Cellectar Biosciences Q2 2025 Earnings Report

Cellectar Biosciences EPS Results

• Actual EPS: -$3.39
• Consensus EPS: -$3.60
• Beat/Miss: Beat by +$0.21
• One Year Ago EPS: N/A

Cellectar Biosciences Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Cellectar Biosciences Announcement Details

• Quarter: Q2 2025
• Date: 8/14/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, August 14, 2025
• Conference Call Time: 8:30AM ET

Cellectar Biosciences (NASDAQ:CLRB), a clinical biopharmaceutical company, focuses on the discovery, development, and commercialization of drugs for the treatment of cancer. Its lead phospholipid drug conjugate (PDC) candidate is CLR 131 (iopofosine I-131), which is in Phase 2 clinical study for patients with B-cell malignancies; Phase 2a clinical study for patients with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia cohort, r/r multiple myeloma (MM) cohort, and r/r non-Hodgkin's lymphoma cohort; Phase 1 clinical study for r/r pediatric patients with select solid tumors, lymphomas, and malignant brain tumors; and Phase 1 clinical study for r/r head and neck cancer. The company also develops CLR 1900, a PDC chemotherapeutic program that is in the preclinical development stage to treat solid tumors. It has collaborative with Orano Med to develop CLR 12120 Series; and LegoChemBio. The company was founded in 2002 and is headquartered in Florham Park, New Jersey.

Cellectar Biosciences Q2 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: The company has shifted to an accelerated approval pathway for iapofacine I-131 in Waldenström’s macroglobulinemia, planning an NDA submission in the US and conditional marketing in Europe under EMA PRIME, based on Phase II Clover WHAM data.
• Positive Sentiment: CLR125, an iodine-125 Auger-emitting radioconjugate targeting triple negative breast cancer, is set to begin a Phase Ib dose-finding trial in late 2025 or early 2026 following FDA protocol submission.
• Positive Sentiment: CLR225, an actinium-based alpha-emitting radioconjugate for solid tumors including pancreatic cancer, is poised to enter a Phase I dosimetry and dose-escalation study pending sufficient funding.
• Positive Sentiment: SelectR ended Q2 with $11 million in cash, raised an additional $5.8 million post-quarter, and expects this runway to fund operations into 2026.
• Positive Sentiment: The company is in active discussions for non-dilutive regional and global partnerships aimed at providing capital and expertise while preserving long-term shareholder value.

Presentation

[Operator]

Ladies and gentlemen, thank you for standing by and welcome. At this time, all participants are in a listen only mode. Following the presentation, we will conduct a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Ann Marie Fields, Managing Director at Precision AQ. Please go ahead.

[Anne Marie Fields, MD, Team Lead at Precision AQ]

Thank you, operator. Good morning, and welcome to SelectR Biosciences' second quarter twenty twenty five financial results and business update conference call. Joining us today from SelectR are Jim Caruso, president and CEO, who will provide an overview of the company's progress before turning the call over to Chad Colleen, CFO, for a financial review of the quarter. Following this, Jared Lankour, Chief Operating Officer, will give an update on the company's progress and plans for its promising clinical pipeline of radiopharmaceuticals. SelectR issued a press release earlier this morning detailing the content of today's call.

[Anne Marie Fields, MD, Team Lead at Precision AQ]

A copy can be found on the investor page of SelectR's corporate website. I wanna remind callers that the information discussed on the call today is covered under the safe harbor provisions of the Private Securities Litigation Reform Act. I caution listeners that management will be making forward looking statements. Actual results could differ materially from those stated or implied by our forward looking statements due to risks and uncertainties associated with the business. These forward looking statements are qualified in their entirety by the cautionary statements contained in today's and in our SEC filings.

[Anne Marie Fields, MD, Team Lead at Precision AQ]

The content of this conference call contains time sensitive information that is accurate only as of the date of this live broadcast, 08/14/2025. The company undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances after the date of this conference call and webcast. As a reminder, this conference call and webcast are being recorded and archived. We'll begin with prepared remarks and then open the line for your questions. I'll now turn the call over to Jim Caruso. Jim?

