Securities Purchase Agreement - Cyclacel Pharmaceuticals entered into a securities purchase agreement with investor David Lazar, who agreed to purchase 1,000,000 shares of Series C Convertible Preferred Stock and 2,100,000 shares of Series D Convertible Preferred Stock at $1.00 per share, totaling $3.1 million in gross proceeds [1] - The proceeds will be used to settle outstanding liabilities and for general corporate and operating purposes [1] - Each share of C Preferred Stock is convertible into 2.65 shares of common stock, and each share of D Preferred Stock is convertible into 110 shares of common stock [2] Board and Management Changes - The Board of Directors will be reconstituted, with Dr. Samuel Barker continuing as Chairman and David Natan joining as a new director and chair of the audit committee [3] - Spiro Rombotis stepped down as CEO, and David Lazar was appointed as interim CEO [3] - Several directors, including Dr. Kenneth Ferguson and Dr. Christopher Henney, have resigned from the Board [3] Warrant Exchange Agreement - Cyclacel entered into a Warrant Exchange Agreement to exchange existing warrants for 24,844,725 shares of common stock and $1,100,000 in cash [4] - The exchange is subject to stockholder approval and beneficial ownership limitations [4] - The Company agreed to register the new shares for resale under the Exchange Agreement [4] Strategic Alternatives and Cost Reduction - The Board has directed management to reduce operating costs while exploring strategic alternatives [5] - There is no assurance that the exploration of strategic alternatives will result in any agreement or transaction [5] Nasdaq Compliance - Cyclacel received an extension until February 6, 2025, to demonstrate compliance with Nasdaq's minimum stockholders' equity requirement [6] - Failure to regain compliance could result in delisting [6] Company Overview - Cyclacel is a clinical-stage biopharmaceutical company developing cancer medicines based on cell cycle, transcriptional regulation, and mitosis biology [7] - The company's pipeline includes fadraciclib, a CDK2/9 inhibitor in Phase 2 trials, and plogosertib, a PLK1 inhibitor in Phase 1 trials [7]

Core Viewpoint - Cyclacel Pharmaceuticals reported a quarterly loss of $0.18 per share, significantly better than the Zacks Consensus Estimate of a loss of $0.54, marking an earnings surprise of 66.67% [1] Financial Performance - The company posted revenues of $0.01 million for the quarter ended September 2024, consistent with the Zacks Consensus Estimate, but down from $0.02 million a year ago [2] - Over the last four quarters, Cyclacel has surpassed consensus EPS estimates four times, but has not beaten consensus revenue estimates during the same period [2] Stock Performance - Cyclacel shares have declined approximately 83.2% since the beginning of the year, contrasting with the S&P 500's gain of 25.8% [3] - The current Zacks Rank for Cyclacel is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.40 on revenues of $0.01 million, and for the current fiscal year, it is -$2.29 on revenues of $0.05 million [7] - The estimate revisions trend for Cyclacel is mixed, and future changes in estimates will be closely monitored following the recent earnings report [6][7] Industry Context - The Medical - Biomedical and Genetics industry, to which Cyclacel belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Performance - The company reported revenue of $10,000 and $43,000 for the three and nine months ended September 30, 2024, respectively, compared to $16,000 and $389,000 for the same periods in 2023, indicating a significant decline in revenue[112]. - The company recognized $10,000 and $43,000 of revenue for the three and nine months ended September 30, 2024, respectively, compared to approximately $16,000 and $389,000 for the same periods in 2023, indicating a significant decline in revenue[144]. - Other income decreased by $195,000 from $235,000 for the nine months ended September 30, 2023, to $40,000 for the same period in 2024, primarily due to changes in foreign exchange rates[155]. Cash Flow and Capital Resources - The company used net cash of $6.6 million to fund operating activities for the nine months ended September 30, 2024, a decrease from $12.2 million in the same period of 2023[134]. - As of September 30, 2024, the company had cash and cash equivalents of $2.98 million, down from $5.94 million as of September 30, 2023[132]. - The company has substantial doubt about its ability to continue as a going concern for at least twelve months from the issuance date of the quarterly report due to reliance on additional financing[143]. - The company is currently investigating ways to raise additional capital through private equity financing or strategic transactions due to substantial doubt about its ability to continue as a going concern[128]. - The company anticipates that future funding requirements will depend on various factors, including the progress and cost of clinical trials and the costs associated with establishing manufacturing capabilities[139]. Equity and Deficits - The company reported an accumulated deficit of $436.4 million as of September 30, 2024[132]. - The company has a stockholders' equity deficit of approximately $0.97 million as of September 30, 2024, which is not in compliance with Nasdaq's Equity Rule[129]. Research and Development - Research and development expenses decreased by $9.9 million from $15.6 million for the nine months ended September 30, 2023, to $5.2 million for the same period in 2024, primarily due to reduced manufacturing and non-clinical expenditures[149]. - Total research and development expenses represented 56% and 76% of operating expenses for the nine months ended September 30, 2024, and 2023, respectively[148]. - The company expects overall research and development expenses for the year ended December 31, 2024, to decrease compared to 2023, focusing primarily on clinical trial costs related to its fadraciclib Phase 1/2 study[150]. - The Phase 1/2 study of fadraciclib has dosed 47 heavily pretreated patients, with a median of four prior lines of therapy, and reported common treatment-related adverse events including nausea (66.0%) and vomiting (46.8%)[115]. - In the ongoing Phase 2 study of fadraciclib, no Grade 3 or higher treatment-emergent adverse events have been reported thus far, consistent with Phase 1 data[122]. - The company has treated 15 patients in the Phase 1/2 study of plogosertib with no dose-limiting toxicities observed, and stable disease has been noted in pretreated patients[127]. Administrative Expenses - General and administrative expenses decreased by approximately $0.3 million from $4.8 million for the nine months ended September 30, 2023, to $4.5 million for the same period in 2024, largely due to a reduction in stock compensation expense[152]. Tax Benefits - The total income tax benefit decreased by approximately $0.6 million, from $2.6 million for the nine months ended September 30, 2023, to $2.0 million for the same period in 2024[160]. Strategic Plans - The company plans to continue evaluating in-licensing and acquisition opportunities to gain access to new drugs or drug targets, which may increase future funding needs[139]. - The company is classified as a smaller reporting company and is not required to provide information regarding market risk disclosures[164].

