| Schedule of restatement of previously issued financial statement |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
As Previously |
|
Restatement |
|
|
|
|
|
|
|
Reported |
|
Adjustments |
|
Reference |
|
As Restated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,564,988 |
|
$ |
— |
|
|
|
$ |
9,564,988 |
Prepaid expenses and other current assets |
|
|
888,225 |
|
|
— |
|
|
|
|
888,225 |
Total current assets |
|
|
10,453,213 |
|
|
— |
|
|
|
|
10,453,213 |
Property, plant & equipment, net |
|
|
1,090,304 |
|
|
— |
|
|
|
|
1,090,304 |
Operating lease right-of-use asset |
|
|
502,283 |
|
|
— |
|
|
|
|
502,283 |
Other long-term assets |
|
|
29,780 |
|
|
— |
|
|
|
|
29,780 |
TOTAL ASSETS |
|
$ |
12,075,580 |
|
$ |
— |
|
|
|
$ |
12,075,580 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
9,178,645 |
|
$ |
— |
|
|
|
$ |
9,178,645 |
Warrant liability |
|
|
3,700,000 |
|
|
12,420,898 |
|
A, C |
|
|
16,120,898 |
Lease liability, current |
|
|
58,979 |
|
|
— |
|
|
|
|
58,979 |
Total current liabilities |
|
|
12,937,624 |
|
|
12,420,898 |
|
|
|
|
25,358,522 |
Lease liability, net of current portion |
|
|
494,003 |
|
|
— |
|
|
|
|
494,003 |
TOTAL LIABILITIES |
|
|
13,431,627 |
|
|
12,420,898 |
|
|
|
|
25,852,525 |
COMMITMENTS AND CONTINGENCIES (Note 10) |
|
|
|
|
|
|
|
|
|
|
|
MEZZANINE EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
Series D preferred stock, 111.11 shares authorized, issued and outstanding as of December 31, 2023 |
|
|
— |
|
|
1,382,023 |
|
A |
|
|
1,382,023 |
STOCKHOLDERS’ (DEFICIT) EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
Series D convertible preferred stock, 111.11 shares authorized, issued and outstanding as of December 31, 2023 |
|
|
1,382,023 |
|
|
(1,382,023) |
|
A |
|
|
— |
Series E-2 preferred stock, 1,225.00 shares authorized; 319.76 shares issued and outstanding as of December 31, 2023 |
|
|
4,677,632 |
|
|
— |
|
|
|
|
4,677,632 |
Common stock, $0.00001 par value; 170,000,000 shares authorized; 20,744,110 shares issued and outstanding as of December 31 2023 |
|
|
207 |
|
|
— |
|
|
|
|
207 |
Additional paid-in capital |
|
|
210,066,630 |
|
|
(27,142,420) |
|
A, B, C, F |
|
|
182,924,210 |
Accumulated deficit |
|
|
(217,482,539) |
|
|
14,721,522 |
|
B, D, F |
|
|
(202,761,017) |
Total stockholders’ (deficit) equity |
|
|
(1,356,047) |
|
|
(13,802,921) |
|
|
|
|
(15,158,968) |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
$ |
12,075,580 |
|
$ |
— |
|
|
|
$ |
12,075,580 |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
As Previously |
|
Restatement |
|
|
|
|
|
|
|
Reported |
|
Adjustments |
|
Reference |
|
As Restated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,866,358 |
|
$ |
— |
|
|
|
$ |
19,866,358 |
Prepaid expenses and other current assets |
|
|
663,243 |
|
|
— |
|
|
|
|
663,243 |
Total current assets |
|
|
20,529,601 |
|
|
— |
|
|
|
|
20,529,601 |
Property, plant & equipment, net |
|
|
418,641 |
|
|
— |
|
|
|
|
418,641 |
Operating lease right-of-use asset |
|
|
560,334 |
|
|
— |
|
|
|
|
560,334 |
Other long-term assets |
|
|
81,214 |
|
|
— |
|
|
|
|
81,214 |
TOTAL ASSETS |
|
$ |
21,589,790 |
|
$ |
— |
|
|
|
$ |
21,589,790 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
5,478,443 |
|
$ |
— |
|
|
|
$ |
5,478,443 |
Warrant liability |
|
|
— |
|
|
5,972,252 |
|
A |
|
|
5,972,252 |
Lease liability, current |
|
|
