Cellectar Biosciences (CLRB)

Jules Abraham JQA Partners
Jim Caruso CEO
John Hamill Interim CFO
John Friend VP & CMO
Jarrod Longcor Chief Business Officer
Wangzhi Li Ladenburg
Call transcript
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Good day, ladies and gentlemen and welcome to the Cellectar Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mr. Partners. JQA from Abraham Jules Sir, you begin. may

Jules Abraham

quarter Thank for joining Brian operational live of the webcast. and call this the good you thank results third for Biosciences and everyone Cellectar XXXX us and and on conference morning financial you, of today review to

the financial both at ending Following XXXX September of its which the Relations on SEC website the Investor can company yesterday, close with the and for at found the of XX, www.sec.gov SEC the www.cellectar.com. filed be Company's market statements section the quarter website

call In addition, a will replay be on of website. this company's conference the available

Officer; today from Chief Business Jarrod me Officer; Executive Chief Longcor, Caruso, Chief Officer. Financial Officer; Medical John John Friend, Joining President and are Cellectar's Vice Interim Cellectar Cellectar's Hamill, M.D., Jim Chief and

remarks turn please to the of the company's over that performance. some forward-looking about you call hear I statements Mr. will note Before Caruso, today contain may the

following statements number Additionally, These of there are from cause forward-looking uncertainties neither be risks there in statements actual may Q&A and during forth differ forward-looking that these prepared nor and those materially to are statements. could remarks. promises guarantees results session set the

from that on those the concerning and Cellectar's website is available could results information maybe differ filed actual them. with directly from reports periodic factors Additional in the materially of copies in are which to statements forward-looking filings these cause contained company's the requested SEC; or

turn made over obligation With made Mr. are call. the as date during the any statements now Jim? to said, to statements Forward-looking forward-looking undertake today's call I'll Caruso. that does any and company of update not today's

Jim Caruso

participants Cellectar's XXXX. and and for third corporate financial to us of Jules, today joining thank for Thank quarter you results the to all you, review

rapidly We are going stated strategic continue pleased fronts. our third the to to progress on and company advance all quarter with

funded an and University head our Wisconsin for continues with collaboration for MCI of encouraging tumors of the of tumor is schedule. solid at development program Our the with CLRXXX ahead pace and liquid neck strong results

tumor Our Chief cohort including Medical multiple Officer, recently our John X liquid multi-dose myeloma for Phase study. Friend, announced discuss our I of results shortly, our will regiment

We through our to and delivery additional Pierre to such us opportunities molecule that Avicenna to collaborations our PDC company's as Onconova parallel, continue optimize assets. small with enrich proprietary allow continues platform relationship value to strategic further pipeline the create generating corporate expand. Fabre In and with

From balance for We will are recent Business tumors. through proceeds internal are an also developing direct believe Chief financing operations financial September a XX our the cash the fund solid Company adequate activities. to insight XX we preclinical pipeline Longcor, provide of development the Officer, for from our our perspective, months. additional these registered our programs regarding next the Jarrod and

financing, for will details as results as financial quarter. the Our our further Interim of the John CFO, Hamill, provide well

quarter Following to CFO, like an which your team entire call financials. discussions, John the of will some over will I'd turn be answer third to time, executive these I the overview XXXX to At this Cellectar's provide closing questions. for comments the Hamill, Interim available after

John Hamill

XX-Q and filed Thank Jim for we you, everyone. good quarter afternoon, Yesterday third XXXX. our ended morning, the

issuable with S-X of of Form exercise registration outstanding resale on upto Additionally, we upon the common X,XXX,XXX SEC filed the for our statement shares of stock a warrants. the

