Cellectar Biosciences, Inc. (NASDAQ:CLRB), a pharmaceutical company, announced on Monday a significant change in its financial oversight. The company's Audit Committee has decided to replace its current accounting firm, Baker Tilly US, LLP, with Deloitte & Touche LLP for the fiscal year ending December 31, 2024. This transition is contingent upon Deloitte completing standard client acceptance procedures and the execution of an engagement letter.
The company's previous financial statements for the years ending December 31, 2023, and December 31, 2022, audited by Baker Tilly, did not contain any adverse opinions or disclaimers. However, they included a paragraph highlighting uncertainties about Cellectar's ability to continue as a going concern.
Cellectar reported that during the fiscal years 2023 and 2022, and up to the date of the accounting firm change on July 8, 2024, there were no disagreements with Baker Tilly on accounting principles or practices, financial statement disclosure, or auditing scope that would have required mention in their reports. The company did acknowledge material weaknesses in its internal controls, which were concurred by Baker Tilly. These weaknesses pertained to fair value methodologies for Level 3 instruments, stock-based compensation transactions, and the need for improved segregation of duties within financial systems.
InvestingPro Insights
In light of Cellectar Biosciences, Inc.'s recent announcement regarding its accounting firm transition, a closer look at the company's financial health and market performance is warranted. According to real-time data from InvestingPro, Cellectar holds a market capitalization of approximately $88.19 million, which offers investors a snapshot of the company's size in the competitive pharmaceutical landscape. The company's Price/Book ratio as of the last twelve months stands at 9.74, suggesting a premium valuation compared to its book value.
InvestingPro Tips for Cellectar highlight that the company is managing more cash than debt on its balance sheet, which could provide some financial flexibility in its operations. Additionally, two analysts have revised their earnings estimates upwards for the upcoming period, indicating potential optimism in the company's future performance. On the other hand, it's important to note that analysts do not expect the company to be profitable this year, and the stock has experienced a notable decline over the last month with a 27.91% drop in its one-month price total return.
For investors seeking a deeper analysis and additional InvestingPro Tips, Cellectar Biosciences has a total of 12 tips available on the InvestingPro platform, which can be accessed at https://www.investing.com/pro/CLRB. Interested readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, offering a comprehensive suite of investment tools and insights.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.