Cellectar Biosciences, Inc. (CLRB)
Cellectar Biosciences is a biopharmaceutical firm engaged in the research, development, and market introduction of therapeutic agents to combat cancer. The company's primary asset is CLR 131 (iopofosine I-131), a phospholipid drug conjugate (PDC), which is currently undergoing several clinical evaluations. It is in Phase 2 clinical trials for individuals with relapsed or refractory (r/r) Waldenstrom's macroglobulinemia and B-cell malignancies. Additionally, CLR 131 is being studied in Phase 2B for r/r multiple myeloma (MM) and in Phase I trials targeting a range of pediatric cancers, r/r head and neck cancers, and R/R MM. Furthermore, Cellectar is advancing CLR 1900, another PDC-based chemotherapeutic program, which is in preclinical stages with the aim of treating solid tumors. The firm also participates in collaborative PDC development initiatives with partners such as Avicenna Oncology GMBH for the CLR 2000 Series, Orano Med for the CLR 12120 Series, as well as IntoCell Inc. and LegoChemBio. Established in 2002, Cellectar Biosciences maintains its corporate headquarters in Florham Park, New Jersey.
Sector: Pharmaceutical Preparations
Industry: Biotechnology
Cellectar Biosciences, Inc.
NASDAQ:CLRBHealthcare · Biotechnology
-1.23%$1.21
AH$1.21+0.00%vs close
Mkt Cap$11.39M
Float9.4M
O/S9.45M
Vol
$ Vol
RVOL
Inst Own34.5%
Earnings
Dilution
Financials Summary
Revenue$0
Net Income-$21.79M
Total Assets$14.98M
Free Cash Flow-$23.12M
Debt & Equity
Debt 3%
Equity 81%
Preferred 16%
Total Debt$410K
Total Equity$9.92M
Preferred Stock$1.9M
Shares Outstanding
Short Interest
Split History6 splits · 5 reverse
2-year cumulative
1:30
Nasdaq bars a compliance period at 1:250
- 1:30Reverse splitJun 24, 202530 shares → 1
- 1:10Reverse splitJul 22, 202210 shares → 1
- 1:10Reverse splitJul 17, 201810 shares → 1
- 1:10Reverse splitMar 7, 201610 shares → 1
- 1:20Reverse splitJun 16, 201420 shares → 1
- 4:1Forward splitJun 13, 20051 share → 4
Balance Sheet Details
Assets$14.98M
Liabilities$5.06M
Accounts Receivable$0
Accounts Payable$1.44M
Inventory$0
PP&E (Net)$910K
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 |
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$11K | $33K | $96K | $126K | $0 | $0 | $13K | $5K |
| YoY Growth | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -133.0% | -65.4% | -23.5% | - | - | - | 153.6% | - |
| Cost of Revenue | $214K | $0 | $0 | $0 | $0 | $0 | $189K | $82K | $1.55M | $357K | $363K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3K |
| Gross Profit | -$214K | $0 | $0 | $0 | $0 | $0 | -$189K | -$82K | -$1.55M | -$357K | -$363K | $0 | $0 | $0 | -$11K | $33K | $96K | $126K | $0 | $0 | $13K | $2K |
| Gross Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 100.0% | 100.0% | 100.0% | 100.0% | - | - | 100.0% | 48.9% |
| Research and Development | $11.5M | $26.14M | $27.27M | $19.22M | $17.59M | $10.14M | $9M | $6.84M | $9.47M | $4.75M | $5.16M | $5.96M | $6.86M | $5.12M | $3.6M | $3M | $8.08M | $14.53M | $17.43M | $6.44M | $1.14M | $262K |
| Selling, General, and Administrative | $11.48M | $25.64M | $11.69M | $9.59M | $6.54M | $5.15M | $4.99M | $4.82M | $4.14M | $4.7M | $3.4M | $3.7M | $4.44M | $3.63M | $2.69M | $2.49M | $2.18M | $2.19M | $2.87M | $2.49M | $1.44M | $366K |
| Other | -$214K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $63K | $0 | $0 | $0 | $2.52M | $0 |
