Schedule of restatements of quarterly financial statements | CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2023 As Previously Restatement Reported Adjustments Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 12,682,691 $ — $ 12,682,691 Prepaid expenses and other current assets 1,163,745 — 1,163,745 Total current assets 13,846,436 — 13,846,436 Property, plant & equipment, net 376,084 — 376,084 Operating lease right-of-use asset 546,505 — 546,505 Other long-term assets 69,431 — 69,431 TOTAL ASSETS $ 14,838,456 $ — $ 14,838,456 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 6,904,545 $ — $ 6,904,545 Warrant liability — 4,581,455 A 4,581,455 Lease liability, current 51,106 — 51,106 Total current liabilities 6,955,651 4,581,455 11,537,106 Lease liability, net of current portion 548,344 — 548,344 TOTAL LIABILITIES 7,503,995 4,581,455 12,085,450 COMMITMENTS AND CONTINGENCIES (Note 10) MEZZANINE EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding — 1,382,023 A 1,382,023 STOCKHOLDERS’ (DEFICIT) EQUITY: Series D convertible preferred stock, 111.11 shares authorized, issued outstanding 1,382,023 (1,382,023) A — Common stock, $0.00001 par value; 170,000,000 shares authorized; 9,740,507 shares issued and outstanding 97 — 97 Additional paid-in capital 194,032,651 (25,480,888) A, B, F 168,551,763 Accumulated deficit (188,080,310) 20,899,433 B, D, F (167,180,877) Total stockholders’ equity 7,334,461 (5,963,478) 1,370,983 TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 14,838,456 $ — $ 14,838,456 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2023 As Previously Restatement Reported Adjustments Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 5,152,972 $ — $ 5,152,972 Prepaid expenses and other current assets 456,679 — 456,679 Total current assets 5,609,651 — 5,609,651 Property, plant & equipment, net 337,434 — 337,434 Operating lease right-of-use asset 532,300 — 532,300 Other long-term assets 29,780 — 29,780 TOTAL ASSETS $ 6,509,165 $ — $ 6,509,165 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 6,391,673 $ — $ 6,391,673 Warrant liability — 6,538,873 A 6,538,873 Lease liability, current 53,640 — 53,640 Total current liabilities 6,445,313 6,538,873 12,984,186 Lease liability, net of current portion 530,856 — 530,856 TOTAL LIABILITIES 6,976,169 6,538,873 13,515,042 COMMITMENTS AND CONTINGENCIES (Note 10) MEZZANINE EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding — 1,382,023 A 1,382,023 STOCKHOLDERS’ (DEFICIT) EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding 1,382,023 (1,382,023) A — Common stock, $0.00001 par value; 170,000,000 shares authorized; 9,740,507 shares issued and outstanding 97 — 97 Additional paid-in capital 194,452,408 (25,480,888) A, B, F 168,971,520 Accumulated deficit (196,301,532) 18,942,015 B, D, F (177,359,517) Total stockholders’ (deficit) equity (467,004) (7,920,896) (8,387,900) TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 6,509,165 $ — $ 6,509,165 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2023 As Previously Restatement Reported Adjustments Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 18,986,443 $ — $ 18,986,443 Prepaid expenses and other current assets 1,123,467 — 1,123,467 Total current assets 20,109,910 — 20,109,910 Property, plant & equipment, net 893,509 — 893,509 Operating lease right-of-use asset 517,566 — 517,566 Other long-term assets 29,780 — 29,780 TOTAL ASSETS $ 21,550,765 $ — $ 21,550,765 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 7,814,590 $ — $ 7,814,590 Warrant liability 8,600,000 13,365,401 A, C 21,965,401 Lease liability, current 56,263 — 56,263 Total current liabilities 16,470,853 13,365,401 29,836,254 Lease liability, net of current portion 512,750 — 512,750 TOTAL LIABILITIES 16,983,603 13,365,401 30,349,004 COMMITMENTS AND CONTINGENCIES (Note 10) MEZZANINE EQUITY: Preferred stock, $0.00001 par value; Series E-1 preferred stock; 1,225 shares authorized, issued outstanding 111.11 issued outstanding 17,920,000 1,282,023 A 19,202,023 STOCKHOLDERS’ (DEFICIT) EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding 1,382,023 (1,382,023) A — Common stock, $0.00001 par value; 170,000,000 shares authorized; 9,918,384 shares issued and outstanding 99 — 99 Additional paid-in capital 195,298,922 (28,419,388) A, B, C, F 166,879,534 Accumulated deficit (210,033,882) 15,153,987 B, D, F (194,879,895) Total stockholders’ (deficit) equity (13,352,838) (14,647,424) (28,000,262) TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY $ 21,550,765 $ — $ 21,550,765 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2023 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 6,654,094 $ (294,838) E $ 6,359,256 General and administrative 2,051,207 294,838 E 2,346,045 Total operating expenses 8,705,301 — 8,705,301 LOSS FROM OPERATIONS (8,705,301) — (8,705,301) OTHER INCOME: Gain on valuation of warrants — 1,390,797 D 1,390,797 Interest income 124,034 — 124,034 Total other income, net 124,034 1,390,797 1,514,831 NET LOSS $ (8,581,267) $ 1,390,797 $ (7,190,470) NET LOSS PER SHARE — BASIC AND DILUTED $ (0.76) $ 0.12 $ (0.64) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 11,261,217 — 11,261,217 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, 2023 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 6,308,430 $ (173,420) E $ 6,135,010 General and administrative 1,985,572 173,420 E 2,158,992 Total operating expenses 8,294,002 — 8,294,002 LOSS FROM OPERATIONS (8,294,002) — (8,294,002) OTHER INCOME (EXPENSE): Gain (loss) on valuation of warrants — (1,957,418) D (1,957,418) Interest income 72,780 — 72,780 Total other income (expense), net 72,780 (1,957,418) (1,884,638) NET LOSS $ (8,221,222) $ (1,957,418) $ (10,178,640) NET LOSS PER SHARE — BASIC AND DILUTED $ (0.73) $ (0.17) $ (0.90) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 11,261,217 — 11,261,217 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Six Months Ended June 30, 2023 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 12,962,524 $ (468,258) E $ 12,494,266 General and administrative 4,036,779 468,258 E 4,505,037 Total operating expenses 16,999,303 — 16,999,303 LOSS FROM OPERATIONS (16,999,303) — (16,999,303) OTHER INCOME (EXPENSE): Loss on valuation of warrants — (566,621) D (566,621) Interest income 196,814 — 196,814 Total other income (expense), net 196,814 (566,621) (369,807) NET LOSS $ (16,802,489) $ (566,621) $ (17,369,110) NET LOSS PER SHARE — BASIC AND DILUTED $ (1.49) $ (0.05) $ (1.54) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 11,261,217 — 11,261,217 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Three Months Ended September 30, 2023 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 7,312,504 $ (277,848) E $ 7,034,656 General and administrative 2,100,956 277,848 E 2,378,804 Total operating expenses 9,413,460 — 9,413,460 LOSS FROM OPERATIONS (9,413,460) — (9,413,460) OTHER INCOME (EXPENSE): Warrant issuance expense (470,000) — (470,000) Loss on valuation of warrants (3,900,000) (3,788,028) D (7,688,028) Interest income 51,110 — 51,110 Total other income (expense), net (4,318,890) (3,788,028) (8,106,918) NET LOSS $ (13,732,350) $ (3,788,028) $ (17,520,378) NET LOSS PER SHARE — BASIC AND DILUTED $ (1.21) $ (0.33) $ (1.55) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 11,308,738 — 11,308,738 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2023 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 20,275,004 $ (746,106) E $ 19,528,898 General and administrative 6,137,760 746,106 E 6,883,866 Total operating expenses 26,412,764 — 26,412,764 LOSS FROM OPERATIONS (26,412,764) — (26,412,764) OTHER INCOME (EXPENSE): Warrant issuance expense (470,000) — (470,000) Loss on valuation of warrants (3,900,000) (4,354,649) D (8,254,649) Interest income 247,925 — 247,925 Total other income (expense), net (4,122,075) (4,354,649) (8,476,724) NET LOSS $ (30,534,839) $ (4,354,649) $ (34,889,488) NET LOSS PER SHARE — BASIC AND DILUTED $ (2.71) $ (0.39) $ (3.09) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 11,277,231 — 11,277,231 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY (Unaudited) Series D and Series E-1 Preferred Stock Preferred Stock Common Stock Total Par Additional