50,847 |
|
|
— |
|
|
|
|
50,847 |
Total current liabilities |
|
|
5,529,290 |
|
|
5,972,252 |
|
|
|
|
11,501,542 |
Lease liability, net of current portion |
|
|
552,981 |
|
|
— |
|
|
|
|
552,981 |
TOTAL LIABILITIES |
|
|
6,082,271 |
|
|
5,972,252 |
|
|
|
|
12,054,523 |
COMMITMENTS AND CONTINGENCIES (Note 10) |
|
|
|
|
|
|
|
|
|
|
|
MEZZANINE EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
Series D convertible preferred stock, 111.11 shares authorized, issued and outstanding as of December 31, 2023 |
|
|
— |
|
|
1,382,023 |
|
A |
|
|
1,382,023 |
STOCKHOLDERS’ (DEFICIT) EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
Series D preferred stock, 111.11 shares authorized, issued and outstanding as of December 31, 2022 |
|
|
1,382,023 |
|
|
(1,382,023) |
|
A |
|
|
— |
Common stock, $0.00001 par value; 170,000,000 shares authorized; 9,385,272 shares issued and outstanding as of December 31 2022 |
|
|
94 |
|
|
— |
|
|
|
|
94 |
Additional paid-in capital |
|
|
193,624,445 |
|
|
(25,480,888) |
|
A, B, F |
|
|
168,143,557 |
Accumulated deficit |
|
|
(179,499,043) |
|
|
19,508,636 |
|
B, D, F |
|
|
(159,990,407) |
Total stockholders’ (deficit) equity |
|
|
15,507,519 |
|
|
(7,354,275) |
|
|
|
|
8,153,244 |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
$ |
21,589,790 |
|
$ |
— |
|
|
|
$ |
21,589,790 |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
|
As Previously |
|
|
|
|
|
|
|
|
|
|
Reported |
|
Adjustments |
|
Reference |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
28,211,460 |
|
$ |
(945,184) |
|
E |
|
$ |
27,266,276 |
General and administrative |
|
|
10,749,183 |
|
|
945,184 |
|
E |
|
|
11,694,367 |
Total operating expenses |
|
|
38,960,643 |
|
|
— |
|
|
|
|
38,960,643 |
LOSS FROM OPERATIONS |
|
|
(38,960,643) |
|
|
— |
|
|
|
|
(38,960,643) |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
Warrant issuance expense |
|
|
(470,000) |
|
|
— |
|
|
|
|
(470,000) |
Gain (loss) on valuation of warrants |
|
|
1,000,000 |
|
|
(4,787,114) |
|
D |
|
|
(3,787,114) |
Interest income |
|
|
387,147 |
|
|
— |
|
|
|
|
387,147 |
Total other income (expense), net |
|
|
917,147 |
|
|
(4,787,114) |
|
|
|
|
(3,869,967) |
LOSS BEFORE INCOME TAXES |
|
|
(38,043,496) |
|
|
(4,787,114) |
|
|
|
|
(42,830,610) |
INCOME TAX BENEFIT |
|
|
(60,000) |
|
|
— |
|
|
|
|
(60,000) |
NET LOSS |
|
$ |
(37,983,496) |
|
$ |
(4,787,114) |
|
|
|
$ |
(42,770,610) |
NET LOSS PER SHARE — BASIC AND DILUTED |
|
$ |
(3.11) |
|
$ |
(0.39) |
|
|
|
$ |
(3.50) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED |
|
|
12,221,571 |
|
|
— |
|
|
|
|
12,221,571 |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 |
|
|
As Previously |
|
|
|
|
|
|
|
|
|
|
Reported |
|
Adjustments |
|
Reference |
|
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
19,219,603 |
|
$ |
(953,892) |
|
E |
|
$ |
18,265,711 |
General and administrative |
|
|
9,594,170 |
|
|
953,892 |
|
E |
|
|
10,548,062 |
Total operating expenses |
|
|
28,813,773 |
|
|
— |
|
|
|
|
28,813,773 |
LOSS FROM OPERATIONS |
|
|
(28,813,773) |
|
|
— |
|
|
|
|
(28,813,773) |
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
|
|
|
|
Warrant issuance expense |
|
|
— |
|
|
(6,824,605) |
|
B, D |
|
|
(6,824,605) |
Gain (loss) on valuation of warrants |
|
|
— |
|
|
3,633,241 |
|
D |
|
|
3,633,241 |
Interest income |
|
|
152,519 |
|
|
— |
|
|
|
|
152,519 |