| Total Operating Expenses | $22.77M | $51.78M | $38.96M | $28.81M | $24.13M | $15.29M | $13.99M | $11.66M | $13.6M | $9.45M | $8.55M | $9.67M | $11.3M | $8.75M | $6.29M | $5.48M | $10.33M | $16.72M | $20.29M | $8.93M | $5.1M | $628K |
| Operating Income (EBIT) | -$22.98M | -$51.78M | -$38.96M | -$28.81M | -$24.13M | -$15.29M | -$14.18M | -$13.33M | -$13.6M | -$9.45M | -$8.76M | -$9.89M | -$12.4M | -$8.75M | -$7.04M | -$5.45M | -$10.23M | -$16.59M | -$20.29M | -$8.93M | -$5.09M | -$625K |
| Operating Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 63979.3% | -16351.7% | -10620.6% | -13170.8% | - | - | -40428.3% | -12600.1% |
| Interest Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $30K | $17K | $8K | $841 | $446K | $9K | $9K | $430K | $0 | $0 | $0 | $0 | $0 | $0 | $209K |
| Interest Income | $435K | $1.21M | $387K | $153K | $2K | $11K | $43K | $0 | $0 | $0 | $0 | $0 | $0 | $1K | $5K | $2K | $1K | $131K | $730K | $638K | $50K | $95 |
| Other Income (Expense) | $1.19M | $7.26M | -$3.87M | -$3.04M | $9K | $196K | $86K | -$1.58M | $39K | $3.27M | $3.26M | $1.78M | $523K | -$42K | -$1.89M | $7.54M | $10.23M | $16.59M | $737K | $383K | $5.09M | -$190K |
| Income Before Tax (EBT) | -$21.79M | -$44.52M | -$42.83M | -$31.85M | -$24.12M | -$15.09M | -$14.09M | -$13.24M | -$13.56M | -$6.18M | -$5.5M | -$8.11M | -$10.78M | -$8.8M | -$7.75M | $0 | $0 | $0 | -$29.72M | -$8.55M | $0 | -$815K |
| Income Tax Expense | $0 | $66K | -$60K | -$60K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.56M | -$523K | $9K | $1.14M | $0 | $0 | $0 | -$737K | -$644K | $0 | $0 |
| Net Income | -$21.79M | -$44.58M | -$42.77M | -$31.79M | -$24.12M | -$15.09M | -$14.09M | -$13.24M | -$13.56M | -$6.18M | -$5.5M | -$8.11M | -$10.78M | -$8.8M | -$7.44M | $2.1M | -$22.27M | -$16.45M | -$19.56M | -$8.29M | -$3.05M | -$815K |
| Net Income Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 67594.7% | 6286.1% | -23125.7% | -13060.0% | - | - | -24264.1% | -16430.6% |
| Supplementary Data | ||||||||||||||||||||||
| EPS | -8.35 | -36.52 | -104.99 | -135.18 | -130.35 | -228.55 | -550.86 | -1567.96 | -3210.00 | -6420.00 | -21090.00 | -53100.00 | -114000.00 | -138000.00 | -186000.00 | -9180000.00 | -48654000.00 | -51408000.00 | -69768000.00 | -21114000.00 | -12852000.00 | -183600.00 |
| Diluted EPS | -8.35 | -41.89 | -104.99 | -135.18 | -130.35 | -228.55 | -550.86 | -1567.96 | -3210.00 | -6420.00 | -21090.00 | -53100.00 | -114000.00 | -138000.00 | -186000.00 | -9180000.00 | -48654000.00 | -51408000.00 | -69768000.00 | -21114000.00 | -12852000.00 | -183600.00 |
| Weighted Average OS | 2.61M | 1.22M | 407,385 | 235,188 | 185,052 | 66,042 | 25,583 | 9,873 | 4,677 | 1,455 | 261 | 153 | 93 | 69 | 40 | 0 | 0 | 0 | 0 | 0 | 0 | 4.517 |
| EBITDA | -$21.58M | -$44.22M | -$42.64M | -$31.7M | -$23.97M | -$14.95M | -$13.96M | -$13.16M | -$12.05M | -$9.09M | -$8.19M | -$9.3M | -$10.88M | -$8.29M | -$6.33M | -$12.96M | -$10.13M | -$16.57M | -$19.54M | -$8.28M | -$2.56M | -$604K |
| EBITDA Margin | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 57519.1% | -38876.2% | -10521.7% | -13157.4% | - | - | -20368.2% | -12172.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 |
| Assets | ||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||