Accumulated Stockholders’ Shares Amount Shares Amount Shares Amount Paid-In Capital Deficit (Deficit) Equity Previously Reported Balance at December 31, 2022 — $ — 111.11 $ 1,382,023 9,385,272 $ 94 $ 193,624,445 $ (179,499,043) $ 15,507,519 Conversion of pre-funded warrants into common shares — — — — 355,235 3 — — 3 Stock-based compensation — — — — — — 408,206 — 408,206 Net loss (B, D) — — — — — — — (8,581,267) (8,581,267) Balance at March 31, 2023 — — 111.11 1,382,023 9,740,507 97 194,032,651 (188,080,310) 7,334,461 Stock-based compensation — — — — — — 419,757 — 419,757 Net loss (D) — — — — — — — (8,221,222) (8,221,222) Balance at June 30, 2023 — — 111.11 1,382,023 9,740,507 97 194,452,408 (196,301,532) (467,004) Issuance of Series E-1 preferred stock, net of issuance costs (Note 6) 1,225.00 17,920,000 — — — — — — — Stock-based compensation — — — — — — 497,878 — 497,878 Exercise of warrants into common shares — — — — 177,877 2 348,636 — 348,638 Net loss — — — — — — — (13,732,350) (13,732,350) Balance at September 30, 2023 1,225.00 $ 17,920,000 111.11 $ 1,382,023 9,918,384 $ 99 $ 195,298,922 $ (210,033,882) $ (13,352,838) Adjustments Balance at December 31, 2022 (A, F) 111.11 $ 1,382,023 (111.11) $ (1,382,023) — $ — $ (25,480,888) $ 19,508,636 $ (7,354,275) Net loss — — — — — — — 1,390,797 1,390,797 Balance at March 31, 2023 111.11 1,382,023 (111.11) (1,382,023) — — (25,480,888) 20,899,433 (5,963,478) Net loss — — — — — — — (1,957,418) (1,957,418) Balance at June 30, 2023 111.11 1,382,023 (111.11) (1,382,023) — — (25,480,888) 18,942,015 (7,920,896) Issuance of Series E-1 preferred stock, net of issuance costs (Note 6) (D) — (100,000) — — — — — — — Reclassification of warrants to liability (C) — — — — — — (3,239,112) — (3,239,112) Exercise of warrants into common stock (A) — — — — — — 300,612 — 300,612 Net loss — — — — — — — (3,788,028) (3,788,028) Balance at September 30, 2023 111.11 $ 1,282,023 (111.11) $ (1,382,023) — $ — $ (28,419,388) $ 15,153,987 $ (14,647,424) As Restated Balance at December 31, 2022 111.11 $ 1,382,023 — $ — 9,385,272 $ 94 $ 168,143,557 $ (159,990,407) $ 8,153,244 Conversion of pre-funded warrants into common shares — — — — 355,235 3 — — 3 Stock-based compensation — — — — — — 408,206 — 408,206 Net loss — — — — — — — (7,190,470) (7,190,470) Balance at March 31, 2023 111.11 1,382,023 — — 9,740,507 97 168,551,763 (167,180,877) 1,370,983 Stock-based compensation — — — — — — 419,757 — 419,757 Net loss — — — — — — — (10,178,640) (10,178,640) Balance at June 30, 2023 111.11 1,382,023 — — 9,740,507 97 168,971,520 (177,359,517) (8,387,900) Issuance of Series E-1 preferred stock, net of issuance costs (Note 6) 1,225.00 17,820,000 — — — — — — — Stock-based compensation — — — — — — 497,878 — 497,878 Exercise of warrants into common stock — — — — 177,877 2 649,248 — 649,250 Reclassification of pre-funded warrants to liability — — — — — — (3,239,112) — (3,239,112) Net loss — — — — — — — (17,520,378) (17,520,378) Balance at September 30, 2023 1,336.11 $ 19,202,023 — $ — 9,918,384 $ 99 $ 166,879,534 $ (194,879,895) $ (28,000,262) CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2023 As Previously Reported Adjustments Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (8,581,267) $ 1,390,797 D $ (7,190,470) Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization 42,557 — 42,557 Stock-based compensation 408,206 — 408,206 Change in fair value of warrants — (1,390,797) D (1,390,797) Change in operating lease right-of-use asset 13,829 — 13,829 Changes in: Prepaid expenses and other assets (488,719) — (488,719) Accounts payable and accrued liabilities 1,426,102 — 1,426,102 Lease liability (4,378) — (4,378) Cash used in operating activities (7,183,670) — (7,183,670) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant & equipment — — — Cash used in investing activities — — — CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of pre-funded warrants 3 — 3 Cash provided by financing activities 3 — 3 DECREASE IN CASH AND CASH EQUIVALENTS (7,183,667) — (7,183,667) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 19,866,358 — 19,866,358 