Liquidity remains a critical concern as the company continues to generate negative free cash flow, with quarterly outflows frequently exceeding $9 million, further pressured by a cash balance that dwindled to $8.3 million by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | -18.58M | -23.12M | -47.58M | -32.38M | -25.22M | -22.57M | -13.93M | -11.69M | -11.44M | -11.02M | -8.28M | -8.21M | -8.84M | -9.15M | -6.59M | -5.97M | -7.8M | -10.62M | -17.33M | -13.47M | -6.47M | -2.4M | -389.18K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 54273.55% | -23412.38% | -11024.71% | -13758.97% | - | - | -19064.66% | -7843.15% |
| Operating CF Growth % | 225.74% | 51.41% | -46.97% | -28.37% | -11.76% | -61.98% | -19.15% | -2.2% | -3.83% | -33.06% | -0.84% | 7.1% | 3.43% | -39.02% | -10.3% | 23.5% | 26.5% | 38.74% | -28.69% | -108.18% | -169.66% | -516.45% | - |
| Net Income | -20.84M | -21.79M | -44.58M | -42.77M | -28.6M | -24.12M | -15.09M | -14.09M | -13.24M | -13.56M | -6.18M | -5.5M | -8.05M | -10.78M | -8.8M | -7.44M | 2.1M | -22.27M | -16.45M | -19.56M | -8.29M | -3.05M | -815.28K |
| Depreciation & Amortization | 47.28K | 213.6K | 291.65K | 192.38K | 148.44K | 149.91K | 141.45K | 132.8K | 82.27K | 1.55M | 356.67K | 362.5K | 367.2K | 424.76K | 497.25K | 584.84K | 35.34K | 32.35K | 16.89K | 15.37K | 9.52K | 3.24K | 2.54K |
| Stock-Based Compensation | 565.39K | 2.26M | 4.27M | 2.41M | 1.45M | 1.12M | 467.54K | 866.79K | 721.21K | 758.76K | 529.16K | 447.3K | 850.35K | 2.32M | 1.5M | 907.46K | 353.34K | 864.34K | 453.33K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 489.69K | -677.5K | -5.84M | 4.32M | 93.82K | 80.66K | -118.8K | 13.56K | 1.56M | -22.07K | -3.26M | -3.26M | -1.86M | -1.62M | 33.85K | 276.14K | -7.32M | 12.11M | 6.47K | 503.29K | 588.04K | 833.05K | 9.82K |
| Working Capital Changes | 1.16M | -3.13M | -1.73M | 3.48M | 1.68M | 198.76K | 671.24K | 1.39M | -569.05K | 259.26K | 273.81K | -265.52K | -149.49K | 500.99K | 177.55K | -303.11K | -2.97M | -1.36M | -1.36M | 5.57M | 1.22M | -181.99K | 413.75K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.58K | 100 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 46.11K | -3.16M | -1.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.73M | 0 | 0 | 0 | 0 | 0 | 314.19K |
| Cash from Investing | -9.26K | -5.88K | -104.19K | -864.04K | -225.97K | -141.36K | -62.35K | -24.54K | -329.99K | -346.7K | -72.25K | -58.47K | -29.57K | 1.85M | -2.1M | 1.29M | 0 | -18K | 1.14M | 441.71K | -1.45M | -252.17K | 0 |
| Capital Expenditures | 52.03K | -5.88K | -104.19K | -864.04K | -225.97K | -141.36K | -62.35K | -24.54K | -384.99K | -346.7K | -72.25K | -58.47K | -29.57K | -147.81K | -97.69K | -118.41K | 0 | -18K | -49K | -24.37K | -10.72K | -25.85K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -1076.46% | 0.01% | 18.69% | 38.9% | - | - | 205.45% | 0.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 905.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -61.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 55K | 0 | 0 | 0 | 0 | 2M | -2M | 500K | 0 | 0 | 1.18M | 466.07K | -1.43M | -226.32K | 0 |
| Cash from Financing | 13.03M | 13.03M | 61.41M | 22.94M | 9.61M | 1.25M | 60.55M | 9.02M | 15.02M | 9.93M | 15.94M | 2.71M | 15.87M | 5.04M | 7.85M | 9.52M | 1.41M | 18.14M | 7.72M | 12.83M | 13.59M | 6.91M | 216.17K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 184K | -2.21K | -3.04K | -89.32K | -246.08K | -122.66K | 4M | -2.4K | -2.23K | -677.83K | 0 | 0 | 0 | 0 | 0 | 329.16K | 216.17K |
| Equity Issued (Net) | 13.03M | 13.03M | 61.41M | 22.15M | 19.22M | 34.87K | 59.72M | 9.02M | 15.03M | 7.17M | 15.82M | 3.3M | 12.4M | 4.98M | 6.84M | 10.16M | 1.41M | 18.14M | 8.46M | 13.65M | 13.85M | 6.58M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -740.28K | -823.62K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40K | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 789.64K | -9.61M | 1.21M | 642.5K | 0 | -762 | 2.85M | 363.78K | -470.73K | -519.98K | 70.54K | 1.02M | 28.36K | 0 | 0 | 1K | 0 | -261.12K | 0 | 0 |
| Net Change in Cash | -5.56M | -10.09M | 13.72M | -10.3M | -15.84M | -21.46M | 46.55M | -2.7M | 3.25M | -1.44M | 7.59M | -5.56M | 7M | -2.26M | -828.41K | 4.83M | -6.4M | 7.51M | -8.48M | -196.91K | 5.67M | 4.26M | 0 |
