Latest news with #CLRB
CNN
3 days ago
- Business
- CNN
Air Canada flight attendants to remain on strike, defying government's back-to-work order
More than 10,000 Air Canada flight attendants will continue their strike despite back-to-work orders from the Canadian government, the Air Canada component of the Canadian Union of Public Employees said Sunday. 'At this time, you are still on Strike and Locked out! Please remember while we are locked out there is no obligation to be in contact with the employer, no responsibility to check Globe or your work email or to contact them for reassignment or reserve duties,' the union wrote in a committee update. The decision to remain on strike defies the Canadian Jobs Minister's decision to intervene using Section 107 of the Canada Labor Code. On Saturday, Jobs Minister Patty Hajdu instructed the Canadian Labor Relations Board (CLRB) to order Air Canada and its employees to 'resume and continue their operations and duties in order to secure industrial peace and protect the interests of Canada, Canadians and the economy.' Air Canada had requested on Tuesday that the government intervene using the provision, which allows the minister to direct an arbitrator to intervene in the dispute, the Canadian Union of Public Employees said Friday in a statement. On Sunday, Air Canada said in a statement that it would restart flights. Members of the Air Canada component of CUPE voted 99.7% in favor of the strike last week and walked out around 1 a.m. ET on Saturday. The workers are seeking wage increases and paid compensation for work when planes are grounded. On Saturday, Wesley Lesosky, president of the Air Canada component of CUPE, said the Canadian government was 'violating our Charter rights to take job action and give Air Canada exactly what they want - hours and hours of unpaid labour from underpaid flight attendants, while the company pulls in sky-high profits and extraordinary executive compensation.' Air Canada has said it offered a 38% increase in total compensation over four years and an hourly raise of 12% to 16% in the first year. Hajdu denied that the Canadian government is anti-union, adding that it was clear Air Canada and union workers were 'at an impasse' and 'they need some help in arbitrating the final items.' CNN's Paula Newton contributed to this report. This is a developing story and will be updated
Globe and Mail
6 days ago
- Business
- Globe and Mail
Cellectar Cuts Q2 Losses and Expenses
Key Points Net loss per share (GAAP) was $(3.39) for Q2 2025, beating analyst estimates of $(3.72) (GAAP) and improving from a GAAP diluted net loss per share of $(5.43) in Q2 2024. Research and development expenses dropped 67.1% compared to Q2 2024. This decrease was primarily driven by lower clinical project and manufacturing costs following the completion of patient enrollment in the CLOVER WaM Phase 2b clinical trial. These 10 stocks could mint the next wave of millionaires › Cellectar Biosciences (NASDAQ:CLRB), a biotechnology company specializing in targeted cancer therapies, delivered its latest earnings results for the second quarter of fiscal 2025 on August 14, 2025. The most significant takeaway was a substantial reduction in operating expenses, particularly in research and development, as the company prepared for its next regulatory milestones. Net loss per share (GAAP) was $(3.39), narrowing from analyst expectations of $(3.72) (GAAP) As anticipated for a pre-commercial biotech, Cellectar did not report any revenue. Overall, the company demonstrated notable cost controls but remains highly dependent on securing additional funding for its advancing clinical pipeline in the coming months. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change Net Loss per Share – Diluted (GAAP) $(3.39) $(3.72) $(5.43) 37.6% decrease Revenue (GAAP) $0 $0 $0 — Research and Development Expenses $2.4 million $7.3 million (67.2%) General and Administrative Expenses $3.6 million $6.4 million (43.8%) Cash and Cash Equivalents (end of period) $11.0 million N/A N/A Source: Analyst estimates for the quarter provided by FactSet. Business Overview and Strategic Focus Cellectar develops targeted radiopharmaceuticals for cancer therapy. Its key innovation is the phospholipid ether drug conjugate (PDC) platform, designed to selectively deliver radioactive and therapeutic payloads into cancer cells. This approach aims to improve treatment effectiveness while reducing harm to healthy cells. Recently, Cellectar has concentrated on advancing its lead candidate, iopofosine I 131, a beta-emitting radioconjugate in development for difficult-to-treat blood cancers. The company's main focus now is steering its programs through late-stage clinical trials and regulatory processes, while keeping a close watch on cost control. Success depends on securing funding for ongoing trials and gaining regulatory approvals, which could unlock both market potential and future revenue. Quarter in Review: Financial and Operational Developments The quarter saw Cellectar exercise strong financial discipline, with research and development (R&D) costs dropping to $2.4 million, down 