Cellectar Biosciences, Inc. Segments Disclosure
13. OPERATING SEGMENT
The Company has one operating and reportable segment focused on utilizing its PDC platform to develop drugs for the treatment of cancer. The accounting policies of the single operating segment are the same as those of the Company. The chief operating decision maker is the Company’s president and CEO, who manages the Company’s operations on a consolidated basis, assesses performance for the operating segment and decides how to allocate resources based on consolidated operating expenses, which are reported in the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. Expenditures for additions to long-lived assets, which include purchases of property and equipment, are included in total consolidated assets reviewed by management and are reported on the consolidated statements of cash flows.
Management uses consolidated cash used in operations and budget-to-actual variances for consolidated net loss to assess the performance of the operating segment and evaluate performance and to allocate resources.
The following table presents certain financial data for the Company’s one reportable segment:
| Year Ended December 31, | |||||
| 2025 | | 2024 | |||
Research and development: |
| |
| | ||
Phase 2 study in WM | $ | 1,308,000 | $ | 7,422,000 | ||
Phase 1 study in pediatric tumors |
| 1,345,000 |
| 3,040,000 | ||
Phase 1 study in Triple Negative Breast Cancer | 933,000 | — | ||||
Manufacturing and related costs |
| 4,220,000 |
| 10,582,000 | ||
Pre-clinical projects costs |
| 823,000 |
| 228,000 | ||
General research and development costs |
| 2,870,000 |
| 4,864,000 | ||
General and administrative |
| 11,481,000 |
| 25,641,000 | ||
Other segment items |
| (1,189,000) |
| (7,196,000) | ||
Segment and consolidated net loss | $ | 21,791,000 | $ | 44,581,000 | ||
Other segment items consist of warrant issuance expense, (gain) loss on valuation of warrants, and interest income.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.