Total other income (expense), net |
|
|
152,519 |
|
|
(3,191,364) |
|
|
|
|
(3,038,845) |
LOSS BEFORE INCOME TAXES |
|
|
(28,661,254) |
|
|
(3,191,364) |
|
|
|
|
(31,852,618) |
INCOME TAX BENEFIT |
|
|
(60,000) |
|
|
— |
|
|
|
|
(60,000) |
NET LOSS |
|
$ |
(28,601,254) |
|
$ |
(3,191,364) |
|
|
|
$ |
(31,792,618) |
NET LOSS PER SHARE — BASIC AND DILUTED |
|
$ |
(4.05) |
|
$ |
(0.45) |
|
|
|
$ |
(4.51) |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED |
|
|
7,055,665 |
|
|
— |
|
|
|
|
7,055,665 |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
|
|
Preferred Stock |
|
Common Stock |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
Additional |
|
Accumulated |
|
Stockholders' |
|
|
Shares |
|
Amount |
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Paid-In Capital |
|
Deficit |
|
Equity (Deficit) |
Previously Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
— |
|
$ |
— |
|
|
111.11 |
|
$ |
1,382,023 |
|
6,110,125 |
|
$ |
61 |
|
$ |
182,560,859 |
|
$ |
(150,897,789) |
|
$ |
33,045,154 |
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
3,275,153 |
|
|
33 |
|
|
9,610,622 |
|
|
— |
|
|
9,610,655 |
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
1,452,964 |
|
|
— |
|
|
1,452,964 |
Retired shares |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(6) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(28,601,254) |
|
|
(28,601,254) |
Balance at December 31, 2022 |
|
— |
|
|
— |
|
|
111.11 |
|
|
1,382,023 |
|
9,385,272 |
|
|
94 |
|
|
193,624,445 |
|
|
(179,499,043) |
|
|
15,507,519 |
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
2,410,288 |
|
|
— |
|
|
2,410,288 |
Exercise of warrants into common stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
1,197,622 |
|
|
12 |
|
|
789,630 |
|
|
— |
|
|
789,642 |
Issuance of preferred stock, net of issuance costs (Note 6) |
|
— |
|
|
— |
|
|
1,225.00 |
|
|
17,920,000 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17,920,000 |
Conversion of preferred stock to common stock |
|
— |
|
|
— |
|
|
(905.24) |
|
|
(13,242,368) |
|
9,947,684 |
|
|
99 |
|
|
13,242,269 |
|
|
— |
|
|
— |
Stock awards (Note 7) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
213,532 |
|
|
2 |
|
|
(2) |
|
|
— |
|
|
— |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(37,983,496) |
|
|
(37,983,496) |
Balance at December 31, 2023 |
|
— |
|
$ |
— |
|
|
430.87 |
|
$ |
6,059,655 |
|
20,744,110 |
|
$ |
207 |
|
$ |
210,066,630 |
|
$ |
(217,482,539) |
|
$ |
(1,356,047) |
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 (A, F) |
|
111.11 |
|
$ |
1,382,023 |
|
|
(111.11) |
|
$ |
(1,382,023) |
|
— |
|
$ |
— |
|
$ |
(25,300,000) |
|
$ |
22,700,000 |
|
$ |
(3,982,023) |
Reclassification of warrants to liability (A) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(7,005,493) |
|
|
— |
|
|
(7,005,493) |
Warrant-related issuance expense (B) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
6,824,605 |
|
|
— |
|
|
6,824,605 |
Net loss (B, D) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(3,191,364) |
|
|
(3,191,364) |
Balance at December 31, 2022 |
|
111.11 |
|
|
1,382,023 |
|
|
(111.11) |
|
|
(1,382,023) |
|
— |
|
|
— |
|
|
(25,480,888) |
|
|
19,508,636 |
|
|
(7,354,275) |
Exercise of warrants into common stock (A) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
1,677,580 |
|
|
— |
|
|
1,677,580 |
