MeritValue

Cellectar Biosciences, Inc.

CLRBdata completeness 75%23 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'

The thesis, from the filings

Cellectar Biosciences, Inc. earns about -260% on equity, and has bought back 53% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$24.1M1−$31.8M2−$42.8M3−$44.6M4−$21.8M4
Operating cash flow−$22.6M5−$25.2M6−$32.4M7−$47.6M8−$23.1M8
Capital expenditure$141,3619$225,97110$864,03811$104,19512$5,88012
Free cash flow (derived)−$22.7M5−$25.4M6−$33.2M7−$47.7M8−$23.1M8
Total debt—————
Cash & equivalents$35.7M13$19.9M14$9.56M15$23.3M16$13.2M16
Diluted shares5.6M7.1M12.2M1.2M2.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.73
your share of equity
Profit it earned you last year
−$83.54
Free cash flow it threw off
−$88.66
Debt you’d be carrying
—

10 shares is a claim on $32.73 of net worth that earned you −$83.54 and generated −$88.66 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-260% avg · 5y
FY21 -83%FY22 -390%FY23 —FY24 -312%FY25 -255%

It earned an average -260% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−53% shares · 5y

Share count is down 53% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000224 (NetIncomeLoss)
  2. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001704 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000329 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-023167 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000224 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001704 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000329 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-023167 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000224 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001704 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000329 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-023167 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000224 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001410578-24-001704 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000329 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-023167 (CashAndCashEquivalentsAtCarryingValue)