67.1% from the comparable period a year ago. This reduction follows the completion of patient enrollment in its CLOVER WaM Phase 2b trial, which reduced trial-related and manufacturing expenses. General and administrative expenses were approximately $3.6 million, compared to approximately $6.4 million for the same period in 2024, reflecting reduced commercialization activities and lower personnel costs. No revenue was recorded for the period, as Cellectar remains in the pre-commercial stage. The company's net loss per share (GAAP) improved significantly, coming in at $(3.39) versus $(5.43) in Q2 2024. This narrowed loss reflects both lower expenses and non-cash impacts such as warrant valuations, which influenced prior year figures. Cellectar closed with $11.0 million in cash and cash equivalents. The current cash runway is projected to be sufficient through Q2 2026, though management has clearly flagged the need for further financing soon. On the development front, the lead iopofosine I 131 program achieved notable regulatory progress. The U.S. Food and Drug Administration (FDA) granted Breakthrough Therapy Designation for iopofosine in relapsed or refractory Waldenstrom macroglobulinemia, a type of blood cancer. This designation can speed up the drug's review process. Cellectar also announced plans to prepare a New Drug Application (NDA) submission under the FDA's accelerated approval pathway, provided it can secure sufficient funding and that a confirmatory trial gets underway. The confirmatory pivotal trial is designed as a comparator, randomized controlled study involving about 100 patients per arm, but its start date is funding-dependent. Internationally, the company is in talks with the European Medicines Agency (EMA) regarding conditional marketing approval for iopofosine in Europe, with a decision on whether to submit expected in late Q3 or early Q4 2025. In addition, Cellectar advanced its early pipeline by submitting protocols for CLR 125, an iodine-125 Auger-emitting drug candidate targeting solid tumors such as triple-negative breast cancer, with plans to begin trials in late 2025 or early 2026, pending funding. The company also secured long-term isotope supply agreements with Nusano, solidifying access to critical radioactive materials. No one-time events such as asset sales, impairments, or gains impacted the period's numbers. No dividends were declared or changed during the quarter. Cellectar does not currently pay a dividend. The entire period was defined by careful expense management and a shift in focus toward securing the next stages of its pipeline programs. Look Ahead: Funding Needs and Milestone Watch Cellectar's management did not provide formal forward guidance for revenues or profits, consistent with its status as a pre-commercial company. Instead, leadership stated that advancing late-stage development—especially the start of the pivotal Phase 3 study for iopofosine I 131—will depend on obtaining additional capital or a strategic partnership. The July capital raise helped extend the operating runway, but the company stressed that more financing is needed to execute on planned clinical and regulatory activities. In the coming quarters, the most important areas for investors to monitor are funding progress, regulatory milestones, and updates on partnership discussions. Cellectar expects a decision soon on whether to pursue EMA submission and will present new data for its lead candidates at upcoming scientific meetings. Progress on early-stage assets such as CLR 125 will also depend on resources. For now, resource management and deal-making will play a decisive role in shaping the company's prospects. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. 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Business Insider
19-06-2025
- Business
- Business Insider
Cellectar Biosciences announces 1-for-30 reverse stock split
Cellectar Biosciences (CLRB) announced a one-for-thirty reverse stock split of the company's common stock, par value $0.00001, which will become effective on Tuesday, June 24. The company's common stock will continue to trade under its current trading symbol, CLRB, on Nasdaq on a split-adjusted basis when the market opens on Tuesday, June 24, with the new CUSIP number 15117F880. As a result of the Reverse Stock Split, every 30 shares of the company's pre-split common stock issued and outstanding will be automatically reclassified into one new share of the company's common stock. The Reverse Stock Split will reduce the number of shares of common stock issued and outstanding from 54,361,197 shares to approximately 1,812,040. There will be no change to the number of authorized shares or the par value per share. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder's percentage ownership interest. As a result of the Reverse Stock Split, the number of shares of common stock available for issuance under the company's equity incentive plans will be proportionately affected. Confident Investing Starts Here:
Yahoo
14-03-2025
- Business
- Yahoo
Cellectar Biosciences Inc (CLRB) Q4 2024 Earnings Call Highlights: Strategic Restructuring and ...