Reclassification of warrants to liability (C) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(3,239,112) |
|
|
— |
|
|
(3,239,112) |
Issuance of Series E-2 preferred stock, net of issuance costs (Note 6) (D) |
|
— |
|
|
— |
|
|
— |
|
|
(100,000) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(100,000) |
Conversion of preferred stock to common stock (D) |
|
— |
|
|
— |
|
|
— |
|
|
100,000 |
|
— |
|
|
— |
|
|
(100,000) |
|
|
— |
|
|
— |
Net loss (D) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(4,787,114) |
|
|
(4,787,114) |
Balance at December 31, 2023 |
|
111.11 |
|
$ |
1,382,023 |
|
|
(111.11) |
|
$ |
(1,382,023) |
|
— |
|
$ |
— |
|
$ |
(27,142,420) |
|
$ |
14,721,522 |
|
$ |
(13,802,921) |
As Restated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2021 |
|
111.11 |
|
$ |
1,382,023 |
|
|
— |
|
$ |
— |
|
6,110,125 |
|
$ |
61 |
|
$ |
157,260,859 |
|
$ |
(128,197,789) |
|
$ |
29,063,131 |
Issuance of common stock and pre-funded warrants net of issuance costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
3,275,153 |
|
|
33 |
|
|
9,429,734 |
|
|
— |
|
|
9,429,767 |
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
1,452,964 |
|
|
— |
|
|
1,452,964 |
Retired shares |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(6) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(31,792,618) |
|
|
(31,792,618) |
Balance at December 31, 2022 |
|
111.11 |
|
|
1,382,023 |
|
|
— |
|
|
— |
|
9,385,272 |
|
|
94 |
|
|
168,143,557 |
|
|
(159,990,407) |
|
|
8,153,244 |
Stock-based compensation (Note 7) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
2,410,288 |
|
|
— |
|
|
2,410,288 |
Exercise of warrants into common stock |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
1,197,622 |
|
|
12 |
|
|
2,467,210 |
|
|
— |
|
|
2,467,222 |
Issuance of Series E-2 preferred stock, net of issuance costs (Note 6) |
|
— |
|
|
— |
|
|
1,225.00 |
|
|
17,820,000 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17,820,000 |
Conversion of preferred stock to common stock |
|
— |
|
|
— |
|
|
(905.24) |
|
|
(13,142,368) |
|
9,947,684 |
|
|
99 |
|
|
13,142,269 |
|
|
— |
|
|
— |
Reclassification of pre-funded warrants to liability liability |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
(3,239,112) |
|
|
— |
|
|
(3,239,112) |
Stock awards (Note 7) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
213,532 |
|
|
2 |
|
|
(2) |
|
|
— |
|
|
— |
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
— |
|
|
— |
|
|
— |
|
|
(42,770,610) |
|
|
(42,770,610) |
Balance at December 31, 2023 |
|
111.11 |
|
$ |
1,382,023 |
|
|
319.76 |
|
$ |
4,677,632 |
|
20,744,110 |
|
$ |
207 |
|
$ |
182,924,210 |
|
$ |
(202,761,017) |
|
$ |
(15,158,968) |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
|
As Previously |
|
|
|
|
|
|
|
|
|
|
Reported |
|
Adjustments |
|
Reference |
|
As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(37,983,496) |
|
$ |
(4,787,114) |
|
D |
|
$ |
(42,770,610) |
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
192,375 |
|
|
— |
|
|
|
|
192,375 |
Stock-based compensation |
|
|
2,410,288 |
|
|
— |
|
|
|
|
2,410,288 |
Loss on disposal of asset |
|
|
— |
|
|
— |
|
|
|
|
— |
Costs to issue warrants |
|
|
470,000 |
|
|
— |
|
|
|
|
470,000 |
Change in fair value of warrants |
|
|
(1,000,000) |
|
|
4,787,114 |
|
D |
|
|
3,787,114 |
Change in operating lease right-of-use asset |
|
|
58,051 |
|
|
— |
|
|
|