October within financing, of our statement registration selling to file and the XXXX the stock. were are agreed as common These days We of we shares warrants recent part of warrants. any in the not of XX issued issuance our

incentive the restated S-X, register statement on registration plan. accordance XXXX Company's and the a the with X,XXX,XXX shares in Form filed stock also primarily common stock, We of Company's of to issuable terms amended

approximately increased expenses development and increased the $X.X ended were million and flat support with hematologic in of research third compared million XXXX. from in-line results malignancies XXXX, our third a XXXX, and clinical for quarter ongoing financial approximately General the expectations. September result million Cellectar's approximately the XX, primarily For in Company's of quarter II to development of quarter $X.X administrative costs. third Phase as our third quarter spending and was trial pre-clinical $X.X increased in the to

approximately quarter approximately approximately compensation net per of Our XXXX, quarter of in of XXXX. XXXX. or results and compared of the $XXX,XXX XXXX included third a third third the in $XXX,XXX loss per loss $X.XX million, as third to the quarter in common non-cash charges share stock-based was of or $X.XX $X.X share, the million quarter for approximately The of $X.X

cash total September sheet, the quarter $XX.X of balance end million XXXX. approximately versus third as approximately the year $X.X to and million cash ended equivalents Turning were XX at

XX raised on expenses of is we and of into immediately $X offerings and public of Jim mentioned, common of in shares approximately offering of common stock shares X.XXX,XXX net million, stock. shares October convertible As preferred which XX.XXXXXXX stock X,XXX,XXX private

the to that XX was proceeds $X for net next XX X-year financing And The for immediately now, proceeds October placement that were at additional today. fund exercise, from net of I'll the are S-X private We turn totaled private to Jim. call exercise $X.XX. The yesterday a adequate warrants. shares months September addition, operations upon believe are have the approximately million we warrants X,XXX,XXX million. and cash warrants or warrants of afternoon million back balance all the over filed $X.X In exercisable approximately in and from resale issuable placement the of these through term, is the approximately issued $X.X issued our in

Jim Caruso

Thank John. you,

dose relapse escalation CLRXXX now provide our NCI multiple have our and initiated As John well. you will of Friend, an myeloma, clinical programs. with on refractory treatment supportive trial know, as update we Phase II fourth of of recently completed trial the us those for I the Cohort Phase

John Friend

everyone. Thank you, Good Jim. morning,

our be patients. escalation to I and study pleased compounds, refractory multiple continue label PDC open the quite Phase of with We relapsed, our CLRXXX, performance lead myeloma dose in

tolerability the of objective and primary the is of safety the study recall, to determine you CLRXXX. As

over both Cohort response valuable clear greater we treatment. to and safety of continue X were five note, The safety four one XX efficacy. Cohorts patient refractory high one enrolled stable pre-treated in response. All of the patients relapsed, We measure observe in partial three with disease patients a the myeloma the all had which heavily a tumor XX-minute partial Off burden the to-date. a experienced in entering completed efficacy two Each of and a and cohort trial. three patient and study chemotherapy of achieving than per a recently cohort of days the fourth the millicurie to or experienced a patients abbreviation the XX.XX cohort benefit CLRXXX was of in prior course degree with upon line clinical of for multiple patients signals into meter dose and single as squared infusion evaluated achieving received

chain, One XX% experiencing response patients pre-light reduction treatment, partial prior in transplantation, patient attained that as [ph] had did received a stem-cell appropriate including of with tolerated. tumor was stable treatments This this mab a one disease XX% combination radiation, and had the experiencing m-protein. of patient not not an lines in biomarker patient reduction The the seven including m-protein. produce multiple

batches survival collecting that cohorts, cancer every four the are two We with data data four all provided care respective are these still their seeing patients to clinic in months. the from patients are on

survival As millicurie had cohort XX.X in XX.X overall patients reported per this achieved meter single first impressive squared, this months. we earlier of median week, an the of infusion following