Financial Performance - Net loss for the three months ended September 30, 2024, was $2.0 million, compared to $6.0 million for the same period in 2023[8]. - The company reported a basic and diluted net loss per share of $0.18 for the three months ended September 30, 2024, compared to $0.48 for the same period in 2023[12]. Cash and Liquidity - As of September 30, 2024, cash equivalents totaled $3.0 million, down from $3.4 million as of December 31, 2023[3]. - Net cash used in operating activities was $6.6 million for the nine months ended September 30, 2024, compared to $12.2 million for the same period in 2023[3]. - The company is exploring opportunities for additional funding to meet Nasdaq's minimum stockholders' equity requirement by December 24, 2024[3]. Expenses - Research and development (R&D) expenses were $1.0 million for the three months ended September 30, 2024, compared to $5.2 million for the same period in 2023, reflecting a significant reduction[5]. - Total operating expenses for the three months ended September 30, 2024, were $2.2 million, down from $6.9 million for the same period in 2023[12]. - General and administrative expenses for the three months ended September 30, 2024, were $1.2 million, down from $1.6 million for the same period in 2023[6]. Revenue - Collaboration and research and development revenue for the three months ended September 30, 2024, was $10,000, compared to $16,000 for the same period in 2023[12]. Liabilities - As of September 30, 2024, total liabilities were $6.4 million, compared to $8.2 million as of December 31, 2023[13].

Technical Analysis - A hammer chart pattern has formed in Cyclacel Pharmaceuticals' last trading session, indicating a potential trend reversal as bulls counteract bears to find support [1] - The hammer pattern is a technical indication of nearing a bottom with likely subsiding of selling pressure, signaling that bears might have lost control over the price [1][2] - Hammer candles can occur on any timeframe and are utilized by both short-term and long-term investors, but should be used in conjunction with other bullish indicators [2] Fundamental Analysis - Wall Street analysts have shown strong agreement in raising earnings estimates for Cyclacel Pharmaceuticals, enhancing its prospects of a trend reversal [1] - The consensus EPS estimate for the current year has increased by 53.6% over the last 30 days, indicating that analysts expect better earnings than previously predicted [3] - Cyclacel Pharmaceuticals currently has a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 stocks ranked based on earnings estimate revisions and EPS surprises [3] Market Performance - Cyclacel Pharmaceuticals' stock has lost 13.8% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal [1] - Stocks with a Zacks Rank 1 or 2, like Cyclacel Pharmaceuticals, usually outperform the market, further supporting the likelihood of a trend reversal [3]

Financial Data and Key Metrics Changes - As of June 30, 2024, cash equivalents totaled $6 million, an increase from $3.4 million as of December 31, 2023 [9] - Net cash used in operating activities was $3.6 million for the six months ended June 30, 2024, compared to $8.2 million for the same period in 2023 [9] - Net loss for the three months ended June 30, 2024, was $3.3 million, down from $5.5 million for the same period in 2023 [10] Business Line Data and Key Metrics Changes - Research and development (R&D) expenses were $2 million for the three months ended June 30, 2024, compared to $4.7 million for the same period in 2023 [9] - R&D expenses related to Fadra were $1.5 million for the three months ended June 30, 2024, down from $3 million for the same period in 2023 [9] - R&D expenses for plogosertib were $0.5 million for the three months ended June 30, 2024, compared to $1.4 million for the same period in 2023 [9] Market Data and Key Metrics Changes - The company is focusing on a precision medicine strategy for Fadra, an oral CDK29 inhibitor, with recruitment in the enriched cohort of the Phase 2 proof-of-concept study progressing well [3][5] - Initial clinical activity from the Phase 2 proof-of-concept study is expected to be reported starting in the fourth quarter of 2024 [5] Company Strategy and Development Direction - The company aims to address unmet medical needs in patients with CDKN2A and/or CDKN2B chromosomal abnormalities through its Fadra program [3][5] - The competitive profile of Fadra is considered strong within its therapeutic class, with expectations for significant clinical data in the near future [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recruitment pace in the Fadra study and anticipates reporting initial results from around a dozen patients by the end of 2024 [6][13] - The company is focused on evaluating specific cancer types in the Phase 2 proof-of-concept study based on preliminary data [8] Other Important Information - The United Kingdom research and development tax credits for the three months ended June 30, 2024, were $0.4 million, down from $6 million for the same period in the previous year [10] - The company estimates that its current cash resources will fund planned programs into the fourth quarter of 2024 [9] Q&A Session Summary Question: What is the enrollment target for the CDKN2A and 2B program? - The target is approximately 12 to 14 patients, with a need to see more than two responses to move to the next phase of the study [11][12] Question: How many patients are you planning to show data in the second half of this year? - The company anticipates presenting response data from around a dozen patients by the end of the year [13] Question: Is there any reason to change the local CDKN2B, 2A and 2B to a more potent form instead of the mutations and other alterations? - The company will analyze various alterations and mutations to determine their impact on drug efficacy [14]

Cyclacel Pharmaceuticals, Inc. (CYCC) came out with a quarterly loss of $0.72 per share versus the Zacks Consensus Estimate of a loss of $0.83. This compares to loss of $6.60 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 13.25%. A quarter ago, it was expected that this company would post a loss of $4.93 per share when it actually produced a loss of $2.27, delivering a surprise of 53.96%. Over the last four quarters, the com ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share CYCC The Nasdaq Stock Market LLC Preferred Stock, $0.001 par value CYCCP The Nasdaq Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 1 ...

Financial Position - As of June 30, 2024, cash equivalents totaled $6.0 million, an increase from $3.4 million as of December 31, 2023[3]. - The company estimates that its current cash resources will fund planned programs into the fourth quarter of 2024[3]. - Total liabilities decreased to $7.191 million as of June 30, 2024, from $8.198 million as of December 31, 2023[11]. Operating Activities - Net cash used in operating activities was $3.6 million for the six months ended June 30, 2024, compared to $8.2 million for the same period in 2023[3]. Research and Development - Research and development (R&D) expenses were $2.0 million for the three months ended June 30, 2024, down from $4.7 million for the same period in 2023[4]. - Fadraciclib R&D expenses were $1.5 million for the three months ended June 30, 2024, compared to $3.0 million for the same period in 2023[4]. - The company is nearing completion of recruitment in the precision medicine cohort for the 065-101 study[2]. - The company anticipates reporting interim data from the 065-101 Phase 2 study in the fourth quarter of 2024[2]. Net Loss - Net loss for the three months ended June 30, 2024, was $3.3 million, compared to $5.5 million for the same period in 2023[5]. General and Administrative Expenses - General and administrative expenses remained flat at approximately $1.6 million for each of the three months ended June 30, 2024, and 2023[4].

BERKELEY HEIGHTS, N.J., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC, NASDAQ:CYCCP, ", Cyclacel", or the ", Company", ))), a biopharmaceutical company developing innovative medicines based on cancer cell biology, will announce second quarter 2024 financial results on Wednesday, August 14, 2024. The Company will host a conference call and live webcast at 4:30 p.m. Eastern Daylight Time on the same day. Conference call information: Call: (800) 225-9448 / international call: (2 ...