|
58,051 |
Changes in: |
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
(173,548) |
|
|
— |
|
|
|
|
(173,548) |
Accounts payable and accrued liabilities |
|
|
3,700,202 |
|
|
— |
|
|
|
|
3,700,202 |
Lease liability |
|
|
(50,846) |
|
|
— |
|
|
|
|
(50,846) |
Cash used in operating activities |
|
|
(32,376,974) |
|
|
— |
|
|
|
|
(32,376,974) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment |
|
|
(864,038) |
|
|
— |
|
|
|
|
(864,038) |
Cash used in investing activities |
|
|
(864,038) |
|
|
— |
|
|
|
|
(864,038) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of preferred stock and warrants, net of issuance costs |
|
|
22,150,000 |
|
|
— |
|
|
|
|
22,150,000 |
Proceeds from exercise of warrants |
|
|
789,642 |
|
|
— |
|
|
|
|
789,642 |
Cash provided by financing activities |
|
|
22,939,642 |
|
|
— |
|
|
|
|
22,939,642 |
DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(10,301,370) |
|
|
— |
|
|
|
|
(10,301,370) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
19,866,358 |
|
|
— |
|
|
|
|
19,866,358 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
9,564,988 |
|
$ |
— |
|
|
|
$ |
9,564,988 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
Conversion of preferred stock to common stock |
|
$ |
13,242,368 |
|
$ |
— |
|
|
|
$ |
13,242,368 |
Conversion of mezzanine equity to permanent equity (Note 6) |
|
$ |
17,920,000 |
|
$ |
(100,000) |
|
|
|
$ |
17,820,000 |
Conversion of pre-funded warrants to liability |
|
$ |
— |
|
$ |
3,239,112 |
|
|
|
$ |
3,239,112 |
CELLECTAR BIOSCIENCES, INC.
RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2022 |
|
|
As Previously |
|
|
|
|
|
|
|
|
|
|
Reported |
|
Adjustments |
|
Reference |
|
As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(28,601,254) |
|
$ |
(3,191,364) |
|
B, D |
|
$ |
(31,792,618) |
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
148,435 |
|
|
— |
|
|
|
|
148,435 |
Stock-based compensation |
|
|
1,452,964 |
|
|
— |
|
|
|
|
1,452,964 |
Loss on disposal of asset |
|
|
3,386 |
|
|
— |
|
|
|
|
3,386 |
Costs to issue warrants |
|
|
— |
|
|
6,824,605 |
|
B |
|
|
6,824,605 |
Change in fair value of warrants |
|
|
— |
|
|
(3,633,241) |
|
D |
|
|
(3,633,241) |
Change in operating lease right-of-use asset |
|
|
90,432 |
|
|
— |
|
|
|
|
90,432 |
Changes in: |
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
204,242 |
|
|
— |
|
|
|
|
204,242 |
Accounts payable and accrued liabilities |
|
|
1,623,529 |
|
|
— |
|
|
|
|
1,623,529 |
Lease liability |
|
|
(144,035) |
|
|
— |
|
|
|
|
(144,035) |
Cash used in operating activities |
|
|
(25,222,301) |
|
|
— |
|
|
|
|
(25,222,301) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Purchases of property, plant & equipment |
|
|
(225,971) |
|
|
— |
|
|
|
|
(225,971) |
Cash used in investing activities |
|
|
(225,971) |
|
|
— |
|
|
|
|
(225,971) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of preferred stock and warrants, net of issuance costs |
|
|
9,610,655 |
|
|
— |
|
|
|
|
9,610,655 |
Cash provided by financing activities |
|
|
9,610,655 |
|
|
— |
|
|
|
|
9,610,655 |
DECREASE IN CASH AND CASH EQUIVALENTS |
|
|
(15,837,617) |
|
|
— |
|
|
|
|
(15,837,617) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
|
|
35,703,975 |
|
|
— |
|
|
|
|
35,703,975 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
|
$ |
19,866,358 |
|
$ |
— |
|
|
|
$ |
19,866,358 |
|