Cellectar Biosciences (NASDAQ: CLRB) is a clinical-stage biopharmaceutical company developing targeted radiotherapeutic and radiologic drug candidates for cancer treatment. The company generates no commercial product revenue, funding operations through equity issuances, including multiple series of common stock purchase warrants and at-the-market offerings. Its lead platform centers on iopofosine, a phospholipid drug conjugate designed to deliver radiation directly to cancer cells, with clinical programs spanning multiple oncology indications. Key programs include iopofosine in combination with external beam radiation therapy for recurrent or refractory head and neck cancer, studied in collaboration with the University of Wisconsin Carbone Cancer Center under a $12 million NCI SPORE grant awarded in August 2016. A separate program, CLR 121225, targets pediatric sarcomas using alpha-emitting radioisotopes sourced under a multi-year supply agreement with Ionetix Corporation announced in December 2025. Manufacturing is fully outsourced to a decentralized network of contract manufacturers. The company is incorporated in Delaware and is pre-revenue, with expenses concentrated in clinical, preclinical, manufacturing, and general and administrative costs as reported in the fiscal year ended December 31, 2025.

Revenue model

No product revenue. Operations are funded through equity financings, including multiple warrant series (Series D through Series II) and at-the-market equity distribution agreements. R&D funding has also come through third-party grants, including a $12 million NCI SPORE grant to the University of Wisconsin Carbone Cancer Center.

Products and services

Iopofosine (phospholipid drug conjugate): clinical-stage radiotherapeutic evaluated in recurrent/refractory head and neck cancer (in combination with EBRT) and other oncology indications. CLR 121225: alpha-particle radiotherapeutic targeting pediatric sarcomas, with actinium sourced from Northstar Medical Radioisotopes and Ionetix Corporation (multi-year supply agreement signed December 2025). All drug candidates are manufactured through outsourced contract manufacturing organizations.

Customers and end markets

End markets are oncology patients in clinical trial settings, specifically those with recurrent or refractory head and neck cancer and pediatric sarcomas. Head and neck cancer affects approximately 56,000 new patients per year in the U.S. The American Cancer Society estimated 2,301 pediatric sarcoma cases to be diagnosed in 2026. No commercial customers as of the fiscal year ended December 31, 2025.

Value-chain role

Drug developer operating at the clinical-stage. Outsources all manufacturing to contract manufacturers and contract research organizations. Relies on medical institutions for clinical studies. Dependent on third-party isotope suppliers, including Northstar Medical Radioisotopes and Ionetix Corporation for alpha-emitting radioisotopes used in CLR 121225.

Geographic exposure

The filing references FDA and EMA regulatory frameworks, indicating intended U.S. and European markets, but no commercial geographic revenue mix is disclosed. Principal executive offices are noted in the filing without a specific address provided in the available excerpts.

Source: SEC 10-K, filed 2026-03-04

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