Cellectar Biosciences Q3 net loss widens on higher R&D costs

Overview

• US cancer drug developer's Q3 net loss widened year-over-year

• Higher R&D expenses driven by Phase 3 trial preparations and ongoing CLR 125 activity

• Company says cash balance sufficient to fund operations into Q2 2027

Outlook

• Company on track to dose first patients in Phase 3 iopofosine I 131 trial in Q1 2027

• Cellectar plans to file for accelerated FDA approval for iopofosine I 131 in 1H 2027

• Company expects cash balance to fund operations into Q2 2027

Result Drivers

• PHASE 3 TRIAL PREPARATIONS - Increased R&D expenses driven by initiation of Phase 3 confirmatory trial of iopofosine I 131 in Waldenström macroglobulinemia and ongoing Phase 1b CLR 125 trial in TNBC

• CLINICAL DATA UPDATES - Presented updated efficacy and safety data for iopofosine I 131 in relapsed/refractory Waldenström macroglobulinemia, highlighting high response rates and durable outcomes

• PIPELINE ADVANCEMENT - Initiated new clinical trials and advanced preparations for broader PDC platform programs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for Cellectar Biosciences Inc is $10.50, about 720.3% above its November 9 closing price of $1.28

Reuters Recommended Reads

• Nov 9 - Trevi Therapeutics Q3 net loss widens on higher R&D costs

• Nov 9 - Structure Therapeutics Q3 loss widens on higher R&D costs

• Nov 9 - Bicara Therapeutics Q3 net loss widens on higher R&D costs

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)