[James Caruso, President, CEO & Director at Cellectar Biosciences]

Thank you, Anne Marie, and thank you all for joining us this morning as we review the progress SelectR has made throughout the 2025. The 2025 has been a period of strong execution and strategic progress for SelectR. We've made significant strides across our development pipeline, regulatory strategy, corporate development initiatives, and fundraising efforts, collectively positioning us for a strong conclusion to 2025. Let me begin with our lead asset, iafofacine I-one hundred thirty one, which continues to demonstrate its potential as a first in class radio conjugate therapy for patients with Waldenstrom's macroglobulinemia or WM. As we reported in this morning's press release, we have shifted our regulatory strategy and now plan to submit a new drug application, or NDA, with the FDA under an accelerated approval pathway for iapoficine I one hundred thirty one as a treatment for WM, subject to sufficient funding and having a confirmatory study underway.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

The clover WHAM study will serve as the primary basis for the demonstration of efficacy. Our confidence in this new strategy is supported by a number of key elements that we will discuss later in the call. Importantly, we also believe this new regulatory path aligns with the FDA's commitment to expediting treatments for rare diseases such as WN. In parallel, we are advancing our regulatory strategy for Ipophacine I-one hundred thirty one in Europe, where the product candidate has been granted prime designation, which is the FDA equivalent of breakthrough designation, which is designed to provide early regulatory support to accelerate the development of innovative medicines addressing unmet medical needs for patients in Europe. Last quarter, we submitted a filing seeking guidance from the EMA on conditional approval for iapoficine I-one hundred thirty one as a treatment for WM based on the clover WHAM phase two data.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

We believe the results from the study should be sufficiently compelling to support the conditional marketing authorization strategy. Since then, we've entered the scientific advice process with the EMA and anticipate a response late in the third quarter or very early in the fourth quarter. These dual regulatory tracks reflect our commitment to bringing iapopocene to patients globally as efficiently as possible. To support our vision for iapopacine and these efforts, we are in active discussions with potential partners, both regional and global. We would expect these partnerships, if completed, to provide non dilutive capital, additional human resources, and subject matter expertise while preserving long term value for our shareholders.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

With robust clinical data and a well understood safety profile, potential expedited program designations in both The US and Europe, and a compelling commercial market potential, we believe Iapoficine I-one hundred thirty one represents an attractive candidate for potential partners seeking impactful innovation and accelerated development pathways. Beyond iapoficine, we are equally excited about the progress in our next generation radiopharmaceutical pipeline. We remain on track to initiate a phase one trial for CLR125 in late twenty twenty five or early twenty twenty six. CLR125, our iodine-one hundred twenty five, OG emitting agent, is advancing toward clinical evaluation in triple negative breast cancer. And we've already submitted the phase one protocol to the FDA.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

Meanwhile, we are prepared to advance CLR-two twenty five, our actinium radial conjugate into a phase one study as a potential solid tumor treatment, such as pancreatic cancer, of course contingent upon sufficient company funding. Jarrett will provide further detail on both of these promising programs. Operationally, we've strengthened our foundation with a long term isotope supply agreement and raised nearly $10,000,000 in recent financings. These funds will support our clinical programs and regulatory milestones while enabling continued progress on strategic initiatives. In summary, SelectR is entering the 2025 with positive momentum, a potentially streamlined regulatory path for iapoficine, and a series of interesting and novel phase one ready as well as early stage assets.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

We are energized by the opportunities ahead and remain deeply committed to delivering innovative, life extending therapies to patients with cancer. Thank you for your continued support. I'll now turn the call over to Chad Collian, our CFO, for a review of our financials. Chad?

[Chad Kolean, CFO at Cellectar Biosciences]

Thank you, Jim, and good morning, everyone. I will address our financial results for the quarter ended 06/30/2025, Beginning with our cash position. We ended the quarter with cash and cash equivalents of $11,000,000 which includes $2,300,000 in net funds raised from the June financing and compares to $23,300,000 as of 12/31/2024. Right after the close of the second quarter, we completed a financing that raised an additional $5,800,000 net and expect that our cash on hand is adequate to fund budgeted operations into the 2026. Turning to our results from operations, research and development expenses for the three months ended 06/30/2025 were approximately $2,400,000 compared to approximately $7,300,000 for the three months ended 06/30/2024.

