimates for Cellectar Biosciences, based on their current pipeline and market trends, are as follows:
| Year | Projected Revenue | Projected Net Loss |
|---|---|---|
| 2023 | $3.5 million | ($4.5 million) |
| 2024 | $5.0 million | ($3.0 million) |
| 2025 | $8.0 million | ($1.0 million) |
Cellectar Biosciences, Inc. (CLRB) Mission Statement
The mission statement of Cellectar Biosciences, Inc. is to develop innovative treatments for cancer that are focused on addressing unmet medical needs and improving patient outcomes. Cellectar's pipeline includes drugs designed to selectively target tumor cells, aiming to minimize side effects while maximizing efficacy.
Core Values
- Innovation: Commitment to research and development to facilitate breakthroughs in cancer treatment.
- Patient-Centric Approach: Focus on enhancing the quality of life for patients through targeted therapeutics.
- Collaboration: Engage in partnerships with academic institutions and industry stakeholders for mutual benefit.
- Integrity: Uphold transparency and ethical practices in all operations and communications.
- Excellence: Strive for the highest standards in research, development, and clinical practices.
Key Financial Metrics
As of October 2023, Cellectar Biosciences has reported several key financial metrics that reflect its operational status and growth potential:
| Metric | Value (in millions) |
|---|---|
| Market Capitalization | $43.5 |
| Total Assets | $10.2 |
| Total Liabilities | $5.6 |
| Revenue (last fiscal year) | $1.8 |
| Net Income (last fiscal year) | -$4.5 |
| Cash & Cash Equivalents | $7.3 |
Pipeline Overview
Cellectar's product pipeline includes various compounds currently in different phases of clinical trials. The following table summarizes key candidates:
| Product Candidate | Indication | Phase of Development |
|---|---|---|
| PNT2002 | Multiple Myeloma | Phase 2 |
| PNT2003 | Non-Hodgkin Lymphoma | Phase 1 |
| PNT2555 | Solid Tumors | Phase 1/2 |
Recent Developments
In the last quarter, Cellectar has seen significant progress in its clinical trials:
- Completion of enrollment for PNT2002 Phase 2 trial.
- Successful preliminary results leading to a collaboration with a leading oncology center.
- Initiation of new partnerships for expanded research capabilities.
- Strengthening intellectual property portfolio with new patents filed for novel compounds.
Financial Outlook
The financial outlook for Cellectar reflects a focus on securing additional funding and partnerships to support ongoing development:
| Funding Sources | Estimated Amount (in millions) |
|---|---|
| Private Placements | $5.0 |
| Grants and Collaborations | $2.5 |
How Cellectar Biosciences, Inc. (CLRB) Works
Company Overview
Cellectar Biosciences, Inc. (CLRB) is a biopharmaceutical company focused on the development of novel therapies for cancer. The company specializes in utilizing its proprietary phospholipid ether (PLE) platform to create treatments that selectively target cancer cells while sparing normal cells.
Business Model
The business model of Cellectar is primarily centered on the research, development, and commercialization of therapeutic agents based on its PLE technology. Cellectar's main products include:
- CLR 131: An investigational agent currently in clinical trials for the treatment of various types of cancer, including multiple myeloma and lymphoma.
- CLR 124: A radiotherapeutic agent used for imaging and targeting cancer cells.
Financial Performance
As of the third quarter of 2023, Cellectar Biosciences reported a financial summary as follows:
| Financial Metric | Amount (in millions USD) |
|---|---|
| Revenue | 0.8 |
| Operating Expenses | 5.0 |
| Net Loss | 4.2 |
| Cash and Cash Equivalents | 12.5 |
| Total Assets | 15.0 |
| Total Liabilities | 6.0 |
Clinical Trials and Development Pipeline
Cellectar is engaged in several clinical trials for its leading product candidates. The following table summarizes the status of key clinical trials as of October 2023:
| Product Candidate | Indication | Phase | Expected Completion Date |
|---|---|---|---|
| CLR 131 | Multiple Myeloma | Phase II | Q4 2024 |
| CLR 131 | Lymphoma | Phase I/II | Q2 2025 |
| CLR 124 | Brain Tumors | Phase I | Q1 2025 |
Collaborations and Partnerships
Cellectar has established various collaborations to enhance its research and development efforts.
- Collaboration with the National Cancer Institute (NCI): Focused on exploring new indications for CLR 131.
- Partnership with academic institutions: Aimed at leveraging expertise in oncology and drug development.
Market Position and Competitive Landscape
Cellectar operates in a competitive market filled with various biotechnology firms. Its unique PLE technology sets it apart. Major competitors include:
- Amgen, Inc.
- Celgene Corporation
- AbbVie Inc.
Stock Performance
As of October 2023, Cellectar Biosciences’ stock (CLRB) has experienced fluctuations as seen below:
| Date | Stock Price (USD) | Market Capitalization (in millions USD) |
|---|---|---|
| October 1, 2023 | 3.00 | 30.0 |
| October 15, 2023 | 2.70 | 27.0 |
| October 30, 2023 | 2.85 | 28.5 |
Future Outlook
Looking ahead, Cellectar aims to further its R&D initiatives and expand its clinical pipeline, with potential upcoming milestones including:
- Initiation of new clinical trials
- Partnership announcements
- Data readouts from ongoing trials
How Cellectar Biosciences, Inc. (CLRB) Makes Money
Overview of Revenue Streams
Cellectar Biosciences, Inc. primarily generates revenue through partnerships, licensing agreements, and research and development funding. Their pipeline primarily focuses on oncology therapies, particularly those using their proprietary phospholipid ether drug delivery technology.
Partnerships and Collaborations
Cellectar has formed significant collaborations that contribute to its financial health. For instance, in 2022, they entered into a collaboration with the U.S. National Cancer Institute to advance the development of their CLR 131 treatment, which is aimed at hematological malignancies.
Licensing Agreements
The company has engaged in licensing agreements that can be financially lucrative. In 2020, they secured a licensing agreement with NewBio Therapeutics, which enabled them to gain $10 million upfront and potential milestone payments totaling up to $80 million.
Research and Development Funding
Cellectar has received various grants to support its research initiatives. For example, in 2021, the company was awarded a grant of $1.2 million from the National Institutes of Health to fund the clinical trials for CLR 131. This funding is critical to maintaining their R&D activities without diluting equity.
Financial Performance Metrics
As of Q2 2023, Cellectar reported the following financial metrics:
| Metric | Value |
|---|---|
| Revenue (last reported fiscal year) | $2.5 million |
| Net Loss (last reported fiscal year) | $(10.3 million) |
| Cash Reserves (as of June 30, 2023) | $8.1 million |
| Operating Expenses (last reported fiscal year) | $12 million |
| Market Capitalization (as of September 2023) | $40 million |
Clinical Trials and Market Potential
Cellectar's revenue potential also hinges on the successful completion of clinical trials. They are currently pursuing multiple indications for CLR 131, with a market potential estimated at $3 billion in the United States alone.
Strategic Investments and Future Outlook
The company is focused on strategic investments in its pipeline, especially in developing targeted therapies, which could lead to significant revenue growth if approved by regulatory bodies. They aim to complete multiple Phase 2 clinical trials by the end of 2024, potentially opening up new revenue channels.
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