Why did Cellectar's operating expenses surge in Q4 2024?

The surge in operating expenses for Cellectar Biosciences in Q4 2024 can be attributed to several strategic initiatives aimed at restructuring and cost-saving measures. Despite a significant workforce reduction of 60% and a focus on cost-saving measures, the company's general and administrative expenses increased to approximately $7.83 million, up from $2.38 million in the previous year. This increase is primarily driven by the costs associated with developing infrastructure for the anticipated commercialization of their lead drug candidate, iopofosine I-131. Additionally, the company's research and development expenses decreased to approximately $5.49 million, down from $7.04 million in the same quarter of the previous year, attributed to reduced clinical project costs following the conclusion of patient enrollment in the company's Waldenstrom’s macroglobulinemia pivotal study. Overall, the surge in operating expenses reflects the company's strategic investments in restructuring and preparing for potential commercialization, despite the challenges of reduced workforce and financial losses.