| Cash and Cash Equivalents | $13.2M | $23.29M | $9.56M | $19.87M | $35.7M | $57.17M | $10.61M | $13.26M | $10.01M | $11.44M | $3.86M | $9.42M | $2.42M | $4.68M | $5.51M | $2.37M | $8.77M | $1.26M | $9.74M | $9.94M | $4.27M | $10K |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $13.2M | $23.29M | $9.56M | $19.87M | $35.7M | $57.17M | $10.61M | $13.26M | $10.01M | $11.44M | $3.86M | $9.42M | $2.42M | $4.68M | $5.51M | $2.37M | $8.77M | $1.26M | $9.74M | $9.94M | $4.27M | $10K |
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $13K |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $842K | $962K | $888K | $663K | $0 | $0 | $0 | $55K | $55K | $55K | $55K | $55K | $55K | $126K | $55K | $555K | $0 | $0 | $1.18M | $1.66M | $197K | $80K |
| Total Current Assets | $14.04M | $24.25M | $10.45M | $20.53M | $36.57M | $57.94M | $11.39M | $13.95M | $10.47M | $12.19M | $4.18M | $9.7M | $2.77M | $5.13M | $5.82M | $2.44M | $8.87M | $1.39M | $11.06M | $11.89M | $4.8M | $103K |
| Long-Term Assets | ||||||||||||||||||||||
| Property, Plant & Equipment Net | $910K | $1.19M | $1.59M | $979K | $549K | $638K | $784K | $543K | $245K | $1.44M | $1.73M | $2.03M | $2.36M | $2.65M | $3.04M | $9K | $44K | $58K | $33K | $24K | $23K | $0 |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.68M | $1.68M | $1.68M | $1.68M | $1.68M | $1.68M | $1.68M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $15K | $15K | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $30K | $30K | $30K | $81K | $81K | $81K | $81K | $559K | $12K | $12K | $12K | $12K | $12K | $2.03M | $27K | $0 | $0 | $15K | $15K | $11K | $114K | $6K |
| Total Long-Term Assets | $940K | $1.22M | $1.62M | $1.06M | $630K | $720K | $865K | $1.1M | $1.93M | $3.13M | $3.42M | $3.72M | $4.05M | $6.35M | $4.75M | $24K | $59K | $74K | $48K | $35K | $137K | $6K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $14.98M | $25.47M | $12.08M | $21.59M | $37.2M | $58.66M | $12.25M | $15.05M | $12.87M | $15.32M | $7.6M | $13.42M | $6.82M | $11.48M | $10.56M | $2.46M | $8.93M | $1.47M | $11.11M | $11.92M | $4.94M | $109K |
| Liabilities | ||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||
| Accounts Payable | $1.44M | $4.11M | $5.62M | $2.56M | $1.42M | $1.43M | $1.28M | $1.54M | $1.87M | $1.42M | $0 | $0 | $1.16M | $717K | $478K | $566K | $3.3M | $4.65M | $6.37M | $1.09M | $211K | $2.03M |
| Short-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $87K | $244K | $120K | $0 | $0 | $0 | $205K | $0 | $0 | $0 | $0 | $0 | $2.02M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $33K | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $1.32M | $4.59M | $17.61M | $7.98M | $1.94M | $0 | $991K | $76K | $244K | $127K | $5.46M | $2.06M | $0 | $13K | $23K | $322K | $10.49M | $1.72M | $0 | $0 | $6K | $398K |
| Total Current Liabilities | $4.75M | $9.39M | $25.36M | $11.5M | $3.99M | $3.56M | $2.77M | $1.62M | $2.11M | $1.63M | $5.7M | $6.23M | $4.52M | $733K | $504K | $905K | $16.97M | $6.62M | $7.06M | $1.31M | $217K | $4.44M |
| Long-Term Liabilities | ||||||||||||||||||||||
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $87K | $330K | $450K | $450K | $450K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $124K | $367K | $400K | $433K | $0 | $0 | $0 | $13K |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$124K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $0 | $1.38M | $0 | $0 | $0 | $0 | $0 | $171K | $0 | $147K | $149K | $148K | $143K | $135K | $0 | -$6K | $18.46M | $0 | $9.92M | $0 | $0 | $1K |
