Slide 1: Corporate Presentation
Corporate Presentation NASDAQ: CLRB March 2026 Confidential. For Internal Use Only |. For fonts to display correctly, make sure Roboto is downloaded & installed
Slide 2: Forward-Looking Statements and Disclaimers
Forward-Looking Statements and Disclaimers This presentation contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are only estimates and predictions and are subject to known and unknown risks and
Slide 3: Overview
Overview Discovering and Developing the Next Generation of Phospholipid Drug Conjugates (PDC’s) • Validated PDC platform possessing the capacity to deliver a broad array of oncology therapeutic modalities; capable of conjugating any radioisotope to target solid and hematologic tumors – Streamlines a
Slide 4: Formula for Value Creation
Formula for Value Creation Strategic Growth and Expansion • Leverage novel PDC platform - Advance into Phase 1 solid tumor studies – Execute CLR 125 TNBC study ~ r/r global market potential ~$11B – Initiate CLR 225 targeting pancreatic cancer, ~ r/r global market potential ~$10B – Thoughtful investm
Slide 5: Pipeline
Pipeline Compound Disease State Preclinical Phase 1 Phase 2 Phase 3 CONDITIONAL MARKET AUTHORIZATION Waldenström Clover WaM Phase 2 Study r/r WM APPROVAL macroglobulinemia Iopofosine I 131 ACCELERATED Iodine-131 APPROVAL β-emitting radioconjugate b-cell Malignancies DLBCL, MM & NHL Pediatric High-gr
Slide 6: Milestones
Milestones Defined Global Regulatory Pathway for Iopofosine in WM FDA Approval Rate for Oncology Drugs with BTD is 79%, 2 3 EMA Approval Rate 80% with Confirmation of CMA Eligibility Confidential. For Internal Use Only |. For fonts to display correctly, make sure Roboto is downloaded & installed 6
Slide 7: Phospholipid Drug Conjugate (PDC)
Phospholipid Drug Conjugate (PDC) Platform Mechanism of Action (MOA)
Slide 8: PDC Platform MOA: Universal, Intracellular Targeting with Diverse Payloads
PDC Platform MOA: Universal, Intracellular Targeting with Diverse Payloads Enhanced Targeting, Limited Resistance, No Need for Bystander Effect, Improved Toxicity INTERCELLULAR DELIVERY AND RELEASE OF PAYLOAD SPECIFIC TARGETING OF LIPID RAFT ON CANCER PDC CONTAINING DESIRED PAYLOAD WITH BY TRANSMEMB
Slide 9: PDC Platform: Therapeutic Modalities
PDC Platform: Therapeutic Modalities Near Term Focus on Radiotherapeutics THERAPUTIC MODALITIES CONJUGATES ONCOLOGY PAYLOADS Radioconjugate • Beta emitter (131I, 177Lu, 90Y, 67Cu, etc.) • Targeted delivery of any radioisotope • Alpha emitter (211At, 225Ac, 223Ra, 213Bi, etc.) Radioconjugate (PRC) •
Slide 10: PDC Platform MOA: Lipid Rafts
PDC Platform MOA: Lipid Rafts The Role of Lipid Rafts as a Universal Target in Cancer Lipid rafts and play an essential role in cancer Lipid Rafts Play an Influential Role in Cancer Enhanced oncogenic signaling • Concentrate and stabilize growth factor receptors Survival and resistance to apoptosis
Slide 11: PDC Platform MOA: Lipid Rafts Mediate Entry into Tumor Cells
PDC Platform MOA: Lipid Rafts Mediate Entry into Tumor Cells Overabundance of Lipid Rafts on Tumor Cells Lipid Rafts Fluorescent-labeled with Cholera Toxin Subunit Methyl-β-cyclodextrin (MBCD) Selectively Disrupts Lipid Rafts A549 NSCLC A549 labeling vs Fibroblast Prostate Pancreatic Co-cultured No
Slide 12: PDC Platform MOA: Utility Provides Competitive Advantage
PDC Platform MOA: Utility Provides Competitive Advantage Ability to Use a Broad Range of Radiotherapeutic Emitters Beta Emitting Alpha Emitting Auger Emitting A Radiation Provides Therapeutic Bystander Effect Radiation Confined to Tumor Environment Radiation Confined to Tumor Cell • Enhanced anti-tu
Slide 13: PDC Platform MOA: Allows for Rapid Determination of Right Isotope
PDC Platform MOA: Allows for Rapid Determination of Right Isotope Flexibility Provides Ideal Results CLR-225Ac CLR-177Lu CLR-125I • Activity with all three emitters (alpha, beta, & auger) in different tumors (pancreatic, breast, triple negative breast) • Provides the ability to optimize the type of
Slide 14: PDC Platform: Evolving Radiotherapeutic Landscape
PDC Platform: Evolving Radiotherapeutic Landscape Despite Significant R&D Investment Limited Indications under Development Marketed Radiotherapeutic Indications: 3 • 2 Prostate Cancer (mPC) • 1 Neuroendocrine Tumors (GEP-NET) Late-Stage Radiotherapeutic Indications (Population): • 3 mPC (142,290) 7
Slide 15: PDC Platform MOA: Validated Clinically and Preclinically
PDC Platform MOA: Validated Clinically and Preclinically Enabling Treatment of Tumors through Enhanced Targeting and Novel Payloads Clinical Proof of Concept Iopofosine I 131 Phase 2 data in WM (~84% ORR) and other hematologic indications Broad Radio-conjugate Proof of Concept In vivo activity in mu
Slide 16: Phospholipid Radioconjugate (PRC) Program: Manufacturing and Distribution
Phospholipid Radioconjugate (PRC) Program Manufacturing and Distribution
Slide 17: Manufacturing & Supply Chain
Manufacturing & Supply Chain Multi-sourced Network Enables Uninterrupted Supply • Redundancy provides seamless & secure supply • GMP API sourced in kilogram scale providing >5 years of supply • CMOs provide overlapping regional supply centers • Every isotope is multi- sourced to guarantee sufficient
Slide 18: Phospholipid Radioconjugate (PRC) Program: Auger Emitter
Phospholipid Radioconjugate (PRC) Program Auger Emitter
Slide 19: PRC CLR 125: Auger Emitter
PRC CLR 12125 (CLR 125): Auger Emitter ( I) 125 Microenvironment, Tumor Biology & Isotope Properties Drive Safety and Efficacy Primary Mechanism of Penetrating Power Relative Biologic Composition Cell Death (Emission Distance) Effect 2 protons Double strand 50 – 100um Alpha Particles ~5 2 neutrons D
Slide 20: CLR 125: Enhanced Tumor Absorbed Dose Results in Increased Cell Killing
PRC CLR 121125 (CLR 125): Auger Emitter ( I) 125 Enhanced Tumor Absorbed Dose Results in Increased Cell Killing CLR 124 CLR 125 CLR 131 110% 100% Brain Brain Breasts Breasts 100% 90% Stomach Stomach Heart 90% Heart 80% Kidneys Kidneys Liver 80% Liver 70% Lungs Lungs Red Marrow 70% Red Marrow 60% Spl
Slide 21: CLR 125: Biodistribution Heatmap
PRC CLR 121125 (CLR 125): Auger Emitter ( I) 125 Biodistribution Heatmap • Heatmap visualization of CLR 125 biodistribution at six timepoints in non-tumor bearing animals • Early uptake associated with residual blood in blood-rich organs (not real uptake) • Demonstrating predictable clearance kineti
Slide 22: CLR 125: Offers Benefits Vs Other Auger Emitters
PRC CLR 121125 (CLR 125): Auger Emitter ( I) 125 Offers Benefits Vs Other Auger Emitters Why I-125? • One of the highest Auger electron emitters γ • 57-day half-life enhanced outcomes • No Beta or Gamma emissions observed Existing data set supports entry into Phase 1b/2 clinical study AE = Auger ele
Slide 23: CLR 125: Observed Statistically Significant Activity and Well Tolerated In Vivo
PRC CLR 121125 (CLR 125): Auger Emitter ( I) 125 Observed Statistically Significant Activity and Well Tolerated In Vivo CLR 125 structurally identical to iopofosine I 131; potentially reduced B development risk A CLR 125 tested in MDA-MB-231 triple negative breast cancer • Observed significant tumor
Slide 24: CLR 125: Phase 1b Dose Finding Study in relapsed TNBC
PRC CLR 121125 (CLR 125): Auger Emitter ( I) 125 Phase 1b Dose Finding Study in relapsed Triple Negative Breast Cancer 3 months 6 months 12 months Study Schematic Phase 1 Study Overview Key Inclusion/Exclusion Criteria 2 doses per cycle: 15 patients per arm • Imaging and therapy study • Confirmed TN