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 12,682,691 $ — $ 12,682,691 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Six Months Ended June 30, 2023 As Previously Reported Adjustments Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (16,802,489) $ (566,621) D $ (17,369,110) Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization 81,207 — 81,207 Stock-based compensation 827,963 — 827,963 Change in fair value of warrants — 566,621 D 566,621 Change in operating lease right-of-use asset 28,034 — 28,034 Changes in: Prepaid expenses and other assets 257,998 — 257,998 Lease liability (19,332) — (19,332) Accounts payable and accrued liabilities 913,230 — 913,230 Cash used in operating activities (14,713,389) — (14,713,389) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant & equipment — — — Cash used in investing activities — — — CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of pre-funded warrants 3 — 3 Cash provided by financing activities 3 — 3 DECREASE IN CASH AND CASH EQUIVALENTS (14,713,386) — (14,713,386) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 19,866,358 — 19,866,358 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 5,152,972 $ — $ 5,152,972 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) Nine Months Ended September 30, 2023 As Previously Reported Adjustments Reference As Restated CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (30,534,839) $ (4,354,649) D $ (34,889,488) Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization 122,415 — 122,415 Stock-based compensation 1,325,841 — 1,325,841 Costs to issue warrants 470,000 — 470,000 Change in fair value of warrants 3,900,000 4,354,649 D 8,254,649 Change in operating lease right-of-use asset 42,768 — 42,768 Changes in: Prepaid expenses and other assets (408,790) — (408,790) Accounts payable and accrued liabilities 2,336,146 — 2,336,146 Lease liability (34,815) — (34,815) Cash used in operating activities (22,781,274) — (22,781,274) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant & equipment (597,282) — (597,282) Cash used in investing activities (597,282) — (597,282) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of preferred stock and warrants, net of issuance costs 22,150,000 — 22,150,000 Proceeds from exercise of warrants 348,641 — 348,641 Cash provided by financing activities 22,498,641 — 22,498,641 DECREASE IN CASH AND CASH EQUIVALENTS (879,915) — (879,915) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 19,866,358 — 19,866,358 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 18,986,443 $ — $ 18,986,443 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2022 As Previously Restatement Reported Adjustments Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 30,634,122 $ — $ 30,634,122 Prepaid expenses and other current assets 760,420 — 760,420 Total current assets 31,394,542 — 31,394,542 Property, plant & equipment, net 331,144 — 331,144 Operating lease right-of-use asset 183,286 — 183,286 Other long-term assets 81,214 — 81,214 TOTAL ASSETS $ 31,990,186 $ — $ 31,990,186 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 4,511,716 $ — $ 4,511,716 Warrant liability — 2,700,000 A 2,700,000 Lease liability, current 139,594 — 139,594 Total current liabilities 4,651,310 2,700,000 7,351,310 Lease liability, net of current portion 129,714 — 129,714 TOTAL LIABILITIES 4,781,024 2,700,000 7,481,024 COMMITMENTS AND CONTINGENCIES (Note 10) MEZZANINE EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding — 1,382,023 A 1,382,023 STOCKHOLDERS’ EQUITY: Series D convertible preferred stock, 111.11 shares authorized, issued outstanding 1,382,023 (1,382,023) A — Common stock, $0.00001 par value; 160,000,000 shares authorized; 6,110,124 shares issued and outstanding 61 — 61 Additional paid-in capital 182,864,664 (25,300,000) A, B, F 157,564,664 Accumulated deficit (157,037,586) 22,600,000 D (134,437,586) Total stockholders’ equity 27,209,162 (4,082,023) 23,127,139 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 31,990,186 $ — $ 31,990,186 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2022 As Previously Restatement