| Total Long-Term Liabilities | $309K | $1.79M | $494K | $553K | $166K | $302K | $422K | $171K | $2K | $152K | $244K | $489K | $593K | $587K | $578K | $367K | $18.86M | $433K | $9.92M | $0 | $0 | $14K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.06M | $11.18M | $25.85M | $12.05M | $4.16M | $3.86M | $3.19M | $1.79M | $2.12M | $1.78M | $5.95M | $2.67M | $5.12M | $1.32M | $1.08M | $1.25M | $35.83M | $7.05M | $16.98M | $1.31M | $217K | $4.46M |
| Stockholders' Equity | ||||||||||||||||||||||
| Preferred Stock | $1.9M | $521K | $6.06M | $1.38M | $1.38M | $20.04M | $1.15M | $2.53M | $996K | $876K | $0 | $0 | $0 | $0 | $0 | $2.46M | $0 | $13.9M | $0 | $0 | $0 | $0 |
| Common Stock | $42 | $461 | $207 | $94 | $611 | $454 | $94 | $47 | $167 | $104 | $9 | $76 | $574 | $464 | $369 | $5K | $697 | $440 | $392 | $392 | $279 | $44 |
| Retained Earnings | -$269.13M | -$247.34M | -$202.76M | -$159.99M | -$150.9M | -$126.78M | -$111.68M | -$97.59M | -$84.35M | -$70.79M | -$64.61M | -$59.17M | -$51.06M | -$40.28M | -$31.48M | -$73.98M | -$76.07M | -$59.69M | -$43.24M | -$23.68M | -$15.4M | -$12.35M |
| Comprehensive Income & Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$0 | -$0 | $0 | $0 | -$2.46M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $279.05M | $261.64M | $188.98M | $169.53M | $183.94M | $181.57M | $120.74M | $110.85M | $95.1M | $84.33M | $66.26M | $69.91M | $52.76M | $50.44M | $40.96M | $75.18M | $49.18M | $54.11M | $37.37M | $34.29M | $20.12M | $8M |
| Total Equity | $9.92M | $14.29M | -$13.78M | $9.54M | $33.05M | $54.79M | $9.06M | $13.26M | $10.75M | $13.54M | $1.65M | $10.75M | $1.7M | $10.16M | $9.48M | $1.21M | -$26.9M | -$5.58M | -$5.87M | $10.61M | $4.72M | -$4.35M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $14.98M | $25.47M | $12.08M | $21.59M | $37.2M | $58.66M | $12.25M | $15.05M | $12.87M | $15.32M | $7.6M | $13.42M | $6.82M | $11.48M | $10.56M | $2.46M | $8.93M | $1.47M | $11.11M | $11.92M | $4.94M | $109K |
| Supplementary Data | ||||||||||||||||||||||
| Total Debt | $410K | $494K | $553K | $604K | $302K | $422K | $528K | $2K | $5K | $95K | $341K | $463K | $452K | $454K | $456K | $0 | $0 | $0 | $0 | $0 | $0 | $2.02M |
| Net Debt | -$12.79M | -$22.79M | -$9.01M | -$19.26M | -$35.4M | -$56.74M | -$10.09M | -$13.25M | -$10M | -$11.35M | -$3.52M | -$8.96M | -$1.97M | -$4.22M | -$5.05M | -$2.37M | -$8.77M | -$1.26M | -$9.74M | -$9.94M | -$4.27M | $2.01M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 |
| Operating Activities | ||||||||||||||||||||||
| Net Income | -$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 | -$815K |
| Depreciation & Amortization | $214K | $292K | $192K | $148K | $150K | $141K | $133K | $82K | $1.55M | $357K | $363K | $367K | $425K | $497K | $585K | $35K | $32K | $17K | $15K | $10K | $3K | $3K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $2.26M | $4.27M | $2.41M | $1.45M | $1.12M | $468K | $867K | $721K | $759K | $529K | $447K | $850K | $2.32M | $1.5M | $907K | $353K | $864K | $453K | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||
| Accounts Receivable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $13K | $100 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$3.16M | -$1.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.73M | $0 | $0 | $0 | $0 | $0 | $314K |