Cash and Cash Equivalents: $23.3 million as of December 31, 2024, compared to $9.6 million as of December 31, 2023. Research and Development Expenses: $26.1 million for the full year 2024, down from $27.3 million in 2023. Selling, General, and Administrative Expenses: $25.6 million for the full year 2024, up from $11.7 million in 2023. Net Loss: $44.6 million for the full year ended December 31, 2024, or $1.22 per basic share and $1.40 per fully diluted share. Other Income and Expense Net: $7.3 million of income in 2024, compared to $3.9 million of expense in 2023. Cost Savings from Restructuring: Expected savings of approximately $7.5 million annually. Cash Runway: Extended into the fourth quarter of 2025. Financing Activities: $44.1 million from warrant exercises in January and $19.4 million from inducement financing in July 2024. Warning! GuruFocus has detected 1 Warning Sign with CLRB. Release Date: March 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Cellectar Biosciences Inc (NASDAQ:CLRB) reported impressive clinical results from the CLOVER WaM study, with a 98.2% clinical benefit rate and 83.6% overall response rate for Iopofosine I-131. The company achieved regulatory alignment with the FDA on the design of a Phase 3 study for Iopofosine, which is expected to enroll rapidly due to high interest from the healthcare community. Cellectar Biosciences Inc (NASDAQ:CLRB) strengthened its balance sheet with financial transactions, including warrant exercises generating $44.1 million and inducement financing raising $19.4 million. The company implemented a cost-saving strategic restructuring, reducing headcount by approximately 60%, which is expected to save $7.5 million annually. Cellectar Biosciences Inc (NASDAQ:CLRB) is exploring non-dilutive funding opportunities and licensing deals, which could enhance the company's financial position and support its clinical programs. Cellectar Biosciences Inc (NASDAQ:CLRB) faced a regulatory setback, delaying the submission of the NDA for Iopofosine, which negatively impacted the company's stock price. The company had to restate its historical financial statements due to a re-evaluation of the accounting for warrants, although this did not impact cash or cash burn. Research and development expenses remained high at $26.1 million for 2024, despite a slight decrease from the previous year. Selling, general, and administrative expenses increased significantly to $25.6 million in 2024, driven by pre-commercialization initiatives. Cellectar Biosciences Inc (NASDAQ:CLRB) is at risk of non-compliance with NASDAQ listing requirements, and may need to consider a reverse stock split if other initiatives do not succeed. Q: Does the NDA acceptance for Iopofosine I-131 require data from a new study or just the CLOVER WaM study? A: The accelerated approval will require data from the additional study as well. Jarrod Longcor, Chief Operating Officer Q: Can you share the timeline for patients to achieve and be validated for an MRR response under the study design? A: We anticipate rapid enrollment in this study. From the first patient enrolled, it would be approximately 24 months to full enrollment, with an additional month to achieve the necessary outcomes for major response rate. James Caruso, President and CEO; Jarrod Longcor, Chief Operating Officer Q: What will the comparator arm be in the study? A: The comparator arm will include two options: rituximab monotherapy and a rituximab combination treatment. The study is designed as an investigator choice study, allowing physicians to choose between these two options. Jarrod Longcor, Chief Operating Officer Q: Does the cash runway into the fourth quarter of 2025 include the work to complete IND filings for CLR-121225 and CLR-121125? A: Yes, it includes the cost for the IND filings. The cost to get the Phase 1 trials running is relatively modest and encompassed in the cash runway. Chad Kolean, Chief Financial Officer Q: Why was pancreatic cancer chosen for CLR-121225? A: The choice was based on both significant market need and pre-clinical efficacy signals. The Actinium program has shown high effectiveness in pre-clinical models of pancreatic ductal adenocarcinoma. Jarrod Longcor, Chief Operating Officer For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
