Cellectar BioSciences

2024 was a challenging year for the biopharma industry, with companies like Bayer, Bristol Myers Squibb, and Johnson & Johnson cutting hundreds to thousands of jobs. Cassava Sciences announced layoffs of 10 employees, 33% of its workforce, following a failed Phase III trial for its Alzheimer's drug. CytomX Therapeutics cut 40% of its staff to focus on clinical programs. Velia, a San Diego biotech, is shutting down, affecting 47 employees. Regeneron's acquisition of Oxular led to layoffs, with no Oxular employees joining Regeneron. Javara, Ring Therapeutics, Outlook Therapeutics, Editas, Bavarian Nordic, BenevolentAI, Chroma Medicine and Nvelop Therapeutics, Cellectar Biosciences, Carisma Therapeutics, Belharra Therapeutics, National Resilience, AmplifyBio, Agenus, Alligator Bioscience, Idorsia Pharmaceuticals, Kronos Bio, Novartis, Recursion Therapeutics, Medigene, Alector, Bristol Myers Squibb, Sonata Therapeutics, 23andMe, Johnson & Johnson, Merck, Gilead Sciences, Adaptimmune, Sensei Biotherapeutics, Marinus Pharmaceuticals, Orna Therapeutics, Thermo Fisher Scientific, Charles River Laboratories, Aurinia Pharmaceuticals, Viracta Therapeutics, Astellas Gene Therapies, Sana Biotechnology, Sage Therapeutics, Compass Pathways, Spero Therapeutics, ICON, Pfizer, Takeda, SalioGen Therapeutics, Evonik, Medtronic, CareFusion Resources, Turnstone Biologics, Leo Pharma, Astellas Pharma, Prime Medicine, Kaléo, Stryker, Relay Therapeutics, ImmunityBio, Shattuck Labs, Inventprise, bluebird bio, Athira Pharma, AGC Biologics, Oncternal Therapeutics, Biosense Webster, Vesigen Therapeutics, Connect Biopharma, BioMarin, IN8bio, Edwards Lifesciences, DermTech, Repare Therapeutics, Genentech, Tome Biosciences, Aadi Bioscience, Lykos Therapeutics, Evotec, Galera Therapeutics, Grail, Ovid Therapeutics, Lexicon Pharmaceuticals, Acelyrin, Boundless Bio, FibroGen, Ajinomoto Bio-Pharma Services, AN2 Therapeutics, Entero Therapeutics, Precigen, Sumitomo Pharma America, uniQure, Vir Biotechnology, Arbutus Biopharma, HilleVax, and Bayer also announced significant layoffs, reflecting a tough year for the industry.

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Cellectar Biosciences evaluates strategic options for iopofosine I 131, considering partnership or divestiture to expedite its market availability. The company plans to focus on advancing radiotherapeutic assets, including alpha- and Auger-emitting radioconjugates, into Phase 1 solid tumor studies, with Investigational New Drug applications expected in H1 2025. A 60% headcount reduction is planned to extend cash runway into Q3 2025.

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Cellectar Biosciences announces strategic changes, focusing on advancing alpha- and Auger-emitting radioconjugates into Phase 1 solid tumor studies, while seeking options for iopofosine I 131 development due to FDA's confirmatory study requirements. The company plans to file IND applications for CLR-121225 and CLR-121125 in H1 2025 and will reduce headcount by 60% by Q4 2024, extending cash runway to Q3 2025.

Cellectar Biosciences' Q3 2024 10-Q filing shows R&D expenses down to $5.493M, G&A up to $7.834M, net loss at $14.664M, and cash equivalents at $34.263M. The company focuses on its PDC therapeutic, iopofosine I 131, for cancer treatment and plans to raise capital for operations.

Cellectar Biosciences reports Q3 2024 financials, positive Phase 2 CLOVER-WaM study results for iopofosine I 131 in WM, plans NDA submission, raises $19.4M with potential for additional $73.3M, and prepares for commercialization.

Cellectar Biosciences reports a $42.2M net loss, $34.3M in cash, and advances iopofosine I 131 in clinical trials for WM, MM, and CNSL. The company faces operational, financial, regulatory, and competitive risks, with liquidity projected to last until Q2 2025.