[Chad Kolean, CFO at Cellectar Biosciences]

The overall decrease in research and development was largely the result of our having concluded both patient enrollment and a significant portion of the necessary follow-up for our Clover OAM Phase two clinical study in WOM and a reduction in personnel costs. General and administrative expenses for the three months ended 06/30/2025 were $3,600,000 compared to $6,400,000 for the same period in 2024. The decrease in general and administrative was primarily driven by a reduction in pre commercialization efforts and personnel costs. Other income and expense for the quarter was a gain of approximately $600,000 for the quarter as compared to $12,800,000 in the same period in the prior year. Most of this activity in other income is non cash in nature and relates to either the issuance, exercise, or changes in the valuation of warrants.

[Chad Kolean, CFO at Cellectar Biosciences]

These non cash changes are having a significant impact on earnings, non operating only, but do not impact cash burn or runway. Net loss for the three months ended 06/30/2025 was 5,400,000 or $3.39 per basic and diluted share. Compared with $900,000 or $0.77 per basic and $5.43 per diluted share during the three months ended 06/30/2024. As I just mentioned, the significant differences in the net loss and earnings per share are the result of the noncash impact of warrant activity. With that financial overview, let me turn the call over to Jared for an operational update, including plans for our pipeline of radiopharmaceuticals.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Thank you, Chad, and good morning, everyone. Earlier this year, ibuprofen I-one hundred thirty one was granted FDA Breakthrough Therapy for the treatment of WM. I will now focus on the FDA strategy for iapopacine based on these outcomes. Following the Breakthrough Designation and an analysis of data from the Phase IIb CLOBAWAM study, including a subset analysis of patients being treated with Iapovisine immediately following treatment with a Brutant Tyrosine Kinase Inhibitor, or BTKi, treatment failures, and the completion of a minimum of twelve month follow-up on all patients as requested by the FDA. SelectR has decided to shift our regulatory strategy to pursue accelerated approval for iapopacene I-one hundred thirty one using the CLOVER WAM study data. During our discussions with the FDA late last year, it was clear that if we wanted pursue an accelerated approval using the Clover Wand study data, we would need to move to an earlier line of treatment for confirmatory study and would also need to include a minimum of twelve months of follow-up from time of response for all patients in our NDA package. The subset analysis that has been conducted demonstrates the potential for ipopacine to be highly effective in an earlier line of therapy, I. E.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Post BTKi failure, which is now commonly used in the first line setting. This, combined with the now minimum of twelve months of data on all patients, allow us to advance this regulatory strategy contingent upon sufficient funding and a confirmatory study being underway at the time of regulatory action, which would be expected approximately eight months post submission or six months post filing given the breakthrough designation. I will now provide an update on our two exciting Phase I ready radio conjugates. The first is CLR121125 or CLR125, our lead Auger emitting compound. Our second, an alpha emitting actinium based compound, CLR121225, or referred to as CLR225.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Our Auger emitting radioconjugate product candidate, CLR125, potentially represents the highest level of precision in targeted radiotherapy, with its emissions traveling only a few nanometers. Without delivery mechanism providing the necessary targeting to the tumor, entry into the cell, and transport to the nucleus as validated through preclinical studies, we have seen CLR125 demonstrate significant tumor uptake and activity with enhanced tolerability across multiple challenging animal models, including triple negative breast cancer, or TNBC, and metastatic breast cancer. Building on these promising preclinical results with CLR125, we have submitted a Phase Ib dose finding study protocol to the FDA for the treatment of triple negative breast cancer, including metastatic disease, and are now able to initiate the study pending Institutional Review Board, or IRB, sign off. The proposed Phase Ib dose finding study in relapsed TNBC will utilize dosimetry to determine tumor versus normal tissue update and evaluate the activity of three distinct doses of CLR125, thirty two point seven five millicuries per dose for four cycles versus sixty two point five millicuries per dose for three cycles and ninety five millicuries per dose for two cycles with four doses per cycle in 15 patients per arm with a planned expansion arm.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