Please may While per respectively. of the squared and experienced increase XX.XX cohorts months patients millicurie trial remember XX ongoing months from and third to second median overall continue have meter overtime. survival received survival millicurie squared and remains this who XX.X and per median doses XX meter overall that

soon have therapies date we XX.X provide approved recently purposes, to CLRXXX While separate survival seemed been to conducted with to no FDA is multiple for in XX.X additional three with ranges for an will it comparison trials. studies as worthwhile made myeloma median update months most is data while head-to-head that the note third-line overall from as benefit available,

survival from closing XX%, the more in cohort a single with of the the X with update, on benchmarks cohort overall we X range exceeded cohort have As with data dose are by and median those meet than X. now

the cohort study. of addition, week infusions the study the given into the meter outcome split two the dose XX.XX per the millicurie XX.XX we and announced favorable In cohort, this XX-minute alter cohort one fifth of recently design protocol meter millicurie per given per squared in fourth squared the will In dose a from apart. of XX.XXX millicurie doses we meter squared

extremely observed Moving considering into VP a to-date. dose regiment multiple preclinical or our is exciting results

to xenograph of each survival concluding and lines, tumor clear volume doses murine in increase repeat of pancreatic tumor a have cancer [ph] have dose CLRXXX We mouse overall models in CLRXXX. signals, compared efficacy and demonstrated solid various single including reductions time and/or cell tested

to that studied XX cancers trial infused XXX survival meter multiple millicurie lymphoma, investigators progression-free squared and marginal our new to lead lymphocytic II lymphoma, the the With rate, to and supported B-cell MCI be enrollment patients anticipate been and We active of can optional of a dose CLRXXX cell myeloma with hematologic of XX.X our have XX and mantle days with include cancers. benefit is working hematologic shortly. of of single dose study endpoints will median primary in this aspect with patients is dose efficacy. potentially Phase secondary an cancer in it myeloma, zone CLRXXX The later. receive across lymphoma, is response diffuse at study's of The overall or large malignancies, small lymphoma. States other initiate regard refractory a chronic other hematologic conducted leukemia, approximately meter survival, enrolling. informative rate It overall for centers markers with being per United per lymphoplasmacytic designated lymphoma, the All orphan top of of relapse lymphocytic multiple squared endpoint clinical second millicurie variety and additional protocol

to the criteria. weeks. efficacy Multiple responses for myeloma We by weekly an Wisconsin, the will XX dexamethasone you determined to upto these being the International multiple latest according to determined will regarding as Working Madison. CLRXXX Group to addition of on performed University the for by be the and XX of all update they work criteria, milligram would look trials be with updates In become also I will like both providing patients Myeloma receive forward oral provide patients Lugano available. infusion, lymphoma Efficacy

evaluate living recurrent it's head months radiation an and considered are And As States an outcomes head Chair and Leader, you treatments oral the cancer with head neck safety his of United with patients with the National and beam exclusive therapy. progress patients. in Over and external larynx XXX,XXX to know, with over CLRXXX and Phase people of to a XX,XXX majority in made radiation tremendous their working neck studies on head clinical the study cancer. caution initial improved [ph], neck injury must XX risk and prior and combination recurrence over tissue support program cavity of Paul severe will cancer the experience from are of in in Project role Dr. have for Radiation examined cancer Harare or oropharynx structures due grant, currently Cancer cancer the I have Human long of and research past to and of the the following neck recall great that of they be colleagues exposure. Several and tolerability design cancer. maintain patients. specialized excellence radiation Institute normal Oncology received

Cancer toxicities October in mechanism International Therapeutics additionally was both one the DNA high presented across However, of radiation, for pre-treatment XXXX the inhibit beam PDC adult to pediatric preclinical and tumors. repair including with considerable Conference effects, prior as external risk molecules, radiation at numerous as grade XX, is as enhances death. Molecular on On data Targets CLRXXX our well there

more radiation. it's the that, utilizing to team the becomes as as external will my to provide beam on and data first available the head neck of in CLRXXX cancer turn to pleasure continue We launching call University over and updates Wisconsin and closes Jim. study With

Jim Caruso

John. Jarrod preclinical look as summary Thank the At with select our forward remain programs, to Therapeutics. programmed Business call We and you Pierre updates. for well sharing efforts to like time, with Longcor, as the Avicenna future Onconova to discuss our Fabre, Cellectar's turn I'd collaboration very Officer, Chief progress momentum of CLRXXX to this our with over Oncology pleased and

