SCHEDULE: Balyasny Entities Adjust Cellectar Biosciences Stake

Balyasny Asset Management L.P. and affiliated entities have reported a beneficial ownership of 9.99% in Cellectar Biosciences, Inc., following adjustments related to warrant exercises and ownership limitations.

Summary

• Balyasny Asset Management L.P. and its related entities (BAM GP LLC, Balyasny Asset Management Holdings LP, Dames GP LLC, and Dmitry Balyasny) have filed a Schedule 13G.
• The filing indicates that these entities collectively beneficially own 798,382 shares of Cellectar Biosciences, Inc. common stock.
• This ownership represents 9.99% of the class of securities outstanding as of May 12, 2026.
• The reported shares include 220,000 directly held shares and 578,382 shares issuable upon exercise of warrants.
• The exercise of warrants is subject to a 'Beneficial Ownership Limitation' which caps ownership at 9.99% to prevent exceeding this threshold.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, as it primarily reports a change in beneficial ownership to just under the 10% threshold, without indicating new strategic initiatives or significant positive developments for the company itself.

Positives

• The reporting entities maintain a significant stake, indicating continued interest in Cellectar Biosciences.
• The ownership is structured to comply with beneficial ownership limitations, suggesting a deliberate and controlled investment approach.

Negatives

• The filing does not disclose any new strategic investments or positive operational updates for Cellectar Biosciences.
• The ownership percentage is precisely at the 9.99% threshold, which could imply a strategic decision to remain below a reporting trigger for greater ownership.

Risks

• The 'Beneficial Ownership Limitation' on warrants could restrict future exercise and potential increase in ownership if the outstanding share count changes significantly.
• The filing does not provide insight into the specific investment strategy or future intentions of the reporting persons regarding Cellectar Biosciences.

Future Outlook

The filing does not contain forward-looking statements or specific guidance from the company. It pertains to the ownership structure of a significant shareholder.

Management Comments

• Each of the Reporting Persons has the sole power to vote or to direct the vote of 798,382 shares.
• Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 798,382 shares.
• APHC is a Cayman Islands exempted company that is an investment management client of BAM, and has the right to receive dividends from, or the proceeds from the sale of, the reported securities.
• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors and hedge funds to report beneficial ownership stakes exceeding 5% in publicly traded companies. This filing indicates Balyasny Asset Management's position relative to Cellectar Biosciences' outstanding shares, particularly in light of warrant exercises and ownership limitations, which is a standard disclosure for such investment activities.

Stakeholder Impact

• Shareholders: The filing confirms a significant shareholder's stake, which could influence market perception but does not directly alter existing share value or rights.
• Management of Cellectar Biosciences: The reporting persons are significant investors, and their continued holding may be a factor in strategic considerations, though no direct influence is stated.
• Creditors: No direct impact is indicated as the filing concerns equity ownership.

Next Steps

• The reporting persons will continue to hold their shares and potentially exercise warrants subject to the Beneficial Ownership Limitation.
• Cellectar Biosciences, Inc. will continue its operations, with the reporting persons acting as significant shareholders.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, Balyasny Asset Management, Cellectar Biosciences, Warrants, Investment Management, Ownership Limitation