The primary endpoint of the study will be to determine the recommended phase two dose and dosing regimen, and will also evaluate safety and tolerability, as well as initial response assessments per RECIST, as well as progression free survival in patients. Our confidence in COR125 is grounded in its molecular similarity to iapocene I-one 131, designed to provide targeted delivery of iodine radioisotopes, for which we have evidence supporting proof of concept and tolerability from the clover WHAM Phase IIb clinical trial. Leveraging dosimetry imaging to measure drug delivered directly to the tumors is expected to provide CLR125 proof of concept of the therapeutic window and appropriate dosing. Initiating this Phase Ib study in late twenty twenty five or early twenty twenty six will mark a significant milestone and an important step towards evaluating the safety and optimal dosing of CLR125 in patients, ultimately providing a potential new treatment option for those patients afflicted by this challenging disease. Looking now to CLR225, our lead alpha emitting radio conjugate product candidate.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

To date, it has shown excellent biodistribution and uptake into solid tumors and demonstrated activity across multiple solid tumor animal models, including four distinct refractory pancreatic cancer models. CLR225 has been observed to be well tolerated in these experiments. The phase one trial for CLR-two twenty five is designed to comprehensively evaluate the compounds by distribution, safety, tolerability in patients with pancreatic adenocarcinoma. The study will commence with a dosimetry phase aimed at determining the absorbed dose in both normal and tumor tissues. The initial assessment will provide valuable insights into the compound's biodistribution and potential therapeutic window, laying the foundation for subsequent phases of the trial and future development.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Following dosimetry, the study will progress to a dose escalation phase, systematically evaluating increasing doses of CLR-two twenty five to establish the maximum tolerated dose. This approach offers an opportunity to demonstrate proof of concept for our innovative combination of phospholipid or PLE, technology with alpha emitters, potentially showcasing its radio conjugates' unique ability to safely treat large, bulky, solid tumors. It is important to note that the initiation of this trial is dependent on the company obtaining the necessary funding. With that overview, let me turn the call back to Jim for closing remarks. Jim?

[James Caruso, President, CEO & Director at Cellectar Biosciences]

Thanks, Jarrett. As we reflect on the first half of twenty twenty five, I'm incredibly proud of the progress our team has made across every dimension of our business, from clinical development and regulatory strategy to operational excellence. We've laid a strong foundation for what we believe will be an important growth opportunity for SelectR. With breakthrough therapy and prime designations in hand for iaupophacine, and what we believe is compelling clinical data, we have defined a clear regulatory strategy for accelerated approval in The US and remain engaged with the EMA regarding advice on a conditional marketing authorization approval in Europe, for which we anticipate a decision late in the third or early in the 2025. At the same time, our next generation pipeline assets are advancing rapidly.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

CLR125 and CLR225 represent exciting opportunities to expand our impact into solid tumors. As we look ahead, our focus remains clear to deliver transformative radiopharmaceutical therapies to patients with cancer efficiently, globally, and with purpose. We are grateful for the continued support of our investors, our collaborators, and most importantly, the patients and families who inspire our work every day. Thank you again for joining us this morning. We look forward to sharing more updates as we continue to execute on our mission and advance toward key milestones in the months ahead.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

Operator, we are ready to open the call for questions.

[Operator]

Yes, sir. Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star and one on your telephone keypad and wait for your name to be announced. Once again, star and one if you wish to ask a question.

[Operator]

Please standby while we compile the Q and A roster. Thank you for waiting. We now have our first question, and this comes from Pani Zhang from Oppenheimer. Your line is now open. Please go ahead.

[Fanyi Zhong, Equity Research Associate at Oppenheimer & Co. Inc.]