Jarrod Longcor

Jim. you, Thank

mentioned our and expanded various cancer to was upon based have we've seen results tumors, cells proprietary ability to to-date the platform, include two PDC PDC to its As we that and deliver programs. pipeline target previously, payloads with

XXXX CLR CLR hematologic Series of first programs XXXX second, is The these is on PDC cancers. the focused on Series focused solid is And tumors.

chemotherapeutic increase able were providing invitro meaningful the payload the in delivery of as we chemotherapeutic studies. quarter that this able During molecule therapeutic phospholipid index demonstrate to compared the parent the [ph], vehicle ether to reproducibly was in overall with

and invitro, while and the have the of release we between into the of changed though lines. in the tumor Our a at various cells same that the see payload molecules tumor of see we the tumor in time Upon active do into continue effect not and the to cell increase a cells. even PDC shows uptake cytoplasm the X-fold similar become of the healthy cells, payloads, PDCs research we kill uptake the occurring the XX-fold

We our continue programs collaborations trials models global animal strategy. progress possible. now PDC I both, to and our the our as discuss as our partnered into rapidly and like internal clinical would entrant to with in collaboration programs

in a with molecule, that improved payloads the Avicenna and/or in royalties, the interesting reimbursements therapeutic we generation can by its providing Pierre most strategic access antibody our collaborate PDC to the conjugate and Our of collaborations for to molecule. provide the that PDCs research comparison Oncology, to and opportunity rather to this which with cost PDC will with of we to becoming recently rights development milestones opportunity experts to either research be with ADCs to of a in value be via the also each drug very defraying announced Avicenna a upfronts, provide data. our Fabre, allows differentiate it data Cellectar ADC bank and provide of and does in payload captured through form us development Company new or molecule and/or of collaboration promising molecules shareholders; have are provides types designed believe and long-term the by continue Onconova a analysis head-to-head from Therapeutics, field; small retrospective than us our further these work or ADC produce only the not unique with but benefits.

this to multiple early collaboration to Onconova's pipeline. collaboration be with Similarly, interesting product stage to year. provides proprietary reporting molecules expect next able from start Onconova We data with our with access us the

ether to [ph]. which enhanced our molecules to that with to phospholipid will tumor the of might will to provides target target target As delivery with efficient the the a collaboration other eukaryotic delivery for and this payloads the EIF-Xα initiation we'll process. the screening Cellectar factor-Xα collaborations, cytosol be with vehicle rapid include supplying conjugation the access us Onconova assessments responsible that intracellular or preclinical perform perform our molecules for small specifically proprietary be Again, molecules cells. with that the pathways ability to of early

make Finally, our collaboration with Pierre Fabre continues progress. significant to

our process. initial successfully progressed conjugated seeing through have iterative identified the upon have and and We several we've are that and slated lead invivo optimized molecules screening been Based them now for several molecules results rapid to-date, analysis.

to opportunity expansion molecules prior The we phase and our both, desire our [ph] collaboration of molecules Fabre within an these collaboration. development entering the Cellectar's Pierre Given with advance, original and to these mutual some with with recently announced advance the them. provides us of agreement test of to and progress our next further expansion

completed as preceding invivo and a quarter, and leukemia, lung COLXXX liquid activity solid we in of well CLRXXX handful evaluating prostate excellent in multiple has myeloid agent. ovarian single of during each shown experiments myeloma, including a these bladder as as various models Additionally, tumors the glioma. cancer,

including given or solid when had efficacy dose fractionated these single with that doubling also the in affect several tumor X over in here of of we of of doses types, single than survival doses again, exploited in CLRXXX statistically have seen multiple excellent and/or We more significant several doses tumor the agent the use in models. improvement X multiple provides

on and months have these all in to of programs weeks further the updates come. to expect We

the cancers. tumor a conference at as CLRXXX tumor models combination delayed in and collaborators iodine, Wisconsin, non-radioactive regrowth vehicle to from given I-XXX poster academic decreased or pediatric invitro phospholipid in University medical that presented invivo markedly an a of our adult known volumes Madison, radiation of with October when external both, late and demonstrating in ether animal in delivery our Finally, conjugated a