Reported Adjustments Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 24,805,565 $ — $ 24,805,565 Prepaid expenses and other current assets 479,668 — 479,668 Total current assets 25,285,233 — 25,285,233 Property, plant & equipment, net 364,838 — 364,838 Operating lease right-of-use asset 161,111 — 161,111 Other long-term assets 81,214 — 81,214 TOTAL ASSETS $ 25,892,396 $ — $ 25,892,396 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 5,462,267 $ — $ 5,462,267 Warrant liability — 900,000 A 900,000 Lease liability, current 143,843 — 143,843 Total current liabilities 5,606,110 900,000 6,506,110 Lease liability, net of current portion 92,214 — 92,214 TOTAL LIABILITIES 5,698,324 900,000 6,598,324 COMMITMENTS AND CONTINGENCIES (Note 10) MEZZANINE EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding — 1,382,023 A 1,382,023 STOCKHOLDERS’ EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding 1,382,023 (1,382,023) A — Common stock, $0.00001 par value; 160,000,000 shares authorized; 6,110,122 shares issued and outstanding 61 — 61 Additional paid-in capital 183,284,617 (25,300,000) A, B, F 157,984,617 Accumulated deficit (164,472,629) 24,400,000 D (140,072,629) Total stockholders’ equity 20,194,072 (2,282,023) 17,912,049 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 25,892,396 $ — $ 25,892,396 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, 2022 As Previously Restatement Reported Adjustments Reference As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 17,785,322 $ — $ 17,785,322 Prepaid expenses and other current assets 975,936 — 975,936 Total current assets 18,761,258 — 18,761,258 Property, plant & equipment, net 338,944 — 338,944 Operating lease right-of-use asset 138,097 — 138,097 Other long-term assets 81,214 — 81,214 TOTAL ASSETS $ 19,319,513 $ — $ 19,319,513 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable and accrued liabilities $ 6,367,035 $ — $ 6,367,035 Warrant liability — 600,000 A, C 600,000 Lease liability, current 148,200 — 148,200 Total current liabilities 6,515,235 600,000 7,115,235 Lease liability, net of current portion 53,769 — 53,769 TOTAL LIABILITIES 6,569,004 600,000 7,169,004 COMMITMENTS AND CONTINGENCIES (Note 10) MEZZANINE EQUITY: Preferred stock, $0.00001 par value; Series D convertible preferred stock; 111.11 shares issued and outstanding — 1,382,023 A 1,382,023 STOCKHOLDERS’ EQUITY: Series D convertible preferred stock; 111.11 shares authorized, issued outstanding 1,382,023 (1,382,023) A — Common stock, $0.00001 par value; 160,000,000 shares authorized; 6,110,118 shares issued and outstanding 61 — 61 Additional paid-in capital 183,652,376 (25,300,000) A, B, C, F 158,352,376 Accumulated deficit (172,283,951) 24,700,000 D (147,583,951) Total stockholders’ equity 12,750,509 (1,982,023) 10,768,486 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 19,319,513 $ — $ 19,319,513 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2022 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 3,887,039 $ (183,208) E $ 3,703,831 General and administrative 2,253,188 183,208 E 2,436,396 Total operating expenses 6,140,227 — 6,140,227 LOSS FROM OPERATIONS (6,140,227) — (6,140,227) OTHER INCOME (EXPENSE): Loss on valuation of warrants — (100,000) D (100,000) Interest income 430 — 430 Total other income (expense), net 430 (100,000) (99,570) NET LOSS $ (6,139,797) $ (100,000) $ (6,239,797) NET LOSS PER SHARE — BASIC AND DILUTED $ (1.00) $ (0.02) $ (1.02) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 6,110,126 — 6,110,126 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, 2022 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 4,498,657 $ (353,739) E $ 4,144,918 General and administrative 2,936,867 353,739 E 3,290,606 Total operating expenses 7,435,524 — 7,435,524 LOSS FROM OPERATIONS (7,435,524) — (7,435,524) OTHER INCOME: Gain on valuation of warrants — 1,800,000 D 1,800,000 Interest income 481 — 481 Total other income, net 481 1,800,000 1,800,481 NET LOSS $ (7,435,043) $ 1,800,000 $ (5,635,043) NET LOSS PER SHARE — BASIC AND DILUTED $ (1.22) $ 0.29 $ (0.92) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 