Detailed financial statements for Cellectar Biosciences, Inc. (CLRB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cellectar Biosciences is a biopharmaceutical firm engaged in the research, development, and market introduction of therapeutic agents to combat cancer. The company's primary asset is CLR 131 (iopofosine I-131), a phospholipid drug conjugate (PDC), which is currently undergoing several clinical evaluations. It is in Phase 2 clinical trials for individuals with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia and B-cell malignancies.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $2.35, CLRB has negative trailing earnings (P/E not meaningful) and an ROE of -165.71%. Market capitalisation stands at $19M.
Balance sheet quality for CLRB: current ratio of 3.0, net cash position of $12.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $356665 | $1.5M | $82265 | $189360 | 0 | 0 | 0 | 0 | 0 | $213597 |
| Gross Profit | -$356665 | -$1.5M | -$82265 | -$189360 | 0 | 0 | 0 | 0 | 0 | -$213597 |
| Research & Development | $4.8M | $9.5M | $6.8M | $9.0M | $10.1M | $17.6M | $19.2M | $27.3M | $26.1M | $11.5M |
| Selling, General & Admin | $4.7M | $4.1M | $4.8M | $5.0M | $5.1M | $6.5M | $9.6M | $11.7M | $25.6M | $11.5M |
| Operating Expenses | $9.4M | $13.6M | $11.7M | $14.0M | $15.3M | $24.1M | $28.8M | $39.0M | $51.8M | $22.8M |
| Operating Income | -$9.4M | -$13.6M | -$13.3M | -$14.2M | -$15.3M | -$24.1M | -$28.8M | -$39.0M | -$51.8M | -$23.0M |
| EBITDA | -$9.1M | -$12.1M | -$13.2M | -$13.9M | -$14.9M | -$24.0M | -$31.7M | -$42.6M | -$44.2M | -$21.6M |
| Interest Expense | $7897 | $16605 | $29687 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$6.2M | -$13.6M | -$13.2M | -$14.1M | -$15.1M | -$24.1M | -$31.9M | -$42.8M | -$44.5M | -$21.8M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -$60000 | -$60000 | $66000 | 0 |
| Net Income | -$6.2M | -$13.6M | -$13.2M | -$14.1M | -$15.1M | -$24.1M | -$31.8M | -$42.8M | -$44.6M | -$21.8M |
| EPS | $-6420.00 | $-3210.00 | $-1567.96 | $-550.86 | $-228.55 | $-130.35 | $-135.18 | $-104.99 | $-36.52 | $-8.35 |
| EPS (Diluted) | $-6420.00 | $-3210.00 | $-1567.96 | $-550.86 | $-228.55 | $-130.35 | $-135.18 | $-104.99 | $-41.89 | $-8.35 |
| Shares Outstanding (Diluted) | $1455 | $4677 | $9873 | $25583 | $66042 | $185052 | $235188 | $407385 | $1.2M | $2.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | $110018 | 0 |
| Operating Income | -$4.9M | -$5.7M | -$5.8M | -$7.2M |
| EBITDA | -$4.4M | -$5.2M | -$5.8M | -$6.9M |
| Net Income | -$4.4M | -$5.3M | -$5.7M | -$6.9M |
| EPS | $-1.41 | $-1.25 | $-1.33 | $-0.57 |
| EPS (Diluted) | $-1.41 | $-1.25 | $-1.33 | $-0.57 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $11.4M | $10.0M | $13.3M | $10.6M | $57.2M | $35.7M | $19.9M | $9.6M | $23.3M | $13.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $12.2M | $10.5M | $14.0M | $11.4M | $57.9M | $36.6M | $20.5M | $10.5M | $24.3M | $14.0M |
| Property, Plant & Equipment | $1.4M | $244713 | $543339 | $783924 | $638347 | $549135 | $978975 | $1.6M | $1.2M | $910076 |
| Goodwill | $1.7M | $1.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $15.3M | $12.9M | $15.1M | $12.3M | $58.7M | $37.2M | $21.6M | $12.1M | $25.5M | $15.0M |
| Accounts Payable | $1.4M | $1.9M | $1.5M | $1.3M | $1.4M | $1.4M | $2.6M | $5.6M | $4.1M | $1.4M |