Investigators up CLRXXX This for that is effect X persist and observe hours the in of at a tumor increased taken the of cells was external and the ether to radiation to upto be the the tumor molecule tissue, the than of external higher higher result radiation. Additionally, level at normal post-administration cell. to repair retained the sensitized phospholipid radiation. XX-fold within normal sensitization significantly and cells XX tumor levels the mechanisms appears double-stranded those inhibiting DNA

We this to the pursuing I'd with will appropriate. as keep updated to like now plans or we have any you to call Jim. return regard approach

Jim Caruso

Thank you, Jarrod.

events opportunity dedication As CLRXXX stage collaboration meantime, John your results participation you welcome work continued as thank efforts. may also I and including always, like early programs much well I to the programs for as hard in thank our and Company call Longcor, occur, very this to look have. we John their our Friend, Jarrod I'd time, questions they would announcing additional In forward. our employees these you forward Hamill, on take your this from and any interest milestones like program, to and to as that Cellectar. continued this and At to and for moving


[Operator the Instructions] question Ladenburg. Our first comes Wangzhi of with Li line from

open. line Your is

Wangzhi Li

my morning. taking Good Thanks for question.

what cohort cohort X exceeds about X, X The I XX [indiscernible] question mean tumor so months; map. especially is, the already it's X, X expects -- first the updates, from months the just more that than that's

mean hope just from give two achieve know for dose, especially. for drug understand a pretty what's since color the for distributing dose? or result so your is regimen wondering, expect -- your there the dose of into I exploring preclinical regiment, to I you dose more Just I expectation it's that you're but Do infusion two benefit maybe you single what the right, your benefit quarter one drug because good can you the two far,

Jim Caruso

where question to-date your you the all, for overall Terrific. the pleased only very data X compounds. sit today. median call cohort X the Well, currently months; thank chemotherapy of you first X of participation but not we simply also and Wangzhi, seen already thank rivaling XX subsequent in with introduced Company survival, or cohort at the preceding in north Obviously, or with for we've is other

also both and drug Dr. additional the Friend exciting I'll to address give for and I color questions. have the further Company dose think of those is John really

John Friend

really -- multi-dose. of a Wangzhi, we can't that's expect definitely, in predict out the the forward-looking we of course of question is it and terms that survival Thanks great what somewhat

X, nice the and as partial heard response actually. we at potentially give was safety safety the some all in extremely invivo X some demonstrated to survival splitting preclinical And efficacy, encouraging; seeing then in in As terms you I XX.XX and in tumor that considering Longcor some mentioned, to X into have tell the very very Jarrod terms dose to over taking of continued benefits. X very four flavor have both, profile, see those but translate dose with least the we've multiple that see nice seen in that safe did to. to-date additional whether already cohorts we've cohort results invitro of some cohorts see time could all and actually clinic. we you We hope say sort some would in preclinical patients encouraging will By a some benefits X in benefit – models clinical days splitting of that obviously, a half results we're

So stay tuned.

Jim Caruso

per that will is be week Thank into you, those cohort X XX.X millicurie these single XX.XX meter and split squared meter in Wangzhi, per to that, I two split color they will provide be doses there doses John. squared millicurie apart. will to one The only

we're recall our single days. FLC of baseline trial XX you below other also for important data beyond in second think our malignancies; to dose is it's myeloma area. if often response beyond and or that those surrogate that remains the many times, [ph] m-protein dose extended for to I from us introducing II these hematologic note patients II the multiple Phase and And Additionally, markers and Phase their

disease two, well; So three, with we're to continue -- potentially markers from our time at reduce the on see extend Phase if data to dose, initial beyond of second the brigade of that can four second control m-protein also dose efficacy further months to dose beyond we as the at occurring with baseline dose. report further that FLC and excited the II initial these and

Wangzhi Li

another Jarrod ongoing, that remind Great, the expect collaborations what helpful, we you timeline what from that the three have us multiple you question, mentioned expect as that's from collaboration very from Maybe thank to you. maybe those of updates hope collaborations? do or achieve you what

Jim Caruso


excited provide terms in efforts insights. color, effective of over over we're And this Jarrod, will very you the We're Before in our in he manner; a all additional manner of area tell which our will I executed about are the I mean his leading advancing provide to this collaboration and very our key I I Jarrod turn I collaboration model, and question this team objectives. team think in additional can he turn to to this.