Thanks for taking the question. This is for Jeff. So, couple questions. First for WM program, where do you stand on line with the EU on the path to approval? And then for 01/2025 programs, for the preclinical bio distribution data on this molecules, what are the off target sites of the greatest concern with that platform? Thank you.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Thank you, Frank. So let me see if I captured the first question correctly. Feel free to correct me or guide me if I don't answer fully. But we're focusing on I-one 131. As we look to the approval pathway, and I'll say for the FDA, obviously, we have continuing discussions for conditional market authorization in the coming weeks with the EMA.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

But for the FDA, where we sit now is finalization of a protocol for an accelerated approval confirmatory study. And where we sit with regard to the submission for the NDA, I think as we've referred to in the past, we have largely completed most of the NDA package. We now now that we have the twelve month follow-up data that we're referring to and an independent review committee's review of the data confirming the response rates and durability of those responses, we are now finalizing the clinical portion of the data package with the idea that pending sufficient capital, we'd be in a position to submit later this year or at the latest, next year.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

The only other thing I'll add to that, Jarrod's thorough response, as we thought about the shift in regulatory strategy here with our friends at the FDA, It was important to note, and as Jarrett highlighted in his overview a few moments ago, was that we now have twelve months of follow-up on all patients that we were required to for this study, which was a prerequisite to apply for this more, let's call it a traditional accelerated approval pathway. And then additionally, with that traditional accelerated approval pathway, the company was obligated to advance iappofacine up into earlier lines of therapy. And at that point in time, we did not have data to support that transition to earlier lines of therapy. Based on an analysis of the data that we currently have, the company remains highly confident that post BTKi failures, regardless of line of therapy, that this drug would perform very, very well. So that gives us now confidence to advance further upstream into second line.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

And as you're likely aware, there's been a significant transition to the utilization of a combination with ibrutinib and a BTKi, let's say ibrutinib, in the first line of therapy. And as that number continues to increase, that second line now becomes available for post BTKi treatments such as iaupovacine. I think I will also mention that we did receive breakthrough designation from the FDA in late May, which is also factored into this as well. So we go into this with an approach with a higher degree of confidence based on the data that we have from the Phase II clover wham study. Then, Fanny,

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

I think your second question then was on the biodistribution of CLR125? Yes. Yeah. So I'll summarize because it would take too long to go through all of it. But let me just say this.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Fundamentally, we see is approximately twenty five percent to thirty percent of the infused drug when you evaluate it into the tumor. When you look across all other tissues, all off target tissues, so to speak, what we see is approximately less than and I'll say approximately less than 5% of the activity in any single tissue. As one might expect, probably the most common tissue that you tend to see accumulation in is the liver. But again, it's well below 5% or around 5%, I should say, for that. So well below a concerning level.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

And post this call, based on the news that we've released this morning, we'll be updating our corporate presentation on the website. And there is a significant amount of new data relative to our preclinical work with a series of, you know, radioisotopes, which includes CLR125 and the ogeo emitting work.

[Fanyi Zhong, Equity Research Associate at Oppenheimer & Co. Inc.]

Great. Very helpful. Thank you.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Thank you.

[Operator]

Thank you. And the next question comes from Ted Tenthoff from Piper Sandler. Your line is now open. Please go ahead.

[Edward Tenthoff, MD & Senior Research Analyst at Piper Sandler Companies]

Great. Thank you, guys, and congratulations. This is a really meaningful update. This series of events from breakthrough designation to the twelve month data, and then the commitment and decision to move into the second line confirmatory trial, all positioning for an NDA for accelerated approval. Really exciting stuff.

[Edward Tenthoff, MD & Senior Research Analyst at Piper Sandler Companies]

When it comes down to the timing, when do you think you would submit this NDA? And you mentioned the need to have the confirmatory trial underway by decision, which I assume means potential approval. So how much does it cost to kind of submit and get ibuprofen I-one hundred thirty one approved? Thanks.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

That's a great question, Ted. I'll open with some of the financials related to this, and then we could have Jarrod walk us through some of the nuance associated with the accelerated approval pathway. It's similar to what you just described. But our estimate on this study is approximately 40,000,000 to $45,000,000 And I believe we're in this kind of $20,000,000 to $25,000,000 range for full enrollment and to secure the necessary data. And then back end you know, beyond full enrollment and initial data is the follow-up costs associated with the follow-up of the study.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