| Short-term Debt | $86591 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $1.6M | $2.1M | $1.6M | $2.8M | $3.6M | $4.0M | $11.5M | $25.4M | $9.4M | $4.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.8M | $2.1M | $1.8M | $3.2M | $3.9M | $4.2M | $12.1M | $25.9M | $11.2M | $5.1M |
| Retained Earnings | -$70.8M | -$84.3M | -$97.6M | -$111.7M | -$126.8M | -$150.9M | -$160.0M | -$202.8M | -$247.3M | -$269.1M |
| Total Equity | $13.5M | $10.8M | $13.3M | $9.1M | $54.8M | $33.0M | $9.5M | -$13.8M | $14.3M | $9.9M |
| Total Debt | $94567 | $5249 | $2213 | $527529 | $421644 | $301741 | $603828 | $552982 | $494003 | $409586 |
| Net Debt | -$11.4M | -$10.0M | -$13.3M | -$10.1M | -$56.7M | -$35.4M | -$19.3M | -$9.0M | -$22.8M | -$12.8M |
| Working Capital | $10.6M | $8.4M | $12.3M | $8.6M | $54.4M | $32.6M | $9.0M | -$14.9M | $14.9M | $9.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $12.6M | $13.2M | $8.3M | $34.0M |
| Total Assets | $14.6M | $15.0M | $11.1M | $36.6M |
| Total Liabilities | $5.2M | $5.1M | $6.4M | $6.8M |
| Total Equity | $9.4M | $9.9M | $4.7M | $29.9M |
| Total Debt | $431929 | $409586 | $1.5M | $1.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$6.2M | -$13.6M | -$13.2M | -$14.1M | -$15.1M | -$24.1M | -$28.6M | -$42.8M | -$44.6M | -$21.8M |
| Depreciation & Amortization | $356665 | $1.5M | $82265 | $132798 | $141453 | $149915 | $148435 | $192375 | $291653 | $213597 |
| Stock-based Compensation | $529159 | $758757 | $721209 | $866791 | $467541 | $1.1M | $1.5M | $2.4M | $4.3M | $2.3M |
| Change in Working Capital | $273813 | $259259 | -$569053 | $1.4M | $671239 | $198761 | $1.7M | $3.5M | -$1.7M | -$3.1M |
| Operating Cash Flow | -$8.3M | -$11.0M | -$11.4M | -$11.7M | -$13.9M | -$22.6M | -$25.2M | -$32.4M | -$47.6M | -$23.1M |
| Capital Expenditure | -$72251 | -$346703 | -$384993 | -$24542 | -$62353 | -$141361 | -$225971 | -$864038 | -$104199 | -$5880 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.4M | -$11.4M | -$11.8M | -$11.7M | -$14.0M | -$22.7M | -$25.4M | -$33.2M | -$47.7M | -$23.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$4.3M | -$4.3M | -$4.8M | -$6.0M |
| Capital Expenditure | $1 | -$5884 | -$3375 | 0 |
| Free Cash Flow | -$4.3M | -$4.4M | -$4.8M | -$6.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | $428306 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -119.4% | +2.4% | -6.4% | -7.1% | -59.8% | -31.8% | -34.5% | -4.2% | +51.1% |
| EPS Growth (YoY) | | +50.0% | +51.2% | +64.9% | +58.5% | +43.0% | -3.7% | +22.3% | +65.2% | +77.1% |
| Shares Change (YoY) | | +221.4% | +111.1% | +159.1% | +158.1% | +180.2% | +27.1% | +73.2% | +203.9% | +110.7% |
| FCF Growth (YoY) | | -36.1% | -4.0% | +0.9% | -19.4% | -62.3% | -12.1% | -30.6% | -43.5% | +51.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.2% | 0.1% | -0.1% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-5741.90 | $-2430.40 | $-1197.92 | $-458.05 | $-211.91 | $-122.72 | $-108.20 | $-81.60 | $-38.52 | $-8.87 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1455 | $4677 | $9873 | $25583 | $66042 | $185052 | $235188 | $407385 | $1.2M | $2.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -165.71% |
| Return on Invested Capital | -74.93% |
| Return on Assets | -60.93% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 6.66 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -28.56 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.57 | -1.28 | -0.30 | -1.23 | -2.73 | -1.52 | -0.38 | -0.79 | -0.25 | -0.35 |
| P/B | 0.39 | 1.79 | 0.35 | 1.91 | 0.75 | 1.11 | 1.27 | -2.46 | 0.77 | 0.78 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |