What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-13 compared with 2026-05-14 · 110 added, 50 removed, 428 unchanged (27% of the section changed)

9 unchanged sentences

Other long-term assets

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

7 unchanged sentences

MEZZANINE EQUITY:

Series D preferred stock, 111.11 shares authorized, issued and outstanding as of March 31, 2026 and December 31, 2025

Series D preferred stock, 111.11 shares authorized, 0.00 and 111.11 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

STOCKHOLDERS’ EQUITY:

Series E-2 preferred stock, 1,225 shares authorized;

35.60 shares issued and outstanding as of March 31, 2026 and December 31, 2025

0.00 and 35.60 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Common stock, $ 0.00001 par value;

170,000,000 shares authorized;

4,240,129 shares issued and outstanding as of March 31, 2026 and December 31, 2025

8,252,108 and 4,240,129 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital

2 unchanged sentences

( 269,133,500 )

Total stockholders’ equity (deficit)

Total stockholders’ equity

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

OPERATING EXPENSES:

5 unchanged sentences

( 6,037,529 )

( 12,989,953 )

( 12,438,520 )

OTHER INCOME (EXPENSE):

4 unchanged sentences

( 5,447,911 )

NET LOSS PER SHARE — BASIC AND DILUTED

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED

( 12,584,598 )

( 12,051,940 )

NET LOSS PER SHARE — BASIC

NET LOSS PER SHARE — DILUTED

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC

WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED

The accompanying notes are an integral part of these condensed consolidated financial statements.

CELLECTAR BIOSCIENCES, INC.

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

Series D Preferred

2 unchanged sentences

Paid-In Capital

(Deficit) Equity

Balance at December 31, 2024

5 unchanged sentences

( 253,946,492 )

Stock-based compensation

Exercise of warrants for common stock, net of issuance costs

( 5,447,911 )

Balance at June 30, 2025

( 259,394,403 )

Balance at December 31, 2025

5 unchanged sentences

( 274,787,446 )

Stock-based compensation

Issuance of common stock, pre-funded warrants, and common warrants, net of issuance costs

Conversion of pre-funded warrants into common stock

Conversion of Series D preferred stock into common stock

( 1,382,023 )

Conversion of Series E-2 preferred stock into common stock

( 6,930,653 )

Balance at June 30, 2026

( 281,718,099 )

The accompanying notes are an integral part of these condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

17 unchanged sentences

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from exercise of warrants, net of issuance costs (Note 2)

Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs (Note 2)

Cash provided by financing activities

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

( 12,247,580 )

( 9,383,434 )

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

1 unchanged sentence

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Settlement of warrants to equity

Conversion of preferred stock to common stock

Value of warrants issued to placement agent

Right of use asset obtained in exchange for operating lease liability

6 unchanged sentences

Going Concern — As a pre-revenue biotechnology company, the Company has, by design, incurred significant recurring losses and used net cash in its operations since its inception as it devotes substantially all of its efforts towards researching, developing and seeking approval for its product candidates to be commercialized in the marketplace.

As a result of these efforts, the Company had an accumulated deficit of approximately $275,000,000 as of March 31, 2026, and incurred a net loss of approximately $5,700,000 during the three months ended March 31, 2026.

As a result of these efforts, the Company had an accumulated deficit of approximately $281,700,000 as of June 30, 2026, and incurred a net loss of approximately $12,600,000 during the six months ended June 30, 2026.

The Company expects it will continue to generate significant losses and use net cash for the foreseeable future, until such time that one or more of its product candidates are approved and successfully commercialized in the marketplace.

5 unchanged sentences

Absent further action taken by management to increase its liquidity, the Company may be unable to fund its operations under normal course beyond the second quarter of 2027.

Subsequent to the end of the quarter, the Company entered into a securities purchase agreement with certain institutional investors, and an additional securities purchase agreement with certain members of management, to issue and sell up to an aggregate of approximately $ 35 million upfront and $ 105 million in milestone-based securities.

To improve the Company’s liquidity, management plans to secure additional outside capital via the sale of equity and/or debt securities or execute a strategic transaction.

12 unchanged sentences

The accompanying Condensed Consolidated Balance Sheet as of December 31, 2025, has been derived from the Company’s audited financial statements.

The accompanying Condensed Consolidated Balance Sheet as of March 31, 2026, and the Condensed Consolidated Statements of Operations, Cash Flows, and the Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity for the three months ended March 31, 2026 and 2025, and the related interim information contained within the Notes to the Condensed Consolidated Financial Statements, have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.

The accompanying Condensed Consolidated Balance Sheet as of June 30, 2026, and the Condensed Consolidated Statements of Operations, Cash Flows, and the Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity for the six months ended June 30, 2026 and 2025, and the related interim information contained within the Notes to the Condensed Consolidated Financial Statements, have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S.

GAAP) for interim financial information and with the instructions, rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information.

1 unchanged sentence

GAAP for complete financial statements.

In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments which are of a nature necessary for the fair presentation of the Company’s consolidated financial position as of March 31, 2026, and consolidated results of its operations, cash flows, and consolidated statements of convertible preferred stock and stockholders’ equity for the three months ended March 31, 2026 and 2025.

The results for the three months ended March 31, 2026, are not necessarily indicative of future results.

In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments which are of a nature necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2026, and consolidated results of its operations, cash flows, and consolidated statements of convertible preferred stock and stockholders’ equity for the six months ended June 30, 2026 and 2025.

The results for the six months ended June 30, 2026, are not necessarily indicative of future results.

These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 4, 2026.

14 unchanged sentences

Such analyses necessarily involve judgement.

The Company did not experience any events or changes in circumstances that indicate the carrying amount of the assets may not be recoverable as of March 31, 2026.

There were no fixed asset impairment charges recorded during the three months ended March 31, 2026 or 2025.

The Company did not experience any events or changes in circumstances that indicate the carrying amount of the assets may not be recoverable as of June 30, 2026.

There were no fixed asset impairment charges recorded during the six months ended June 30, 2026 or 2025.

Right-of-Use Asset and Lease Liabilities — The Company accounts for all material leases in accordance with FASB Accounting Standards Codification (ASC) Topic 842, Leases.

1 unchanged sentence

Stock-Based Compensation — The Company uses the Black-Scholes option-pricing model to calculate the grant-date fair value of stock option awards.

The resulting compensation expense, net of forfeitures for awards that are not performance-based, is recognized on a straight-line basis over the service period of the award, which in the three months ended March 31, 2026 and 2025, ranged from twelve months to three years .

The resulting compensation expense, net of forfeitures for awards that are not performance-based, is recognized on a straight-line basis over the service period of the award, which in the six months ended June 30, 2026 and 2025, ranged from twelve months to three years .

Research and Development — Research and development costs are expensed as incurred.

9 unchanged sentences

Tax positions deemed not to meet a more-likely-than-not threshold would be recorded as tax expense in the current year.

There are no uncertain tax positions that require accrual to or disclosure in the financial statements as of March 31, 2026 and December 31, 2025.

There are no uncertain tax positions that require accrual to or disclosure in the financial statements as of June 30, 2026 and December 31, 2025.

Fair Value of Financial Instruments — The guidance under ASC Topic 825, Financial Instruments, requires disclosure of the fair value of certain financial instruments.

11 unchanged sentences

Concentration of Credit Risk — Financial instruments that subject the Company to credit risk consist of cash and cash equivalents on deposit with financial institutions.

The Company’s excess cash as of March 31, 2026 and December 31, 2025 is on deposit in interest-bearing accounts with well-established financial institutions.

The Company’s excess cash as of June 30, 2026 and December 31, 2025 is on deposit in interest-bearing accounts with well-established financial institutions.

At times, such amounts may exceed the FDIC insurance limits.

As of March 31, 2026, and December 31, 2025, uninsured cash balances totaled approximately $ 8,097,000 and $ 12,946,000 , respectively.

As of June 30, 2026, and December 31, 2025, uninsured cash balances totaled approximately $ 33,744,000 and $ 12,946,000 , respectively.

Government Assistance — In accordance with ASC 832, Government Assistance, the Company discloses certain types of government assistance they receive in the notes to the financial statements.

6 unchanged sentences

The funding allows for an expansion from Part 1a into the Part 1b portion of the ongoing Phase 1 pediatric study.

During the three months ended March 31, 2026 and 2025, the Company received approximately $ 0 and $ 0 in NCI grant funding under the grants described above, respectively.

During the six months ended June 30, 2026 and 2025, the Company did no t receive any NCI grant funding under the grants described above.

Recently Issued Accounting Pronouncements Not Yet Adopted — In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

17 unchanged sentences

Improvements to Income Tax Disclosures .

This standard increases the transparency and decision usefulness of income tax disclosures for investors by requiring informationto better assess how an entity’s operations and related tax risks, planning, and operational opportunities affect its tax rate and prospects for future cashflows.

This standard increases the transparency and decision usefulness of income tax disclosures for investors by requiring information to better assess how an entity’s operations and related tax risks, planning, and operational opportunities affect its tax rate and prospects for future cashflows.

This standard requires entities to provide enhanced disclosures related to the income tax rate reconciliation and income taxes paid.

This standard iseffective for all entities that are subject to Topic 740, Income Taxes for annual periods beginning after December 15, 2024, but early adoption is permitted.

This standard is effective for all entities that are subject to Topic 740, Income Taxes for annual periods beginning after December 15, 2024, but early adoption is permitted.

The Company adopted this standard in fiscal year 2025, utilizing the retrospective application as permitted in the standard.

STOCKHOLDERS’ EQUITY

May 2026 Public Offering and Private Placement

On May 5, 2026, the Company entered into a securities purchase agreement with certain institutional investors, and an additional securities purchase agreement with certain members of management, to issue and sell an aggregate of approximately $ 35.0 million gross ($ 31.7 million net) upfront and up to $ 105 million in milestone-based securities in a registered direct offering of common stock and a concurrent private placement of common stock, pre-funded warrants, and milestone-based warrants.

The registered direct offering involves the issuance and sale of 1,618,053 shares of common stock, $ 0.00001 par value per share and the private placement involves the issuance and sale of (i) 2,116,887 shares of common stock, (ii) pre-funded warrants to purchase 9,471,086 shares of common stock and (iii) 13,206,026 each of milestone-based Tranche A, Tranche B and Tranche C Warrants.

The Tranche A, B and C Warrants are exercisable at $ 2.65 upon approval by the Company’s stockholders, and expire one, two, and five years from the date of such approval, respectively.

Additionally, the Company issued 792,362 warrants to the placement agent with similar terms to the Tranche C warrants, with the exception that the strike price is $ 4.1075 .

The warrants are callable, for cash, by the Company under certain conditions.

Each warrant tranche has a Mandatory Exercise Milestone.

For the Tranche A Warrants the Mandatory Exercise Milestone is the initiation of the Randomized Confirmatory Phase 3 Study, defined as the enrollment of the first patient in the study.

For the Tranche B Warrants the Mandatory Exercise Milestone is the acceptance for review of the New Drug Application by the U.S.

Food and Drug Administration (FDA).

For the Tranche C Warrants the Mandatory Exercise Milestone is the approval of the New Drug Application by the FDA.

In addition to achieving the Mandatory Exercise Milestone, two additional criteria must be met for any of the warrants to be callable.

The first criterion is the Company’s common stock Volume Weighted Average Price (VWAP) must equal or exceed $ 3.45 for 20 consecutive trading days.

The second criterion is that the average trading volume must exceed $ 500,000 (based on the VWAP) for the same 20 consecutive trading days.

For the placement agent warrants to be called, the Tranche C milestone and criteria must be met, except the VWAP price must equal or exceed $ 5.34 for 20 consecutive trading days.

The Company performed an evaluation of the Tranche A, Tranche B and Tranche C Warrants utilizing the criteria in ASC 480, Distinguishing Liabilities from Equity, and concluded they do not meet any of the conditions necessary to be classified as a liability.

A further evaluation based upon the criteria in ASC 815, Derivatives and Hedging, determined the Common Warrants meet all the criteria necessary to be classified as permanent equity.

October 2025 Warrant Inducement

10 unchanged sentences

On July 2, 2025, the Company completed an underwritten public offering for gross proceeds of approximately $ 6.9 million, prior to deducting underwriting commissions and offering expenses.

The offering was composed of (i) 1,045,000 Class A Units (which includes 180,000 Class A Units issued pursuant to the Underwriter’s exercise of the over-allotment option in full) with each Class A Unit consisting of (a) one share of common stock and (b) one common warrant to purchase one share of common stock (the Common Warrants), and (ii) 335,000 Class B Units with each Class B Unit consisting of (a) one pre-funded common stock purchase warrant to purchase one share of common stock (Pre-funded Warrants) and (b) one Common Warrant.

The offering was composed of (i) 1,045,000 Class A Units (which includes 180,000 Class A Units issued pursuant to the Underwriter’s exercise of the over-allotment option in full) with each Class A

Unit consisting of (a) one share of common stock and (b) one common warrant to purchase one share of common stock (the Common Warrants), and (ii) 335,000 Class B Units with each Class B Unit consisting of (a) one pre-funded common stock purchase warrant to purchase one share of common stock (Pre-funded Warrants) and (b) one Common Warrant.

The price per Class A Unit is $ 5.00 and the price per Class B Unit is $ 4.99999 (collectively, the Offering).

37 unchanged sentences

See Note 3 for the related valuation.

There are 35.60 shares of Series E-2 preferred stock outstanding as of March 31, 2026.

As of June 30, 2026, all shares of Series E-2 preferred stock have been converted into common stock.

October 2022 Public Offering and Private Placement

On October 25, 2022, the Company completed a registered direct offering and concurrent private placement transaction.

As of March 31, 2026, there remain 75,939 warrants outstanding that are immediately exercisable at an exercise price of $ 58.80 per share and will expire on the fifth anniversary of the closing date.

As of June 30, 2026, there remain 75,939 warrants outstanding that are immediately exercisable at an exercise price of $ 58.80 per share and will expire on the fifth anniversary of the closing date.

Due to a cash settlement feature, the warrants are liability classified.

See Note 3 for the related valuation.

The following table summarizes information with regard to outstanding warrants to purchase stock as of March 31, 2026:

December 2020 Preferred Stock

As of June 30, 2026, all shares of Series D preferred stock issued in 2020 have been converted to common stock.

The following table summarizes information with regard to outstanding warrants to purchase stock as of June 30, 2026:

Number of Common

2 unchanged sentences

Expiration Date

2026 May Pre-Funded Warrants

2026 May Tranche A Common Warrants

2026 May Tranche B Common Warrants

2026 May Tranche C Common Warrants

2026 May Placement Agent Warrants

2025 October Series I Common Warrants

14 unchanged sentences

October 25, 2027

The 2025 October Series I and Series II Common Warrants, the 2025 July Common Warrants, and the 2025 Representative Warrants are classified as equity.

All other warrants in the table above are liability classified.

The warrants issued in 2026 and 2025 are equity-classified, and the warrants issued in 2024, 2023 and 2022 are liability-classified.

In accordance with ASC 820, Fair Value Measurements and Disclosures, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded, and the reliability of the assumptions used to determine fair value:

9 unchanged sentences

This determination requires significant judgments be made.

The following table summarizes the conclusions reached as of March 31, 2026 and 2025 for financial instruments measured at fair value on a recurring basis.

March 31, 2026

The following table summarizes the conclusions reached as of June 30, 2026 and 2025, for financial instruments measured at fair value on a recurring basis.

June 30, 2026

Cash and cash equivalents

1 unchanged sentence

Total liabilities

March 31, 2025

June 30, 2025

Cash and cash equivalents

12 unchanged sentences

Expected volatility was determined based upon the historical volatility of the Company’s common stock.

The 2024 Warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized, and had a fair value of $ 135,000 and $ 180,000 as of March 31, 2026, and December 31, 2025, respectively, which is included in the warrant liability caption on the accompanying balance sheets.

The following table summarizes the modified option-pricing assumptions used on March 31, 2026 and December 31, 2025:

The 2024 Warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized, and had a fair value of approximately $ 12,000 and $ 180,000 as of June 30, 2026, and December 31, 2025, respectively, which is included in the warrant liability caption on the accompanying balance sheets.

The following table summarizes the modified option-pricing assumptions used on June 30, 2026 and December 31, 2025:

79.1 - 118.30

110.00 - 117.00

Risk-free interest rate

3 unchanged sentences

The quantitative elements associated with the inputs impacting the fair value measurement of the 2023 Warrants include the value per share of the underlying common stock, the risk-free interest rate, the expected dividend yield and the expected volatility of the Company’s shares.

free interest rate is determined by reference to the U.S.

The risk-free interest rate is determined by reference to the U.S.

Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants.

2 unchanged sentences

These warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized.

The 2023 Warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized, and had a fair value of $ 7,000 and $ 5,000 as of March 31, 2026 and December 31, 2025, respectively, which is included in the warrant liability caption on the accompanying balance sheets.

The following table summarizes the modified option-pricing assumptions used on March 31, 2026 and December 31, 2025:

The 2023 Warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized, and had a fair value approximately of $ 3,000 and $ 5,000 as of June 30, 2026 and December 31, 2025, respectively, which is included in the warrant liability caption on the accompanying balance sheets.

The following table summarizes the modified option-pricing assumptions used on June 30, 2026 and December 31, 2025:

125.50 - 150.70

100.17 - 125.50

Risk-free interest rate

7 unchanged sentences

Expected volatility was determined based upon the historical volatility of the Company’s common stock.

These warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized, and had a fair value of $ 7,000 and $ 41,000 as of March 31, 2026 and December 31, 2025, respectively, which is included in the warrant liability caption on the accompanying balance sheets.

These warrants are classified within the Level 3 hierarchy because of the nature of these inputs and the valuation technique utilized, and had a fair value of approximately $ 2,000 and $ 41,000 as of June 30, 2026 and December 31, 2025, respectively, which is included in the warrant liability caption on the accompanying balance sheets.

The following table summarizes the assumptions used at each financial reporting date:

1 unchanged sentence

Expected life (years)

The following table summarizes the changes in the fair market value of the warrants which are classified within the Level 3 fair value hierarchy for the three months ended March 31, 2026 and 2025:

The following table summarizes the changes in the fair market value of the warrants which are classified within the Level 3 fair value hierarchy for the six months ended June 30, 2026 and 2025:

Beginning warrant fair value

Change in warrant fair value

Settlement of warrants to equity

( 1,044,060 )

Ending warrant fair value

18 unchanged sentences

Three Months Ended

Six Months Ended

Employee and director stock option grants:

19 unchanged sentences

The Company has not historically recorded dividends related to stock options.

Exercise prices for all grants made during the three months ended March 31, 2026 and March 31, 2025, were equal to the market value of the Company’s common stock on the date of grant.

Exercise prices for all grants made during the six months ended June 30, 2026 and June 30, 2025, were equal to the market value of the Company’s common stock on the date of grant.

The Company accounts for income taxes in accordance with the liability method of accounting.

1 unchanged sentence

Deferred income tax expense or benefit is based on changes in the asset or liability from period to period.

The Company did not record a provision or benefit for federal, state or foreign income taxes for the three months ended March 31, 2026 or 2025 because the Company has experienced losses on a tax basis since inception.

The Company did not record a provision or benefit for federal, state or foreign income taxes for the six months ended June 30, 2026 or 2025, because the Company has experienced losses on a tax basis since inception.

Management has provided a full allowance against the value of its gross deferred tax assets in light of the continuing losses and uncertainty associated with the utilization of the NOLs in the future.

4 unchanged sentences

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock and pre-funded warrants outstanding during the period.

The pre-funded warrants are considered common shares outstanding for the purposes of the basic net loss per share calculation due to the nominal cash consideration and lack of other contingencies for issuance of the underlying common shares.

The pre-funded warrants are considered common shares outstanding for the purposes of the basic net loss per share calculation as a result of the nominal cash consideration and lack of other contingencies for issuance of the underlying common shares.

Diluted net loss attributable to common stockholders per share is computed by dividing net loss attributable to common stockholders, as adjusted, by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding.

1 unchanged sentence

In accordance with ASC Topic 260, Earnings per Share, diluted earnings per share are the amount of earnings for the period available to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period.

In the quarters ended March 31, 2026 and 2025, all outstanding warrants were antidilutive.

In the quarters ended June 30, 2026 and 2025, all outstanding warrants were antidilutive.

The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive.

This table does not include the Tranche A, B and C warrants issued in May 2026, as they were not exercisable until stockholder approval was received (see Note 10):

Three Months Ended

Six Months Ended

Preferred shares on an as-converted-into-common-stock basis

20 unchanged sentences

Maturity Analysis of Short-Term and Operating Leases

The following table approximates the dollar maturity of the Company’s undiscounted payments for its operating lease liabilities as of March 31, 2026:

The following table approximates the dollar maturity of the Company’s undiscounted payments for its short-term leases and operating lease liabilities as of June 30, 2026:

Years ending December 31,

13 unchanged sentences

Three Months Ended

Six Months Ended

Research and development:

2 unchanged sentences

Phase 1 study in triple-negative breast cancer

Phase 3 study in WM

Manufacturing and related costs

Pre-clinical projects costs

Pre-clinical projects cost

General research and development costs

4 unchanged sentences

SUBSEQUENT EVENTS

On May 5, 2026, the Company entered into a securities purchase agreement with certain institutional investors, and an additional securities purchase agreement with certain members of management, to issue and sell an aggregate of approximately $ 31 million net upfront and up to $ 105 million in milestone-based securities in a registered direct offering of common stock and a concurrent private placement of common stock, pre-funded warrants, and milestone-based warrants.

At the Company’s Annual Stockholders’ Meeting, held on July 7, 2026, the stockholders approved the May 6, 2026, financing transaction.

As a result, the warrants issued to investors as part of the financing transaction became exercisable on that date.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements