Cyclacel(US:CYCC)2025-05-15 20:05Financial Performance - Net cash used in operating activities was $8.0 million for the twelve months ended December 31, 2024, compared to $16.1 million for the same period of 2023, representing a 50.4% decrease[5] - Net loss for the three months and year ended December 31, 2024, was $3.0 million and $11.2 million, compared to $5.3 million and $22.6 million for the same period in 2023, showing a 43.4% and 50.5% reduction respectively[10] - General and administrative expenses for the three months and year ended December 31, 2024, were $0.9 million and $5.4 million, compared to $1.9 million and $6.7 million for the same period of the previous year, reflecting a 52.6% and 19.4% decrease respectively[7] - Research and development (R&D) expenses were $0.9 million and $6.7 million for the three months and year ended December 31, 2024, compared to $3.5 million and $19.2 million for the same period in 2023, indicating a 74.3% and 65.1% decrease respectively[6] Cash Position - As of December 31, 2024, pro forma cash and cash equivalents totaled $7.2 million, including $4.1 million of equity financing received after the end of the year[5] - The company estimates that its available cash will fund currently planned activities into the second quarter of 2025[5] Corporate Governance - The company appointed two new independent directors to its board on April 2, 2025, enhancing its governance structure[11] Strategic Development - The new oral formulation of plogosertib with improved bioavailability is under development[4] - The company has focused on the development of plogosertib, a PLK1 inhibitor for advanced cancers and hematological malignancies[4] Equity Impact - The deconsolidation of Cyclacel Limited is anticipated to increase stockholders' equity by approximately $5.0 million[4]