| Other Working Capital | $35K | -$132K | $3.48M | $1.68M | $199K | $671K | $1.39M | -$569K | $259K | $274K | -$266K | -$149K | $501K | $178K | -$303K | -$240K | -$1.36M | -$1.36M | $5.57M | $1.22M | -$195K | $99K |
| Total Working Capital Change | -$3.13M | -$1.73M | $3.48M | $1.68M | $199K | $671K | $1.39M | -$569K | $259K | $274K | -$266K | -$149K | $501K | $178K | -$303K | -$2.97M | -$1.36M | -$1.36M | $5.57M | $1.22M | -$182K | $414K |
| Other Non-Cash Items | -$678K | -$5.84M | $4.32M | $94K | $81K | -$119K | $14K | $1.56M | -$22K | -$3.26M | -$3.26M | -$1.86M | -$1.62M | $34K | $276K | -$7.32M | $12.11M | $6K | $503K | $588K | $833K | $10K |
| Net Cash from Operating | -$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 | -$389K |
| Investing Activities | ||||||||||||||||||||||
| Capital Expenditures | -$6K | -$104K | -$864K | -$226K | -$141K | -$62K | -$25K | -$385K | -$347K | -$72K | -$58K | -$30K | -$148K | -$98K | -$118K | $0 | -$18K | -$49K | -$24K | -$11K | -$26K | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $906K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $55K | $0 | $0 | $0 | $0 | $2M | -$2M | $500K | $0 | $0 | $1.18M | $466K | -$1.43M | -$226K | $0 |
| Net Cash from Investing | -$6K | -$104K | -$864K | -$226K | -$141K | -$62K | -$25K | -$330K | -$347K | -$72K | -$58K | -$30K | $1.85M | -$2.1M | $1.29M | $0 | -$18K | $1.14M | $442K | -$1.45M | -$252K | $0 |
| Financing Activities | ||||||||||||||||||||||
| Debt Repaid | - | - | - | - | - | -$184K | $2K | $3K | $89K | $246K | $123K | -$4M | $2K | $2K | $678K | - | - | - | - | - | - | $3K |
| Common Stock Issuance | $13.03M | $61.41M | $0 | $9.61M | $35K | $59.72M | $9.02M | $9.08M | $4.91M | $12.36M | $3.3M | $12.4M | $4.98M | $6.84M | $10.16M | $1.41M | $8.94M | $2.99M | $13.69M | $13.85M | $6.58M | $0 |
| Common Stock Repurchases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$40K | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$824K | $0 | $0 | $0 |
| Other Financing Activities | $0 | $0 | $790K | -$9.61M | $1.21M | $642K | $0 | -$762 | $2.85M | $364K | -$471K | -$520K | $71K | $1.02M | $28K | $0 | $0 | $1K | $0 | -$261K | $0 | $0 |
| Net Cash from Financing | $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 | $216K |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$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 | -$828K | $4.83M | -$6.4M | $7.51M | -$8.48M | -$197K | $5.67M | $4.26M | $0 |
| Supplementary Data | ||||||||||||||||||||||
| Operating Cash Flow | -$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 | -$389K |
| Capital Expenditure | -$6K | -$104K | -$864K | -$226K | -$141K | -$62K | -$25K | -$385K | -$347K | -$72K | -$58K | -$30K | -$148K | -$98K | -$118K | $3 | -$18K | -$49K | -$24K | -$11K | -$26K | -$3 |
| Free Cash Flow | -$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 | -$389K |
| Cash at Beginning | $23.29M | $9.56M | $19.87M | $35.7M | $57.17M | $10.61M | $13.31M | $10.06M | $11.5M | $3.91M | $9.42M | $2.42M | $4.68M | $5.51M | $674K | $8.77M | $1.26M | $9.74M | $9.94M | $4.27M | $10K | $0 |
| Cash at End | $13.2M | $23.29M | $9.56M | $19.87M | $35.7M | $57.17M | $10.61M | $13.31M | $10.06M | $11.5M | $3.86M | $9.42M | $2.42M | $4.68M | $5.51M | $2.37M | $8.77M | $1.26M | $9.74M | $9.94M | $4.27M | $10K |