6,110,124 — 6,110,124 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Six Months Ended June 30, 2022 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 8,385,656 $ (536,947) E $ 7,848,709 General and administrative 5,190,095 536,947 E 5,727,042 Total operating expenses 13,575,751 — 13,575,751 LOSS FROM OPERATIONS (13,575,751) — (13,575,751) OTHER INCOME: Gain on valuation of warrants — 1,700,000 D 1,700,000 Interest income 911 — 911 Total other income, net 911 1,700,000 1,700,911 NET LOSS $ (13,574,840) $ 1,700,000 $ (11,874,840) NET LOSS PER SHARE — BASIC AND DILUTED $ (2.22) $ 0.28 $ (1.94) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 6,110,125 — 6,110,125 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Three Months Ended September 30, 2022 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 5,380,190 $ (169,365) E $ 5,210,825 General and administrative 2,435,296 169,365 E 2,604,661 Total operating expenses 7,815,486 — 7,815,486 LOSS FROM OPERATIONS (7,815,486) — (7,815,486) OTHER INCOME: Gain on valuation of warrants — 300,000 D 300,000 Interest income 4,164 — 4,164 Total other income, net 4,164 300,000 304,164 NET LOSS $ (7,811,322) $ 300,000 $ (7,511,322) NET LOSS PER SHARE — BASIC AND DILUTED $ (1.28) $ 0.05 $ (1.23) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 6,110,119 — 6,110,119 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2022 As Previously Reported Adjustments Reference As Restated OPERATING EXPENSES: Research and development $ 13,765,846 $ (706,312) E $ 13,059,534 General and administrative 7,625,391 706,312 E 8,331,703 Total operating expenses 21,391,237 — 21,391,237 LOSS FROM OPERATIONS (21,391,237) — (21,391,237) OTHER INCOME: Gain on valuation of warrants — 2,000,000 D 2,000,000 Interest income 5,075 — 5,075 Total other income, net 5,075 2,000,000 2,005,075 NET LOSS $ (21,386,162) $ 2,000,000 $ (19,386,162) NET LOSS PER SHARE — BASIC AND DILUTED $ (3.50) $ 0.33 $ (3.17) WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC AND DILUTED 6,110,123 — 6,110,123 CELLECTAR BIOSCIENCES, INC. RESTATED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (Unaudited) Series D Preferred Stock Preferred Stock Common Stock Total Par Additional Accumulated Stockholders’ Shares Amount Shares Amount Shares Amount Paid-In Capital Deficit Equity Previously Reported Balance at December 31, 2021 — $ — 111.11 $ 1,382,023 6,110,125 $ 61 $ 182,560,859 $ (150,897,789) $ 33,045,154 Stock-based compensation — — — — — — 303,805 — 303,805 Retired shares — — — — (1) — — — — Net loss — — — — — — — (6,139,797) (6,139,797) Balance at March 31, 2022 — — 111.11 1,382,023 6,110,124 61 182,864,664 (157,037,586) 27,209,162 Stock-based compensation — — — — — — 419,953 — 419,953 Retired shares — — — — (2) — — — — Net loss — — — — — — — (7,435,043) (7,435,043) Balance at June 30, 2022 — — 111.11 1,382,023 6,110,122 61 183,284,617 (164,472,629) 20,194,072 Stock-based compensation — — — — — — 367,759 — 367,759 Retired shares — — — — (4) — — — — Net loss — — — — — — — (7,811,322) (7,811,322) Balance at September 30, 2022 — $ — 111.11 $ 1,382,023 6,110,118 $ 61 $ 183,652,376 $ (172,283,951) $ 12,750,509 Adjustments Balance at December 31, 2021 (A, F) 111.11 $ 1,382,023 (111.11) $ (1,382,023) — $ — $ (25,300,000) $ 22,700,000 $ (3,982,023) Net loss — — — — — — — (100,000) (100,000) Balance at March 31, 2022 111.11 1,382,023 (111.11) (1,382,023) — — (25,300,000) 22,600,000 (4,082,023) Net loss — — — — — — — 1,800,000 1,800,000 Balance at June 30, 2022 111.11 1,382,023 (111.11) (1,382,023) — — (25,300,000) 24,400,000 (2,282,023) Net loss — — — — — — — 300,000 300,000 Balance at September 30, 2022 111.11 $ 1,382,023 (111.11) $ (1,382,023) — $ — $ (25,300,000) $ 24,700,000 $ (1,982,023) As Restated Balance at December 31, 2021 111.11 $ 1,382,023 — $ — 6,110,125 $ 61 $ 157,260,859 $ (128,197,789) $ 29,063,131 Stock-based compensation — — — — — — 303,805 — 303,805 Retired shares — — — — (1) — — — — Net loss — — — — — — — (6,239,797) (6,239,797) Balance at March 31, 2022 111.11 1,382,023 — — 6,110,124 61 157,564,664 (1 |