Jarrod Longcor

you, and Jim thank Thanks, important question, for an is Wangzhi the it question.

been I'd extension say comes there significant are historical it made or them. they to announcement timeline, expansion I programs, were in timeline was the pretty collaboration a obviously and collaboration this about Pierre juncture what longest, we when is with at their collaborations of with just think the because on each are when of -- of Fabre each just own of a we've what constructed. the there the our So Obviously,

molecules of perhaps moved select program can two we one that the or -- optimal As two candidates optimized mentioned, get I of so have those just lead to now, process that are sort the forward, the forward the and molecules a by we the we've we driven with the and backup want down into go be and that will along are to as look in that into or diversity of from obviously with we we looking outputs clinic. right handful

leave that operational collaborators programs the point to start that is with so -- as which or then with That through and time. as expect molecule. the our And rapidly extremely then of important Fabre, collaboration we've forward the moving those possible possible to lays -- probably on and potentially that program. becoming each comparative what the of and near-term. quarter; that where lead you of we to whether be molecules it's I we've inside sense out in as tumor are target that to rapidly eventually. had these that optimized obviously, expect sort ADC -- these outputs those Avicenna, access in execute move executing are from that move with are and learned with interesting could really interesting kicked we nature last going generation, quickly an this obviously, against antibody readouts based as it'd getting the we're doing to those again, from earlier of with achieving a to we're this all and as to getting or be off [indiscernible], that collaboration as or revenue within sort and the from rapidly the with data the So conjugate year course desired answered screening but the component quarter the moving at and molecule Onconova like in we that linkers, in and/or there Pierre collaboration -- sort those getting understandings give our learning's portion with that Avicenna just haven't our up adverses and and of candidate the conjugating does the targeting of said, just occurred outputs of strategic two. exactly in With program those as screening reiterate know, and to or and is time Onconova regard the here sort of drug we to programs Again, or in of able those cells the significant of very next molecules And will in both over to a will be the timeline

Jim Caruso

tumor also data, we it compare same a that have retrospectively potential time relative collaboration antibody our believe that for to and looking Avicenna extent head-to-head same to as much will will you side-by-side Jarrod, platform payload; and the the drug antibody oncology we having thank overview, to has very lever and think PDC contrast will that and type, or that taking opposed data, delivery how benefits be conjugates at to for provide or certain us with be to delivery the summarize, conjugate if very takeaways for further so as to when us. three our and I very expand manner R&D to; the a in offsetting most allows gain importantly, us to interesting will platform, say it to proprietary diversify drug going compounds, model rapid development allows think alluded access to associated it's drug the instructive major to very you while summarize model pipeline, and collaboration accelerate our cost. also Jarrod and about also collaboration that the

Wangzhi Li

my for that's taking questions. Okay, helpful. Thanks

Jim Caruso

Terrific. for participation you Wangzhi. your Thank


would back CEO; I call to any turn to questions. Jim now further Caruso, remarks. no showing for the I'm like further And

Jim Caruso

call you to your Thank all Company, thank to we Wangzhi, as Well, the as very participation appreciate well with you Brian. Terrific. We forward our pleased the as as occur, primary participants. your our today. look coverage results are our we advance providing well and all of you. a of strategic objectives continue we in Company to build timely fashion. they Thank as in updates the and QX of additional


you program. you And a and conference. all Ladies for Everyone, gentlemen, day. today's disconnect. This in great concludes participating may today's have thank