aibioCellectar Biosciences delays quarterly report after restating past results
Tickers CLRB
The company found that certain warrants and preferred stock issued before 2023 had not been accounted for properly. It estimated cash of $34.3 million at September 30, 2024.
Key facts
- Company
- Cellectar Biosciences, Inc. (NASDAQ: CLRB)
- News type
- Distress
- Primary source
- Cellectar Biosciences, Inc. NT 10-Q (2024-11-13)
Cellectar Biosciences, Inc. (Nasdaq: CLRB) said it cannot file its quarterly report on Form 10-Q for the quarter ended September 30, 2024 by November 14, 2024, the original due date.
In a late filing notice dated November 13, 2024, the Florham Park, New Jersey company said it recently found that certain warrants and preferred stock issued before 2023 had not been accounted for properly. It had new audits done for fiscal years 2023 and 2022.
The restated statements, related quarterly statements and restated results for the quarter ended March 31, 2024 were filed on October 29, 2024. Its report for the quarter ended June 30, 2024 was filed the same day. Cellectar said that timing left it unable to finish the September quarter report on time. It expects to file within the five-day extension under Rule 12b-25(b).
The company gave estimated figures. Cash and cash equivalents were $34.3 million as of September 30, 2024, compared with $9.6 million at December 31, 2023. Research and development expenses for the quarter were approximately $5.5 million, down from approximately $7.0 million a year earlier. Cellectar said the drop mainly reflected lower clinical project costs after patient enrollment in its WM pivotal study ended earlier in the year.
General and administrative expenses rose to $7.8 million from $2.4 million. Cellectar said the increase came from building infrastructure to support commercialization upon anticipated NDA approval.