So as you think about it, we would require approximately $2,025,000,000 to complete study enrollment, get it up, rolling, finalize enrollment, and see some early top line data. And then the remainder of that $4,045,000,000 dollars would be a function of follow-up.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Yeah. So Ted, I'll add to that with regard to some of the extra details. And one of them would be, as we think about it, and I think this links to your question, you know, the timing, right? So the requirement by the guidance and by the FDA is that at the time of submission, the study needs to be initiated. Now, the definition of initiated is not defined.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

I know as industry, we generally think of that as first patient enrolled. But for the FDA, they have made it clear that they don't have necessarily the exact same definition. To your point, then, by the time of regulatory action, which is assumed to be an approval timing point, would be that that would at that point, you would have enrollment ongoing, as they call it. And again, there is not a specific number of patients that would need to be enrolled by that time point. Our interpretation based on what the guidance, what the FDA has said to us, you know, and going back to your portion of your question, in order to initiate the study, you can think that somewhere between, as Jim laid out, the total cost, somewhere between 25% to 30% of the money needs to be utilized is actually spent with the CRO at the time of initiation, so somewhere in the 10,000,000 to $12,000,000 ish range to get the study up and operating.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

That said, we've already prepped for all this. As you might imagine, we've already had a CRO prepared to initiate. We have the quote. We have the contracts. So we've sort of outlined all of this ahead of time, so we're ready to run either if we were funded or with a partner to execute this in a rapid fire sort of method, which is why when you ask the question about our exact timing, it might be later this year or early next year because we want to have that study initiated prior to the submission.

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Just, you know, we probably check a little extra box just so that we have time in a rare disease setting like this to have enough sufficient enrollment by the time that six month window based off the Fast Track and Breakthrough designation, which gets us that accelerated review timeline.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

I would also add, Ted thank you, Jarrod. I would also add that we would anticipate study enrollment to be very rapid Based on the availability of our phase two clover wham data out in the public domain, the WM patient population is highly communicative among each other. They're very aware of the data. And we would anticipate that as a result of that, and the outstanding performance of our drug, both from a response perspective as well as durability, just based on the four single infusions over approximately seventy days, is going to be very, very attractive for these patients. We've already received significant feedback.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

I think the other element here that's important from a rapid enrollment perspective is the thought leadership is very aware of this drug. And most of the sites that we used, especially those that enrolled very quickly in large numbers, have already expressed interest in participating in the confirmatory trial. Jared, anything else to add to that?

[Jarrod Longcor, Chief Operating Officer at Cellectar Biosciences]

Yeah, Thank you, Jim. I would add the one piece I would add to what Jim has outlined there for rapid enrollment is also the concept, as you also noted, Ted, which is moving to an earlier line of treatment. Jim sort of outlined before, this post BTKi patient population with so many, nearly fifty percent and growing, of patients receiving rituximab and ibrutinib in the first line setting or BTKi in that first line setting, it offers a significantly larger patient population to pull from to enroll into the study. And that, as well, we believe, will add to the speed and quickness of this study getting completed. So we do think that the overall timeline for completion and getting to the primary endpoint of the study will be much more much quicker.

[Edward Tenthoff, MD & Senior Research Analyst at Piper Sandler Companies]

Great. Excellent. Very, very helpful. Really important update. Thanks, guys.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

Thank Thank you, Ted.

[Operator]

Thank you. No further questions that came through. I'll now turn the call over back to James Caruso for closing remarks. Go ahead, sir.

[James Caruso, President, CEO & Director at Cellectar Biosciences]

Thank you, operator, and thanks again, for joining us this morning. We certainly look forward to sharing more updates as we continue to execute on our mission and advance towards these key milestones that we discussed this morning in the months ahead.

[Operator]

Thank you. This concludes our conference call for today. Thank you all for participating. You may now disconnect.

Participants

Executives

• James Caruso, President, CEO & Director
• Chad Kolean, CFO
• Jarrod Longcor, Chief Operating Officer

Analysts

• Anne Marie Fields, MD, Team Lead at Precision AQ
• Fanyi Zhong, Equity Research Associate at Oppenheimer & Co. Inc.
• Edward Tenthoff, MD & Senior Research Analyst at Piper Sandler Companies