Cyclacel(US:CYCC)2024-03-19 20:15Financial Performance - As of December 31, 2023, cash and cash equivalents totaled $3.4 million, a decrease from $18.4 million as of December 31, 2022[5] - Net cash used in operating activities for the year ended December 31, 2023, was $16.1 million, compared to $20.8 million for the same period in 2022[5] - The net loss for the year ended December 31, 2023, was $22.6 million, compared to a net loss of $21.2 million for the same period in 2022[10] - General and administrative expenses for the year ended December 31, 2023, were $6.7 million, down from $7.4 million in 2022[7] Research and Development - Research and development (R&D) expenses for the year ended December 31, 2023, were $19.2 million, down from $20.3 million in 2022[6] - R&D expenses related to fadraciclib were $13.4 million for the year ended December 31, 2023, compared to $14.0 million for the same period in 2022[6] - The company plans to switch to a new oral formulation of plogosertib with improved bioavailability before testing in the 140-101 dose escalation study[3] Future Expectations - The company expects to report final data from the dose escalation stage of the 065-101 study of oral fadraciclib in patients with advanced solid tumors and lymphoma in 2024[4] - The first patient is expected to be dosed with oral fadraciclib in the Phase 2 proof-of-concept part of the 065-101 study in 2024[4] - The company estimates that its available cash will fund currently planned programs into the second quarter of 2024[5]