Cellectar Biosciences, Inc. Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

	2013		2012

Tax provision (benefit)
Current
Federal	$	—	$	—
State		—		—
Total current		—		—

Deferred
Federal		(4,705,250)		(3,225,486)
State		134,225		2,291,913
Total deferred		(4,571,025)		(933,573)

Change in valuation allowance		4,571,025		933,573
Total	$	—	$	—

Deferred tax assets consisted of the following at December 31:

	2013		2012

Deferred tax assets
Federal net operating loss	$	25,731,718	$	22,343,084
Federal research and development tax credit carryforwards		2,480,417		1,969,426
State net operating loss		2,070,642		2,252,566
State research and development tax credit carryforwards		724,200		633,571
Capitalized research and development expenses		11,128,803		11,068,868
Stock-based compensation expense		1,599,005		842,174
Intangible assets		380,339		440,556
Charitable contribution carryforwards		34,850		43,350
Accrued liabilities		26,112		25,199
Total deferred tax assets		44,176,086		39,618,794

Deferred tax liabilities
Depreciable assets		(257,314)		(271,049)
Total deferred tax liabilities		(257,314)		(271,049)

Net deferred tax assets		43,918,772		39,347,745
Less valuation allowance		(43,918,772)		(39,347,745)
Total deferred tax assets	$	—	$	—

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations is as follows:

	Year ended December 31,
	2013			2012

Income tax benefit using U.S. federal statutory rate		34.00	%	34.00	%
State income taxes		(0.82)	%	(17.20)	%
Permanent items		5.10	%	(0.17)	%
Change in valuation allowance		(42.40)	%	(10.61)	%
Other		4.12	%	(6.02)	%

Total		—	%	—	%