| Free Cash Flow | -18.59M | -23.12M | -47.69M | -33.24M | -25.45M | -22.71M | -14M | -11.72M | -11.83M | -11.37M | -8.35M | -8.27M | -8.87M | -9.3M | -6.68M | -6.09M | -7.8M | -10.64M | -17.38M | -13.49M | -6.48M | -2.42M | -389.18K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 55350.01% | -23412.37% | -11043.4% | -13797.87% | - | - | -19270.11% | -7843.21% |
| FCF Growth % | 57.45% | 51.51% | -43.46% | -30.62% | -12.06% | -62.27% | -19.43% | 0.92% | -4.05% | -36.06% | -1% | 6.75% | 4.65% | -39.2% | -9.76% | 21.99% | 26.63% | 38.8% | -28.82% | -108.22% | -167.23% | -523.09% | - |
| FCF per Share | -4.38 | -8.87 | -38.52 | -81.60 | -108.20 | -122.72 | -211.91 | -458.05 | -1197.92 | -2430.40 | -5741.90 | -31732.92 | -57940.63 | -99863.29 | -97507.73 | -152472.95 | - | - | - | - | - | - | -86165.63 |
| FCF Conversion (FCF/Net Income) | 0.89x | 1.06x | 1.07x | 0.76x | 0.79x | 0.94x | 0.92x | 0.83x | 0.86x | 0.81x | 1.34x | 1.49x | 1.09x | 0.85x | 0.75x | 0.80x | -3.72x | 0.48x | 1.05x | 0.69x | 0.78x | 0.79x | 0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 1.58K | 880 | 0 | 364 | 4.35K | 45.54K | 3.16K | 0 | 0 | 13.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital structure dilution risk
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio fluctuating from 0.50 to 15.38, suggesting that accounting-based net losses provide a poor proxy for the actual liquidity consumption required to sustain clinical operations.
The extreme volatility in the OCF/NI ratio indicates that non-cash adjustments, likely related to warrant revaluations, frequently obscure the true cash-burning nature of the business. Investors should monitor this divergence, as it suggests that reported net income is not a reliable indicator of the company's actual operational funding requirements.
Based on Cellectar's reported figures, the company consistently generates negative free cash flow, with quarterly outflows frequently exceeding $9 million, underscoring a structural inability to self-fund R&D activities through internal operations while awaiting potential commercialization of its lead radiopharmaceutical candidate.
The persistent negative FCF trajectory confirms that the company remains entirely dependent on external capital markets to bridge the gap between clinical development and revenue generation. This trend appears unlikely to reverse until the company successfully transitions to a commercial model or secures significant non-dilutive milestone payments.
According to recent SEC filings, working capital changes have been highly inconsistent, swinging from a $3.7 million outflow in 2025Q1 to a $2.2 million inflow in 2024Q3, which suggests that timing differences in clinical trial payments and vendor management create significant quarterly liquidity noise.
These fluctuations in working capital appear to be driven by the lumpy nature of clinical trial expenses and the timing of research-related obligations. Such volatility complicates cash flow forecasting and highlights the sensitivity of the company's limited cash reserves to operational timing shifts.
As indicated by the cash flow statement, the company's reliance on stock-based compensation, which reached $1.5 million in 2024Q4, serves as a critical non-cash expense that effectively subsidizes operational burn while simultaneously diluting existing shareholders to preserve scarce cash reserves for trial execution.
The use of equity-based incentives appears to be a strategic necessity to manage cash burn, yet it masks the true cost of talent acquisition in the competitive radiopharmaceutical space. Investors should interpret these non-cash adjustments as a form of deferred financing that ultimately impacts the long-term equity value.
Quick answers to the most common questions about buying CLRB stock.
Cellectar Biosciences, Inc. (CLRB) generated $-23.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cellectar Biosciences, Inc. (CLRB) reported negative free cash flow of $23.1M in 2025, indicating capital requirements exceeded cash from operations.
Cellectar Biosciences, Inc. (CLRB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.