Slide 25: Phospholipid Radioconjugate (PRC) Program: Alpha Emitters
Phospholipid Radioconjugate (PRC) Program Alpha Emitters
Slide 26: CLR 225: Tumor Volume Reduction and Survival Benefit in Pancreatic Cancer
PRC CLR 121225 (CLR 225): Alpha Emitter ( Ac) 225 Tumor Volume Reduction and Survival Benefit in Pancreatic Cancer MIA PaCa-2 Time to Progression BxPC-3 Time to Progression 100 100 90 90 80 80 Progression Free (%) Progression Free (%) 70 70 60 60 50 50 40 Control 40 Control 30 100 nCi 30 250 nCi 20
Slide 27: CLR 225: Biodistribution in Pancreatic Model
PRC CLR 121225 (CLR 225): Alpha Emitter ( Ac) 225 Biodistribution in Pancreatic Model 40 4 hours 24 hours 72 hours 30 144 hours %ID/g 20 10 0 Brain Bone Muscle Small Large Stomach Pancreas Liver Spleen Kidney Heart Blood Tumor Intestines Intestines High and Prolonged Tumor Uptake; Low Normal Tissue
Slide 28: CLR 225: Tumor Volume Reduction and Survival Benefit in Prostate Cancer
PRC CLR 121225 (CLR 225): Alpha Emitter ( Ac) 225 Tumor Volume Reduction and Survival Benefit in Prostate Cancer • MyC-CaP and TRAMP-C1 prostate MyC-CaP TRAMP-C1 cancer xenograph models dosed after tumors reached 200mm3 • Doses of 200nCi or 500nCi • Dosimetry data showed increased uptake in TRAMP-C1
Slide 29: CLR 225: Phase 1 Clinical Study – Pancreatic Cancer
PRC CLR 121225 (CLR 225): Alpha Emitter ( Ac) 225 Phase 1 Clinical Study – Pancreatic Cancer Excellent labeling efficiency with 225Ac Phase 1 study design Imaging and therapy study Simplified reaction process Dose escalation utilizing an accelerated titration design (allows intrapatient dose escalat
Slide 30: Phospholipid Radioconjugate (PRC) Program: Other Emitters
Phospholipid Radioconjugate (PRC) Program Other Emitters: Astatine (211At) Lead (212Pb) Lutetium (177Lu)
Slide 31: PRC CLR 121211: Astatine
PRC CLR 121211: Astatine ( At) 211 Efficacious and Well Tolerated in Triple Negative Breast Cancer Model (HCC70) Control Cold PLE • A variety of doses and dosing regimens 1 uCi 5 uCi tested 10 uCi 10 uCi 2xQ2W • Tumor volume at dosing ~150mm3 10uCi 2xQ3W • All treatment doses show some tumor volume
Slide 32: PRC CLR 121212 (CLR 212): Lead
PRC CLR 121212 (CLR 212): Lead ( Pb) 212 Efficacious and Well Tolerated 2500 Efficacy Survival Curve 10uCi PLE at 10uCi/10ng 10uCi PLE at 10uCi/100ng Cold PLE 2000 Buffer only Tumor Volume (mm3) 1500 1000 500 0 0 20 40 60 80 100 120 140 160 180 200 PLE PLE PLE DaysDays since since cellcell injection
Slide 33: PRC CLR 121177 (CLR 177): Lutetium, Activity in Breast Cancer
PRC CLR 121177 (CLR 177): Lutetium ( Lu) 177 Activity in Breast Cancer CLR-177Lu CLR-177Lu 1. control: 2. 9.25MBq: 3. 18.5MBq: 4. fractionated 18.5MBq (2 x 9.25): 5. 3 x 9.25MBq • Lutetium and Yttrium – PLEs tested in 4T07 (uptake) & 4T1 (efficacy) breast cancer xenograft model • Tumors achieved 200
Slide 34: CLR 177: Tissue Uptake and Distribution
PRC CLR 121177 (CLR 177): Lutetium ( Lu) 177 Tissue Uptake and Distribution • Uptake and distribution is similar for CLR-177Lu CLR-177Lu and CLR-86Y: tumor uptake CLR-86Y ~18% infused activity/g tissue • Approximately 2Gy/MBq delivered to the tumor with CLR-177Lu • Tumor volume reduction observed in
Slide 35: Phospholipid Radioconjugate (PRC) Program: Beta Emitter Iopofosine I 131
Phospholipid Radioconjugate (PRC) program Beta Emitter Iopofosine I 131 Waldenstrom Macroglobulinemia
Slide 36: Iopofosine I 131: Confirmatory Study for Full Approval
PRC Iopofosine I 131: Confirmatory Study for Full Approval Waldenstrom’s macroglobulinemia Second Line or Iopofosine I 131 Primary Endpoint: PFS Later, Immediately (full approval) Post-BTKi Comparator: Secondary Endpoints: Randomized 1:1 rituximab cyclophosphamide MRR, safety dexamethasone (RCD) • E
Slide 37: Iopofosine I 131: CLOVER-WaM Demographics
PRC Iopofosine I 131: CLOVER-WaM Demographics Patient Characteristics Data Cut-off September 30, 2024 Patient Characteristics Patient Characteristics Safety population, n 65 Median Prior Lines of Therapy, n (range) 4 (2-15) Median age, years (range) 70 (50-88) Prior Treatment/Refractory n (%) Sex, n
Slide 38: Iopofosine I 131: CLOVER-WaM Efficacy Data
PRC Iopofosine I 131: CLOVER-WaM Efficacy Data Best Serum IgM Response by Patient Evaluable Efficacy Population (n=55) ORR = 80.6% MRR = 58.2% DCR = 98.2% 100% 75% 50% 25% IgMReduction (%) 0% * * (25%) * * * * (50%) * * * * * * (75%) * * * (100%) * PD SD MR PR CR/ VGPR DOR and PFS Ongoing with Media
Slide 39: Iopofosine I 131: CLOVER-WaM Safety Data
PRC Iopofosine I 131: CLOVER-WaM Safety Data Observed Cytopenias Consistent with Treatment of Hematologic Malignancies Any grade Grade ≥3 Most common TEAE* (>10% patients), n (%) Most common TEAE* (>10% patients), n (%) n=65 n=65 Hematologic Toxicities Thrombocytopenia 53 (81.5) Thrombocytopenia 56
Slide 40: Iopofosine I 131: U.S. WM Market Opportunity
PRC Iopofosine I 131: U.S. WM Market Opportunity Addressable Patients in a Concentrated Market with High Unmet Need No Established Standard of Care Across Prevalent Patient Population Based Upon Claims = 26,000 5 All Lines of Therapy 8 ~11,500 ~4,700 ~1,000 1st Line 2nd Line 3rd Line 4th Line 2nd li
Slide 41: Iopofosine I 131 Additional Indications
Phospholipid Radioconjugate (PRC) program Beta Emitter Iopofosine I 131 Additional Indications
Slide 42: Iopofosine I 131: r/r Multiple Myeloma Best Response
PRC Iopofosine I 131: r/r Multiple Myeloma Best Response Waterfall Plot of All Multiple Myeloma Patients Multiple myeloma cell lines Best Response by Patient (n=64) 80 Patients receiving at least 60mCi <60 mCi TAD 60 32% ORR >60 mCi TAD CLR 1501 96% DCR Quad-class refractory 40 3.3 months mPFS in po
Slide 43: Iopofosine I 131: Broad Clinical Activity Beyond WM
PRC Iopofosine I 131: Broad Clinical Activity Beyond WM Refractory Primary CNS Lymphoma Relapsed Pediatric High-Grade Glioma Complete Response Extended PFS (~12 months) Recurrent Head & Neck Cancer Refractory Diffuse Large B-cell Lymphoma 30% ORR with 10% CRR – CR PFS 6.8 years 73% ORR with 64% CRR
Slide 44: Financials: Capitalization
Financials Capitalization BIOSCIENCES
Slide 45: Financial Summary
Financial Summary Cash Position as of September 30, 2025 (millions) $12.6M Capitalization as of October 20, 2025 Common Stock Outstanding 4,240,134 October 2025 Common Warrant I (Exercise Price $6.00) 1,048,094 October 2025 Common Warrant II (Exercise Price $6.00) 1,048,094 Convertible Series D Pref
Slide 46: Formula for Value Creation
Formula for Value Creation Strategic Growth and Expansion • Leverage novel PDC platform - Advance into Phase 1 solid tumor studies – Execute CLR 125 TNBC study ~ r/r global market potential ~$11B – Initiate CLR 225 targeting pancreatic cancer, ~ r/r global market potential ~$10B – Thoughtful investm
Slide 47: Thank You
Thank You
Slide 48: Executive Management Team
Executive Management Team Greater than 95 years combined leadership experience James Caruso Jarrod Longcor Chad Kolean President, CEO and Director Chief Operating Officer Chief Financial Officer Confidential. For Internal Use Only |. For fonts to display correctly, make sure Roboto is downloaded & i
Slide 49: Footnotes
Footnotes 1. Dependent Upon Funding and Resource Deployment 2. Jefferies Biotechnology Report Oct 5, 2025 3. European Medicines Agency Report on 10 Years of Experience 4. Data on file 5. Internal claims analysis for Waldenstrom’s macroglobulinemia (January 2019-October 2023) 6. Putnam Market Sizing